KEY POINTS
- Fortuna Mining is acquiring the Bambadji gold project in Senegal for $200 million from Barrick Mining and Iamgold.
- The deal expands Fortuna’s Senegal exploration footprint to about 60 km of prospective ground adjoining its feasibility-stage Diamba Sud project.
- Fortuna plans to spend $8 million on exploration through 2026, with drilling expected to begin in the third quarter.
Fortuna Mining has agreed to acquire the Bambadji gold project in Senegal from Barrick Mining and Iamgold for $200 million, expanding its exploration footprint in West Africa and strengthening its position in one of the region’s emerging gold-producing jurisdictions.
The transaction will bring Bambadji under the same ownership as Fortuna’s nearby Diamba Sud Gold Project, creating a much larger exploration area and giving the company greater scope to pursue additional gold discoveries.
Fortuna Mining, listed on the NYSE and TSX, said the acquisition of Bambadji will give it control of approximately 60 km of potentially gold-bearing ground in Senegal.
The project is located directly next to Fortuna’s Diamba Sud Gold Project, which has already reached the feasibility-study stage.
The proximity of the two properties is a major attraction for Fortuna because it allows the company to consolidate its land position around an advanced gold development project.
Fortuna CEO Jorge Ganoza described Bambadji as a rare opportunity to acquire a large and highly prospective exploration area immediately adjacent to Diamba Sud.
The company believes the enlarged land package could provide significant opportunities for exploration and potentially contribute to the longer-term growth of its Senegal operations.
Fortuna plans $8 million exploration programme
Fortuna intends to begin testing Bambadji’s mineral potential shortly after completing the acquisition.
The company plans to spend about $8 million on exploration at the project through the end of 2026.
Drilling is expected to begin in the third quarter, with the initial programme focused on testing targets across the newly expanded exploration area.
The results will help Fortuna determine the scale and quality of the gold mineralisation at Bambadji and assess how the project could complement the nearby Diamba Sud development.
The exploration programme will therefore be an important first step in determining whether Bambadji can deliver additional resources capable of supporting Fortuna’s future growth plans. The acquisition is particularly significant because Bambadji borders Diamba Sud.
By bringing the two properties under common ownership, Fortuna will be able to explore a much larger and more continuous area around its feasibility-stage project.
This could create opportunities to identify additional mineralisation and potentially increase the overall resource potential of the company’s Senegal portfolio.
Fortuna will now examine whether discoveries at Bambadji can be incorporated into its broader development strategy for the region.
The company’s immediate priority, however, will be exploration and establishing the project’s geological potential before making further development decisions.
The acquisition forms part of Fortuna’s broader strategy to concentrate its West African activities in Senegal and Ivory Coast.
The company has been reshaping its regional portfolio after selling its Yaramoko mine in Burkina Faso for about $130 million in 2025.
That transaction marked a shift away from Burkina Faso and allowed Fortuna to focus more heavily on assets in jurisdictions where it sees greater exploration and development opportunities.
The Bambadji purchase further strengthens that strategy by increasing the company’s exposure to Senegal and giving it a larger exploration platform around Diamba Sud.
The immediate test for Fortuna will be the results of its planned drilling campaign.
The company’s $8 million exploration programme through the end of 2026 will allow it to evaluate targets across Bambadji and determine whether the property contains economically significant gold mineralisation.
The combination of Bambadji and Diamba Sud gives Fortuna a considerably larger position in Senegal and provides the company with an opportunity to explore new ground alongside a project that has already advanced to the feasibility stage.
If drilling identifies substantial mineralisation, Bambadji could become an important component of Fortuna’s long-term growth strategy in West Africa.
