Mr. Troy Nazarewicz reports

FORTUNE MINERALS ANNOUNCES DAVID MASSOLA HAS REJOINED THE COMPANY AS VICE PRESIDENT BUSINESS DEVELOPMENT

David Massola has rejoined Fortune Minerals Ltd. as vice-president, business development, to assist with the transition of the vertically integrated Nico cobalt-gold-bismuth-copper critical minerals project to project finance and development. Mr. Massola is a seasoned mining industry financial executive with decades of experience working for large multinational mining and processing companies, junior mining companies and developers, including significant work in Canada's northern territories. Mr. Massola will be based in Toronto, and will help the company with its strategic and financial planning, and assist with joint ventures, corporate and project finance, and he will lead the negotiations for first nation participation agreements and business relationships.

Mr. Massola graduated from San Francisco State University with a degree in accounting before embarking on a 20-year career with BHP Group Ltd. and its predecessors, the world's largest mining company by market capitalization. This included work at the corporate office in San Francisco, the Escondida copper mine in Chile, the Island copper mine in British Columbia and the Ekati diamond mine in the Northwest Territories, the latter for which he was chief financial officer of BHP Diamonds Inc. Mr. Massola left BHP to become vice-president and CFO of DeBeers Canada Corp., which was developing two diamond mines in the NWT and Ontario at the time. His recent experience included roles as senior vice-president of finance and CFO of GlobeStar Mining Corp., where he was involved with the financing, construction and operation of a copper-gold mine in the Dominican Republic, and for which he also negotiated its subsequent sale. He was also president and chief executive officer of Continental Nickel Ltd., which was developing a mine in Tanzania, and led the negotiations for its subsequent takeover. Mr. Massola also served as vice-president, business development, and later as CEO of GoldQuest Mining Corp., which is developing a gold mine in the Dominican Republic, and he was Fortune's vice-president of finance and CFO from 2016 to 2020.

Mr. Massola's financial and business acumen will complement Fortune as the company advances the Nico project to a construction decision. The Nico project is a development-stage asset comprising a planned mine and concentrator in the NWT, and a dedicated hydrometallurgical facility in Alberta, where concentrates from the mine and other feed sources will be processed to make cobalt sulphate, gold dore, bismuth ingots and copper cement for the energy transition, new technologies and defence. The Nico project will produce value-added products from three critical minerals and there are 1.1 million ounces of in situ gold in the deposit as a countercyclical co-product to mitigate metal price volatility.

About Fortune Minerals Ltd.

Fortune is a Canadian mining company focused on developing the vertically integrated Nico cobalt-gold-bismuth-copper critical minerals project in Canada. The Nico project is an advanced development stage asset consisting of a planned mine and concentrator in the Northwest Territories and a dedicated hydrometallurgical facility in Alberta's Industrial Heartland Association north of Edmonton. Fortune also owns the Sue-Dianne copper-silver-gold satellite 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.

We seek Safe Harbor.