Fortune Bay's Goldfields Project: A Strategic Pathway to Unlocking Uranium and Gold Synergies in Saskatchewan

Fortune Bay's Goldfields Project in Saskatchewan has emerged as a compelling case study in dual-commodity exploration, blending high-grade gold potential with uranium resource growth in one of North America's most geologically promising regions. As global demand for critical minerals intensifies, the company's strategic integration of gold and uranium exploration-coupled with robust regulatory progress-positions it as a near-term play with scalable upside.

Dual-Commodity Strategy: Gold and Uranium Synergies

Fortune Bay's dual-commodity approach leverages the Goldfields Project's established gold infrastructure to advance uranium exploration in the Athabasca Basin, a region renowned for world-class unconformity-related uranium deposits. Recent drilling at the Box and Athona gold deposits has not only confirmed resource expansion potential but also highlighted the project's proximity to uranium targets. For instance, the 2025 exploration program at Goldfields includes 17 holes (3,250 meters) targeting both gold and uranium, with historical data suggesting high-grade gold mineralization extends beyond current estimates.

The company's uranium assets, particularly the Murmac and Strike Projects, have delivered standout results. Drill hole M24-017 at Murmac intersected 8.4 meters at 0.3% U3O8, including a 13.8% U3O8 interval-a grade rivaling the Athabasca Basin's most celebrated discoveries. These results underscore the potential for a large-scale uranium system, with 13 of 32 drill holes showing anomalous uranium. By integrating uranium exploration with gold development, Fortune Bay minimizes capital risk while capitalizing on the Athabasca Basin's dual-metal potential.

Regulatory Readiness and Environmental Compliance

Regulatory progress remains a cornerstone of Fortune Bay's strategy. The Goldfields Project retains a valid 2008 Environmental Impact Statement (EIS) and is advancing baseline studies to align with updated permitting requirements. In 2025, the company initiated terrestrial and aquatic environmental assessments, alongside community engagement programs, to support a 2026 Pre-Feasibility Study (PFS). This proactive approach is reinforced by a newly adopted Environmental, Social, and Governance (ESG) policy, which emphasizes stakeholder collaboration and sustainable development.

The regulatory pathway is further strengthened by a recent C$8 million financing round, ensuring fully funded advancement of baseline studies, metallurgical testwork, and permitting activities. With gold prices at US$3,650 per ounce-well above the US$2,600 per ounce assumed in the October 2025 Preliminary Economic Assessment (PEA)-the project's economics have improved significantly. The PEA highlighted an after-tax NPV of C$610 million and a 44% IRR, metrics that could rise with uranium price appreciation as global nuclear energy demand grows.

Uranium Exploration: Partner-Funded Model and REE Potential

Fortune Bay's uranium strategy is underpinned by a partner-funded model, reducing direct capital exposure while retaining discovery upside. The Woods Uranium Projects, spanning 41,000 hectares along the Grease River Shear Zone, are being explored for uranium and rare earth elements (REEs). Historical data from the area reveals uranium values up to 1,870 ppm and REE concentrations as high as 3.1% in pegmatites. A 2025 airborne geophysical survey (VTEM™ Plus) is identifying graphitic conductors linked to high-grade uranium systems, with drilling planned for early 2026.

The Murmac Uranium Project, located near Uranium City, has also seen renewed focus. A winter 2025 drilling program follows up on 2024's high-grade uranium intersections, while the project's proximity to existing infrastructure accelerates development timelines. These initiatives align with broader industry trends, as companies like NexGen Energy report record uranium grades (e.g., 74.8% U3O8 at Arrow) in the Athabasca Basin.

Gold Project Advancements: Near-Mine Ounce Expansion

While uranium exploration garners attention, Goldfields' gold potential remains a critical driver. The Box deposit's historical resource expansion potential and Athona's near-pit growth opportunities are being tested through 2025 drilling. Gareth Garlick, VP Technical Services, emphasized that unlocking "near-mine ounces" could enhance the project's economic viability and extend mine life. With gold prices at record levels, the Goldfields Project's C$610 million NPV is a conservative estimate, particularly if uranium resource growth offsets capital costs.

Strategic Positioning in a Dual-Metal Era

Fortune Bay's dual-jurisdiction portfolio-spanning Goldfields in Saskatchewan and the Poma Rosa Project in Mexico-provides geographic diversification. However, its Athabasca Basin uranium assets offer a unique edge. By combining gold's stable demand with uranium's energy transition tailwinds, the company is well-positioned to capitalize on both commodities' cyclical and structural growth.

In conclusion, Fortune Bay's Goldfields Project exemplifies a forward-thinking approach to mineral exploration. With regulatory readiness, partner-funded uranium drilling, and gold resource expansion underway, the company is poised to deliver scalable growth in a basin that continues to redefine critical mineral supply chains.