![Ixhuatán - Overview
► 100% owned by Fortune Bay. No royalties or other
encumbrances.
► Located in the north western portion of Chiapas State,
approximately 100 km south of the city of Vilahemosa
► Advanced exploration project, including:
► Campamento gold-silver deposit
► Cerro La Mina gold-silver-copper zone
► Numerous other target areas
► Established infrastructure with highway, railway systems and
air transportation
► More than 89,000 meters of drilling in 342 holes completed
since May 2004 undertaken by Linear Gold Corp and Kinross
Gold Corp
► Linear drilled 282 holes totalling 69,679 meters between 2004 and
2007
► Kinross drilled 60 holes totalling 20,027 meters between 2007 to
2009
► No significant work since 2009
“The Ixhuatan property is an outstanding project and it gives Linear Gold [now Fortune
Bay] a commanding position controlling a highly prospective district.’’ commented Noel
White, world-renowned epithermal and porphyry Consulting Geologist, following a
detailed field visit to the Ixhuatán Project in 2005.
He further added “[The] main potential of the Ixhuatan area is for world class porphyry
copper gold deposits. The setting of the area shows similarities to that of the majority
of giant porphyry deposits worldwide […] similar to those hosting such deposits as
Grasberg and Bingham Canyon. The main prospects under exploration in the Ixhuatan
area show abundant evidence for porphyry affinities […]. The extent of gold
enrichment throughout the area is extraordinary, with highly anomalous subeconomic
values occurring over very large areas.” 1
Noel White’s full technical quotation is provided in the NI 43-101 2011 Summary Report, with
an effective date of May 18, 2011, filed on SEDAR (www.sedar.com) under Cangold Limited’s
profile. The original reference is provided in an internal report for Linear Gold Corp; White,
N.C. (2005) - Report on a Visit to Linear Gold Corporation's Ixhuatan Project, Chiapas State,
Mexico, June-July 2005
23](https://image.slidesharecdn.com/20210920forcorppresentation-210920214432/85/20210920-for-corp_presentation-23-320.jpg)
20210920 for corp_presentation
- 1. An exploration & development Company poised for growth… Exploration & Development Corporate Presentation September 20, 2021 TSXV: FOR Frankfurt: 5QN
- 2. Cautionary Language & Legal Disclaimers Forward Looking 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. 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. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com. 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. Technical Reports & Disclosures Goldfields Project - The current mineral resource estimate, with an effective date of March 15, 2021, was announced on March 22, 2021 by way of a Company news release, available on SEDAR (www.sedar.com) and the Company’s website. The mineral resource estimate was prepared by SRK Consulting (Canada) Inc. (“SRK”). An Independent Technical Report titled “Technical Report: Resource Estimate for the Goldfields Project” with an effective date of May 4, 2021 prepared by SRK, supporting the disclosure of the MRE, is available on SEDAR and the Company’s website. A historical Pre-Feasibility Study (the “2011 PFS Technical Report”), with an effective date of October 6, 2011, was completed for the Goldfields Project by March Consulting Associates Inc. in cooperation with Wardrop (now Tetra Tech), Dan Mackie Associates (DMA) and EHA Engineering Ltd. The 2011 PFS Technical Report was issued to Brigus Gold Corp. (“Brigus”), and subsequently re-issued to successor company, Fortune Bay on March 13, 2014. The historical 2011 PFS Technical Report is filed on SEDAR under the Brigus’s issuer profile and available on Fortune Bay’s website. Fortune Bay is not treating the historical reserve estimates as current, however the historical estimate is considered relevant to assess the economic potential of the property. 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, Peng, 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 available on Fortune Bay’s website. Historical Drilling Results – This presentation contains historical drilling results. The Company has not verified historical drilling 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 considers these drilling results relevant to assess the mineralization and economic potential of the properties. 2
