Gold und jetzt auch Uran
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Fortune Bay Unlocks Undervalued Gold-Uranium Play with Near-Term Catalysts
March 14, 2024
Crux Investor
Fortune Bay Corp is an exploration company with gold projects in Canada and Mexico and uranium projects in the Athabasca Basin
The company has around 3 million ounces of gold in resources across two advanced gold projects, including Goldfields in Saskatchewan which has a robust PEA of an after-tax NPV5% of C$285 million and 35% IRR at base gold prices
Fortune Bay has assembled a portfolio of 7 uranium projects in the Athabasca Basin since 2021, including two projects under option agreement with planned drilling in 2023
The company is employing a project generator model on its uranium projects, looking to advance them through partnerships while retaining equity upside
Key near-term catalysts include potential transactions on the gold projects and drilling results from the optioned uranium projects
Fortune Bay's Gold-Uranium Play
Fortune Bay Corp (TSXV:FOR) is an exploration and development company focused on gold and uranium projects in Canada and Mexico. With a market capitalization of around C$10 million, the company presents an intriguing opportunity for resource investors looking for exposure to gold and uranium - two commodities with bullish long-term fundamentals.
The company's key assets include two advanced gold projects with around 3 million ounces in resources, and a portfolio of seven uranium exploration projects in the prolific Athabasca Basin of northern Saskatchewan assembled since 2021. Fortune Bay is employing a hybrid project generator model, aiming to advance its assets through strategic partnerships while retaining meaningful equity upside.
Gold Projects
Fortune Bay's flagship gold asset is the Goldfields project in northern Saskatchewan. Goldfields hosts a mineral resource of 1.2 million ounces, with 99% classified in the higher confidence Indicated category. A Preliminary Economic Assessment (PEA) completed in late 2022 outlined robust economics for an open-pit mining operation. At a base case gold price of US$1650/oz, the PEA showed an after-tax NPV5% of C$285 million and IRR of 35%. At a US$1950/oz gold price, the NPV increased to C$460 million with an IRR above 50%.
CEO Dale Verran highlighted the project's strengths:
"While it's a PEA study, the project has a lot more data that can be leveraged off to move it quite quickly and more cheaply into PFS and FS stages."
Goldfields benefits from extensive existing data, a approved environmental assessment for a 5,000 tpd open-pit operation on part of the deposit, simple metallurgy and mining, and good infrastructure. These factors could allow accelerated advancement compared to other Canadian gold development projects. The company engaged financial advisors in 2022 to look at strategic options to advance Goldfields.
Fortune Bay's other key gold asset is the Ixhuatán project in Mexico, which hosts a 1.7 million ounce open-pittable gold resource along with significant copper porphyry potential at depth. One historical hole intersected 581 meters at 0.28% copper equivalent from surface. The company sees enormous copper potential at the project which is largely buried and hasn't fully been tested.
The company is looking to secure community access agreements and the right strategic partnerships to advance Ixhuatán. Verran noted "it's one of those projects where it's got this gold potential that's immediate but this longer term porphyry copper potential."
Uranium Projects
Starting in 2021, Fortune Bay began assembling a portfolio of uranium exploration projects in the Athabasca Basin, where the company sees a highly prospective environment for high-grade unconformity-related deposits. The portfolio now stands at seven uranium projects.
The most advanced projects are Strike and Murmac, which were optioned to Aero Energy Limited in early 2023. Prior to the transaction, Fortune Bay conducted initial geophysics and drilling to validate the exploration concept. Verran stated: "We did get the initial results, but the market at the time, things were trending downward. We didn't manage to get traction on that, and we're in a position where we either go and raise more money at lower share prices which we could have done... We decided let's try to put together the right deal for these projects and get someone else to fund where we can maintain an equity stake in that, and we've done just that with a great company in Aero Energy."
Under the option agreement, Aero Energy can earn up to a 70% interest by spending C$6 million on exploration and making C$3.25 million in cash and share payments to Fortune Bay. The company will retain a 30% interest and operatorship of the projects during the earn-in period. Drilling is planned for 2023.
