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04 September
Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition through its highly prospective gold assets in Côte d'Ivoire, a fast-emerging gold region in West Africa. Its cost-effective exploration strategy of drill rig ownership also distinguishes it from its peers.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its Boundiali and Napié gold projects in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Boundiali Gold Project – BD Target 1 Artisanal Working
In March 2025, Aurum completed the acquisition of 100 percent of Mako Gold, bringing together its strong balance sheet and industry-leading drilling efficiencies to accelerate resource growth across northern Côte d’Ivoire. The company now holds a 90 percent interest in the highly prospective Napié Project, a 224 sq km land package with a 30 km strike near Korhogo.
Aurum has delivered a major milestone in 2025 with a +50 percent increase in the JORC Mineral Resource Estimate at its Boundiali Gold Project in Côte d’Ivoire, adding 820koz for a total of 2.41Moz. This lifts the company’s group resources to 3.28Moz, including Napié, highlighting the scale and growth potential of Aurum’s portfolio.
Supported by a seasoned board and management team with deep gold sector expertise—and strengthened by its recent capital raising—Aurum is well-funded to expand resources and advance development plans that drive long-term shareholder value.
Company Highlights
- 3.28Moz and Growing in Côte d’Ivoire: Two cornerstone gold projects — Boundiali (2.41Moz) and Napié (0.87Moz) — positioned for rapid growth with multiple resource updates and development milestones in 2025–2026.
- Outstanding Metallurgy = Simple, Profitable Processing: Boundiali delivers free milling ore with 95 percent recoveries and a straightforward flowsheet, while Napié achieves +94 percent recoveries in tests, showcasing strong economics and low technical risk.
- Aggressive, Cost-Effective Growth Strategy: In-house drill fleet drives efficiency and scale: 100,000m at Boundiali and 30,000m at Napié planned in 2025.
- Premier Mining Jurisdiction: Located in Côte d’Ivoire’s prolific Birimian Greenstone Belt, backed by a stable, supportive government and excellent infrastructure—creating the right conditions for mine development success.
- Strategic Placement: Aurum has completed a AU$35.6 million private placement of 100 million shares at AU$0.356 per share. Key participants in the placement included:
- Lundin Family and Associates, with an AU$11.71 million cash investment, securing a 9.9 percent post-placement interest.
- Zhaojin Capital (subsidiary of Zhaojin Mining), with an AU$8.19 million cash investment, increasing its holding to 8.5 percent.
- Montage Gold with 2.9 million shares, resulting in a 9.9 percent post-placement interest.
- Leadership with a Proven Track Record: A seasoned management team with a history of value creation, supported by committed shareholders who back the company’s long-term growth vision.
Key Projects
Boundali Gold Project
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred from late October 2023 to end of November 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures, define new gold prospects and define maiden JORC resources. With over 63,000m diamond holes drilled during this period, Maiden JORC gold resources estimate was delivered in late December 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its eight drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 percent and earning to 88 percent interest), PR414 (100 percent interest), and PR283 (earning to 70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement,
Aurum announced it has earned 80 percent project interest after completing more than 20,000 m of diamond core drilling.
Boundiali Project JORC Mineral Resource Estimate
Aurum has announced a maiden independent JORC mineral resource estimate of 1.59 Moz gold for its 1,037 sq. km. The Boundiali Gold Project comprises the BST, BDT1 & BDT2, BMT1 and BMT3 deposits. Drilling is ongoing on these deposits, and Aurum has identified other prospects at Boundiali which have yet to be drilled. Since October 2023, the company has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 Mt @ 1.0 g/t gold for 1.6 million ounces.
In August 2025, Aurum announced a 50 percent increase in the JORC Mineral Resource Estimate (MRE). The update adds 820koz, lifting Boundiali’s resource to 2.41Moz and boosting total group resources to 3.28Moz, including Napié. The 2025 MRE covers six deposits, including BST1, BDT1, BDT2, BDT3, BMT1, and BMT3, with drilling ongoing and additional untested targets offering strong growth potential.
Aurum is working towards completing an open pit PFS for the Boundiali Gold Project by the end of 2025. This will provide an evaluation of the project's economics and technical feasibility.
