Fortune Minerals Announces Completion of 2015 Debentures Extension

18 August 2022

August 18, 2022- LONDON, Ontario--(BUSINESS WIRE)-- Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that, further to the company's news release dated August 16, 2022, it has executed definitive documentation with the holders of its debentures issued in 2015 (the "2015 Debentures") to extend their maturity date from August 12, 2022 to November 30, 2022.

The amended and restated debentures (the “Amended Debentures”) have an aggregate principal amount of $12,363,518, being the total principal amount and all accrued interest on the 2015 Debentures as at August 12, 2022, bear interest at a rate of 10% per annum for the extension period and are secured by all of the assets of the Company (including the NICO cobalt-gold-bismuth-copper project (“NICO Project”)). As additional consideration for the extension of the maturity date, the Company has issued to the holders of the Amended Debentures an aggregate of 3,500,000 common shares of the Company. The shares are subject to a hold period of four months and one day from the date of issuance.

About Fortune Minerals:

Fortune is a Canadian mining company focused on developing the NICO Project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.