- 3. Experienced Team 3 CFO Sarah Oliver CPA CA +10 years of experience working in the accounting and finance industries most recently as the CFO of the predecessor company to Fortune Bay Corp. beginning in November 2014. Worked with PwC Canada in their Consulting and Deals group and then in their Assurance practise, as a Senior Manager where she assisted her clients through various acquisitions and mergers, public and private financings and advising on accounting policy and control implementation. Director Michael Gross MD FRCSC Extensive capital markets experience with a number of venture stage companies. Founder and previous Chairman of NWest Energy Corp. and is currently on the Board of Sona Nanotech Inc. +20 years as Prof. of Orthopaedic surgery and founder of companies specializing in proprietary medical devices. Executive Chairman Wade Dawe BCOMM +25 years as accomplished entrepreneur, financier and investor. Founded or co-founded a number of successful companies, including Keeper Resources Inc. which sold for $51.6 million and Brigus Gold Corp. which was acquired for $351 million. Currently a Director of TSX listed companies including Immunovaccine Inc., Pivot Technology Solutions Inc. and kneat.com inc. Director Derrick Gill BCOMM +30 years executive experience including roles at Voisey's Bay Nickel, Diamond Fields Resources and Bristol Communications. Co-founder and a director of Strategic Concepts and SCI Software, which provides strategic planning, financial modeling and business development consultation to major mining and oil and gas projects in Canada. CEO Dale Verran MSC PGEO +20 years international experience in the mining and mineral exploration industry. Directly involved in the discovery of two uranium deposits and advancement of projects (Scoping, PEA and PFS) in Northern Saskatchewan as VP Exploration for Denison Mines Corp., a Lundin Group Company. Significant gold experience previously as Executive Technical Director (RES), Exploration Manager (Manica Minerals), and Geologist (Goldfields Limited). Technical Director Gareth Garlick BSC PRSCINAT 20 years of experience in all aspects of the mining cycle ranging from grassroots exploration to resource estimation and resource reconciliation on producing mines. Key areas of expertise include mineral resource estimation, mine production reconciliation, mineral exploration, data management, technical reporting and project management. Director Melinda Lee CPA CA ICD.D 20 years of professional experience in both private and public companies, including eight years of experience at the Board of Director level. Broad range of experience in securities laws, investing, corporate finance and transactions including mergers, acquisitions and take-over bids. In-depth understanding of the key topics facing public companies, particularly related to financial reporting, disclosure and governance. Director Robert Shaw MSC +30 years of mineral exploration experience throughout the Americas. Worked with several listed gold companies as a founding member, executive, manager and geologist, and has been instrumental in the discovery and development of a number of significant gold deposits. With AngloGold Ashanti he was a formulative member of the team which identified and advanced Gramalote, La Colosa and La Quebradona, which presently contain drill indicated resources exceeding 40 million ounces of gold. Senior Project Geologist Eric Bort BSC PGEO 9 years of mineral exploration experience in northern Saskatchewan with Cameco Corp. Key areas of expertise include design, implementation and management of drilling programs. Experience ranging from grassroots exploration to advanced projects including discovery and delineation. Significant experience in data management and 3D geological modelling.
- 4. Capital Structure & Ownership 82% 19% Management & Board Public Ownership Issued & Outstanding 33.3M Options 1.6M Warrants 5.0M Share Price C$0.65 Market Cap. C$21.6M Cash C$1.8M Capital Structure Market Capitalization Management & Board aligned with shareholders As of August 31, 2021 4
- 5. Why Invest in Fortune Bay? Gold Ounces in the Ground Exploration Projects 100% owned Stable, mining friendly jurisdictions (Saskatchewan, Canada & Chiapas, Mexico) Exploration & development upside Company Increasing visibility Management with proven track record, new technical team Insiders aligned with shareholders Strategy to unlock value, explore & advance, and acquire … Re-rating Potential Attractive valuation with opportunity for re-rating Plan to deliver value catalysts 5 Drill-defined mineral resources (current & historical) across two projects (see next slide) An exploration & development Company poised for growth…
- 6. Mineral Resources 6 Goldfields Project. Saskatchewan, Canada Ixhuatán Project, Chiapas, Mexico Current Mineral Resources Goldfields – Box and Athona 1 Ind Inf 0.98 Moz @ 1.34 g/t Au (22.6 Mt) 0.18 Moz @ 0.92 g/t Au (6.0 Mt) Historical Mineral Resources Ixhuatán - Campamento 2 M+Ind Inf 0.70 Moz @ 1.01 g/t Au (21.8 Mt) and 2.3 Moz @ 3.23 g/t Ag 1.04 Moz @ 1.84 g/t Au (17.6 Mt) and 4.4 Moz @ 7.79 g/t Ag 1. Source: Technical Report: Resource Estimate for the Goldfields Project with an effective date of May 4, 2021 2. 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. The mineral resource estimate for Ixhuatán is considered historical in accordance with NI 43-101. Refer to Appendix 1 for important technical disclosures regarding historical estimates.
