FORTUNE BAY APPOINTS SENIOR MINING ADVISOR AND PROVIDES GOLDFIELDS PROJECT UPDATE Strengthening the Technical Team as Goldfields Advances Toward Pre-Feasibility
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 APPOINTS SENIOR MINING ADVISOR AND PROVIDES GOLDFIELDS
PROJECT UPDATE
Strengthening the Technical Team as Goldfields Advances Toward Pre-Feasibility
HALIFAX, NS – December 18, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF)
(“Fortune Bay” or the “Company”) is pleased to announce the appointment of Ronald (Ron) Halas, P.Eng.,
as Senior Mining Advisor for its Goldfields Gold Project in Saskatchewan, and to provide an update on
recent exploration and development activities at Goldfields.
Highlights:
• Senior Mining Advisor Appointment – Ron Halas, P.Eng. brin gs over 35 years of global gold
mining experience, including most recently as Chief Operating Officer of Lumina Gold Corp., where
he led feasibility-level advancement of the Cangrejos gold-copper project prior to its acquisition by
CMOC Group in 2025.
• Exploration Drilling Underway – Exploration drilling is advancing at the Box deposit, with 1,125
metres completed in late 2025. Drilling is focused on down -dip step-outs well outside of the mine
pit outlined in Fortune Bay’s 2025 Updated Preliminary Economic Assessment (“Updated PEA”).
First-batch of assay results are expected in late January 2026.
• Pre-Feasibility Study – Project development work toward a Pre -Feasibility Study (“PFS”) is well
underway, including ongoing metallurgical test work and planning for additional geotechnical,
metallurgical, and geochemical studies to support PFS-level study in 2026.
• Permitting and Environmental Progress – Permitting activities are advancing, with a community
engagement tour completed in November 2025. Results from environmental baseline studies are
expected in January 2026, supporting planned regulatory engagement in Q1 2026.
Dale Verran, Chief Executive Officer of Fortune Bay, commented “At Goldfields, we are advancing toward
a Pre -Feasibility Study while progressing permitting and stakeholder engagement activities. Ron’s
appointment comes at an important time for the project. He brings deep, hands -on experience across the
lifecycle of go ld mining projects, from feasibility studies through mine construction and operations . H is
practical, execution -focused perspective significantly strengthens our technical team as this work
continues.”
Ron Halas, Senior Mining Advisor, added “Goldfields is an excellent project with strong fundamentals, and
I am pleased to be assisting Fortune Bay at a pivotal stage in its advancement. With project development
and permitting activities gaining momentum, this is an opportune time to apply my experience in support of
Fortune Bay’s disciplined approach to project development. I look forward to working closely with the team
to help unlock the project’s potential.”
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Appointment of Senior Mining Advisor
Fortune Bay has appointed Ronald (Ron) Halas, P.Eng., as Senior Mining Advisor for the Goldfields Gold
Project. Mr. Halas will work with Fortune Bay on a consulting basis, providing direct input into project
development planning and permitting activities as the project advances toward a PFS.
Mr. Halas brings more than 35 years of global mining and project development experience, spanning open
pit and underground gold mining, feasibility studies, mine construction, permitting, and operations.
Most recently, Mr. Halas served as Chief Operating Officer of Lumina Gold Corp., where he led technical
and operational activities supporting the advancement of the Cangrejos gold -copper project in Ecuador
through feasibility-level studies. Lumina Gold Corp. was subsequently acquired by CMOC Group in 2025,
following the completion of key technical milestones.
Prior to Lumina Gold Corp., Mr. Halas held senior executive and operational leadership roles with Global
Atomic Corporation (Chief Operating Officer), Kinross Gold Corporation, IAMGOLD Corporation, Placer
Dome, INCO (now Vale), and PT Freeport Indonesia, among others. His experienc e includes leadership
roles at large -scale open pit and underground mining operations and the delivery of multiple feasibility
studies across the Americas, Africa, and Asia. He has also served as a board member and technical advisor
to several publicly listed mining companies.
Mr. Halas holds a Bachelor of Mining Engineering from McGill University and a Graduate Diploma in
Business Administration from Simon Fraser University, and is a registered Professional Engineer (P.Eng.).
Goldfields Project Update
Exploration Drilling
• Fortune Bay commenced exploration drilling at the Box deposit on November 17, 2025, completing
1,125 metres (three drill holes) prior to temporarily suspending operations for the holiday break.
Drilling is expected to resume on or around January 5, 2026.
• Drilling is focused on down -dip step-outs into significant gaps in drill coverage within and below
current Inferred Mineral Resources, well outside of the mine pit outlined in Fortune Bay’s 2025
Updated PEA.
• Sample batches are being consigned to SRC Geoanalytical Laboratories in Saskatoon,
Saskatchewan, for gold analysis. First -batch assay results are expected in late -January, with
additional results to follow as further batches are processed.
• Drilling in January will continue exploration step-outs 200 to 350 metres beyond the current mineral
resource extents, targeting extensions of higher-grade structural trends at Box.
• Drilling is expected to transition into development -related drilling at Box, before moving to other
exploration targets to continue exploration drilling.
Goldfields Development & Permitting
• Metallurgical sample processing for Box is currently underway at SGS Canada – Lakefield, Ontario,
focused on refining parameters for gravity-recoverable and flotation-recoverable gold. Results are
expected in mid-January and will support decision-making around final project scope for initiation
of a PFS.
• Fortune Bay, together with Ausenco Engineering Canada ULC , is planning the scope of
geotechnical, metallurgical, and geochemical work required to advance Goldfields to a PFS. This
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planning is expected to support initiation of development-related drilling and associated studies in
early Q1 2026.
• Results from waste rock characterization studies, along with baseline terrestrial and aquatic
studies, are expected in early Q1 2026. Following finalization of the PFS project scope, these
results will inform regulatory engagement and project development planning. Fortune Bay expects
to initiate engagement with the Saskatchewan Ministry of Environment in Q1 2026.
• A community tour of Indigenous communities and municipalities was completed in November 2025
to support early engagement regarding the proposed open -pit mine development at Goldfields, in
accordance with the Updated PEA mine plan. This tour represents a key step in advancing project
development consultation in line with the Compan y’s commitments to early, transparent, and
respectful engagement with Indigenous Nations and local stakeholders.
Qualified Person & Technical Disclosure
The technical and scientific information in this news release has been reviewed and approved by Gareth
Garlick P.Geo., Vice-President Technical Services 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 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 ho lds 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 pru dent capital management. For more information, please
visit www.fortunebaycorp.com or contact [email protected].
On behalf of Fortune Bay Corp.
”Dale Verran”
Chief Executive Officer
902-334-1919
Cautionary Statement
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, and include, but are not limited to, statements with respect to: the results of
the Updated PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC, the projected NPV,
IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Pr oject, the
technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the
ongoing ability to work cooperatively with stakeholders, including Indigenous Nations , local Municipalities and local levels of
government. 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 currentl y available to the
Company, the Company provides no assurance that actual results will meet manage ment’s expectations. Risks, uncertainties and
other factors involved with forward- looking information could cause actual events, results, performance, prospects and opportunities
to differ 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 or future plans, statements, exploration results, po tential
mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of
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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 mineral resources, failure to convert estimated mineral re sources to
reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical
test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks,
inability to fulfill the duty to accommodate Indigenous Nations and local Municipalities , uncertainties relating to the availability and
costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in com modity
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 Company’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
intention 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 inf ormation on Fortune Bay, readers should refer to Fortune Bay's website at
www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchang e)
accepts responsibility for the adequacy or accuracy of this release.