Fortune Bay Corp. · TSXV:FOR
Fortune Bay — Investor Presentation (October 2023)
45 slides from Fortune Bay's investor presentation, October 2023
Slide 1: Corporate Presentation October 2023
Exploration and Development in Canada’s Top-Ranked Jurisdiction TSXV: FOR | FWB: 5QN | OTCQX: FTBYF ► Advancing Potential for Saskatchewan’s Next Gold Mine www.fortunebaycorp.com ► Exploring for High-Grade Athabasca Basin Uranium Corporate Presentation October 2023 Photo: Goldfields Project, Box hea
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 Preliminary Economic Assessment (“PEA”) were announced
Slide 3: Capital Structure & Ownership
Capital Structure & Ownership As of Oct 6, 2023 Capital Structure Market Capitalization Ownership Issued & Outstanding 42.9M Share Price C$0.28 Management 15% & Board Options 3.1M Market Cap. C$12M Warrants 3.0M 85% Public 3 Operational Base in Uranium City, Saskatchewan
Slide 4: Experienced Team, Proven Track Record
Experienced Team, Proven Track Record Dale Verran MSc, P.Geo Sarah Oliver CPA CA Wade Dawe BComm Gareth Garlick BSc, P.Geo Chief Executive Officer CFO Executive Chairman Technical Director +20 years mining & exploration +10 years accounting and finance +25 years as accomplished entrepreneur, +20 yea
Slide 5: Diversified & Well-Positioned
Diversified & Well-Positioned Enviable Global Gold Resource Base for a Junior Trading at Trading at Significant Significant Discount Discount to to Peers Peers +2.9 Moz gold EV/Resource 3 40 30 US$/oz 20 Strike and Murmac 10 US$7/oz US$3/oz Uranium Projects 0 Peer Average Fortune Bay - Fortune Bay -
Slide 6: Pipeline of Opportunities to Unlock Value
Pipeline of Opportunities to Unlock Value Plans: 2023 2025 2024 Target Development (Existing Prospects) Exploration Drilling / Resource Expansion Goldfields Prefeasibility Feasibility Advancing potential for Saskatchewan’s next gold mine Development Permit Amendment / Supplemental Baseline Studies P
Slide 7: Goldfields Project, Saskatchewan
Advancing Potential for Saskatchewan’s Next Gold Mine Photo: Box historical headframe, mill frame & powerline ► Robust PEA Economics Goldfields Project, ► Established project infrastructure Permitting well-advanced Saskatchewan ► ► Exploration and development upside ► 100% owned 7
Slide 8: Gold – Tailwinds for THE Safe Haven Asset
Gold – Tailwinds for THE Safe Haven Asset Opportunity for Gold Juniors Re-rating Strong Outlook for Gold ► Elevated geopolitical risk Big funds haven't been buying gold ► Developed market economic slowdown miner ETFs, but they have been ► Peak in interest rates buying physical gold ETFs ► Risks to e
Slide 9: Location & Infrastructure
Location & Infrastructure Access: ► Gravel road (provincial highway 962) to site from Uranium City ► Winter ice-road from Stoney Rapids, built and maintained by provincial government ► Summer barge access from Stoney Rapids Power: ► Hydro-power transmission line to site ► Hydro-power stations 40 kil
Slide 10: Goldfields Project 2022 PEA Summary & Sensitivities
Refer to news release dated November 1, 2022 for Preliminary Economic Assessment (“PEA”) summary including important technical & financial GOLDFIELDS PROJECT disclosure and cautionary statement. PEA results are detailed in the NI 43-101 Technical Report (effective date October 31, 2022) available on
Slide 11: Substantially De-Risked