- 7. Goldfields Project, Saskatchewan ► 100% owned by Fortune Bay Corp. ► Approx. 1 Moz of open-pit constrained Indicated resources @ 1.34 g/t ► Historical PFS in 2011 showed robust economics at C$1,250/oz (gold price ~C$2,250/oz - June 2021) ► Established project infrastructure ► Permitted for development 1 ► Exploration and development upside 7 1. The Box open-pit mine and mill development received Ministerial approval under the Environmental Assessment Act in May 2008 following submission of an Environmental Impact Statement (“EIS”) by GLR Resources Inc. (“GLR”). See Appendix 1 for further details. Photo: Box headframe and mill frame dating back to 1935 An advanced gold exploration project underpinned by a robust historical Pre-feasibility Study
- 8. Goldfields - Overview ► Top Ranked Jurisdiction ► Saskatchewan ranked #1 in Canada, ranked #3 globally 1 ► Stable, transparent, mining friendly ► Established Project Infrastructure ► Facilities: ► 13 km from Uranium City (airport, accommodations, supplies, historical mining hub) ► Roads: ► Accessible via Highway 962 and ice road (winter) ► Secondary road network on the property (not maintained) ► Power: ► Provincial 115 kV transmission grid providing clean energy from SaskPower’s Charlotte River 10 MW hydroelectric station ► Powerline to Box site includes high voltage towers and conductors that can be used with minor upgrades 2 ► Large Property with Exploration Potential ► 10,300 hectares (22 km x 8 km) in extent including 22 mineral dispositions ► Two gold deposits (Box & Athona) and numerous gold prospects & occurrences 8 1 According to the The Fraser Institute Annual Survey of Mining Companies (2020), Investment Attractiveness Index 2 Source: 2011 PFS Technical Report. The powerline has not been re-assessed recently. Box Deposit Athona Deposit Golden Pond Frontier Lake Lake Athabasca Beaverlodge Lake N
- 9. 0 500 1000 1500 2000 2500 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Goldfields – A Brief History 9 Gold first discovered Cominco (1935 to 1942) Initial exploration & development Initial production 64,226 oz Au at 1.66 g/t (recovery of 93%) WWII Box mine shut due to Personnel shortages GLR Resources Inc. (1987 to 2009) Exploration & development (Box & Athona) ~280 drill holes totalling over 40,000 m Linear acquires Goldfields Linear – Brigus Gold Corp. (2009 to 2014) Exploration 12 drill holes totalling ~3,000 m Fortune Bay Corp. (2014 to Present) Metallurgical testwork (2015) Goldfields spun-out into Fortune Bay Fortune Bay announces plans to advance Goldfields Box Feasibility Study Permit granted for Box mine & mill GLR options Goldfields 2011 PFS Completed (Brigus) Gold Price (USD/oz) - Inflation Adjusted Gold Price Chart sourced from MacroTrends (1930 to August 2020). Inflation adjusted using the headline Consumer Price Index (CPI) with the current month as the base. History of the Goldfields Project shown against the Inflation Adjusted USD Gold Price
- 10. Goldfields Historical 2011 PFS - Summary Source: 2011 PFS Technical Report. Box Deposit Athona Deposit Total / Overall Historical Mineral Resources 0.5 g/t Au COG Measured & Indicated 0.74 Moz @ 1.7 g/t A (13.8 Mt) Inferred 0.18 Moz @ 1.7 g/t Au (3.2 Mt) Indicated 0.29 Moz @ 1.3 g/t Au (7.0 Mt) Inferred 0.05 Moz @ 1.1 g/t Au (1.4 Mt) Measured & Indicated 1.03 Moz @ 1.5 g/t Au (20.9 Mt) Inferred 0.23 Moz @ 1.5 g/t Au (4.6 Mt) Mine Method Open-pit Open-pit Historical Mineral Reserves 0.33 g/t Au COG Proven & Probable 0.8 Moz @ 1.5 g/t Au (16.5 Mt) Proven & Probable 0.2 Moz @ 1.2 g/t Au (5.8 Mt) Proven & Probable 1.0 Moz @ 1.4 g/t Au (22.3 Mt) Strip Ratio 4.56 1.10 3.66 Production Schedule Years 1-7 High grade ore processed (> 0.72 g/t) Low grade ore stockpiled (0.33 – 0.72 g/t) Years 7-9 High grade ore processed (> 0.72 g/t) Low grade ore stockpiled (0.33 – 0.72 g/t) LOM 13 years Low grade stockpile processed Years 9 to 13 Processing Shared mill facility including gravity, floatation, cyanide leach and Merrill-Crowe recovery Capacity 5,000 tpd Gold Recovery 91% 89% Permitting Permitted for development. 2011 PFS in conformance with key EIS commitments and Ministerial Approval requirements. To be added through amendment of the permit under Section 16 of the Environmental Assessment Act. 2011 PFS scoped to comply with existing permit (granted 2008) for the project. Milling capacity of 5,000 tpd. Crusher Raw Ore Stockpile Raw Ore Stockpile Crushed Ore Stockpile Water Pump House Bulk Fuel Storage Barge Loading Lake Athabasca Nieman Bay Mill Facility Laydown Bulk Explosive Storage Water Management Reservoir 2011 PFS - Infrastructure Plan 10 1 kilometre
- 11. Goldfields Historical 2011 PFS - Highlights Gold Production & Economics 1 81,695 oz Au Annual Production C$159M CAPEX14% Contingency 19.6% IRR Pre Tax Gold Price C$1250/oz 13 years Life of Mine C$601/oz Operating Cost C$144M NPV5% Pre Tax Gold Price C$1250/oz 11 1 Source: 2011 PFS Technical Report, considered historical in accordance with NI 43-101. 2011 PFS C$1,250 Gold Price per Oz Used (CAD = 0.96 USD) Upside ~C$2,260 August 2021 Gold Price Per Oz 0% 10% 20% 30% 40% 50% 60% $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Project IRR Gold Price ($CDN/oz) Project IRR vs Gold Price 1 0 100 200 300 400 500 600 700 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Project NPV ($ millions) Gold Price ($CDN/oz) Project NPV vs Gold Price 1
