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Up to date PEA Highlights:
- Expedited Path to Manufacturing: Sub-5,000 tpd open-pit state of affairs designed to stay inside provincial allowing, leveraging a legitimate EIS (2008), current infrastructure, and past-producing standing.
- Robust Economics; Excessive-Sensitivity to Gold Value:
|
Gold Value/oz |
USD 2,600 (Base Case) |
USD 3,650 (Spot Value 1 ) |
|
After-Tax NPV 5% |
C$610M |
C$1,253M |
|
After-Tax IRR |
44 % |
74 % |
|
After-tax NPV 5% /CAPEX |
2.0 |
4.2 |
- Gold spot worth as of September 19, 2025
- Strong Financing Fundamentals: 14-year mine life with 896,000 ouncespayable manufacturing; favorable NPV/Capex ratio; and robust Free Money Circulate (after-tax cumulative C$914M FCF base case; C$1,817M FCF at US$3,650 /oz).
- Low-Price, Capital Environment friendly: Engaging working prices ( US$1,207 /ouncescash value; US$1,330 /ouncesAISC), supported by a modest preliminary capital requirement of C$301M , that features a C$51M contingency.
- Grade, Restoration, Strip Benefit: Amongst highest-grade open-pit developments within the Americas 2 (1.2 g/t Mill Head Grade), 95.4% gold restoration, and solely 3:1 waste-to-resource ratio.
- De-Risked Pathway: 97% Indicated ounces integrated within the Up to date PEA mine plan, reconciled with historic manufacturing; supported by established infrastructure, well-developed neighborhood relations, and a transparent allowing pathway that builds on current EIS.
- Development Potential: Useful resource enlargement at Field and Athona plus a number of superior targets (Frontier Lake, Golden Pond , Triangle).
- Premier Jurisdiction: Saskatchewan ranks #1 in Canada and #7 globally for mining funding attractiveness (Fraser Institute, 2024).
” The Up to date PEA demonstrates the distinctive economics of Goldfields, establishing it as a major improvement asset inside Canada’s gold mining sector, whereas underscoring the disconnect between the venture’s intrinsic worth and Fortune Bay’s market valuation ,” commented Dale Verran , CEO of Fortune Bay. “With 97% of ounces within the mine plan categorised as Indicated and supported by intensive historic datasets, established infrastructure and a legitimate EIS, Goldfields is relatively de-risked for a PEA-stage venture and is uniquely positioned for near-term improvement. We at the moment are targeted on securing extra permits, advancing key de-risking PFS research, and making ready for resource-growth drilling. We’re additionally evaluating different choices for an accelerated manufacturing pathway.”
The Firm will probably be internet hosting a Reside Webinar at 12PM EDT Thursday September 25, 2025 to current the Up to date PEA outcomes. Observe this hyperlink to subscribe: http://bit.ly/46F05kf
Description of the Up to date PEA
The Up to date PEA outlines a improvement method for Goldfields’ present mineral useful resource by way of standard open-pit mining and onsite gold restoration at a 4,950 tpd processing facility.
This evaluation positions Goldfields for expedited development towards mine improvement. Whereas totally different manufacturing situations have been thought of, all of which reveal strong economics, the Up to date PEA focuses on a mine plan tailor-made to speed up the trail to manufacturing—sustaining throughput under 5,000 tpd to proceed with out requiring a federal affect evaluation. This expedited pathway is underpinned by established infrastructure, a de-risked useful resource base with 97% of ounces within the Indicated class, and the good thing about a Provincially-approved Environmental Affect Assertion (“EIS”) from 2008 for a 5,000 tpd open-pit operation.
The Up to date PEA was ready by Ausenco Engineering Canada ULC (“Ausenco”) in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”). The Up to date PEA NI-43-101 Technical Report will probably be filed on SEDAR ( www.sedar.com ) inside 45 days of this Information Launch.
Challenge Overview
The 100% owned Goldfields Challenge (“Goldfields” or the “Challenge”) is situated roughly 13 kilometres south of Uranium Metropolis, Saskatchewan . Goldfields hosts the Field and Athona gold deposits, in addition to extra gold showings inside the potential Goldfields Syncline. The Field deposit was traditionally mined underground between 1939 and 1942, producing 64,000 ounces of gold.
The Challenge is situated inside a historic mining space and advantages from established infrastructure, together with a highway and hydro-powerline to the Field deposit. Close by services and companies in Uranium Metropolis embrace bulk gasoline, civils contractors, and a industrial airport.
