Investor Insight
Fortune Bay is a Canadian gold development company focused on advancing the Goldfields Gold Project in Saskatchewan, a development-ready asset with a defined resource base, existing infrastructure, and a clear regulatory pathway.
Overview
Fortune Bay (TSXV: FOR,FWB:5QN,OTCQB:FTBYF) is a technically focused gold development company advancing the Goldfields Gold Project, an asset in Saskatchewan. The company’s strategy is to advance permitting, engineering, and resource expansion while maintaining a lean structure and strong per-share leverage.
The 2025 bought-deal financing with Cormark Securities provided C$8.0 million to support project advancement. Goldfields combines a high-confidence resource, existing infrastructure, and exploration upside, providing measurable development potential in a stable mining jurisdiction.
The company is working to advance Goldfields toward a prefeasibility study. This approach combines development progress with exploration potential, providing investors with direct exposure to a technically advanced Canadian gold project.
Other assets held by the company include the Poma Rosa Gold-Copper Project in Mexico with NI 43-101 gold resources of 1.7 million ounces and historical exploration upside. The company is currently working with the State Government to resolve partial overlap of protected conservation areas concerning the project. Fortune Bay maintains a lean share structure, with a management team experienced in technical execution and capital markets, aligned with advancing its portfolio efficiently.
Company Highlights
- 100% owned flagship asset: The company’s Goldfields Gold Project is located in Saskatchewan, one of The Fraser Institute’s top mining jurisdictions.
- Post-PEA, development-ready:
- 13.9-year open-pit mine life
- 896,000 ounces of payable gold
- 97% of ounces classified as Indicated
- Initial capex: C$301 million
- Cash costs: US$1,207/oz
- AISC: US$1,330/oz
- Economics:
- After-tax NPV 5 percent: C$610 million at US$2,600/oz gold
- After-tax NPV 5 percent: C$1,253 million at US$3,650/oz gold
- After-tax IRR: 44 percent at US$2,600/oz; 74 percent at US$3,650/oz gold
- Infrastructure and jurisdiction: Road access, nearby hydropower, historical mining infrastructure, and a well-understood regulatory framework support efficient project advancement.
- Resource confidence: Updated mineral resource estimate reconciles within 1 percent of historical production.
- Exploration potential: Drilling focuses on expanding ounces near existing deposits and infrastructure to increase scale and improve project economics.
- Experienced team: Leadership combines geological expertise, project development experience, and capital markets knowledge to execute the next phase of development.
Key Project
Goldfields Gold Project
The Goldfields Gold Project is located in Saskatchewan, Canada. The project benefits from road access, nearby hydropower, historical mining infrastructure, and a regulatory framework that supports efficient development. Goldfields is a development-ready gold project with defined resources and ongoing exploration potential.
Project Highlights
- Updated 2025 Preliminary Economic Assessment (PEA):
- Sub-5,000 tpd open-pit mine leveraging existing infrastructure
- Mine life: 13.9 years
- Payable gold: 896,000 ounces
- Initial capex: C$301 million
- Cash costs: US$1,207/oz
- AISC: US$1,330/oz
- After-tax NPV5 percent:
- C$610 million at US$2,600/oz gold
- C$1,253 million at US$3,650/oz gold
- After-tax IRR: 44 percent at US$2,600/oz; 74 percent at US$3,650/oz gold
- Resource Estimate:
- Updated mineral resource estimate effective September 11, 2025, constrained within a conceptual open-pit shell
- 97% of mine plan ounces classified as Indicated
- Reconciles within 1 percent of historical production at the Box Mine (96 percent recovery)
- Total resource: ~1.2 million ounces (Indicated: ~1.0 Moz at ~1.28 g/t gold; Inferred: ~0.2 Moz at ~0.90 g/t gold)
- Exploration and Growth Potential:
- Drilling focuses on expanding resources near existing deposits and infrastructure
- Targets supported by historical mining, technical studies, and structural analysis
- Potential to increase mine life, improve economics, and expand project scale
Fortune Bay provides direct exposure to an advanced, development‑ready Canadian gold project. Goldfields combines robust economics, high‑confidence resources, existing infrastructure, and exploration upside.
