FORTUNE BAY MOVES INTO 2026 FOCUSED ON EXPEDITED ADVANCEMENT OF GOLDFIELDS

The news release dated January 20, 2026, outlines Fortune Bay's strategic focus for 2026, primarily centered on the expedited advancement of its 100%-owned Goldfields Gold Project in Saskatchewan. The company confirms that its 2026 programs are "fully funded" following an C$8 million financing closed in late 2025. Key initiatives include exploration drilling targeting resource expansion, Pre-Feasibility Study (PFS) level technical work (geotechnical, metallurgical, and waste rock studies), and the submission of a provincial Technical Proposal for environmental approvals in Q1 2026. The company reiterated the robust economics of its Updated Preliminary Economic Assessment (PEA), which shows an after-tax NPV (5%) of C$610 million at a base case of US$2,600/oz gold, increasing to C$1.25 billion at a spot price of US$3,650/oz.

The impact of this update is Material - Positive for three reasons: - Funding Certainty: The confirmation that 2026 activities are fully funded removes the immediate "overhang" of a dilutive financing in a volatile market. The C$8M raise in October 2025 provides the necessary runway to reach the PFS stage. - Economic Resilience: The project’s economics are exceptionally sensitive to gold prices. With an NPV (5%) of C$610M against a current market cap of under C$50M, there is a massive valuation disconnect, provided the company can execute the transition from PEA to PFS. - De-risking via Jurisdiction: By focusing resources on Saskatchewan (ranked 7th globally by the Fraser Institute), the company is strategically distancing itself from the "Material - Negative" regulatory challenge reported in December 2025 regarding its Poma Rosa project in Mexico. - High Confidence Mine Plan: The fact that 97% of the gold in the PEA mine plan is already in the Indicated category is rare for a PEA-stage project and significantly de-risks the upcoming PFS.

Fortune Bay Corp. is a Canadian explorer/developer. - Flagship Project: Goldfields Gold Project, Saskatchewan. It consists of the Box and Athona deposits. - Stage: PEA (2025). Moving toward PFS. - Infrastructure: Excellent. Includes a road to Uranium City and a hydro-power line to the site. - Secondary Assets: Poma Rosa (Mexico - Gold/Silver/Copper), currently facing regulatory overlap with a protected area. - Uranium Portfolio: Several projects in the Athabasca Basin (Murmac, The Woods) currently being explored via partner-funded option agreements (Aero Energy, Neu Horizon).