- 12. Goldfields – Development Opportunities 12 Mineral Resources ► Potential to convert 176 koz @ 0.92 g/t Au (6.0 Mt) Inferred to Indicated ► Resource upside through further infill and confirmatory drilling ► Historical assaying was highly selective based on visual drill core observations (core is considered undersampled) Mining ► Updated open-pit mine plan ► Potential for higher grade, lower tonnage selective mining & processing ► Underground mining potential ► Higher grade continuity of vein-sets to be established with new drilling orientation at Box Processing ► Simplified flowsheet to improve gold recovery ► Potential to optimize grind size, omit flotation circuit and utilize CIL ► Potential for ore sorting to increase mill- head grade Opportunities identified for further investigation:
- 13. Goldfields – Box Exploration Opportunities 13 The Company has not verified these historical drilling results through confirmatory drilling 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 drilling results relevant to assess the mineralization and economic potential of the property. 150 m Surface Isometric View - Vein Model within Box Mine Granite Plan View N 300 m Lake Athabasca Zone A Zone B Zone A Historical Highlights: a: 8.35 g/t over 9.00 m (drill hole B07-292) contained within 49.79 m at 2.10 g/t b: 18.05 g/t over 6.00 m (drill hole B07-294) contained within 47.70 m at 2.68 g/t c: 6.34 g/t over 6.00 m (drill hole B11-315) contained within 25.00 m at 2.04 g/t d: 5.16 g/t over 12.00 m and 4.65 g/t over 3.00 m (drill hole B11-316) contained within 72.00 m at 1.39 g/t Figure shows drill core sample assay grades > 0.5 g/t Au (sample length 1 m). Highlight drill intersections are labelled using length-weighted averages over the interval lengths specified. Intersection lengths may not represent true mineralization thickness. Zone B Historical Highlights: e: 8.72 g/t over 3.59 m (drill hole B95-219) contained within 45.59 m at 1.02 g/t f: 4.97 g/t over 6.00 m (drill hole B95-228) contained within 47.15 m at 1.05 g/t Box Mine Granite thickens with depth a b c d e f Boundary of mineral resources (constraining open-pit) 270 m below surface Phase 1 resource expansion drilling underway (step-out drilling within Zone A and B)
- 14. Goldfields – Box Phase 1 Drilling Lake Athabasca Vic Lake 200 m N B21-334 B21-335 B21-336 2021 MRE Box Mine Granite (“BMG”) model Plan View (looking down) Long View (looking northwest) Surface 300 m below surface 200 m 2021 MRE BMG model (vein sets not shown) 2021 MRE Constraining Pit (Conceptual) 470 m below surface Zone B Zone A Historical drill traces and assays > 0.7 g/t Au shown Historical drill traces and assays > 0.7 g/t Au shown Drill Hole Locations (initial three drillholes): An additional four have been completed; assays pending. 14
- 15. Goldfields – Box Phase 1 Drilling Results • Assay results for initial three (3) drill holes complete at Box. • Expansion of mineralization down-dip of up to 220 metres outside of the extents of the current 2021 mineral estimate for Box (100 metres down-dip of mineralization intersected previously across the strike of the deposit. • Mineralization remains open. • Drill holes oriented at moderate dips (-54 to -56 degrees) to the east to intersect the dominant mineralized vein-sets at high angles. • True thicknesses are estimated to be approximately 80% of the intersected lengths 15
- 16. Goldfields – Athona Exploration Opportunities 16 Isometric View Athona Mine Granite Plan View N 200 m Lake Athabasca Athona South Isometric View - Vein Model 150 m Drill core sample assay or composite grades > 0.5 g/t Au shown along drill traces. Intersection lengths may not represent true mineralization thickness. Gold samples from 1935-1939 historical drill holes were collected on an approximate 1.5 m spacing, however in certain instances only composited results for longer intervals are available. Boundary of mineral resources (constraining open-pit) 1930-1939 composited high-grade intervals not included in mineral resource estimate
- 17. Goldfields – Athona Phase 1 Drilling Results 17 The Plan Map and Isometric View show the location of Phase 1 drill holes (A21-218 to A21-223) in relation to Athona Mine Granite (“AMG”) model in pink and historical drilling results > 0.7 g/t Au. Vein model shown in the Plan Map in grey. The Sections (looking north) show east-west vertical sections through Phase 1 drill holes. Results shown for Phase 1 drill holes are individual assay results over 1 m lengths. 2. Lengths shown represent core length. True thickness of the mineralized intercepts is expected to typically range from 50% to 70% of the core length. Historic drill results are either individual assay results (typically 1 m in length) or composited intervals. The Athona Phase 1 drilling highlights: • Six diamond drill holes (1,170 metres) on an approximate 50 metre spacing completed at the Athona South target during March and April 2021 • Successful expansion of mineralization to the south, and mineralization remains open. • Continuous assaying of the Athona Mine Granite (“AMG”) shows the unit is more broadly mineralized than previously indicated by historical drill holes from which very few samples were collected, evidently targeting only the most visually compelling intervals. For further details see News Release dated June 12, 2021