Napié Gold Project
Aurum holds a 90 percent interest in the Napié Project in north-central Côte d’Ivoire, acquired through its takeover of Mako Gold. Located approximately 30 km southeast of Korhogo, the project covers a 224 sq km land package with a 30 km strike length along the highly prospective Napié Shear Zone.
As of June 2022, Napié hosts a JORC 2012 Mineral Resource Estimate of 868,000 ounces of gold (22.5 Mt at 1.20 g/t Au), based on the Tchaga and Gogbala deposits—two of four known prospects along the shear. To date, only 13 percent of the Napié Shear has been explored, leaving substantial potential for further discoveries.
Napié Project – Previous results with detailed mapping area on Komboro Prospect shown in black rectangle
Project Highlights:
- Gold Resource: Shallow open pit 0.87Moz JORC Resource at 1.20g/t Au, with mineralisation open along strike and at depth. Maximum resource depth between 160 m – 195m across the two deposits
- Exploration Upside: Less than 13 percent of the 30 km Napié Shear has been explored, offering significant potential for resource growth.
- Drilling Commenced in June 2025: 30,000 m of diamond drilling has commenced to expand the project's resource.
- Preliminary Recovery Test Work: Returned more than 94 percent average gold recoveries.
- Resource Growth Target: First MRE update planned end of 2025, to significantly expand the resource base.
- Infrastructure: Excellent access to hydroelectricity, roads, and water, supporting future development.
Management Team
Troy Flannery – Non-executive Chairman
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first-class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang – Managing Director
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek – Executive Director
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance, and development-ready assets across Australia, West Africa, Asia, and Europe.
Steve Zaninovich - Non-Executive Director
Ateve Zaninovich is a qualified engineer with over 25 years of experience in mining project development, business development, maintenance, and operational readiness, with a focus on gold, base metals, and lithium. He is currently director of operations at Kodal Minerals, where he is responsible for advancing the Bougouni Lithium Project. His previous roles include project director at Lycopodium Minerals for the Akyem Gold Project in Ghana and chief operating officer at Gryphon Minerals. Following Gryphon’s acquisition by Teranga Gold Corporation, he became vice-president of major projects and a member of Teranga’s executive management team.
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Game-changing gold exploration at prolific Côte d’Ivoire, West Africa.
31 August
Aurum expands footprint of Boundiali and Napie Gold Projects
04 August
Boundiali JORC Resource Grows over 50% to 2.41Moz gold
24 July
Aurum hits 1.43m at 234.35 g/t gold from 107m at BMT3
22 July
Quarterly Activities/Appendix 5B Cash Flow Report
26 June
Aurum commenced 30,000m diamond drilling at Napie
5h
North American Mining Conferences Presentation
6h
Fortune Bay: Maximizing Shareholder Value in Gold and Uranium
Fortune Bay (TSV:FOR) is a gold developer-explorer focused on unlocking value at the steepest part of the Lassonde Curve. The company combines a de-risked Canadian gold project with transformational discovery potential in Mexico, while also exploring partner-funded uranium assets.
Backed by strong community partnerships and a disciplined approach, Fortune Bay’s share structure positions it for multiple near-term catalysts as capital returns to quality juniors.
The Goldfields project in Saskatchewan, Canada, is situated in a top-tier mining jurisdiction with road access, proximity to hydropower, historical infrastructure, and advanced permitting groundwork. The 2022 PEA outlined average production of 101 koz/yr over 8.3 years, with C$234 million initial capex and life-of-mine AISC of US$889/oz (base case US$1,650/oz), showing strong sensitivity to higher gold prices. In 2025, the company engaged Ausenco for an updated PEA and commenced permitting to support future production — both initiatives are now underway.
Company Highlights
- Cycle-smart model: Advancing projects through discovery, resource expansion and early-stage development, then monetizing before the capital-intensive build phase.
- Flagship development-ready gold asset in Saskatchewan, Canada: Goldfields project with open-pit 0.98 million ounce (Moz) indicated @ 1.31 grams per ton (g/t) gold and 0.21 Moz inferred @ 0.92 g/t gold; 2022 PEA shows robust economics; a 2025 PEA update is underway alongside permitting and existing infrastructure reducing risk and timelines.
