American AI stocks

According to Ascendix, there are around 90,000 AI companies worldwide, of which 32 percent are headquartered in the United States.

One of the major factors fueling growth in the American AI market, states Statista, is “the growing investments and partnerships among technology companies, research institutions, and governments.’

Below are three of the top US AI stocks by market cap. For more US AI stocks, check out our list of 12 generative AI stocks and 5 AI ETFs.

1. NVIDIA (NASDAQ:NVDA)

Market cap: US$4.59 trillion

The global leader in graphics processing unit (GPU) technology, NVIDIA is designing specialized chips used to train AI and machine-learning models for laptops, workstations, mobile devices, notebooks and PCs.

The company is partnering with a number of big-name tech firms to bring various key AI products to market.

Through its partnership with Dell Technologies (NYSE:DELL), NVIDIA is developing AI applications for enterprises, such as language-based services, speech recognition and cybersecurity.

The chipmaker has also been instrumental in the buildout of Meta Platforms’ (NASDAQ:META) AI supercomputer. Called the Research SuperCluster, it reportedly uses a total of 16,000 NVIDIA GPUs.

In early 2024, Taiwan Semiconductor Manufacturing Company (NYSE:TSM) and NVIDIA released the world’s first multi-die chip specifically designed for AI applications: the Blackwell GPU. Blackwell’s architecture allows for the increased processing power needed to train larger and more complex AI models.

NVIDIA’s biggest AI news for 2025 concerns its US$100 billion partnership with OpenAI announced on September 22. NVIDIA will fund a massive data center buildout to become the backbone of OpenAI’s superintelligence ambitions.

2. Microsoft (NASDAQ:MSFT)

Market cap: US$3.9 trillion

Microsoft has committed billions to OpenAI, but the tech behemoth has also built its own AI solutions based on the chatbot creator’s technology: Bing AI and Copilot. OpenAI officially licensed its technologies to Microsoft in 2020.

In late May 2024, Microsoft unveiled its Copilot+ Windows PCs, its first range of AI-equipped PCs. According to the company, they are the “fastest, most intelligent Windows PCs ever built.”

An update to Windows 11 in October 2024 included upgrades to the Copilot artificial intelligence platform capabilities, including the introduction of the ability to speak directly to the AI helper.

Microsoft’s moves into generative AI have translated into higher revenues for its Azure cloud computing business and a higher market capitalization — the tech giant pushed past the US$3 trillion mark in January 2024 and its managed to maintain that level up even after the March 2025 stock sell-off as a result of tariffs and trade wars by US President Donald Trump.

Microsoft announced an US$80 billion investment in US-based AI infrastructure earlier this year, followed by the integration of its Copilot AI tools into Microsoft 365. In October 2025, the company launched an open source framework that will allow developers to build out agentic AI applications.

3. Alphabet (NASDAQ:GOOGL)

Market cap: US$2.96 trillion

Alphabet holds court with both Microsoft and NVIDIA as part of the tech sector’s Magnificent 7, and its foray into AI has similarly brought the tech giant much success. The company has created the AI chatbot Gemini, formerly known as Bard, which is integrated into products such as its Google Suite, the Chromecast browser and the Google Pixel phone line.

Alphabet’s market cap surpassed the US$2 trillion mark in April 2024. That same month, Google introduced a custom AI chip designed for its cloud services customers. The technology uses British semiconductor company Arm Holding’s (NASDAQ:ARM) AI architecture. In the same week, Google revealed its new A3 Mega AI processor based on NVIDIA’s H100 Technology.

At the NVIDIA GTC 2025 conference, Alphabet and NVIDIA announced a series of AI-focused partnerships in the sectors of robotics, drug discovery and manufacturing.

As of October 2025, Alphabet is testing a Gemini AI app redesign with the goal of improving user experience and increasing engagement through more visuals and scrolling feed rather than a chat interface.

Canadian AI stocks

Recognized as a world-leading AI research hub, Canada ranks eighth out of 83 countries in the Global AI Index. Since 2017, the Canadian government has invested hundreds of millions of dollars into accelerating the research and commercialization of AI technology in the country through the Pan-Canadian AI Strategy.

