Fortune Bay Corp. · TSXV:FOR
Fortune Bay — Investor Presentation (October 2025)
36 slides from Fortune Bay's investor presentation, October 2025
Slide 1: Advancing High-Conviction Gold Assets in a Strengthening Market
Gold Exploration and Development ADVANCING HIGH-CONVICTION GOLD ASSETS IN A STRENGTHENING MARKET CORPORATE PRESENTATION TSXV: FOR | FWB: 5QN | OTCQB: FTBYF OCTOBER 2025
Slide 2: Cautionary Language & Legal Disclaimers
Cautionary Language & Legal Disclaimers Cautionary Statements Technical Reports & Disclosures Information set forth in this presentation contains forward-looking statements that are based on assumptions as of Goldfields Project - Results for the Updated Preliminary Economic Assessment (“Updated EA”)
Slide 3: Leadership Built for Execution & Value Realization
Leadership Built for Execution & Value Realization Wade Dawe BComm Dale Verran MSc, P.Geo Sarah Oliver CPA CA Gareth Garlick BSc, P.Geo Executive Chairman CEO & Director CFO VP Technical Services +25 years as accomplished entrepreneur, +25 years mining & exploration +15 years accounting and finance
Slide 4: Tightly Held, High-Leverage
Tightly Held, High-Leverage As of October 1, 2025 CAPITAL STRUCTURE MARKET CAPITALIZATION INSIDER OWNERSHIP CASH 58.7M C$0.96 18% C$1M SHARES ISSUED & SHARE PRICE OUTSTANDING Options: 4.5M l Warrants: 8.7M C$55.8M MARKET CAP. ► Lean share structure positions Fortune Bay for a strong re-rating ► Disc
Slide 5: Why Now? – Tailwinds for Gold
Why Now? – Tailwinds for Gold Gold Price Environment: ► Macro fundamentals (debt, inflation, central bank demand, geopolitical risk, weaker dollar). ► Major banks forecast further upside, with long-term gold price expectations trending higher. “I think almost certainly gold will close above $4,000 b
Slide 6: Why Now? Developers – Max Leverage to a Rising Gold Price
Why Now? Developers – Max Leverage to a Rising Gold Price Capital is rotating: Major & junior gold miners first ► Gold Leverage: Developer NPVs and IRRs rise sharply with modest gold price increases—offering more torque than producers. ► Re-Rating: Developers trade at NAV discounts—de-risking, permi
Slide 7: Why Fortune Bay?
Why Fortune Bay? A High-Conviction Opportunity in a Rising Market When you combine: Goldfields1 ► A de-risked, development-ready gold asset (Goldfields) Gold Project 0.99 Moz Gold Indicated ► A transformational discovery opportunity (Poma Rosa) 0.21 Moz Gold Inferred CANADA 100%-owned Saskatchewan ►
Slide 8: Executing the Curve: How We Maximize Project Returns
Executing the Curve: How We Maximize Project Returns ► Build value at the steepest part of the Lassonde Curve: ► Advance projects through discovery, resource expansion, and early development ► Balance Risk, Limit Downside, Maximize Upside: ► Self-fund high-conviction assets (Goldfields, Poma Rosa) ►
Slide 9: Timing Matters
Timing Matters ► Adopting a Cycle-Aware Strategy we aim to identify strategic entry points into commodities poised for Disciplined, cycle-aware approach Only 58M Shares Outstanding upward revaluation ► Through Value Window Optimization, we align capital intensity on our projects with favourable mark
Slide 10: Well-Positioned to Outperform Peers
^ US$230/oz Well-Positioned to Outperform Peers 100 Resource Multiple – PEA Developers1 Enterprise Value (US$) / NI 43-101 Resources (oz) US$/oz AuEq 50 0 Silver Tiger Metals SIGNIFICANTLY UNDERVALUED Omai Gold Mines New Found Gold Westhaven Gold Fury Gold Mines (incl. Poma Rosa) (Goldfields only) N
Slide 11: Near-Term Catalysts: Advancing Toward Value Inflection
Near-Term Catalysts: Advancing Toward Value Inflection Goldfields, Saskatchewan 1 Updated PEA - Completed • Updated project economics with gold price & optimized development path • Engaged with Ausenco with expected completion in Q3 2025 2 Commence Permitting - Ongoing • Commenced permitting in Q3 2
Slide 12: Why Invest
Why Invest WE ARE BUILT FOR THIS CYCLE Right Share Structure – 58M S/O → more torque Right Assets - 3Moz gold in drill-defined resources ► Goldfields – robust, foundational, undervalued ► Poma Rosa – resources + upside ► Uranium Projects - non-dilutive optionality Right Plan - catalysts & news
