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HALIFAX, NS December 18, 2023 – Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce that it has entered into a definitive option agreement (the “Agreement”), dated December 15, 2023, with 1443904 B.C. Ltd. (the “Optionee”), an arms-length private company. Pursuant to the Agreement, the Optionee will be granted the right to acquire up to a 70% interest in the Company’s wholly owned Murmac and Strike Uranium Projects (the “Projects”) over a three-and-a-half-year period by funding C$6 million in exploration expenditures, making cash payments totalling C$1.35 million, and issuing C$2.15 million in common shares following completion of a going public transaction.

The Projects include mineral claims totalling 19,877 hectares located along the northwestern margin of the Athabasca Basin, near Uranium City, Saskatchewan, in the prolific Beaverlodge mining district where approximately 70 million pounds of U3O8 was produced between 1950 and 1982 (see Figure 1). The Projects have potential for high-grade, basement-hosted uranium deposits in a geological setting similar to other major discoveries on the Basin margin. This potential has been confirmed through initial drilling by Fortune Bay in 2022 which intersected favorable geology, alteration, geochemistry, and uranium mineralization. For further details please see News Releases dated December 7, 2022 and December 13, 2022. The Projects host approximately 63 kilometres of prospective electromagnetic conductor packages which were not systematically targeted and drill tested during historical exploration efforts, which predominantly targeted Beaverlodge-style mineralization. A significant number of historical high-grade (>1% U3O8) uranium showings occur within the Projects, in addition to historical small-scale uranium mining at the Tena prospect.