Research by IBM (NYSE:IBM) shows Canadian businesses are increasingly adopting AI, with 56 percent of IT professionals in large enterprises reporting that they plan to increase deployment the technology in their operations for 2025.

Below are three of the top Canadian AI stocks by market cap. For more Canadian AI stocks, take a look at our list of 5 small-cap Canadian AI stocks.

1. CGI (TSX:GIB.A,NYSE:GIB)

Market cap: C$27.89 billion

Montreal-based CGI is among the world’s largest IT systems integration companies, and offers a wide range of services, from cloud migration and digital transformation to data analysis, fraud detection and even supply chain optimization. Its more than 700 clients span the retail, wholesale, consumer packaged goods and consumer services sectors worldwide.

Through a partnership with Google, CGI is leveraging the Google Cloud Platform to strengthen the capabilities of its CGI PulseAI solution, which can be integrated with existing applications and workflows.

CGI is aggressively working to expand its generative AI capabilities and client offerings. In early March 2024, the company launched Elements360 ARC-IBA, an AI powered platform for brokers and insurers to settle accounts in the UK broking industry. Later in September, CGI signed the EU’s Artificial Intelligence Act pledge to work for trustworthy and safe AI development.

The company’s AI-powered CGI DigiOps toolkit won the Association of Chartered Certified Accountants (ACCA) India Award 2024 for Excellence in Digital Transformation in February 2025. CGI DigiOps is used in several industries, including the energy and utilities, and retail sectors. “This award for digital transformation excellence is a testament to our commitment to delivering end-to-end AI-powered solutions to achieve meaningful outcomes for our clients,’ Rakesh Aerath, President, CGI Asia Pacific Global Delivery Centers of Excellence.

2. OpenText (TSX:OTEX)

Market cap: C$13.52 billion

Ontario-based OpenText is one of Canada’s largest software companies. The tech firm develops and sells enterprise information management software. Its portfolio includes hundreds of products in the areas of enterprise content management, digital process automation and security, plus AI and analytics tools.

OpenText serves small businesses, large enterprises and governments alike. Its AI & Analytics platform has an open architecture that enables integration with other AI services, including Google Cloud and Azure. It can leverage all types of data, including structured or unstructured data, big data and the internet of things to quickly create interactive visuals.

Last year, OpenText launched Cloud Editions 24.1, which includes enhancements to its OpenText Aviator portfolio.

OpenText has also been expanding its AI-powered cybersecurity offerings. In early 2025, the company launched OpenText Core Threat Detection and Response, which leverages AI-driven behavioral analytics to detect insider threats and cyberattacks.

The company sold of its eDocs business unit in October 2025 in order to increase focus on building out its AI capabilities and offerings.

3. Propel Holdings (TSX:PRL)

Market cap: C$1.04 billion

Propel Holdings is a fintech company that has designed an AI-powered lending-as-a-service platform for consumers seeking alternative access to credit outside of the traditional banking system. Its operating brands include Fora Credit, CreditFresh, MoneyKey and QuidMarket.

With operations in Canada, the US and the UK, the company claims that is has ‘helped consumers access over one million loans and lines of credit and over two billion dollars in credit.’

In September, Propel ranked sixth on the TSX30 2025 annual ranking, which recognizes the 30 best-performing companies over a three-year period on the Toronto Stock Exchange. The company also ranked 147th in the 2025 Report on Business magazine’s ranking of Canada’s top growing companies by three year revenue growth, with Propel’s revenue climbing 247 percent.

Australian AI stocks

Australia’s AI innovation and number of AI companies are growing consistently, according to a June 2025 government report on the country’s AI ecosystem.

According to the report, of the 412 public AI firms it identified, ‘Most public AI companies are well-established organisations that have operated in Australia for years or decades. Their expanding AI capabilities primarily stem from strategic shifts, increased investment in internal AI capabilities and acquisitions of AI-developing firms.’