Location of the Goldfields Challenge
Base Case Financial Outcomes
The Up to date PEA is preliminary in nature, on condition that it consists of inferred mineral assets which might be thought of too speculative geologically to have the financial issues utilized to them that might allow them to be categorized as mineral reserves, and there’s no certainty that the preliminary financial evaluation will probably be realized.
The Up to date PEA for Goldfields is predicated upon a subset of mineral assets comprising 97% indicated mineral assets and 3% inferred mineral assets .
|
Common Inputs |
LOM |
|
|
Gold Value |
US$/oz |
$2,600 |
|
Change Fee |
US$:C$ |
0.74 |
|
Manufacturing |
||
|
Strip Ratio |
Waste:Useful resource |
3:1 |
|
Mill Head Grade |
g/t |
1.2 |
|
Mill Gold Restoration |
% |
95.4 |
|
Mine Life |
yr |
13.9 years |
|
Complete Materials Mined |
Mt |
100.2 |
|
Common Annual Mined Materials |
ktpa |
7,190 |
|
Complete Mill Feed |
Mt |
25.2 |
|
Common Annual Mill Feed |
ktpa |
1,807 |
|
Complete Payable Au |
koz |
896 |
|
Common Annual Payable Au |
koz |
64 |
|
Common Annual Payable Au (Years 1-4) |
koz |
99 |
|
Income & Earnings Metrics |
||
|
Complete Income |
C$M |
$3,144 |
|
Common Annual Income |
C$M |
$226 |
|
EBITDA |
C$M |
$1,685 |
|
Common Annual EBITDA |
C$M |
$121 |
|
Working Prices per Ounce |
||
|
Money Prices per Ounce |
US$/ouncesAu |
$1,207 |
|
All-In Sustaining Price (AISC) per Ounce |
US$/ouncesAu |
$1,330 |
|
Royalty NSR |
% |
2 % |
|
Capital Price |
||
|
Preliminary Capex |
C$M |
$301 |
|
Sustaining Capex |
C$M |
$142 |
|
Closure Price |
C$M |
$15 |
|
Earlier than-Tax Economics |
||
|
NPV (5%) |
C$M |
$839 |
|
IRR |
% |
54.7 % |
|
Payback |
yr |
1.4 |
|
NPV (5%) / Preliminary Capex |
– |
2.8 |
|
After-Tax Economics |
||
|
NPV (5%) |
C$M |
$610 |
|
IRR |
% |
44.0 % |
|
Payback |
yr |
1.7 |
|
NPV (5%) / Preliminary Capex |
– |
2.0 |
|
Notes: |
|
|
• |
Money Prices per ounce replicate direct mining, processing, web site normal & administrative, refining, transport, and royalty prices, divided by payable gold ounces. |
|
• |
All-in Sustaining Prices (AISC) per ounce embrace money prices plus sustaining capital, sustaining exploration, and site-level closure prices, divided by payable gold ounces. Development capital, company G&A, financing prices, and revenue taxes are excluded. |
|
• |
Preliminary Capex represents upfront expenditures to assemble and fee the mine, plant, and supporting infrastructure. |
|
• |
Sustaining Capex represents ongoing capital expenditures required to keep up manufacturing through the lifetime of mine. |
|
• |
Payback Interval represents the variety of years from begin of manufacturing to attain cumulative optimistic after-tax free money stream, together with sustaining capital. |
|
• |
Non-IFRS monetary measures are offered for extra data and benchmarking functions solely. They don’t have standardized definitions below IFRS and will not be immediately akin to related measures reported by different issuers. |
After-Tax Unlevered Free Money Circulate (Base Case US$2,600 /oz)
Sensitivity
After-Tax Sensitivity Abstract
|
Gold Value (US$/oz) |
US$2,100 |
Base Case |
US$3,100 |
Spot Gold US$3,650 1 |
|
NPV 5% |
$303 |
$610 |
$916 |
$1,253 |
|
IRR |
27.3 % |
44.0 % |
59.0 % |
74.2 % |
|
NPV 5% /CAPEX |
1.01 |
2.03 |
3.04 |
4.16 |
|
Payback (Years) |
2.60 |
1.67 |
1.25 |
0.98 |
|
1. Gold spot worth as of September 19, 2025 |
After-Tax NPV 5% Sensitivity
|
Gold Value (US$/oz) |
After-Tax NPV 5% |
Preliminary CAPEX |
Complete OPEX |
FX |
|||
|
-20 % |
+20 % |
-20 % |
+20 % |
-20 % |
+20 % |
||
|
US$2,100 |
$303 |
$360 |
$247 |
$441 |
$165 |
$625 |
$88 |
|
US$2,600 |
$610 |
$667 |
$553 |
$747 |
$472 |
$1,008 |
$344 |
|
US$3,100 |
$916 |
$973 |
$860 |
$1,054 |
$779 |
$1,391 |
$600 |
|
US$3,650 |
$1,253 |
$1,310 |
$1,196 |
$1,390 |
$1,116 |
$1,812 |
$881 |
After-Tax IRR Sensitivity
|
Gold Value (US$/oz) |
After-Tax IRR Base Case |
Preliminary CAPEX |
Complete OPEX |
FX |
|||
|
-20 % |
+20 % |
-20 % |
+20 % |
-20 % |
+20 % |
||
|
US$2,100 |
27.3 % |
37.0 % |
20.5 % |
34.0 % |
19.4 % |
44.8 % |
12.9 % |
|
US$2,600 |
44.0 % |
56.7 % |
35.3 % |
49.7 % |
37.9 % |
63.3 % |
29.7 % |
|
US$3,100 |
59.0 % |
74.3 % |
48.4 % |
64.1 % |
53.6 % |
80.2 % |
43.5 % |
|
US$3,650 |
74.2 % |
92.2 % |
61.7 % |
78.9 % |
69.4 % |
97.5 % |
57.3 % |
Capital and Working Prices
- Preliminary CAPEX: C$301 million , together with contingency of C$51 million .
