Good. Thanks for having me. Thanks, everyone, for coming today. I'm going to be talking a bit about Fortune Bay, where we're developing Saskatchewan's next gold mine as our primary focus. We'll be making some forward-looking statements. You can reference those on our website or corporate deck. Firstly, our team. We have a leadership team built for execution. My background, I'm a geologist by background, worked in Africa many years, a lot of that in gold. I moved to Canada about 12 years ago, worked with Denison Mines as their VP exploration, involved with discovery in Saskatchewan and also project development, taking their Wheeler River project through PEA, PFS stages, which is now being built into a new uranium mine in Saskatchewan. Very good fit for Fortune Bay, developing gold in Saskatchewan.
Our chairman, Wade, has put the company together back in 2016, has been very deliberate about preserving its share structure. He's been involved in numerous successes before selling companies. A serial entrepreneur and capital markets expert, provides a lot of support and then support from our CFO, Patrick. He's an experienced resource sector CFO. Gareth on the technical side, both geology and engineering. Pam Bennett, who we brought in on the environment and regulatory side to help us advance the Goldfields assets. Our board's strong across various disciplines, provides a lot of support to the company. Overall, we lean and mean. We discipline at our capital allocation, but getting the work done to unlock the value on firstly Goldfields, but some other projects that we have in our pipeline. Our share structure, we really tightly held at just around 70 million shares outstanding. 16.3% insider ownership.
Market capitalization trading in the CAD 40 million-CAD 50 million market cap range. Share price around CAD 0.60 to CAD 0.70 lately. Cash around CAD 5 million or a little bit lower than that now. We had some big payables coming off some drilling we've done through the winter months, but still very well-financed to implement our plans going forward for 2026. We really focused on Goldfields. It's a gold development project, has exploration upside. It's located in northern Saskatchewan, has a resource base of around 1.2 million ounces. We did an updated PEA on that asset in September last year, produced a tremendous set of economics. The 36, 50 U.S. Dollar gold price at after-tax NPV is around $1.25 billion. Obviously an asset worth advancing, particularly in a place like Saskatchewan in this market, but also a project that has ability to grow and become much better than it already is.
Outside of Goldfields, we do have a portfolio that includes our Mexican assets. It's got a historical resource there of 1.7 million ounces. We're looking to get that project started. I'll talk about that a little bit more. It has tremendous exploration upside. We also have a bit of a uranium portfolio. We've staked properties across that northern rim of Saskatchewan's Athabasca Basin. It's home to some of the best and highest-grade deposits in the world. Leveraging some of my expertise coming out of Denison Mines, we stake projects. We've elected not to fund those ourselves, but rather have partners fund those and the ability to retain an equity ownership. It gives us some non-dilutive upside into uranium exploration in a terrific part of the world for uranium discovery.
Focusing on our gold and Saskatchewan and where we sit compared to peers who are also in the PEA developer space. Firstly, on share count, we have the lowest share count by some margin, just showing the leverage we have as we add value to the company. On a resource per ounce basis, trading just around CAD 20 an ounce, certainly below the medium for our peer group and the ability to move higher as we look to rerate the stock. Particularly given where our project sits in terms of it's a unique development platform. It's much more de-risked and can move forward quicker and cheaper than a lot of other assets held by other companies at the PEA stage. Tremendous potential for this company to grow and rerate with that tremendous leverage on share price. Focusing on Goldfields, which is our flagship asset.
It's a top-ranked jurisdiction. Saskatchewan speaks for itself, ranked number three globally. Exceptional economics. We've got a de-risk pathway and of course, growth potential as well on the exploration side, I'll elaborate on that. Shown in that picture is the old Box mine. It was mined during the World War II era where they went underground, produced around 60,000 ounces. There's also that power line to site, which is shown there. We're not looking at this as underground development. It's going to be an open pit, and it works exceptionally well with that design in mind. We're up here in the northern part of Saskatchewan, just near a place called Uranium City. It's a uniquely de-risked development platform for a gold project, and for a number of reasons. One, it's a past producer, so there's a precedent for mining there, 60,000 ounces produced historically.