Below are three of the top Australian AI stocks by market cap. For more ASX AI shares, check out our list of the 5 biggest ASX AI stocks.

1. NextDC (ASX:NXT)

Market cap: AU$10.8 billion

NEXTDC is Australia’s leading data center operator, with facilities currently operational or under development throughout Australia. The company also has data centers under development in New Zealand, Malaysia and Japan.

NEXTDC’s clients include some of the world’s largest cloud providers, such as Amazon (NASDAQ:AMZN) Web Services, Microsoft Azure, and Alphabet’s Google Cloud. The company also obtained NVIDIA’s DGX-Ready Data Centre Program certification, enabling it to optimize NVIDIA’s AI platforms and power advanced AI data centers in Australia.

In its financial report for its fiscal 2025 ended June 30, 2025, the company reported total revenue of AU$427.2 million, a 6 percent increase from the same period in the year prior. Its net revenue was up 14 percent to AU$350.2 million.

NEXTDC is the 2025 recipient of the Australian Competitive Strategy Leadership Recognition in the data center services industry.

2. Megaport (ASX:MP1)

Market cap: AU$2.56 billion

Megaport network-as-a-service provider that offers a software-defined network (SDN) platform to businesses, data centers and cloud providers. Although it calls Queensland, Australia, home, the company has operations in over 25 countries.

Megaport has strategic partnerships with cloud service providers like Amazon’s (NASDAQ:AMZN) Amazon Web Services and Microsoft’s (NASDAQ:MSFT) Microsoft Azure. Users of its Megaport Virtual Edge can use devices such as routers and firewalls without the need for physical hardware in a data center.

The scalability and on-demand nature of Megaport’s technology makes it ideal for businesses employing AI tools. The company’s AI Exchange platform connects customers with an ecosystem of over 30 AI service providers.

3. Nuix (ASX:NXL)

Market cap: AU$1.01 billion

Sydney-based Nuix is a leading provider of data processing, investigative analytics and intelligence software. Its client base includes legal, compliance, forensic investigations, cybersecurity and data governance sectors.

The company’s patented Nuix Neo technology uses advanced deep learning techniques to better train AI models for more efficient, scalable and cost-effective document classification. Launched in July 2023, Nuix Neo is accessed through a browser-based, collaborative interface, and includes end-to-end automation, investigative analytics and AI-enabled workflows.

This year, Nuix inked a deal with Indian multinational technology firm Tech Mahindra to provide AI-driven cyber risk management and data analytics tools. Tech Mahindra services the banking, insurance, telecommunications and government sectors.

Additionally, in mid-September, the company won a multiyear contract to supply forensic analysis software to the tax authority of Rhineland-Palatinate state in Germany.

FAQs for AI stocks

Investor Insight

Blue Sky Uranium provides exposure to Argentina’s largest NI 43-101 uranium resource, positive project economics at the flagship Ivana Deposit, and an option/joint venture (JV) that funds advancement through feasibility and construction without near-term equity dilution.

Company Overview

Blue Sky Uranium (TSV:BSK,OTC:BKUCF) is emerging as a frontrunner in uranium exploration and development in Argentina. As a member of the Grosso Group, which has pioneered resource exploration in Argentina since 1993 and been involved in four major mineral discoveries, Blue Sky benefits from deep regional expertise and established relationships.

Blue Sky’s flagship Amarillo Grande project, located in Río Negro Province, is a district-scale uranium–vanadium system extending 145 km over approximately 300,000 hectares. Within this project lies the Ivana deposit, Argentina’s largest NI 43-101-compliant uranium resource. The Amarillo Grande project was an in-house discovery by Blue Sky and has the potential to make the company the country’s first domestic uranium supplier as well as an emerging international producer.

To advance the Ivana deposit, Blue Sky established Ivana Minerales (IMSA), a joint venture company with its partner Abatare Spain (COAM), part of Corporación América Group. Under the agreement, COAM can fund up to US$35 million to earn a 49.9 percent indirect interest in Ivana, and may earn up to 80 percent by completing a feasibility study and funding up to US$160 million in development and construction costs to bring the project to commercial production.