- Poma Rosa Project (Mexico): Historical gold resource at Campamento (1.04 Moz measured and indicated; 0.70 Moz inferred) sitting atop an untested porphyry system – offering both near-term ounces and discovery blue-sky; community re-engagement progressing to enable exploration restart. Historical estimate, not treated as current under NI 43-101.
- Uranium optionality, non-dilutive: Advancing Murmac & Strike (optioned to Aero Energy) and The Woods (optioned to Neu Horizon) under partner capital while Fortune Bay remains operator, leveraging uranium expertise, offsetting overhead and preserving discovery upside and exposure to uranium market tailwinds.
- Strong leadership: Led by discovery-driven geologists and capital-markets veterans with a track record of building and monetizing companies.
This Fortune Bay profile is part of a paid investor education campaign.*
Click here to connect with Fortune Bay (TSXV:FOR) to receive an Investor Presentation
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8h
James Henry Anderson: US$3,600 Gold, US$40+ Silver — What's Happening, What's Next?
James Henry Anderson, senior market analyst at SD Bullion, discusses the factors behind gold and silver's recent price moves, saying a restructuring of the system is taking place.
"We're not that far in terms of the psychology that it requires to really break and get really massive flows, and people really afraid of what that currency's value is going to be," he said.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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8h
Why Does the US Federal Reserve Raise and Lower Interest Rates?
Tackling soaring inflation in the US is the job of the country’s central bank, known as the US Federal Reserve, or the Fed.
The US Fed has consistently made headlines in recent years due to its role in managing inflation through the use of interest rate changes.
Between mid-2021 and 2023, the US economy experienced high inflation, peaking at 8.5 percent in July 2022. The Fed has helped bring it largely under control through careful interest rate increases during that time period.
According to US Labor Department data, the inflation rate in July 2025 was 2.7 percent. As this is still above the Fed's target of 2 percent, the bank has been slow to lower interest rates so far.
It's important for any investor to understand the ins and outs of the Fed's role in US monetary policy and interest rates, as its decisions have a strong impact on US and global markets as well as precious metals prices.
Here the Investing News Network provides investors with insight into what the Federal Reserve and FOMC are, the Fed's role in US monetary policy, why it raises and lowers interest rates and more.
In this article
- What is the US Federal Reserve?
- What is the FOMC?
- How does the US Federal Reserve regulate monetary policy?
- Why does the US Federal Reserve hike or cut interest rates?
- How much has the US Federal Reserve hiked rates since 2022?
- How many times does the Fed meet each year?
- How many more US Federal Reserve meetings this year?
What is the US Federal Reserve?
The Federal Reserve, often referred to as the Fed, is the US central bank and monetary authority. It was established by the Federal Reserve Act in 1913, which gave the Fed responsibility for setting monetary policy in response to the 1907 Banker’s Panic.
“The Panic was caused by a build-up of excessive speculative investment driven by loose monetary policy,” explains Investopedia. “Without a government central bank to fall back on, U.S. financial markets were bailed out from the crisis by personal funds, guarantees, and top financiers and investors, including J.P. Morgan and John D. Rockefeller.”
Although it is an independent government agency, the Fed is accountable to the public and US Congress. The current Fed Chair is Jerome Powell, an investment banker who served as assistant secretary and undersecretary of the Department of the Treasury under former President George H.W. Bush. Powell took the helm at the Fed in 2018.
The Fed has a dual mandate: to achieve stable prices and stable employment. The government agency also provides banking services and is the main regulator of the nation’s banks. In times of economic turmoil, the Fed also acts as a lender of last resort.
It's important to note that while the Fed manages the national monetary policy and regulates the financial system in the US, its actions also have a powerful influence on the global economy.
What is the FOMC?
The Federal Open Market Committee (FOMC) is the Fed's monetary policy-making body. The 12 members of the FOMC are the seven members of the board of governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and four of the 11 reserve bank presidents who rotate through the positions for one year terms.
Why does the US Federal Reserve hike or cut interest rates?
For more than a century, the Fed has been tasked with keeping a watchful eye on any structural risk to monetary stability in the US financial system, and rising inflation and high unemployment are two of the biggest threats to monetary stability.
In the face of rising inflation, the Fed raises interest rates in the hopes of reigning in rapidly rising prices by curbing demand. When interest rates are higher, borrowing money becomes more expensive, which ultimately slows consumer spending and curtails corporate growth.
