FORTUNE BAY ANNOUNCES EXPLORATION TARGETS AT GOLDFIELDS AND COMMENCES DRILLING

The latest news release from November 25, 2025, announces that Fortune Bay Corp. has commenced an exploration drilling program at its Goldfields Gold Project in Saskatchewan, Canada. The program involves approximately 3,250 meters across 17 diamond drill holes, targeting areas for resource expansion and underexplored historical occurrences.

Key targets include the Box and Athona deposits, aiming to expand resources beyond the current Mineral Resource Estimate (MRE), as well as the Frontier, Golden Pond, and Triangle occurrences. The release highlights historical high-grade intercepts from the Box deposit, such as 8.0 meters at 13.22 g/t gold, 5.0 meters at 8.74 g/t gold, and 12.0 meters at 8.0 g/t gold, which are "beyond current MRE."

Gareth Garlick, VP Technical Services, stated that drilling commenced within three weeks of closing the recent financing, demonstrating the company's pace. He emphasized that the exploration program is designed to unlock additional near-mine ounces to strengthen Goldfields' economics and improve its development profile.

This news is a positive development, primarily because it signals effective execution of the company's stated plans. The commencement of drilling at the Goldfields project follows closely on the heels of the C$8 million financing (closed October 30, 2025) and the positive Updated Preliminary Economic Assessment (PEA) announced in September 2025. This demonstrates operational efficiency and commitment to advancing the flagship project.

The focus on resource expansion at Box and Athona, alongside exploration at other occurrences, is a logical next step to potentially enhance the project's value. The explicit mention of historical high-grade intercepts within the target areas is encouraging, providing a positive backdrop for what the current drilling aims to achieve. These historical grades are significantly higher than the average mill head grade of 1.2 g/t gold outlined in the Updated PEA. If similar grades are intersected and can be incorporated into future resource estimates, it could materially improve project economics.

However, it's important to note that these are historical intercepts, and while they define targets, the current drilling results are yet to be announced. Therefore, while positive for demonstrating progress and potential, it is a routine step in the project's de-risking and development pathway, rather than a "game-changer" on its own. It aligns with previous expectations set by the CEO's commentary in the November 12, 2025, news release, which stated the company was "preparing to commence a drilling program in the coming weeks."

Fortune Bay Corp. (FOR.TSXV) is a Canadian resource company focused on advancing its Goldfields Gold Project in Saskatchewan and exploring its Poma Rosa Gold Project in Mexico. It also holds interests in partner-funded uranium projects in Saskatchewan.

Flagship Project: Goldfields Gold Project (Saskatchewan, Canada) * Ownership: 100% owned by Fortune Bay. * Development Stage: Resource, progressing towards Pre-Feasibility Study. * Updated PEA (September 2025): Demonstrated robust economics for a 4,950 tpd open-pit operation, including: * After-tax NPV(5%): C$610 million (Base Case, US$2600/oz Au). * After-tax IRR: 44.0%. * Initial Capital Cost: C$301 million. * Mine Life: 14 years. * 97% of the mine plan is based on Indicated Mineral Resources, indicating a de-risked resource base. * Resources (Effective September 11, 2025, 0.28 g/t Au cut-off): * Indicated: 24.0 Mt @ 1.28 g/t Au for 989.6 koz Au. * Inferred: 7.4 Mt @ 0.90 g/t Au for 214.2 koz Au. * Historical Context: The Box deposit had historical production from 1939-1942 (64,000 oz Au). The project benefits from existing infrastructure (road access, hydro-powerline) and a valid Provincial Environmental Impact Statement (EIS) from 2008 for a 5,000 tpd operation, which streamlines future permitting. * Current Activities: The company has just commenced a 3,250-meter drilling program to expand resources and explore new targets.

Other Key Projects: * Poma Rosa Gold Project (Chiapas, Mexico): 100% owned exploration project with a historical Measured & Indicated resource of 1.04 Moz Au at 1.84 g/t. The company is actively engaging with communities to establish agreements for fieldwork restart and an updated NI 43-101 MRE. * Murmac Uranium Project (Saskatchewan): Optioned to Aero Energy Ltd., with Fortune Bay acting as operator. This partner-funded project allows Fortune Bay to retain uranium exposure on a non-dilutive basis. Drilling commenced in Q3 2025. * The Woods Uranium Projects (Saskatchewan): Optioned to Neu Horizon Uranium Ltd., another partner-funded exploration project. Airborne geophysical surveys and field programs were initiated in Q3 2025.