FORTUNE BAY FILES NI 43-101 UPDATED PEA TECHNICAL REPORT FOR THE GOLDFIELDS PROJECT, SASKATCHEWAN
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On October 29, 2025, Fortune Bay announced the filing of an independent NI 43-101 Technical Report for the updated Preliminary Economic Assessment (PEA) on its 100%-owned Goldfields Project in Saskatchewan, Canada. This filing formally documents the results that were initially announced on September 23, 2025.
The key economic highlights from the PEA, based on a US$2,600/oz gold price, include: - After-tax Net Present Value (NPV) at a 5% discount rate of C$610 million. - After-tax Internal Rate of Return (IRR) of 44%. - Initial capital cost (Capex) of C$301 million. - A 14-year mine life with average annual payable production of 64,000 ounces, and 99,000 ounces over the first four years.
At a spot price of US$3,650/oz gold, the after-tax NPV5% increases to C$1.25 billion with an IRR of 74%.
The filing of the NI 43-101 technical report is a procedural and expected step following the announcement of the PEA results. In itself, it is not material news as it contains no new information. However, its importance lies in providing the detailed technical backup for the highly positive PEA results announced on September 23, 2025, and it should be viewed within the context of the company's recent transformative events.
Tracing the company's progress over the past year reveals a clear and successful execution of strategy: - Q4 2024 - Q1 2025: The company maintained news flow through its partner-funded uranium exploration at the Murmac project, avoiding dilution while retaining exposure to a hot sector. - April 2025: Fortune Bay secured C$3 million in a private placement at C$0.32 per unit. This financing was critical to fund the work required for the updated PEA. - September 23, 2025: The company delivered the updated PEA for Goldfields, which was a watershed moment. The results showcased exceptional economics, with a C$610 million after-tax NPV that starkly contrasted with its market capitalization of approximately C$52 million at the time. This highlighted a significant valuation gap. - October 20, 2025: The announcement of a C$8 million bought deal private placement, led by Cormark Securities, was another major de-risking event. The financing consists of C$6 million in hard-dollar common shares at C$1.00 and C$2 million in flow-through shares at C$1.39, notably without any warrants. This fully funds the company for the next critical steps, including a Pre-Feasibility Study (PFS), permitting activities, and exploration drilling at Goldfields. The C$1.00 institutional placement price provides a strong new level of support and validation for the company's valuation.
The October 29 news is the final piece of confirmation for the PEA. While the market has already reacted to the PEA results and the financing, this filing adds a layer of technical credibility. The cumulative effect of the strong PEA, the successful C$8M financing, and this formal report filing is materially positive, transforming Fortune Bay from a speculative explorer into a de-risked developer with a clear path forward and sufficient capital to execute its plans.
Fortune Bay Corp. is a Canadian mineral exploration company focused on advancing its gold and uranium projects. - Flagship Project: The 100%-owned Goldfields Gold Project, located in northern Saskatchewan. It is a brownfield, past-producing project with significant existing infrastructure, including road and powerline access. Its key advantage is a valid, provincially-approved 2008 EIS for a 5,000 tonne-per-day operation. The project is subject to a 2% Net Smelter Return (NSR) royalty as noted in the PEA. The September 2025 PEA demonstrates its potential to be a low-capex, high-return mine in a top-tier jurisdiction. - Other Assets: The company holds a portfolio of uranium projects in Saskatchewan (Murmac, The Woods) that are being advanced through non-dilutive, partner-funded option agreements. It also owns the Poma Rosa gold project in Chiapas, Mexico.