Slide 13: Goldfields Project, Saskatchewan
A De-Risked Gold Project in Canada’s Top Jurisdiction Box historical headframe, mill frame & powerline Goldfields Project, Saskatchewan 13
Slide 14: Overview: A De-Risked Development Platform
Overview: A De-Risked Development Platform De-risked Mineral Resource Base ► 97% Indicated Resources in Updated PEA mine plan ► Reconciles to within 1% of historical mine production ► Exploration upside Historical mining area ► Gold & uranium Established Infrastructure and Access ► Road, Power, Airp
Slide 15: Updated PEA: Strong Economics, Sensitive to Gold Price
Updated PEA: Strong Economics, Sensitive to Gold Price Refer to news release dated September 23, 2025 for details including important technical & financial disclosure and cautionary statement. SPOT GOL D INTE RM ED IATE CASE US$3,650/oz Au BA SE CA SE US$3,100/oz Au C$1,253M After-tax NPV5% US$2,600
Slide 16: Open-Pit Constrained Mineral Resources
Open-Pit Constrained Mineral Resources Box Resource Model, Updated PEA Pit – Looking North ► An updated MRE was completed as part of the Updated PEA by SRK Goldfields Mineral Resource Statement, effective date September 11, 2025 Tonnes Au Grade Total Au Deposit Category (Mt) (g/t) (000’s oz) Box Ind
Slide 17: Updated PEA: Mine Design and Production
Updated PEA: Mine Design and Production 3:1 Strip 25.2 Mt 1.2 g/t Au 896 koz Waste : Resource Total Mill Feed Mill Head Grade Total Payable Gold Mine Plan Summary Mill Feed Summary Refer to news release dated September 23, 2025 for PEA summary including important technical & financial disclosure and
Slide 18: Updated PEA: Metallurgy & Mineral Processing
Updated PEA: Metallurgy & Mineral Processing SIMPLE MINERALOGY, FREE MILLING GOLD Simplified Process Flowsheet ► Extensive metallurgical testwork dating back to 1939 ► No significant metallurgical or environmental hindrances associated with the mineralization ► Key process design criteria derived fr
Slide 19: Updated PEA: Site Infrastructure
Updated PEA: Site Infrastructure 19 Refer to news release dated September 23, 2025 for PEA summary including important technical & financial disclosure and cauti onary statement, available on SEDAR (sedar.com) and the Company’s website.
Slide 20: Updated PEA Mine Plan: Expedited Path to Production
Updated PEA Mine Plan: Expedited Path to Production ► No federal permitting trigger: 4,950 tpd open-pit scenario designed to remain within provincial permitting ► Building upon valid 2008 EIS: Additional approvals to address: 1) Time-lapse since 2008 EA work; 2) Changes in project footprint (Athona
Slide 21: Key Opportunities: Resource Growth
Key Opportunities: Resource Growth Resource Growth: ► Potential to expand the current mineral resources through exploration drilling, unlocking additional upside at Goldfields. Exploration Targets: ► Box (down-dip extensions; underground development potential) ► Athona (near-surface west) ► Frontier
Slide 22: Advancing with Value Creation Plan
Advancing with Value Creation Plan 1. Mineral Resource Growth: Exploration Drilling ► 2,000–3,000 metre (15–20 holes) - test growth potential beyond the Updated PEA mine plan. 2. Pre-Feasibility Study ► De-risking engineering studies, leveraging extensive historical datasets. ► Work commenced on pos
Slide 23: Poma Rosa Project, Chiapas State, Mexico
POMA ROSA Top-tier Copper-Gold Potential ► Historical Campamento resource: 1.04 Moz Au (M&I) + 0.70 Moz Au (Inferred) Poma Rosa Project, ► Located in Chiapas, Mexico with road, rail, and airport access Chiapas State, ► 100% owned with no royalties or encumbrances Mexico ► ► Geological setting parall
Slide 24: Community Re-Engagement
Community Re-Engagement ► Advancing Consultation: Goal of establishing exploration agreements with communities to support the planned restart of field work Initial Engagement with ► Track Record of Respectful Engagement: Legacy of Community Leadership and Key Completed successful community relations
Slide 25: Poma Rosa sits in a geological setting proven to host world-class deposits
