Fuerte Announces a Positive Preliminary Economic Assessment for the Coffee Gold Project; Positioning the Company as one of Canada’s Next Gold Producers
Press Release
Vancouver, British Columbia – February 22, 2026 – Fuerte Metals Corporation (TSXV: FMT, OTCQB:FUEMF) (“Fuerte” or the “Company”) is pleased to announce the results of its Preliminary Economic Assessment (“PEA”) for the 100% owned Coffee Gold Project (“Coffee”) in Yukon, Canada.
Highlights:
- Very robust economics: After-Tax NPV(5%) of US$2.3 Billion, IRR of 47.8%, and payback achieved in 1.7 years at analyst consensus gold prices(1). After-Tax NPV(5%) of US$4.0 Billion, IRR of 69.7%, and payback achieved in 1.2 years at spot gold prices(2).
- High-quality open-pit heap-leach mine with significant production: 249,000 oz per year on average in the first full five years of production and 217,000 oz on average over the 13-year Life of Mine.
- Attractive cost profile: Cash operating costs of US$1,136/oz and All-In Sustaining Costs (“AISC”) of US$1,274/oz position the project in 2nd quartile of global producers.
- Stable, supportive jurisdiction: Strong support from the Yukon Government and agreements in place with key First Nations provide momentum in a politically secure, established mining jurisdiction.
- Clear pathway to production: PEA is the catalyst for significant early works in 2026, expected receipt of mine permits by end of year, and a construction decision in early 2027.
1 Analyst consensus prices as at February 18, 2026: US$4,100/oz in 2029 and US$3,620 in 2030 and beyond.
2 Spot price scenario is based on US$5,000/oz, which is the LBMA gold price as of the close of business on February 18, 2026, of US$5,003/oz rounded to the nearest $100/oz.
Fuerte’s CEO, Tim Warman, commented: “The positive results of the PEA strongly validate our decision to acquire the Coffee project in 2025. We will be moving ahead with an aggressive timeline and early works program in 2026, including construction of the remaining portions of the access road from Dawson to the Coffee Project, which we anticipate beginning on receipt of road-related permits later this spring. We expect to obtain the key remaining mine licenses by year-end, which would pave the way for a construction decision for the project in early 2027. We are excited to drive forward with Coffee and to deliver significant economic benefits to our shareholders, residents of the Yukon, and our First Nations partners.”
We respectfully acknowledge that protection of the water and lands around the Coffee Creek and mine project area is of high importance to First Nations. Through cooperation, transparency, and respect, we pledge to continue to build on relationships with Tr’ondëk Hwëch’in, White River First Nation, Selkirk First Nation, and the First Nation of Na-Cho Nyäk Dun, whose Traditional Territories overlap or partially overlap with the project access road, and areas where exploration and mining activities may occur.
PEA Summary
The PEA contemplates a high-grade open-pit heap-leach mine with an initial planned mine life of approximately 13 years. Coffee is expected to produce 249,000 saleable gold ounces per year on average for the first full five years of production and an average of 217,000 saleable gold ounces per year over the life of mine (“LOM”) at an attractive AISC of US$1,274/oz.
Consistent with PEA studies, the production profile includes Inferred resources and is provided in the chart below. Approximately 16% of the ounces mined in the PEA profile are in the Inferred category, which cannot be included in the Feasibility Study scheduled for Q4/26. In order to upgrade a portion of these Inferred ounces to the Indicated category, the Company will commence an infill drilling program in Q1/26. The mineralization at Coffee is such that it hosts a number of high grade near surface zones that enable the mining of good grade material early in the mine plan allowing for higher average production in the initial five years.
The PEA mine plan estimates a robust internal rate of return (IRR) of 47.8% and after-tax net present value (NPV5%) of US$2.3 billion at analyst consensus gold prices (US$3,620/oz long-term) and a foreign exchange rate of 1.39 CAD per 1.00 USD. The mineral resources included in the mine design are from pit shells developed using a gold price of US$2,500/oz.
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