During times of slow economic growth, the Fed lowers interest rates in order to stimulate the economy. Lower interest rates in effect lower the cost of borrowing and investing for both businesses and individuals.
The Fed’s goal is to keep inflation around its target rate of 2 percent, and unemployment around 4 to 4.5 percent.
“The principle of inflation targeting is based on the belief that long-term economic growth is best achieved by maintaining price stability, and price stability is achieved by controlling inflation,” according to Investopedia.
What are the biggest contributors to US inflation?
Inflation is calculated through factoring in price changes of a weighted basket of goods and services, as well as housing.
For example, the COVID-19 pandemic that began in 2020 caused a surge of inflation in the US and globally.
Prices of goods were driven higher by a mix of factors, including significant supply chain disruptions hurting product availability, and economic stimulus packages increasing spending power and demand.
Additionally, the lasting switch to work-from-home for many led to increased demand for homes with space for offices, driving up housing prices. As housing is the highest weighted factor when calculating US inflation, this was one of the biggest drivers of inflation in the 2020s.
Global supply chains have since been hampered by factors like Russia's ongoing war in Ukraine and growing conflict in the Middle East. There is also the uncertainty generated from the global wave of tariffs sparked by US President Donald Trump's trade policies, which will raise the cost of goods purchased by American consumers.
This global supply and demand imbalance has led to rising prices for a wide range of consumer products, from gas to groceries. The result has been a loss in purchasing power for US consumers as their dollar needs to stretch further.
How much has the US Federal Reserve hiked rates since 2022?
In an effort to fight inflation, the American central bank consistently increasing rates from its March 2022 meeting with an initial boost of 25 basis points. Its hike of 75 basis points in June 2022 was at the time its largest since 1994, and it was followed by another three hikes of this magnitude in 2022.
The Fed raised interest rates by 5.25 percentage points between March 2022 and July 2023 before holding at 5.50 percentage points for more than a year. The Fed's current rate cutting cycle began with a .50 drop in September 2024.
_FOMC meeting date___ | Rate hike in basis points_ | Target federal funds rate_ |
January 25 to 26, 2022 | N/A | 0 to 0.25 percent |
March 15 to 16, 2022 | +25 | 0.25 to 0.5 percent |
May 3 to 4, 2022 | +50 | 0.75 to 1 percent |
June 14 to 15, 2022 | +75 | 1.5 to 1.75 percent |
July 26 to 27, 2022 | +75 | 2.25 to 2.5 percent |
September 20 to 21, 2022 | +75 | 3.0 to 3.25 percent |
November 1 to 2, 2022 | +75 | 3.75 to 4.0 percent |
December 13 to 14, 2022 | +50 | 4.25 to 4.5 percent |
January 31 to February 1, 2023 | +25 | 4.5 to 4.75 percent |
March 21 to 22, 2023 | +25 | 4.75 to 5.0 percent |
May 2 to 3, 2023 | +25 | 5.0 to 5.25 percent |
July 25 to 26, 2023 | +25 | 5.25 to 5.5 percent |
How many times does the Fed meet each year?
The FOMC holds eight meetings per year, typically scheduled every seven weeks. According to the Fed's website, during these meetings the FOMC “reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.”
How many more US Federal Reserve meetings this year?
As of August 21, three more Fed meetings are scheduled for 2025, and market participants will be closely watching these events.
It's too soon to know what exactly the Fed will do at these remaining meetings, but its July statement gives some clues — in it, the central bank said that it "seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate."
At the time, the Federal Reserve decided to hold rates steady at 4.25 to 4.5 percent for the fifth straight meeting as inflation remained elevated and job numbers appeared strong. The decision placed downward pressure on the gold price as a better economic outlook dimmed demand for the safe-haven asset.
While the current tariff war between the US and many of its major trading partners has some calling for a return to higher inflation, weak unemployment figures and other economic data published since the last meeting has caused others to consider the potential for a recession before the end of the year.
"At present, the latest economic data have been sufficiently mixed as to support either policy alternative," according to analysts writing for the Peterson Institute for International Economics. "The case for a rate cut is driven by the pronounced slowing in job creation, the failure of inflation to respond much to the initial tariff increases, and the fact that most FOMC participants view the current stance of policy as slightly tighter than neutral."