The Río Negro Provincial Mining Authority registered the transfer of mining rights to IMSA on June 10, 2025, formally recognizing IMSA as the operating company for the Ivana uranium-vanadium project. IMSA also holds a call option to acquire 100 percent of certain exploration targets surrounding Ivana, subject to additional payments and a 2 percent royalty.

Beyond Amarillo Grande, Blue Sky is expanding its portfolio with projects in the Neuquen Basin targeting uranium deposits amenable to in-situ recovery (ISR) methods, further diversifying its growth potential in line with these positive market trends.

Company Highlights

• Significant Uranium Resource: Controls the largest NI 43-101 compliant uranium resource in Argentina with 17 Mlbs U3O8 in indicated resources and 3.8 Mlbs in inferred resources, plus valuable vanadium credits.
• Low-cost Production Potential: Near-surface mineralization with no blasting required, hosted in loosely consolidated sediments, making for potentially low mining costs.
• Strategic JV Partnership: Secured an earn-in agreement with COAM to advance the Ivana deposit with no funding required by Blue Sky through development. COAM will spend up to US$35 million to earn up to a 49.9 percent interest, and can further earn up to 80 percent by funding development costs to production (up to US$160 million).
• Strong Uranium Market Fundamentals: Global uranium market faces supply deficits with increasing demand from nuclear power generation, with prices strengthening significantly since 2023.
• Domestic Market Opportunity: Argentina has three operational nuclear plants with others under construction or planned, yet imports all uranium for fuel. National legislation guarantees purchase of domestically produced uranium.
• ISR Project Pipeline: New projects in the Neuquen Basin provide future growth through potential in-situ recovery operations, a method that produces 57 percent of the world’s uranium with minimal environmental impact.

Key Projects

Amarillo Grande Project (Flagship)

The Amarillo Grande project, located in Rio Negro Province, is Blue Sky’s cornerstone asset and a district-scale opportunity in Argentina’s uranium sector. Spanning 145 km and covering approximately 300,000 hectares, this project encompasses three main property areas: Ivana, Anit and Santa Barbara. Each area contributes to the project’s significant potential as an emerging uranium-vanadium district.

Ivana Deposit Highlights

• Resource: 19.7 million tons (Mt) of indicated resources grading 333 parts per million (ppm) uranium and 105 ppm vanadium, containing approximately 17 million pounds (Mlbs) of U3O8 and 8.1 Mlbs of V2O5. Additionally, the deposit hosts 5.6 Mt of inferred resources grading 262 ppm uranium and 109 ppm vanadium, containing approximately 3.8 Mlbs of U3O8 and 2.4 Mlbs of V2O5. Importantly, about 80 percent of the current resource is classified in the higher-confidence indicated category, providing a solid foundation for economic studies and development planning.
• Gap Analysis toward PFS/DFS: Led by M3 Engineering, SRK, Hidroar and Lionsgate to define remaining work, sequence and initial capex/opex framework.

Ivana Gap and Ivana Central (near-deposit targets)

• New geophysical results: Single ET/IP line at Ivana Gap outlined a ~1,400-m-wide chargeability anomaly at ~30–60 m depth, interpreted as the northerly extension of the Ivana redox front trend; Q4/25 diamond drilling planned.

Anit

The Anit property located north of Ivana, features a remarkable 15-kilometer airborne radiometric anomaly with extensive surface uranium and vanadium mineralization. Historical drilling along a 5.5-kilometer stretch averaged 2.6 meters at 0.03 percent U3O8 and 0.075 percent V2O5, indicating significant mineralization potential throughout the property. Blue Sky retains 100 percent control of this area, providing substantial upside beyond the Ivana deposit that is currently the focus of the COAM joint venture.

Santa Barbara

The Santa Barbara property represents the company’s initial uranium discovery in the Rio Negro basin, made in 2006. This property exhibits widespread uranium and vanadium mineralization along an 11-kilometer surface trend. While exploration here is less advanced than at Ivana, the geological similarities and surface indicators suggest potential for both near-surface mineralization and deeper blind deposits that could be identified through future exploration campaigns.