- 18. Goldfields – Property Exploration Potential 18 The Company has not verified these historical drilling results 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 drilling results relevant to assess the mineralization and economic potential of the property. See Appendix 1 for further details regarding Property Exploration Potential. LB-88-3 Frontier Lake Golden Pond Box Athona Goldfields Syncline Historical Drill Hole LB-88-3 4.02 g/t over 3.0 m (493.5 to 496.5 m) Quartz veining within interpreted Mine Granite Triangle Potential for a larger mineralized system within the Goldfields Syncline 500 m Traces of drill holes completed in 2021 (Phase 1) are highlighted in blue
- 19. Goldfields – Road Map Exploration Phase 1 - Drilling Phase 2 - Drilling Continued Exploration Delineation Drilling 2021 2022 and Onward (Not to Scale) Construction Decision Resource Update 2020 Community Engagement Project Development Consultation Project Development Feasibility Study Construction Production Detailed Engineering Environ. Approvals / Permitting Refresh Environ Approvals / Negotiate Surface Lease (~12 months) Approval to Construct Approval to Operate Planned activities are subject to successful permitting and availability of financing. Envisaged activities are entirely forward-looking and are included to demonstrate possible next-steps for the project based on results from ongoing or planned activities. See disclaimers on forward looking statements in this presentation. See Appendix 1 for further details regarding the currently valid development permit for the project. Ongoing Planned Envisaged Pre-Feasibility Study / PEA New Mineral Resource Estimate 19 Completed Scoping / Studies Exploration Consultation
- 20. Strike Uranium Project High-grade uranium potential typical of the Athabasca Basin margin Schematic cross-section Sandstone-hosted = challenging mining conditions (novel mining techniques) Basement-hosted = conventional mining methods (open-pit / underground) Lake Athabasca Crystalline Basement Unconformity-related basement-hosted target at Strike Project Sandstone-hosted The Athabasca Basin: The world’s premier district for high-grade uranium The Target: 20
- 21. Strike Uranium Project The Right Ingredients… Known uranium endowment: High-grade (>1% U3O8) historical uranium occurrences Anomalous radioactivity in basement units Historical small-scale mining at the Tena Zone - over 1,000 tons mined in the 1950’s with reported grades of 0.5% to 3% U (0.6% to 3.5% U3O8). Favourable geological setting: Multiple graphitic and sulphide horizons occurring over a total strike length of approximately 12 kilometres (EM conductors) Prospective dilational settings (folding, bends and jogs). Vertical proximity to the Athabasca Basin basal unconformity (now eroded) & good preservation potential for basement-hosted mineralization. Indicative alteration and geochemical pathfinder signatures: Historical rock sampling campaigns identified: Indicative alteration minerals (chlorite, illite, kaolinite, dravite and hematite). Anomalous uranium and geochemical pathfinder signatures (boron, vanadium, cobalt, nickel, copper, lead, and arsenic). Unless otherwise stated, the historical results (including drill 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. Historical results confirmed through recent surface rock assays, highlighted by: • 1.75% U3O8 (Tena Zone) • 3.51% U3O8(Points Claims) 21
- 22. Strike Uranium Project Airborne VTEM Airborne Magnetics Rock Geochem Rock Geochem U ppm High-Quality Existing Datasets; Very Limited Previous Drilling • High-quality datasets acquired by Cameco 2004 to 2007 (see Figures on right). No drilling completed. • Assessment records indicate only 7 historical drill holes on the property to date. • Three holes are located near the Tena Zone with one hole intersecting 1.6% eU over 4 metres (eU is equivalent uranium derived from a downhole gamma spectrometer). Next Steps • Currently advancing the Project through permit applications for ground geophysics and drilling. • Field work, commencing with a ground gravity and magnetic survey, is being planned to commence in early 2022 to utilize winter ice conditions. Unless otherwise stated, the historical results (including drill 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. Data shown on right is publicly available from assessment reports filed by Cameco Corp. in 2007/2008. 5 km 5 km Rock Clay Reflectance 5 km 5 km 5 km Dravite % Historical datasets to be re-processed Historical datasets to be re-processed 22