2022 PEA Site Layout Substantially De-Risked Mineral Resources ► 99% Indicated Mineral Resources and 1% Inferred used in PEA ► Mineral resource estimate reconciles to within 1% of historical production (64,000 oz gold mined) Mining & Processing: ► Conventional open-pit mining - low strip ratio (3:1)
Slide 12: A Robust & Competitive Project Amongst Peers
A Robust & Competitive Project Amongst Peers Canadian open-pit gold projects with studies completed in 2022/2021 at similar gold price Grade & Production Study & Base Case Gold Company Project Date Price (US$/oz) Bonterra Resources Barry United PEA 2022 $1,600 Maritime Hammerdown FS 2022 $1,750 Fort
Slide 13: Highly Attractive Valuation
Highly Attractive Valuation Trading comparables with other Canadian open-pit gold projects with studies completed in 2022/2021 at similar gold price Market Cap / Flagship Resource US$ / oz Au or Aueq $5 $8 $10 $13 $19 $33 $40 $82 Spanish Benchmark Bonterra Maritime Skeena Fortune Bay Moneta Gold O3
Slide 14: Key Opportunities - Resource Expansion Potential
Key Opportunities - Resource Expansion Potential ► Box: Mineralization open down-dip outside of mineral resource. Structural alignment of high grades between widely-spaced, deeper 500 m N GP95-7*: Golden holes suggests presence of higher-grade “shoots”. More drilling 5.07 g/t over 15.0 m Pond requir
Slide 15: Strike & Murmac Uranium Projects, Saskatchewan
High-Grade Athabasca Basin Uranium Potential Strike & Murmac ► Targeting high-grade basement-hosted deposits Uranium Projects, ► Numerous high-grade (>1% U3O8) surface showings Saskatchewan ► Initial drilling discovered uranium in multiple holes ► 100% owned 15
Slide 16: Uranium – Fuel for a Low Carbon Economy
Uranium – Fuel for a Low Carbon Economy Nuclear is ideal for dealing with climate change, because it is already the only carbon-free, scalable energy source that’s available 24 hours a day” – Bill Gates Annual Utility Uranium Requirements 1 Demand ► Projected demand exceeds current supply forecast ►
Slide 17: The World’s Premier District for High-Grade Uranium
The World’s Premier District for High-Grade Uranium NORTHWEST TERRITORIES SASKATCHEWAN Strike Uranium Project The Exploration Target Lorado Gunnar Goldfields Gold Project Murmac Uranium Project ATHABASCA BASIN • Shallow, high-grade • Basement host rocks allow for conventional mining 100 km Significa
Slide 18: A Unique, High-Grade Uranium Exploration Scenario
A Unique, High-Grade Uranium Exploration Scenario Key Attributes Camsell Portage First-pass (2022 mineralized drill ► Significant uranium endowment: Historical mines Athabasca intercepts >0.1% U3O8 over 0.1 metre ~60 Mlbs U3O8 produced, abundant high-grade >1% Basin U3O8 occurrences Uranium City ► F
Slide 19: Targeting Concept
Targeting Concept Targeting high-grade basement-hosted deposits typical of the Athabasca Basin SECTION VIEW PLAN VIEW Outcropping uranium occurrence Outcropping uranium occurrence “bleed-out” TARGET Focus of Basement-hosted historical uranium deposit Valley Fill exploration Overburden Focus of histo
Slide 20: Murmac: Overlooked and Underexplored
Murmac: Overlooked and Underexplored ► Focus on gold exploration since ~1980 (claims part of Goldfields project) ► Favorable host rocks (graphitic pelite and quartzite) & structural settings for high-grade, 1.32% U3O8 / 0.6 m(2) 2.14% U3O8 / 0.7 m(2) basement-hosted deposits 1.46% U3O8 / 0.5 m(2) 1.
