Wedoany.com Report on Feb 24th, Fortune Bay (TSXV: FOR; US-OTC: FTBYF) is advancing its Goldfields gold project in northern Saskatchewan by limiting the daily processing plant throughput to under 5,000 tonnes, aiming to expedite a construction decision. CEO Dale Verran noted that this strategy helps avoid triggering a federal-level review in Canada, thereby streamlining the permitting process.

According to the Preliminary Economic Assessment released in October 2025, the Goldfields project is planned as a 14-year open-pit mine with a daily throughput of 4,950 tonnes. Initial capital expenditure is estimated at C$301 million (approximately US$220.2 million). Based on a base gold price assumption of US$2,600 per ounce, the all-in sustaining cost over the mine's life is projected at US$1,330 per ounce. The assessment indicates an after-tax net present value (at a 5% discount rate) of C$610 million and an after-tax internal rate of return of 44%.

Dale Verran stated, "In the current high gold price environment, many governments may seek to increase their share of benefits. By keeping our throughput below the regulatory threshold, we ensure permitting remains at the provincial level, which helps shorten timelines and reduce costs." This strategy aims to mitigate permitting risks and accelerate the development of the Goldfields gold project.

Fortune Bay is also leveraging the Environmental Impact Statement approved in 2008 for the Box open pit as a foundation. This year, the company plans to conduct a Pre-Feasibility Study and near-mine drilling in target areas within approximately 2 kilometers of the planned infrastructure to further advance the Goldfields gold project. Watch the full interview for more details.