Fortune Minerals Enters Into New Option Agreement to Acquire JFSL Alberta Refinery Site for NICO Project Page 1

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has entered into a new Option Agreement with JFSL Field Services ULC (“JFSL”) to buy the vacant industrial site in Lamont County, Alberta, where it plans to build its hydrometallurgical refinery (“Alberta Refinery”). The Alberta refinery would process metal concentrates from Fortune’s planned NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (“NWT) (collectively the “NICO project”) and a reliable domestic supply of critical minerals for the energy transition and other emerging technologies. The Alberta refinery will produce cobalt sulfate for the North American lithium-ion battery industry, bismuth ingots (12% of global reserves) and copper cement – ​​with more than a million ounces of in-situ gold as a countercyclical and highly fluid co-product. Fortune also has a process collaboration with Rio Tinto to explore the feasibility of processing materials produced from tailings at the Kennecott Smelter in Utah at the Alberta refinery to increase cobalt and bismuth production.

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Under the new option agreement, Fortune may acquire the Lamont County property from JFSL for C$6,000,000 before the end of November 2025, subject to monthly option payments of C$100,000. The monthly option payments and the C$1,437,500 previously paid by Fortune to JFSL are deductible from the purchase price. JFSL has the right to offer the Lamont County property for sale during the option period, subject to Fortune’s 90-day right of first refusal to match any third-party bid. JFSL also has the right to continue to use the Lamont County property and facilities for the eighteen months following a sale to Fortune.

JFSL is a subsidiary of Worley Group (“Worley”), an international engineering, construction management and environmental services company listed on the Australian Stock Exchange. Worley will be the preferred contractor for environmental, engineering, procurement, fabrication and construction services for the Alberta refinery.

The JFSL site consists of 76.78 acres of land adjacent to the Canadian National Railway in Alberta’s Industrial Heartland, an association of five municipalities northeast of Edmonton with planning approvals and tax incentives designed to attract heavy industry. The JFSL site is a former steel mill with over 42,000 square feet of serviced shops and buildings located close to the services, reagent sources and commutable skilled worker pool already in place for Alberta’s petrochemical industry. These are expected to significantly reduce capital and operating costs for the Alberta refinery during construction and operation.

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