The company’s 2026 program is focusing on prefeasibility-level studies, concurrent with exploration programs to target resource expansion. Large step-out assay results from the Box deposit include 9.9 g/t over 7.0 m within 3.7 g/t over 21.0 m, confirming the continuation of structurally controlled, higher-grade mineralization at depth.
Current activities are focused on de-risking the PEA development case and confirming key technical inputs, including project optimization studies and sampling for a planned metallurgical program.
Management Team
Wade Dawe – Executive Chairman
Wade K. Dawe is an Atlantic Canadian entrepreneur and skilled investor. Fiercely independent throughout the entirety of his career, he achieved early success internationally in the resource sector and went on to play a pivotal role in a number of companies as a financier and company founder. Wade has transformed and sold public and private companies across mining, technology, medical services and oil & gas, completing transactions in excess of two billion dollars. He has both founded and co-founded successful companies, including Keeper Resources Inc. (2003) which was sold for $51.6 million in 2008, and Brigus Gold Corp. (2010) which was acquired by Primero Mining Corp. in 2014 in an all-share deal valued at $351 million. Wade co-founded Resolute Health Corporation in 2017 and rapidly grew the company before selling it to a private equity firm in early 2022. Most recently, Torrent Capital, a fund he established in 2017, formed a partnership with the Port of Argentia which is destined to become a landmark national hub for green energy initiatives. Wade holds a Bachelor of Commerce degree from Memorial University (MUN), where he sits on the President’s Advisory Council. His philanthropic activities include establishing the annual James R. Pearcey Entrepreneurial Scholarship at MUN, funding DC Makes, an entrepreneurship-based program at the Discovery Centre in Halifax, Nova Scotia, and establishing a scholarship program at Dalhousie University in honor of his close friend, Senator Don Oliver. Wade is a fellow of the Creative Destruction Lab, where he mentors young entrepreneurs. In 2023, he was awarded Entrepreneur of the Year in the Canadian province of Newfoundland.
Dale Verran – Chief Executive Officer & Director
Mr. Verran is a mining executive with over 25 years of international experience in project generation, discovery, and advancement. He has a proven track record of progressing projects from early-stage exploration through to development and successful M&A. Prior to joining Fortune Bay Corp., Mr. Verran was Vice President, Exploration at Denison Mines Corp. (a Lundin Group company), where he played a key role in uranium discoveries (+70 Mlbs U₃O₈), advancing projects to pre-feasibility, and supporting corporate transactions. He previously served as Executive Technical Director at Remote Exploration Services (Pty) Ltd, Africa’s largest independent exploration group, and as Exploration Manager at Manica Minerals Limited, where multiple projects were successfully advanced from generation through to corporate transactions. He began his career as an exploration geologist with Gold Fields Limited.
Mr. Verran holds a Bachelor’s Degree in Geology from the University of KwaZulu-Natal, an Honours Degree in Geology from the University of Cape Town, and a Master’s Degree in Exploration Geology from Rhodes University. He is a registered P.Geo. (APEGS).
Patrick McGrath – Chief Financial Officer
Patrick McGrath is a seasoned finance executive with over 25 years of experience in the resource sector, including leadership roles in multiple public companies. Most recently, he served as CEO of Blue Moon Metals until November 2024 and previously held CFO and CEO positions at Hemlo Mining (formerly Carcetti Capital Corp.), a former oil and gas producer in Eastern Europe, until May 2023.
McGrath holds a Bachelor of Commerce from Memorial University and is a Chartered Professional Accountant (CPA) in Canada. He brings deep expertise in corporate finance, capital markets, and financial strategy, with a proven track record of supporting resource companies through exploration, development, and growth stages.
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.
