Fortune Minerals Limited · TSX:FT

Fortune Minerals — Investor Presentation (June 2015)

40 slides from Fortune Minerals's investor presentation, June 2015

1. Slide 1: Investor Presentation June 2015

   Investor Presentation June 2015 1

2. Slide 2: Forward-looking statements disclaimer

    This management presentation(the “presentation”) was preparedas 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 requiredto make investment decisions.

3. Slide 3: Scientific and technical information notice

    The scientific and technical information with respect to the RSM contained in this presentation is based on the technical report dated July 23, 2014 prepared by SRK Consulting entitled “NI 43-101 Technical Report Preliminary Economic Assessment The Revenue Mine, Sneffels, Colorado” (the “SRK Techn

4. Slide 4: Corporate Information and Share Performance

   Corporate Information Share Performance Listings: TSX (Canada): FT 0.45 1,200,000 OTC QX (USA): FTMDF 0.4 Volume Close 1,000,000 0.35 Trading Volume (M) Share Price C$0.09 Share Price (C$) 0.3 800,000 Shares Out – Basic 222.1 0.25 600,000 Shares Out – Fully Diluted 235.6 0.2 Market Cap – Basic C$20.

5. Slide 5: Revenue Silver Mine and late-stage projects

    Headquartered in London, Ontario, Canada  Operating in mining friendly jurisdictions  Strong management team with proven records Revenue Silver Mine  Historical 15 million oz silver producer in southwest Colorado, U.S.A.  Producing mine & ramping up to 400 tons per day Late-stage projects  NI

6. Slide 6: ~C$200 million invested in key North American assets

   ~C$ 200 million invested in Fortune’s key North American assets • Producing underground high grade silver mine & mill with byproduct gold, Revenue Mine lead & zinc 38 M ozs Ag Eq. • Ramping up to 400 tons per day contained • Historical production of ~15 M ozs of silver 1876 - 1912 • Late stage verti

7. Slide 7: Multi-asset producer once NICO enters production

    Fortune will be a multi-asset producer once NICO enters production, with combined average annual revenues forecast at US$ 207 million & EBITDA of US$ 99 million LOM Forecast Average Annual US$ Revenue by Metal for Revenue & NICO Mines $250 $4 $1 $0.5 $207.5 $32 $200 $46 $150 $58 $100 $66 $50 $- US

8. Slide 8: 100% interest in producing silver mine and mill in Sneffels Silver District

   100 % interest in producing silver mine & mill in historic Sneffels Silver District in southwest Colorado  Historical production of 15 million ozs of silver between 1876 and 1912  Commissioning & ramping up to 400 tons per day  Strong community support & pool of skilled underground miners  First

9. Slide 9: Production of silver, gold, lead and zinc

    Production of silver, gold, lead & zinc  Lead & Zinc concentrates containing silver & gold sold to smelter  Gravity gold concentrate sold to Johnson Matthey in Salt Lake City, Utah  Potential to produce copper concentrate  Potential to negotiate recovery of other metals Annual Average Mining &

10. Slide 10: Compact site layout and excellent infrastructure

     Compact site layout & excellent infrastructure  County maintained road to mine from highway  Connection to Colorado electrical grid with excess capacity  Underground workings serviced primarily with electric & air powered equipment  Underground mill & concentrator to reduce mine footprint  Ex

11. Slide 11: Current resources in Yellow Rose and Virginius Veins

     Current resources are in Yellow Rose & Virginius Veins – Upside opportunities in 6 other veins  Steeply dipping, high-grade epithermal quartz-carbonate veins containing tetrahedrite & freibergite (silver), gold, galena (lead), sphalerite (zinc) & chalcopyrite (copper)  Surface & underground stoc

12. Slide 12: Revenue Virginius resource estimate

    Contained Metal Ag Au Pb Cu Zn Area Category Tons (opt) (opt) (%) (%) (%) Ag Au Pb Cu Zn (M oz) (oz) (M lb) (M lb) (M lb) Revenue Indicated 485,600 26.95 0.044 4.30 0.25 1.37 13.1 21,000 41.8 2.4 13.3 Virginius Revenue Inferred 646,100 14.93 0.038 3.04 0.13 0.99 9.65 24,500 39.25 1.6 12.8 Virginius

13. Slide 13: Yellow Rose resource estimate

    Contained Metal Ag Au Pb Zn Area Category Tons (opt) (opt) (%) (%) Ag Au Pb Zn (M oz ) (oz) (M lb) (M lb) Yellow Rose Measured 215,300 10.08 0.034 1.71 1.69 2.17 6,400 7.37 7.28 Yellow Rose Indicated 100,700 10.92 0.036 1.96 1.74 1.10 4,000 3.95 3.5 Yellow Rose Measured & Indicated 316,100 10.35 0.0

