Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has announced a landmark agreement with Australian-listed DeSoto Resources Limited to establish an exploration alliance and joint venture in Guinea’s Siguiri Basin—one of West Africa’s most prospective gold regions. The binding Heads of Agreement (HOA) marks Fortuna’s formal entry into Guinea’s gold exploration landscape, underscoring growing international confidence in the country’s mineral potential.
Under the agreement, Fortuna and DeSoto will form a new joint venture company (JVCo) to identify and develop new gold assets within the Siguiri Basin. The partnership will unfold in two key stages: a 36-month Project Generation Phase aimed at discovering “Go Projects” — exploration targets with commercial-scale potential — followed by a Joint Venture Phase. Once a project qualifies as a “Go Project,” Fortuna will hold a 70% interest while DeSoto retains 30%, with Fortuna committing to fund exploration up to US$12.5 million or three years of expenditure, whichever comes later.
Paul Weedon, Senior Vice President of Exploration at Fortuna, described the alliance as “an excellent entry into a highly prospective region, alongside a team with a proven discovery record in West Africa.” DeSoto’s leadership previously contributed to the discovery of Predictive Discovery’s 5.4-million-ounce Bankan Gold Project, located in the same basin—an indication of the geological promise and technical depth underpinning the new partnership.
For Guinea’s mining ecosystem, this alliance carries significant implications. It reflects a broader trend of mid-tier and major international miners deepening their footprint in the country, drawn by its stable regulatory framework and underexplored geological potential. The partnership could catalyze new exploration activity in the Siguiri Basin, attracting supporting investments in infrastructure, drilling services, and local partnerships.
For mining companies operating or considering entry into Guinea, Fortuna’s move highlights the strategic importance of collaboration with local and regional specialists. By leveraging DeSoto’s in-country expertise and Fortuna’s financial and operational strength, the venture embodies a model for efficient, risk-managed exploration in emerging gold belts.
With this alliance, Fortuna adds Guinea to its growing West African portfolio, which already includes the Diamba Sud Project in Senegal. As global gold demand remains robust amid economic uncertainty, the Siguiri Basin could soon see accelerated exploration, positioning Guinea as a key player in the next phase of West Africa’s gold boom.
