"The project continues to track on-time and on-budget. This is especially pleasing as we have advanced the critical earthworks and civil works through a heavy wet season and maintained the schedule," chief operating officer Paul Criddle said.

"The project continues to be derisked with good progress being made around procurement and shipping of key equipment for the processing plant," he said.

Canaccord Genuity Capital Markets analyst Dalton Baretto noted that the schedule has withstood the global supply chain and inflationary challenges.

"We note that the remaining commitments largely comprise employee salaries as well as equipment and material purchase orders," he said.

Canaccord, however, continues to assume at 10% overrun to the US$173.5 million budget while Baretto added that Fortuna's balance sheet is "well positioned" to fund construction through to commercial production.

Seguela is slated to have a life of mine of 8.6 years, annual production of 120,000 ounces, and all-in sustaining costs of $832/oz.

Fortuna's share price was C$3.09 (US$2.33) on 15 September, giving the company a market capitalisation of C$900.6 million.