Fortune Bay talks 2026 drilling plans at Goldfields

Executive Summary

• Fortune Bay Corp. outlines its 2026 strategic focus on the expedited advancement of its Goldfields gold project in Saskatchewan, citing a strengthened balance sheet and secured funding for the planned program.
• The company highlights the completion of an updated Preliminary Economic Assessment (PEA) in September 2025, which demonstrates robust economics with a base-case NPV of $610 million and an IRR of 44%, positioning the project for accelerated development toward a Prefeasibility Study (PFS).
• The 2026 work program includes resumed exploration drilling targeting near-mine resource expansion, with initial results expected in Q1 2026, alongside parallel technical studies (geotechnical, metallurgical, waste rock) and environmental permitting activities.

Key Details

• Updated PEA Economics (Sept 2025):
  • Base-case gold price ($2,600/oz): After-tax NPV (5%) of $610 million; IRR of 44%; Initial Capital $301 million.
  • Spot price scenario ($3,650/oz): After-tax NPV (5%) of $1.25 billion.
  • Sensitivity: Approx. $61 million change in NPV for every $100/oz change in gold price.
• Project Strategy:
  • Focus on maintaining throughput below 5,000 tonnes per day to remain within provincial permitting frameworks.
  • Leveraging a valid provincially approved Environmental Impact Statement (EIS) from 2008 for a 5,000 tpd open-pit operation.
  • 97% of ounces in the mine plan classified as indicated resources.
• 2026 Operational Plan:
  • Exploration: Drilling resumed post-holiday; targeting near-mine ounces to strengthen economics and extend mine life. Initial results expected Q1 2026.
  • Technical Studies: Advancing toward PFS level with expanded geotechnical, metallurgical, and waste rock geochemistry investigations.
  • Permitting: Integration of baseline environmental studies (aquatic/terrestrial completed late 2025) and waste rock characterization into a technical proposal for regulatory engagement with the Saskatchewan Ministry of Environment in Q1 2026.
  • Community Engagement: Continued dialogue with indigenous communities and municipalities following November 2025 tours.
• Technical Report:
  • "Goldfields Project Updated NI 43-101 Technical Report & Preliminary Economic Assessment" dated Oct. 20, 2025.
  • Qualified Person: Gareth Garlick, PGeo (VP, Technical Services).

Notable Quotes

• "Goldfields is very well positioned for advancement, with excellent PEA economics, a high-confidence mineral resource base, established infrastructure and the benefit of Saskatchewan's stable, top-tier jurisdiction... With funding secured, our priority in 2026 is disciplined execution, advancing development while growing the resource and positioning Goldfields to unlock meaningful value as the gold market continues to strengthen." — Dale Verran, CEO