Mr. Patrick Laforest reports

LUCKY MINERALS ANNOUNCES CORPORATE UPDATE

As part of Lucky Minerals Inc.'s.'s continuing restructuring and reinstatement efforts, the company is pleased to announce the following corporate update, which includes board and management changes, the execution of an amending agreement on the Prud'homme property, as well as a change in the company's auditor. Further details are outlined below.

Board and management changes

Further to its continuing restructuring and reinstatement efforts, the company is announcing the resignation of Francois Perron from his positions as president, chief executive officer and interim chairman. Mr. Perron will continue to contribute as an independent director going forward.

The company is also pleased to announce the appointment of Patrick Laforest as chief operating officer, president and a director and Mario Bouchard as an independent director.

Mr. Laforest cumulates nearly 15 years of experience as an exploration and production geologist. During this period, he has worked on exploration, development and mining projects for base metals, battery metals and precious metals for companies such as Canadian Royalties, Hecla Mining and Nemaska Lithium. He completed an MBA in 2021 at Laval University in Quebec and has since worked as an independent consulting geologist for several companies and private investors and had a fruitful experience in the capital market as an investment adviser for an institutional fund before joining Lucky Minerals' management team.

Mr. Laforest brings expertise in exploration and mining in Nunavik and is a great contributor in the restructuring and reinstating effort of the company.

Until his retirement in June, 2020, Mr. Bouchard had been assistant deputy minister for strategic industries and major economic projects at the Ministry of the Economy and Innovation for about 15 years. Previously, he served as associate deputy minister of energy for four years at the Ministry of Energy and Natural Resources. Finally, he worked in the Ministry of Finance for 20 years, notably as assistant deputy minister responsible for Crown corporations and economic projects.

During his 42-year career in the government of Quebec (for nearly four decades in positions with an economic vocation), Mr. Bouchard was involved in most of the major files of business financing by the government of Quebec, the creation of government corporations and privatizations. He was notably responsible for the management of a billion-dollar investment fund intended mainly for the mining sector.

He was also in charge for the development of the main sectors of the Quebec economy, such as aerospace, health, information technology, transportation and aluminum. He has thus piloted several government strategies aimed at supporting the development of these sectors. He was also the representative of the Ministry of Economy and Innovation during the economic missions of the Premier and the Minister of Economy and Innovation.

Holding a bachelor's degree in economics and a diploma in administration (second cycle) from Laval University, Mr. Bouchard has been a member of the boards of directors, including those of Investissement Quebec and La Financiere agricole.

Mr. Bouchard now works as a private consultant for several companies and supports them in their financing process.

Amending agreement

The company announces that it has entered into an amending agreement in respect of the arm's-length option agreement dated Dec. 18, 2023, with Fire Gold Resources Inc. and Patricia Lafontaine, pursuant to which, subject to certain conditions, the company was granted, subject to gross metal royalty, an option to acquire a 100-per-cent interest in the property.

In accordance with the amending agreement, the parties have agreed to amend the option agreement to: (i) extend the outside date (as defined in the option agreement) to June 30, 2025, by which the company is to make a $50,000 option payment to the vendors as consideration for the extensions; (ii) set the floor price for the property shares consideration under the option agreement at 10 cents per postconsolidated common share; (iii) require the company to make the $35,000 option payment to Ms. Lafontaine representing the cost to renew the property claims in August, 2024; (iv) replace certain sections 4.2(c) and (d) of the option agreement in its entirety; (v) incur a minimum of $1-million in expenditures on or before the second anniversary of the effective date (as defined in the option agreement); (vi) incur an additional $3-million in expenditures on or before the fourth anniversary of the effective date; and (vii) clarify the cash payments to the vendors under the option agreement, as amended, including a cash payment of $10,000 to Ms. LaFontaine on or before March 29, 2025, which was paid on March 27, 2025. All other terms of the option agreement remain unchanged and can be found in the company's press release dated Dec. 20, 2023.

Also, the company has received disinterested shareholder approval of the option agreement at its annual general meeting held on April 30, 2024.

The company continues to work toward satisfying the conditions precedent to closing the acquisition, including the filing of a technical report with respect to the Prud'homme property pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects, described in the company's press release dated Dec. 20, 2023.

The completion of the acquisition described in the company's press release dated Dec. 20, 2023, remains subject to various additional conditions, including final approval of the exchange with respect to the acquisition. For further details, please refer to the press release of the company dated Dec. 20, 2023, and Feb. 23, 2024, available on SEDAR+.

The property

The Prud'homme property, consisting of 79 mining titles, is located in Nunavik, Que., about 80 kilometres southwest of Ungava Bay, in the Churchill geological province, approximately 65 kilometres to 85 kilometres from Kuujjuaq airport.

The property comprises approximately 18 known mineralized zones, consisting of mainly copper, zinc, gold and silver mineralization. The zones are mainly localized in the northern and southern part of the property, respectively the 11 and 7 zones.

The zones include the main showings, Soucy No. 1 zones A and D and Prud'homme No. 1 zone south.

Soucy No. 1 zones A and D are consistent with a massive sulphide deposit, stratiform and syngenetic in sedimentary rocks of the Baby Training sequence while the Prud'homme No. 1 zone south is lodged between the sills of gabbros. Its typology is similar to that of the other clusters of massive sulphides.

Change of auditor

The company also announces that Olayinka Oyebola & Co. has, at the request of the company, resigned as auditor of the company, effective Sept. 10, 2024. Accordingly, the board of directors has appointed Mao & Ying LLP, chartered professional accountants, as auditor of the company.

There were no reservations in the former auditor's audit reports for the period commencing at the beginning of the company's two most recent financial years and ending at the date of the resignation of the former auditor. There are no reportable events (as the term is defined in National Instrument 51-102, Continuous Disclosure Obligations) between the company and the former auditor.

The resignation of the former auditor as auditor of the company has been approved by the company's board of directors and audit committee. The company's audit committee and board of directors have reviewed the notice of change of auditors, together with the letter from the former auditor and the letter from the successor auditor, and, accordingly, the documents have been filed on SEDAR+.

About Lucky Minerals Inc.

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world-class deposits.

Qualified person

Patrick Laforest, BSc, MBA, PGeo, a qualified person under NI 43-101 on standards of disclosure for mineral projects, has prepared, supervised and approved the technical information in this news release.

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