Fortune Bay Advancing Multi-Pronged Strategy in Exploration and Development

• Fortune Bay Corp, headed by CEO Dale Verran, is an exploration and development company listed on the TSXV under FOR and in Frankfurt under 5QN. They are mainly focused on their Goldfields flagship asset in Saskatchewan, which recently announced a Preliminary Economic Assessment (PEA) expected in early Q4.
• Alongside the Goldfields project, the company has two uranium exploration projects near the Athabasca Basin with potential for high grades. Geophysics studies are complete, and drilling is set to commence during the summer.
• Despite recent market fluctuations, the fundamentals for uranium remain strong. The company believes that a discovery in the Athabasca region would attract significant market attention.
• The Goldfields project has promising infrastructure in place, including roads and power. The company aims to optimize its development path through a PEA and is considering further studies and decisions on construction.
• Dale Verran and his team have experience in various uranium projects across the globe, including Africa. Their current focus, however, is on maximizing the potential of their assets in Canada.

About

Fortune Bay Corp is a Canadian mineral exploration and development company focused on advancing its Saskatchewan gold and uranium assets. With a market capitalization around C$20 million, the company is led by CEO Dale Verran and has been publicly listed since 2014. Fortune Bay is targeting exploration success at its gold and uranium projects in Saskatchewan to drive growth and shareholder value.

Interview with Dale Verran, CEO of Fortune Bay Corp.

Advancing the Flagship Goldfields Gold Project

Fortune Bay’s flagship asset is the Goldfields gold project located in northern Saskatchewan, surrounded by provincial infrastructure. Goldfields hosts a current mineral resource and the company is working to advance the project through a preliminary economic assessment (PEA) in early Q4 2022.

The PEA will aim to optimize Goldfields’ development path and upgrade the project’s economic potential. As Verran explained, “With the PEA we’re going to show the value in today’s terms of what the project's worth.” He sees the PEA as a potential catalyst to increase the company’s valuation and set the stage for further studies.

Following the PEA, Fortune Bay intends to advance Goldfields through a pre-feasibility study and feasibility study towards a potential construction decision. The company believes Goldfields has the attributes to become a mine, including existing infrastructure, a valid development permit, and upside in the current strong gold price environment.

Adding Optionality with Uranium Exploration

In addition to advancing Goldfields, Fortune Bay has uranium exploration projects that provide commodity diversification. The company is preparing to drill test its 100% owned Strike and Murmac uranium projects, which are located near the Athabasca Basin and benefit from extensive historical datasets.

Through geophysics work over the past months, Fortune Bay has identified drill targets at both projects related to known conductive corridors and uranium mineralization. Initial drilling campaigns totaling 4,500 meters are slated to begin imminently, with ongoing news flow expected over the summer months.

The drilling will provide an early test of Fortune Bay’s high-grade basement-hosted uranium exploration model. Positive results could draw investor attention, while also helping to derisk the projects. As Verran stated, “Some good intersections will be great for the company.”

Execution Underpinned by Proven Team

Supporting its strategy, Fortune Bay has an experienced management team with uranium exploration expertise. Verran himself previously held senior roles at Denison Mines, where he was involved in discovering high-grade uranium deposits.

The company believes this background provides an edge for targeting new potential discoveries in the Athabasca region. As Verran summarized, “With that knowledge it’s to apply it to what Fortune Bay has, it gives you a good understanding of where to target.”

Well-Funded for Planned 2022 Programs

Importantly, Fortune Bay has the capital in place to carry out its plans for 2022 and beyond. In December 2021, the company closed an oversubscribed C$6.7 million financing that included flow-through dollars. It is fully funded for the Goldfields PEA work and initial uranium drilling.

Looking ahead, Verran sees opportunities to raise additional capital supported by project milestones and exploration success. He stated, “We believe we have the ability to continue to raise money for 2023.” This could potentially attract future institutional investment.

Conclusion

With upcoming catalysts from both its gold and uranium projects, Fortune Bay offers investors diversified exposure to exploration upside in proven Canadian mining districts. The company’s tight share structure, experienced leadership team, and healthy treasury are additional positives. Results from the imminent uranium drilling and Goldfields PEA later this year will indicate whether Fortune Bay’s portfolio holds the potential to drive transformational growth. Interested investors should keep the company firmly on their radar.