FORTUNE BAY ANNOUNCES PROSPECTING RESULTS FROM MURMAC URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce analytical results from a prospecting program completed in Fall 2022 on the 100% owned Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan (see Figure 1).

Analytical results from surface rock samples have been received from the laboratory which include highlights of:

8.82% U ₃ O ₈ from a boulder sample on the Armbruster Corridor providing compelling support for the presence of high-grade, basement-hosted uranium mineralization on the Project.
6.90% U ₃ O ₈ and 1.69% U ₃ O ₈ from outcrop samples along the Armbruster Corridor, which validated historical uranium occurrences.
An additional nine (9) outcrop samples which assayed between 0.1% and 0.8% U ₃ O ₈ from the Armbruster, Howland and Pitchvein Corridors, validating historical uranium occurrences.

A summary of the analytical results is provided in Table 1, and sample locations are provided in Figure 2.

Dale Verran , CEO for Fortune Bay, commented "The results from our Fall 2022 prospecting program further validate the significant endowment of uranium at Murmac and support the potential for a high-grade discovery. The results provide a complimentary dataset to the positive results from our 2022 drilling program and have assisted in the prioritization of targets for drill testing."

Prospecting Program Summary & Objectives:

Carried out in September and October 2022 to validate historical results and assist in the development and prioritization of future drill targets.
Provided follow-up to the 2022 maiden drilling program at Murmac, which intersected anomalous uranium in multiple drill holes (see News Releases dated August 23, 2022 and December 13, 2022 ).
Comprised surface prospecting, structural mapping and rock geochemical sampling, focused along prospective trends identified by the 2022 drilling program and areas with encouraging historical uranium results.
Results from the field program have been integrated with the 2022 drilling results to define priority targets for drill testing.

Summary of Prospecting Program Results:

Numerous historical uranium occurrences of interest were reliably located and validated (see Table 1 and Figure 2). These occurrences comprise narrow fault-hosted mineralization and are consistently associated with large faults that cross-cut the local stratigraphy. The intersections of these cross-cutting faults with conductors provide compelling structural target locations for drill testing. Graphite-rich rocks, or "conductors", are the favorable host rock for the targeted high-grade deposits but do not outcrop on surface due to their softer nature, lying within valleys and being covered by soils, glacial sediment and shallow lakes. Historical exploration did not focus on these conductors as targets.
Additional outcrop sampling (149 samples) along conductor valley edges highlighted encouraging enrichments of "pathfinder" elements that are typically associated with high-grade, basement-hosted deposits in the Athabasca Basin, often spatially associated with cross-cutting faults. These pathfinder enrichments are consistent with those noted in graphitic drill core with elevated uranium content from the Fortune Bay 2022 drill program.
Historical records include mineralized and radioactive boulders located in valley floors, with up to 1.25% U ₃ O ₈ reported. An example of one of these boulders was discovered by Fortune Bay located in thin till cover at the edge of a conductor valley on the Armbruster Corridor (see Figure 2, Table 1 sample 863924). The boulder was located approximately 100 metres from a radioactive spring (historical occurrence) with surface radioactivity of 15,000 counts per second ("cps"). The boulder, approximately 15 cm in diameter mineralized, produced "off-scale" radioactivity ( 65,535 cps ) on a Super-SPEC RS-125 handheld spectrometer and assayed at 8.82% U ₃ O ₈ . The boulder is interpreted to originate from within the Project area, given the southwest ice direction and Martin Group cover rocks in the north of the Project. The occurrence provides compelling support for the presence of high-grade, basement-hosted uranium mineralization and follow-up efforts are planned to be directed up-ice of the occurrence.
The validated historical results, together with pathfinder element results and the extensive structural mapping carried out during prospecting, will be used to support the prioritization of drill targets .

Figure 1: Location of Fortune Bay's Murmac, Strike and Goldfields Projects.

Table 1: Prospecting rock sample results with >100 ppm U.

