Fortune Minerals Limited · TSX:FT
Fortune Minerals — Investor Presentation (September 2026)
29 slides from Fortune Minerals's investor presentation, September 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 · September 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$0.15 Shares Out (Basic) 691.7 M ~C$150M
Slide 4: Fortune & the NICO Project
COMPANY OVERVIEW Fortune & the NICO Project 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 facili
Slide 5: Non-Dilutive Government Funding ~C$67.5M
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$67.5M C$58.21M 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 P
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: 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 12: 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 13: 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 14: NWT Mine & Concentrator Design
MINING STRATEGY NWT Mine & Concentrator Design 01 Conventional Open Pit Truck & Loader Mining • 1,350 m × 450 m × 220 m deep • Waste-to-ore strip ratio: 3.4 : 1 • 10 m benches, 20 m with double benching 02 Open Stoping Underground Mining • Open pit mining supplemented by underground mining of high m
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 BROWNFIELD SITE ACQUIRED C$6 M · 42,000 ft² of buildings on ~77 acres Former steel fabrication plant with serviced shops & buildings on land adjacent to CN Rail 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 W H Y T H I S L O C AT I O N • L
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 Alberta Refinery Wastes
ENVIRONMENTAL STEWARDSHIP Disposal of Alberta Refinery 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 Backsto
Slide 20: Fortune – Rio Tinto Process Partnership
Fortune – Rio Tinto Process Partnership R I O T I N TO K E N N E C O T T U TA H O P E R AT I O N S • Integrated Copper mine, smelter & refinery • Molybdenum, Gold, Silver, Selenium, Lead, Tellurium & Sulphuric Acid by-products & process partnerships • Total orebody effectiveness • Reduction of proce
Slide 21: Other Refinery Business Potential
GROWTH OPTIONALITY Other Refinery Business Potential 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 electronic
Slide 22: 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 23: NICO Additional Resource Potential
EXPLORATION NICO Additional Resource Potential Open Deposit Peanut Lake Zone Deposit remains open for potential Preliminary drill intercepts have expansion identified potential to delineate new resources Geophysical Anomalies Blue Sky Large geophysical anomalies remain Geology & geophysics attractiv
Slide 24: 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 25: Future Government Opportunities
STRATEGIC CAPITAL 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 – Canada Growth Fund • U.S. Department of War & Defense Industrial Base Consortium • NRCan First & Last Mile Fund — Already Secured ~$50M project finance support
Slide 26: ESG Engagement
STEWARDSHIP ESG Engagement Environmental Assessment Completed • Project approved by Federal & Tlicho governments in NWT Communities & Governments • Tlicho Settled Land Claim & Self-Government Agreement • 30-year history of Tlicho community engagement, business & employment • Cooperation & Access Agr
Slide 27: 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 28: 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 29: 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
Fortune Minerals — Investor Presentation (September 2026) on 6ix