Fortune Minerals Limited · TSX:FT
Fortune Minerals — Investor Presentation (June 2026)
28 slides from Fortune Minerals's investor presentation, June 2026
Slide 1: Building the Next Critical Minerals Producer
C O R P O R AT E P R E S E N TAT I O N · June 2026 Building the Next Critical Minerals Producer NICO Cobalt–Gold–Bismuth–Copper Project TSX: FT OTCQB: FTMDF FORTUNEMINERALS.COM
Slide 2: Forward-Looking Information
DISCLAIMER Forward-Looking Information This management presentation (the “presentation”) was prepared as a summary overview of current information about Fortune Minerals Limited (the “Company”) only and is not a prospectus or other offering document intended to provide investors with the information
Slide 3: Financial Summary
SNAPSHOT Financial Summary CORPORATE INFORMATION KEY HIGHLIGHTS ANALYST COVERAGE Listings Siddharth Rajeev — Fundamental Research TSX (Canada): FT 33.1 Mt Rating · Buy LOTCQB (USA): FTMDF 20-year mineral reserves $0.63 PRICE TARGET · MAY 20, 2026 Share Price C$0.23 Shares Out (Basic) 656.4 M ~C$150M
Slide 4: Fortune & the NICO Project
COMPANY OVERVIEW Fortune & the NICO Project 01 TSX Listed Early Mover in Critical Minerals Development Experienced in Northern Operations • 100% owned, vertically integrated Cobalt–Gold–Bismuth–Copper project in Canada • Mine & concentrator in the Northwest Territories (NWT) • Hydrometallurgical fac
Slide 5: Non-Dilutive Government Funding
CAPITAL SUPPORT Non-Dilutive Government Funding US$6.38M U.S. Department of Defense/War (~C$9.1M) T O TA L A W A R D E D ~C$17.5M C$8.21M Government of Canada — NRCan From Canadian, U.S. and Alberta C$3.8M Prosper NWT — loan government programs C$173K Government of Alberta FUNDING TO ADVANCE NICO PR
Slide 6: Three Critical Minerals + Gold
PRODUCT PORTFOLIO Three Critical Minerals + Gold C O B A LT GOLD BISMUTH COPPER ~1,800 t / yr ~47,000 oz / yr ~1,700 t / yr ~500 t / yr in 8,780 t cobalt sulphate in doré bars in ingots & oxide in cement precipitate IOCG-TYPE POLYMETALLIC DEPOSIT CRITICAL MINERALS DESIGNATION STRATEGIC SUPPLY CHAIN
Slide 7: Cobalt Market & Supply Chain Security
DEMAND & SUPPLY Cobalt Market & Supply Chain Security 276 kt Cobalt in 2025 market 350kt Projected by 2030 market 71% China’s share of 71% Utilized in lithium- ion batteries mine production MARKET CONTEXT • 73% of mine supply in Democratic Republic of the Congo • China controls ~71% of mine output &
Slide 8: Bismuth Market & New Opportunities
DEMAND & SUPPLY Bismuth Market & New Opportunities BISMUTH MARKET • ~25,000 tonnes of consumption with ~7.5% CAGR • China controls ~80% of mine production & ~90% of refinery supply • Unique properties that cannot be replaced by other metals • Traditional use in automotive glass & anti-corrosion coat
Slide 9: NWT Infrastructure
PROJECT SETTING NWT Infrastructure 5,140 Ha Leases in Tlicho Territory, 160 km 22 km Distance from existing hydro NW of Yellowknife & 50 km north of Whati, NWT dams & electrical grid 400 km By road from NICO to new ~C$200M Government investment rail terminal at Enterprise, NWT in 97 km Tlicho Highwa
Slide 10: NICO Geology
GEOLOGY NICO Geology I O C G - T Y P E P O LY M E TA L L I C D E P O S I T • NICO & nearby Sue-Dianne copper deposits are IOCG-type deposits with world- class global analogues • NICO ores hosted in tabular lenses of ironstone breccia & microbreccia within iron- & potassium-altered sedimentary rocks
Slide 11: 20-Year Mineral Reserves
RESOURCE BASE 20-Year Mineral Reserves U N D E R G RO UN D M I N E R A L R E S E R VE S O P E N P I T M I N E R A L R E S E R VE S C O M B I N E D M I N E R A L R E S E R VE S Tonnes Au Co Bi Cu Tonnes Au Co Bi Cu Tonnes Au Co Bi Cu Class Class Class (000s) (g/t) (%) (%) (%) (000s) (g/t) (%) (%) (%)
Slide 12: Deposit & Process Validation
TECHNICAL DE-RISKING Deposit & Process Validation 2006–2007 01 Underground Test Mining • Verified mining conditions, deposit geometry & grade • Large samples of ores collected for pilot plant testing 02 2007–2010 Pilot Plants at SGS Canada • Proved flow sheets, metallurgical recoveries & product qua
Slide 13: Deposit Geometry & Mineral Reserves
GEOMETRY Deposit Geometry & Mineral Reserves MINERAL RESERVES • Based on 327 cored drill holes totalling ~61,800 m of drilling • Surface trenches & underground test mining • Orebody open for potential expansion Upper Ore Zone • New zones identified with preliminary drilling & Middle Ore Zone interce
Slide 14: Mine Plan
MINING STRATEGY Mine Plan 01 Conventional Open Pit Truck & Loader Mining • 1,350 m × 450 m × 220 m deep • Waste-to-ore strip ratio: 3.9 : 1 • 10 m benches, 20 m with double benching 02 Open Stoping Underground Mining • Open pit mining supplemented by underground mining of high margin ores during ear
