FORTUNE BAY EXPANDS THE MURMAC URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce a significant expansion of its 100% owned Murmac Uranium Project ("Murmac" or the "Project") through recent successful staking efforts. The Project area now totals 10,363 hectares, representing a 95% increase in area from 2022. The Project is located on the northern rim of the Athabasca Basin in Saskatchewan approximately 10 kilometres south of Uranium City (Figure 1).

Dale Verran , CEO for Fortune Bay, commented "We are very pleased to have almost doubled the size of our Murmac Uranium Project amidst highly competitive staking in Saskatchewan's Athabasca Basin. The recent expansions further consolidate Fortune Bay's dominant land position of high-grade uranium target areas in the Uranium City area."

Mr. Verran further added, "The positive results from our 2022 drilling and prospecting programs have validated the endowment of uranium at Murmac and support the potential for a high-grade discovery. The expanded Project provides significant additional discovery potential along corridors which have been identified as being prospective for high-grade uranium."

2022 Exploration Results Support Potential for High-Grade Discovery

Maiden exploration drilling completed in 2022 over regional targets intersected uranium mineralization in six (6) of the fifteen (15) drill holes, including assay highlights of 0.18% U ₃ O ₈ , 0.17% U ₃ O ₈ and 0.12% U ₃ O ₈ from individual 0.1 meter length drill core samples. The intersections of uranium are shallow, from between 20 and 150 metres below surface, and indicate the presence of Athabasca Basin mineralizing systems at various locations on all three targeted corridors based on the association with structured graphitic rocks and characteristic pathfinder elements and alteration. Please see News Release dated December 13, 2022 for more details. These results warrant follow-up with additional drilling, along strike and down-dip of mineralized intersections to date.

Results from surface prospecting completed in 2022 further support the potential for a high-grade discovery. Prospecting results included 8.82% U ₃ O ₈ from a boulder sample, and outcrop samples of 6.90% U ₃ O ₈ and 1.69% U ₃ O ₈ , with an additional nine outcrop samples assaying between 0.1% and 0.8% U ₃ O ₈ from the Armbruster, Howland and Pitchvein Corridors. Please see News Release dated January 23, 2023 for more details.

Fortune Bay's exploration results to date (Figure 2), in conjunction with historical results, confirm a substantial uranium endowment at Murmac, and numerous priority target areas have been identified for drill testing.

Newly Acquired Claims

The newly acquired claims cover strike extensions of prospective electromagnetic ("EM") conductors, or corridors, that were defined with VTEM ^TM surveying completed in spring of 2022. In addition, the newly acquired claims cover prospective, underexplored areas immediately south and west of the historical Lorado mine, where more than 95,000 tons of shallow ore grading 0.19% U ₃ O ₈ was milled between 1957 and 1960.

Technical Disclosure

Fortune Bay exploration results referred to in this news release represent rock outcrop and drill core samples 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.

The historical drill results shown in Figure 2 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. Historical assay results were captured from assessment reports available in the Saskatchewan Mineral Assessment Database ("SMAD") references 74N07-0310, 74N07-0311 and 74N07-0064. The Company considers these results relevant to assess the mineralization and economic potential of the property. Information regarding the historical Lorado mine is derived from the Saskatchewan Mineral Deposit Index ("SMDI") under reference numbers 1228 and 1229.

Qualified Person

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, 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 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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Mustang Energy Corp. Enters Option Agreement to Acquire Skyharbour's 914W Uranium Project and Welcomes Jordan Trimble as Strategic Advisor

Mustang Energy Corp. (CSE:MEC, OTC:MECPF, FRA:92T) (" Mustang " or the " Company ") is excited to announce that it has entered into a strategic option agreement (the " Agreement ") with Skyharbour Resources Ltd. (TSX-V: SYH) (" Skyharbour ") dated November 12, 2024 to acquire an undivided 75% interest (the " Option ") in Skyharbour's 914W Uranium Project (the " 914W Project "), located in the Athabasca Basin of Northern Saskatchewan. The Option marks an important step for Mustang as it seeks to expand its presence in a promising uranium district. Additionally, Mustang is pleased to welcome Jordan Trimble, President and CEO of Skyharbour, as a Strategic Advisor to the Company, bringing valuable industry insights and expertise to Mustang's growing portfolio.

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NUCLEAR FUELS ANNOUNCES ADDITIONAL NON-BROKERED PRIVATE PLACEMENT WITH ENCORE ENERGY CORP AND STRATEGIC INVESTORS

Nuclear Fuels Inc. (CSE:NF | OTCQX:NFUNF) ("Nuclear Fuels" or the "Company") is pleased to announce a non-brokered private placement of 9,837,500 units (the "Units") for gross proceeds of $3,935,000 (the "Offering"). Each Unit will consist of one common share (a "Share') of the Company and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one common share (a "Warrant Share") for a period of 36 months from the closing of the Offering at a price of $0.55 per Warrant Share. The private placement is an add-on to the recently announced bought deal financing ( NF News Release October 30, 2024 ).

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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.

Date	Cash Payments	Exploration Expenditures	Value of Shares Issued
On Closing	$15,000	N/A	$30,000 ⁽¹⁾
On or before the first anniversary of Closing	$20,000	$100,000	$100,000 ⁽¹⁾
On or before the second anniversary of Closing	$40,000	$200,000	$150,000 ⁽¹⁾
On or before the third anniversary of Closing	$200,000	$500,000	$200,000 ⁽¹⁾
TOTAL	$275,000	$800,000	$480,000

FORTUNE BAY EXPANDS THE MURMAC URANIUM PROJECT

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