- 23. Ixhuatán - Overview ► 100% owned by Fortune Bay. No royalties or other encumbrances. ► Located in the north western portion of Chiapas State, approximately 100 km south of the city of Vilahemosa ► Advanced exploration project, including: ► Campamento gold-silver deposit ► Cerro La Mina gold-silver-copper zone ► Numerous other target areas ► Established infrastructure with highway, railway systems and air transportation ► More than 89,000 meters of drilling in 342 holes completed since May 2004 undertaken by Linear Gold Corp and Kinross Gold Corp ► Linear drilled 282 holes totalling 69,679 meters between 2004 and 2007 ► Kinross drilled 60 holes totalling 20,027 meters between 2007 to 2009 ► No significant work since 2009 “The Ixhuatan property is an outstanding project and it gives Linear Gold [now Fortune Bay] a commanding position controlling a highly prospective district.’’ commented Noel White, world-renowned epithermal and porphyry Consulting Geologist, following a detailed field visit to the Ixhuatán Project in 2005. He further added “[The] main potential of the Ixhuatan area is for world class porphyry copper gold deposits. The setting of the area shows similarities to that of the majority of giant porphyry deposits worldwide […] similar to those hosting such deposits as Grasberg and Bingham Canyon. The main prospects under exploration in the Ixhuatan area show abundant evidence for porphyry affinities […]. The extent of gold enrichment throughout the area is extraordinary, with highly anomalous subeconomic values occurring over very large areas.” 1 Noel White’s full technical quotation is provided in the NI 43-101 2011 Summary Report, with an effective date of May 18, 2011, filed on SEDAR (www.sedar.com) under Cangold Limited’s profile. The original reference is provided in an internal report for Linear Gold Corp; White, N.C. (2005) - Report on a Visit to Linear Gold Corporation's Ixhuatan Project, Chiapas State, Mexico, June-July 2005 23
- 24. Ixhuatán - Campamento Deposit ► Porphyry system overprinted by low-intermediate-sulphidation epithermal system ► High grade core > 5 g/t Au ► Lower grade gold envelope 1 g/t Au ► Notable intersections1: ► 100 meters of 12 g/t Au and 63 g/t Ag (best intersection to date) ► 30 meters of 11 g/t Au and 22.6 g/t Ag (first hole) ► Controlled within a zone of strong intense fracturing ► At least 110 to 150 meters wide ► At least 350 metres strike length ENE ► Dipping subvertically 1. The Company has not verified these historical drilling results 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 drilling results relevant to assess the mineralization and economic potential of the property. 2. The mineral resource estimate for Ixhuatán is considered historical in accordance with NI 43-101. Refer to Appendix 1 for important technical disclosures regarding historical estimates. 3. 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. Campamento Historical Mineral Resources 2,3 M+Ind Inf 0.70 Moz @ 1.0 g/t Au (21.8 Mt) and 2.3 Moz @ 3.2 g/t Ag 1.04 Moz @ 1.8 g/t Au (17.6 Mt) and 4.4 Moz @ 7.8 g/t Ag Plan View 100 metres Section 250 NW-SE Vertical Section: Facing NE 10 metre Projection in and out of Plane 24
- 25. Ixhuatán – Exploration Potential & Next Steps Exploration Potential ► Numerous target areas with exploration potential ► Cerro La Mina ► Mineralized gold-silver-copper porphyry system ► Best intercept 0.68 g/t Au, 2.71 g/t Ag, and 2,802 ppm Cu over 601.4 m from 1.45 m (Kinross option) 1 ► Other target areas include: ► Central, Caracol, San Isidro, Laguna Chica, Laguna Grande, Western, Cacate (see Appendix 1) Recommended Next Steps ► Restart social program ► Advance Campamento to PEA ► Follow-up drilling at Cerro La Mina ► Exploration at other target areas, including soil geochemistry, geophysics and drilling. ► Fortune Bay is considering various options to advance the project 25 Gold in Soils Cerro la Mina Prospect Central Zone Caracol Zone Western Zone Campamento Deposit Cacate Zone San Isidro Zone Laguna Chica Zone Laguna Grande Zone 1 kilometre > 5017 368.1 - 5017 195.9 - 3581 144 - 1969 106 - 144 < 106 Au PPB N 1. The Company has not verified these historical drilling results 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 drilling results relevant to assess the mineralization and economic potential of the property.
- 26. Fortune Bay Valuation 26 Resource and financial information dated July 15, 2021 Company information sourced from company disclosure and Factset. The mineral resource estimate for Ixhuatán is considered historical in accordance with NI 43-101. Refer to Appendix 1 for important technical disclosures regarding historical estimates. Attractive relative valuation with opportunity for re-rating (Goldfields only) Fortune Bay has an EV/oz gold of US$6.26 including Goldfields & Ixhuatán Strike Uranium Project offers additional upside Fortune Bay Mayfair Gold Rockhaven MAS Gold Fury Gold Moneta Porcupine Maritime Matador KORE Anaconda Bonterra Treasury Freegold Troilus Integra Spanish Mtn. Radisson Auteco Probe O3 Mining 0.1 1.0 10.0 1 10 100 1,000 Grade (g/t Au) Tonnage (Mt) (Goldfields only) $88 $68 $56 $50 $48 $39 $36 $33 $30 $29 $23 $23 $20 $16 $16 $15 $15 $11 $11 $10 $6 $0 $25 $50 $75 $100 Radisson Auteco Matador Maritime Freegold Probe Bonterra Anaconda Fury Gold Integra Mayfair Gold Treasury Moneta Porcupine O3 Mining Fortune Bay MAS Gold Troilus Spanish Mtn. KORE Rockhaven Fortune Bay EV/Resource (US$/oz) Inferred M&I (Goldfields + Ixhuatán)
- 27. Investor Highlights ► Gold mineral resource base across two projects, with exploration & development upside ► Additional exploration optionality with Strike Uranium Project ► Projects located in stable, mining friendly jurisdictions ► Saskatchewan, Canada (Goldfields & Strike Projects) and Chiapas, Mexico (Ixhuatán Project) ► Company ► Increasing visibility ► Management with proven track record, new technical team ► Strategy to unlock value, explore & advance, and acquire ► Tight capital structure ► Management and board aligned with shareholders ► Attractive relative valuation with opportunity for re-rating ► Plan to deliver value catalysts 27
