Fortune Minerals Reports the Results of Its Annual Meeting of Shareholders and Provides NICO Project Update

LONDON, ON, 23 June 2021 –(BUSINESS WIRE)– Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to report the results of its Annual Meeting of Shareholders held on June 22, 2021 (the “Meeting”), and provide a summary of work on its 100% owned NICO Cobalt-Gold-Bismuth-Copper project (‘NICO Project”) in Canada. The NICO Project is a planned vertically integrated Critical Minerals development comprised of a mine and concentrator in the Northwest Territories (“NWT”) and a hydrometallurgical refinery at a site in Alberta or Saskatchewan, producing cobalt sulphate, gold, bismuth ingots and oxide, and copper cement. The NICO Project is one of the most advanced cobalt development assets outside of the Democratic Republic of Congo (“Congo”) to meet the growing demand in lithium-ion batteries powering electric vehicles, portable electronics and stationary storage cells, and mitigate supply issues from geographic concentration of production and policy risks associated with the current supply sources. The unique metal assemblage of the NICO Deposit includes primary cobalt, a 1.1 million ounce in-situ gold co-product, 12% of global bismuth reserves, and by-product copper. Fortune also owns a 100% interest in the nearby Sue-Dianne Copper-Silver-Gold satellite deposit (“Sue-Dianne Deposit”).