14. Slide 14: Mine Plan Resources

     Mine Plan Resources of 888,283 tons (diluted), averaging 14.6 ounces of silver per ton, 0.02 ounces of gold per ton, 2.26 percent lead, and 0.90 percent zinc  Subset of the total mineral resource inventory Description Tons (kt) Ag (oz/t) Au (oz/t) Pb (%) Zn (%) Measured Indicated 369.8 19.68 0.03

15. Slide 15: Silver equivalent grade for comparable companies

    Silver Equivalent grade (Troy oz/t) for comparable companies 20.0 18.8 17.7 17.7 18.0 16.5 16.0 15.2 14.0 AgEq Grade (oz/t) 12.0 10.0 8.8 8.3 7.7 8.0 6.5 6.0 5.0 4.7 4.0 3.4 2.1 2.2 2.3 1.8 2.0 1.3 0.0  Source: SNL Metals & Mining, Company Reports & SRK Technical Report  Silver equivalent ounces f

16. Slide 16: Veins accessed from Revenue Tunnel

     Veins accessed from ~7400 foot (2.3 km) long tracked Revenue Tunnel, plus ~5600 feet (1707 m) of drifting on 2 main veins  Internal winze ~710 feet deep (216 m) & planned ramp to access 6 additional levels Existing Portal, Revenue Tunnel and Primary Veins 16

17. Slide 17: Mining methods

     Drift development using track mounted jumbo & muck machines  Mining methods depend on vein width to limit dilution & maximize ore recovery  Stopes wider than 3 feet are mined by shrinkage stoping  Stopes less than 3 feet are mined by sublevel stoping with split shooting technique  Extending de

18. Slide 18: Ball Mill and Flotation

    Ball Mill & Flotation Bulk Flotation Crushing Gallery  Underground crushing & grinding plant & flotation concentrator with gravity gold circuit ramping up to 400 tons per day production rate 18

19. Slide 19: SRK PEA Highlights

     Attractive economics indicated from SRK PEA using SRK Preliminary Economic Assessment Highlights Mine Plan Resource & excluding surface & 8 years based on Mine Plan Resource underground stockpiles Mine Life including ramp up & ramp down  Underground mining using shrinkage methods LOM Sustaining C

20. Slide 20: Cash cost per EqAg/oz among lowest of TSX silver peers

     Average C1 cash cost of US$10.28/oz will be among the lowest of TSX silver peer group $20.00 Cash Costs per Silver Oz net of By-Products $18.65 $18.77 $17.76 $18.00 $16.00 $14.32 $13.76 $14.00 Cash cost per EqAg/oz $12.00 $11.32 $10.28 $10.42 $10.00 $7.65 $8.00 $6.53 $6.00 $4.00 $2.00 $- Fortuna -

21. Slide 21: Virginius Vein – Ore Production Zones

     High grade gold shoots not modelled separately in resource model & likely understate gold grade & content  Potential production of copper concentrate  Upside to add tonnage from horizontal & vertical projection of Virginius & Yellow Rose Veins  Process broken mineralized material in surface & u

22. Slide 22: Advancing mine plan and development for 400 tons per day

     Advancing mine plan & development to ensure sufficient mill feed for 400 tons per day  Develop minimum of 10 working faces  Raise bore completed for improved ventilation & secondary escape way  Decline ramp to access ores below the Revenue Tunnel level & access developed stopes with broken ore

23. Slide 23: NICO vertically integrated shovel-ready project

     Vertically integrated shovel-ready project to recover gold, cobalt, bismuth (12% of global reserves) & by-product copper  Mine & concentrator in NT  Saskatchewan Metals Processing Plant (SMPP) will process concentrates from mine to high value metals & chemicals  Bulk flotation concentrate (<4%

24. Slide 24: Proven flow sheet to high value metal and chemical products

     Proven flow sheet to produce high value metal & chemical products  Gold: Average annual production of 41,360 ozs in doré bars  Cobalt: Average annual production of 1,615 tonnes in cobalt sulphate heptahydrate (~20.9% Co)  Bismuth: Average annual production of 1,750 tonnes in ingots & needles (>

25. Slide 25: Cobalt consumption by end use

     Wide chemical & metallurgical markets  Cobalt sulphate & oxide used in lithium ion & Cobalt Consumption by End Use nickel metal hydride batteries for portable 2013 electronic devices & hybrid / electric vehicles Battery Chemicals 3% 7%  Chemicals account for 58% of worldwide 7% 4% (42%) cobalt d

26. Slide 26: Cobalt: Battery Use Drives Demand

    Cobalt: Battery Use Drives Demand 159 UP TO 15% 6 UP 0.60% ‘> GOBALT BY WEIGHT COBALT BY WEIGHT 1-4 1-4kg OF COBALT 2-8 2-8KG OF COBALT k IN ACAR BATTERY kg INACAR BATTERY Cobalt is recognized as strategically important by both the US and European Union as it is critical to a number of metallurgical

