Fortune Bay Corp. announce analytical results from the 2022 maiden drilling program on the 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan. The drilling program, comprising nine shallow holes, provided first-pass testing of the Project's J, K and L Conductors on the northern portion of the Project which have a combined strike length of approximately 20 kilometres.

Analytical results have confirmed anomalous uranium in three of the nine drill holes completed, up to a maximum individual assay result of 0.43% U3O8. The uranium is associated with enriched levels of "pathfinder" elements that are typically associated with high-grade, unconformity-related deposits in the Athabasca Basin. Results include shallow intersections derived from between 60 and 105 metres vertically below surface within prospective graphitic units associated with favorable brittle structure and alteration.

Highlights: · Drill hole S22-013 (K3 target) returned a maximum assay of 0.43% U3O8 from 145.7 to 145.8 metres (approximately 105 metres below surface), with the interval from 145.6 to 145.8 metres averaging 1,170 ppm U. Nearby historical surface grab samples include HY080 1.51% U3O8, Stancliff 0.19% U3O8, and Hacker Atompower 0.13% U3O8. Drill hole S22-005 (Tena target) returned a maximum assay of 0.42% U3O8 from 82.3 to 82.4 metres (approximately 60 metres below surface), with the 1.8 meter interval from 82.3 to 84.1 metres averaging 356 ppm U. Drill hole S22-006 (Tena target) intersected an average of 141 ppm U over 0.8 metres from 106.9 to 107.7 metres (approximately 75 metres below surface). Anomalous uranium (>100 ppm U) was encountered at the Tena Fault (adjacent to the L Conductor) and at the K Conductor.

The drill holes intersected shallow anomalous uranium with pathfinder element enrichment typically associated with high-grade unconformity-related deposits of the Athabasca Basin. These anomalies are found in association with brittle faulting and brecciation, within or proximal to graphitic units with favorable hydrothermal alteration. Clay species analysis confirms that chlorite and illite are the dominant clay species present with intermittent occurrences of kaolinite correlating with uranium anomalism.

Drill hole S22-013 was sited to test the southern portion of a gravity low anomaly at the intersection of a cross-cutting fault along the K Conductor. The intersection of anomalous uranium up to 0.43% U3O8, associated with reactivated structures in graphitic rocks and pathfinder element enrichment validates the exploration model for this area and warrants follow-up. Additional drill testing will be planned along strike, and the K Conductor will be reassessed for structural and geophysical targets based on a full interpretation of the oriented point structure and geochemical datasets from S22-013.

Drill holes S22-005 and S22-006 intersected the targeted Tena Fault at depth, confirming mineralization continuity from surface (where over 1,000 tonnes of uranium ore were mined in the 1950's with reported grades of 0.6% to 3.5% U3O8) to a depth of 75 m below surface. Oriented structural measurements from the core will be integrated with historical results and mapping/prospecting observations at surface to assess if additional testing is warranted at this location. Elevated radioactivity in drill hole S22-010 (K4 target, 300 cps from 53.8 to 53.9 metres and 330 cps from 55.0 to 55.1 metres) was reported in News Release dated June 28, 2022, This elevated radioactivity was conformable with a new discovery of radioactive showings (up to 5,000 cps) nearby on surface.

Radioactivity at these locations was shown by sample analysis to be related to elevated thorium content, and no anomalous uranium was found to be present. Additional drill testing is warranted along the J and L Conductors to evaluate targets that were not tested during the 2022 drilling program. Drill permits for a summer 2023 drilling program have been submitted in accordance with the company's permitting process.