Slide 21: Murmac: 2022 Drill Program Highlights
Murmac: 2022 Drill Program Highlights Murmac Claims ► First-pass drill testing Historical drill holes: 1.01% U3O 8 / 2.0 m (CKI-9) Historical uranium mines 2.19% U3O 8 / 0.5 m (CKI-10) ► Graphite in all holes (apart from M22-009 – tested cross-fault Historical drill holes Lorado offset) 2022 drill h
Slide 22: Murmac Uranium: The Right Geological Ingredients
Murmac Uranium: The Right Geological Ingredients Mineralization Examples Alteration & Structure Examples M22-012 (target H11): Hydrothermal hematite (oxidation front) at 147 m in contact with strongly graphitic pelite with significant faulting. M22-002 (target A6): Strongly hematized quartzite in co
Slide 23: Murmac Uranium: Support for High-Grade Discovery
Murmac Uranium: Support for High-Grade Discovery Highlight analytical results from 2022 Murmac Prospecting: Out of VTEM coverage ► 8.82% U3O8 from a boulder sample on the Armbruster Corridor providing Lorado compelling support for the presence of high-grade, basement-hosted uranium mineralization on
Slide 24: Murmac: Recent Increase in Land Holdings
Murmac: Recent Increase in Land Holdings ► Additional areas around the existing Murmac Claims were staked from January to July 2023 ► Original land holdings 5,622 ha ► Total Murmac area now 10,363 ha ► The newly acquired claims cover: ► Extensions of prospective EM conductors ► Underexplored areas i
Slide 25: Strike: EM Conductors Not Previously Drill Tested
Strike: EM Conductors Not Previously Drill Tested ► Historical exploration 1950’s – 1980’s identified numerous uranium showings Strike Claims EM Conductors ► Cameco (2005-2008) generated EM targets which were never Powerline drill tested Channel samples: ► Favorable host rocks (graphitic pelites) &
Slide 26: Strike: 2022 Drill Program Highlights
Strike: 2022 Drill Program Highlights ► First-pass drill testing (northern portion of property) 2022 Assay Highlights ► Graphitic units with faulting (all holes) ► Variable bleaching & alteration (all holes) ► Elevated radioactivity (4/9 holes) Graphitic faults Bleaching and clay Graphitic faulting
Slide 27: Strike: Discovery of New Mineralization
Strike: Discovery of New Mineralization ► Discovery of new mineralization in S22-013 ► The intersection of anomalous uranium up to 0.43% U 3O8, associated with reactivated structures in graphitic rocks and pathfinder element enrichment, highlights the potential for high-grade uranium deposits typica
Slide 28: Strike and Murmac: Forward Targeting
Strike and Murmac: Forward Targeting ► Follow-up of drill results from 2022 ► Testing along strike and down-dip ► Additional targets on verified EM conductors ► Northern Armbruster corridor is an area of particular focus based on 2022 prospecting and historical endowment ► Numerous geophysical and s
Slide 29: Ixhuatán Project, Chiapas State, Mexico
Top-tier Copper-Gold Potential ► Geological setting parallels most of the giant porphyry deposits worldwide Ixhuatán Project, ► Previous exploration focused on epithermal gold; porphyry system unexplored Chiapas State, ► Mineralization encountered to date is characteristic of the upper portion of a
Slide 30: Potential for Major Copper-Gold Porphyry Discovery
Potential for Major Bingham Canyon, Utah, USA Mendicino Fracture Zone 3.2 GT @ 0.88% Cu Copper-Gold Porphyry Discovery “In the last 20 m.y., the formation of giant porphyry copper-molybdenum and copper- gold deposits in the circum-Pacific region has been closely associated with subduction of aseismi
Slide 31: Potential for Major Copper-Gold Discovery
Potential for Major Copper-Gold Discovery Regional Magnetics Helimag RTP Ixhuatán 15 km Ixhuatán Tenement Boundary 10 km 31
Slide 32: Potential for Major Copper-Gold Discovery
Potential for Major Copper-Gold Discovery A’ N El Chichón ► Subduction of a major aseismic ridge ► Thin reactive cover rocks (limestone Historical Highlights: and anhydrite-halite) Santa Fe skarn: 0.6% Cu, 2.4 g/t Au, 120 g/t Ag and 1.30% Pb (mine average grade) ► Favorable structural architecture C
Slide 33: Ixhuatán: Multiple Opportunities
Ixhuatán: Multiple Opportunities Ixhuatán Tenement Boundary ► Advancement of Campamento ► Resource expansion ► PEA Limestones ► Underexplored epithermal gold-silver targets Cacate Zone ► Central, Caracol, San Isidro, Laguna Chica, Laguna Grande, Western, Cacate ► Unexplored copper potential Sandston
Slide 34: Copper Potential
Copper Potential ► Previous exploration focused on gold in the cover rocks (lithocap) Ixhuatán Tenement Boundary ► Strong copper mineralization at Cerro La Mina & Santa Fe Limestones provides precedent for a copper system Dri l l collars ► Numerous untested soil copper anomalies Copper a nomalies ►
Slide 35: Why Invest?
