Mr. Robin Goad reports

FORTUNE MINERALS ANNOUNCES PROCESS WASTE DISPOSAL AGREEMENT WITH SECURE FOR PLANNED ALBERTA REFINERY

Fortune Minerals Alberta Inc., a wholly owned subsidiary of Fortune Minerals Ltd., has signed a backstop agreement with Secure Waste Infrastructure Corp. to provide waste disposal solutions for the company's planned hydrometallurgical facility in Lamont county, Alberta. The hydrometallurgical facility will process concentrates from Fortune's planned Nico cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (NWT), and other feed sources, to make value-added critical mineral products for the energy transition, new technologies and defence, collectively.

Pursuant to the agreement, Secure is investigating 1A deep disposal injection well site options and the related pumping and piping infrastructure to transport and dispose of brine wastes that will be produced from the company's Alberta hydrometallurgical processing facility. Secure will also prepare the preliminary engineering and cost estimates for these facilities, and obtain the necessary permits, licences, certifications and authorizations from governmental and regulatory bodies having jurisdiction over the project. Once the preliminary work is complete, the companies expect to enter into a definitive agreement to develop and operate the injection well over the first 10 years of refinery operations. The definitive agreement will also include provisions for the transportation and disposal of approximately 200,000 metric tonnes per year of process residue solids in a Class 2 government approved landfill.

Robin Goad, chief executive officer of Fortune, commented: "We are pleased to partner with Secure for the development, construction and operation of a 1A deep brine injection well and a solid waste disposal solution for the waste products that will be generated from our Alberta hydrometallurgical facility. Secure is a trusted local expert in waste management systems and the relationship is a cost and environmentally effective alternative for the treatment of refinery waste products."

The Nico project is an advanced development asset comprising a planned open-pit and underground mine and concentrator in the NWT and a dedicated hydrometallurgical facility in Alberta to process three critical minerals to value-added products with more than one million ounces of in situ gold. Development of the Nico project would provide a reliable vertically integrated North American supply of battery grade cobalt sulphate, bismuth ingots and copper cement critical mineral products to address Western supply chain resilience and security vulnerabilities.

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, and Alex Mezei, MSc, PEng, Fortune's chief metallurgist, who are qualified persons under National Instrument 43-101.

About Secure Waste Infrastructure Corp.

Secure is a leading waste management and energy infrastructure company headquartered in Calgary, Alta., with an expansive infrastructure network located throughout Western Canada and North Dakota, and providing crucial solutions for waste management systems. Secure partners with its clients to safely recover oil and metal, dispose of liquid and solid waste, recycle waste materials, and reclaim contaminated land to minimize their environmental footprint. Secure delivers innovative solutions to help its customers reduce costs, lower greenhouse gas emissions, and exceed their business, safety and environmental goals.

About Fortune Minerals Ltd.

Fortune is a Canadian mining and processing 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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