Third Quarter 2021

Dear Shareholders,

I’m pleased to provide this update after a busy third quarter which saw the completion of our Phase 1 resource expansion drilling program at Goldfields, and the announcement of two exciting uranium projects well-within reach of our established operational base in Uranium City. The initial gold assay results from the Box deposit did not disappoint, and we are looking forward to assays from the remaining four drill holes.

We encourage you to read this quarterly update in conjunction with our material news items, provided in our news releases, and our quarterly financial statements and MD&A. This update does contain Forward-Looking Statements so please refer to the Company’s Cautionary Note appended below.

Our Phase 1 drilling program for Goldfields was designed to expand the mineral resources at the Box and Athona deposits within targeted areas where mineralization remains open. The drilling program was safely and successfully wrapped-up in mid-September, with a total of 5,238 metres completed in 13 drill holes.

On September 14, we announced gold assay results for the first three step-out drill holes completed at the Box gold deposit. The results demonstrate a significant expansion of mineralization, including up to 220 metres down-dip of the current resource estimate, and 100 metres down-dip of mineralization intersected previously across the strike of the deposit. The drill intercepts were characterized by wide intervals of over 1.3 g/t gold (2.02 g/t over 21.0 metres; 1.46 g/t over 32.0 metres; 1.34 g/t over 36.0 metres), with internal intervals including 8.00 g/t over 12.0 metres and 8.00 g/t over 4.0 metres. We were impressed with some of the grades from the one metre assay intervals that included 88.58 g/t, 29.19 g/t, 17.54 g/t, and 14.07 g/t. Please see our News Release for further important technical details.

Our drilling approach at Box is designed to enable us to start ‘piecing together’ the high grade intervals between drill holes and will allow for future targeting of high grades. I was particularly excited about drill hole B21-336 which ended in mineralized Box Mine Granite at 647 metres, approximately 450 metres from a historical gold intercept from 1988 which included 4 g/t gold over 3 metres. This points to a potentially larger mineralized system across the Goldfields Syncline which, as yet, is largely unexplored. Evaluation of this regional potential is underway and has included field evaluation of other gold prospects and re-interpretation of geophysical datasets with the objective of identifying additional drill targets.

Having looked at tens of uranium projects across the prolific Athabasca Basin, I’m particularly excited about the potential of the two uranium projects Fortune Bay has put together, which represent the largest landholding for unconformity-related targets in Canada’s original uranium mining district. The uranium endowment of the area is well established, and the numerous historical uranium showings within our claims, many of which are over 1% U3O8, speak to the potential. We have recognized that our projects have the right geological ingredients for the high-grade unconformity-related deposits that make the Athabasca Basin world famous. Our projects are located immediately outside the Athabasca Basin which makes our targets ‘basement-hosted’ in geological terms. Recent discoveries of these types of deposits include Arrow (Nexgen Energy), Triple R (Fission Uranium) and Gryphon (Denison Mines), the latter of which I was directly involved in. Our Strike and Goldfields West uranium projects represent a unique opportunity for Fortune Bay and its shareholders, particularly given the current uranium market which remains underpinned by a strong set of fundamentals. While our primary focus will remain on our flagship Goldfields Project, the uranium projects provide additional exploration upside, and allows us to leverage off our operational hub in Uranium City and our team’s considerable experience in Athabasca Basin uranium exploration. We are looking forward to advancing these uranium projects and our team is currently working through the valuable historical datasets and planning for future field programs. I encourage you to review our October 2021 Corporate Presentation which includes an overview of these projects.

Community relations are a priority for Fortune Bay, and we were pleased to provide the representative group for the Northern Communities of Saskatchewan a summary report that outlined benefits for the communities from the Goldfields Phase 1 drilling program. Approximately 63% of our exploration spend at Goldfields benefited the communities, either directly or indirectly (part-owned businesses), through various procurement and employment initiatives. In addition, we were pleased to provide sponsorship at the Annual Uranium City Fishing Derby and donate items of furniture to local Uranium City residents.

We have remained active with our investor relations program and outreach, working alongside MARS Investor Relations, and are scheduled to attend the 121 Mining Investment Online America’s Conference in October. We would welcome the opportunity to connect with you should you have any questions. You can reach us by email or telephone +1 902 334 1919. Also please do not forget to subscribe on our website and follow us on Facebook, Twitter and/or LinkedIn to ensure you catch all the Fortune Bay action.

Yours sincerely,

Dale Verran
Chief Executive Officer

Cautionary Note and Technical Disclosure:

Information set forth in this update ‘From the CEO’s Desk’ 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 Information set forth in this update ‘From the CEO’s Desk’ is intended to summarize or highlight the Company’s results for the previous quarter based upon previously disclosed results provided in the Company’s news releases. Readers of this update should refer to the Company’s news releases, available on the Company’s website or, to obtain important additional technical information and disclosure in accordance with the requirements of National Instrument 43-101. The technical and scientific information provided in this update has been reviewed and approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer of the Company, 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.

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