- Sustaining Capital: C$142 million over LOM.
- Working Prices: C$41.0 /t milled, together with mining (38%), processing (37%), and G&A (25%).
- Closure Prices: C$15 million at finish of mine life.
Mineral Assets
An up to date Mineral Useful resource Estimate (“MRE”), efficient date September 11, 2025 , was accomplished as a part of the Up to date PEA to replicate a barely decrease cut-off grade attributable to will increase within the gold worth. Mineral assets are constrained inside a conceptual open-pit shell. The up to date MRE was ready by SRK Consulting ( Canada ) Inc. (“SRK”) in accordance with CIM Pointers and NI 43-101. This up to date MRE replaces the earlier MRE with an efficient date of September 1, 2022 , additionally accomplished by SRK, who used the identical useful resource estimation procedures. SRK can also be liable for the event of the supporting mineralization fashions which have been based mostly upon structural and petrographic research carried out by SRK.
The MRE reconciles to inside 1% of historic mine manufacturing at Field when the traditionally reported course of plant restoration of 96% is utilized, offering extra confidence within the estimate.
Goldfields Mineral Useful resource Assertion, efficient date September 11, 2025 .
|
Deposit |
Class |
Tonnes (Mt) |
Au Grade (g/t) |
Complete Au (000’s oz) |
|
Field |
Indicated |
16.2 |
1.41 |
734.3 |
|
Athona |
Indicated |
7.8 |
1.02 |
255.4 |
|
Complete Indicated |
24.0 |
1.28 |
989.6 |
|
|
Field |
Inferred |
3.4 |
1.04 |
114.1 |
|
Athona |
Inferred |
4.0 |
0.78 |
100.1 |
|
Complete Inferred |
7.4 |
0.90 |
214.2 |
|
Notes: |
|
|
• |
Mineral assets usually are not mineral reserves and shouldn’t have demonstrated financial viability. |
|
• |
Mineral assets are reported at a cut-off grade of 0.28 g/t gold, constrained inside a conceptual open-pit shell. |
|
• |
Mineral assets are reported based mostly on an up to date gold worth of US$2,600/oz. |
|
• |
All figures are rounded to replicate the relative accuracy of the estimate. |
Mining and Processing
- Mining Technique: Typical open-pit mining with drill, blast, load and haul strategies. Mine plan consists of Field and Athona pits with phased pushbacks to optimize early higher-grade feed.
- Mine Life : 13.9 years, together with 11 years of direct mill feed from pit operations and subsequent low-grade stockpile rehandling.
- Throughput: Common 1.8 Mtpa (4,950 tpd).
- Manufacturing: 25.2 Mt of mill feed at common grade of 1.16 g/t Au, recovering 896,000 ounces of payable gold.
- Processing: Complete ore leach with gravity restoration and carbon-in-pulp (CIP), based mostly on SGS Canada – Lakefield testwork from 2015. Common recoveries of 95.9% at Field and 93.5% at Athona.
Mine Plan Abstract
Mill Feed Abstract
Simplified Course of Flowsheet
Infrastructure
The Challenge advantages from historic funding and proximity to current infrastructure:
- Street entry to Uranium Metropolis (25 km), with municipal infrastructure, industrial airport (year-round industrial flights) and civils contractors.
- Energy to be equipped by way of refurbishment of current (presently inactive) 115 kV line from hydro-power stations, with peak demand of 12 MW. Line evaluation presently underway by SaskPower.
