Fortune Bay : Corporate Presentation - May 2024

	Exploration and Development
	in Canada's Top-Ranked Jurisdiction
TSXV: FOR | FWB: 5QN | OTCQB: FTBYF	►	Advancing Potential for Saskatchewan's Next Gold Mine
www.fortunebaycorp.com	►	Exploring for High-Grade Athabasca Basin Uranium

Corporate Presentation

May 2024

Photo: Goldfields Project, Box headframe and mill frame dating back to 1935

Cautionary Language & Legal Disclaimers

Cautionary Statements

Information set forth in this presentation contains forward-looking statements that are based on assumptions as of the date of this presentation. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Words such as "expects", "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, 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.

The Corporate Presentation contains information which was accurate at the time of posting, but may be superseded by subsequent disclosures.

Qualified Person

The technical and scientific information in this presentation has been reviewed and approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer, 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.

For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.

Technical Reports & Disclosures

Goldfields Project - Results for the Preliminary Economic Assessment ("PEA") were announced on November 1, 2022 by way of a Company news release, available on SEDAR+ (www.sedarplus.ca) and the Company's website. The PEA was prepared in accordance with NI 43-101 by Ausenco Engineering Canada Inc. (effective date October 31, 2022), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting (Canada) Inc. for the updated Mineral Resource Estimate and Environmental, Permitting and Social aspects of the Project plan. The PEA NI- 43-101 Technical Report is available on SEDAR+ and Fortune Bay's website.

Ixhuatán Project - A mineral resource estimate (the "2006 Resource Estimate Report") with an effective date of June 22, 2006, was prepared for the Campamento Deposit on the Ixhuatán Project by Gary H. Giroux, P.Eng for Linear Gold Corp. ("Linear"), a predecessor company of Fortune Bay. The mineral resources were classified according to the CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines, August 2000 ("CIM 2000") and incorporated, by reference, into National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The reader is cautioned that a Qualified Person has not done sufficient work to classify the mineral resources stated in the 2006 Resource Estimate Report as current resources. Fortune Bay is not treating this historical estimate as a current mineral resource. While this estimate was prepared in accordance with NI 43-101 and CIM 2000 in effect at the time, there is no guarantee that it would be consistent with current standards and it should not be regarded as such. Fortune Bay has not undertaken any independent verification of the data upon which the historical estimates are based. The historical estimate is considered relevant to assess the mineralization and economic potential of the property. Further important disclosure regarding historical estimates, in accordance with Section 2.4 of NI 43-101, is provided in Appendix 1 of this presentation.

A summary report for the Ixhuatán Project (the "2011 Summary Report"), with an effective date of May 18, 2011, was prepared by Philip K. Seccombe, PhD, MAIG of Equity Exploration Consultants Ltd. and Gary H. Giroux, P.Eng, in accordance with NI 43-101. The 2011 Summary Report was prepared for Cangold Limited ("Cangold") who previously optioned the property from Brigus (successor to Linear). The report provided an updated review of the project and included the mineral resource estimate from the 2006 Resource Estimate Report since no further holes had been drilled in the resource area since 2006. The 2011 Summary Report is filed on SEDAR+ under Cangold's issuer profile and is also available on Fortune Bay's website.

Historical Results - This presentation contains historical exploration results. Historical results have been compiled as accurately as possible from the various data sources referenced throughout this presentation. The Company has not verified these historical results, unless stated otherwise, and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. The Company considers these historical results relevant to assess the mineralization and economic potential of the properties.

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Capital Structure & Ownership

As of May 7, 2024

Capital Structure

Issued & Outstanding	46.0M
Options	2.9M
Warrants	3.9M

Market Capitalization

Share Price	C$0.24
Market Cap.	C$11M

Ownership

Management	16%
& Board

84% Public

Operational Base in Uranium City, Saskatchewan

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Experienced Team, Proven Track Record

Dale Verran MSc, P.Geo	Sarah Oliver CPA CA	Wade Dawe BComm	Gareth Garlick BSc, P.Geo
Chief Executive Officer	CFO	Executive Chairman	Technical Director
+20 years mining & exploration	+10 years accounting and finance	+25 years as accomplished entrepreneur,	+20 years mining cycle
VP Exploration Denison Mines Corp.	industries	financier and investor	Exploration to resource estimation and
Significant gold experience (Goldfields &	Client acquisitions/mergers & financings	Founded or co-founded a number of	reconciliation on producing mines
Manica Minerals)	(PwC Canada)	successful companies	Experience in consulting capacity with
			Fission Uranium Corp.