- 28. Appendix 1 28
- 29. Goldfields - Permitted for Development Box open-pit mine and mill approved for development in May 2008 Key Milestones: Sept 2007 Revised EIS submitted for Box Mine and Mill 1 Open-pit mine at Box (11 Mt ore and 35 Mt waste) with 6-year LOM (2011 PFS 22.3 Mt ore and 81.7 Mt waste with 13-year LOM) Mill with processing at a rate of 5,000 tpd (same as 2011 PFS) Includes enclosure of Vic lake as TMF (1940’s historic tailings), a waste rock area, and related facilities May 2008 Approval granted by SK MOE to proceed with the development Federal and provincial review processes were coordinated throughout the EA up to the point at which federal agencies determined that no further federal EA role was required. June 2020 Permit is valid according to SK MOE Likely to require update of baseline studies Changes in the approved development are possible under Section 16 of the Environmental Assessment Act 2 Outstanding approvals/permits include: ► Surface Lease Agreement ► TMF effluent discharge ► Approval to Construct ► Approval to Operate 1 Revised EIS submitted by GLR Resources Inc. for Box Mine and Mill, and addenda dated Sept 2007, Dec 2007 and Jan 2008. Revised EIS submitted following completion of NI 43-101 Box Mine Feasibility Study completed for GLR Resources Inc. in June 2007 and revision dated May 2008 2 A federal EA under the 2019 Impact Assessment Act (IAA) may be required if any expansions would result in an increase in the area of mining operations of 50% or more and the total ore production capacity would be 5 000 t/day or more after the expansion Glossary of Terms: EIS = Environmental Impact Statement; EA = environmental assessment Mt = million tonnes; LOM = Life of Mine; tpd = tonnes per day; TMF = tailings management facility SK MOE = Saskatchewan Ministry of Environment Regulatory Framework: ► Environmental Assessment Act (Saskatchewan) ► Project-Specific Guidelines provided by Saskatchewan Environmental and Resource Management (“SERM”) ► Canadian Environmental Assessment Act 2006 (“CEAA 1992”) 29
- 30. 2011 PFS - Simplified Mill Process Flow Diagram Source: 2011 PFS Technical Report. 30
- 31. Goldfields – Property Exploration Potential Box Deposit Athona Deposit ► Favourable geological settings to target orogenic-style gold deposits ► Various historical gold prospects and occurrences to be re-evaluated ► Frontier Lake historical grades range up to 8.16 g/t and 28.18 g/t (narrow vein- style in historical adit) ► Golden Pond near surface drill grades include 5.07 g/t over 15 m and 16.53 g/t over 13.6 m ► Triangle area returned grab sample result of 177.5 g/t Au from 2015 site visit ► Focus on developing exploration models, targeting strategies and exploration plans Frontier Lake Golden Pond 31 Triangle Property Boundary The Company has not verified these drilling results 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 drilling results relevant to assess the mineralization and economic potential of the property. See Appendix 1 for further details.
- 32. Goldfields – Property Exploration Potential 32 ► The Box and Athona gold deposits occur along the same stratigraphic contact within the Goldfields Syncline ► Gold mineralization is associated with quartz veining hosted within granitic rocks (“Mine Granites”) ► Further exploration potential exists within the Goldfields Syncline to locate and explore additional Mine Granites ► Other gold prospects, including Frontier Lake, Golden Pond and Triangle, also show granitic associations and indicate potential for Mine Granites along other stratigraphic horizons ► Areas that are covered by thin glacial tills and water bodies are considered unexplored to date ► Opportunity exists to make additional discoveries through systematic regional exploration using modern orogenic gold exploration methodologies 32 See Fortune Bay’s news release dated October 13th, 2020 for further details.
- 33. Gold in Soils Cerro la Mina Prospect Central Zone Caracol Zone Western Zone Campamento Deposit Cacate Zone San Isidro Zone Laguna Chica Zone Laguna Grande Zone 1 kilometre > 5017 368.1 - 5017 195.9 - 3581 144 - 1969 106 - 144 < 106 Au PPB N Ixhuatán – Exploration Target Areas 33 Zone # Holes Highlight Intersections Hole ID From To Width Au g/t Ag g/t Cu ppm Mo ppm Cerro la Mina 87 IXCM08-51 1.5 602.9 601.4 0.68 2.71 2802 288 IXCM07-44 256.0 298.0 42.0 2.09 NA 4706 NA including 266.0 274.0 8.0 6.15 NA 8470 NA Central 37 IXCA08-12 71.0 138.1 67.1 0.35 2.56 121 38 IXCA08-17 8.0 40.3 32.3 0.49 4.17 83 4 San Isidro 26 IXSI07-08 392.6 552.6 160.0 0.24 0.52 648 34 IXSI07-03 56.0 160.0 104.0 0.37 4.30 311 22 IXSI07-03 176.0 236.0 60.0 0.84 3.39 86 31 Caracol 29 IXNA09-18 252.0 301.1 49.1 0.19 7.92 43 12 Laguna Chica 20 IXLC08-11 155.0 165.0 10.0 1.66 21.66 126 6 Cacate 7 IXCT09-04 9.0 25.0 16.0 0.46 0.82 56 3 Source: Technical Report titled “2011 Summary Report on the Ixhuatán Advanced Stage Gold Project, Chiapas State, Mexico” (the “2011 Summary Report”) with an effective date of May 18, 2011. The Company has not verified these drilling results 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 drilling results relevant to assess the mineralization and economic potential of the property.
