Mr. Robin Goad reports

FORTUNE MINERALS AND RIO TINTO COLLABORATE TO EXPAND NORTH AMERICAN CRITICAL MINERALS PRODUCTION

Fortune Minerals Ltd. and Rio Tinto are collaborating to develop technology that will improve recovery of the critical minerals cobalt and bismuth. Under a memorandum of understanding signed between the companies, testing will be done at Rio Tinto Kennecott's integrated copper mining and smelting operations in Utah and at Fortune's planned Alberta refinery.

The partnership aims to maximize the value of critical mineral supply chain investments and increase Fortune's planned cobalt and bismuth refining operations to process co-product streams of the minerals recovered from the Kennecott smelter.

In 2020, the Canadian and U.S. governments signed a joint action plan on critical mineral collaboration to enable more North American production of the critical minerals needed in new technologies. Cobalt and bismuth are both included in this list and are used for sustainable energy resources. Fortune and Rio Tinto are pleased to establish this partnership and work together to expand North American supply chains.

Cobalt is used to manufacture lithium-ion rechargeable batteries and store energy in electric vehicles, portable electronics and stationary storage cells. Bismuth is used in automotive coatings, paints, and low-temperature alloys and castings. Consumption is growing primarily as a non-toxic and environmentally safe replacement for lead for products used in potable drinking water sources and electronics, glass and ammunition. A significant new use for bismuth is in environmentally safe, high-density plugs to properly decommission oil and gas wells, preventing greenhouse gas leakage, blowouts and aquifer contamination. Manganese-bismuth magnets have also been identified for potential replacement of rare earth elements in electric vehicle powertrains.

Robin Goad, president and chief executive officer of Fortune Minerals, said: "Working with Rio Tinto to recover metals from their co-product streams is part of our corporate strategy to expand production of critical minerals, and we are excited to be working with one of the world's premier mining companies on the first of these opportunities. This collaboration could provide a solution to support greater production of the metals needed for the energy transition and growing sustainable economy."

Rio Tinto Kennecott managing director Nate Foster commented: "We are committed to find better ways to provide the materials the world needs to grow and decarbonize. We are enthusiastic about this partnership with Fortune Minerals as we continue looking at our waste streams to develop new, sustainable sources of critical minerals here in North America."

Rio Tinto is a multinational diversified mining company with a global footprint that includes the world-class Kennecott integrated operations outside of Salt Lake City, Utah, United States. For 120 years, Kennecott has been mining and processing copper and other minerals, including gold, silver, molybdenum and tellurium from the rich orebody of the Bingham Canyon mine.

Fortune is developing its 100-per-cent-owned, vertically integrated Nico cobalt-gold-bismuth-copper project in Canada. This critical mineral asset comprises a planned mine, mill and concentrator in the Northwest Territories and a related hydrometallurgical refinery in Alberta where concentrates from the mine would be processed.

Fortune and Rio Tinto are working together to assess different process methods and technology options to recover the bismuth and cobalt contained in Kennecott's smelter waste streams. This includes assessing the effectiveness of blending Rio Tinto's intermediate products with Nico project concentrates and conducting batch recovery tests using Fortune's refinery flow sheets.

About Fortune Minerals Ltd.

Fortune is a Canadian mining company focused on developing the vertically integrated Nico cobalt-gold-bismuth-copper critical mineral project in the Northwest Territories and Alberta. The Nico project consists of a planned open-pit and underground mine and concentrator and a related refinery in Alberta, where the company will process concentrates from the mine to value-added metals and chemicals. The Nico project is an advanced-development-stage asset that has received environmental assessment approval and the major mine permits for the Northwest Territories facilities. The Nico project has been assessed in positive feasibility and front-end engineering and design studies that will be updated to reflect recent project optimizations and the new proposed refinery site in Alberta.

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