ISR Projects

Blue Sky maintains two projects in the Neuquén Basin — Chihuidos (100-percent-owned, 60,000 ha) and Corcovo (20,000 ha under option) — targeting uranium deposits potentially amenable to in-situ recovery (ISR) methods. These projects leverage extensive historical oil and gas well and seismic data to identify subsurface uranium targets. Both projects remain part of Blue Sky’s medium-term growth pipeline. ISR methods currently produce over half of the world’s uranium and align with the Company’s focus on low-cost, low-impact development

San Jorge Basin Projects

Blue Sky also secured strategic positions in the San Jorge Basin: the Sierra Colonia and Tierras Coloradas projects. While less advanced than the Amarillo Grande project, these properties have been selected based on favorable geological characteristics and historical indicators of uranium mineralization. The company is applying the exploration model and expertise developed at Amarillo Grande to efficiently evaluate and advance these prospects.

Management Team

Joseph Grosso – Chairman and Director

Founder of Grosso Group Management, Joseph Grosso has been a pioneer in Argentina’s exploration and mining sector since 1993. He was involved in multiple major discoveries in Argentina, including the Gualcamayo gold mine, Navidad silver project, and Chinchillas silver-lead-zinc mine.

Nikolaos Cacos – President and CEO, Director

Nikolaos Cacos is one of the company’s founders with over 35 years of management experience in mineral exploration. He has extensive expertise in strategic planning and administration of public resource companies.

David Terry – Technical Advisor and Director

David Terry is a professional economic geologist with over 30 years in the resource sector. He has extensive experience in exploration, development and project management in the mining industry.

Martin Burian – Director

Martin Burian holds ICD.D (Institute of Corporate Directors) and chartered professional accountant designations. He has a 30-year career in investment banking to the mining sector, is currently managing director at RCI Capital Group and held similar senior positions at Haywood Securities, Bolder Investment Partners and Canaccord Capital. Burian is an independent member of several other public company boards where his roles include chairman, lead independent director and audit committee chair, as well as privately-held Heffel Gallery Limited, where he is also part-time CFO. Burian’s early career was with KPMG where he obtained his CPA and CBV designations.

Pompeyo Gallardo – VP Corporate Development

Pompeyo Gallardo brings 29 years of experience in corporate finance, with strengths in budgeting and control, project structuring, project financing, and financial modeling and analysis.

Darren Urquhart – CFO

A chartered professional accountant, Darren Urquhart has 20 years of experience in public practice and industry.

Connie Norman – Corporate Secretary

Connie Norman has extensive experience in corporate secretarial and regulatory compliance services for public companies.

Guillermo Pensado – Technical Consultant

Guillermo Pensado is a geologist with extensive experience in the mining sector. He is now focused on the Ivana JV operations.

Luis Leandro Rivera – General Manager (JVCO)

Recently appointed to lead the Ivana joint venture company, Luis Leandro Rivera brings 30 years of experience in all facets of mining from exploration to operations, including most recently serving as senior vice-president of the Latin American region for AngloGold Ashanti, where he oversaw management of four mines in two countries.

_{1 PEA is preliminary in nature and is intended to provide an initial assessment of the project’s economic potential and development options. The PEA mine schedule and economic assessment includes numerous assumptions and is based on both Indicated and Inferred mineral resources. Inferred resources 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 results will be realized. Mineral resources are not mineral reserves and do not have demon-strated economic viability. Additional exploration will be required to potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies.}

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$106,465, a 3.3 percent decrease in 24 hours. BTC’s lowest valuation today was US$105,040, and its highest was US$108,137.

Despite ending last week with promising upside momentum, the persistent presence of strong sell pressure is acting as a barrier to accessing key resistance levels, raising doubts about sustained bullish recovery.

Analysts like Ted Pillows highlighted a pattern of weekend price pumps that typically do not hold during regular trading days.

