Mr. Dale Verran reports

FORTUNE BAY ADVANCES GOLDFIELDS PRE-FEASIBILITY WORK PROGRAMS

Fortune Bay Corp. has provided a project development update for its 100-per-cent-owned Goldfields gold project in Northern Saskatchewan.

Fortune Bay is advancing focused engineering studies, environmental programs and community engagement initiatives designed to build on the development case outlined in the 2025 updated PEA (preliminary economic assessment) and move Goldfields toward a prefeasibility study (PFS). Current activities are focused on derisking and refining key project inputs, confirming technical assumptions, and evaluating opportunities to further optimize the project while advancing the studies required to support permitting and future development planning.

Highlights:

• Geotechnical field work completed at Box: A four-hole geotechnical drill program was completed, with no major continuous fault zones identified in the Box pit area.
• Waste rock results support favourable environmental profile: Preliminary test results indicate the waste rock samples are not expected to generate acidic conditions.
• Project optimization studies initiated: Following receipt of recent compelling metallurgical results, Fortune Bay has initiated focused trade-off work to evaluate a concentrate production opportunity identified in the 2025 updated PEA, while maintaining the PEA dore production case as the base case development scenario.
• Metallurgical program advancing: Sampling is under way using existing drill core to support planned metallurgical testwork and future PFS-level process design.
• Environmental, regulatory and community work progressing: Building on the approved 2008 environmental impact statement (2008 EIS), Fortune Bay is advancing environmental baseline studies, regulatory engagement and community discussions to support future permitting and project planning.

"Goldfields continues to advance along a disciplined path toward a prefeasibility study, building on the strong foundation established in the 2025 updated PEA," commented Dale Verran, chief executive officer. "Recent geotechnical and waste rock results are consistent with the established project assumptions and support the view that Goldfields is a technically straightforward development opportunity, benefiting from a prior environmental approval and an extensive historical data set. With multiple work programs now active and important milestones ahead, our focus is on derisking the PEA development case, confirming key technical inputs and evaluating opportunities to further optimize the project."

The company will be hosting a live webinar today at 1 p.m. ET to discuss current developments and planned activities across its project portfolio.

Geotechnical program

A four-hole, 728.9-metre geotechnical drill program was completed at the Box deposit in May, 2026. Drilling was overseen by Ausenco Engineering Canada ULC, which managed geotechnical core logging, sampling and related field investigations.

The program included packer testing in all holes to assess hydrogeological properties of the lithologies and structures intersected. Vibrating wire piezometers were also installed in two holes to support continuing groundwater monitoring and geotechnical interpretation. Core samples have been collected and will be submitted for laboratory testing. Drill core observations are consistent with historical geotechnical data sets confirming fair rock mass conditions across the Box pit area, with less competent zones appearing localized. No major continuous fault zones were identified within the Box pit area, which supports the current understanding of geotechnical conditions at Box.

The work was designed to complement historical geotechnical data sets for Box and support optimized open-pit design at a PFS level of confidence. Planned geotechnical drilling at Athona, consisting of four holes for approximately 400 metres, was deferred due to access constraints associated with shoulder-season melt conditions and is now planned for summer 2026.

Ausenco is also scheduled to visit the Goldfields site in late May to ground-truth and finalize a geotechnical work program for proposed infrastructure areas. This work is expected to include drilling and soil-profile pitting to support future infrastructure planning and design.

Waste rock characterization program

The company has received results from a waste rock sampling program initiated in October, 2025. A total of 11 composite samples (eight from Box, three from Athona) representing different lithological units were submitted to SGS Canada (Lakefield, Ont.) for acid-base accounting (ABA), metal geochemistry, shake flask extraction testing and Rietveld X-ray diffraction (XRD) analysis. Results indicate that all samples are net-neutral, with nine of 11 samples returning non-potentially acid generating results and two samples returning marginal results as potentially acid generating. Samples contain low to modest total sulphur content and display modest neutralization potential. Only a single sample returned a single metal element (Bi) considered anomalous (greater than 10 times average crustal abundance).

The results of this testwork are consistent with the historical data set, and have been used to plan a more comprehensive and spatially representative waste rock characterization program for Box and Athona. As with the metallurgical sampling program, required material will be sourced from existing drill core and no dedicated drilling is currently required. Samples are expected to be submitted for static testing (as above), as well as kinetic testing through humidity cells.

Results from this work will support a PFS and provide important information for environmental assessment, mine design, waste rock management and permitting.

Project optimization

Fortune Bay has received encouraging metallurgical results from a test program initiated in September, 2025. The testwork was designed to provide additional information to support evaluation of an alternative production scenario identified in the company's Oct. 20, 2025, updated PEA news release and related National Instrument 43-101 technical report, whereby a gold concentrate could be produced on site and exported for sale, rather than producing dore gold on site.