Regional “Bulls-Eye” Magnetic Anomaly Bingham Canyon, USA Mendicino Fracture Zone 3.2 GT @ 0.88% Cu Poma Rosa Poma Rosa, Mexico Poma Rosa sits in a 1.7 Moz historical gold resource geological setting proven Porphyry Cu-Au target not evaluated to host world-class copper-gold porphyry deposits Cobra P
Slide 26: Potential for Major Copper-Gold Discovery
Potential for Major Copper-Gold Discovery A’ N ElChichón ► Favorable tectonic setting - subduction of a major aseismic ridge Historical Highlights: ► Thin reactive cover rocks (limestone Santa Fe skarn: 0.6% Cu, 2.4 g/t Au, 120 g/t Ag and 1.30% Pb (mine average grade) and anhydrite-halite) Cerro La
Slide 27: Multiple Opportunities
Multiple Opportunities ► Resource Definition & Expansion C = Carbonate base-metal + Au target ► NI 43-101 Current Resources (Campamento & Cerro La Mina) L = Low sulphide Au-Cu target P = Porphyry/Skarn Cu-Au target ► Resource expansion ► Project Development ► Campamento PEA Cacate P-8 ► Exploration:
Slide 28: Unexplored Copper Potential
Unexplored Copper Potential Drill holes ► Previous exploration focused on gold in the lithocap cover rocks Soil Cu ppm (soil sampling followed by drilling) ► Strong copper mineralization at Cerro La Mina, Caracol & Santa Fe Limestones – large copper system ► Numerous untested soil copper anomalies;
Slide 29: Mineral Resource Potential
Mineral Resource Potential Campamento Cerro La Mina Historical Mineral Resources (0.5 g/t cut-off) ► No NI 431-10 resources estimated to date. ► Drill spacing has potential to support a future Inferred Mineral Resource 1.04 Moz gold @ 1.8 g/t Estimate M+Ind 4.4 Moz silver @ 7.8 g/t 0.70 Moz gold @ 1
Slide 30: Uranium Projects, Saskatchewan
► Partner-funded exploration retaining upside for shareholders ► Targeting high-grade Athabasca Basin basement-hosted deposits Uranium Projects, ► Favorable geology & structure Saskatchewan ► Numerous high-grade (>1% U3O8) surface showings ► Recent drilling discovery of 0.30 % U3O8 over 8.40 m inclu
Slide 31: High-Potential Uranium Projects
High-Potential Uranium Projects Over 60,000 hectares on the Underexplored NORTHWEST TERRITORIES Northern Rim of the Athabasca Basin SASKATCHEWAN Pine The Woods Strike Birch Uranium Projects Goldfields Spruce Gold Project Fir Aspen Murmac Athabasca Basin 100 km Significant uranium deposits/developmen
Slide 32: Validated Uranium Targeting Concept
Validated Uranium Targeting Concept ► Targeting high-grade basement-hosted deposits immediately outside present-day Athabasca Basin margin (e.g. Arrow, Triple R, Eagle Point) ► Deposits are associated with graphite-rich basement rocks (EM conductors) and major structures ► Outside of the Basin these
Slide 33: Murmac & Strike - Poised for Shallow, High-Grade Discovery
Murmac & Strike - Poised for Shallow, High-Grade Discovery Historical: Drilling Highlights - All mineralization intersected within 150 m from surface ► Over 70 Mlbs U3O8 produced in Uranium Beaverlodge City area Uranium City Strike S22-013 ► Graphitic corridors not targeted (favored hosts for high-g
Slide 34: A New Frontier for Uranium Discovery
A New Frontier for Uranium Discovery The Woods Uranium Projects NORTHWEST TERRITORIES SASKATCHEWAN ► District-scale opportunity (5 projects, ~40,000 hectares) The Woods Uranium Projects ► A dominant land position along the Grease River Shear Zone (“GRSZ”) within 30 kms of the Lake Athabasca Athabasc
Slide 35: The Woods - Highest Lake Sediment U Anomalies in Saskatchewan
The Woods - Highest Lake Sediment U Anomalies in Saskatchewan * Lake sediment uranium anomalism correlates Extreme uranium anomalism in The with major structures & known deposits Woods Projects area The Woods Uranium Projects Athabasca Basin Athabasca Basin Athabasca Basin 20 km ► Highest uranium la
Slide 36: The Woods – Potential for Discovery
The Woods – Potential for Discovery Significant U deposits/developments ► Significant Uranium Endowment - Extreme surface uranium SDMI & highlight uranium occurrences Historical exploration identified Drill holes 0.39% U3O8 430 ppm U anomalism Lake sediments with numerous uranium occurrences of vein