Indeed, BTC started November with a 2 percent drop. Market participants are bracing for retests of support below the psychologically important US$100,000 level. Institutional demand has also weakened sharply, with significant outflows recorded from major Bitcoin ETFs.

Ether (ETH) was priced at US$3,573.75, a 7.4 percent decrease in 24 hours, and its lowest valuation of the day. Its highest was US$3,890.47.

Meanwhile, the market capitalization of privacy-preserving cryptocurrencies has surpassed US$24 billion, an increase of about 80 percent over the past week, led by Dash (DASH) and Zcash (ZEC).

Altcoin price update

• Solana (SOL) was priced at US$164.07, down 11.1 percent over the last 24 hours and at its lowest valuation of the day. Its highest was US$176.52.
• XRP was trading for US$2.28, a decrease of 8.7 percent over the last 24 hours. Its lowest valuation of the day was US$2.27, and its highest was US$2.42.

Crypto derivatives and market indicators

The crypto derivatives market remains active with high liquidation volumes, US$16.49 million for BTC and US$32.87 million for ETH in the four hours leading up to the closing bell, indicating ongoing bullish positions.

Open interest has slightly declined: 1.10 percent for BTC to US$69.57 billion and 0.78 percent for ETH to US$44.51 billion, reflecting cautious trader sentiment.

However, funding rates of 0.006 for BTC and 0.001 for ETH suggest a bullish bias persists. Additionally, the RSI near 38 indicates the market is approaching oversold levels, hinting at potential short-term stabilization or reversal.

This mix of technical opportunity amid cautious sentiment underlines the need for close monitoring of derivative positions and market reactions ahead.

Bitcoin dominance in the crypto market now stands at 60.3 percent, roughly two percent higher compared to last week. The Fear and Greed Index dipped three points further into the fear zone from last week to 36.

Today’s crypto news to know

Canada set to unveil draft stablecoin legislation

Sources for the Globe & Mail said on Friday that Ottawa will introduce draft stablecoin legislation as soon as December. The plan will reportedly be unveiled alongside the Federal budget on Tuesday (November 4) and tabled before the holiday recess. Sources also said that lawmakers drew inspiration for the legislation from the Genius Act.

The unidentified sources, who have reportedly viewed the draft, also indicated that it is deficient in clearly defining a digital currency and specifying who would be responsible for its oversight.

Canada currently applies dual regulatory frameworks for digital currencies depending on their nature and use. Some are treated as securities, giving authority to provincial and territorial governments, while others are treated as payment instruments under federal authority.

This overlapping jurisdiction results from the absence of a clear, unified legal definition for digital currencies in the country.

IREN becomes latest Bitcoin miner to diversify into AI

Bitcoin miner IREN has signed a US$9.7 billion multi-year GPU cloud services contract with Microsoft (NASDAQ:MSFT), the company announced this morning.

Under the terms of the deal, IREN will provide Microsoft access to NVIDIA (NASDAQ:NVDA) GPUs hosted within its data centers. In addition, IREN secured a US$5.8 billion equipment deal with Dell Technologies to support this GPU infrastructure.

This highlights a broader industry pivot among Bitcoin miners diversifying into AI computing services and data infrastructure amid tightening mining margins. Other miners like Hive Digital Technologies (TSXV:HIVE,NASDAQ:HIVE), MARA Holdings (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and TeraWulf (NASDAQ:WULF) are also making strategic moves into AI and high-performance computing sectors.

Ripple launches digital asset spot prime brokerage service

Ripple announced the official launch of its digital asset spot prime brokerage service, a new offering aimed at enabling streamlined access to spot digital asset trading for institutional clients.

The move underscores Ripple’s efforts to expand its suite of services in the growing digital asset market and follows its US$1.25 billion acquisition of Hidden Road, a multi-asset prime brokerage firm. This acquisition positioned Ripple as the first cryptocurrency company to own and operate a global multi-asset prime broker.

“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide U.S. institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, International CEO, Ripple Prime.