27. Slide 27: Tesla Gigafactory and cobalt demand

     Tesla is constructing a $5 billion lithium-ion battery plant in Nevada  By 2020 the Gigafactory is anticipated to produce more lithium-ion batteries annually than the world did in 2013  Model S uses Nickel Cobalt Aluminum (NCA) cathode chemistry from Panasonic (contains ~9% cobalt)  Tesla needs

28. Slide 28: World bismuth production and reserves

     World market ~20,000 tonnes per year  China principal source of bismuth & accounts for 60% of world reserves & 80% of world production  China closed 20% of its production due to environmental & mine safety issues & has policies to restrict exports  NICO is World’s largest deposit - 12% of globa

29. Slide 29: Bismuth applications per vehicle and other uses

    per vehicle > 80 million cars produced annually contain about 2 ounces of bismuth in the windshield frit. This black 1d around the edge of the glass protects the a at secures the windshield to the vehi Automotive Health Pepto-Bismol? & Rust protection similar stomach Lea ei settling medicines Paint

30. Slide 30: Bismuth as lead replacement

     Traditional uses in low temperature & fusible alloys, cosmetics, chemicals, fire retardants & sprinkler systems  New markets focus on non-toxic, environmentally safe replacement for lead in plumbing & electronic solders, brass, steel & aluminum, ceramic glazes, hot dip galvanizing, pigments & aut

31. Slide 31: NICO reserves based on drill holes, test mining and trenches

    The NICO mineral reserves are based on 327 drill holes, test mining & surface trenches  Iron Oxide Copper Gold (“IOCG”) class (Olympic Dam-type) deposit  Ore hosted in 3 lenses of ironstone breccia up to 1.3 km in length, 550 m in width, & 70 m in thickness  Underground test mining has verified g

32. Slide 32: NICO Mineral Reserves

    Tonnes Au Co Bi Cu Underground Mineral Reserves (Thousands) (g/t) (%) (%) (%) Proven 282 4.93 0.14 0.27 0.03 Probable 295 5.00 0.07 0.07 0.01 Total 577 4.96 0.10 0.17 0.02 Tonnes Au Co Bi Cu Open Pit Mineral Reserves (Thousands) (g/t) (%) (%) (%) Proven 20,453 0.92 0.11 0.15 0.04 Probable 12,047 1.0

33. Slide 33: 20 year mine life at 4,650 tpd

     20 yr mine life at 4,650 tpd  Additional 5.5 Mt low grade to be stockpiled for future processing  Primarily open pit mining  Underground mining in first 2 years  Early access to high grade improves economics  Co-mingled waste rock & mill tailings  Plant site  Mill & flotation concentrator 

34. Slide 34: Saskatchewan Metals Processing Plant

     Saskatchewan Metals Processing Plant (SMPP) is a hydrometallurgical refinery that will be built on land owned by Fortune 27 km north of Saskatoon near the Town of Langham  High concentration ratio of NICO ores during flotation reduces mass to <4% in bulk concentrate for efficient transport to by

35. Slide 35: Feasibility Study Highlights – Base Case

    Feasibility Study Highlights – Base Case Positive Feasibility Study with strong economics Mine type Open pit with underground in 2nd year  Vertically integrated project consisting of open pit & underground mine & mill in NT & refinery in SK Open pit: conventional truck & loader Mining method Underg

36. Slide 36: Permitting, relationships and project financing

    Permitting substantially complete  EA’s completed for mine & SMPP  Land Use Permit & Class A Water License approvals received Advanced relationships with NT & Tlicho Governments  18 years of active community engagement with Tlicho  Co-operative Relationship Agreement with Tlicho (aboriginal) Gov

37. Slide 37: Arctos Summary Highlights

    Summary Highlights  One of world’s premier metallurgical coal development projects  Joint Venture partnership with South Korean steel producer POSCO  C$110 million of work completed including test mining, pilot plant processing & trial cargos  Positive Feasibility Study with robust economics  1

38. Slide 38: Upcoming objectives by project

     Revenue Silver Mine  Complete capital improvements & ramp up to full production  Achieve cash flow from operations  NICO & SMPP Project  Complete detailed engineering & secure remaining permits for construction readiness  Complete re-zoning of SMPP lands  Complete Participation & Socio-econo

39. Slide 39: Directors and Management

    Directors Mahendra Naik, B Comm, CPA,CA Chairman, Director CFO Fundeco - Founding director & former CFO, IAMGOLD George Doumet, MSc, MBA Honorary Chairman, Director Chemical Engineer – President & CEO, Federal White Cement Robin Goad, MSc, PGeo President & CEO, Director Geologist - 30 yrs mining & e

40. Slide 40: Fortune Minerals contact details

    ee, FORTUNE \ \ y) ) MINERALS LIMITED Z, Join Fortune’s email list TSX:FT / OTC QX: FTMDF 148 Fulllarton Street, Suite 1600, London, Ontario, Canada N6A 5P3 Troy Nazarewicz, Investor Relations Manager info@fortuneminerals.com | 519-858-8188 | fortuneminerals.com

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