This technical report presents a preliminary economic assessment for the proposed Goldfields gold project in northern Saskatchewan, based on whole-mineralized-material leaching of ore from the Box and Athona deposits.
Report context
The Goldfields Gold Project technical report, dated October 20, 2025, with an effective date of September 23, 2025, was prepared for Fortune Bay Corp. The project is located 13 km south-southeast of Uranium City, Saskatchewan, on the northern shore of Lake Athabasca. The report constitutes an updated NI 43-101 Technical Report and Preliminary Economic Assessment and was compiled by Ausenco Engineering Canada ULC, with contributions from Moose Mountain Technical Services for mine design and SRK Consulting (Canada) Inc. for the mineral resource estimate.
Processing route
Process design basis
The PEA process design is based on treating mineralized material from the Box and Athona open pit mines through whole mineralized material leach to produce gold doré bars. The process design is based on testwork conducted by SGS, Ausenco’s database of reference projects, and in-house modelling programs. The plant is designed for a throughput of 4,950 t/d or 224 t/h based on an availability of 92%. The crusher plant circuit design is set at 65% availability, and the gold room availability is set at 52 weeks per year. The plant will operate two shifts per day, 365 days per year and will produce doré bars.
Metallurgical testwork history
Historical metallurgical testwork at the Goldfields project spans several decades. Early testwork included work conducted by the Department of Mines and Resources (1939), Dawson (1981), Ontario Research Foundation (1988), Casmyn (1989), a 1995 test program for Greater Lenora Resources Corporation, VAT leaching (1997), dewatering and environmental studies (1996), and Gekko test programs (1998-2005).
PEA metallurgical testwork
The testwork program supporting the PEA was performed by SGS in 2015 and comprised two phases. Phase 1 work investigated various flowsheet options, including leaching of flotation concentrate and whole leaching. Phase 2 work included whole mineralized material leach tests analyzed for three grind sizes (P80 of 80 μm, 170 μm and 270 μm) to provide a recovery model.
Recovery modelling
Based on the testwork results, a grind size P80 of 170 μm was chosen for both Box and Athona deposits. A gold recovery of 95.9% was predicted for Box material and 93.5% for Athona material at this grind size. In addition to the predicted extraction, plant losses were estimated at 0.5%, including soluble gold solution and fine carbon losses to tailings. These recoveries were applied to the mine planning and financial modelling, with a flat recovery applied for the entire life of mine.
Key reported parameters
| Parameter | Units | Design Value | Basis / Notes |
|---|---|---|---|
| Plant throughput | t/d | 4,950 | Design capacity |
| Plant throughput | t/h | 224 | Based on 92% availability |
| Crusher availability | % | 65 | Circuit design |
| Plant availability | % | 92 | Design basis |
| Grind size – Box and Athona | P80, μm | 170 | Selected from SGS testwork |
| Gold recovery – Box | % | 95.9 | From SGS testwork, P80 170 μm |
| Gold recovery – Athona | % | 93.5 | From SGS testwork, P80 170 μm |
| Plant losses | % | 0.5 | Estimated, includes soluble gold and fine carbon losses |
| Operating days | d/yr | 365 | Two shifts per day |
| PEA mill feed | Mt | 25.2 | Mine plan subset of mineral resources |
| Mill feed gold grade | g/t | 1.16 | Average |
| Average strip ratio | waste:resource | 3.0:1 | |
| Recovery used for economic modelling | % | 95.4 | Average, applied flat across LOM |
| Historical Box mine production period | 1939-1942 |
Project website: https://fortunebaycorp.com/projects/goldfields-gold-project/
Technical qualifications
The capital cost estimate conforms to Class 5 guidelines for a PEA-level estimate with a +50%/-30% accuracy according to the Association for the Advancement of Cost Engineering International (AACE International). Readers are cautioned that the PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. This PEA is based on a subset of mineral resources comprising 97% at an Indicated classification and 3% at an Inferred classification. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Source: Goldfields Project, Updated NI 43-101 Technical Report & Preliminary Economic Assessment, Saskatchewan, Canada, report date October 20, 2025, effective date September 23, 2025, Sections 1.7, 1.10, 13, 17.
