Fortune Bay (TSXV: FOR; US-OTC: FTBYF) plans to speed the path to a build decision at its Goldfields gold project in northern Saskatchewan by keeping the mill under 5,000 tonnes per day – a threshold that can trigger a federal review in Canada, CEO Dale Verran said.
An October 2025 preliminary economic assessment outlined a 14-year, 4,950-tonnes-per-day open-pit mine with $301 million (US$220.2 million) in initial capital and life-of-mine all-in sustaining costs of US$1,330 per oz., based on an assumed US$2,600 base-case gold price. It estimated an after-tax net present value (at a 5% discount) of $610 million and a 44% after-tax internal rate of return.
“In a high gold price environment you see a lot of governments try to capture more of that upside,” Verran said. “We’ve opted to keep the throughput below regulatory thresholds, keep the permitting in-province, which will shorten the timeframes and cost less.”
Fortune Bay is also leaning on an approved environmental impact statement from 2008 for the Box open pit. This year, it plans work aimed at a prefeasibility study, along with near-mine drilling on targets within about 2 km of planned infrastructure.
Watch the full interview below:
The preceding Joint Venture video is PROMOTED CONTENT sponsored by Fortune Bay and produced in co-operation with The Northern Miner. Visit https://fortunebaycorp.com/ for more information.
Be the first to comment on "JV video: Fortune Bay pitches Goldfields de-risking strategy for permits"