Will the results trigger any changes in capital allocation, financing needs, or the timing of upcoming drilling programs?

Capital allocation & financing: The 22.7 g/t Au over 21.6 m intercept is a high‑grade, bulk‑tonnage result that should substantially upgrade the resource estimate for the Southern Arc deposit. Management is likely to re‑prioritise capital toward expanding the Southern Arc resource rather than seeking immediate external financing. The robust assay data should reduce the near‑term cash burn required to prove a larger reserve base, allowing the company to fund the next phase of drilling largely from existing cash flow and existing credit facilities. Consequently, we can expect a modest reduction in short‑term financing needs and a possible re‑allocation of any remaining capital toward targeted infill drilling and early‑stage feasibility work rather than broad‑scale exploration elsewhere.

Drilling schedule & market impact: Given the magnitude of the intercept, Fortuna is likely to accelerate the upcoming drill program to delineate continuity and expand the inferred‑to‑indicated conversion. The company may move up the next drilling window from the previously indicated Q4‑2025 start to a Q3‑2025 schedule to capture early‑season weather windows in Senegal, thereby compressing the timeline for a revised resource update in 2026. From a trading perspective, the news has already lifted sentiment (70 % positive) and lifted the stock toward its recent 30‑day high. Technicals show the price sitting near the 20‑day EMA with bullish volume—suggesting a breakout continuation. Actionable insight: maintain a long‑bias on FSM if the price holds above the 20‑day EMA and volume stays above average, targeting a 10–15 % upside over the next 4–6 weeks while monitoring any new financing announcements. If the stock breaks below the 20‑day EMA with declining volume, consider a partial profit‑taking or defensive stop‑loss around the recent swing‑low, as the market may re‑price the risk of delayed drilling.