Mr. Dale Verran reports

FORTUNE BAY MOVES INTO 2026 FOCUSED ON EXPEDITED ADVANCEMENT OF GOLDFIELDS

Fortune Bay Corp. is entering 2026 with a strengthened balance sheet and a clear strategic focus on advancing its Goldfields gold project, a gold development asset in Saskatchewan, one of the world's top-tier mining jurisdictions.

Following a year of significant technical and corporate progress in 2025, the company is fully fninanced to execute its planned 2026 program at Goldfields, centred on; 1) project development work, that includes advancing toward a prefeasibility study (PFS) in tandem with permitting activities, and 2) exploration drilling targeting additional near-mine ounces that could further strengthen Goldfields' excellent economics. Exploration drilling has resumed after the holiday break and initial drill results are expected in the first quarter of 2026.

"Goldfields is very well positioned for advancement, with excellent PEA economics, a high-confidence mineral resource base, established infrastructure and the benefit of Saskatchewan's stable, top-tier jurisdiction," said Dale Verran, chief executive officer of Fortune Bay. "The work completed in 2025 strengthened the project's technical foundation and firmly set the stage for expedited advancement. With funding secured, our priority in 2026 is disciplined execution, advancing development while growing the resource and positioning Goldfields to unlock meaningful value as the gold market continues to strengthen."

2025: a year of demonstrating project value and setting the stage for advancement

Throughout 2025, Fortune Bay advanced Goldfields through a series of key milestones aimed at strengthening technical confidence, improving execution readiness and positioning the project for the next stage of value creation.

Updated preliminary economic assessment: defining an expedited development path

In September, 2025, Fortune Bay completed an independent updated preliminary economic assessment (updated PEA) for Goldfields, confirming the project as a robust open-pit development asset supported by a well-defined resource base, existing infrastructure and Saskatchewan's stable regulatory environment.

At a base-case gold price of $2,600 (U.S.)/ounce, the updated PEA outlined after-tax economics of $610-million NPV (net present value) (5 per cent) and a 44-per-cent IRR (internal rate of return), with initial capital estimated at $301-million. At spot gold prices at the time of the study ($3,650 (U.S.)/oz), the after-tax NPV (5 per cent) increased to $1.25-billion, highlighting the project's strong sensitivity to gold prices. On average, every $100 (U.S.) change in the gold price assumption results in an approximate $61-million change in after-tax NPV.

The updated PEA positions Goldfields for accelerated advancement toward construction by maintaining throughput below 5,000 tonnes per day, enabling the project to remain within the provincial permitting framework. This expedited pathway is supported by established infrastructure, a derisked resource base (with 97 per cent of ounces in the mine plan classified as indicated) and a valid provincially approved environmental impact statement (EIS) from 2008 for a 5,000 tpd open-pit operation.

Permitting work: advancing execution readiness

Alongside the updated PEA, Fortune Bay advanced environmental baseline studies during 2025, building upon extensive historical data sets and the existing EIS. Both aquatic and terrestrial baseline environmental studies were completed in late 2025, with final reporting and continuing monitoring continuing into early 2026 and beyond.

In addition, a well-attended community tour of indigenous communities and municipalities was completed in November, 2025, to support early engagement on the development of Goldfields. Productive meetings were also held with chiefs and council members from local indigenous nations to introduce the project and seek initial feedback from leadership.

Post-PEA technical programs: advancing toward PFS-level studies

Following completion of the updated PEA, the company initiated a series of post-PEA technical programs aimed at further derisking the project and advancing studies toward the PFS level. This work included high-resolution topographic (lidar) survey, waste rock characterization, metallurgical testwork and planning for additional PFS-level work programs.

Exploration: positioning for resource expansion

In parallel with project development work, Fortune Bay refined exploration targets across the Goldfields property, integrating historical drilling, updated geological modelling and insights gained through the PEA process. This work directly informed the design of the current exploration drilling program targeting additional near-mine ounces that could further strengthen Goldfields' exceptional economics and improve the overall development profile.

2026: financed, focused and advancing

With funding secured, Fortune Bay's 2026 work program is designed to translate the technical and permitting progress achieved in 2025 into tangible value advancement at Goldfields. The company enters the year with a clear operational focus and the financial capacity to execute its plans without near-term capital constraints.

Exploration

A central component of the 2026 program is resource expansion drilling, targeting priority areas identified through recent geological modelling and insights gained from the updated PEA. The drilling is intended to test the potential to further strengthen project scale, extend mine life and enhance the overall development profile. Initial drill results are expected in the first quarter of 2026.

Project development

The company plans to advance three key project development strategies in parallel: 1) PFS-level work streams; 2) Saskatchewan-led environmental approvals; and 3) community consultation and engagement.

PFS-level work streams will include expanded geotechnical, metallurgical and waste rock geochemistry investigations. Metallurgical and waste rock studies in 2025 were scoped to inform and support design of optimized PFS-level investigations in 2026. An integrated work program is being developed to reduce the amount of drilling required to the extent possible.

• Geotechnical drilling and investigations, in tandem with hydrogeological survey, will expand on historical studies to further characterize host-rock physical properties and support optimization of the open pit design. Surface investigations and soil profile testing will also be carried out to support higher-confidence infrastructure design, including that of the tailings storage facility, process plant and other site infrastructure.
• Metallurgical studies will include expanded testing to better constrain parameters around process plant design and reagent consumption, including broad-scale variability testing.
• Waste rock characterization study will be carried out, including acid base accounting and geochemistry, to support waste rock facility design and complement site water balance and environmental (permitting) advancement.

Results from recent baseline environmental studies and the waste rock characterization program will be integrated with feedback from early engagement activities and the project scope outlined in the updated PEA to inform development of the technical proposal. The technical proposal is the first step in the provincial environmental assessment process and will be used as a basis for initiation of regulatory engagement with the Saskatchewan Ministry of Environment in Q1 of 2026. This work will build upon the provincially approved 2008 environmental impact statement for a 5,000 tpd open-pit operation. Community engagement will continue in 2026 to strengthen relationships and continue meaningful dialogue on the project with the public and local indigenous nations, including rights holders.

The technical progress achieved at Goldfields in 2025, and the fully financed program planned for 2026, reinforce the company's strategy of disciplined, cycle-aware advancement of a high-quality gold asset in a top-tier jurisdiction.

Technical report and qualified person

Details for the updated PEA for Goldfields are provided in the technical report titled "Goldfields Project Updated NI 43-101 Technical Report & Preliminary Economic Assessment, Saskatchewan, Canada," dated Oct. 20, 2025, prepared by Kevin Murray, PEng; Scott C. Elfen, PE; James Millard, PGeo; Jonathan Cooper, PEng; Marc Schulte, PEng; Cliff Revering, PEng; and Ron Uken, PrSciNat, for Fortune Bay. The technical report is available under the company's issuer profile on SEDAR+ and on the company's website.

The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, PGeo, vice-president, technical services, 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 Canadian mineral exploration and development company with assets in Canada and Mexico. The company's primary focus is advancing the Goldfields gold project in Saskatchewan, Canada. Fortune Bay also holds the Poma Rosa gold-copper project in Chiapas, Mexico, as well as an optioned uranium project portfolio in the Athabasca basin of Saskatchewan. Fortune Bay continues to evaluate and advance its portfolio in a disciplined manner while maintaining a strong technical foundation and prudent capital management.

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