Fortune Bay Files NI 43-101 Updated PEA Technical Report for the Goldfields Project, Saskatchewan

Press Release

HALIFAX, NS October 29, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce filing of an independent NI 43-101 Updated Preliminary Economic Assessment (“Updated PEA”) technical report for its 100% owned Goldfields Project (“Goldfields” or the “Project”) located near Uranium City, Saskatchewan.

The Updated PEA technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by Ausenco Engineering Canada ULC (“Ausenco”), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting (Canada) Inc. for the updated mineral resource estimate. A summary of the Updated PEA outcomes was provided in Fortune Bay’s News Release dated September 23, 2025, outlining an expedited development approach for Goldfields’ current mineral resource through conventional open-pit mining and onsite gold recovery at a 4,950 tpd processing facility. The full technical report is available for download on the Fortune Bay Corp. company profile at www.sedarplus.ca, and on the Company’s website www.fortunebaycorp.com.

Updated PEA Highlights:

• Strong Economics at Base Case: At a gold price of US$2,600 per ounce, the Updated PEA delivers an after-tax NPV (5%) of C$610 million, an after-tax IRR of 44%, and cumulative after-tax free cash flow of C$914 million, based on a 14-year mine life and a modest initial capital cost of C$301 million (including a C$51 million contingency).
• Leverage to Gold Price: At a spot gold price of US$3,650 per ounce (as of September 19, 2025), the after-tax NPV (5%) increases to C$1.25 billion and the IRR to 74%, generating cumulative after-tax free cash flow of C$1.82 billion.
• Expedited Path to Production: A sub-5,000 tpd open-pit design has been selected to remain within provincial permitting jurisdiction, leveraging a valid 2008 Environmental Impact Statement and past-producing status.
• De-Risked Development Pathway: The Updated PEA mine plan incorporates 97% Indicated resources, supported by established infrastructure, well-developed community relations, and a clear permitting pathway toward construction readiness.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick P.Geo., Vice-President Technical Services of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

About Goldfields

The 100% owned Goldfields Project (“Goldfields” or the “Project”) is located approximately 13 kilometres south of Uranium City, Saskatchewan. Goldfields hosts the Box and Athona gold deposits, as well as additional gold showings within the prospective Goldfields Syncline. The Box deposit was historically mined underground between 1939 and 1942, producing 64,000 ounces of gold. The Project is located within a historical mining area and benefits from established infrastructure, including a road and hydro-powerline to the Box deposit. Nearby facilities and services in Uranium City include bulk fuel, civils contractors, and a commercial airport.

About Ausenco

Ausenco is a global company redefining what’s possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).

About Fortune Bay

Fortune Bay Corp. (TSXV:FOR; FWB:5QN; OTCQB:FTBYF) is a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the Company targets value creation at the steepest part of the Value Creation Curve—prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields Project in Saskatchewan, the resource-expansion Poma Rosa Project in Mexico, and an optioned uranium portfolio in the Athabasca Basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts. For more information, visit www.fortunebaycorp.com or contact info@fortunebaycorp.com.

On behalf of Fortune Bay Corp.

”Dale Verran”
Chief Executive Officer
902-334-1919

To view the source version of this press release, please visit: https://www.newswire.ca/news-releases/fortune-bay-files-ni-43-101-updated-pea-technical-report-for-the-goldfields-project-saskatchewan-890322132.html

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