Verran emphasized the importance of retaining upside exposure: "That deal allows Aero Energy to earn up to a 70% interest in the project, so at that point, after they've spent $6 million in exploration expenditures, we should be at a position where there's a discovery or not. We like the potential. We believe it can be there, and at that point, we have the ability to then fund a 30% share, and in terms of a big discovery, we know a 30% share in something like that, particularly the current market, is going to be hugely valuable."
The company's other five uranium projects are earlier stage and were acquired at low cost, primarily through staking. These projects, collectively termed "The Woods", cover a district-scale 40,000 hectare land position along the underexplored Grease River Shear Zone. Historical data suggests the presence of favorable geology and a significant uranium endowment. Fortune Bay is looking to employ a similar project generator model on these projects as at Strike and Murmac.
Verran commented: "Since announcing those projects, we've had a lot of interest for sure, and we're talking to numerous parties and looking to do a similar type of transaction to what we did at Strike and Murmac, and that's going to get those projects funded, but we haven't spent a lot of money. I mean, they've been low-cost acquisitions primarily through staking."
Implications & Key Takeaways
Fortune Bay presents a unique investment opportunity, offering exposure to both gold and uranium assets in mining-friendly Canadian jurisdictions. With a market capitalization below C$10 million, the company appears meaningfully undervalued based on the NPV5% of C$285-460 million outlined in the 2022 PEA on the Goldfields project alone.
While Goldfields is the most advanced asset, the company's uranium portfolio offers significant blue-sky exploration potential in the world-class Athabasca Basin. The option deal with Aero Energy on the Strike and Murmac projects will see C$6 million spent on exploration and drilling in 2023, providing fully-funded potential catalysts with Fortune Bay retaining 30% ownership. Additional exploration spending could be forthcoming on the other five uranium projects, with the company in discussions with multiple potential partners.
Given the attractive commodity exposure, significant defined resources, and multiple shots on goal across the asset portfolio, Fortune Bay stands out as a company with strong potential for a re-rating as it continues to advance its gold and uranium projects and execute on its strategy.
Near-Term Catalysts
With gold and uranium prices strengthening in early 2024, investor interest is returning to the junior resource sector. Fortune Bay appears well-positioned to benefit from this macro tailwind given its commodity exposure and the potential for near-term catalysts.
At Goldfields, the company is looking to secure a strategic partner or transaction to fund the project's advancement. Despite the 2022 PEA demonstrating robust economics, Fortune Bay's market capitalization remains below C$10 million, implying the project is meaningfully undervalued by the market. A transaction could help unlock this value. Management also noted the potential to complete a Pre-Feasibility Study at Goldfields in a compressed timeframe and at lower cost given the extensive existing dataset.
In the uranium portfolio, drilling is expected at the Strike and Murmac projects during 2023 under Aero Energy's operatorship. Strong results could demonstrate the validity of Fortune Bay's exploration thesis and the potential for high-grade discoveries. The company is also in discussions with multiple groups around potential option/JV deals for its other five uranium projects. Transactions could provide additional funding for low-cost project advancement and further drilling.
The Investment Thesis for Fortune Bay Corp
Exposure to gold and uranium, two commodities with strong long-term fundamentals and rising prices
Around 3 million ounces of gold in resources across two advanced-stage projects
Goldfields PEA demonstrates robust economics with after-tax NPV5% of C$285-460 million and IRR of 35-50% at US$1650-1950/oz gold
Potential for accelerated development timeline at Goldfields given extensive existing dataset
1.7 Moz gold resource at Ixhuatán with significant upside in underlying copper porphyry system
Low-cost entry into Athabasca Basin uranium through seven projects covering over 200,000 hectares
Two most advanced uranium projects under option agreement with Aero Energy, with C$6 million of partner-funded exploration and drilling planned in 2023
District-scale 40,000 hectare uranium exploration package assembled at low cost with potential for further partnerships/funding
Multiple near-term catalysts including potential gold project transactions, uranium drilling/exploration results, and additional uranium portfolio deals
Attractive valuation with market capitalization below C$10 million, implying projects are meaningfully undervalued
Downside risk mitigated by project generator model and ability to advance assets at low cost through partnerships while retaining upside exposure
Macro Thematic Analysis
CEO Dale Verran touches on several key macro themes currently driving the resource sector. The first is the strong long-term fundamentals for uranium, driven by growing global demand for carbon-free baseload electricity, mine supply curtailments, and the emergence of financial buyers. These factors have propelled the uranium spot price from US$28/lb in early 2021 to over US$50/lb in early 2023.
