Fortune Minerals closes private placement for working capital and receives government grant to support drilling

LONDON, Ontario – (COMMERCIAL THREAD) –Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune“or the”Society”) (Www.fortuneminerals.com) is pleased to announce that it has closed a private placement of units, consisting of one common share of the Company and one half warrant. A total of 3,871,426 units were issued at a price of C $ 0.14 per unit, providing the Company with gross proceeds of C $ 541,999.64. Each entire warrant entitles its holder to purchase one common share at a price of $ 0.20 for a period of 18 months from closing.

Fortune is also pleased to announce that it has received a grant of $ 144,000 from the Government of the Northwest Territories as part of the Mining Incentive Program. These funds will be used to support the drilling program planned for the NICO Cobalt-Gold-Bismuth-Copper project (“NICO project“) later this year, testing five high priority targets east of the NICO deposit.

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The NICO project is an advanced Canadian critical minerals project and one of the few cobalt assets in short-term development in the world outside of the Democratic Republic of the Congo. NICO consists of an open pit and underground mine and mill, located approximately 160 km northwest of Yellowknife, Northwest Territories, and an associated hydrometallurgical refinery in southern Canada to process concentrates from mine and produce cobalt sulfate, golden gold, bismuth ingot and oxide, and precipitate of copper. The NICO project was assessed in a positive feasibility study in 2014 and facilities in the Northwest Territories received environmental assessment approval and obtained major mining permits. The NICO deposit contains proven and probable open pit and underground mineral reserves totaling 33 million tonnes containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth and 27.2 million pounds of copper. The NICO deposit stands out from other critical mineral and cobalt development projects around the world with over one million ounces of gold in situ as a highly liquid, counter-cyclical co-product.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal. The securities will not and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or applicable exemption from registration requirements.

For more detailed information on NICO mineral reserves and certain technical information in this press 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 Limited which has been filed on SEDAR and is available at Company profile at www.sedar.com Disclosure of the scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer management of Fortune, which is a “qualified person” under National Instrument 43-101.

About Fortune Minerals:

Fortune is a Canadian mining company focused on the development of the NICO cobalt-gold-bismuth-copper project in the Northwest Territories. The Company has an option to purchase land in Saskatchewan where it could construct the hydrometallurgical plant to process NICO metal concentrates. Fortune also owns the Sue-Dianne copper-silver-gold satellite deposit 25 km north of the NICO Project, which is a potential future source of additional power to extend the life of the NICO Project plant.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. This forward-looking information includes statements regarding, among other things, the potential for expansion of the NICO deposit, the company’s plans to conduct a drilling program in 2021, the company’s plans to develop the NICO project and the potential for the project. Sue- owned Dianne to provide additional factory power to the NICO project. Forward-looking information is based on management’s opinions and estimates and on certain assumptions at the date the information is given (including, with respect to the forward-looking information contained in this press release, assumptions regarding: the Company’s ability to conduct and complete the planned drilling program; the Company’s ability to secure a site in southern Canada for the construction of a NICO Project refinery; the Company’s ability to organize the necessary financing to continue operations and develop the NICO project; receipt of all necessary regulatory approvals for the construction and operation of the NICO project and associated hydrometallurgical refinery and the timing thereof; growth in demand for cobalt; the time required to construct the NICO project; and the economic environment in which the Company will operate in the future, including the p price of gold, cobalt and other by-product metals, expected costs and volumes of metals to be produced at the NICO project). However, this forward-looking information is subject to various risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that further exploration of the areas identified in this press release will not result in a significant expansion of the NICO deposit, the Company will require additional financing to complete the planned drilling program and such financing. may not be available, COVID -19 may interfere with the Company’s ability to conduct the drilling program, the NICO project may not receive funding under the published US and EU initiatives European Union with respect to critical minerals or any other benefit arising therefrom, the Company may not be able to obtain a site for the construction of a refinery, the Company may not be able to finance and develop NICO on favorable terms or not at all, uncertainties regarding the receipt or timing of permits, approvals and agreements required for the development of the NICO project, including related hydrometallurgical refinery, construction of the NICO project may take longer than expected, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO project, the Sue-Dianne property may not be developed to the point where it can provide plant power to the NICO project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow as expected, the future supply of cobalt and bismuth may not be as limited as expected, the risk of market price declines for cobalt, bismuth and other metals that will be produced by the NICO project, discrepancies between actual and estimated mineral resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating mineral resources and reserves ales and the risk that even if these mineral resources prove to be accurate the risk that these mineral resources will not be converted into mineral reserves once economic conditions reapply, the production of cobalt, bismuth and other metals of the Company may be lower than expected and other operational and development risks, market risks and regulatory risks. Readers are cautioned not to place undue reliance on forward-looking information, as predictions, forecasts, projections and other forms of forward-looking information may not be realized by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

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