Fortune BAY Executes Letter of Intent FOR the Woods Uranium Projects
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FORTUNE BAY EXECUTES LETTER OF INTENT FOR THE WOODS URANIUM PROJECTS
HALIFAX, NS May 29, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune
Bay” or the “Company”) is pleased to announce that it has signed a letter of intent (the “LOI”) with Neu
Horizon Uranium Limited ACN 653 749 145 (the “Optionee”), a private Australian arms-length party.
Pursuant to the LOI, the Optionee will be granted the option (the “Option”) to acquire a n eighty percent
interest in The Woods Uranium Projects (“The Woods” or the “Projects”) located on the northern margin of
the Athabasca Basin, Saskatchewan (Figure 1).
The Woods Highlights:
• District-scale opportunity, including five projects covering approximately 40,000 hectares.
• A dominant land position along the Grease River Shear Zone (“GRSZ”) within 30 kilometres of the
northern Athabasca Basin margin.
• The GRSZ is significantly underexplored relative to other major Athabasca Basin structures ( less than
20 historical drill holes northeast of Fond du Lac, and only 3 historical drill holes on the Projects).
• Geological setting s and structural features are prospective for ; 1) unconformity -related basement-
hosted uranium deposits, 2) magmatic intrusive uranium deposits and , 3) rare earth element (“REE”)
deposits.
• Abundant historical uranium and REE showings, and the highest lake sediment uranium anomalies in
Saskatchewan.
Dale Verran, CEO for Fortune Bay, commented “We are very pleased to have signed an LOI with Neu
Horizon to advance The Woods Uranium Projects. The Projects represent a district-scale opportunity for
discovery within a highly prospective region that has seen very little exploration to date, despite favourable
geology and a significant endowment of historical uranium occurrences. The agreement to terms for The
Woods is a timely development for Fortune Bay, reiterating our Company’s strategy to focus on our two
advanced gold projects, while retaining upside in partner-funded opportunities generated through low-cost
acquisition.”
Key Terms
The Option is exercisable by the Optionee completing staged cash payments and share issuances, and
incurring the following exploration expenditures on the Project:
Cash Consideration
Shares
Exploration
Expenditures Interest Earned
Signing of Definitive Agreement A$50,000 A$50,000 Nil
80% 31 December 2025 Nil A$200,000 A$700,000
31 December 2026 Nil A$500,000 A$2,300,000
Total A$50,000 A$750,000 A$3,000,000
The Company will act as the operator during the option period and will be entitled to charge a management
fee of 10% of expenditures incurred on the Projects. A participating Joint Venture (“JV”) will be formed at
the end of the option period, consistent with customary JV Terms. The JV will allow for dilution and should
the Company’s interest fall below 10% the Company will be granted a 2% net smelter returns (“NSR”)
royalty. One-half (1%) of the NSR may be purchased at any time prior to commercial production for a cash
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payment of A$5 million, subject to CPI increase. The LOI is intended to be a non-binding proposal regarding
the contemplated transaction , and subject to the finalization of a Definitive Agreement incorporating the
principal terms of the LOI . The LOI will terminate on the earlier of (a) the end of the Due Diligence Period
being June 28, 2025; (b) the entering into of the Definitive Agreement; or (c) such other date as may be
mutually agreed.
The Woods Uranium Projects
District-Scale Opportunity Along Major Structural Zone
The Spruce, Pine, Aspen, Birch and Fir projects (collectively The Woods , 40,958 hectares), staked by
Fortune Bay, represent a district-scale opportunity for uranium discovery. Located within 30 kilometres of
the northern margin of the Athabasca Basin, t he Projects host 25 kilometres of prospective strike length
along the Grease River Shear Zone (“GRSZ”), a crustal-scale structural corridor up to five kilometres wide
with interpreted structural splays to the north . Unlike other major structural zones in the Athabasca Basin,
that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date
with less than 20 historical drill holes northeast of Fond du Lac and only 3 historical drill holes on the
Projects.