Verran highlighted the Athabasca Basin as "one of the premier jurisdictions to go exploring for uranium," noting recent moves by the Canadian government to shorten permitting timelines and "put Canada on the map as a secure, stable supplier of uranium." He sees uranium assets in top-tier jurisdictions as particularly attractive to investors and strategic partners in the current geopolitical environment.
The other key commodity discussed is gold, which has also seen a strong start to 2024. Verran pointed out that Fortune Bay's Goldfields project in Saskatchewan has emerged as a highly attractive development-stage asset in an environment of higher gold prices and increased investor interest. Verran stated, "We're moving into a time where there's a need for new gold development projects, particularly in places like Canada. We're moving into this higher price gold environment, and projects have their day."
Perhaps the key quote summarising the opportunity comes from Verran's comments on the company's strategy:
"Amongst this whole set of assets, there's going to be a project that's really successful. I'm really certain of that. So it's a case of us diligently going through that process and unlocking the value on these assets one by one."
With its combination of gold and uranium assets in top-tier Canadian jurisdictions, Fortune Bay appears well-positioned to capitalise on the macro themes driving these commodity markets. The company's project generator business model, which focuses on advancing assets at low cost through partnerships while retaining upside exposure, looks particularly suited to the current environment for junior resource companies.
Fortune Bay Unlocks Undervalued Gold-Uranium Play with Near-Term Catalysts
March 14, 2024
Crux Investor
Fortune Bay Corp is an exploration company with gold projects in Canada and Mexico and uranium projects in the Athabasca Basin
The company has around 3 million ounces of gold in resources across two advanced gold projects, including Goldfields in Saskatchewan which has a robust PEA of an after-tax NPV5% of C$285 million and 35% IRR at base gold prices
Fortune Bay has assembled a portfolio of 7 uranium projects in the Athabasca Basin since 2021, including two projects under option agreement with planned drilling in 2023
The company is employing a project generator model on its uranium projects, looking to advance them through partnerships while retaining equity upside
Key near-term catalysts include potential transactions on the gold projects and drilling results from the optioned uranium projects
Fortune Bay's Gold-Uranium Play
Fortune Bay Corp (TSXV:FOR) is an exploration and development company focused on gold and uranium projects in Canada and Mexico. With a market capitalization of around C$10 million, the company presents an intriguing opportunity for resource investors looking for exposure to gold and uranium - two commodities with bullish long-term fundamentals.
The company's key assets include two advanced gold projects with around 3 million ounces in resources, and a portfolio of seven uranium exploration projects in the prolific Athabasca Basin of northern Saskatchewan assembled since 2021. Fortune Bay is employing a hybrid project generator model, aiming to advance its assets through strategic partnerships while retaining meaningful equity upside.
Gold Projects
Fortune Bay's flagship gold asset is the Goldfields project in northern Saskatchewan. Goldfields hosts a mineral resource of 1.2 million ounces, with 99% classified in the higher confidence Indicated category. A Preliminary Economic Assessment (PEA) completed in late 2022 outlined robust economics for an open-pit mining operation. At a base case gold price of US$1650/oz, the PEA showed an after-tax NPV5% of C$285 million and IRR of 35%. At a US$1950/oz gold price, the NPV increased to C$460 million with an IRR above 50%.
CEO Dale Verran highlighted the project's strengths:
"While it's a PEA study, the project has a lot more data that can be leveraged off to move it quite quickly and more cheaply into PFS and FS stages."
Goldfields benefits from extensive existing data, a approved environmental assessment for a 5,000 tpd open-pit operation on part of the deposit, simple metallurgy and mining, and good infrastructure. These factors could allow accelerated advancement compared to other Canadian gold development projects. The company engaged financial advisors in 2022 to look at strategic options to advance Goldfields.