Sample	Conductor	Lithology	U (ppm)	U ₃ O ₈ (wt%)	Associated Pathfinders	Historical Occurrence and Description
863927	Armbruster	Pelite	4,810	0.63	B, Pb, Co, As, V, Zn, Ag, Bi	SMDI 2092. Trench location. Fault hosted.
863928	Armbruster	Weakly graphitic pelite	3,270	0.40	Pb, Co, As, Cu, Zn, Ag	SMDI 2092. Trench location. Fault hosted.
863944	Armbruster	Pelite	821	0.11	Pb, Co, As, Cu, V, Mo, Zn, Bi	SMDC showing FW-22. Hematized fault.
829267	Armbruster	Mafic	1,260	0.19	Pb, Co, Cu, V, Zn, Ag, Bi	SMDC showing PB-1. Fault hosted.
863814	Armbruster	Pelite	188		Cu, Ag, Bi	SMDC scint 4000 cps. Hematized fault.
863859	Armbruster	Mafic	14,500	1.69	Pb, Co, As, Cu, V, Mo, Zn, Ag	SMDC showing DJ-2. Trench. Fault hosted.
863847	Armbruster	Foliated Mafic	59,500	6.90	Pb, As, Cu, V, Ag, Bi	SMDI 2083, showing PJ-6. Fault hosted.
863931	Armbruster	Pelite	279		B, Pb, Cu, V	SMDC scint 4000 cps
863943	Armbruster	Pelite	948	0.12	Pb, Co, As, Cu, V	SMDC showing DJ-6. Hematized fault.
863924	Armbruster	Pitchblende mineralization	69,700	8.82	B, Pb, As, V, Ag, Bi	Pitchblende boulder near radioactive spring (SMDI 1237).
863815	Howland	Pelite	4,340	0.60	Pb, As, Cu, V, Mo, Zn, Ag, Bi	SMDC showing KH-12. Hematized fracture.
863868	Howland	Amphibolite	182		Pb, As, Cu, V, Ag,	SMDC scint 5,000 cps. Fault hosted.
863949	Howland	Quartzite	2,280	0.29	Pb, As, Cu, Ag, Bi	SMDC showing KH-11. Hematized fault.
863962	Pitchvein	Breccia	247		Pb, As, Cu, V, Mo	SMDI 1233. Trench location. Gossanous and brecciated, high sulphide.
863825	Pitchvein	Sulphidic Pelite	203		Pb, Co, As, Cu, V, Mo	SMDI 1233. Trench location. Gossanous and brecciated, high sulphide.
863819	Pitchvein	Sulphidic Pelite/Schist	313		Pb, Co, As, Cu, V, Mo Ag, Bi	Pitchvein Zone 1 trench and drill location, SW of SMDI 1233. Gossanous, hematized faulting.
863822	Pitchvein	Sulphidic Pelite/Schist	5,920	0.76	Pb, Ni, Co, As, Cu, V, Mo, Zn	Pitchvein trench and drill location, SW of SMDI 1233. Highly hematized and brecciated.
863823	Pitchvein	Quartzite	4,530	0.60	Pb, Ni, Co, As, Cu, V, Ag, Bi	Pitchvein trench, hematized fractures. SMDI 1233.
863982	Pitchvein	Sulphidic Schist	102		As, Mo	Pitchvein trench. Fracture-hosted, hematized, high sulphide. SMAD 74N07-0064
863832	Pitchvein	Hematitic Pelite	128		As	Pitchvein showing. Fault-hosted, hematized. Lorado area. SMDI 1229.

Notes:

All samples were taken from outcrop apart from 863924 which was a boulder sample.
Uranium and pathfinder element concentrations are in parts per million (ppm) as determined through partial digest ICP–OES or ICP-MS analysis on all samples, as described in the technical disclosure below.
Uranium content as weight % U ₃ O ₈ was determined through HCl:HNO ₃ digestion and ICP-OES analysis on selected samples.
Thresholds for pathfinder anomalism were assigned based on a combination of statistical analysis of the dataset and appropriate reference databases. Element abundances were considered elevated at the following thresholds: B>200 ppm, Pb>20 ppm, Ni>80 ppm, Co>25 ppm, As>15 ppm, Cu>40 ppm, V>75 ppm, Mo>5 ppm, Zn>75 ppm, Ag>0.2 ppm and Bi>0.75 ppm.
SMDI (#) refers to a historical uranium occurrence found within the Saskatchewan Mineral Deposit Index.
SMAD refers to the online Saskatchewan Mineral Assessment Database.
SMDC refers to Saskatchewan Mining Development Corporation, a historical operator of the Project.

Figure 2: Highlight prospecting assay results for the Murmac Uranium Project.

Technical Disclosure

Rock samples were submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Sample preparation for all samples included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. Multi-element characterization was carried out by partial digestion (HNO ₃ :HCl), using ICP-OES and ICP-MS analytical methods. For selected samples U ₃ O ₈ weight % was determined separately through partial digest (HCl:HNO ₃ ) and ICP-OES (ISO/IEC 17025 accredited method). Additional analysis for boron content was obtained for all samples through Na ₂ O ₂ /NaCO ₃ fusion followed by ICP-OES.

