Mr. Troy Nazarewicz reports

FORTUNE MINERALS EXTENDS OPTION TO ACQUIRE ALBERTA REFINERY SITE FOR THE NICO CRITICAL MINERALS PROJECT

Fortune Minerals Ltd. has secured an additional extension to the option to purchase the JFSL Field Services ULC brownfield industrial site in Lamont county, Alberta (see news release dated Jan. 24, 2022). Fortune plans to construct a hydrometallurgical refinery at this site to process concentrates from the company's Nico cobalt-gold-bismuth-copper critical minerals deposit and planned mine and concentrator in the Northwest Territories. The Nico project would produce three metals identified on Canada's critical mineral list needed in the energy transition and new technologies, being cobalt, bismuth and copper. In addition to the critical minerals, the mineral reserves for the Nico deposit also contain more than one million ounces of gold.

Fortune can maintain the refinery site option under the same terms and conditions that are currently in place (see news release dated July 27, 2023) and acquire the facilities for $5.5-million before March 31, 2024. JFSL has the right to solicit competing offers for the facility during the option period, subject to Fortune's right to complete its purchase at the end of each month of extension at the agreed purchase price and/or exercise its right of first refusal to match the competing offer.

Fortune closed a private placement of 22 million units in late December, 2023, to finance a metallurgical test work program to validate some process optimizations and provide additional information for detailed engineering. The units were issued at a price of four cents per unit to raise gross proceeds of $880,000, with each unit consisting of one common share issued on a flow-through basis and one-half of a share purchase warrant exercisable at a price of seven cents per full warrant for a period of 24 months after closing. Fortune is waiting for the government ice road from Whati to Gameti to open, which would enable the company to truck ore samples from its existing stockpiles at the Nico site to SGS Canada Inc. in Lakefield, Ont., for the planned test work program.

For more detailed information about the Nico mineral reserves and certain technical information in this news release, please refer to the technical report on the Nico project, entitled "Technical Report on the Feasibility Study for the Nico Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada," dated April 2, 2014, and prepared by Micon International Ltd., which has been filed on SEDAR+ and is available under the company's profile.

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, MSc, PGeo, president and chief executive officer of Fortune, who is a qualified person under National Instrument 43-101.

About Fortune Minerals Ltd.

Fortune is a Canadian mining company focused on developing the Nico cobalt-gold-bismuth-copper critical mineral project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit, located 25 kilometres north of the Nico deposit and is a potential future source of incremental mill feed to extend the life of the Nico mill and concentrator.

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