- Freshwater provide from close by Lake Athabasca.
- Tailings storage facility (“TSF”) designed for 21.9 Mt capability, to be constructed in two phases.
- Waste rock storage services (“WRSF”) and low-grade stockpiles built-in into mine plan.
Web site Format
Environmental, Social, and Allowing
- EIS approval granted in 2008 for an open-pit mine at Field and a 5,000 tpd processing facility stays legitimate.
- Further approvals required for Up to date PEA mine plan to deal with the time-lapse since unique evaluation work and adjustments in venture footprint, together with the addition of open-pit mining on the Athona deposit and the administration of comparatively bigger volumes of waste rock and tailings.
- Environmental baseline research have been initiated, to construct upon and validate 10+ years of environmental knowledge, with terrestrial and aquatic research ongoing. The research have been designed to ascertain a basis for Provincial regulatory engagement and development in 2026.
- Nicely-developed neighborhood relationships, together with Exploration Settlement ( Nov 2022 ) offering consent as much as and together with bankable feasibility examine.
- Engagement on venture improvement has been initiated with Indigenous Nations and native Municipalities, with preliminary conferences to start This fall 2025.
- At the moment, no materials environmental or social dangers have been recognized that can not be moderately mitigated.
Key Alternatives
Accelerated Manufacturing Various: Onsite Focus Manufacturing
- Quick-Tracked Improvement: Distinctive to Goldfields, the Challenge advantages from its past-producing standing and a legitimate 2008 EIS, enabling investigation of a fast-tracked, lower-capex path to manufacturing.
- Excessive-Grade Concentrates: Prior SGS Canada – Lakefield testwork (2019) demonstrated distinctive potential—gravity coarse gold concentrates >1,000 g/t and subsequent sulphide flotation concentrates >200 g/t . New metallurgical research (SGS – Sept, 2025) are underway to optimize restoration and assess marketability of high-grade gold concentrates.
- Capital & Timeline Advantages: A staged method—preliminary gravity + sulphide focus manufacturing—may considerably cut back upfront capital necessities, shorten the event timeline, and advance Goldfields into manufacturing below the present EIS framework.
Mineral Useful resource Development: Exploration Drilling
- Useful resource Development: Potential to increase the present mineral assets by way of exploration drilling, unlocking extra upside at Goldfields.
- Exploration Targets: Field (down-dip extensions; underground improvement potential), Athona (near-surface west), Frontier Lake (high-grade near-surface continuity), Golden Pond & Triangle (floor extensions).
Exploration Targets & Useful resource Development Alternatives
|
*Historic exploration and drilling outcomes haven’t been verified and there’s a threat that any future affirmation work and exploration could produce outcomes that considerably differ from the historic outcomes. The Firm considers these outcomes related to evaluate the mineralization and financial potential of the property. Drill gap mineralized intersections are lengths downhole and never true thicknesses. |
Subsequent Steps
- Pre-Feasibility Research
As advisable by Ausenco, the Up to date PEA helps advancing Goldfields by way of Pre-Feasibility Research (“PFS”). Proposed packages embrace metallurgical testing and course of optimization; geotechnical and hydrogeological research; mine, infrastructure, and tailings engineering; environmental baseline updates and allowing; useful resource enlargement and exploration drilling. Work has commenced on a post-PEA waste rock characterization examine and extra planning is underway to start key additional de-risking research towards PFS. - Accelerated Manufacturing Various: Onsite Focus Manufacturing
Analysis of the technical and industrial pathway for this staged improvement is ongoing utilising the present allow framework and the encouraging gravity and focus testwork obtained to this point. Following completion of the SGS testwork presently in progress, the analysis is predicted to be expanded to cowl blended samples in addition to variability testing throughout the 2 deposits. - Mineral Useful resource Development: Exploration Drilling
A 2,000–3,000 metre (15–20 holes) drilling program is deliberate to check development potential past the Up to date PEA mine plan. - Allowing
- Advance environmental and allowing work to align the Up to date PEA mine plan with regulatory necessities. This consists of finishing ongoing baseline research to help regulatory engagement in 2026.
- Persevering with proactive neighborhood engagement below the present Exploration Settlement, with preliminary venture improvement conferences starting in This fall 2025.
Certified Individuals
The technical and scientific data on this information launch has been reviewed and accepted by Gareth Garlick P.Geo ., Vice-President Technical Companies of the Firm, who’s a Certified Particular person as outlined by NI 43-101. Mr. Garlick is an worker of Fortune Bay and isn’t unbiased of the Firm below NI 43‑101.