Fortune Bay's other key gold asset is the Ixhuatán project in Mexico, which hosts a 1.7 million ounce open-pittable gold resource along with significant copper porphyry potential at depth. One historical hole intersected 581 meters at 0.28% copper equivalent from surface. The company sees enormous copper potential at the project which is largely buried and hasn't fully been tested.
The company is looking to secure community access agreements and the right strategic partnerships to advance Ixhuatán. Verran noted "it's one of those projects where it's got this gold potential that's immediate but this longer term porphyry copper potential."
Uranium Projects
Starting in 2021, Fortune Bay began assembling a portfolio of uranium exploration projects in the Athabasca Basin, where the company sees a highly prospective environment for high-grade unconformity-related deposits. The portfolio now stands at seven uranium projects.
The most advanced projects are Strike and Murmac, which were optioned to Aero Energy Limited in early 2023. Prior to the transaction, Fortune Bay conducted initial geophysics and drilling to validate the exploration concept. Verran stated: "We did get the initial results, but the market at the time, things were trending downward. We didn't manage to get traction on that, and we're in a position where we either go and raise more money at lower share prices which we could have done... We decided let's try to put together the right deal for these projects and get someone else to fund where we can maintain an equity stake in that, and we've done just that with a great company in Aero Energy."
Under the option agreement, Aero Energy can earn up to a 70% interest by spending C$6 million on exploration and making C$3.25 million in cash and share payments to Fortune Bay. The company will retain a 30% interest and operatorship of the projects during the earn-in period. Drilling is planned for 2023.
Verran emphasized the importance of retaining upside exposure: "That deal allows Aero Energy to earn up to a 70% interest in the project, so at that point, after they've spent $6 million in exploration expenditures, we should be at a position where there's a discovery or not. We like the potential. We believe it can be there, and at that point, we have the ability to then fund a 30% share, and in terms of a big discovery, we know a 30% share in something like that, particularly the current market, is going to be hugely valuable."
The company's other five uranium projects are earlier stage and were acquired at low cost, primarily through staking. These projects, collectively termed "The Woods", cover a district-scale 40,000 hectare land position along the underexplored Grease River Shear Zone. Historical data suggests the presence of favorable geology and a significant uranium endowment. Fortune Bay is looking to employ a similar project generator model on these projects as at Strike and Murmac.
Verran commented: "Since announcing those projects, we've had a lot of interest for sure, and we're talking to numerous parties and looking to do a similar type of transaction to what we did at Strike and Murmac, and that's going to get those projects funded, but we haven't spent a lot of money. I mean, they've been low-cost acquisitions primarily through staking."
Implications & Key Takeaways
Fortune Bay presents a unique investment opportunity, offering exposure to both gold and uranium assets in mining-friendly Canadian jurisdictions. With a market capitalization below C$10 million, the company appears meaningfully undervalued based on the NPV5% of C$285-460 million outlined in the 2022 PEA on the Goldfields project alone.
While Goldfields is the most advanced asset, the company's uranium portfolio offers significant blue-sky exploration potential in the world-class Athabasca Basin. The option deal with Aero Energy on the Strike and Murmac projects will see C$6 million spent on exploration and drilling in 2023, providing fully-funded potential catalysts with Fortune Bay retaining 30% ownership. Additional exploration spending could be forthcoming on the other five uranium projects, with the company in discussions with multiple potential partners.
Given the attractive commodity exposure, significant defined resources, and multiple shots on goal across the asset portfolio, Fortune Bay stands out as a company with strong potential for a re-rating as it continues to advance its gold and uranium projects and execute on its strategy.
Near-Term Catalysts
With gold and uranium prices strengthening in early 2024, investor interest is returning to the junior resource sector. Fortune Bay appears well-positioned to benefit from this macro tailwind given its commodity exposure and the potential for near-term catalysts.
At Goldfields, the company is looking to secure a strategic partner or transaction to fund the project's advancement. Despite the 2022 PEA demonstrating robust economics, Fortune Bay's market capitalization remains below C$10 million, implying the project is meaningfully undervalued by the market. A transaction could help unlock this value. Management also noted the potential to complete a Pre-Feasibility Study at Goldfields in a compressed timeframe and at lower cost given the extensive existing dataset.