QAQC on analytical results has included insertion of sample blanks by Fortune Bay at a rate of 1 blank per 20 samples. Additional QAQC by SRC has included insertion of certified reference standards and repeat analyses. All results have been reviewed and no issues were noted.

Unless otherwise stated, the historical results (scintillometer measurements, geochemical analyses and drill results) contained within this news release have not been verified 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 results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical uranium occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference number provided. Historical assay and scintillometer survey results from SMDC were captured from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310, 74N07-0311 and 74N07-0064.

Qualified Person and Data Quality

The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, 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.

About Fortune Bay

Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

"Dale Verran"
Chief Executive Officer
902-334-1919

Cautionary Statement Regarding Forward-Looking Information

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "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, COVID-19 restrictions, availability of contractors, 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. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Fortune Bay Corp.

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Fortune Bay TSXV:FOR Precious Metals Investing

FOR:CA

FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of two additional uranium projects through staking on the north-central margin of the Athabasca Basin, in proximity to the Company's recently announced Spruce Pine and Aspen Uranium Projects (Figure 1).

Gareth Garlick , Technical Director for Fortune Bay, commented "The acquisition of the Birch and Fir projects adds to our growing uranium portfolio of newly acquired, 100% owned projects on the north-central margin of the Athabasca Basin. This extensive portfolio now totals five new uranium projects covering over 40,000 hectares and provides Fortune Bay with further opportunity to create value through exploration and/or transactional success. The Birch and Fir projects have known uranium endowment with historical occurrences of up to 55.1% U ₃ O ₈ , in addition to Rare Earth Element potential with historical outcrop grades of up to 2.4% Total Rare Earth Elements."

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FORTUNE BAY ACQUIRES THE ASPEN URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Aspen Uranium Project ("Aspen" or the "Project"). The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project and Pine Uranium Project .

Aspen Uranium Project Highlights:

Large-scale land package covering 9,869 hectares located in proximity to the northern rim of the Athabasca Basin (Figure 1).
Includes extensive anomalous uranium results from historical surface sampling, including;
- The highest regional lake sediment uranium anomaly in Saskatchewan of 989 ppm U, within the Geological Survey of Canada data compilation.
- Historical exploration samples collected during the late 1970's identified extensive lake sediment anomalies within the Property, with values averaging 302 ppm U from 439 samples collected, including seven samples with values exceeding 1,000 ppm U (maximum 1,870 ppm U).
- Historical muskeg samples within the Property averaged 2,007 ppm U from 24 samples collected, including a maximum value of 10,400 ppm U.
Historical surface prospecting, limited to areas of outcrop, failed to identify a bedrock source of this uranium anomalism and no drilling has been completed on the Project to date despite compelling support for the possible presence of a uranium deposit/s within the Project area.
The application of modern exploration methods, including high-resolution airborne electromagnetic ("EM") survey, presents an opportunity for discovery in an area where overburden and small lakes cover prospective graphitic lithologies (softer) and structural corridors.

" The surface endowment of uranium across the Aspen Project is extraordinary with values in surface sample media equivalent to, or greater than, uranium ore grades elsewhere in the world. We are excited to apply our team's extensive uranium skill set, together with a modern, systematic exploration approach to unravel the nature, extent and cause of this exceptionally high anomalism with the potential to deliver a near-surface uranium discovery." commented Dale Verran , CEO for Fortune Bay.

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FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Pine Uranium Project ("Pine" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project .

Pine Uranium Project Highlights:

Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin ("Basin") (Figure 1).
Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U ₃ O ₈ (1,442 ppm U) and 0.10% U ₃ O ₈ (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan , including values up to 435 ppm U within the Project area.
No drilling conducted on the property to date.

Dale Verran , CEO for Fortune Bay, commented, " Combined, our Spruce and Pine Uranium Projects cover approximately 20 kilometres of the Grease River Shear Zone, providing Fortune Bay with a dominant land position of this major structural corridor within 25 kilometres of the Athabasca Basin margin. The corridor is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has demonstrated the corridor to be prospective for basement-hosted mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. The potential for Rössing-style uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades for the Rössing and Husab open-pit mines in Namibia are in the order of 350 ppm and 500 ppm, respectively. There is a precedent for these grades, and greater, associated with similar rock types historically identified within the Project area. The promising results from regional reconnaissance-style exploration by historical operators, and the extensive nature of the uranium mineralization in lake sediments, highlight the potential for future discovery."

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FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Spruce Uranium Project ("Spruce" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, near the community of Fond du Lac and comprises four mineral claims covering 6,855 hectares (Figure 1).

