Fortune Bay (TSXV: FOR; US-OTCQB: FTBYF) has initiated key technical work to advance the Goldfields project toward a pre-feasibility study (PFS) in 2026, following the completion of its $8 million bought-deal financing. The company is simultaneously progressing permitting activities through ongoing baseline environmental studies and planned community consultation.
These efforts build upon the recently released updated preliminary economic assessment (updated PEA), which demonstrated exceptional economics, a streamlined permitting pathway, and a de-risked mineral resource with 97% of ounces in the indicated category.
The updated PEA reveals strong economics at the base case gold price of US$2,600 per ounce, delivering an after-tax NPV (5%) of C$610 million, an after-tax IRR of 44%, and cumulative after-tax free cash flow of C$914 million, based on a 14-year mine life and an initial capital cost of C$301 million. At the current spot gold price of US$3,650 per ounce, the after-tax NPV (5%) increases to C$1.25 billion with an IRR of 74%, generating cumulative after-tax free cash flow of C$1.82 billion.
“Goldfields stands out as a development-ready gold asset in a premier mining jurisdiction. With robust Updated PEA economics, a strong project foundation and now a fully funded advancement plan, we are positioned to unlock meaningful value on multiple fronts,” Dale Verran, CEO of Fortune Bay, said.
“As part of this, we are preparing to commence a drilling program in the coming weeks that will include both project-development drilling to support the PFS and exploration drilling to evaluate resource growth potential. We expect to announce the specific exploration drill targets shortly.”
The company is planning a comprehensive drilling program for Box and Athona to support the PFS, integrating geotechnical study, metallurgical sampling, waste rock study, and groundwater investigations. Fortune Bay has also initiated a waste rock characterization study and metallurgical testwork at SGS Canada – Lakefield laboratory. A high-resolution topographic survey using LiDAR technology was completed in October 2025 to support detailed engineering studies.
Permitting activities are progressing with aquatic and terrestrial surveys conducted by Ecometrix and Omnia Ecological Services, respectively. The company has scheduled a community consultation tour for late November 2025, visiting several local communities to share information about the project.
Fortune Bay plans to engage with regulators and submit a technical proposal to the Saskatchewan Ministry of Environment in the first quarter of 2026, building upon the previously approved 2008 environmental impact statement.
For more information, visit www.FortuneBayCorp.com .
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