FORTUNE BAY ACCELERATES DEVELOPMENT AT GOLDFIELDS FOLLOWING STRONG PEA AND FINANCING

The November 12, 2025, news release announces that Fortune Bay is accelerating the development of its flagship Goldfields Project in Saskatchewan. Following the release of a strong Preliminary Economic Assessment (PEA) and the closing of a C$8 million financing, the company is moving the project toward a Pre-Feasibility Study (PFS) targeted for 2026.

Key advancement activities include: - Project development drilling to support the PFS. - Exploration drilling to evaluate resource growth potential. - Waste rock characterization and metallurgical testwork. - A high-resolution topographic survey. - Ongoing baseline environmental studies and planned community consultation to support permitting.

The company states it is preparing to commence a drilling program in the coming weeks.

The most recent news is a routine operational update that confirms the company's strategic direction following two recent, highly material events: the positive updated PEA (September 23, 2025) and the successful C$8 million bought deal financing (closed October 30, 2025).

The news itself contains no new material data points; rather, it formalizes the "use of proceeds" from the financing and signals that the company is executing its stated plan without delay. The impact is positive as it demonstrates operational momentum and assures investors that the newly raised capital is being deployed to de-risk the Goldfields project and advance it towards a PFS.

While the PEA and financing were material events that re-rated the company's potential, this announcement is a confirmation of execution. It is what an investor should expect to see and is therefore rated as Routine - Positive. It reinforces the positive trajectory but does not fundamentally change the investment thesis on its own. The market had already priced in the expectation of these activities when the financing was announced.

Fortune Bay Corp. is a Canadian exploration and development company with a portfolio of assets in Canada and Mexico. - Flagship Project: The 100%-owned Goldfields Project in northern Saskatchewan, Canada. It is a development-stage open-pit gold project. A September 2025 PEA outlined a 14-year mine life with an after-tax NPV(5%) of C$610 million and an IRR of 44% (at US$2,600/oz gold). The project benefits from existing infrastructure and a valid 2008 Environmental Impact Statement (EIS) that provides a foundation for future permitting. The company is now advancing the project to a Pre-Feasibility Study (PFS). - Secondary Assets: The company holds several uranium projects in Saskatchewan (Murmac, The Woods) that are being advanced through partner-funded option agreements, providing shareholders with exploration upside at no cost. It also holds the Poma Rosa gold project in Mexico.