Mr. Robin Goad reports

FORTUNE MINERALS RECEIVES ITS NORTHWEST TERRITORIES WATER LICENCE AND LAND USE PERMIT RENEWALS FOR THE NICO MINE

Class A water licence renewal for Fortune Minerals Ltd.'s Nico mine and concentrator has been approved by Jay McDonald, Minister of Environment and Climate Change for the Northwest Territories. The draft terms recommended by the Wek'eezhil Land and Water Board (WLWB) were accepted by the minister and signed on Sept. 14, 2026. In addition, the WLWB issued the Type A land use permit. These are the primary permits following receipt of an environmental assessment in the Northwest Territories and set the terms and conditions for construction and operation of the Northwest Territories facilities. They also set the amount of security that will be required for the company's closure and reclamation plan. The Nico cobalt-gold-bismuth-copper project is an advanced development-stage critical minerals asset consisting of a planned open-pit and underground mine and concentrator in the Northwest Territories 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 will provide a reliable, North American supply of battery grade cobalt sulphate, bismuth ingots (12% of global reserves), and copper cement - with more than one million ounces of in-situ gold as a highly liquid and countercyclical co-product.

Dr. Richard Schryer, Fortune's vice-president of environmental and regulatory affairs, stated: "The Class A water licence and land use permit renewals are the product of numerous engagements with territorial, federal and indigenous governments and communities, focused on identifying and mitigating potential environmental and social concerns related to the Nico development. Fortune Minerals will continue to work with these governments and communities and through the conditions outlined in the water licence to make the Nico mine a successful project that we can all be proud of."

Once financing has been obtained, the Nico site will be connected to territorial highway system by the already-approved Nico project access road (NPAR) currently terminating at the community of Whati, 50 kilometres south of the mine. The NPAR is needed for mine construction and operations and for trucking metal concentrates to Enterprise, NWT, for transfer to rail and delivery to the company's planned Alberta refinery for processing. Fortune and Tlicho government are forming a joint venture to construct this road and have received conditional approval for a contribution of up to $50-million from the government of Canada's First and Last Mile Fund (FLMF) that would reimburse 75 per cent of the construction costs (see June 26, 2026, news release). Fortune is in the final stages of preparation of an updated feasibility study for the vertically integrated Nico project and will announce the results when this study has been completed.

Fortune is also pleased to report that it will host a visit to the Nico mine site for a group of Tlicho citizens and elders to kick off a traditional knowledge study on the NPAR on Sept. 21, 2026. The visit will include a flyover of the NPAR route to allow people to see where the road accesses the mine and the locations where other roads will be built on the mine site and Tlicho lands. Fortune has completed an access agreement with the Tlicho government to enable the construction and operation of the NPAR.

As Fortune advances the Nico project toward a final investment decision (FID) targeting 2027, the company was pleased to be sponsored by both the Northwest Territories and Alberta governments to participate in the inaugural Canada Investment Summit held in Toronto, Ont., on Sept. 14 and Sept. 15. Hosted by Prime Minister Carney in partnership with the Canada Pension Plan Investment Board and Public Sector Pension Investment Board -- two of Canada's largest institutional investors, the summit served as a premier platform to showcase Canada as a compelling investment destination and trusted convener of global capital. The summit brought together leading investors from around the world, Canadian chief executive officers and public-sector representatives for an event focused on accelerating new investment into Canada.

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 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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