It's a historical mining area. Not only has there been gold mining there, but numerous uranium mines over the years. Around 70 million pounds of uranium produced from this area. None of those mines are in operation anymore, what's happening there at the moment is just rehabilitation around those old uranium mines, which all draws to a close at the end of this year. The community is asking what's next for development in this area. They're a mining-focused community. They understand mining and very eager to see a new development in this area. Not only that, there's heavy machinery in the area. There's camps for sale. There's lots of infrastructure we can leverage off including that road to site from Uranium City, the power line to site, a really nice airport with commercial flights to and from hubs like Uranium and Saskatoon.
The town itself, offering infrastructure there to leverage all for mine development. The permitting is well advanced. The project benefits from an existing environmental approval. That's an environmental impact statement that was approved by the previous operator. It's still valid for the project that's been confirmed with the ministry. It's for an open pit mine at the Box deposit and a 5,000-ton per day mill. We can leverage off that permitting that's already happened to date as we look to expand on that for new developments. The community relationships are established. We certainly understood those. I had a long history working with communities in Saskatchewan, we've kept up good relationships. We've got an exploration agreement and now working toward agreements for a mine development. And obviously, the premier jurisdiction of Saskatchewan.
The development project itself, it is really simple, and that is what you want for a gold mining operation. First, our resources, they are really robust. We have around 1.2 million ounces. That is about 1 million in the indicated and about 200,000 in inferred. Importantly, the PEA design plan for an open pit mine rests on 97% indicated resources. Typically, companies at the PEA stage have to go and do a lot of infill drilling. It is sometimes three to four times as much infill drilling to bring inferred resources to indicated so that they can be converted to reserves at a PFS level. We already have indicated resources. We are not needing to go and do a lot more drilling to confirm or upgrade the resources. We have that in the bag and can execute on that in the PFS as we look to declare reserves for the project.
Not only that, the historical production that happened there, we have got detailed records for all of that and have reconciled our resource estimate to those. It comes out within 1%. That is your ultimate check on a resource. Is it actually in the ground in terms of a big bulk sample? Yes, we have that in place. It is really just conventional open pit mining. It is very competent bedrock, very simple design, three-to-one strip ratio. I challenge anyone to find a better strip ratio across open pit development projects in the Americas. Just mentioning also the grade there. The grade, 1.2 gram a ton mill head grade. That is among the highest grade for open pit developments in the Americas these days. It sounds low, but that is how things are shaping up. A lot of attributes for this project. The processing side is really simple.
It is really free milling gold, free gold that comes. We are getting more than half of it out through gravity. There is a little bit on the edges of sulfides, so there is nothing refractory. It is very simple. Lends itself to a standard free milling flow sheet. Includes crushing, grinding, carbon in pulp leaching, and also gravity circuit producing a 95% recovery. We actually believe we can improve on that with some additional variability testing. We are seeing some results certainly from already that show on the gravity side, we are going to get a lot more gold out there than what is envisaged. The economics speak for themselves. This is from 2025, end of September. There has been a bit of inflation creep since then, but by and large, I think shows the potential of the project as a development and why we are advancing it toward a PFS.
The base case was run at CAD 2,600 an ounce gold producing an after-tax NPV of CAD 610 million. As you move up to higher gold prices, at the time of publishing that PEA, the spot gold was CAD 3,650 an ounce, and that produces that after-tax NPV I mentioned of $1.25 billion. For every CAD 100 change in the gold price, we add approximately CAD 60 million to the after-tax NPV. The CapEx is modest at around CAD 300 million. That includes a CAD 51 million contingency. Obviously, it is at a PEA stage, but obviously that work was done by Ausenco. It is a really credible group in Canada. The all-in sustaining costs are competitive. The throughput at just below 5,000 tons per day is a very strategic metric for us. We specifically designed the project to fall below 5,000 tons per day because that is the trigger for federal review.
So we don't want to do federal review. It slows things down. It makes the project a lot more costly to advance. We wanted to keep the permitting in province in Saskatchewan and leverage off that existing provincially approved EIS for the project. It's a strategic move. Even though at higher throughputs, we can produce better economics. 14-year mine life, which works well also from a financing point of view and obviously from a community standpoint as well, having a slightly smaller but longer life operation, which we believe we will extend through the additional exploration we're doing. The path to production is clear, and we've expedited that through that selection of that sub 5,000 ton per day throughput case, keeping the permitting in province, building on that existing EIS, which is for a, I mentioned, for an open pit mine at Box and a 5,000-ton per day throughput.
