Fortuna Mining and DeSoto Resources Team Up to Explore Guinea’s Prosperous Siguiri Basin
In an exciting development for the mining sector, Fortuna Mining (FVI.TO, FSM) has announced a strategic partnership with Australia-based DeSoto Resources to explore the promising Siguiri Basin in Guinea. This collaboration, which is gaining traction in the industry, aims to unlock the potential of this rich mining region through a joint venture framework.
The alliance was solidified with a binding heads of agreement on October 2, 2025. This agreement not only allows the two mining giants to apply for and acquire new permits in targeted areas, but it also sets the stage for a three-year exploration timeline. During this period, the focus will be on identifying so-called “go projects”—significant discoveries that have the potential for further development and investment.
Once a “go project” is identified, the joint venture will be formalized, with Fortuna holding a 70% stake and DeSoto 30%. The decision-making process will be overseen by a board consisting of four directors, two from each company, ensuring collaboration at the highest level. Fortuna will back the exploration efforts entirely for the first three years or until an impressive US.5 million is reached in total expenditure related to the identified projects.
Paul Weedon, Fortuna’s Senior Vice President of Exploration, expressed optimism about the collaboration, stating, “This agreement with DeSoto provides Fortuna with an excellent entry into this highly prospective region, alongside a highly qualified and experienced team with a proven track record of discovery across West Africa.” His insights reflect the positive outlook for the region’s mining potential.
As news of this venture broke, Fortuna’s share price saw a modest increase of 0.7%, reaching .95 in U.S. pre-market trading. Investors are undoubtedly keeping a close eye on this partnership as the exploration progresses and as both companies aim to harness the abundant mineral resources that Guinea has to offer.
This joint venture not only highlights Guinea’s rising status in the global mining market but also underscores the increasing collaboration between mining companies in pursuit of responsible and sustainable mining practices. The partnership between Fortuna Mining and DeSoto Resources stands to contribute significantly to the economic development of Guinea, bringing with it potential opportunities for local communities and further reinforcing the nation’s place as a key player in Africa’s mining industry.
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