Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) (“Fortune Bay” or the “Firm”) is happy to announce submitting of an unbiased Preliminary Financial Evaluation (“PEA”) technical report for its 100% owned Goldfields Challenge (“Goldfields” or the “Challenge”) positioned close to Uranium Metropolis, Saskatchewan .

Fortune Bay‘s Information Launch dated November 1, 2022 , titled ” Fortune Bay Publicizes Optimistic PEA For Goldfields Challenge, Saskatchewan “, outlines the important thing outcomes, assumptions and estimates contained within the Goldfields PEA, which supplies a base case evaluation for creating the Goldfields mineral useful resource by typical open pit mining strategies, and gold restoration with a normal free milling flowsheet. In abstract, the financial mannequin helps an operation with low capital price and excessive price of return over an 8.3 yr mine life, with common annual manufacturing of 101,000 ounces of gold.

PEA Highlights:

• Strong economics with after-tax web current worth (“NPV”) (low cost price 5%) of C$285M , inner price of return (“IRR”) of 35.2% and payback of 1.7 years estimated with gold value of US$1,650 per ounce
• Common annual gold manufacturing of 101,000 ounces over lifetime of mine (“LOM”), with a mean of 122,000 ounces per yr within the first 4 years
• 8.3 yr LOM producing 835,000 ounces of gold
• Common money price of US$778 /oz and all-in sustaining price (“AISC”) of US$889 /oz gold
• Preliminary capital expenditure of C$234M

The PEA technical report was ready in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”) by Ausenco Engineering Canada Inc. (“Ausenco”), in collaboration with Moose Mountain Technical Companies for the mine design, and SRK Consulting ( Canada ) Inc. for the up to date mineral useful resource estimate and environmental, allowing and social elements. The technical report is obtainable on the Fortune Bay Corp. firm profile at www.sedar.com , and can also be out there on the Firm web site www.fortunebaycorp.com .

The technical and scientific data on this information launch has been reviewed and accredited by Dale Verran , M.Sc., P.Geo., Chief Govt Officer of the Firm, who’s a Certified Particular person as outlined by NI 43-101. Mr. Verran is an worker of Fortune Bay and isn’t unbiased of the Firm beneath NI 43–101.

About Goldfields

The 100% owned Goldfields Challenge is positioned roughly 13 kilometres south of Uranium Metropolis in northern Saskatchewan . The Challenge includes 12 mineral inclinations, protecting roughly 5,000 hectares, and is host to the Field and Athona gold deposits and quite a few different gold prospects and occurrences. The Challenge is positioned inside a historic mining space and advantages from established infrastructure, together with a street and hydro-powerline to the Field deposit. Close by amenities and providers in Uranium Metropolis embrace bulk gasoline, civil contractors, and a industrial airport. The Challenge has a historical past of gold manufacturing (64,000 oz produced between 1939 to 1942), quite a few exploration drilling campaigns (over 1,000 drill holes) and historic mining research by earlier house owners of the Challenge. The present complete gold useful resource for Field and Athona (efficient date September 1, 2022 ) stands at 979,900 ounces of gold within the Indicated class (23.2 million tonnes at a mean grade of 1.31 g/t gold) and 210,800 ounces of gold within the Inferred class (7.1 million tonnes at a mean grade of 0.92 g/t gold).

About Ausenco

Ausenco is a world firm based mostly throughout 26 places of work in 14 nations, with initiatives in over 80 places worldwide. Combining deep technical experience with a 30-year observe document, Ausenco delivers modern, value- add consulting research, challenge supply, asset operations and upkeep options to the mining and metals, oil & fuel and industrial sectors.

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) is an exploration and growth firm with 100% possession in two superior gold exploration initiatives in Canada , Saskatchewan (Goldfields Challenge) and Mexico , Chiapas (Ixhuatán Challenge), each with exploration and growth potential. The Firm can also be advancing the 100% owned Strike and Murmac uranium exploration initiatives, positioned close to the Goldfields Challenge, which have high-grade potential typical of the Athabasca Basin. The Firm has a aim of constructing a mid-tier exploration and growth Firm by the development of its present initiatives and the strategic acquisition of recent initiatives to create a pipeline of development alternatives. The Firm’s company technique is pushed by a Board and Administration workforce with a confirmed observe document of discovery, challenge growth and worth creation. Additional data on Fortune Bay and its property could be discovered on the Firm’s web site at www.fortunebaycorp.com or by contacting us as data@fortunebaycorp.com or by phone at 902-334-1919.

On behalf of Fortune Bay Corp.

“Dale Verran”
Chief Govt Officer
902-334-1919

Cautionary Assertion Relating to Ahead-Trying Data

Data set forth on this information launch comprises forward-looking statements which might be based mostly on assumptions as of the date of this information launch. These statements mirror administration’s present estimates, beliefs, intentions, and expectations. They don’t seem to be ensures of future efficiency. Phrases resembling “expects”, “goals”, “anticipates”, “targets”, “objectives”, “initiatives”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “continues”, “could”, variations of such phrases, and comparable expressions and references to future durations, are meant to establish such forward-looking statements, and embrace, however usually are not restricted to, statements with respect to: the outcomes of the PEA, together with future Challenge alternatives, future working and capital prices, closure prices, AISC, the projected NPV, IRR, timelines, allow timelines, and the flexibility to acquire the requisite permits, economics and related returns of the Challenge, the technical viability of the Challenge, the market and future value of and demand for gold, the environmental influence of the Challenge, and the continued capability to work cooperatively with stakeholders, together with the native ranges of presidency. Since forward-looking statements are based mostly on assumptions and handle future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on data presently out there to the Firm, the Firm supplies no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward- trying data may trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking data. Ahead trying data on this information launch consists of, however just isn’t restricted to, the Firm’s goals, objectives or future plans, statements, exploration outcomes, potential mineralization, the estimation of mineral sources, exploration and mine growth plans, timing of the graduation of operations and estimates of market situations. Elements that might trigger precise outcomes to vary materially from such forward-looking data embrace, however usually are not restricted to failure to establish mineral sources, failure to transform estimated mineral sources to reserves, the lack to finish a feasibility research which recommends a manufacturing choice, the preliminary nature of metallurgical take a look at outcomes, delays in acquiring or failures to acquire required governmental, environmental or different challenge approvals, political dangers, incapability to meet the obligation to accommodate First Nations and different indigenous peoples, uncertainties referring to the provision and prices of financing wanted sooner or later, modifications in fairness markets, inflation, modifications in alternate charges, fluctuations in commodity costs, delays within the growth of initiatives, capital and working prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and growth trade, and people dangers set out within the Firm’s public paperwork filed on SEDAR. Though the Firm believes that the assumptions and components utilized in getting ready the forward-looking data on this information launch are cheap, undue reliance shouldn’t be positioned on such data, which solely applies as of the date of this information launch, and no assurance could be on condition that such occasions will happen within the disclosed time frames or in any respect. The Firm disclaims any intention or obligation to replace or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case, apart from as required by legislation. For extra data on Fortune Bay, readers ought to discuss with Fortune Bay‘s web site at www.fortunebaycorp.com .

Neither TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.

SOURCE Fortune Bay Corp.

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