Highlights:

Located in proximity to the northern rim of the Athabasca Basin ("Basin") with potential for high-grade, basement-hosted uranium deposits.
Covers over six (6) kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
The GRSZ is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries (e.g. Arrow, Triple R and Eagle Point).
Historical surface uranium showings of 1.60% U ₃ O ₈ and 0.65% U ₃ O ₈ from limited prospecting.
Additional Rare Earth Element ("REE") potential, including historical surface REE showings of 3.13% total rare earth element ("TREE"), 1.23% TREE, 0.88% TREE and 0.85% TREE.
Adjacent to properties held by IsoEnergy Ltd., and Forum Energy Metals Corp. (under option to Traction Uranium Inc.) that recently highlighted prospective conductive trends on the Project through airborne electromagnetic ("EM") surveying.

Dale Verran , CEO for Fortune Bay, commented, " As the uranium market continues to strengthen, with spot prices recently topping US$90 /lb U ₃ O ₈ , investment in uranium exploration in Saskatchewan's prolific Athabasca Basin is on the rise as explorers search for resources to meet the growing future supply deficit. This timely acquisition provides Fortune Bay with another uranium project to create value for our stakeholders. The Spruce Uranium Project hosts the hallmarks for a high-grade basement-hosted discovery; located on a major structural zone in proximity to the Basin margin with a precedent for mineralization, and limited exploration to date."

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FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS

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.

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Getchell Gold Corp. Announces Final Tranche of Debenture Financing

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to announce the final tranche of its debenture financing (the " Debenture Financing "). In this third tranche of the Debenture Financing, the Company has subscriptions for $1,441,900 principal amount of non-convertible debentures, for total aggregate funds of $4,363,318 across all tranches of the Debenture Financing. In connection with this closing, the Company will issue 14,419,000 warrants (each a " Debenture Warrant "). Each Debenture Warrant will entitle the holder to purchase a common share of the Company at $0.10 per share for three years. 50% of the Debenture Warrants will vest on closing and the remaining 50% will vest and be exercisable 14 months following closing if the Debenture has not been repaid prior to that vesting date.

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NV Gold Corporation Reports Strong Surface Samples, 5440 g/t Ag and 1.26% Cu, and 14.4 g/t Au at Root Spring Project in Nevada

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to report promising gold, silver, and copper values from rock chip sampling at its 100%-owned Root Spring Gold Project in Pershing County, Nevada. Two new samples with up to 14.4 gt gold (0.463 ounces per ton (opt)) accompanied by high silver values reaching 5440 gt (175 opt) and 1.26% copper These samples eclipse the historical high-grade samples and the Company plans to reevaluate the Property for a potentially larger and higher-grade target

John Watson, Interim CEO commented, "These recent encouraging samples were collected in one of the limited bedrock exposures on the property. They clearly support the strength of a strong precious metals system and encourage additional exploration of the property. The Company is evaluating the possibility of a genetic link to our nearby Triple T project."

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Silver North Grants Options

(TheNewswire)

Vancouver, BC, April 24, 2024 TheNewswire Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF, Frankfurt: I90, " Silver North " or the " Company ") announces that th e Board of Directors have approved a grant of stock options under the Company's stock option plan to its directors, officers and consultants to purchase up to an aggregate of 1,860,000 common shares. The options are exercisable at a price of $0.15 per share for a period of 5 years, vesting immediately, and are subject to the policies of the TSX Venture Exchange.

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GOLD ROYALTY FORGES STRATEGIC ALLIANCE WITH TAURUS MINING ROYALTY FUND

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce it has entered into a three-year mutual cooperation agreement with Taurus Mining Royalty Fund L.P. (" Taurus ") that provides each party the ability to coinvest in certain precious metals royalties and streams sourced by the other party. The agreement provides a framework for cooperation and communication amongst the parties in the identification and evaluation of potential co-investment opportunities. The agreement grants each party the right but not the obligation to invest between 25% and 50% in select asset transactions with a value of US$30 million or more. Future dispositions of interests acquired by a co-investment partner through the arrangement will be subject to rights of first offer to the other co-investment partner.

