Mr. Dale Verran reports

FORTUNE BAY ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Fortune Bay Corp. intends to complete a non-brokered private placement for aggregate gross proceeds of up to $700,000. The company intends to issue up to 3,043,478 units at an issue price of 23 cents per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant will be exercisable into one common share of the company at an exercise price of 30 cents per share for a period of two years. The proceeds from the private placement will be used to support the company's continuing activities as outlined in the news release dated Aug. 8, 2023.

To facilitate the offering, Fortune Bay has entered into an agreement, signed Oct. 12, 2023, with Numus Capital Corp., a registered exempt market dealer, to act as agent for the offering. Fortune Bay has agreed to pay to Numus a cash fee equal to 7.5 per cent of the gross proceeds received by Fortune Bay from the sale of units introduced by the agent, except on subscriptions received from directors, officers and employees of Fortune Bay, and to issue share purchase warrants entitling Numus to purchase the number of shares in the company that is equal to 7.5 per cent of the units sold by Numus as part of the offering to investors introduced by the agent, except on subscriptions received from directors, officers and employees of Fortune Bay. Each share purchase warrant will be exercisable into one common share of Fortune Bay at 30 cents per share for a period of two years.

Completion of the financing is subject to the satisfaction of certain conditions, including approval by the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a four-month-and-one-day hold period.

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.

We seek Safe Harbor.