Fortune Bay (FOR) AI Stock Analysis

• Market Cap: C$55.14M
• Dividend Yield: N/A
• Average Volume (3M): 61.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.62
• Revenue Growth: N/A
• EPS Growth: 1.39%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 68,076,680
• 10 Day Avg. Volume: 61,615
• 30 Day Avg. Volume: 61,017
• PEG Ratio: 7.23
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -19.15
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: C$0.83 ▲(6.41% Upside)

The score is held back primarily by weak financial performance (no revenue, recurring losses, and negative free cash flow), partly cushioned by a low-debt, equity-supported balance sheet. Technicals are a relative positive with strong momentum above key moving averages, while valuation is constrained by ongoing losses and no dividend data.

Positive Factors

Low leverage / strong equity base

A sizable equity base and zero reported debt provide durable financial flexibility for an exploration company. This reduces bankruptcy and interest-rate risk, supports multi-stage drilling programs, and strengthens the firm’s ability to weather cash burn while pursuing asset advancement or partner deals.

Exploration / project-advancement business model

A capital-light, project-advancement model is structurally advantageous: delineating resources then monetizing via farm-outs, JV or royalties allows value crystallization without building a mine. This model aligns incentives with partners and can generate milestone payments over the medium term.

Focused gold exploration pipeline

A clear, focused mandate on gold exploration concentrates technical expertise and project management, enabling systematic resource definition. Specialization improves odds of attracting strategic partners and targeted capital, making project advancement more efficient over multiple funding cycles.

Negative Factors

Pre-revenue with recurring losses

No operating revenue and repeated net losses are a structural constraint: the company must continually access capital markets to fund exploration. Over time, this raises dilution risk and can erode the equity base if projects do not progress to value-generating transactions or partner funding.

Negative operating and free cash flow

Sustained negative operating and free cash flow necessitate external financing to maintain exploration programs. This dependency increases vulnerability to capital-market conditions, may force project slowdowns or dilutive financings, and limits the company’s ability to self-fund advancement over months.

Persistent losses with limited improvement

Flat-to-worsening net losses indicate limited operating leverage or insufficient scale in exploration outcomes. Without demonstrable improvement in results or partner-funded programs, continued losses could constrain strategic options and prolong dependence on capital raises, impeding long-term project advancement.

Fortune Bay Business Overview & Revenue Model

Company Description

Fortune Bay Corp. acquires, explores for, and develops mineral properties. It primarily explores for gold deposits. The company holds a 100% interest in the Goldfields project comprises 12 mineral dispositions covering an area of approximately 5,000 hectares located in northern Saskatchewan, Canada; the Strike Uranium project that comprises four mineral dispositions covering an area of approximately 10,000 hectares located near Uranium City, northern Saskatchewan, Canada; the Murmac Uranium project, which consists of 10 mineral claims covering an area of approximately 5,300 hectares located in northern Saskatchewan, Canada; and the Ixhuatán project that consists of the 4,176 hectares of Rio Negro concession located in northern Chiapas State, Mexico. It also owns 2% net smelter royalty in the Huizopa project located in the Sierra Madres in Chihuahua, Mexico. The company is headquartered in Halifax, Canada.

How the Company Makes Money

Fortune Bay generates revenue through the exploration, development, and eventual production of mineral resources, with a primary focus on gold and uranium. As a junior exploration company, its main revenue streams include the sale of mineral rights or properties, joint ventures with larger mining companies, and potential future mining operations. The company may also secure funding through equity financing, grants, or government incentives specific to the mining sector. Partnerships with other mining firms can also provide additional funding and resources, aiding in the advancement of their projects and contributing to their earnings.

Fortune Bay Financial Statement Overview

Summary

Pre-revenue profile with no TTM revenue and continued net/EBIT losses, plus ongoing cash burn and negative free cash flow. The main offset is a comparatively strong balance sheet with sizable equity relative to assets and essentially no debt, providing financial flexibility despite persistent negative returns on equity.