The next Certified Individuals have reviewed the technical data contained within the Up to date PEA and on this Information Launch of their space of experience and are thought of “unbiased” of Fortune Bay and the Challenge:
- Kevin Murray , P.Eng., Ausenco Engineering Canada ULC
- Mohammad Ali Hooshiar , P.Eng., Ausenco Engineering Canada ULC
- James Millard , P.Geo., Ausenco Engineering Canada ULC
- Marc Schulte , P.Eng., Moose Mountain Technical Companies
- Cliff Revering , P.Eng., SRK Consulting
- Ron Uken , Pr.Sci.Nat., SRK Consulting
References
2. Common gold grades for open-pit mineral reserves and assets for initiatives within the Americas is sourced from S&P Capital IQ.
About Ausenco
Ausenco is a world firm redefining what’s potential. The staff is predicated out of 21 workplaces working throughout 5 continents to ship companies worldwide. Combining deep technical experience with a 30-year observe file, Ausenco delivers revolutionary, value-add consulting, research, venture supply, asset operations and upkeep options to the minerals and metals and industrial sectors ( www.ausenco.com ).
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR,OTC:FTBYF; FWB:5QN; OTCQB:FTBYF) is a gold exploration and improvement firm advancing high-potential property in Canada and Mexico. With a technique targeted on discovery, useful resource development and early-stage improvement, the Firm targets worth creation on the steepest a part of the Worth Creation Curve—previous to the capital-intensive construct part. Its portfolio consists of the development-ready Goldfields Challenge in Saskatchewan , the resource-expansion Poma Rosa Challenge in Mexico , and an optioned uranium portfolio within the Athabasca Basin offering non-dilutive capital and upside publicity. Backed by a technically confirmed staff and tight capital construction, Fortune Bay is positioned for a number of near-term catalysts. For extra data, go to www.fortunebaycorp.com or contact information@fortunebaycorp.com .
On behalf of Fortune Bay Corp.
“Dale Verran”
Chief Government Officer
902-334-1919
Cautionary Assertion
Data set forth on this information launch incorporates forward-looking statements which might be based mostly on assumptions as of the date of this information launch. These statements replicate administration’s present estimates, beliefs, intentions, and expectations. They don’t seem to be ensures of future efficiency. Phrases reminiscent of “expects”, “goals”, “anticipates”, “targets”, “objectives”, “initiatives”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “continues”, “could”, variations of such phrases, and related expressions and references to future intervals, are meant to determine such forward-looking statements, and embrace, however usually are not restricted to, statements with respect to: the outcomes of the Up to date PEA, together with future Challenge alternatives, future working and capital prices, closure prices, AISC, the projected NPV, IRR, timelines, allow timelines, and the power to acquire the requisite permits, economics and related returns of the Challenge, the technical viability of the Challenge, the market and future worth of and demand for gold, the environmental affect of the Challenge, and the continued means to work cooperatively with stakeholders, together with Indigenous Nations, native Municipalities and native ranges of presidency. Since forward-looking statements are based mostly on assumptions and deal with future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on data presently accessible to the Firm, the Firm gives no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different elements concerned with forward- trying data may trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking data. Ahead trying data on this information launch consists of, however shouldn’t be restricted to, the Firm’s targets, objectives or future plans, statements, exploration outcomes, potential mineralization, the estimation of mineral assets, exploration and mine improvement plans, timing of the graduation of operations and estimates of market circumstances. Components that might trigger precise outcomes to vary materially from such forward-looking data embrace, however usually are not restricted to failure to determine mineral assets, failure to transform estimated mineral assets to reserves, the lack to finish a feasibility examine which recommends a manufacturing choice, the preliminary nature of metallurgical check outcomes, delays in acquiring or failures to acquire required governmental, environmental or different venture approvals, political dangers, incapability to satisfy the obligation to accommodate Indigenous Nations and native Municipalities, uncertainties regarding the provision and prices of financing wanted sooner or later, adjustments in fairness markets, inflation, adjustments in alternate charges, fluctuations in commodity costs, delays within the improvement of initiatives, capital and working prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and improvement trade, and people dangers set out within the Firm’s public paperwork filed on SEDAR. Though the Firm believes that the assumptions and elements utilized in making ready the forward-looking data on this information launch are cheap, undue reliance shouldn’t be positioned on such data, which solely applies as of the date of this information launch, and no assurance will be on condition that such occasions will happen within the disclosed time frames or in any respect. The Firm disclaims any intention or obligation to replace or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case, apart from as required by regulation. For extra data on Fortune Bay, readers ought to discuss with Fortune Bay’s web site at www.fortunebaycorp.com .
Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
SOURCE Fortune Bay Corp.
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