We're also going to be adding Athona to the production plan, that's going to require some additional assessment. We're busy working on that and scoping that. We're doing baseline studies at the moment. There's also been with these older permits or approvals in Saskatchewan, the government does ask, "Has anything changed in the baseline conditions since 2008 when that approval was made?" We've already done the work to show that the conditions are the same. So that's been addressed through environmental baseline work already completed. The community side, we're now working toward IBAs, as they call them, impact benefit agreements with the communities. We've had a lot of support. We did an initial round Our voluntary engagements last year. We're not required to engage yet, but we've decided to do it sooner to get the process going. Obviously, early and transparent communication is always better.
We've just had tremendous support from all the communities to see a development in that part of Saskatchewan, we're advancing discussions with them. The resource growth potential is significant. We've got numerous targets across the property. Firstly, at Box and Athona, we have the ability to expand. Box is open down dip, and we did some drilling there this winter. Athona, we're going to get to drill later this year. There's the West Mine granite that has grade. It just doesn't have enough drilling for resources. Then there's some historical prospects we've identified for testing. Golden Pond, we drilled this last winter. And we will be looking at Triangle and Frontier as well as additional targets for testing. All of these are shallow in their potential to produce additional resources to be incorporated in an open pit at satellite pits in the ultimate operation for the project.
Just at Box, just looking at some of the results from this last winter. There were three holes drilled on the eastern side of the deposit, stepping down dip, partly sort of clipping the resource higher up and then extending beyond the resource estimate, but all below the open pit that's planned and produced a solid set of results in areas that hasn't really been drilled. It's hard to see from this 2D plan, but in 3D, those are 50 to over 100-meter gaps in coverage, and we did continue to get decent grades there, all pointing to potential pit expansion. Obviously, we're looking at higher gold prices now.
Also looking at underground mining potential where we're seeing grades not only in the drilling we completed, but in previous drilling we've done and our predecessors in zone A and B, where there's clearly grades that will support underground mining eventually. What is needed is just more drilling definition to work up those underground stopes in a resource model. We did take one large step-out between down dip of the Box deposit. This was about a 125-meter step-out. Box and Athona, there's only one drill hole between them. It was drilled in the 1980s and produced around 4 gram a tonne over 4 meters. It's not spectacular, but it was in a mined granite, which shows there's possible connectivity between these two deposits.
We took a big step-out, the step-out from Box, and got some exceptional grades, including about 10 gram a tonne over 7 meters there in that upper portion of the granite. A really decent result that points the potential to, with continued drilling, to add to that underground mining scenario beyond what's envisaged for the current open pit. At Golden Pond, we did an initial round of drilling. It's an historical prospect that had been drilled previously, but with a poor geological understanding. We spent quite a bit of time in the field looking at that prospect, the historical drill core, and drilled everything toward the southwest instead of the other drill holes were sort of randomly orientated more long dip than across the dip of the vein system.
We verified the historical results, but also got some really encouraging intercepts, including 1.2 gram a tonne over 23 meters, just starting 10 meters below surface. That's wide open to the northwest, and we plan to follow that up and build up that really shallow vein system with a view to establishing another resource in that area. On the project development side, since the PEA, we've continued to advance the project through numerous work programs, focusing to address the data gaps to complete a PFS. The project has a lot of historical information in terms of development work done by previous operators. We're able to leverage off that. These are really focused programs to bridge that gap and bring it to a PFS level.
Geotech drilling, we did a program this last winter at the Box, drilled four holes, confirming previous assumptions or data that there's no major cross faults or any permeability there associated with that deposit. It really holds together nicely as an open pit operation. There's additional data coming in from other work being done on that drill core. Waste rocks, we did some additional sampling there. Again, it validated historical data to show that it's net neutral, the waste rock. We don't have any acid rock drainage concerns to deal with there. From a permitting point of view, that's going to be hugely helpful. What's really exciting is a project optimization study that's currently underway.