Income Statement

TTM (Trailing-Twelve-Months) results show no revenue and continued losses (net loss of about 1.49M; EBIT loss about 1.37M), consistent with a pre-revenue exploration-stage profile. Losses have not meaningfully improved versus prior annual periods (net loss was ~1.49M in 2024 and ~1.39M in 2023), indicating limited operating leverage and ongoing expense run-rate risk. A positive is that reported debt is minimal, so earnings pressure is primarily operational rather than interest-driven.

Balance Sheet

The balance sheet is a relative strength: equity remains sizable (~24.3M in TTM (Trailing-Twelve-Months)) versus total assets (~26.2M), and total debt is reported at 0 in TTM (Trailing-Twelve-Months) (and low in prior years), implying low financial leverage. However, persistent losses are translating into negative returns on equity (roughly -6% to -8% range across periods), which can erode the equity base over time if spending continues without a revenue inflection.

Cash Flow

Cash generation is weak, with negative operating cash flow in TTM (Trailing-Twelve-Months) (about -1.40M) and negative free cash flow (about -2.17M), reflecting ongoing funding needs. Free cash flow improved versus the prior annual period (2024 free cash flow was about -0.53M), but it remains meaningfully negative and can be volatile year-to-year (e.g., very large outflow in 2022). Free cash flow is greater than net loss (i.e., cash burn not worse than accounting losses), but the company still depends on external capital until operations scale.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-2.67K	-2.86K	-16.02K	-5.36K	-5.80K	-1.13K
EBITDA	-1.20M	-1.15M	-1.20M	-1.54M	-1.87M	-1.01M
Net Income	-1.49M	-1.49M	-1.39M	-1.37M	-1.83M	-1.09M
Balance Sheet
Total Assets	26.16M	24.64M	24.10M	23.73M	24.80M	19.00M
Cash, Cash Equivalents and Short-Term Investments	1.23M	626.38K	585.16K	531.84K	6.51M	3.04M
Total Debt	0.00	543.93K	499.20K	0.00	0.00	190.58K
Total Liabilities	1.89M	2.68M	1.57M	849.55K	1.05M	1.01M
Stockholders Equity	24.27M	21.96M	22.53M	22.88M	23.75M	18.00M
Cash Flow
Free Cash Flow	-2.17M	-528.72K	-1.11M	-6.00M	-4.03M	-1.45M
Operating Cash Flow	-1.40M	-511.48K	-714.35K	-1.16M	-1.65M	-1.10M
Investing Cash Flow	-633.48K	-209.94K	-387.35K	-4.82M	-2.38M	-354.46K
Financing Cash Flow	2.59M	592.92K	1.16M	0.00	7.50M	4.47M

Fortune Bay Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.78
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FOR, the sentiment is Neutral. The current price of 0.78 is below the 20-day moving average (MA) of 0.81, below the 50-day MA of 0.79, and above the 200-day MA of 0.75, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 49.69 is Neutral, neither overbought nor oversold. The STOCH value of 60.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:FOR.

Fortune Bay Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ARIC	58 Neutral	C$78.11M	-24.67	-12.97%	―	―	33.77%
FOR	55 Neutral	C$55.14M	-28.62	-6.38%	―	―	1.39%
FMAN	54 Neutral	C$132.28M	-25.29	-11.02%	―	―	-58.88%
AMQ	54 Neutral	C$112.99M	-101.39	-8.75%	―	―	―
GGO	50 Neutral	C$142.67M	-81.82	-3.92%	―	―	―
LVX	49 Neutral	C$78.76M	-14.84	-42.27%	―	―	28.32%

Fortune Bay Corporate Events

Fortune Bay Targets Fast-Track Advancement of Saskatchewan Goldfields Project in 2026

Fortune Bay Corp. is entering 2026 with a strengthened balance sheet and a clear strategy to fast-track its Goldfields Gold Project in Saskatchewan, fully funding its planned work program that targets both project development and near-mine resource growth. After a year of technical and permitting advances in 2025, including an updated Preliminary Economic Assessment that demonstrated robust project economics and strong leverage to higher gold prices, the company has resumed exploration drilling and is running PFS-level technical and environmental programs, aiming to de-risk Goldfields, accelerate it toward construction within the provincial permitting framework, and position the asset to capture increasing value in a strengthening gold market.

