Mr. Dale Verran reports

FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. has acquired the Spruce uranium project through staking over the past several months. The project is located within the north-central margin of the Athabasca basin, near the community of Fond du Lac, and comprises four mineral claims covering 6,855 hectares.

Highlights:

• Located in proximity to the northern rim of the Athabasca basin with potential for high-grade, basement-hosted uranium deposits;
• Covers over six kilometres of prospective strike length along the Grease River shear zone (GRSZ), a major structural corridor that hosts the historical Fond du Lac uranium deposit;
• The GRSZ is significantly underexplored relative to other major, basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries (such as Arrow, Triple R and Eagle Point);
• Historical surface uranium showings of 1.60 per cent U3O8 (triuranium octoxide) and 0.65 per cent U3O8 from limited prospecting;
• Additional rare earth element (REE) potential, including historical surface REE showings of 3.13 per cent total rare earth element (TREE), 1.23 per cent TREE, 0.88 per cent TREE and 0.85 per cent TREE;
• Adjacent to properties held by IsoEnergy Ltd. and Forum Energy Metals Corp. (under option to Traction Uranium Inc.) that recently highlighted prospective conductive trends on the project through airborne electromagnetic (EM) surveying.

Dale Verran, chief executive officer for Fortune Bay, commented: "As the uranium market continues to strengthen, with spot prices recently topping $90 (U.S.)/pound U3O8, investment in uranium exploration in Saskatchewan's prolific Athabasca basin is on the rise as explorers search for resources to meet the growing future supply deficit. This timely acquisition provides Fortune Bay with another uranium project to create value for our stakeholders. The Spruce uranium project hosts the hallmarks for a high-grade, basement-hosted discovery; located on a major structural zone in proximity to the basin margin with a precedent for mineralization, and limited exploration to date."

The Spruce uranium project

The project is located along the Grease River shear zone (GRSZ), a crustal-scale structural corridor up to seven kilometres wide. Unlike other major structural zones in the Athabasca basin, that have yielded the large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. In addition, the project includes anomalous lake sediment samples with up to 287 parts per million uranium from historical regional data sets, and several airborne radiometric uranium anomalies. Only three historical drill holes have been completed on the project to date. The 6,855-hectare project covers over six kilometres of prospective strike length along the GRSZ, within approximately 20 kilometres of the present-day Athabasca basin margin.

In addition, the project has potential for REE deposits. The northern region of Saskatchewan has a precedent for high REE grades, exemplified by the Alces Lake, Hoidas Lake and Bear Lake REE projects. Historical REE discoveries on the project were made while prospecting for uranium and records indicate that these occurrences, including outcrop samples of 3.13 per cent TREE, 1.17 per cent TREE, 0.88 per cent TREE and 0.85 per cent TREE, have not been followed up.

Next steps

The project warrants a modern, systematic approach to evaluate the GRSZ and other historical uranium and REE occurrences of interest.

Next steps are planned to include:

• Desktop prioritization of target areas: Existing historical data (geochemical and airborne geophysical surveys), regional government data and satellite imagery provide valuable information to commence prioritization of target areas, which would include the identification of favourable lithological and structural settings.
• Field data verification and investigation: Verification of historical data sets is planned within prioritized target areas, to include ground-truthing of uranium and REE occurrences. Scope of work to include geological mapping, scintillometer surveying and grab sampling.
• Drill target definition: Drill targets are expected to be defined through geophysical surveying including gravity and magnetics and/or additional EM surveys, as applicable. Geochemical surveys may be warranted based on assessments of suitable sample media.

The company plans to commence the desk-top prioritization of target areas over the coming weeks. Fortune Bay intends on finding a suitable partner to advance the project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.

Grant of Deferred Share Units

Fortune Bay announces that effective Nov. 28, 2023, and Dec. 20, 2023, the board of directors of the company has granted deferred share units (DSUs) to its directors, officers and employees to satisfy certain director fees and management bonuses in lieu of cash. A total of 150,000 DSUs were granted to the company's directors to settle director fees for the year ended Dec. 31, 2023. In addition, 290,000 DSUs were granted to officers and employees in lieu of annual cash bonuses. 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 considers these historical results relevant to assess the mineralization and economic potential of the property. The company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the project. Further details regarding the historical occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index (SMDI) using the reference numbers provided herein.

Qualified person

The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, PGeo, technical director of the company, who is a qualified person as defined by National Instrument 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 the 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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