Derrick Gill BComm	Melinda Lee CPA CA ICD.D	Robert Shaw MSc	Michael Gross MD FRCSC
Independent Director	Independent Director	Independent Director	Independent Director
+30 years executive experience	+20 years private and public companies	+30 years mineral exploration throughout	Extensive capital markets experience
(Voisey's Bay Nickel, Diamond Fields	+8 years Board of Director level	the Americas	+20 years as Prof. of Orthopaedic surgery
Resources and Bristol Communications)	Securities laws, investing, corporate finance	Founder & exec. of listed gold companies	and founder of companies specializing in
Co-founder and a director of Strategic	and M&A transactions	Instrumental in the discovery of Gramalote,	proprietary medical devices
Concepts and SCI Software (Community	Financial reporting, disclosure and	La Colosa and La Quebradona +40 million	4
Engagement)	governance	ounces of gold

Diversified & Well-Positioned

Enviable Global Gold Resource Base for a Junior

~3 Moz gold

Strike and Murmac	Spruce, Pine, Aspen, Birch and Fir
Uranium Projects	("The Woods") Uranium Projects

Goldfields 1

1. Moz Indicated

1. Moz Inferred

		Ixhuatán 2
1.04	Moz Meas. & Ind.
0.70	Moz Inferred

Significantly Undervalued Gold Resources

Fortune Bay Enterprise Value / Gold Resource3:

Goldfields Only	US$6.7/oz
Global (Goldfields & Ixhuatán)	US$2.7/oz

Excludes value attributed by Fortune Bay's 7 uranium projects

Project Lifecycle Upside (Lassonde Curve 4)

Production

1. For further Goldfields mineral resources details refer to the PEA NI 43-101 Technical Report (effective date October 31, 2022) available on SEDAR+ (sedarplus.ca) and the Company's website.
2. The mineral resource estimate for Ixhuatán is considered historical in accordance with NI 43-101. Source: 2006 Resource Estimate Report with an effective date of June 22, 2006. The mineral resources were classified according to CIM 2000 and incorporated, by reference, into NI 43-101. Please refer

	to the Appendix for important disclosure regarding historical estimates.	5
3	Calculated May 7, 2024.
4	Lassonde (1990) identified that the share price of mining companies follow a specific cycle dependent upon specific events occurring, including exploration, discovery, feasibility, financing, construction and production

Advancing Potential for Saskatchewan's Next Gold Mine

Photo: Box historical headframe, mill frame & powerline

► Robust PEA economics

Goldfields Project, Saskatchewan

• Established project infrastructure
• Permitting well-advanced
• Exploration and development upside
• 100% owned

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Goldfields - Key Attributes

Infrastructure and Access

• Gravel road to site from Uranium City (Provincial highway 962)
• Seasonal ice-road to site from Stony Rapids (Government maintained)
• Barge accessible in summer
• Hydro-powertransmission line to site, power stations 40 kilometres from site (combined 23MW)

De-Risked Mineral Resources

• 99% Indicated Mineral Resources and 1% Inferred used in PEA
• Reconciles to within 1% of historical underground production

Simple Mining & Processing

• Conventional open-pit mining, low strip ratio (3:1)
• Simple mineralogy, standard free-milling flowsheet, 95.3% recovery

Permitting Well-Advanced

• Approved EIS (2008) for Box open-pit mine and mill, supporting baseline data
• Potential to amend / update existing EIS in shorter timeframe

Refer to news release dated November 1, 2022 for PEA summary including important technical & financial disclosure and cautionary statement. PEA	7
results are detailed in the NI 43-101 Technical Report (effective date October 31, 2022) available on SEDAR+ (sedarplus.ca) and the Company's website.

