Fortune Bay

What Fortune Bay does

Fortune Bay Corp is a Canadian mineral exploration and development company (TSXV: FOR, FWB: 5QN, OTCQB: FTBYF) headquartered in Halifax, Nova Scotia, with a portfolio of gold and uranium projects in Canada and Mexico. The company's flagship asset is the 100%-owned Goldfields Gold Project in northern Saskatchewan, which hosts an NI 43-101 mineral resource of 979,900 oz Au Indicated (1.31 g/t) plus 210,800 oz Au Inferred (0.93 g/t) and an Updated Preliminary Economic Assessment (October 2022, gold price US$1,650/oz) indicating a C$285M after-tax NPV at a 5% discount rate, 35.2% IRR, 1.7-year payback, and a 14-year mine life based on conventional open-pit mining with carbon-in-pulp gold recovery. Additional assets include the 100%-owned Poma Rosa copper-gold project in Chiapas, Mexico (historical resource of 1.04 Moz Au Measured & Indicated plus 0.70 Moz Au Inferred) and an Athabasca Basin uranium portfolio comprising Murmac & Strike (under option to Aero Energy for up to 70% earn-in) and The Woods (under option to Neu Horizon Uranium for up to 80% earn-in).

The company's exploration technology stack is conventional and industry-standard for the sector: VTEM versatile time-domain electromagnetic and ground gravity geophysical surveys to detect buried graphitic conductors; radon-in-water and radiometric surface geochemistry; NQ2 oriented diamond core drilling with systematic structural and alteration logging; and ISO/IEC 17025-accredited assay work at SRC Geoanalytical Laboratories. No AI/ML or proprietary software platforms are disclosed. Fortune Bay's business model is pre-revenue and oriented toward (1) raising equity capital through public listings and bought deal private placements on the TSXV, FWB, and OTCQB (most recently C$8M led by Cormark Securities in October 2025), (2) entering option/earn-in agreements with third-party partners (Aero Energy, Neu Horizon Uranium) who fund exploration expenditures in exchange for earn-in interests and thereby provide non-dilutive capital, and (3) a future plan to sell gold doré to refiners and bullion banks at the production stage. Near-term catalysts include a Goldfields Pre-Feasibility Study targeted for 2026, ongoing drilling at multiple uranium and gold targets, and permitting milestones, with the company leveraging Saskatchewan's top-tier global mining jurisdiction ranking (2nd in the Fraser Institute Annual Survey of Mining Companies; AAA-rated by Mining Journal Intelligence) as a core structural advantage.

Name

Fortune Bay

Legal name

Fortune Bay Corp.

Website

https://fortunebaycorp.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Fortune Bay Corp is a Canadian gold and uranium exploration and development company (TSXV: FOR) advancing the Goldfields Gold Project in Saskatchewan toward a planned 2026 Pre-Feasibility Study, supplemented by a Mexico copper-gold asset and partner-funded Athabasca Basin uranium projects, serving public equity investors and earn-in partners.

Ownership category

akta.pro rank

Product category

Mineral Exploration and Development (Gold and Uranium)

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB)

Keywords

• Gold exploration
• Uranium exploration
• Mineral resource development
• Mining project development
• Athabasca Basin uranium

Headquarters

HQ city

Halifax

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Others

Revenue model

1. Future Gold Production Revenue: Once the Goldfields Project reaches production, Fortune Bay's primary revenue stream will be the sale of gold doré (a semi-pure alloy of gold and silver produced on site). Doré will be refined to 99.5%+ purity and sold into wholesale world markets via bullion banks. No production revenue currently exists as the project is in the development stage.
2. Uranium Option/Earn-In Agreements: Fortune Bay has entered option agreements (Murmac & Strike with Aero Energy, The Woods with Neu Horizon Uranium) under which third parties fund exploration expenditures in exchange for the right to earn a percentage interest in the projects. This generates no direct cash revenue but defrays Fortune Bay's exploration costs and provides non-dilutive capital support. The optionees' exploration spend (e.g., C$6M over 3.5 years for Aero Energy, A$3M over 1.5 years for Neu Horizon) effectively delivers value without direct revenue to Fortune Bay.
3. Equity Capital Markets Financings: Fortune Bay raises operating and exploration capital through public equity offerings including bought deal private placements (e.g., C$8M in October 2025, $3M in April 2025, $500K in July 2024, $700K in October 2023), flow-through share financings, and warrant exercises. This is the company's primary near-term capital source given it is pre-revenue and pre-production.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Fortune Bay Corp is a Canadian mineral exploration and development company advancing a portfolio of gold and uranium projects, with the flagship Goldfields Gold Project in northern Saskatchewan (containing ~979,900 oz Au Indicated and 210,800 oz Au Inferred resources per an Updated Preliminary Economic Assessment), the 100%-owned Poma Rosa copper-gold project in Chiapas, Mexico, and two partner-funded uranium exploration portfolios in the Athabasca Basin (Murmac & Strike under option to Aero Energy; The Woods under option to Neu Horizon Uranium). The company is pre-revenue and pre-production; its current core activity is exploration, resource definition, and advancing Goldfields toward a Pre-Feasibility Study and eventual open-pit gold doré production using conventional carbon-in-pulp processing.

