Fortune Bay files PEA technical report for Goldfields

Executive Summary

• Fortune Bay Corp. filed an updated National Instrument 43-101 Preliminary Economic Assessment (PEA) for its 100%-owned Goldfields project in Saskatchewan, outlining an expedited development plan using conventional open-pit mining and on-site gold recovery.
• The updated PEA demonstrates strong economics at a base-case gold price of $2,600/oz, with a 14-year mine life, $301M initial capital cost, and significant after-tax returns.
• The project leverages a sub-5,000 tpd open-pit design to remain within provincial permitting jurisdiction, utilizing a valid 2008 environmental impact statement and the site's past-producing status to derisk the development pathway.

Key Details

• Project Location: Goldfields project, located ~13 km south of Uranium City, Saskatchewan; 100% owned by Fortune Bay.
• Technical Partners:
  • Ausenco Engineering Canada ULC (Prepared the PEA).
  • Moose Mountain Technical Services (Mine design).
  • SRK Consulting (Canada) Inc. (Updated mineral resource estimate).
• Base Case Economics (Gold Price: $2,600/oz USD):
  • After-tax NPV (5%): $610 million CAD.
  • After-tax IRR: 44%.
  • Cumulative After-tax Free Cash Flow: $914 million CAD.
  • Mine Life: 14 years.
  • Initial Capital Cost: $301 million CAD (includes $51 million CAD contingency).
• Upside Case Economics (Gold Price: $3,650/oz USD, as of Sept 19, 2025):
  • After-tax NPV (5%): $1.25 billion CAD.
  • After-tax IRR: 74%.
  • Cumulative After-tax Free Cash Flow: $1.82 billion CAD.
• Development Strategy:
  • Mining Method: Conventional open-pit mining.
  • Processing: On-site gold recovery at a 4,950 tonnes-per-day (tpd) processing facility.
  • Permitting: Sub-5,000 tpd design selected to stay within provincial jurisdiction; leverages a valid 2008 Environmental Impact Statement and past-producing status.
  • Resource Utilization: Mine plan incorporates 97% of indicated resources.
• Infrastructure & History:
  • Historical underground mining occurred at the Box deposit (1939–1942), producing 64,000 ounces of gold.
  • Established infrastructure includes a road and hydropower line to the Box deposit.
  • Nearby services in Uranium City include bulk fuel, civils contractors, and a commercial airport.
• Qualified Person: Gareth Garlick, PGeo, Vice-President, Technical Services, Fortune Bay Corp.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.