Mr. Troy Nazarewicz reports

FORTUNE - TLICHO JOINT VENTURE TO RECEIVE UP TO $50 MILLION FROM GOVERNMENT OF CANADA FIRST AND LAST MILE FUND

Fortune Minerals Ltd.'s joint venture with the Tlicho government has received conditional approval from the government of Canada for up to $50-million to support construction of the Nico project access road (NPAR) in the Northwest Territories (NWT). Natural Resources Canada (NRCan)'s First and Last Mile Fund (FLMF) will reimburse 75 per cent of the costs up to $50 million for construction of the 51-kilometre NPAR across Tlicho private lands, connecting the Nico cobalt-gold-bismuth-copper mine to the NWT highway system near the community of Whati. The NPAR will be used for mine construction and operations, including transportation of metal concentrates to a dedicated hydrometallurgical facility in Alberta for processing to value-added products needed for the energy transition, new technologies and defence. The $50-million award will help mitigate capital cost escalation for the vertically integrated development as the company advances the Nico project toward a construction decision.

Fortune and the Tlicho government will also evaluate the NPAR's potential to provide an incremental extension of the all-season road toward Gameti for community benefit, to lower the cost of living and enable future economic development in the central part of Tlicho lands. The Tlicho government will also receive $200,000 from the FLMF to support community engagement and completion of a traditional knowledge study for the NPAR.

"Canada is ready to build the infrastructure that unlocks our full critical minerals potential. Through the First and Last Mile Fund, we are investing in projects like the Nico access road to strengthen northern supply chains, create good jobs and move minerals from resource to market -- made in Canada, for Canadians. This investment also reflects our commitment to working in partnership with indigenous governments, including the Tlicho government, to deliver lasting economic opportunities and community benefits," stated Hon. Tim Hodgson, Minister of Energy and Natural Resources.

"The Northwest Territories has tremendous geological endowment with the potential to develop virtually any mineral commodity -- but also suffers from an acute infrastructure deficit that raises the bar for economic viability. This funding from the government of Canada helps level the playing field. Development of the Nico project will provide a domestic process solution for cobalt, bismuth and copper to address critical mineral supply chain vulnerabilities, and gold. We are grateful to receive this investment from the federal government, while also working with our Tlicho government partners to improve the infrastructure on Tlicho lands for the benefit of its citizens," said Robin Goad, president of Fortune Minerals.

The Nico deposit is located in Tlicho territory, approximately 160 kilometres northwest of the city of Yellowknife and 50 kilometres north of Whati. Concentrates from the mine will be transported by truck and rail to the hydrometallurgical facility in Lamont county, Alberta, for processing to cobalt sulphate, gold dore, bismuth ingots and oxide, and copper cement. The Nico project is a development asset that Fortune has already invested more than $150-million to advance toward a construction decision. When it is built the Nico project will produce three metals identified on North American and European Union critical minerals lists, plus 1.1 million ounces of in situ gold. Fortune is also receiving financial support through NRCan's Global Partnerships Initiative, the U.S. Department of War's Defense Production Act Tittle III Program and Alberta Innovates' Clean Resources Continuous Intake Program to complete the work needed to advance the Nico project to a financial investment decision. The company has also received a term loan from Prosper NWT to help complete the acquisition of the Alberta refinery site.

Canada is positioning to help bridge the gap in critical minerals supply with strategic partnerships with allied countries and by investing in new mines and mineral processing. Western countries need to reduce their dependence on the current sources of supply that are vulnerable to disruption from geographic concentration of production, political instability and/or policy risks from foreign entities of concern. Development of the Nico project will provide a vertically integrated domestic supply of three critical minerals, of which cobalt and bismuth are particularly at risk.

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 Fortune Minerals Ltd.

Fortune is a Canadian mining and mineral 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 km 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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