Mr. Robin Goad reports

FORTUNE MINERALS ANNOUNCES ADDITIONAL GOVERNMENT SUPPORT TO HELP PURCHASE THE NICO ALBERTA REFINERY SITE

Fortune Minerals Ltd. has entered into a binding offer letter for a loan with a principal amount of $3.8-million from Prosper NWT, a public agency of the government of the Northwest Territories (GNWT), established to support the economic objectives of the GNWT in a manner that benefits the people and economy of the Northwest Territories. The loan will enable Fortune to complete the purchase of the Lamont county, Alberta, site (the refinery site) and existing facilities from JFSL Field Services LLC (JFSL) where the company plans to construct a hydrometallurgical facility to process concentrates from the NICO cobalt-gold-bismuth-copper mine in the NWT, and make value-added critical mineral products for the energy transition, new technologies and defence.

Pursuant to the agreement, which was entered into between Prosper NWT and Fortune Minerals Alberta Inc., a wholly owned subsidiary of Fortune, Prosper NWT will provide a $3.8-million loan over a term of up to 60 months at a fixed 8.45-per-cent interest rate, with interest only payments for the first 24 months, followed by a blended interest and principal amount for the remaining 36 months based on a 180-month amortization. Fortune Alberta will provide the refinery site, buildings and equipment as security for the loan, which will also be guaranteed by the company. Fortune has already made instalment payments totalling $3,037,500 toward the $6-million purchase price for the refinery site and facilities. The Prosper NWT loan will enable Fortune to complete the purchase and is expected to close by year-end.

Robin Goad, president and chief executive officer of Fortune, commented: "With this key Alberta refinery site secured, Fortune will be able to move the vertically integrated NICO cobalt-gold-bismuth-copper critical minerals project closer to a construction decision, while also removing a significant development risk. We are grateful for this financial commitment from Prosper NWT demonstrating the importance of the critical minerals industry to the economy of Canada's North."

Alberta hydrometallurgical facility

The JFSL site comprises 76.78 acres of lands adjacent to the Canadian National Railway in Alberta's Industrial Heartland, an association of five municipalities northeast of Edmonton with the planning approvals already in place for industrial development and tax incentives keyed to capital investment. The JFSL site is a steel fabrication plant with more than 42,000 square feet of serviced shops and buildings situated close to the human resources, services and reagents in place for an existing world class petrochemicals and critical minerals processing hub. The refinery site and facilities are expected to materially reduce capital and operating costs for development of the NICO project.

NICO project

The NICO cobalt-gold-bismuth-copper critical minerals project (NICO project) comprises a planned open pit and underground 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 value-added products. The NICO project contains three critical minerals (cobalt, bismuth and copper) and more than one million ounces of in situ gold as a countercyclical and highly liquid co-product to mitigate metal price volatility. Development of the vertically integrated NICO project will strengthen North American critical mineral supply chain resilience and security, a priority for Western governments that need to reduce their dependence on foreign entities of concern. The NICO project will be a reliable producer of critical mineral products in a Tier 1 jurisdiction with supply chain transparency and custody control of the contained metals from ores through to the production of value-added critical mineral products.

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 have been approved by Robin Goad, MSc, PGeo, president and chief executive officer of Fortune, and Alex Mezei, MSc, PEng, Fortune's chief metallurgist, who are qualified persons under National Instrument 43-101.

About Fortune Minerals Ltd.

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper 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 feed to extend the life of the NICO concentrator.

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