Mr. Dale Verran of Fortune Bay reports

FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS

Fortune Bay Corp. has acquired two additional uranium projects through staking on the north-central margin of the Athabasca basin, in proximity to the company's recently announced Spruce, Pine and Aspen uranium projects.

Gareth Garlick, technical director for Fortune Bay, commented: "The acquisition of the Birch and Fir projects adds to our growing uranium portfolio of newly acquired, 100-per-cent-owned projects on the north-central margin of the Athabasca basin. This extensive portfolio now totals five new uranium projects covering over 40,000 hectares and provides Fortune Bay with further opportunity to create value through exploration and/or transactional success. The Birch and Fir projects have known uranium endowment with historical occurrences of up to 55.1 per cent U3O8 [triuranium octoxide], in addition to rare earth element potential with historical outcrop grades of up to 2.4 per cent total rare earth elements."

In addition, the company reports on progress for its Murmac and Strike uranium projects, located on the northwestern margin of the Athabasca basin of Saskatchewan, for which an option agreement was recently signed.

Dale Verran, chief executive officer for Fortune Bay, commented: "We are delighted with the progress Aero Energy Ltd. has made for Murmac and Strike, with exploration drilling planned to commence in the coming months. Together with Aero's award-winning technical advisory team, operational planning and prioritization of drill targets is well under way. Murmac and Strike present significant opportunity for the discovery of high-grade, basement-hosted uranium and we look forward to working with Aero to advance exploration, while retaining upside in future discovery."

Newly staked uranium projects

Birch project

The Birch uranium project comprises four mineral claims totalling 5,751 hectares located approximately 35 kilometres north of the Athabasca basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk-tonnage Rossing-style uranium deposits. Birch remains underexplored with no drilling to date.

As follow-up to government regional airborne radiometric surveys, historical prospecting between 1968 and 1970 identified widespread and voluminous uranium-bearing pegmatites in the Box Lake area. Individual pegmatites were traced over lengths exceeding 150 metres and widths exceeding 30 metres, with average sampled grades ranging from 200 to 300 parts per million. Notably, higher grades were also recorded where structures could be sampled with grades between 0.22 per cent and 0.36 per cent U3O8. Uranium mineralization included uraninite and carnotite staining. Exploration is warranted to: 1) reinvestigate the pegmatite uranium occurrences; 2) establish the nature and extent of the structurally associated higher-grade uranium mineralization (which would be expected to predominantly occur in low-lying areas with sediment/water cover); and 3) explore for extensions of these two types of mineralization to the south-southwest into a large favourable hinge zone target area of structural complexity which appears to be largely unexplored. To the south, ground radiometric anomalies were identified during historical prospecting at Miller Lake (equivalent uranium grades of up to 861 ppm eU), within a smaller hinge zone, also warranting modern follow-up.

Fir project

The Fir uranium project comprises a single mineral claim of 794 hectares located approximately 10 kilometres north of the Athabasca basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk-tonnage Rossing-style uranium deposits. Fir remains underexplored with no drilling to date.

A historical pebble sample assayed 55.06 per cent U3O8, one of several radioactive pebbles found in a low-lying area covered by muskeg. An additional historical uranium occurrence of 0.24 per cent U3O8 from an outcrop sample is present 400 metres to the southeast. The area is characterized by interpreted structural complexity at the intersection of east- and northeast-trending structures. Follow-up of the occurrence was limited to localized prospecting, and the occurrence warrants more detailed systematic follow-up, particularly in low-lying areas with surficial cover where structures are likely to exist.

In addition to the uranium potential, pegmatite outcrops enriched in rare earth elements (REE) were discovered during historical prospecting for uranium. This included an outcrop sample of 2.4 per cent total rare earth elements (TREE), and a 400 by 200 m outcrop of white granodiorite displaying broadly elevated TREE content and highlight grades from four samples of 1.1 per cent to 1.9 per cent TREE. High-value neodymium and praseodymium account for approximately 20 per cent of the TREE content. These historical REE occurrences warrant follow-up to determine the extent and grades of the mineralization. Far Northern Saskatchewan has a precedent for high-grade pegmatite REE deposits, including Alces Lake (grades up to 30 per cent TREE), Bear Lake (16 per cent TREE rock sample) and Hoidas Lake (historical National Instrument 43-101 mineral resource estimate, including 2.6 million tonnes at 2 per cent TREE).

Similar to other recently announced uranium projects, Fortune Bay may seek to find a suitable partner(s) to advance the Birch and Fir projects through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.

Murmac and Strike update:

• On Dec. 18, 2023 Fortune Bay announced that it had entered into an option agreement whereby 1443904 B.C. Ltd., an arm's-length private company, was granted the right to acquire up to a 70-per-cent interest in the wholly owned Murmac and Strike uranium projects over a 3.5-year period by financing $6-million in exploration expenditures, making cash payments totalling $1.35-million and issuing $2.15-million in common shares following completion of a going-public transaction (see news release for further details).
• On Feb. 8, 2024, Aero Energy completed the acquisition of 1443904 B.C. pursuant to the terms of a share purchase agreement, thereby completing the going-public transaction. Concurrent with completion of the acquisition, the company has changed its name from Angold Resources Ltd. to Aero Energy.
• On Feb. 13, 2024, Aero announced a non-brokered private placement for aggregate gross proceeds of $5-million. The gross proceeds received from the sale of the flow-through units and the charity units will be used for work programs on Aero's optioned properties, including Murmac, Strike and Sun Dog (owned by Standard Uranium Ltd.), all located along the northwestern margin of the Athabasca basin of Saskatchewan.
• In accordance with the option agreement Fortune Bay has received the initial $200,000 cash payment and the initial $200,000 in common shares (1,333,333 shares using a transaction price of 15 cents per share).
• Planning is continuing for drilling programs to commence at Murmac and Strike during 2024 on numerous high-priority targets that have been identified with the potential for a high-grade basement-hosted uranium discovery.

Correction to previously announced deferred share unit grant

On Jan. 10, 2024, the company announced the grant of deferred share units (DSUs) to certain directors and officers. It was noted that 150,000 DSUs were granted to the directors of the company to settle director fees for the year ended Dec. 31, 2023. The number of DSUs granted should have been stated to be 200,000. The DSUs will vest in accordance with the company's deferred share unit plan.

Technical disclosure

The historical results contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the project. The company considers these historical results relevant to assess the mineralization and economic potential of the property.

Qualified person

The technical and scientific information in this news release has been reviewed and approved by Mr. Garlick, PGeo, technical director of the company, who is a qualified person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the company under NI 43-101.

About Fortune Bay Corp.

Fortune Bay is an exploration and development company with 100-per-cent ownership in two advanced gold exploration projects in Saskatchewan, Canada (Goldfields project), and Chiapas, Mexico (Ixhuatan project), both with exploration and development potential. The company is also advancing seven uranium exploration projects on the northern rim of the Athabasca basin, Saskatchewan, which have high-grade potential. The company has a goal of building a mid-tier exploration and development company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The company's corporate strategy is driven by a board and management team with a proven record of discovery, project development and value creation.

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