This is an updated version of an article first published by the Investing News Network in 2022.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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9h
Heritage Mining Eyes Assay Results Following 4,500 Meters of Drilling at Key Ontario Projects
Heritage Mining (CSE:HML) is expecting to receive assay results from 4,500 meters of drilling work at both its Drayton Black Lake and Contact Bay projects this fall.
President and CEO Peter Schloo provided an update on progress at the company's gold-silver-copper assets in Northern Ontario in an interview with the Investing News Network.
“The rubber is really starting to hit the road. We've drilled off, this year, about 4,500 meters. We've had gold in each of the holes from New Millennium that we drilled earlier this year, and we've had some great success, technically, in all of our projects, thus far,” he said.
Drilling at the Zone 3 extension target at Drayton Black Lake has intersected a broad vein system up to ~74 meters in core length, with potential strike length of more than 4 kilometers, returning anomalous gold values so far. Drilling at Contact Bay’s Rognon mine area, meanwhile, has intersected the mineralized structure beneath the historic mine, an area never previously drilled, where visible gold has been observed in core.
“With all of our assay results coming in the month of September, I think it's the perfect time to really start paying attention to Heritage Mining. We've come a long way. We've done a significant amount of work, and we've got nothing but value to add here,” Schloo said.
Watch the full interview with Peter Schloo, president and CEO of Heritage Mining, above.
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12h
Fortune Bay
Investor Insight
A cycle-aware gold developer-explorer focused on value creation at the steepest part of the Lassonde Curve – pairing a de-risked Canadian gold project with transformational discovery potential in Mexico, and overlaying partner-funded uranium exposure .
Advancing community partnerships in both jurisdictions underpin the strategy, ensuring responsible advancement and alignment with stakeholders.
With a tight share structure and disciplined approach, Fortune Bay is positioned for multiple near-term catalysts as capital flows back into quality juniors.
Overview
Fortune Bay (TSXV:FOR,FWB:5QN,OTCQB:FTBYF) is a technically driven gold exploration and development company whose strategy is to create value at the steepest part of the Lassonde Curve. The company advances assets through discovery, resource expansion and early-stage development, then seeks monetization routes (sales, JV buyouts, M&A, royalties or equity) before the project enters capital-intensive build phases. This cycle-aware approach aims to maximize per-share value while minimizing dilution.
The current portfolio spans two 100-percent-owned gold projects – Goldfields in Saskatchewan, Canada, and Poma Rosa (formerly Ixhuatán) in Chiapas, Mexico. These projects are complemented by three uranium assets in Saskatchewan – Murmac, Strike and The Woods – that are being advanced under partner funding.
Overall, Fortune Bay’s business strategy blends a de-risked development asset (Goldfields) with transformational discovery potential (Poma Rosa), and non-dilutive uranium exposure, positioning the company for multiple catalysts and potential re-rating as market capital flows into quality juniors.
Company Highlights
- Cycle-smart model: Advancing projects through discovery, resource expansion and early-stage development, then monetizing before the capital-intensive build phase.
- Flagship development-ready gold asset in Saskatchewan, Canada: Goldfields project with open-pit 0.98 million ounce (Moz) indicated @ 1.31 grams per ton (g/t) gold and 0.21 Moz inferred @ 0.92 g/t gold; 2022 PEA shows robust economics; a 2025 PEA update is underway alongside permitting and existing infrastructure reducing risk and timelines.
- Poma Rosa Project (Mexico): Historical gold resource at Campamento (1.04 Moz measured and indicated; 0.70 Moz inferred) sitting atop an untested porphyry system – offering both near-term ounces and discovery blue-sky; community re-engagement progressing to enable exploration restart. Historical estimate, not treated as current under NI 43-101.
- Uranium optionality, non-dilutive: Advancing Murmac & Strike (optioned to Aero Energy) and The Woods (optioned to Neu Horizon) under partner capital while Fortune Bay remains operator, leveraging uranium expertise, offsetting overhead and preserving discovery upside and exposure to uranium market tailwinds.
- Strong leadership: Led by discovery-driven geologists and capital-markets veterans with a track record of building and monetizing companies.
