Fortune Bay appoints Halas as senior mining adviser

Mr. Dale Verran reports FORTUNE BAY APPOINTS SENIOR MINING ADVISOR AND PROVIDES GOLDFIELDS PROJECT UPDATE Fortune Bay Corp. has appointed Ronald (Ron) Halas, PEng, as senior mining adviser for its Goldfields gold project in Saskatchewan. The company has also provided an update on recent exploration and development activities at Goldfields. Highlights: Senior mining adviser appointment: Mr. Halas brings over 35 years of global gold mining experience, including most recently as chief operating officer of Lumina Gold Corp., where he led feasibility-level advancement of the Cangrejos gold-copper project prior to its acquisition by CMOC Group in 2025. Exploration drilling under way: Exploration drilling is advancing at the Box deposit, with 1,125 metres completed in late 2025. Drilling is focused on downdip stepouts well outside of the mine pit outlined in Fortune Bay's 2025 updated preliminary economic assessment (PEA). First-batch assay results are expected in late January, 2026. Prefeasibility study: Project development work toward a prefeasibility study (PFS) is well under way, including continuing metallurgical test work and planning for additional geotechnical, metallurgical and geochemical studies to support PFS-level study in 2026. Permitting and environmental progress: Permitting activities are advancing, with a community engagement tour completed in November, 2025. Results from environmental baseline studies are expected in January, 2026, supporting planned regulatory engagement in Q1 2026. Dale Verran, chief executive officer of Fortune Bay, commented: "At Goldfields, we are advancing toward a prefeasibility study while progressing permitting and stakeholder engagement activities. Ron's appointment comes at an important time for the project. He brings deep, hands-on experience across the life cycle of gold mining projects, from feasibility studies through mine construction and operations. His practical, execution-focused perspective significantly strengthens our technical team as this work continues." Mr. Halas, senior mining adviser, added: "Goldfields is an excellent project with strong fundamentals, and I am pleased to be assisting Fortune Bay at a pivotal stage in its advancement. With project development and permitting activities gaining momentum, this is an opportune time to apply my experience in support of Fortune Bay's disciplined approach to project development. I look forward to working closely with the team to help unlock the project's potential." Appointment of senior mining adviser Fortune Bay has appointed Mr. Halas as senior mining adviser for the Goldfields gold project. Mr. Halas will work with Fortune Bay on a consulting basis, providing direct input into project development planning and permitting activities as the project advances toward a PFS. Mr. Halas brings more than 35 years of global mining and project development experience, spanning open-pit and underground gold mining, feasibility studies, mine construction, permitting, and operations. Most recently, Mr. Halas served as chief operating officer of Lumina Gold Corp., where he led technical and operational activities supporting the advancement of the Cangrejos gold-copper project in Ecuador through feasibility-level studies. Lumina Gold was subsequently acquired by CMOC Group in 2025, following the completion of key technical milestones. Prior to Lumina Gold, Mr. Halas held senior executive and operational leadership roles with Global Atomic Corp. (chief operating officer), Kinross Gold Corp., Iamgold Corp., Placer Dome, INCO (now Vale) and PT Freeport Indonesia, among others. His experience includes leadership roles at large-scale open-pit and underground mining operations and the delivery of multiple feasibility studies across the Americas, Africa and Asia. He has also served as a board member and technical adviser to several publicly listed mining companies. Mr. Halas holds a bachelor of mining engineering from McGill University and a graduate diploma in business administration from Simon Fraser University and is a registered professional engineer (PEng). Goldfields project update Exploration drilling Fortune Bay commenced exploration drilling at the Box deposit on Nov. 17, 2025, completing 1,125 metres (three drill holes) prior to temporarily suspending operations for the holiday break. Drilling is expected to resume on or around Jan. 5, 2026. Drilling is focused on downdip stepouts into significant gaps in drill coverage within and below current inferred mineral resources, well outside of the mine pit outlined in Fortune Bay's 2025 updated PEA. Sample batches are being consigned to SRC Geoanalytical Laboratories in Saskatoon, Sask., for gold analysis. First-batch assay results are expected in late January, with additional results to follow as further batches are processed. Drilling in January will continue exploration stepouts 200 to 350 metres beyond the current mineral resource extents, targeting extensions of higher-grade structural trends at Box. Drilling is expected to transition into development-related drilling at Box, before moving to other exploration targets to continue exploration drilling. Goldfields development and permitting Metallurgical sample processing for Box is currently under way at SGS Canada (Lakefield, Ont.), focused on refining parameters for gravity-recoverable and flotation-recoverable gold. Results are expected in mid-January and will support decision making around final project scope for initiation of a PFS. Fortune Bay, together with Ausenco Engineering Canada ULC, is planning the scope of geotechnical, metallurgical and geochemical work required to advance Goldfields to a PFS. This planning is expected to support initiation of development-related drilling and associated studies in early Q1 2026. Results from waste rock characterization studies, along with baseline terrestrial and aquatic studies, are expected in early Q1 2026. Following finalization of the PFS project scope, these results will inform regulatory engagement and project development planning. Fortune Bay expects to initiate engagement with the Saskatchewan Ministry of Environment in Q1 2026. A community tour of indigenous communities and municipalities was completed in November, 2025, to support early engagement regarding the proposed open-pit mine development at Goldfields, in accordance with the updated PEA mine plan. This tour represents a key step in advancing project development consultation in line with the company's commitments to early, transparent and respectful engagement with indigenous nations and local stakeholders. Qualified person and technical disclosure The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, PGeo, vice-president, technical services, of the company, who is a qualified person as defined by National Instrument 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the company under NI 43-101. About Fortune Bay Corp. Fortune Bay is a Canadian mineral exploration and development company with assets in Canada and Mexico. The company's primary focus is advancing the Goldfields gold project in Saskatchewan, Canada. Fortune Bay also holds the Poma Rosa gold-copper project in Chiapas, Mexico, as well as an optioned uranium project portfolio in the Athabasca basin of Saskatchewan. Fortune Bay continues to evaluate and advance its portfolio in a disciplined manner while maintaining a strong technical foundation and prudent capital management. We seek Safe Harbor.