08:42 AM EDT, 07/30/2025 (MT Newswires) -- Fortune Bay ( FTBYF ) on Wednesday said it agreed with Neu Horizon Uranium Limited, a private Australian arms-length party, to grant the option to Neu to buy an 80% interest in The Woods Uranium projects located on the northern margin of the Athabasca Basin, Saskatchewan.

The company said the option is exercisable by Neu completing staged cash payments and share issuances and incurring some exploration expenditures on the project. Fortune Bay ( FTBYF ) will act as the operator during the option period and will be entitled to charge a management fee of 10% of expenditures incurred on the projects.

Dale Verran, CEO of Fortune Bay ( FTBYF ), said: "This partnership combines strong technical capabilities and capital markets expertise to accelerate exploration efforts on these high-potential projects at a time of strengthening uranium market fundamentals. The transaction reflects our disciplined approach to capital allocation, prioritizing spend on our core gold assets at Goldfields and Poma Rosa, while unlocking blue-sky potential from earlier-stage projects through partnerships that preserve upside for our shareholders."

Neu Horizon Uranium Executive Chairman Martin Holland added: "With this foundation in place, we're eager to hit the ground running and carry out substantial work to position the project for drilling ahead of our planned ASX IPO in Q1 2026."

A participating joint venture will be formed at the end of the option period.