Product overview

Fortune Bay Corp is a Canadian mineral exploration and development company operating a portfolio of mining projects. The company's primary asset is the Goldfields Gold Project in Saskatchewan, an advanced gold development project with an Updated PEA demonstrating a 14-year mine life. The project portfolio includes the 100%-owned Poma Rosa copper-gold project in Mexico, and two partner-funded uranium exploration projects (Murmac & Strike and The Woods) in Saskatchewan's Athabasca Basin. These assets are managed through the company's website, with projects advancing through exploration, development, and permitting stages toward production.

Differentiator

Problem solved

Functional benefit

Products and services

• Goldfields Gold Project The Goldfields Gold Project is Fortune Bay's flagship, 100%-owned gold project in northern Saskatchewan, Canada, hosting NI 43-101 Indicated mineral resources of approximately 979,900 ounces of gold (Box + Athona deposits) plus Inferred resources of 210,800 ounces of gold. The project is in the development stage with an Updated Preliminary Economic Assessment supporting a 14-year open-pit mine life, conventional carbon-in-pulp gold recovery producing gold doré on site, and a defined permitting pathway; a Pre-Feasibility Study is targeted for 2026.
• Poma Rosa Project Poma Rosa is Fortune Bay's 100%-owned copper-gold project in Chiapas State, Mexico (formerly Ixhuatán), containing the Campamento epithermal Au-Ag deposit and the Cerro La Mina Cu-Au porphyry prospect, with a historical NI 43-101 estimate of 1.04 Moz Au Measured & Indicated plus 0.70 Moz Au Inferred and meaningful copper and silver credits. The project offers copper-gold-silver exploration upside.
• Murmac & Strike Uranium Projects Murmac & Strike are Fortune Bay's Athabasca Basin uranium exploration projects in northern Saskatchewan near Uranium City, covering approximately 20,000 hectares along over 40 km of prospective buried graphitic EM conductors, with basement-hosted high-grade uranium targets and drill grades up to 13.8% U3O8. The projects are operated by Fortune Bay and currently under option to Aero Energy (TSXV: AERO) for up to a 70% earn-in, with a fully funded 5,000-metre drill program announced for 2026.
• The Woods Uranium Projects The Woods Uranium Projects are an early-stage Athabasca Basin uranium exploration portfolio (Aspen, Birch, Fir, Pine and Spruce) covering approximately 41,000 hectares along 18 km of strike of the Grease River Shear Zone in northern Saskatchewan, operated by Fortune Bay and currently under option to Neu Horizon Uranium Limited for up to an 80% earn-in funded at A$3 million over 1.5 years, with drill targets being generated for 2026.

