FORTUNE BAY PROVIDES UPDATE ON PARTNER-FUNDED URANIUM EXPLORATION IN SASKATCHEWAN Airborne survey underway at The Woods; drilling at Murmac set to commence mid-September
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF
fortunebaycorp.com
NEWS RELEASE
1969 Upper Water Street, Suite 2001, Purdy’s Wharf Tower II, Halifax, NS B3J 3R7 T 902.422.1421 | F 902.491.4281
FORTUNE BAY PROVIDES UPDATE ON PARTNER-FUNDED URANIUM EXPLORATION
IN SASKATCHEWAN
Airborne survey underway at The Woods; drilling at Murmac set to commence mid-September
HALIFAX, NS August 20, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF)
(“Fortune Bay” or the “Company”) is pleased to provide an update on its uranium exploration activities on
the northern margin of Saskatchewan’s Athabasca Basin (the “Basin”) . A irborne geophysical survey is
currently underway at The Woods Projects and a drill program at the Murmac Project is scheduled to
commence in mid-September 2025. These partner-funded initiatives provide the Company with significant
discovery exposure in one of the world’s premier uranium jurisdictions, complementing its core gold project
portfolio.
“Our partner -funded uranium programs at The Woods and Murmac are advancing rapidly, providing
shareholders with discovery exposure in one of the world’s premier uranium jurisdictions — at no cost to
Fortune Bay. In addition to discovery upside, these programs generate revenue for the Company through
operator fees, further strengthening our position while we advance our core gold projects.” commented
Dale Verran, CEO of Fortune Bay.
The Woods Projects – Airborne Geophysical Survey Underway
Following the recently announced option agreement with Neu Horizon Uranium Limited an extensive
airborne geophysical survey is currently underway. Geotech Ltd. is completing a VTEM ™ Plus airborne
electromagnetic (“EM”), magnetic, and radiometric survey totaling 2,198 line-kilometres across the majority
of the projects.
This program targets high-grade uranium mineralization associated with the Grease River Shear Zone —
a highly prospective structural corridor analogous to settings hosting major basement -hosted deposits
elsewhere in the Basin (e.g. NexGen Energy’s Arrow Deposit) . The integration of EM, magnetic, and
radiometric datasets will provide a robust targeting platform for basement-hosted uranium deposits, as well
as potential Rössing-style intrusive-hosted uranium and rare earth element (“REE”) deposits.
A field program is planned for early September to verify historical uranium occurrences, collect mapping
and spectrometer data , and investigate geophysical anomalies . Th is work is expected to define and
prioritize multiple drill targets in this highly underexplored region of the Basin. Three-year drill permits have
been received from the Government of Saskatchewan.
Murmac Project – Priority Target Drilling Planned for Mid-September
At the Murmac Project, also situated on the northern margin of the Athabasca Basin and under option to
Aero Energy Limited (“Aero”), planning is underway for a three-hole diamond drilling program to test
selected high-priority uranium targets. These targets, located along graphitic conductors within the
Armbruster Corridor, have been selected based on a combination of historical data, recent geophysics, and
surface geochemistry. With permits in hand, drilling is scheduled to commence in mid-September 2025.
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Figure 1: Fortune Bay’s Partner-Funded Uranium Projects
Figure 2. Planned VTEMTM flight lines for The Woods Projects.
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Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth
Garlick, P.Geo., Technical Director of the Company , who is a Qualified Person as defined by NI 43 -101.
Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
Technical Disclosure on Historical Results
The historical uranium and REE occurrences shown in Figure 2 derive from the Saskatchewan Mineral
Deposits Index. The lake sediment uranium results shown in Figure 2 derive from assessment reports
available in the Saskatchewan Mineral Assessment Database (SMAD) , references 74O07-0002, 74O07-
0031, 74O07 -0032, 74O08 -0076, 74O09 -0001, 74O09 -003, 74O09 -0004, 74O09 -0019, 74O09 -0020,
74O09-0023, 74O09-0024, 74O10-0002, 74O10-0003, 7410O-0008, MAW02300 and MAW01857). These
historical results are not verified and there is a risk that any future confirmation work and exploration may
produce results that substantially differ from these. The Company considers these unverified historical
results relevant to assess the mineralization and economic potential of the property.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) 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 Lassonde 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. For more information, visit www.fortunebaycorp.com or contact [email protected].
On behalf of Fortune Bay Corp.
”Dale Verran”
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward -looking statements that are based on assumptions as of the date of this
news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not
guarantees of future performance. Words such as “expects”, “aims”, “anticipates”, “targets”, “goal s”, “projects”, “intends”, “plans”,
“believes”, “seeks”, “estimates”, “continues”, “may”, variations of such words, and similar expressions and references to future periods,
are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors
involved with forward -looking information could cause actual events, results, performance, prospects and opportunities to diffe r
materially from those expressed or implied by such forward -looking information. Forward looking information in this news release
includes, but is not limited to, the Company’s objectives, goals, intentions or future plans, statements, exploration results , potential
mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results
to differ materially from such forward -looking information include, but are not limited to failure to identify targets or mineralization,
delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, i nability to
fulfill the duty to accommodate First Nations and other indigenous peoples, inability to rea ch access agreements with other Project
communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partn erships
needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral
exploration and development industry, and those risks set out in the C ompany’s public documents filed on SEDAR+. Although the
Company believes that the assumptions and factors used in preparing the forward -looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intentio n or
obligation to update or revise any forward -looking information, wheth er as a result of new information, future events or otherwise,
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other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at
www.fortunebaycorp.com.
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