Investor Insight

A cycle-aware gold developer-explorer focused on value creation at the steepest part of the Lassonde Curve – pairing a de-risked Canadian gold project with transformational discovery potential in Mexico, and overlaying partner-funded uranium exposure.

Advancing community partnerships in both jurisdictions underpin the strategy, ensuring responsible advancement and alignment with stakeholders.

With a tight share structure and disciplined approach, Fortune Bay is positioned for multiple near-term catalysts as capital flows back into quality juniors.

Overview

Fortune Bay (TSXV:FOR,FWB:5QN,OTCQB:FTBYF) is a technically driven gold exploration and development company whose strategy is to create value at the steepest part of the Lassonde Curve. The company advances assets through discovery, resource expansion and early-stage development, then seeks monetization routes (sales, JV buyouts, M&A, royalties or equity) before the project enters capital-intensive build phases. This cycle-aware approach aims to maximize per-share value while minimizing dilution.

The current portfolio spans two 100-percent-owned gold projects – Goldfields in Saskatchewan, Canada, and Poma Rosa (formerly Ixhuatán) in Chiapas, Mexico. These projects are complemented by three uranium assets in Saskatchewan – Murmac, Strike and The Woods – that are being advanced under partner funding.

In 2025, Fortune Bay entered into an agreement with Cormark Securities Inc., as lead underwriter and sole bookrunner, for a “bought deal” private placement totaling C$8,000,071. Proceeds of the placement will help accelerate permitting and pre-feasibility work at the Goldfields Gold Project, launch exploration at Poma Rosa, and support ongoing growth and operations.

Overall, Fortune Bay’s business strategy blends a de-risked development asset (Goldfields) with transformational discovery potential (Poma Rosa), and non-dilutive uranium exposure, positioning the company for multiple catalysts and potential re-rating as market capital flows into quality juniors.

Company Highlights

• Cycle-smart model: Advancing projects through discovery, resource expansion and early-stage development, then monetizing before the capital-intensive build phase.
• Poma Rosa Project (Mexico): Historical gold resource at Campamento (1.04 Moz measured and indicated; 0.70 Moz inferred) sitting atop an untested porphyry system – offering both near-term ounces and discovery blue-sky; community re-engagement progressing to enable exploration restart. Historical estimate, not treated as current under NI 43-101.
• Uranium optionality, non-dilutive: Advancing Murmac & Strike (optioned to Aero Energy) and The Woods (optioned to Neu Horizon) under partner capital while Fortune Bay remains operator, leveraging uranium expertise, offsetting overhead and preserving discovery upside and exposure to uranium market tailwinds.
• Strong leadership: Led by discovery-driven geologists and capital-markets veterans with a track record of building and monetizing companies.
• Fully Funded: Fortune Bay raises C$8.0 million in a bought deal with Cormark Securities.

Key Projects

Goldfields Project

Located in Saskatchewan, Canada, Goldfields sits in one of the world’s top mining jurisdictions with road access, nearby hydropower, historical mining infrastructure and well-advanced permitting groundwork. The project’s 2022 preliminary economic assessment (PEA) outlined 101 koz/yr average production over 8.3 years with C$234 million initial capex and life-of-mine all-in sustaining cost of US$889/oz (base case US$1,650/oz), with strong sensitivity to higher gold prices.

In 2025, Fortune Bay released an updated preliminary economic assessment (PEA) for the Goldfields project in Saskatchewan, outlining a sub-5,000 tpd open-pit mine designed to leverage existing infrastructure and permits. At a base gold price of US$2,600/oz, the project delivers an after-tax NPV5 percent of C$610 million and a 44 percent IRR, rising to C$1,253 million NPV and 74 percent IRR at spot gold (~US$3,650/oz). The plan includes a 13.9-year mine life with 896,000 ounces of payable gold, cash costs of US$1,207/oz and AISC of US$1,330/oz, supported by an initial capex of C$301 million. With 97 percent of ounces in the mine plan classified as indicated and additional upside from expansion drilling, the project demonstrates both low risk and strong growth potential.

