Goldfields After the PEA: Ready to Capture the Cycle
Gold just surged past US$3,800/oz, setting new record highs and underscoring the strength of this cycle. For producers, that means windfall margins. But for developers like Fortune Bay, the leverage is even greater. This is exactly the environment we’ve been preparing for — and our updated Preliminary Economic Assessment (PEA) for the Goldfields Project couldn’t have arrived at a better time.
Goldfields is more than another development story. It’s a project with history, infrastructure, and established community relationships that’s now been validated with exceptional economics and a pathway to production. The timing creates a rare alignment of macro tailwinds and project readiness.
Expedited Path to Production
At a throughput of under 5,000 tpd, the mine plan is intentionally designed to keep permitting within Saskatchewan, Canada’s top-ranked jurisdiction. This allows Goldfields to advance more efficiently leveraging an already approved Environmental Impact Statement (2008). This creates a faster, lower-risk route to near-term development, underpinned by existing infrastructure and established community relationships.
Evaluating an Accelerated Production Alternative
In parallel, we are assessing an accelerated production pathway through the sale of gold concentrates produced at site. Testwork has shown the potential for very high-grade gold concentrates. This production alternative could significantly reduce upfront capital requirements, shorten development timelines, and advance Goldfields into production even faster under the existing EIS framework.
Advancing Toward Pre-Feasibility
As recommended by Ausenco, the next step is a Pre-Feasibility Study (PFS). Work is already underway on additional geochemical testing, and planning for additional studies is underway . These efforts are designed to de-risk the project further and build the framework for a future development decision.
Resource Expansion Drilling
Goldfields is not standing still. A drill program is planned to target growth beyond the current mine plan, with high-priority exploration opportunities at Box, Athona, Frontier Lake, Golden Pond, and Triangle. With a substantial resource base already, additional discoveries would represent clear upside.
Permitting and Environmental Work
Baseline environmental studies have been reinitiated to update and build upon more than a decade of existing data. These studies, together with proactive engagement with regulators, Indigenous Nations, and local municipalities, are designed to ensure Goldfields continues to advance responsibly and transparently.
Community Engagement at the Core
Community alignment remains central to our approach. Our 2022 Exploration Agreement provides consent up to and including the feasibility stage, and upcoming development-focused discussions with local partners are an important next step as we move forward.
When Patience Pays Off
Timing really is everything. It’s central to our business model, and the updated PEA for Goldfields shows how that philosophy is delivering. Cycles like this don’t come often — and not every project gets its timing right. Many are too early, others too late.
What makes this moment powerful for Fortune Bay is that Goldfields isn’t starting from scratch. With permitting, infrastructure, and economics already in place, it’s entering the window of opportunity from a position of strength. While others are still chasing momentum, Goldfields is prepared to capture it — the payoff of patience and discipline.