Quantifiable outcome

• Goldfields Updated PEA: After-tax NPV of C$285M, IRR of 35.2%, payback of 1.7 years, 14-year mine life at 2.0 Mt/year process plant (gold price assumption: US$1,650/oz)
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Machai Capital Inc.minorGTM or Marketing Partner · 5 February 2026Fortune Bay retained Machai Capital Inc. to provide digital marketing services for an initial three-month term at a cost of $400,000 plus 175,000 stock options exercisable at $0.90 per share, subject to TSX-V approval. The agreement was announced February 5, 2026.
• Epstein ResearchminorGTM or Marketing Partner · 1 October 2025Fortune Bay previously engaged Epstein Research for a three-month digital marketing engagement in October 2025 for a cost of US$6,000. This prior engagement was disclosed alongside the announcement of the Machai Capital agreement.
• Neu Horizon Uranium Limited ACN 653 749 145coreStrategic or Co-development Partner · 25 July 2025Fortune Bay signed a letter of intent (May 29, 2025) and a definitive option agreement (July 25, 2025) with Neu Horizon Uranium Limited, a private Australian arms-length party. Neu Horizon can earn up to 80% in Fortune Bay's Woods Uranium Projects (Aspen, Birch, Fir, Pine, and Spruce) covering approximately 41,000 hectares along the Grease River Shear Zone in northern Saskatchewan. Neu Horizon must spend A$3 million over 1.5 years to earn its interest. Exploration in 2025 included a VTEM electromagnetic, magnetic and radiometric survey and prospecting, with drill target generation targeted for later in 2026.
• Aero Energy (TSXV: AERO)coreStrategic or Co-development Partner · 15 December 2023Fortune Bay entered a definitive option agreement dated December 15, 2023, with 1443904 B.C. Ltd. (Aero Energy), under which Aero Energy can earn up to a 70% interest in the Murmac and Strike Uranium Projects in northern Saskatchewan. The agreement requires Aero Energy to fund C$6 million in exploration expenditures over 3.5 years. Fortune Bay acts as operator during the option period. Drilling programs funded by Aero commenced in summer 2024 and continued in 2025 and 2026, with highlights including an intercept of 8.40 m at 0.30% U3O8 including 1.20 m at 1.79% U3O8 with individual assays up to 13.80% U3O8.
• Ya' thi Néné Lands and ResourcescoreStrategic or Co-development Partner · 1 November 2022Fortune Bay signed an Exploration Agreement in November 2022 with Ya' thi Néné Lands and Resources ('Lands of the North'), a non-profit organization owned by the seven Athabasca Basin communities: Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation, and the municipalities of Stony Rapids, Uranium City, Wollaston Lake, and Camsell Portage. The agreement formalizes Fortune Bay's relationship with Basin Communities, establishes consent for exploration and evaluation activities up to completion of a Feasibility Study, and formalizes the company's environmental and community commitments.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Denison Mines Corp. Athabasca Basin-focused uranium exploration and development company. Most directly comparable on Fortune Bay's uranium side, given CEO Dale Verran's prior role as VP Exploration at Denison and Fortune Bay's Murmac/Strike and The Woods projects targeting the same basement-hosted uranium model.
• IsoEnergy Ltd. Athabasca Basin uranium explorer/developer with a portfolio of exploration-stage and advanced projects. Comparable as a small-cap, Canadian-listed uranium company pursuing high-grade basement-hosted uranium targets in the same basin as Fortune Bay.
• Skyharbour Resources Ltd. Athabasca Basin uranium explorer with a partner-funded (option/earn-in) project model closely mirroring Fortune Bay's structure at Murmac & Strike and The Woods. Both companies use third-party funded exploration to advance multiple uranium projects.
• CanAlaska Uranium Ltd. Athabasca Basin uranium explorer with a large land package and partner-funded project model. Comparable in jurisdiction, commodity focus, and use of option/earn-in agreements to fund exploration.
• Troilus Gold Corp. Canadian gold developer advancing a past-producing gold project through feasibility in Quebec. Comparable as a TSX-listed, PEA/PFS-stage gold developer with a similar single-asset focus and project-economics-driven equity story.
• Moneta Gold Inc. Canadian gold explorer/developer focused on a single advanced gold project in Ontario. Comparable in scale, single-asset profile, and project stage to Fortune Bay's Goldfields, with similar PEA-to-PFS advancement narrative.

Broad incumbents

• NexGen Energy: Larger Athabasca Basin uranium developer advancing the Arrow deposit toward production. Comparable in jurisdiction, commodity, and exploration model to Fortune Bay's uranium portfolio, though at a more advanced stage and substantially larger scale.
• Fission Uranium Corp. Athabasca Basin uranium developer advancing the PLS high-grade uranium project. Comparable in commodity, jurisdiction, and basement-hosted uranium exploration model, though at a more advanced stage with a defined resource.

Emerging players

• Baselode Energy Corp. Athabasca Basin uranium explorer with multiple partner-funded projects. Comparable emerging player with a similar lean team and option-driven uranium exploration model targeting basement-hosted deposits.
• G2 Goldfields Inc. Canadian gold explorer with projects in Guyana and Ontario. Comparable as a small-cap, Canadian-listed gold company in the exploration-to-development stage, with multiple drill programs advancing a resource base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/fortunebaycorp
• Facebookfacebook.com/fortunebaycorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fortune Bay