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	Lake Sediment Samples	Muskeg Samples	Rock Chip Samples
Number of Samples	439	24	291
Average (U ppm)	302	2,007	7
Max (U ppm)	1,870	10,400	140
Min (U ppm)	1	345	0
Standard Deviation (U ppm)	238	2,225	10

Notes:
(1)	Hunt Falls Uranium Occurrence SDMI# 1598, Fosago Explorations Limited (1974) SMAD 74O09-0001
(2)	Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019)
(3)	CanAlaska Uranium Ltd. (2011) SMAD 74O08-0076
(4)	CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024
(5)	Acroll Oil Zone A Uranium Showing, Acroll Oil Zone B Uranium Showing, Zone C Uranium Showing or the Brenda Uranium Showing SDMI#1591
(6)	Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019)
(7)	Fulcrum Metals PLC news release September, 7 2023
(8)	Sample TP012 SDMI# 5376, CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024

Project	SMDI#	Name	Grab Sample Uranium	Description
Spruce	1577	CBS 4422 Trench	0.65% U ₃ O ₈	Cross-cutting pitchblende vein hosted in gneiss, proximal to major mylonitic fault.
	1589	Magma Mines Uranium Showing No. 1	1.60% U ₃ O ₈	Fault-hosted uranium mineralization in a quartzitic biotite gneiss. Three foot channel samples.
	5410	Sample AM076	1,790 ppm U	Rock sample of a white pegmatite outcrop.
	5389	Sample AM086	340 ppm U	Rock sample of an outcrop (unspecified rock type).
	5411	Sample JR355	545 ppm U	Rock sample of a granite outcrop.
	3324	Samples TP150 & TP151	764 ppm U	Rock samples from a white granite outcrop. Sample TP150 also contained 1,849 ppm TREE.
Adjacent Property	1579	CBS 4427 Uranium Occurrence	0.11% U ₃ O ₈	Geochemical sample from lake sediment.
	1590	BURNS Claims Trenches	0.17% U ₃ O ₈	Trench samples from pegmatite with yellow staining, samples from all the trenches averaged 0.12% U ₃ O ₈ .
	3329	Samples CH129, CH130, CH132, JF011, JF027, RD305, RD306	>10,000 ppm U	Samples from white and pink pegmatite outcrops.
	5637	Sample AM122	8,382 ppm U	Sample from a white granite boulder.
Fond du Lac	1572	The Fond Du Lac Uranium Deposit is located approximately 30 kilometres southwest of the Project, along the Grease River Shear Zone, and was discovered by Famok Ltd in the early 1970's. The deposit comprises coffinite, pitchblende, and uraniferous goethite hosted within steeply dipping fractures within Athabasca Group basal sandstone and extending into the underlying basement rocks. A historical mineral resource of one million pounds uranium at an average grade of 0.25% U ₃ O ₈ was estimated but was not prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

	Cash (C$)	Consideration Shares (C$)	Exploration Expenditures (C$)	Interest Earned
Signing of the Agreement (the " Execution Date ")	$200,000 ⁽¹⁾	$200,000 ⁽²⁾	Nil
12 month anniversary of Execution Date	$200,000	$200,000 ⁽³⁾	$1,000,000
24 month anniversary of Execution Date	$250,000	$250,000 ⁽³⁾	$2,000,000
*Total (First Option)*	$650,000	$650,000	$3,000,000	51 %
36 month anniversary of Execution Date	$300,000	$300,000 ⁽³⁾	$3,000,000
*Total (Second Option)*	$300,000	$300,000	$3,000,000	60 %
42 month anniversary of Execution Date	$400,000	$1,200,000 ⁽³⁾	Nil
*Total (Third Option)*	$400,000	$1,200,000	*Nil*	70 %
Grand Total	$1,350,000	$2,150,000	$6,000,000

Notes:
(1)	Payable to the Company immediately upon the entering into the Agreement.
(2)	Issuable to the Company upon completion of a going public transaction, at the transaction price for the going public transaction. The price at which the Consideration Shares are issued being referred to as the "Transaction Price".
(3)	Issuable at the Transaction Price.

	For the three months ended March 31
(in thousands of dollars)	2024 ($)	2023 ($)
Royalty	1,062	234
Advance minimum royalty and pre-production royalty	830	331
Land agreement proceeds	2,052	1,405
Loan interest	241	—
Total Revenue, Land Agreement Proceeds and Interests	4,185	1,970
Land agreement proceeds credited against mineral properties	(1,050)	(1,203)
Loan interest	(241)	—
Revenue	2,894	767

(in thousands of dollars, except Average Gold Price/oz and GEOs)	Average Gold Price/oz	Total Revenue, Land Agreement Proceeds and Interest	GEOs
For three months ended March 31, 2023	1,889	1,970	1,043
For three months ended March 31, 2024	2,072	4,185	2,019

FORTUNE BAY ANNOUNCES PROSPECTING RESULTS FROM MURMAC URANIUM PROJECT

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