The work evaluated a composite sample from the Box deposit with a head grade of 1.02 grams per tonne Au and total sulphur content of 0.32 per cent. More than 50 per cent of the contained gold reported to a Knelson-Mozley gravity concentrate comprising only 0.08 per cent of the total feed mass, with concentrate grades exceeding 600 g/t Au. Flotation testing on gravity tailings was also successful, with recoveries exceeding 90 per cent using low reagent additions. A gold-sulphide flotation concentrate comprising approximately 0.67 per cent to 0.75 per cent of the sample mass, grading approximately 80 g/t to 100 g/t Au and 46 per cent sulphur, was produced after two stages of cleaning without regrind. Testing of PAX alternatives, MX-5160 and Hostafloat 7800 indicated similar recovery profiles to PAX. Geochemical characterization of the combined tailings sample, including solids and liquid analysis, indicated no major areas of concern.

These strong results provide a technical basis for Fortune Bay's planned trade-off study to evaluate the alternative concentrate scenario relative to the base case dore production scenario outlined in the 2025 updated PEA. The study is expected to build on the 2025 updated PEA and recent metallurgical results, and focus on the areas that differ between the two options, including processing flowsheet considerations, mass balance, equipment requirements, capital and operating costs, financial modelling, and key execution considerations. The study is expected to take approximately eight weeks to complete.

The outcomes of this work will be assessed alongside environmental, permitting, technical and economic considerations to support future project design decisions as Goldfields advances toward a PFS.

Metallurgical program

While Goldfields benefits from a substantial repository of historical metallurgical testwork, additional testing is required to improve spatial representation across the deposits and assess ore variability.

Sample collection is under way and includes material from historical drill holes stored at Fortune Bay's core yard in Uranium City, as well as material from recently completed geotechnical holes. No dedicated drilling is currently required for metallurgical sampling, representing a meaningful cost saving.

The final scope of metallurgical testwork will be determined following completion of the project optimization work outlined above. The program is expected to include characterization of tailings generated through the testwork, providing important input for process design, environmental assessment and permitting-related studies.

Environmental and regulatory

Goldfields benefits from an existing approved environmental impact statement (the 2008 EIS) for a 5,000-tonne-per-day open-pit mine and mill development at the Box deposit, which provides an important foundation for continuing environmental, regulatory and project planning work. Environmental baseline work is continuing in support of future permitting and project development.

Recent environmental baseline work has focused on updating and expanding the company's understanding of current environmental conditions in the Goldfields project area. Completed terrestrial studies include fire mapping, anthropogenic disturbance mapping and eco-site mapping, which provide updated information to support future project planning, environmental assessment work and field study design. Comprehensive aquatic baseline surveys completed in September, 2025, have also been finalized, providing an updated characterization of aquatic habitats, water and sediment quality, and biological communities in eight water bodies.

Wildlife monitoring remains continuing through covert cameras and autonomous recording units (ARUs) deployed in August, 2025. These tools support continuous, non-invasive monitoring of wildlife presence and activity across multiple species groups, seasonal conditions, and eco sites. A final aquatic report has been received and a draft terrestrial report has also been received, with work continuing. Survey equipment is expected to be visited in May for data retrieval and to support continued deployment through the spring and summer field seasons.

The company has also received expressions of interest from qualified parties for key environmental studies to be initiated or continued during summer 2026. These studies are expected to help inform the scope and approach for future environmental assessment and permitting work, including the collection of any additional baseline data required to support the project.

Fortune Bay met with representatives of the Saskatchewan Ministry of Environment and Ministry of Energy and Resources in late February to introduce the project and discuss the provincial regulatory pathway. A project change review under Section 16 of the Environmental Assessment Act is expected to be submitted following completion of the project optimization work.

This regulatory engagement is an important step in confirming the appropriate pathway for advancing Goldfields through the provincial regulatory review and approval process.

Community engagement

Community engagement remains continuing and continues to be an important part of Fortune Bay's project planning process. Recent discussions have included potential frameworks and processes for future engagement, including discussions that could support impact-benefit agreements or similar arrangements.

The company has also been discussing community meetings for later in 2026, timed to align with continuing technical work and future project design decisions. Discussions are also under way regarding proposed land-use studies to be completed during the summer 2026 field season. These studies are expected to provide important input into future mine design, infrastructure planning, permitting and engagement activities, helping ensure that project plann ingis informed by local knowledge and community priorities as Goldfields advances toward PFS.

Technical disclosure and qualified person

The 2025 preliminary economic assessment (2025 PEA) for Goldfields is 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 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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