Key Projects
Goldfields Project
Located in Saskatchewan, Canada, Goldfields sits in one of the world’s top mining jurisdictions with road access, nearby hydropower, historical mining infrastructure and well-advanced permitting groundwork. The project’s 2022 preliminary economic assessment (PEA) outlined 101 koz/yr average production over 8.3 years with C$234 million initial capex and life-of-mine all-in sustaining cost of US$889/oz (base case US$1,650/oz), with strong sensitivity to higher gold prices. In 2025, the company engaged Ausenco to deliver an updated PEA and commenced permitting activities to support future production – both initiatives are currently underway.
Open-pit constrained resources at the Box and Athona deposits total 0.98 Moz indicated and 0.21 Moz inferred, reconciling closely with historical production. Beyond the current mine plan, Fortune Bay sees resource growth potential at depth, at Athona and across several shallow discovery targets (Frontier Mine Granite, Golden Pond, Triangle and Goldfields Syncline).
Poma Rosa Gold-Copper Project
In Chiapas, Mexico, Poma Rosa hosts the Campamento epithermal gold-silver system with a historical resource of 1.04 Moz gold, measured and indicated, and 0.70 Moz gold inferred, and sits above a large, under-evaluated copper-gold porphyry system evidenced by broad mineralized intercepts, including 601.4 m @ 0.3 percent copper, 0.7 g/t gold and 2.7 g/t silver at Cerro La Mina, and multiple target areas across the tenement.
Fortune Bay is re-establishing community relationships to enable exploration agreements and a restart of field programs, with a pathway that includes updating the historical resource to current NI 43-101 standards and testing porphyry/skarn targets. The Campamento estimate is historical and not treated as current.
Uranium Portfolio
The Murmac and Strike projects are optioned to Aero Energy, while The Woods is optioned to Neu Horizon. Together, they cover more than 60,000 hectares on and near the Athabasca Basin’s northern rim, targeting shallow, basement-hosted high-grade deposits. Drilling at Murmac/Strike has confirmed Athabasca-style mineralization with multiple shallow uranium intercepts. Meanwhile, The Woods offers district-scale potential along the Grease River Shear Zone with extreme surface/lake-sediment uranium anomalism. Fortune Bay remains the operator for these assets, while partners fund exploration, generating non-dilutive income and preserving discovery leverage.
Management Team
Wade Dawe – Executive Chairman
Wade Dawe is an accomplished entrepreneur, financier and investor . He has founded or co-founded a number of successful companies, including Keeper Resources, which was sold for $51.6 million in 2008, and Brigus Gold, which was acquired by Primero Mining in 2014 in an all-share deal valued at $351 million. Dawe is currently a director of TSX-listed Pivot Technology Solutions and of TSXV-listed kneat.com. He holds a Bachelor of Commerce degree from Memorial University (MUN), where he serves on the Advisory Board to the Faculty of Business Administration.
Dale Verran – Chief Executive Officer
Dale Verran is an exploration geologist and mining executive with over 25 years of international experience. He has a track-record of successful project generation, discovery and project advancement, in both Africa and Canada. Prior to joining Fortune Bay, Verran served as vice-president, exploration for Denison Mines, where he was involved in the discovery of over 70 million pounds of U3O8. He is a former executive technical director for a large independent exploration group operating in Africa, Remote Exploration Services, and former exploration manager for Manica Minerals, a private prospect generator company with an extensive multi-commodity portfolio of projects in Africa.
Sarah Oliver – Chief Financial Officer
Sarah Oliver has more than 10 years of experience working in the accounting and finance industries – most recently as the chief financial officer of the predecessor company to Fortune Bay. She worked with PwC Canada in their consulting and deals group and then in their assurance practice, as a senior manager where she assisted her clients through various acquisitions and mergers, public and private financings and advising on accounting policy and control implementation. Oliver has been a chartered professional accountant, chartered accountant since 2007.
Gareth Garlick – VP Technical Services
Gareth Garlick has approximately 25 years of international experience in the mining and mineral exploration industry. He is experienced in all aspects of the mining cycle, ranging from grassroots exploration to resource estimation and resource reconciliation on producing mines, and has been overseeing all of Fortune Bay’s operational and development-related work. Garlick is a registered P.Geo (EGBC) and holds a Bachelor of Science (Honours) in Geology from the University of Cape Town.
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