Projects Summary

The Aspen, Birch, Fir, Pine and Spruce Projects, collectively “The Woods” Uranium Projects (Figure 1), comprise 25 separate dispositions covering 41,000 ha. The Projects are located within 30 km of the northern Athabasca Basin margin and overlie a significant portion of the strike length of the Grease River Shear Zone (“GRSZ”), a major structural feature that is significantly underexplored in comparison with other major Athabasca Basin structures.

Work at the Projects is currently being funded by Neu Horizon Uranium Limited ACN 653 749 145 (Neu Horizons) under an Option Agreement, executed on July 25, 2025,  that provides for a 80% earn-in subject to exploration expenditure of A$3 million over a 1.5 year time period.

The Projects are endowed with abundant historical uranium and rare earth element (“REE”) showings, and display geological settings and structural features prospective for; 1) unconformity-related basement-hosted uranium deposits, 2) magmatic intrusive uranium deposits and, 3) REE deposits.

Figure 1. The Woods Projects Location

Underexplored - Potential for Discovery

The Woods Projects display favorable geological settings and structural features for both uranium and REE mineralization. Historical exploration activities identified a significant uranium endowment in the area, including numerous uranium occurrences of vein- and pegmatite-hosted mineralization indicating potential for both basement-hosted and Rössing-style deposits, respectively (Figure 2). Historical exploration activities noted the presence of graphitic rocks associated with the Grease River Shear Zone, which manifests significant structural splays off to the north and northeast through the Spruce, Pine and Aspen Projects, but these units were not systematically targeted for high-grade, basement-hosted deposits associated with covered conductive graphitic-rocks and structure. Follow-up of conductors was based off very low resolution ground electromagnetic (“EM”) survey, or more recently, off fixed-wing airborne very low frequency EM survey, which is effective at defining surficial features (e.g. lake sediments), and would not have effectively delineated the buried conductors. Occurrences with Rössing-style potential were noted in low resolution airborne radiometric survey, however these were not adequately followed up on at the time, and a significant portion of the Pine Project (Figure 2) has seen no EM or radiometric survey since the 1970’s. Only 3 exploration drill holes have been completed in the Woods Project areas to date.

Figure 2. Project Locations, Setting and Historical Endowment.

The Aspen Project hosts widespread surface uranium anomalism in the form of the highest lake sediment uranium values in Canada, up to a maximum of 1,870 ppm U and an average of 302 ppm U in 439 samples collected by historical operators (Figure 3) Historical surface rock chip sampling and prospecting, restricted to available outcrop, failed to identify a definitive source for this anomalism, with 291 rock chip samples averaging 7 ppm U and a maximum value of 140 ppm U. These values are close to the typical ranges of average abundance of uranium within granitic rocks of 3 to 5 ppm, and do not explain the widespread and variable level of anomalism observed.

Figure 3. Historical uranium anomalism in lake sediment and muskeg samples, Aspen Project.

Exploration Targeting and Optionality

The Woods Projects display favorable geological settings and significant historical precedent for three different target types, indicated in the table below.

Technical Disclosure

The historical results contained within this webpage 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 historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. Details regarding the historical occurrences noted here, and detailed in Figures 2 and 3, and in the Section on Exploration Targeting, were compiled from the Saskatchewan Mineral Deposit Index (“SMDI”) and from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD) references 74O07-0002, 74O07-0031, 74O07-0032, 74O08-0076, 74O09-0001, 74O09-003, 74O09-0004, 74O09-0019, 74O09-0020, 74O09-0023, 74O09-0024, 74O10-0002, 74O10-0003, 7410O-0008, MAW02300 and MAW01857). Historical anomalous lake sediment samples referenced (Figures 2 and 3) derive from Geological Society of Canada datasets available from the Saskatchewan online GeoAtlas and from assessment report 74O09-0023. Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. “Fond-du-Lac uranium deposit”. Information about the average uranium content in granitic rocks is derived from “Introduction to Exploration Geochemistry” by A. A. Levinson, Applied Publishing, 1974.

Qualified Person

The technical and scientific information on this webpage has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Cautionary Statements

Information set forth on this webpage may contain forward-looking statements that are based on assumptions as of the date of posting. The reader is referred to the cautionary language contained within the respective Project’s News Releases, in addition to this website’s Terms of Use specifically including Forward Looking Statements.