Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has acquired the Bambadji advanced gold exploration project in Senegal, expanding its portfolio in the region.
The acquisition was finalized through the purchase of Senegalese subsidiaries from Barrick Mining Corporation and IAMGOLD Corporation.
Fortuna paid a total of $200 million in cash for the project, with $130.35 million going to a subsidiary of Barrick and $69.65 million to a subsidiary of IAMGOLD.
The transaction agreements were signed on August 10, 2026.
TD Securities served as the sole financial advisor to Fortuna for this acquisition.
Jorge A. Ganoza, President and CEO, commented, “Bambadji represents a rare opportunity to consolidate a large-scale, highly prospective exploration land package immediately adjacent to our feasibility-stage Diamba Sud Gold Project.” Mr. Ganoza continued, “The US$200 million consideration paid for the project reflects multiple prime drill-defined targets, the scale of the land package, the extensive historical exploration dataset, and the potential to materially expand Diamba Sud in one of the most prospective gold districts in West Africa, where quality ground is difficult to assemble.”