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.
The company is working to advance Goldfields toward a construction decision while continuing to drill to expand the resource. This approach combines development progress with exploration potential, providing investors with direct exposure to a technically advanced Canadian gold project. Fortune Bay maintains a lean share structure, with a management team experienced in technical execution and capital markets, aligned with advancing Goldfields efficiently.
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.
Company Highlights
- Single-asset focus: 100 percent ownership of the Goldfields Gold Project in Saskatchewan, Canada’s top mining jurisdiction according to The Fraser Institute.
- 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 spot (~US$3,650/oz)
- After-tax IRR: 44 percent at US$2,600/oz; 74 percent at spot
- 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.
- Fully funded: C$8.0 million raised in a bought-deal financing with Cormark Securities to advance permitting, pre-feasibility, and exploration work.
- 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:
- 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 project is advancing toward prefeasibility‑level studies and permitting work in 2026 while drilling continues to grow the resource. The company enters 2026 fully funded with a clear focus on expedited advancement of Goldfields, including concurrent project development and exploration drilling programs designed to enhance the project’s development profile and leverage its economics as the gold market strengthens.
Management Team
Wade Dawe – Executive Chairman
Wade Dawe is an accomplished entrepreneur, financier and investor. He has founded or co-founded a number of successful companies, including Keeper Resources, which was sold for $51.6 million in 2008, and Brigus Gold, which was acquired by Primero Mining in 2014 in an all-share deal valued at $351 million. Dawe is currently a director of TSX-listed Pivot Technology Solutions and of TSXV-listed kneat.com. He holds a Bachelor of Commerce degree from Memorial University (MUN), where he serves on the Advisory Board to the Faculty of Business Administration.
Dale Verran – Chief Executive Officer
Dale Verran is an exploration geologist and mining executive with over 25 years of international experience. He has a track-record of successful project generation, discovery and project advancement, in both Africa and Canada. Prior to joining Fortune Bay, Verran served as vice-president, exploration for Denison Mines, where he was involved in the discovery of over 70 million pounds of U3O8. He is a former executive technical director for a large independent exploration group operating in Africa, Remote Exploration Services, and former exploration manager for Manica Minerals, a private prospect generator company with an extensive multi-commodity portfolio of projects in Africa.
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.
Ronald (Ron) Halas – Senior Mining Advisor, Goldfields Gold Project
Ron Halas provides consulting support to Fortune Bay on project development planning and permitting for the Goldfields Gold Project as it advances toward a pre-feasibility study (PFS). He brings over 35 years of global mining experience across open-pit and underground gold projects, feasibility studies, mine construction, permitting, and operations. Previously, he was COO of Lumina Gold Corp., leading technical and operational work on the Cangrejos gold-copper project in Ecuador, which was acquired by CMOC Group in 2025.