Mr. Dale Verran reports

FORTUNE BAY EXPANDS THE MURMAC URANIUM PROJECT

Fortune Bay Corp. has significantly expanded its 100-per-cent-owned Murmac uranium project through recent successful staking efforts. The project area now totals 10,363 hectares, representing a 95-per-cent increase in area from 2022. The project is located on the northern rim of the Athabasca basin in Saskatchewan, approximately 10 kilometres south of Uranium City.

Dale Verran, chief executive officer for Fortune Bay, commented: "We are very pleased to have almost doubled the size of our Murmac uranium project amidst highly competitive staking in Saskatchewan's Athabasca basin. The recent expansions further consolidate Fortune Bay's dominant land position of high-grade uranium target areas in the Uranium City area."

Mr. Verran further added: "The positive results from our 2022 drilling and prospecting programs have validated the endowment of uranium at Murmac and support the potential for a high-grade discovery. The expanded project provides significant additional discovery potential along corridors which have been identified as being prospective for high-grade uranium."

2022 exploration results support potential for high-grade discovery

Maiden exploration drilling completed in 2022 over regional targets intersected uranium mineralization in six of the 15 drill holes, including assay highlights of 0.18 per cent U3O8 (triuranium octoxide), 0.17 per cent U3O8 and 0.12 per cent U3O8 from individual 0.1-metre length drill core samples. The intersections of uranium are shallow, from between 20 and 150 metres below surface, and indicate the presence of Athabasca basin mineralizing systems at various locations on all three targeted corridors based on the association with structured graphitic rocks and characteristic pathfinder elements and alteration. Please see news release dated Dec. 13, 2022, for more details. These results warrant follow-up with additional drilling, along strike and down dip of mineralized intersections to date.

Results from surface prospecting completed in 2022 further support the potential for a high-grade discovery. Prospecting results included 8.82 per cent U3O8 from a boulder sample, and outcrop samples of 6.90 per cent U3O8 and 1.69 per cent U3O8, with an additional nine outcrop samples assaying between 0.1 per cent and 0.8 per cent U3O8 from the Armbruster, Howland and Pitchvein corridors. Please see news release dated Jan. 23, 2023, for more details.

Fortune Bay's exploration results to date, in conjunction with historical results, confirm a substantial uranium endowment at Murmac, and numerous priority target areas have been identified for drill testing.

Newly acquired claims

The newly acquired claims cover strike extensions of prospective electromagnetic (EM) conductors, or corridors, that were defined with VTEM (versatile time-domain electromagnetic) surveying completed in spring of 2022. In addition, the newly acquired claims cover prospective, underexplored areas immediately south and west of the historical Lorado mine, where more than 95,000 tons of shallow ore grading 0.19 per cent U3O8 were milled between 1957 and 1960.

Technical disclosure

Fortune Bay exploration results referred to in this news release represent rock outcrop and drill core samples submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multielement characterization. Sample preparation for all samples included drying, jaw crushing to 60 per cent passing minus two millimetres and pulverizing to 90 per cent passing minus 106 microns. Multielement characterization was carried out by partial digestion (HNO3:HCl), using inductively coupled plasma optical emission spectroscopy and inductively coupled plasma mass spectrometry analytical methods. For selected samples U3O8 weight percentage was determined separately through partial digest (HCl:HNO3) and ICP-OES (ISO/IEC 17025 accredited method). Additional analysis for boron content was obtained for all samples through sodium peroxide/sodium carbonate fusion followed by ICP-OES.

Quality assurance/quality control on analytical results has included insertion of sample blanks by Fortune Bay at a rate of one blank per 20 samples. Additional QA/QC by SRC has included insertion of certified reference standards and repeat analyses. All results have been reviewed and no issues were noted.

The historical drill results 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. Historical assay results were captured from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310, 74N07-0311 and 74N07-0064. The company considers these results relevant to assess the mineralization and economic potential of the property. Information regarding the historical Lorado mine is derived from the Saskatchewan Mineral Deposit Index (SMDI) under reference No. 1228 and No. 1229.

Qualified person

The technical and scientific information in this news release has been reviewed and approved by Mr. Verran, MSc, PGeo, chief executive officer of the company, who is a qualified person as defined by National Instrument 43-101. Mr. Verran 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 the 100-per-cent-owned Strike and Murmac uranium exploration projects, located near the Goldfields project, which have high-grade potential typical of the Athabasca basin. 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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