Mr. Troy Nazarewicz reports

FORTUNE MINERALS COMPLETES THE ALBERTA REFINERY SITE PURCHASE

Fortune Minerals Ltd. has closed the $3.8-million loan previously announced with Prosper NWT, a public agency of the government of the Northwest Territories (see Nov. 10, 2025 news release). Fortune has also completed the acquisition of the Lamont county, Alberta, site and facilities that were previously held under a purchase option with JFSL Field Services ULC (see Aug. 19, 2024, news release). Fortune plans to construct a hydrometallurgical facility at this site (Alberta refinery) to process concentrates from the NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (NWT). The NICO project will provide a reliable North American supply of battery grade cobalt sulphate, bismuth ingots (12 per cent of global reserves) and copper cement -- with more than one million ounces of in-situ gold as a countercyclical and highly liquid co-product.

The Lamont county, Alberta, brownfield site and facilities were purchased from JFSL for $6-million, which included $3,037,500 paid in previous instalments. The remainder was paid from the proceeds of the Prosper NWT loan. Prosper NWT has security over the assets for the duration of the loan. As part of the Alberta refinery site purchase, JFSL will have a license to continue using the Lamont county site and facilities for up to 18 months, subject to Fortune's right to terminate this licence after one year and on 60 days prior notice. JFSL will also have the right to terminate the licence earlier on 60 days prior notice to Fortune. During the term of the licence, JFSL will be required to maintain the facilities in their current condition, and pay the utilities, security, insurance and other operating costs while it occupies the site.

Lamont county is part of the Alberta Industrial Heartland Association (AIHA), an economic collaboration of municipalities on the north side of Edmonton with the municipal planning approvals in place for heavy industry and tax incentives keyed to capital investment. The Alberta refinery site consists of 76.78 acres adjacent to the Canadian National Railway with 42,000 square feet of serviced shops and facilities that will be expanded and retrofitted to construct hydrometallurgical facilities. The AIHA is an existing petrochemicals and critical minerals processing hub producing materials for industry, the energy transition, new technologies and defence. The Alberta refinery will leverage the existing infrastructure, process knowledge, services and reagents already in place for other AIHA industries.

NICO project

The 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. 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 the current supply sources in 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 on that website.

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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