Fortune Bay Corp. announced the intersection of highly elevated radioactivity in the second drill hole (M24-017) of its 2024 exploration drilling program on the Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan. An average of 1,309 counts per second was intersected over 8.7 metres in graphitic pelite, with up to 33,600 counts per second (using handheld RS-125 Spectrometer) associated with visible uranium mineralization.

The drilling program is being funded by Aero Energy Limited. Drilling is ongoing and the zone of strong radioactivity remains open up- and down-dip, as well as along strike in both directions. This is the first drill hole testing a previously unexplored electromagnetic ("EM") conductor on the Howland Corridor under the shallow Howland Lake.

The Company is currently planning appropriate follow-up holes. There are an additional 11 high-priority targets at Murmac which have been approved for drilling, and multiple other targets under consideration. Hole M24-017 was collared to test an EM conductor on the Howland Corridor at the intersection of a cross-cutting fault with numerous historical uranium occurrences and radioactive showings.

The geophysical characteristics of target (H15) manifests as a subtle EM high with a subtle coincident gravity low. The interpreted EM conductor is approximately 1.2 kilometres in length, with approximately 1 kilometre (not previously drill tested) sub-cropping beneath the narrow Howland Lake, and is not exposed at surface. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. R risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or indicated by such forward-looking information.