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Fortune Minerals Ltd

www: www.fortuneminerals.com/Home/default.aspx   email: info@fortuneminerals.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
TSE:FT CAD
OTCMKTS:FTMDF USD

Description

Fortune Minerals Ltd are a gold focused junior, late stage developer with one mine in development in Canada. They have approximately 1Moz. of gold in the reserves and resources category of which 1Moz. are in the measured and indicated category. They have a market capitalisation of ~C$51.01M which is a fall of roughly 11% over the last three weeks. As of 03/07/2026 they have no debt and ~C$12.2M cash. They have 604M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 03/07/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $57.07M $51.01M 03/07/2026
MCap (OS): $50.91M $45.51M 03/07/2026
Total Assets: $51.31M $50.23M 03/07/2026
Total Liabilities: $13.19M $12.92M 03/07/2026
Current Assets: $12.46M $12.20M 03/07/2026
Current Liabilities: $0.37M $0.36M 03/07/2026
Total Debt: $0.00M $0.00M 03/07/2026
Cash: $12.46M $12.20M 03/07/2026
Debt (Net): $-12.46M $-12.20M
Enterprise Value: $44.60M $38.81M
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 03/07/2026
Misc 03/07/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 604,000,001 604,000,001 03/07/2026
Shares (FD): 677,000,000 677,000,000 03/07/2026
Insider Ownership: 15% 15% 03/07/2026
Dividend (Annual): n/a n/a 03/07/2026
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 06/01/2028 03/07/2026
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 03/07/2026
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 03/07/2026
Development Phase: FS Released FS Released 03/07/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 10
Developer: Likely Path to Production
 10
Developer: Likely Path to Production
 03/07/2026
Cash Flow Multiple: 5 5 03/07/2026

Resource Data

GOLD 03/07/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 03/07/2026
Measured & Indicated: 1.00M 1.00M 03/07/2026
Inferred: n/a n/a 03/07/2026
Reserves & Resources: 1.00M 1.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/07/2026
Measured & Indicated: 0.64M 0.64M 03/07/2026
Inferred: n/a n/a 03/07/2026
Reserves & Resources: 0.64M 0.64M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 03/07/2026
Extra Operating Cost: n/a n/a 03/07/2026
Total: $1,300 $1,300 03/07/2026
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): n/a n/a
EV / Production (AuEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 03/07/2026
Open Pit (Avg): n/a 1.00 g/t 03/07/2026
Recovery Rate: (CG)  80.00% (CG)  80.00% 03/07/2026
F
U
T
U
R
E		 Proven & Probable: 1.00M 1.00M 03/07/2026
Annual Production: 45,000oz. 45,000oz. 03/07/2026
Cash Cost: $400 $400 03/07/2026
Extra Operating Cost: $900 $900 03/07/2026
SILVER 03/07/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 03/07/2026
Measured & Indicated: n/a n/a 03/07/2026
Inferred: n/a n/a 03/07/2026
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/07/2026
Measured & Indicated: n/a n/a 03/07/2026
Inferred: n/a n/a 03/07/2026
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 03/07/2026
Extra Operating Cost: n/a n/a 03/07/2026
Total: n/a n/a 03/07/2026
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): n/a n/a
EV / Production (AgEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 03/07/2026
Open Pit (Avg): n/a n/a 03/07/2026
Recovery Rate: n/a n/a 03/07/2026
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/07/2026
Annual Production: n/a n/a 03/07/2026
Cash Cost: n/a n/a 03/07/2026
Extra Operating Cost: n/a n/a 03/07/2026

Property

Last Analysis Data  (03/07/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Nico
100 show
It is permitted.

An updated feasibility due in 2023.

$436 million capex. Likely higher after the update.

Size: 5,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Nico
100 show
It is permitted.

An updated feasibility due in 2023.

$436 million capex. Likely higher after the update.

Size: 5,000 ha

Profitability (by resource)

Proven &
Probable		 03/07/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: n/a n/a n/a
Max Profit / Current MCap: n/a n/a n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: n/a n/a n/a
Total Free Profit Per Share: n/a n/a n/a
FD MCap / Gold Eq.: n/a n/a n/a
FD MCap / Silver Eq.: n/a n/a n/a
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a
EV / Gold Eq.: n/a n/a n/a
EV / Silver Eq.: n/a n/a n/a
EV / Per Metal
as % Spot Price:		 n/a n/a n/a
Measured &
Indicated		 03/07/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.00M 1.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.64M 0.64M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,478.69M $2,178.53M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,478.69M $2,178.53M n/a
Max Profit / Current MCap: 43.436 42.707 n/a
Max Profit Per Share (Gold): $3.66 $3.22 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.66 $3.22 n/a
Total Free Profit Per Share: $3.55 $3.11 n/a
FD MCap / Gold Eq.: $89.16 $79.71 n/a
FD MCap / Silver Eq.: $1.46 $1.27 n/a
FD MCap / Per Metal
as % Spot Price:		 1.72% 1.69% n/a
EV / Gold Eq.: $69.70 $60.64 n/a
EV / Silver Eq.: $1.14 $0.96 n/a
EV / Per Metal
as % Spot Price:		 1.35% 1.29% n/a

Reserves &
Resources		 03/07/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.00M 1.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.64M 0.64M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,478.69M $2,178.53M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,478.69M $2,178.53M n/a
Max Profit / Current MCap: 43.436 42.707 n/a
Max Profit Per Share (Gold): $3.66 $3.22 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.66 $3.22 n/a
Total Free Profit Per Share: $3.55 $3.11 n/a
FD MCap / Gold Eq.: $89.16 $79.71 n/a
FD MCap / Silver Eq.: $1.46 $1.27 n/a
FD MCap / Per Metal
as % Spot Price:		 1.72% 1.69% n/a
EV / Gold Eq.: $69.70 $60.64 n/a
EV / Silver Eq.: $1.14 $0.96 n/a
EV / Per Metal
as % Spot Price:		 1.35% 1.29% n/a

Future Valuation (Cash Flow & Totals)

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