Third party refiners interested in purchasing NICO concentrates directly from the mine

Fortune Minerals Limited is pleased to provide an update for its 100% owned NICO Cobalt-Gold-Bismuth-Copper Project in Canada. The NICO Project is a development stage primary cobalt asset currently consisting of a planned mine, mill and concentrator in the Northwest Territories and hydrometallurgical refinery in Saskatchewan to process concentrates from the mine to cobalt sulphate, gold, bismuth ingot and oxide, and copper precipitate. Fortune was recently approached by several global mining and refining companies interested in purchasing metal concentrates directly from the mine. If this is pursued, it would enable the Company to defer the Saskatchewan refinery, reducing up-front capital by about 50% and mitigating risks in commissioning and downstream processing. Fortune is making the requisite adjustments to the NICO Project engineering designs to allow flexibility to accommodate all of its downstream process options.