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Fortune Bay’s CEO Dale Verran and VP Technical Services Gareth Garlick talk about the Goldfields Gold Project in Saskatchewan, with side-quests into their Mexican asset in Chiapas and some corporate housekeeping (marketing spend, G&A, etc). The main topics were winter drilling progress and pending assays, how they think a PFS and permitting work de-risks the project, what they’re doing on community/regulatory engagement, and how the Mexico protected-area overlap is slowing that asset down.
TL;DR
They said the stock weakness is tied to a December setback in Mexico (a protected-area decree partly overlapping their concession), so their full attention is on Goldfields in 2026. In Canada, they want to finish and potentially expand an initial 3,200-metre program (currently two-thirds complete), start releasing assays once the lab backlog clears, and kick off PFS work within the next couple of months while submitting the permitting terms of reference by end of Q1. They also said they’ll likely raise money at some point in 2026 even though they consider current plans funded.
- What have they done for shareholders lately?
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On Goldfields, they started a winter drill program on short notice (late November start, paused over Christmas, restarted early January) and said it’s running safely and clockwork despite harsh winter conditions. They’re drilling at Box and Athona to expand where the deposits are open (including deeper underground-style targets at Box) and plan to move next to Golden Pond, Triangle, and Frontier (older targets with historical drilling but no current resource), with the rig hoped to shift over in roughly a week to 10 days.
– - How much money do they have and what are they spending it on?
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They raised $2 million in flow-through for exploration drilling (enough to cover the announced ~3,200 m and possibly ~4,000 m or a bit more, depending on costs), and that last year’s total raise was $8 million (the $2 million flow-through plus $6 million hard dollars) to fund exploration, PFS-related drilling and studies, and permitting work. They expect they’ll finance again in 2026 because they don’t want to run on fumes, especially if results justify expanding drilling. Annual G&A is expected around $1 million, though uranium-property revenue is likely to cover at least half of that.
– - Upcoming catalysts
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Technically, first assay batches from Saskatchewan Research Council are expected very shortly (their delay explanation was lab backlog), followed by more assay releases packaged in material groupings. Ongoing drilling should wrap the initial program and then potentially expand depending on results, with Golden Pond drilling expected to start after a rig move in soon and management noting those results could land in the spring due to turnaround times. Operationally, they plan to put out RFPs and initiate the PFS process soon, while also doing (and sampling for) geotech, metallurgy, and waste-rock work aimed at feeding the PFS, with metallurgical results targeted for mid-to-late summer. Corporately, they aim to submit the permitting terms of reference/technical proposal to the Saskatchewan Ministry of Environment by end of Q1, continue baseline environmental work into summer, and keep pushing two parallel tracks in Mexico (court process plus government/community engagement) to resolve the protected-area overlap.
– - Risks
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Main near-term risks are the assay turnaround delays (lab congestion), winter operating friction (logistics and extreme cold), limited availability of additional drill rigs/service providers if they decide to scale up fast, and permitting/consultation execution risk given they’re relying on an older EIS framework (they’re trying to stay below 5,000 tpd to keep the review provincial) while also stepping up modern community engagement and eventual impact-benefit agreement discussions. In Mexico, the risk is the timing and outcome of resolving the protected-area overlap, plus the broader risk that they’ll need to raise money in 2026.
Fortune Bay CEO Interview With Dale Verran
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