HALIFAX, NS, Oct. 29, 2025 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce filing of an independent NI 43-101 Updated Preliminary Economic Assessment ("Updated PEA") technical report for its 100% owned Goldfields Project ("Goldfields" or the "Project") located near Uranium City, Saskatchewan.
The Updated PEA technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by Ausenco Engineering Canada ULC ("Ausenco"), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting (Canada) Inc. for the updated mineral resource estimate. A summary of the Updated PEA outcomes was provided in Fortune Bay's News Release dated September 23, 2025, outlining an expedited development approach for Goldfields' current mineral resource through conventional open-pit mining and onsite gold recovery at a 4,950 tpd processing facility. The full technical report is available for download on the Fortune Bay Corp. company profile at www.sedarplus.ca, and on the Company's website www.fortunebaycorp.com.
Updated PEA Highlights:
- Strong Economics at Base Case: At a gold price of US$2,600 per ounce, the Updated PEA delivers an after-tax NPV (5%) of C$610 million, an after-tax IRR of 44%, and cumulative after-tax free cash flow of C$914 million, based on a 14-year mine life and a modest initial capital cost of C$301 million (including a C$51 million contingency).
- Leverage to Gold Price: At a spot gold price of US$3,650 per ounce (as of September 19, 2025), the after-tax NPV (5%) increases to C$1.25 billion and the IRR to 74%, generating cumulative after-tax free cash flow of C$1.82 billion.
- Expedited Path to Production: A sub-5,000 tpd open-pit design has been selected to remain within provincial permitting jurisdiction, leveraging a valid 2008 Environmental Impact Statement and past-producing status.
- De-Risked Development Pathway: The Updated PEA mine plan incorporates 97% Indicated resources, supported by established infrastructure, well-developed community relations, and a clear permitting pathway toward construction readiness.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick P.Geo., Vice-President Technical Services of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43‑101.
About Goldfields
The 100% owned Goldfields Project ("Goldfields" or the "Project") is located approximately 13 kilometres south of Uranium City, Saskatchewan. Goldfields hosts the Box and Athona gold deposits, as well as additional gold showings within the prospective Goldfields Syncline. The Box deposit was historically mined underground between 1939 and 1942, producing 64,000 ounces of gold. The Project is located within a historical mining area and benefits from established infrastructure, including a road and hydro-powerline to the Box deposit. Nearby facilities and services in Uranium City include bulk fuel, civils contractors, and a commercial airport.
About Ausenco
Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors ( www.ausenco.com ).
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR; FWB:5QN; OTCQB:FTBYF) is a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the Company targets value creation at the steepest part of the Value Creation Curve--prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields Project in Saskatchewan, the resource-expansion Poma Rosa Project in Mexico, and an optioned uranium portfolio in the Athabasca Basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts. For more information, visit www.fortunebaycorp.com or contact info@fortunebaycorp.com.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements, and include, but are not limited to, statements with respect to: the results of the Updated PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including Indigenous Nations, local Municipalities and local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward- looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate Indigenous Nations and local Municipalities, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE Fortune Bay Corp.
Dale Verran, Chief Executive Officer, 902-334-1919
