Fortune Bay : Corporate Presentation - August 2023

TSXV: FOR | FWB: 5QN | OTCQX: FTBYF

www.fortunebaycorp.com

Corporate Presentation

August 2023

Advancing Potential

for Saskatchewan's

Next Gold Mine

Photo: Goldfields Project, Box headframe and mill frame dating back to 1935

Cautionary Language & Legal Disclaimers

Cautionary Statements

Information set forth in this presentation contains forward-looking statements that are based on assumptions as of the date of this presentation. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay acceptable to it, or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation.

The Corporate Presentation contains information which was accurate at the time of posting, but may be superseded by subsequent disclosures.

Qualified Person

The technical and scientific information in this presentation has been reviewed and approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Technical Reports & Disclosures

Goldfields Project - Results for the Preliminary Economic Assessment ("PEA") were announced on November 1, 2022 by way of a Company news release, available on SEDAR (www.sedar.com) and the Company's website. Refer to the news release for further PEA details including important technical & financial disclosure and cautionary statement. The PEA NI-43-101 Technical Report is available on SEDAR (www.sedar.com) and Fortune Bay's website.

Ixhuatán Project - A mineral resource estimate (the "2006 Resource Estimate Report") with an effective date of June 22, 2006, was prepared for the Campamento Deposit on the Ixhuatán Project by Gary H. Giroux, P.Eng for Linear Gold Corp. ("Linear"), a predecessor company of Fortune Bay. The mineral resources were classified according to the CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines, August 2000 ("CIM 2000") and incorporated, by reference, into National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The reader is cautioned that a Qualified Person has not done sufficient work to classify the mineral resources stated in the 2006 Resource Estimate Report as current resources. Fortune Bay is not treating this historical estimate as a current mineral resource. While this estimate was prepared in accordance with NI 43-101 and CIM 2000 in effect at the time, there is no guarantee that it would be consistent with current standards and it should not be regarded as such. Fortune Bay has not undertaken any independent verification of the data upon which the historical estimates are based. The historical estimate is considered relevant to assess the mineralization and economic potential of the property. Further important disclosure regarding historical estimates, in accordance with Section 2.4 of NI 43-101, is provided in Appendix 1 of this presentation.

A summary report for the Ixhuatán Project (the "2011 Summary Report"), with an effective date of May 18, 2011, was prepared by Philip K. Seccombe, PhD, MAIG of Equity Exploration Consultants Ltd. and Gary H. Giroux, Peng, in accordance with NI 43-101 . The 2011 Summary Report was prepared for Cangold Limited ("Cangold") who previously optioned the property from Brigus (successor to Linear). The report provided an updated review of the project and included the mineral resource estimate from the 2006 Resource Estimate Report since no further holes had been drilled in the resource area since 2006. The 2011 Summary Report is filed on SEDAR under Cangold's issuer profile and available on Fortune Bay's website.

Historical Results - This presentation may contain historical exploration results, including historical drilling results. The Company has not verified historical results, unless stated otherwise, and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these historical results relevant to assess the mineralization and economic potential of the properties.

For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.

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Capital Structure & Ownership

As of July 28, 2023

Capital Structure

Issued & Outstanding	42.9M
Options	2.3M
Warrants	7.3M

Market Capitalization

Share Price	C$0.18
Market Cap.	C$7.7M

Ownership

Management	15%
& Board

85% Public

Operational Base in Uranium City, Saskatchewan

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Experienced Team, Proven Track Record

Dale Verran MSc, P.Geo	Sarah Oliver CPA CA	Wade Dawe BComm	Gareth Garlick BSc, P.Geo
Chief Executive Officer	CFO	Executive Chairman	Technical Director
+20 years mining & exploration	+10 years accounting and finance	+25 years as accomplished entrepreneur,	+20 years mining cycle
VP Exploration Denison Mines Corp.	industries	financier and investor	Exploration to resource estimation and
Significant gold experience (Goldfields	Client acquisitions/mergers & financings	Founded or co-founded a number of	reconciliation on producing mines
Limited & Manica Minerals)	(PwC Canada)	successful companies	Experience in consulting capacity with
			Fission Uranium Corp.

Derrick Gill BComm	Melinda Lee CPA CA ICD.D	Robert Shaw MSc	Michael Gross MD FRCSC
Independent Director	Independent Director	Independent Director	Independent Director
+30 years executive experience	+20 years private and public companies	+30 years mineral exploration throughout	Extensive capital markets experience
(Voisey's Bay Nickel, Diamond Fields	+8 years Board of Director level	the Americas	+20 years as Prof. of Orthopaedic surgery
Resources and Bristol Communications)	Securities laws, investing, corporate finance	Founder & exec. of listed gold companies	and founder of companies specializing in
Co-founder and a director of Strategic	and M&A transactions	Instrumental in the discovery of Gramalote,	proprietary medical devices
Concepts and SCI Software (Community	Financial reporting, disclosure and	La Colosa and La Quebradona +40 million	4
Engagement)	governance	ounces of gold

Well-Positioned

Enviable Global Gold Resource Base for a Junior

+2.9 Moz gold

Strike and Murmac

Uranium Projects

Goldfields 1

Trading at Significant Discount to Peers

	40	EV/Resource 3
US$/oz	30
20
10	US$5/oz
	US$2/oz
	0

Peer Average	Fortune Bay -	Fortune Bay -
	Goldfields Only	Global

0.98	Moz Indicated	Project Lifecycle Upside (Lassonde Curve 4)
0.21	Moz Inferred

Production

		Ixhuatán 2
1.04	Moz Meas. & Ind.
0.70	Moz Inferred

1. For further Goldfields mineral resources details refer to the PEA NI 43-101 Technical Report (effective date October 31, 2022) available on SEDAR (sedar.com) and the Company's website.
2. The mineral resource estimate for Ixhuatán is considered historical in accordance with NI 43-101. Source: 2006 Resource Estimate Report with an effective date of June 22, 2006. The mineral resources were classified according to CIM 2000 and incorporated, by reference, into NI 43-101. Please refer

	to the Appendix for important disclosure regarding historical estimates.	5
3	Peers include Canadian explorers & developers (Moneta Gold, Spanish Mountain, Benchmark Metals, Bonterra Resources, O3 Mining, Maritime Resources, Skeena Resources, MAS Gold, Gold Mountain Mining, St. James Gold, Monarch Mining Corp., Probe Metals, Osisko Mining, Granada Gold Mine,
	Cartier Resources, Auteco Minerals, Treasury Metals). Source: Public disclosures, Couloir Capital research. Calculated July 17, 2023.
4	Lassonde (1990) identified that the share price of mining companies follow a specific cycle dependent upon specific events occurring, including exploration, discovery, feasibility, financing, construction and production