NEW YORK – Canadian gold producer Fortuna Mining Corp.
(NYSE:FSM | TSX:FVI) and gold exploration and development
company GMV Minerals Inc. (TSXV:GMV | OTCQB:GMVMF)
released updates on 7 October 2026 covering different stages of the
gold industry. Fortuna reported quarterly production and progress
on expansion initiatives, while GMV announced gold assays from
drilling at its Mexican Hat project in Arizona.

Fortuna: Production and Expansion Plans

Fortuna reported third-quarter production of
69,665 gold equivalent ounces (GEO) across its three
operating mines in West Africa and Latin America. This compares
with 72,217 GEO in the second quarter of 2026 and 72,462 GEO in
the third quarter of 2025.

Production for the first nine months reached
214,754 GEO. The company said it remains on track
to achieve its full-year guidance of
281,000–305,000 GEO. Gold equivalent ounces combine
production of different metals into a gold-equivalent measure;
they are not solely ounces of gold.

Fortuna’s update also highlighted an approved
30% expansion of the Séguéla processing plant.
The expansion is intended to support annual gold production above
200,000 ounces from the second half of 2028. This is a future
production target.

Near its Diamba Sud Gold Project, Fortuna acquired the adjacent
190-square-kilometre Bambadji Project, consolidating
approximately 60 kilometres of prospective strike along the
Senegal-Mali Shear Zone. The acquisition expands the company’s
exploration holdings.

GMV: Gold Assays Support Mexican Hat Development

GMV Minerals completed its 2026 diamond drilling programme at
the Mexican Hat Gold project in southeast Arizona.
GMV is advancing the project through exploration and development
and is not currently a commercial gold producer.

The programme comprised 4,775 metres across 25 drill
holes from 24 platforms, testing approximately 950 metres
of strike length and 370 metres of width. Its objectives were to
improve resource definition and collect geomechanical information
for open-pit slope engineering.

According to GMV, all holes intersected significant gold
mineralisation within the established deposit solids.
Selected reported results include:

  • MHC26-14: 12.64 g/t gold over 4.88 metres.
  • MHC26-24: 3.30 g/t gold over 12.39 metres.
  • MHC26-09: 1.33 g/t gold over 29.57 metres.

The assays show gold grades in sampled drill core, expressed in
grams per tonne (g/t), across the reported drill intervals.
These results support GMV’s ongoing work to define mineralisation
at Mexican Hat and refine the project’s resource model.

Two Companies, Different Stages

Fortuna’s production update and expansion plans, alongside GMV’s
encouraging drill results, highlight progress at two distinct
stages of the gold industry. Fortuna is building on its operating
base, while GMV is refining its understanding of the Mexican Hat
deposit to support further project development.

Sources and Investor Information

Fortuna Mining Corp. — 7 October 2026:
Production and growth initiatives update.
Source supplied.
Company and investor information.

GMV Minerals Inc. — 7 October 2026:
Mexican Hat diamond drilling assay results.
News release.
Company and investor information.

Spotrate NewsDesk