Fortune Bay Corp. announced a significant expansion of its 100% owned Murmac Uranium Project ("Murmac" or the "Project") through recent successful staking efforts. The Project area now totals 10,363 hectares, representing a 95% increase in area from 2022.

The Project is located on the northern rim of the Athabasca Basin in Saskatchewan, approximately 10 kilometres south of Uranium City. 2022 Exploration Results Support Potential for High-Grade Discovery: Maiden exploration drilling completed in 2022 over regional targets intersected uranium mineralization in six (6) of the fifteen (15) drill holes, including assay highlights of 0.18% U3O8, 0.17% U3O8 and 0.12% U3O8 from individual 0.1 meter length drill core samples. The intersections of uranium are shallow, from between 20 and 150 metres below surface, and indicate the presence of Athabasca Basin mineralizing systems at various locations on all three targeted corridors based on the association with structured graphitic rocks and characteristic pathfinder elements and alteration.

These results warrant follow-up with additional drilling, along strike and down-dip of mineralized intersections to date. Results from surface prospecting completed in 2022 further support the potential for a high-grade discovery. Prospecting results included 8.82%U3O8from a boulder sample, and outcrop samples of 6.90% U3O8and 1.69% U3O8, with an additional nine outcrop samples assaying between 0.1% and 0.8% U3O8 from the Armbruster, Howland and Pitchvein Corridors.

Fortune Bay's exploration results to date, in conjunction with historical results, confirm a substantial uranium endowment at Murmac, and numerous priority target areas have been identified for drill testing.Fortune Bay exploration results referred to in this news release represent rock outcrop and drill core samples submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Sample preparation for all samples included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. Multi-element characterization was carried out by partial digestion, using ICP-OES and ICP-MS analytical methods.

For selected samples U3O8 weight % was determined separately through partial digest (HCl:HNO3) and ICP-OES (ISO/IEC 17025 accredited method). Additional analysis for boron content was obtained for all samples through Na2O2/NaCO3 fusion followed by ICP-OES. QAQC on analytical results has included insertion of sample blanks by Fortune Bay at a rate of 1 blank per 20 samples.

Additional QAQC by SRC has included insertion of certified reference standards and repeat analyses. All results have been reviewed and no issues were noted. Historical assay results were captured from assessment reports available in the Saskatchewan Mineral Assessment Database ("SMAD") references 74N07-0310, 74N07-0311 and 74N07-0064.

The Company considers these results relevant to assess the mineralization and economic potential of the property. Information regarding the historical Lorado mine is derived from the Saskatchewan Mineral Deposit Index ("SMDI") under reference numbers 1228 and 1229.