Fortune Bay Corp: Gold Pond Drilling Adds to the Potential Resource at Goldfields

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As announced on May 12, Fortune Bay Corp (FOR-TSXV) released the latest set of assay results from the winter 2026 expansion drilling campaign undertaken at the wholly-owned Goldfields Project in northern Saskatchewan. The latest set of assay results (seven holes totaling 771m of drilling) came from the Golden Pond target, located approximately 2km northeast of the Box deposit.

The latest assay results from the Golden Pond target successfully confirmed shallow gold mineralization and extended the mineralized system beyond the historically defined area. Drilling extended the shallow mineralized system up to approximately 50m beyond the historically defined zone of mineralization, with the system remaining open for further testing. All seven holes intersected gold mineralization, confirming continuity of the targeted mineralized area. Shallow assay included highlight GP26-02 which returned 1.20 g/t Au over 23.2m including 4.68 g/t Au over 3.2m, with 12.20 g/t Au over 1.0m starting approximately 10m below surface. Additional higher-grade intervals included 2.06 g/t Au over 6.88m in GP26-03 and 8.95 g/t Au over 1.0m in GP26-05. All seven holes intersected anomalous gold mineralization greater than 0.5 g/t Au.

Ultimately, drilling confirmed that gold mineralization is associated with sulphide-bearing quartz veins hosted mainly in gneiss, and locally extending into amphibolite units. The orientation of the mineralized veins observed in drill core is consistent with the Company’s revised model and with vein orientations mapped at surface. The results confirmed that the shallow mineralized system extends up to approximately 50m beyond the historically defined zone of mineralization and remains open to the northwest.

GOLDEN POND; TARGETING SHALLOW MINERALIZATION & REVISED GEOLOGICAL MODEL

Golden Pond is a historical gold occurrence located approximately 2km northeast of the Box deposit and historical mine. Golden pond represents a compelling target for potential resource expansion. The target does not currently host a mineral resource estimate. Historical drilling at Golden Pond returned near-surface, high-grade gold results, including 16.53 g/t Au over 13.6m in hole GP88-2. Following compilation and review of historical exploration data, Fortune Bay developed a revised geological model indicating that the main shallow mineralized trend, which aligns well with veins mapped at surface, had not been adequately tested by previous drilling. The 2026 drill program was designed to confirm the historical near-surface gold mineralization and test for extensions along strike using the Company’s revised model. Drill holes GP26-01 to GP26-07 were completed in three fence lines, with an approximate 25m spacing, to evaluate continuity and help guide future follow-up drilling. All drilling (7 holes, 771m) was carried out an orientation and shallow dip designed to intersect mineralization at the highest angle possible (closest to true thickness). All seven holes intersected anomalous gold mineralization greater than 0.5 g/t Au.

GOLDFIELDS MINERAL RESOURCE ESTIMATE    

The primary host lithologies to the mineralization are the Box (BMG) and Athona (AMG) granites, the modelled volumes also represent the main resource domains bounded by relatively unmineralized footwall and hanging wall lithological domains. To further constrain the mineralization within the BMG and AMG domains, a vein system model was generated within each of the granite domains. The latest NI43-101 compliant Mineral Resource Estimate models (replacing the MRE with an effective date of October 31, 2022) included a total of 838 boreholes, of which 494 are located within the Box deposit and 344 within the Athona deposit. Gold grades were interpolated into the block models using ordinary kriging (OK) for all granite and vein-set domains within the Box and Athona deposits. Grade estimation for each domain was conducted using multiple passes, with successively expanding search criteria in subsequent estimation passes.

HISTORICAL GOLD PRODUCTION

Gold was first discovered on the Goldfields Project in 1934 with Cominco subsequently acquiring the discovery by staking claims. Between 1934-1942, both the Box and Athona deposits were explored and delineated with surface and underground drilling. Horizontally oriented underground core drilling was carried out to intersect gold-bearing quartz veins and crosscuts were driven at each shaft station and along certain underground drill holes to check analytical results. Stope and mill development continued during a period between 1936-1938. Production from underground operations began in June 1939 at 450 tpd, with capacity ramping up to a maximum

VALUATION & CONCLUSION

We continue to value Goldfields using a base case, LT gold price of $4,000 per ounce. Factoring in a partial future equity financing (post-PFS provided a positive FID), we derive a 12-month price objective of C$2.35 per share by applying a 0.15x NAV8% multiple. Given the most recent close (May 11), shares of Fortune Bay currently trade at a 0.04x P/NAV multiple. As mentioned, Fortune Bay also trades at an attractive EV per ounce multiple of $31 – well below the peer group. Acknowledging the acute sensitivities to the LT gold price (below), our price objective equates to upside of +279% from the most recent close.

We are excited with Fortune Bay’s prospects this year and note that 2026 will be the first year in which the company should potentially re-rate to being viewed as a pure-play gold company with an advanced project working towards PFS completion by ~year-end. Recall that in previous years, the company was considered as a uranium exploration company focused primarily on the Murmac uranium project. We expect material news flow to trickle out from the winter drill program at Goldfields. With a PFS expected to be competed by year-end or Q1/2027, as the story becomes more familiar to the market, we would expect this company to re-rate to similar valuation metrics as seen with the North American Peer group. Moreover, given the resource expanding beyond the historically defined area, we would expect the upcoming PFS to surprise on the upside in terms of production metrics and economics. For additional details, refer to our February 3, 2026 initiation of coverage report.

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

• Additional drill results from Goldfields.

• Details for a summer program.

• Metallurgical and Geotech results over the course of the year.

• Goldfields PFS details leading up to an actual study scheduled for year-end or Q1/2027.