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Fortune Bay (TSX-V: FOR ; OTC: FTBYF) is a gold-focused explorer/developer with two core gold assets. One (Goldfields) in northern Saskatchewan, and one (Poma Rosa) in Chiapas, Mexico. In addition, they have exposure to uranium through 3 partner-funded uranium projects in Saskatchewan. In this conversation, CEO Dale Verran and I talked about management incentives, Goldfields’ status, the Mexico porphyry potential, the uranium optionality, other near-term catalysts, and and capital requirements.
TLTW
- 1. Assets
Fortune Bay says it is prioritising gold and running a discovery-to-early-development model. The two core gold assets are Goldfields in Saskatchewan and Poma Rosa in Chiapas, Mexico (a historical ~1.7 Moz Au). They also have uranium projects in Saskatchewan, all of which are advanced by partners to limit equity spend while retaining upside and earning modest fees/rentals. Day-to-day technical decisions are made by CEO Dale Verran (ex-Denison VP Exploration) with VP Technical Services Gareth Garlick. Management states no insider-held royalties or related-party service contracts on company projects. The CEO holds just over 1% (acquired via placements at ~C$0.65 average), the chair is a large participant in financings, and insiders collectively are around 17%. - 2. Goldfields
Management describes Goldfields as ~1.2 Moz open-pittable gold with ~1.5 g/t head grade, simple metallurgy and a favourable strip ratio. A 2008 EIS approval remains in force for a smaller Box-only open pit. Now, the plan is to amend (not restart) approvals to include Athona and a tailings facility aimed at higher recoveries. Community consultation is to proceed via a single regional body in northern Saskatchewan. Historic site remnants (adits, headframe, old tailings at Vic Lake) are said to be provincial liabilities under Project CLEANS. Access is typical for the region (ice road, barging, fly-in/out; nearby Uranium City airport). Davle didn’t provide a firm timetable, but suggests roughly 2 to 3 years for environmental/community work, with engineering in parallel. - 3. Mexico
The historical resource (~1.7 Moz Au) sits in near-surface epithermal zones. It was historically drilled by Linear Gold and later Kinross off soil anomalies. However, deeper copper-gold porphyry potential at Cerro La Mina and elsewhere has not been systematically tested. The company plans to convert the historical gold resource to current NI 43-101, potentially add a maiden inferred resource at a second zone using existing drilling plus check sampling, and then begin geophysics/targeting toward deeper porphyry tests, which is of course conceptual at this stage. Management says community re-engagement is ongoing via a seasoned local lead. They target initial surface work and access agreements this year, subject to community decisions and permit processing. - 4. Uranium
Murmac and Strike are optioned to Aero Energy. Woods is optioned to an Australian partner. Three-year drill permits are in place. Management highlights a narrow intercept grading 13% U₃O₈ from 2024 work as evidence of system fertility, thought the scale is not yet established. Current activities include airborne VTEM/magnetics/radiometrics at Woods and drilling planned/underway at Murmac. The exploration thesis targets basement-hosted high-grade uranium systems historically under-tested in the Uranium City area. Partner budgets fund the riskier work, and Fortune Bay collects small operator fees and facility rentals, which offset some of their corporate G&A. - 5. Capital
Cash is about C$1.3m, budgeted to complete an updated PEA for Goldfields, start baseline/community work in Saskatchewan, secure access agreements and commence soil sampling in Mexico, and bring Mexico disclosure current under NI 43-101. In addition, a approx C$250k fall marketing program is planned, aimed at diversifiying the retail-heavy register and add institutional ownership after technical milestones. According to Dale, the preferred funding path for follow-on work is equity. Streams/royalties/JVs are not ruled out but are not the base case.
Fortune Bay CEO Interview With CEO Dale Verran
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