Figure 1: The Woods Uranium Projects – District-Scale Opportunity
Significant Uranium Endowment
Limited h istorical exploration efforts during the 1960’s and 1970’s comprised low-resolution airborne
radiometric survey and surface sampling campaigns targeting Beaverlodge-style mineralization, that
typically occurs in granitic rocks. Numerous outcropping uranium occurrences were discovered ranging
from 222 ppm to 1.6% U3O8. Lake sediment sampling from regional survey across northern Saskatchewan
also detected the highest uranium values in the Pro vince with in the Projects area , and follow -up lake
sediment sampling in the 1970’s confirmed this extreme and extensive lake sediment anomalism, ranging
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from 52 to 1,870 ppm U in Perron Lake on the Aspen Project. In addition, ground follow -up of airborne
radiometric anomalies also uncovered numerous REE occurrences, highlighted by values including 2.4%
and 3.1% Total REE.
Figure 2: The Woods Uranium Projects – Significant Uranium Endowment
Exploration Approach and Target Models
The Projects warrant a modern, systematic exploration approach utilizing current exploration models .
Exploration programs including; 1) airborne geophysical surveying (electromagnetic (“EM”), magnetic and
radiometric), 2) ground surveys (mapping, radiometric prospecting and soil/rock sampling ), and 3)
exploration drilling, is envisaged to realize potential for:
Priority 1: Unconformity-related, basement-hosted uranium deposits
These ‘Athabasca-style’ high-grade (>1% U 3O8) deposits (e.g. Arrow, Eagle Point) are associated with
basement graphitic rocks along major structures below the Athabasca Basin sandstone (eroded away in
the Projects area). Faulted graphitic rocks ( softer and less resistant to erosion) would therefore not
typically outcrop in the Projects area and would occur in valleys covered by surficial materials (soils, till
and/or lakes). Although rarely outcropping, graphitic lithologies have been recorded historically i n the
Projects area. Modern airborne electromagnetic (“EM”) surveying is required to detect graphitic horizons
(conductors) for follow up with ground surveys and exploration drilling.
Priority 2: Magmatic intrusive uranium deposits
These large-tonnage ‘Rössing-style’ deposits are associated with intrusive leucogranites and
pegmatites, and in Namibia have average open-pit mine grades of around 350 ppm U3O8 (Rössing) and
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500 ppm U3O8 (Husab). Many of the historical uranium occurrences recorded across the Projects are
found within leucogranites and pegmatites with historical grades ranging from around 500 ppm U 3O8 to
4,500 ppm U3O8. Recent exploration models for these types of deposits are well-understood and targeted
in places such as Namibia, however have been overlooked i n Saskatchewan where explorers have
focussed efforts on high-grade unconformity-related uranium. Exploration targeting will focus on locating
geological settings with potential for large tonnages of mineralized leucogranites/pegmatites. Airborne
geophysical surveying, especially in areas with no historical airborne radiometric survey , is expected to
identify new radiometric anomalies for investigation along with the numerous historical occurrences.
Priority 3: Pegmatite-hosted rare earth element deposits
There is an endowment of rare earth elements within pegmatites in this region of northern Saskatchewan,
that includes Hoidas Lake (2.6Mt @ 2% Total REE) and Alces Lake (16% Total REE over 16 m drill
hole). The Projects include a number of historical REE occurrences ranging from 0.2 to 3.1% Total REE
in SDMI occurrences specific for REE that were discovered during historical prospecting for uranium but
have not been followed-up. Further field investigation and sampling is warranted to determine grade and
tonnage potential of these occurrences. The recently constructed Saskatchewan Research Council Rare
Earth Processing Facility in Saskatoon, the first of its kind in North America, provides a strategic
advantage to the discovery of REE resources in Saskatchewan.
Granting of Long-Term Incentives
The board of directors of the Company has approved the granting of 1,170,000 incentive stock options (the
"Options") and 250,000 deferred share units (the “DSUs”) pursuant to the Company's Stock Option Plan
and DSU Plan to its directors, officers, contractors and employees. Directors and officers were awarded
950,000 of the Options which are exercisable at a price of $0. 53 per share, expire on May 28, 2030 and
vest over a three-year period. 40,000 DSUs were granted to the Company’s directors for director fees for
the year ended December 31, 202 4. In addition, 2 10,000 DSUs were granted to directors, officers and
employees that will vest in accordance with the Company’s DSU plan.
