Mr. Dale Verran of Fortune Bay reports

AERO ENERGY AND FORTUNE BAY ANNOUNCE COMMENCEMENT OF DRILLING AT THE MURMAC URANIUM PROJECT

Summer drilling has commenced at Fortune Bay Corp.'s Murmac uranium project, located in Northern Saskatchewan near Uranium City. A limited suite of high-priority targets has been selected for testing.

Exploration work at Murmac is being financed by Aero Energy Ltd. and is being operated by Fortune Bay under an option agreement that was executed on Dec. 15, 2023.

Gareth Garlick, vice-president, technical services, of Fortune Bay, commented: "This drilling program represents an excellent opportunity to test high-priority uranium targets with strong geophysical signatures in a proven district. The current drill program has been carefully designed to evaluate structural and conductive settings that have historically delivered uranium mineralization in the Athabasca basin margin. By capitalizing on shared mobilization and operational efficiencies, we are able to advance exploration in a technically rigorous and cost-effective manner." Dale Verran, chief executive officer of Fortune Bay, added: "Our partner-funded exploration at Murmac demonstrates how we can unlock value from our uranium portfolio on a non-dilutive basis for shareholders. This strategy allows us to preserve capital and maintain focus on advancing our 100-per-cent-owned gold assets while retaining significant exposure to upside from uranium discoveries."

Drill targets

Target selection has been based on airborne electromagnetic and ground gravity survey results, targeting features along buried basement-hosted conductive graphitic units at their intersection with known mineralized cross-faults identified during historical and current prospecting activities, including spectrometer surveying and geochemical sampling. Drilling will focus on the northern end of the Armbruster conductor, which the company has not yet drill tested. This program has been planned at short notice to benefit from significant cost savings related to the presence of another exploration group in Uranium City carrying out a separate drill program using the same drill contractor. Shared mobilization and operational costs are allowing the company to cost-effectively test three selected high-priority targets in the summer window:

• A19 -- low-amplitude, electromagnetic-high target on a conductor inflection, with an associated diffuse gravity low anomaly: The targeted graphitic horizon underlies a small lake, at the location of an intersection of the Armbruster conductor with a major conductor-parallel fault.
• A18 -- low-amplitude, electromagnetic-high feature coincident with a high-priority gravity-low target at a location where the Armbruster conductor is apparently terminated by a crosscutting mineralized fault.
• A9 -- a broad electromagnetic-high anomaly on the edge of a conductor termination, with a small downdip gravity low: This target is aimed a structural confluence of several known mineralized cross-faults with the Armbruster conductor.

Technical disclosure

Further details regarding the historical exploration/drilling and exploration results noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI). Fortune Bay has verified several of these occurrences through field prospecting and sampling; however, there is a risk that any future confirmation work and exploration may produce results that substantially differ from the unverified historical results. Historical drill hole locations, captured from georeferenced assessment report maps, are subject to uncertainty (considered accurate to plus or minus 50 metres). The company considers these unverified historical results relevant to assess the mineralization and economic potential of the property. The historical information referenced derives from SMAD references 74N07-0011, 74N07-0173 and 74N07-0277.

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 a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the company targets value creation at the steepest part of the value creation curve -- prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields project in Saskatchewan, the resource expansion Poma Rosa project in Mexico, and an optioned uranium portfolio in the Athabasca basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts.

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