Fortune Bay (TSXV: FOR; OTCQB: FTBYF) announced plans to advance its Goldfields projects in Saskatchewan. The plans, highlighted below, are designed to materially advance the projects, demonstrate their intrinsic value and deliver key value drivers for the company as it embarks on the process of unlocking value for these two significant gold assets.
The company has commissioned an updated preliminary economic assessment (updated PEA). The final assessment is expected in the third quarter of 2025. Ausenco Engineering Canada ULC led the updated PEA. The consultant will rescope the project based on current gold pricing and incorporate key recommendations from a recently completed study by Fuse Advisors. This study assessed the Goldfields Project's optimal path to production from both an economic and permitting standpoint. This updated PEA is expected to set the stage for further de-risking through pre-feasibility or feasibility study.
The company has initiated planning for permitting activities and intends to commence (1) project development community consultation, in accordance with the company's social and environmental commitments, and (2) environmental baseline studies in the third quarter of 2025.
Dale Verran, CEO for Fortune Bay, commented: "We are pleased to have the support of both existing long-term and new strategic shareholders who participated in our recent capital raise, which provides the funding necessary to accelerate advancement of our two high-potential gold assets. Supported by the current gold market, we see tremendous opportunity for value creation, underpinned by a robust development project in Saskatchewan and meaningful resource growth potential in Mexico. Our energized team has identified and initiated key programs across our two projects which are designed to commence the process of unlocking value and creating near-term catalysts for the company."
Ausenco completed a preliminary economic assessment in 2022 that revealed robust economics using a base case gold price of US$1,650/oz. The dramatic increase in gold price since 2022 is expected to substantially enhance the project's economics and could support an increased project scope through inclusion of additional deeper-seated resources below the extents of the 2022 PEA mine pit, providing opportunities for further optimizations related to mine scheduling and process plant throughput.
Fortune Bay believes these potential scope changes and optimizations would translate into project-wide adjustments in site infrastructure, capital and operational expenditure, and overall project economics. A refreshed PEA, by the same team that carried out the 2022 PEA, provides a cost effective and efficient means to address these points, and to incorporate key recommendations from a recently completed study by Fuse that assessed the Goldfields project's optimal path to production.
The updated PEA will demonstrate the project's intrinsic value, and will ensure that the project is properly scoped, both in terms of optimized economics, and the most efficient development and permitting timeline, prior to initiating further derisking through a PFS or FS.
Further information on Fortune Bay and its assets can be found on the company's website at www.FortuneBaycorp.com.
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