GOLDFIELDS PROJECT 2022 PEA SUMMARY & SENSITIVITIES

Refer to news release dated November 1, 2022 for Preliminary Economic Assessment ("PEA") summary including important technical & financial disclosure and cautionary statement. PEA results are detailed in the NI 43-101 Technical Report (effective date October 31, 2022) available on SEDAR+ (sedarplus.ca) and the Company's website.

CURRENT PRICE

US$2,315/oz Au 1

		UPSIDE CASE
	HIGHER CASE	US$1,950/oz Au
PEA BASE CASE	US$1,750/oz Au	C$459M After-tax NPV5%

US$1,650/oz Au		C$343M After-tax NPV5%	50.5% After-tax IRR
C$285M After-tax NPV5%	40.5% After-tax IRR	1.3 Year After-tax Payback
35.2% After-tax IRR	1.6 Year After-tax Payback

1.7 Year After-tax Payback

Project has high sensitivity to gold price

Scope for significantly improved economics in updated PEA or PFS

1 As at May 7, 2024

8.3 Year

3.0 : 1 Strip Ratio

101 koz Au

US$889/oz Au

C$234M

Mine Life

Waste : Resource

Average Annual Production

LOM AISC

Initial CAPEX

Key Opportunities - Expansion and Exploration

• Box Mineral Resource Expansion
• Pit expansion into deeper resources possible at higher gold prices.
• Deep drill results suggests presence of higher-grade "shoots". Additional drilling required to define continuity and assess underground mining economic potential.
• Athona Mineral Resource Expansion
• Smaller, on-land, shallow, mineralized "West Mine Granite" body requires additional drilling for resource estimation. Overlaps with current conceptual open-pit extent.
• Insufficient drill coverage south of the conceptual open-pit.
• Exploration Opportunities
• Frontier Mine Granite: Mineralized quartz veins in a small sill-like hematized "mine granite" host. Insufficient drilling/sampling for mineral resource estimation.
• Golden Pond: Mineralized quartz veins in granite, exposed at surface. Mineralization remains open.
• Triangle: Mineralized quartz veins in calcareous host. Not adequately drill tested.
• Goldfields Syncline: Historical drill hole between Box and Athona (LB-88-3) indicates a larger mineralization system, potential for additional discoveries.

Drill hole traces	Drill core intercept
Mine granite models	Surface rock sample
Athona West Mine Granite	Dominant mineralized
Open-pit constrained	vein orientation (strike)
Faults
mineral resources

	Golden	500 m
GP95-7*:
5.07 g/t over 15.0 m	Pond
(3.0 to 18.0 m)

Midas Trench:	GP88-2*:
16.53 g/t over 13.6 m
2.50 g/t grab sample
(33.4 to 47.0 m)
VG Trench:
4.94 g/t grab sample	Frontier
LBU-11*:
21.05 g/t over 5.0 m
(5.0 to 10.0 m)	Triangle
	Sample 10804:
	177 g/t Au

LBU-12*:

9.01 g/t over 3 m

(51.3 to 54.3 m)

				Box
					B22-345:
					2.45 g/t over 8.0 m
B21-339:
		(288.0 to 296.0 m)
8.74 g/t over 5.0 m
(575.0 to 580.0 m)
							LB-88-3*:
							3.83 g/t over 3.0 m
							(493.5 to 496.5 m)
	B21-340:
B21-336:
	13.22 g/t over 8.0 m
		8.00 g/t over 12.0 m
					A94-96*:
	(426.0 to 434.0 m)
		(509.0 to 521.0 m)
							3.79 g/t over 7.2 m
										(4.8 to 12.0 m)

Lake Athabasca	Athona	OPEN
West Mine
	Granite

N

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• Historical results 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. Drill hole mineralized intersections are lengths downhole and not true thicknesses.

High-Grade Athabasca Basin Uranium Potential

Uranium Projects, Saskatchewan

• Seven high-potential projects
• Targeting high-gradebasement-hosted deposits
• Numerous high-grade (>1% U3O8) surface showings
• Favorable geology & structure
• 100% owned

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