FORTUNE BAY AND MANHATTAN URANIUM INTERSECT ANOMALOUS RADIOACTIVITY IN SIX DRILL HOLES AT MURMAC AND STRIKE

Fortune Bay Corp. (FOR) and Manhattan Uranium, the funder holding a 51% earned interest as of April 30, 2026, have completed a summer 2026 drilling program consisting of 24 holes totaling 4,526.4 meters. The program included 15 holes for 2,978.4 meters at the Murmac property, targeting the Pitchvein, Armbruster, Howland, and Howland East zones, and nine holes for 1,548.0 meters at the Strike property, covering the J, K, L conductors and the Tena target.

The company reported no uranium assays from the program. Instead, the release provided preliminary handheld-spectrometer total-gamma counts per second ("cps") on drill core, explicitly stating that the data does not quantify uranium concentrations. Six of the 24 holes returned readings of 300 cps or higher. Reported intervals include:

• S26-020 (Tena): 6.80 m @ 348 cps from 22.50 m, including 0.60 m @ 737 cps; 5.60 m @ 324 cps from 34.50 m, including 0.20 m @ 950 cps; 1.90 m @ 489 cps from 59.13 m, including 0.20 m @ 1,890 cps.
• S26-014 (K5): 0.20 m @ 310 cps, 0.56 m @ 378 cps, 0.17 m @ 340 cps.
• S26-015 (J5): three intervals of 0.18-0.37 m at exactly 300 cps.
• S26-017 (J4): three intervals of 0.13-0.20 m at exactly 305 cps.
• M26-037 (P8, Pitchvein): 0.81 m @ 314 cps at 131.06 m, within a 61.36 m interval containing a cumulative 7.54 m of intermittent 300-340 cps (average 269 cps).
• M26-040 (A1, Armbruster): 0.15 m @ 310 cps and 0.10 m @ 310 cps.

Geological observations noted graphitic pelites and gneisses in contact with competent quartzite or granite, characterized by brittle faulting, brecciation, and hematite-chlorite-sulphide-clay alteration. Graphitic units were identified with an estimated true thickness of up to approximately 25 meters.

All 24 holes are tabulated with target location, easting, northing, azimuth, dip, and length. Core from all zones exceeding 300 cps has been submitted to SRC Geoanalytical Laboratories, an ISO/IEC 17025:2017 accredited facility, for U3O8 and multi-element assay. Results are pending.

Fortune Bay Corp. (FOR) is currently operator of the Manhattan project, holding a 10% management fee while Manhattan has earned a 51% interest and can increase its stake to 70% by spending C$6M, paying C$1.35M in cash, and issuing C$2.15M in shares. Even if a discovery were made, the interest accreting to Fortune Bay would be 49%, falling to 30% upon production. The company’s CEO stated that the program’s purpose is to allow Fortune Bay to "maintain our focus on Goldfields."

Fortune Bay has a market capitalization of approximately C$36M and a book value of C$31.6M, which is essentially all tied to the Goldfields gold story. The Goldfields project contains 24.0 Mt @ 1.28 g/t Au indicated for 0.99 moz, with a PEA after-tax NPV of C$610M at US$2,600/oz and C$1.25B at US$3,650/oz, based on a C$301M capex. Uranium exposure in this equity is an unpriced call option on someone else's drilling budget. This release does not change the NPV of Goldfields, the resource, the mine plan, the permitting timetable, or the cash position.

The company drilled 24 holes of geology confirming graphitic conductors, structure, and alteration along a broad target set, as well as a shallow radiometric anomaly at Tena down-dip of the historical adit. The existence of graphitic corridors and alteration at Murmac/Strike has been disclosed repeatedly since the June 2026 program announcements. The only assayed high-grade result on the property remains M24-017, which is of October 2024 vintage and was repeated in the June 2026 releases.

Prior-period context not disclosed in today's release includes a going-concern flag in the MD&A, C$4.67M unrestricted cash plus C$1.85M restricted against a C$301M capex requirement, and burn running at approximately C$1.5M/yr in operating plus investing outflows. There is also a technical-report inconsistency in the materials between a US$2,600/oz "base case" (C$610M NPV) and a US$3,650/oz "base case" (C$1.25B NPV).

Fortune Bay Corp. (TSXV: FOR; FWB: 5QN; OTCQB: FTBYF), a Halifax-based company, is led by CEO Dale Verran, former VP Exploration at Denison Mines, Executive Chairman Wade Dawe, VP Technical Services and QP Gareth Garlick, and CFO Patrick McGrath.

The company’s flagship asset is the Goldfields project in Saskatchewan, held at 100% interest. The project comprises the Box and Athona deposits, with an effective date of Sept. 11, 2025, at a 0.28 g/t cutoff inside a conceptual pit. Indicated resources total 24.0 Mt at 1.28 g/t Au for 0.99 moz, including Box’s 16.2 Mt at 1.41 g/t Au (734,300 oz) and Athona’s 7.8 Mt at 1.02 g/t Au (255,400 oz). Inferred resources stand at 7.4 Mt at 0.90 g/t Au for 0.21 moz, comprising Box’s 3.4 Mt at 1.04 g/t Au and Athona’s 4.0 Mt at 0.78 g/t Au.

An updated Preliminary Economic Assessment (PEA), per a NI 43-101 report dated Oct. 20, 2025, outlines a 14-year mine life with a processing rate of approximately 4,950 tpd, deliberately set below the 5,000 tpd provincial threshold. The initial capital expenditure is estimated at C$301M, with a 95.4% recovery rate utilizing gravity and CIP methods. At a gold price of US$2,600/oz, the project yields an after-tax NPV5% of C$610M and an IRR of 44%. At US$3,650/oz, the NPV5% rises to C$1.35B with an IRR of 74%, generating approximately C$61M NPV per US$100/oz. The base-case gold price is presented inconsistently across company materials, appearing as US$2,600/oz in releases and US$3,650/oz in the investor brief.

Regulatory progress continues at the Goldfields site, where a valid 2008 provincial EIS already covers an open-pit mine and 5,000 tpd mill at Vic Lake. Fortune Bay is advancing PFS-level geotechnical, metallurgical, waste-rock, and baseline environmental work, with a technical proposal to the Saskatchewan Ministry of Environment targeted for Q1 2026.

In Chiapas, Mexico, Fortune Bay holds a 100% interest in the Poma Rosa project, which includes the Campamento gold-silver deposit and Cerro La Mina. Approximately 11% of the Rio Negro concession overlaps a state protected area decreed on Nov. 19, 2025, which is currently under amparo challenge in federal court. Historical data from 2006, which is not NI 43-101 compliant, indicates approximately 1.7 moz Au across the project.

The company also holds uranium options. The Murmac and Strike properties, totaling approximately 19,877 ha near Uranium City with 63 km of conductors, are under option to Manhattan Uranium, which can earn up to a 70% interest for C$6M in exploration, C$1.35M in cash, and C$2.15M in shares. The Woods property is under option to Neu Horizon for an 80% interest for A$3M. Fortune Bay operates both properties for a 10% management fee.

As of June 30, 2026, the company had approximately 69.9M shares outstanding, with the September deck citing 71.3M. The capital structure includes 5.4M options, 3.6M warrants, and 1.7M DSUs, with insiders holding approximately 16.3%.

The balance sheet shows C$4.67M in unrestricted cash and C$1.85M in restricted cash, with no debt and total equity of C$31.6M, resulting in a book value of approximately C$0.45 per share. A going-concern flag was disclosed. Operating cash burn was C$1.48M in FY2025 and C$0.54M in H1-2026, alongside a C$3.46M investing outflow in H1-2026.