The most recent analyst rating on (TSE:FOR) stock is a Hold with a C$0.74 price target. To see the full list of analyst forecasts on Fortune Bay stock, see the TSE:FOR Stock Forecast page.

Fortune Bay Bolsters Goldfields Team With Senior Mining Advisor as Project Advances Toward Pre-Feasibility

Fortune Bay Corp. has appointed veteran mining engineer Ronald Halas as Senior Mining Advisor for its Goldfields Gold Project, adding more than 35 years of global gold mining and project development experience, including feasibility, construction and operations, to its technical bench as it advances the asset. Concurrently, the company reports that exploration drilling at the Box deposit has begun, key metallurgical and technical work for a pre-feasibility study is underway, and permitting and environmental baseline programs are progressing alongside community engagement, signalling steady de-risking of the Goldfields project and a more mature development phase in 2026.

Fortune Bay Challenges New Regulatory Developments Affecting Poma Rosa Project

Fortune Bay Corp. has announced a regulatory update concerning its Poma Rosa Project in Chiapas, Mexico. A new state-level protected natural area overlaps with 11% of the company’s Rio Negro concession, affecting parts of the Campamento gold-silver deposit. In response, Fortune Bay has filed a constitutional challenge to preserve its rights under federal Mexican mining law. The company has made significant progress in stakeholder engagement and expects no immediate operational or financial impact, although there may be timing uncertainties. Fortune Bay continues to work with Mexican legal counsel to assess the situation and will provide updates as needed.

Fortune Bay Corp. Strengthens Commitment to ESG with New Policy

Fortune Bay Corp. has adopted a formal Environmental, Social & Governance (ESG) Policy to enhance its commitment to responsible exploration and development of its gold and uranium projects. The policy emphasizes community engagement, environmental stewardship, transparency, ethical governance, and local economic participation. This initiative is expected to guide ongoing and future activities, including environmental studies and community engagement at Goldfields and exploration agreements in Chiapas, Mexico, while reinforcing the company’s values and stakeholder trust.

Fortune Bay Corp. Announces Annual Equity Incentive Awards

Fortune Bay Corp. announced the approval of annual equity incentive awards, granting 1,490,000 incentive stock options and 150,000 deferred share units to its directors, officers, contractors, and employees. This move is part of the company’s strategy to incentivize its team and align their interests with the company’s growth objectives, potentially impacting its operational efficiency and market positioning positively.

Fortune Bay Appoints New CFO to Drive Growth Strategy

Fortune Bay Corp. has appointed Patrick McGrath as the new Chief Financial Officer, succeeding Sarah Oliver who has served since 2016. McGrath brings over 25 years of experience in the resource industry, with expertise in corporate finance and capital markets, which is expected to support Fortune Bay’s growth strategy and project advancements.

Fortune Bay Launches Exploration Drilling at Goldfields Project

Fortune Bay Corp. has commenced an exploration drilling program at its Goldfields Gold Project in northern Saskatchewan, targeting resource expansion at the Box and Athona deposits and exploring new resources at underexplored historical occurrences. The program aims to unlock additional near-mine ounces to enhance the project’s economics and development profile, with initial plans for 17 exploration holes and potential for expansion based on results. The company’s strategic focus on expanding resources and advancing towards a Pre-Feasibility Study underscores its commitment to strengthening its position in Canada’s top mining jurisdiction.

Fortune Bay Accelerates Goldfields Project Development After Strong PEA

Fortune Bay Corp. has announced the acceleration of its Goldfields Project following a successful $8 million financing and a strong Updated Preliminary Economic Assessment (PEA). The company is initiating technical work streams to advance towards a Pre-Feasibility Study in 2026, with plans for project-development and exploration drilling. The Updated PEA highlights robust economic potential with an after-tax NPV of C$610 million at a gold price of US$2,600 per ounce, and significant leverage to higher gold prices. Fortune Bay is also progressing with permitting activities and community consultations, aiming to unlock value and support resource growth potential.