Slide 15: Mine-Site Processing
PROCESSING Mine-Site Processing P R O C E S S F LOW S H E E T • Mill thruput rate of 4,650 tpd with low (4%) mass pull • Ore crushed in primary jaw crusher, followed by secondary cone crushing • Fine ore subjected to High Pressure Grinding Rolls (HPGR) & vertical stir mill grinding to - 54µm • Groun
Slide 16: Alberta Critical Minerals Processing Hub
STRATEGIC LOCATION Alberta Critical Minerals Processing Hub A L B E R TA A DVA N TA G E • Lowest combined Federal & Provincial taxes • Highest percentage of engineers • Critical Minerals collaboration agreements with NWT & other western provinces & territories A L B E R TA I N D U S T R I A L H EA R
Slide 17: Alberta Hydrometallurgical Plant
REFINERY Alberta Hydrometallurgical Plant E X I S T I N G P L A N T S I T E · L A M O N T C O U N T Y, A B RENDERING OF PLANNED REFINERY BROWNFIELD SITE ACQUIRED W H Y T H I S L O C AT I O N C$6 M · 42,000 ft² of buildings on ~77 acres • Low-cost power & proximity to reagents & services - including
Slide 18: Alberta Processing
REFINING Alberta Processing 01 Secondary Flotation 03 Cobalt Pressure Oxidation (POX) 04 Gold Recovery Bulk concentrate reground to −14 Cobalt concentrate blended with Bismuth leach residue & subjected to • Gold leached from autoclave process µm, then selective flotation to autothermic POX to dissol
Slide 19: Disposal of Hydrometallurgical Wastes
ENVIRONMENTAL STEWARDSHIP Disposal of Hydrometallurgical Wastes BENEFITS S T R AT E G I C PA R T N E R S H I P • Accelerates permitting timelines SECURE • Reduces capital costs & technical risks during operations • Eliminates longer-term legacy issues with Company-owned waste disposal facility Backs
Slide 20: Other Refinery Business Potential
GROWTH OPTIONALITY Other Refinery Business Potential 01 02 03 Process Residues Other Concentrates Recycling • Rio Tinto collaboration: recover • Concentrates from projects that • Investigating opportunities to recycle additional Bismuth at Alberta facility cannot justify standalone refinery costs el
Slide 21: Updated Feasibility Study
INVESTMENT CASE Updated Feasibility Study Study advancing with Worley, WSP, P&E & Micon — focused on de-risking and accelerating returns. CAPITAL-COST ESCALATION MITIGATION CASH-FLOW ACCELERATION IN EARLY YEARS • Tlicho Highway reduces construction schedule & redundant- • Higher Au, Bi & Cu prices a
Slide 22: Additional Resource Potential
EXPLORATION Additional Resource Potential Open Deposit Peanut Lake Zone Deposit open for potential expansion Preliminary drilling has identified potential to delineate new resources from Peanut Lake Zone Geophysical Anomalies New Resources Large unidentified geophysical Good potential to identify ne
Slide 23: Sue-Dianne Satellite Copper Deposit
SATELLITE ASSET Sue-Dianne Satellite Copper Deposit • Satellite IOCG copper deposit ~25 km north of NICO Deposit • Provides incremental mill feed for future development • Additional sub-economic potential resources of ~14 Mt beneath & marginal to 2008 0.4% Cu cut-off pit shell • Resource defined by
Slide 24: Potential Future Government Opportunities
STRATEGIC CAPITAL Potential Future Government Opportunities F E D E R A L — C A N A DA U. S . G OV E R N M E N T • C$3.8B critical minerals support • U.S. Department of War & Defense Industrial Base Consortium • NRCan First & Last Mile Fund for infrastructure — up to C$100M project finance support f
Slide 25: ESG Engagement
STEWARDSHIP ESG Engagement 01 Environmental Assessment Completed • Project approved by Federal & Tlicho governments in NWT 02 Communities & Governments • Tlicho Settled Land Claim & Self-Government Agreement • 30-year history of Tlicho community engagement, business & employment • Cooperation & Acce
Slide 26: Next Steps
PATH TO PRODUCTION Next Steps PROJECT EXECUTION • Complete updated Feasibility & FEED Studies • Secure remaining permits & authorizations • Targeting investment decision in 2027 • Arrange project financing • 2-year construction for mine & concentrator 3 D R E N D E R I N G · N I C O P I T, M I L L &
Slide 27: Directors & Management
LEADERSHIP Directors & Management BOARD OF DIRECTORS MANAGEMENT TEAM Mahendra Naik Robin Goad B.Comm, CA, CPA, Chairman M.Sc., P.Geo., President & CEO, Director Chartered Accountant & President & CEO of FinSec Services Inc. Founding Director & former CFO of Professional Geologist with ~40 years of C
Slide 28: For Further Information
F O R F U R T H E R I N F O R M AT I O N INVESTOR RELATIONS HEAD OFFICE Troy Nazarewicz Fortune Minerals Limited Investor Relations Manager 617 Wellington Street info@fortuneminerals.com London, Ontario N6A 3R6 · Canada +1 (519) 858-8188 fortuneminerals.com TSX: FT OTCQB: FTMDF