FORTUNE BAY APPOINTS SENIOR MINING ADVISOR AND PROVIDES GOLDFIELDS PROJECT UPDATE

On December 18, 2025, Fortune Bay Corp. announced the appointment of Ronald (Ron) Halas, P.Eng., as Senior Mining Advisor. Mr. Halas brings extensive experience from his previous role as Chief Operating Officer at Lumina Gold Corp. and across the full lifecycle of mining projects.

The company also provided a project update for its flagship Goldfields Gold Project in Saskatchewan: - Drilling: An exploration drilling program commenced on November 17, 2025. To date, three holes totaling 1,125 metres have been completed, targeting down-dip extensions of the Box deposit. Drilling is expected to resume around January 5, 2026. - Upcoming Results: The first batch of assay results is expected in late January 2026. Results from ongoing metallurgical test work are anticipated in mid-January 2026. - Pre-Feasibility and Permitting: The company is advancing workstreams for a Pre-Feasibility Study (PFS), including geotechnical, metallurgical, and geochemical studies. Environmental baseline studies are underway, with results expected in early Q1 2026, ahead of planned engagement with the Saskatchewan Ministry of Environment.

This news is a routine but positive update that demonstrates solid execution following the company's C$8 million financing in October 2025. The appointment of Ron Halas adds valuable senior-level technical expertise, which is critical as the company transitions from economic studies to the more rigorous engineering and permitting phases required for a PFS.

Reviewing the historical news provides essential context: - Build-up (Sept-Nov 2025): The company delivered a highly positive Updated Preliminary Economic Assessment (PEA) for Goldfields on September 23, showcasing robust economics (C$610M after-tax NPV5%, 44% IRR). This was followed by the announcement and closing of a C$8M bought deal financing in October. Subsequently, on November 12 and 25, the company laid out a clear plan to accelerate development, including commencing drilling and advancing studies for a PFS. - Setback (Dec 15, 2025): Just three days prior to this update, the company announced materially negative news regarding its Poma Rosa Project in Mexico. A state government decree has created a protected natural area that overlaps 11% of the project's key concession, impacting part of the Campamento deposit. The company has filed a constitutional challenge, but this introduces significant jurisdictional risk, uncertainty, and potential delays for the Mexican asset. The stock fell sharply on this news, from C$0.81 to a low of C$0.65.

The December 18 update serves two purposes: 1. It confirms that management is delivering on its promises for the Goldfields project. The drilling program has started as planned, and the necessary technical studies for the PFS are progressing on schedule. This builds credibility. 2. It strategically shifts investor focus back to the flagship asset in the top-tier jurisdiction of Saskatchewan, helping to counterbalance the negative sentiment from the Mexico news.

While the update contains no new data (assays, study results), it is a necessary communication to reassure the market that the primary value driver for the company is on track. The impact is positive in confirming operational progress, but it is routine as these activities were previously announced and are expected by shareholders. The news does not fundamentally change the valuation or risk profile but reinforces the operational plan for Goldfields.

Fortune Bay Corp. is a Canadian-based exploration and development company focused on gold and uranium assets.

Its flagship asset is the 100%-owned Goldfields Gold Project located in northern Saskatchewan, a top-ranked mining jurisdiction. Goldfields is a past-producing, advanced-stage development project. The September 2025 Updated PEA outlined a robust 14-year, 4,950 tpd open-pit mining operation with compelling economics: an after-tax NPV (5%) of C$610 million and an IRR of 44% using a US$2,600/oz gold price. The company is currently advancing the project towards a Pre-Feasibility Study (PFS).

The company also holds the Poma Rosa gold-silver-copper project in Mexico and a portfolio of partner-funded uranium projects (Murmac and The Woods) in Saskatchewan's Athabasca Basin.