Fortuna Mining Plans $650M Growth Push Funded From Cash Flow | Jorge Ganoza

Jorge A. Ganoza, CEO, Director and Co-Founder of Fortuna Mining, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas to discuss the company’s plan to grow toward approximately 500,000 gold equivalent ounces a year by 2028.

Speaking on September 28, Ganoza said Fortuna expects roughly 60% production growth over the next 18 months through the Séguéla expansion in Côte d’Ivoire and development of Diamba Sud in Senegal. The company plans to invest about $650 million in growth and exploration over the next two years.

“Instead of financing these expansions, we're funding them through cash flow and cash on hand,” Ganoza said.

He also said Fortuna is in no rush to pursue aggressive M&A because its near-term growth is already in the portfolio. The company returned more than $100 million through share buybacks in the first half of 2026, and Ganoza said Fortuna could revisit a dividend as construction advances. Beyond 2028, Fortuna is also looking to projects such as Quartzstone in Guyana to seed its next phase of growth.

On October 7, Fortuna reported Q3 production of 69,665 gold equivalent ounces and maintained 2026 guidance of 281,000 to 305,000 GEO. The company also confirmed Séguéla’s 30% plant expansion, targeting annual production above 200,000 ounces from the second half of 2028, while Diamba Sud continues toward a Q4 final investment decision and first gold in Q2 2028.

To learn more about Fortuna Mining, visit: https://fortunamining.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:25 - Fortuna’s Road to 500K Gold Equivalent Ounces
01:56 - Funding $650M of Growth Without Equity
04:48 - Buybacks Now, Dividend Later?
06:55 - Séguéla Expansion and Sunbird Underground
09:05 - Why Fortuna Is Entering Guyana
11:08 - Seeding Growth Beyond 2029
13:18 - Fuel, Royalties and AISC Pressure
15:20 - Argentina Investment Risk and the 2027 Election
17:29 - Solar Power and Lower Diesel Exposure
18:31 - Investor Pressure to Show Growth
20:14 - Diamba Sud FID and 12-Month Catalysts
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