Quarterly Activities/Appendix 5B Cash Flow Report

• Mkanda rutile-graphite resource declared at 298Mt @ 0.87% rutile and 1.19% TGC
• Top 6 globally contained rutile deposit with significant potential for resource growth
• Maiden aircore drill program at Mlongo prospect delivered exceptional results
• Rutile and graphite test work, marketing/offtake, and resource drilling in progress
• Mkanda remains open for resource growth with further drilling planned

Fortuna Metals Ltd (ASX:FUN) has reported its quarterly activities and cash flow report, highlighting significant advancements at its Mkanda rutile and graphite project in Malawi. The company announced a maiden Mineral Resource Estimate (MRE) of 298 million tonnes at 0.87% rutile and 1.19% total graphitic content (TGC), positioning Mkanda as one of the top six globally contained rutile deposits. The maiden MRE, based on shallow drilling, indicates substantial potential for resource growth as mineralisation remains open laterally and at depth. The maiden aircore drill program at the Mlongo prospect delivered exceptional results, including high-grade rutile intersections below the current shallow resource. Fortuna Metals Ltd continues to progress key workstreams, including rutile and graphite test work, marketing/offtake discussions, and resource drilling, with further assays expected in the coming months.