We did do some met work to show that from a gravity concentrate, we can pull out more than half the gold at grades between 600 gram a tonne and 1,000 gram a tonne. Why that's exciting is that we believe we could produce a concentrate early on for sale rather than necessarily going to a full plant and producing a gold bar on site. Why that's advantageous is that it's going to dramatically reduce the CapEx for the project. We basically only need to build the front end of the mill, produce a concentrate from gravity and a sulfide float, which can be sold. What's also exciting about that is that the scope of that should fall within the existing environmental approval that's already been granted. It's a way to even fast-track this project further. We've done the initial work on that.
We've got the data for the metallurgy. We've spoken to potential buyers for concentrate. We've run some initial economics. We're sufficiently encouraged that we've passed it to Ausenco for a more in-depth review, and we'll wait on the outcome of that. That will obviously inform some future work like metallurgical testing and also inform some of our design and planning for the PFS. On the environmental regulatory side, we've continued with the baseline data work, filling data gaps, verifying older data sets, assessing new areas. We've also engaged with regulators in Saskatchewan, meeting with them earlier this year, and we'll be putting together a project change review for them so they can tell us what's needed to be done to the existing approval in order to approve the new project. It will just be some addressing the form, as I mentioned, and probably a tailings storage facility.
In Mexico, we've got a tremendous asset there. The geological setting is world-class, and I encourage you to look at that on our website or corporate deck in terms of its potential for top-tier copper-gold potential. What's been done historically on the project is through our predecessor, Linear Gold, which identified the Campamento deposit. It's 1.7 million ounces at a 0.5 gram a ton cutoff. If you go to a 0.3 gram a ton cutoff, that's around 2 million ounces. Right next door is the Cerro La Mina prospect, which has enough drilling for a maiden estimate. We've had that confirmed, but we just need to do the estimate and do some verification on the drill core. And we've got multimillion-ounce potential in these shallow cover rocks, but beneath those cover rocks is a big porphyry system that hasn't been tested previously.
There we have some really exciting copper grades, like a 0.9% copper equivalent over 600 meters ending in mineralization. Tight holes like that point to the broader copper potential. The project is, however, challenged at the moment. There was a protected area by the State of Chiapas, which overlapped portion of the concession. We're busy dealing with that state authorities, and we've had some constructive conversations toward getting that resolved. A mistake made by them not checking where the concessions were. We also have an amparo process running a legal challenge in Mexico to get that resolved. We've held the title since 2002 and kept in good standing and obviously it preexists any protected areas. Our uranium portfolio is advancing with our partners.
We've just done a program at the Woods projects, planning for drilling, which will occur later this year, and recently been announcing a program around the Murmac and Strike projects. We're going to be drilling 5,000 meters there with our partners, Manhattan. They are funding the programs. We operate them, we get revenues from that. We also get revenues through option fees. Significant revenues for us as a small company on that while retaining discovery upside in those projects. We're just wrapping up why invest? We believe the gold market is great where it sits at the moment. Believe it's stabilized nicely and potential for obviously upside there. Tier one jurisdiction. Geopolitical aspects have really come to the fore recently and being Saskatchewan, you can't say more than that. High confidence resource with that growth potential, as I pointed to.
Compelling project economics, the clear development pathway and per share leverage with the optionality of our Poma Rosa project restarting and ongoing exploration at our uranium properties. I think that's it. If there's any, I don't know if we've got time for any questions. Yeah.
Your ability to make concentrate, that will lower potentially the central CapEx.
Have you done any early analysis of how much that could lower the CAD 300 million CapEx?
Yeah, it's significant. I mean, the CapEx was CAD 300 million for the full PEA or the full plant. That could be CAD 100 million coming off of that in that kind of range. Our initial scoping don't hold me to that. That's why we've passed it on to Ausenco. What you're basically doing is building the front end of the mill, and you don't need to build the leaching circuit and the whole electrowinning circuit on that, which is, not only costly to build, but also costly to operate. It's a way to start the project quicker, and that back end can always be added at a later stage once the project's up and running. I believe improved cash flow, lower CapEx, and in a quicker timeframe under the existing EIS. Yeah. Great. Okay. Thanks.