Technical Disclosure
Historical results are derived from the Saskatchewan Mineral Deposit Index (“SMDI”) and assessment
reports available in the Saskatchewan Mineral Assessment Database ( “SMAD”) as detailed in the
references below. Historical results 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 results relevant to assess the mineralization and economic potential of the property.
Historical Results References
• Regional lake sediment data is derived from the Geological Survey of Canada (“GSC”) digital
compilation dataset, published 20 November, 2019 and most recently modified 9 November, 2023,
available at the following link: https://open.canada.ca/data/dataset/0199fc8a -75bc-16cc-189d-
4d88af556030, which contains information licensed under the Government of Saskatchewan Sta ndard
Unrestricted Use Data Licence (Version 2.0).
• Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A,
Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. “Fond -du-Lac uranium
deposit”.
• Quoted r anges of historical uranium concentration in outcrop samples derive from maximum and
minimum values from SDMI uranium occurrences (#5418 and #1589 specifically referenced) within the
license areas.
• Highlight values for Total REE content in historical samples reference SDMI occurrences #3314 and
#5383. The minimum value quoted in the range of historical values (for SDMI occurrences specific to
REE) derive from #5384.
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• Details regarding the other REE occurrences in far northern Saskatchewan can be found using the
following references/links:
• Alces Lake: Appia Rare Earths and Uranium Corp. (https://appiareu.com/alces -lake/)
• Hoidas Lake: SMDI#1612. As per the 2014 NI 43 -101-compliant technical report by Barr
Engineering Co., the mineral resource estimates for the JAK Zone at Hoidas Lake include
measured resources of 963,808 tonnes at 2.142% TREE, indicated resources of 1,597,027 tonnes
at 1.958% TREE, and inferred mineral resource of 286,596 tonnes at 1.784% TREE, or 2.139%
TREO
• Spruce Project References: SMAD Assessment File Numbers 74O07-0002, 74O07-0031, 74O09-0023
and 74O09-0024.
• Pine Project References: SMAD Assessment File Numbers 74O09-0001, 74O09-0019, 74O08-0076,
74O09-0024, 74O09-0019 and 74O09-0024. Also Fulcrum Metals PLC news release September, 7
2023.
• Aspen Project References: SMAD Assessment File Numbers 74O07-0032, 74O09-0003, 74O09-0004,
74O09-0019, 74O09-0020, 74O09-0023,74O09-0024, 74O08-0076, and MAW01857. Quoted ranges of
uranium concentration in parts per million in Perron Lake derive from 74O09-004.
• Birch Project References: SMAD Assessment File Numbers 74O10-0002, 74O10-0003, 74O10-0008.
• Fir Project: SMAD Assessment File Numbers 74O09-0023, MAW02300.
The historical results are also fully referenced on Fortune Bay’s website ( www.fortunebaycorp.com) under
each Project within the Technical Disclosure section.
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.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company
with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and
Mexico, Chiapas (Poma Rosa Project), both with exploration and development potential. The Company is
also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin,
Saskatchewan, which have high-grade potential. 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 track record of discovery, project development and value
creation. Further infor mation on Fortune Bay and its assets can be found on the Company’s website at
www.fortunebaycorp.com or by contacting us as [email protected] or by telephone at 902 -334-
1919.
About Neu Horizon
Neu Horizon is a public unlisted Australian company focused on discovering and developing Tier 1 uranium
deposits in premier exploration jurisdictions. Through this exciting new partnership with Fortune Bay, the
company has access to a dominant land package with over 100,000ha of prime exploration ground covering
three projects in Sweden and five projects in Canada.
Sweden is Europe's leading mining nation and also hosts the world’s largest low -grade uranium resource
within the Alum -shale, where Neu Horizon has a significant landholding. The company aims to take
advantage of the Swedish Government’s plans to lift the 2018 moratorium on uranium exploration and
mining to delineate a significant European uranium deposit.
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Canada’s Athabasca Basin is the world’s leading source of high -grade uranium. Access to this land
package along the northern rim of the basin provides Neu Horizon direct access to this underexplored
uranium exploration frontier.
These strategic projects align Neu Horizon with the global demand for clean, sustainable and low -carbon
energy, by taking advantage of both countries’ rich uranium resources and supportive mining legislation.
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”, “goals”, “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, whether as a result of new information, future events or otherwise,
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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