- 34. Other Interests ► Huizopa 2% NSR and Production Bonus ► The Huizopa Project is located in the Sierra Madres in Chihuahua, Mexico. The Company has a 2% NSR over future production from the Huizopa Project. The Company also has the right to a production bonus of US$4.0 million payable over two years from the date commercial production commences at Huizopa, as well as the right to 20% of the proceeds of disposal of Huizopa if it is disposed of prior to reaching commercial production. All consideration is contingent on the future development of the property. ► Dominican Republic NSRs and Promissory Note ► The Company also holds a NSR on exploration properties in the Dominican Republic: the Ampliación Pueblo Viejo, Ponton and La Cueva properties. These properties were sold by the Company to an unrelated third party in 2014. The NSR is equal to 1.0% when the price of gold is less than US$1,000 per ounce, 1.5% when the price of gold is between US$1,000 and USD$1,400 per ounce, and 2% when the price of gold is above US$1,400 per ounce. The Company has assigned a value of $nil to the NSR. In connection with the sale of these properties in the Dominican Republic, the Company also received a promissory note equal to the greater of $5.0 million or 1 million common shares of the purchaser. The promissory note is subject to the completion of a National Instrument (“NI”) 43-101 compliant measured and indicated resource estimate on these concessions of a minimum of one million ounces of gold equivalent (at an average grade of 2.5 grams per tonne (“gpt”) or higher for Ampliación Pueblo Viejo and 1.5 gpt or higher for Ponton and La Cueva) or actual gold production from these concessions plus a NI 43-101 compliant measured and indicated resource estimate on these concessions (at an average grade of 2.5 gpt gold equivalent for Ampliación Pueblo Viejo and 1.5 gpt gold equivalent or higher for Ponton and La Cueva) exceeding one million ounces of gold equivalent. 34
- 35. Ixhuatán – Historical Mineral Resources Notes: 1. The mineral resource estimates for Ixhuatán are considered historical in accordance with NI 43-101. 35 Project Category Classification Cut-off (Au g/t) Tonnes (000's) Au Grade (g/t) Au (oz) Ag Grade (g/t) Ag (oz) Ixhuatán, Campamento Deposit, Mexico1,2 Mineral Resources Measured & Indicated 0.5 17,560 1.84 1,041,000 7.79 4,400,000 Inferred 0.5 21,750 1.01 703,000 3.23 2,260,000 Disclosure of Historical Estimates: In accordance with Section 2.4 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and despite section 2.2, an issuer may disclose an historical estimate, using the original terminology, if the disclosure identifies the following: Source and date of the historical estimate, including any existing technical report NI 43-101 Technical Report 2006 Resource Estimation, Campamento Gold Project on the Ixhuátan Property, Chiapas State, Mexico (the “2006 Resource Estimate Report”) for Linear Gold Corp. by G. H. Giroux, MASc, PEng. with an effective date of June 22, 2006. Relevance and reliability of the historical estimate The 2006 Resource Estimate Report was compiled in accordance with Canadian Institute of Mining (2005) standards and best practices for Mineral Resources, adhering to the National Instrument 43-101 Standards of Disclosure for Mineral Projects. Supporting resource data were subjected to quality control by the responsible Qualified Person. Key assumptions, parameters, and methods used to prepare the historical estimate Supporting resource data included 94 drill holes totalling 17,956 m with 8,372 gold assay results. Composited (5 m) gold grade (g/t) was interpolated into a block model further constrained by a 3-D model of the mineralization extent using semivariogram and search parameters that were optimized to fit known structural controls on mineralization. Resource classification (confidence) was assigned based on distance to drill coverage and interpretations of grade continuity based on semivariogram analysis. Resource categories used In accordance with NI 43-101 the Ixhuátan historical mineral resource estimates use the terms “mineral resource”, “inferred mineral resource”, “indicated mineral resource” and “measured mineral resource” having the same meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended. More recent estimates or data available to the issuer No relevant drilling or assay work has been conducted since 2006 on the Campamento Deposit. Work that needs to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves; An independent Qualified Person will be required to review and validate the historical data and historical estimates and compile an updated current Technical Report in accordance with NI 43-101. Fortune Bay Corp. states with equal prominence that a Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. Qualified Person Mr. Dale Verran, M.Sc., P.Geo., Chief Executive Officer, who is a Qualified Person as defined by NI 43-101, has reviewed the disclosure of the Company’s historical mineral resources. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.