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HALIFAX, NS April 11, 2022 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN) (“Fortune Bay” or the “Company”) is pleased to announce commencement of a Preliminary Economic Assessment (“PEA” or the “Study”) for its 100% owned Goldfields Gold Project (“Goldfields” or the “Project”) located in northern Saskatchewan. The Company has appointed Ausenco Engineering Canada Inc. (“Ausenco”) to lead the Study, with SRK Consulting (Canada) Inc. (“SRK”) to complete an updated Mineral Resource Estimate (“MRE”) and Moose Mountain Technical Services (“MMTS”) to undertake mine design and mine planning. The PEA is expected to be completed in early Q4 2022.

Dale Verran, CEO for Fortune Bay, commented, “The Board approved decision to complete a PEA for Goldfields aligns with our strategy to unlock the true potential of the Project, and represents a significant milestone toward a potential mine construction decision, given continued positive results. The PEA will aim to optimize mining and processing design aspects, building an important foundation for the future development of the Project. We believe Ausenco to be an ideal partner to work alongside our management team to deliver the PEA in accordance with industry-leading standards due to their engagement and successful completion of gold PEA studies in Canada such as Skeena Resources’ Eskay Creek, Anaconda Mining’s Goldboro, Probe Metals’ Val d’Or East and O3 Mining’s Marban projects.”

Preliminary Economic Assessment

The scope of work to be undertaken by Ausenco, together with MMTS, comprises two Phases:

• Phase 1: Mine to Mill Optimization incorporating mine scheduling, process plant engineering and financial modelling. The objectives of this Phase are to optimize mining and processing parameters by evaluating various business cases for the Project before proceeding to the PEA.
• Phase 2: Preliminary Economic Assessment which will cover all aspects of such studies, including mining and recovery methods, project infrastructure, capital and operating costs and financial analysis. The results of the Study are expected in early Q4 2022 and will be compiled into an NI 43-101 Technical Report.

A previous Pre-Feasibility Study was completed for Goldfields in October 2011, which is considered historical in accordance with NI 43-101. The planned PEA is expected to incorporate mining and processing scenarios for which Pre-Feasibility Study (“PFS”) level data do not yet exist and will be based upon an updated Mineral Resource Estimate, inclusive of Indicated and Inferred Mineral Resources. The PEA aims to define the optimal development path for the Project before initiating further resource delineation drilling and/or development work in support of a possible future PFS.