An updated mineral resource estimate (MRE), effective September 11, 2025, was completed as part of the updated PEA to account for a slightly lower cut-off grade reflecting higher gold prices. The resources are constrained within a conceptual open-pit shell. Prepared by SRK Consulting (Canada) in accordance with CIM Guidelines and NI 43-101, this MRE replaces the previous estimate dated September 1, 2022. SRK used the same resource estimation procedures and also developed the supporting mineralization models, which were informed by structural and petrographic studies.

The MRE reconciles to within 1 percent of historical mine production at Box when the historically reported process plant recovery of 96 percent is applied, providing additional confidence in the estimate.

Poma Rosa Gold-Copper Project

In Chiapas, Mexico, Poma Rosa hosts the Campamento epithermal gold-silver system with a historical resource of 1.04 Moz gold, measured and indicated, and 0.70 Moz gold inferred, and sits above a large, under-evaluated copper-gold porphyry system evidenced by broad mineralized intercepts, including 601.4 m @ 0.3 percent copper, 0.7 g/t gold and 2.7 g/t silver at Cerro La Mina, and multiple target areas across the tenement.

Fortune Bay is re-establishing community relationships to enable exploration agreements and a restart of field programs, with a pathway that includes updating the historical resource to current NI 43-101 standards and testing porphyry/skarn targets. The Campamento estimate is historical and not treated as current.

Uranium Portfolio

The Murmac and Strike projects are optioned to Aero Energy, while The Woods is optioned to Neu Horizon. Together, they cover more than 60,000 hectares on and near the Athabasca Basin’s northern rim, targeting shallow, basement-hosted high-grade deposits. Drilling at Murmac/Strike has confirmed Athabasca-style mineralization with multiple shallow uranium intercepts. Meanwhile, The Woods offers district-scale potential along the Grease River Shear Zone with extreme surface/lake-sediment uranium anomalism. Fortune Bay remains the operator for these assets, while partners fund exploration, generating non-dilutive income and preserving discovery leverage.

Management Team

Wade Dawe – Executive Chairman

Wade Dawe is an accomplished entrepreneur, financier and investor . He has founded or co-founded a number of successful companies, including Keeper Resources, which was sold for $51.6 million in 2008, and Brigus Gold, which was acquired by Primero Mining in 2014 in an all-share deal valued at $351 million. Dawe is currently a director of TSX-listed Pivot Technology Solutions and of TSXV-listed kneat.com. He holds a Bachelor of Commerce degree from Memorial University (MUN), where he serves on the Advisory Board to the Faculty of Business Administration.

Dale Verran – Chief Executive Officer

Dale Verran is an exploration geologist and mining executive with over 25 years of international experience. He has a track-record of successful project generation, discovery and project advancement, in both Africa and Canada. Prior to joining Fortune Bay, Verran served as vice-president, exploration for Denison Mines, where he was involved in the discovery of over 70 million pounds of U3O8. He is a former executive technical director for a large independent exploration group operating in Africa, Remote Exploration Services, and former exploration manager for Manica Minerals, a private prospect generator company with an extensive multi-commodity portfolio of projects in Africa.

Sarah Oliver – Chief Financial Officer

Sarah Oliver has more than 10 years of experience working in the accounting and finance industries – most recently as the chief financial officer of the predecessor company to Fortune Bay. She worked with PwC Canada in their consulting and deals group and then in their assurance practice, as a senior manager where she assisted her clients through various acquisitions and mergers, public and private financings and advising on accounting policy and control implementation. Oliver has been a chartered professional accountant, chartered accountant since 2007.

Gareth Garlick – VP Technical Services

Gareth Garlick has approximately 25 years of international experience in the mining and mineral exploration industry. He is experienced in all aspects of the mining cycle, ranging from grassroots exploration to resource estimation and resource reconciliation on producing mines, and has been overseeing all of Fortune Bay’s operational and development-related work. Garlick is a registered P.Geo (EGBC) and holds a Bachelor of Science (Honours) in Geology from the University of Cape Town.