FORTUNE BAY CORP. | TSXV: FOR | FWB: 5QN | OTCQX: FTBYF Why Invest? Poised for Growth… Significant gold resource base @ US$2/oz A plan to unlock value through gold (& copper) project exploration and development Potential upside through uranium exploration Experienced board & management Aligned with
Slide 36: Appendix
APPENDIX 36
Slide 37: Goldfields Project, Saskatchewan
Advancing Potential for Saskatchewan’s Next Gold Mine Photo: Box historical headframe, mill frame & powerline ► Robust PEA Economics Goldfields Project, ► Established project infrastructure Permitting well-advanced Saskatchewan ► ► Exploration and development upside ► 100% owned 37
Slide 38: 2022 PEA: Mine Design and Production
2022 PEA: Mine Design and Production 3.0 : 1 Strip Ratio 22.7 Mt 1.2 g/t Au 835 koz Waste : Resource Total Mill Feed Mill Head Grade Total Ounces Recovered Production Schedule Summary Gold Production Refer to news release dated November 1, 2022 for PEA summary including important technical & financi
Slide 39: 2022 PEA: Metallurgy & Mineral Processing
2022 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 fro
Slide 40: 2022 PEA: Site Infrastructure
2022 PEA: Site Infrastructure Design Advantages ► Conventional open-pit mining and processing ► Use of existing infrastructure (roads, powerlines, historical tailings facilities) ► Minimized footprint and disturbance to environment ► Best practice closure, salvage and rehabilitation ► No environment
Slide 41: Open-Pit Constrained Mineral Resources
Open-Pit Constrained Mineral Resources Box Resource Model – Looking North Goldfields Mineral Resource Statement, effective date September 1, 2022 Tonnes Au Grade Total Au Deposit Category (Mt) (g/t) (000's oz) Box Indicated 15.8 1.44 729.7 Athona Indicated 7.4 1.06 250.2 Total Indicated 23.2 1.31 97
Slide 42: Key Opportunities - Development
Key Opportunities - Development Gold Recovery ► Detailed metallurgical testing has the potential to improve gold recoveries and reduce processing plant costs Ore sorting ► Initial studies showed potential to improve project economics and reduce tailings volumes Sustainability ► Electrification of mi
Slide 43: Community, Environment & Permitting
Community, Environment & Permitting Community Engagement Permitting ► Fortune Bay has built strong, trust-based relationships with ► Project has an approved EIS for Box open-pit mine and mill with communities during its exploration and development phases 5,000 tpd processing capacity that remains va
Slide 44: Ixhuatán Project, Chiapas State, Mexico
Top-tier Copper-Gold Potential ► Geological setting parallels most of the giant porphyry deposits worldwide Ixhuatán Project, ► Previous exploration focused on epithermal gold; porphyry system unexplored Chiapas State, ► Mineralization encountered to date is characteristic of the upper portion of a
Slide 45: Ixhuatán – Historical Mineral Resources
Ixhuatán – Historical Mineral Resources Cut-off Tonnes Au Grade Ag Grade Project Category Classification Au (oz) Ag (oz) (Au g/t) (000's) (g/t) (g/t) Ixhuatán, Measured & Indicated 0.5 17,560 1.84 1,041,000 7.79 4,400,000 Campamento Deposit, Mineral Resources Mexico1,2 Inferred 0.5 21,750 1.01 703,0