In the uranium portfolio, drilling is expected at the Strike and Murmac projects during 2023 under Aero Energy's operatorship. Strong results could demonstrate the validity of Fortune Bay's exploration thesis and the potential for high-grade discoveries. The company is also in discussions with multiple groups around potential option/JV deals for its other five uranium projects. Transactions could provide additional funding for low-cost project advancement and further drilling.
The Investment Thesis for Fortune Bay Corp
Exposure to gold and uranium, two commodities with strong long-term fundamentals and rising prices
Around 3 million ounces of gold in resources across two advanced-stage projects
Goldfields PEA demonstrates robust economics with after-tax NPV5% of C$285-460 million and IRR of 35-50% at US$1650-1950/oz gold
Potential for accelerated development timeline at Goldfields given extensive existing dataset
1.7 Moz gold resource at Ixhuatán with significant upside in underlying copper porphyry system
Low-cost entry into Athabasca Basin uranium through seven projects covering over 200,000 hectares
Two most advanced uranium projects under option agreement with Aero Energy, with C$6 million of partner-funded exploration and drilling planned in 2023
District-scale 40,000 hectare uranium exploration package assembled at low cost with potential for further partnerships/funding
Multiple near-term catalysts including potential gold project transactions, uranium drilling/exploration results, and additional uranium portfolio deals
Attractive valuation with market capitalization below C$10 million, implying projects are meaningfully undervalued
Downside risk mitigated by project generator model and ability to advance assets at low cost through partnerships while retaining upside exposure
Macro Thematic Analysis
CEO Dale Verran touches on several key macro themes currently driving the resource sector. The first is the strong long-term fundamentals for uranium, driven by growing global demand for carbon-free baseload electricity, mine supply curtailments, and the emergence of financial buyers. These factors have propelled the uranium spot price from US$28/lb in early 2021 to over US$50/lb in early 2023.
Verran highlighted the Athabasca Basin as "one of the premier jurisdictions to go exploring for uranium," noting recent moves by the Canadian government to shorten permitting timelines and "put Canada on the map as a secure, stable supplier of uranium." He sees uranium assets in top-tier jurisdictions as particularly attractive to investors and strategic partners in the current geopolitical environment.
The other key commodity discussed is gold, which has also seen a strong start to 2024. Verran pointed out that Fortune Bay's Goldfields project in Saskatchewan has emerged as a highly attractive development-stage asset in an environment of higher gold prices and increased investor interest. Verran stated, "We're moving into a time where there's a need for new gold development projects, particularly in places like Canada. We're moving into this higher price gold environment, and projects have their day."
Perhaps the key quote summarising the opportunity comes from Verran's comments on the company's strategy:
"Amongst this whole set of assets, there's going to be a project that's really successful. I'm really certain of that. So it's a case of us diligently going through that process and unlocking the value on these assets one by one."
With its combination of gold and uranium assets in top-tier Canadian jurisdictions, Fortune Bay appears well-positioned to capitalise on the macro themes driving these commodity markets. The company's project generator business model, which focuses on advancing assets at low cost through partnerships while retaining upside exposure, looks particularly suited to the current environment for junior resource companies.
FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS
https://www.newswire.ca/news-releases/fortune-bay-announces-…
https://www.newswire.ca/news-releases/fortune-bay-announces-…
FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN
https://www.newswire.ca/news-releases/fortune-bay-announces-…
https://www.newswire.ca/news-releases/fortune-bay-announces-…
Ist nicht alles im Explorer Bereich ein Zock ?
Zumindest haben die hier bei Fortune Bay schon mal eine nette PEA.
Und die Marketcap ist ein Witz.
Zumindest haben die hier bei Fortune Bay schon mal eine nette PEA.
Und die Marketcap ist ein Witz.
mit explosiv mein ich , es ist ein Zock ...
Trading Spotlight
Antwort auf Beitrag Nr.: 73.684.310 von winni2 am 17.04.23 15:12:08Bitte nicht soviel Werbung jetzt schon machen, bin dabei will aber noch erhöhen in nächster Zeit
HOCH EXPLOSIV das Ding , allein das Goldprojekt ....mehr ist da nicht zu sagen 😎
Tut sich langsam was.
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