Fortune Minerals Updates NICO Refinery Site Due-Diligence |

Consultants engaged and work nearing completion on site purchase option validation

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to report that due-diligence activities are advancing on the Company's proposed new refinery site location in Lamont County in Alberta's Industrial Heartland northeast of Edmonton (see Fortune news release dated January 24, 2022). Fortune entered into an option agreement with JFSL Field Services ULC (" JFSL ") in January to allow it to purchase the site and existing facilities of this former steel fabrication plant in order to construct the hydrometallurgical refinery for the planned NICO cobalt-gold-bismuth-copper mine in the Northwest Territories. The refinery would process metal concentrates from the mine to produce Critical Mineral products including cobalt sulphate, bismuth ingots and oxide, and a copper precipitate needed for the transition to new technologies. The NICO Mineral Reserves also contain more than 1.1 million ounces of in-situ gold providing a highly liquid and countercyclical co-product to mitigate Critical Mineral price volatility. The vertically integrated NICO cobalt-gold-bismuth-copper project (" NICO Project ") is one of the few advanced cobalt development assets in the world outside of the Democratic Republic of the Congo to support the near-term demand growth in lithium-ion rechargeable batteries used in electric vehicles (" EV's '), portable electronics and stationary storage cells.

Fortune has retained several engineering and environmental consultants to determine the suitability of the JFSL site and facilities to accommodate the planned NICO Project refinery and provide a regulatory roadmap to secure the remaining permits. The JFSL site is comprised of 76.78 acres of lands adjacent to the Canadian National Railway and has more than 40,000 square feet of serviced shops and buildings that Fortune believes will materially reduce capital costs for the planned development. Subject to arranging the applicable financing required to exercise the option, the results of this work will provide the information needed to make an informed decision on whether to complete the C$5.5 million purchase prior to the July 24 th , 2022 expiry of the option.

The JFSL site is situated within Alberta's Industrial Heartland, an association of five municipalities designated specifically to attract heavy industry with the zoning approvals already in place as well as tax incentives keyed to capital investment. Fortune has also received indicative terms from a major environmental company to dispose of the refinery process residue in an existing government compliant waste disposal facility, thereby removing a major hurdle in the approvals process. Fortune has engaged Advisian, the consulting business of Worley , to develop an environmental and regulatory roadmap with an outline of the remaining regulatory approvals and permits needed by the Company to construct and operate the NICO Project refinery. The Advisian work has identified the environmental work and engineering activities that are required to progress the site through the Alberta approvals process and provides a plan for stakeholder engagement. A draft of the Advisian report has been received and Fortune expects to receive the final report and amendments later this month. Notably, there are no issues identified which would preclude Fortune from developing the JFSL site. Fortune is working with its environmental and engineering companies to reduce its environmental footprint and associated impacts. Currently, no major triggers for a provincial environmental impact assessment (EIA) have been identified; however, the NICO Project refinery will need an exemption from the provincial approvals division in Alberta to rule out an EIA.

Stantec Consulting Ltd. (" Stantec ") was retained by Fortune to review the JFSL site and major facilities and provide a visual assessment of the major building and site systems, including their mechanical and electrical systems, fire safety systems and any required maintenance. The Stantec mandate also included examination of the exterior site, including grade improvements, parking areas, fencing, and the overall condition of the site and suitability for the Company's planned use. The Stantec report has been received in draft and the site and facilities were generally assessed to be in good condition with minor deficiencies noted, together with the estimated costs for their repairs.

Bismuth Process and Building Suitability

Fortune has also retained Worley and Alex Mezei, P.Eng., an independent consulting Chemical Engineer and Metallurgist (" Mezei "), to conduct a review of the existing process data and metallurgical test work for the bismuth circuits. The ferric chloride leach process has been well established from test work and pilot plant tests. However, the Company is now planning to use cementation to precipitate the bismuth from the leach solution prior to smelting and pouring metal ingots and/or calcining the molten metal to an oxide product. While Fortune has already conducted cementation tests, Worley and Mezei are producing the Basis of Design as well as assessing the scope and budget for any additional test work required for detailed engineering and construction. Worley is also preparing a general suitability assessment of the JFSL buildings for use in accommodating the NICO Project refinery bismuth and gold circuits.

The afore-mentioned contracts are all well advanced and intended to validate the opportunities Fortune has preliminarily identified to achieve capital cost savings from the JFSL site and facilities. Fortune is also engaged with Lamont County, the Alberta Government and Alberta's Industrial Heartland Association as well as local vendors and service providers to support the Company during construction and operations. These include railways and terminals, lime, acid, process water, power, natural gas and oxygen suppliers, and brine disposal facilities – all available from nearby sources to support NICO Project refinery operations.

The NICO Project is an advanced development stage Critical Minerals asset that is expected to provide a reliable North American source of Critical Minerals and gold in western Canada. Fortune has expended more than C$137 million to advance the NICO Project from an in-house discovery to a near-term producer with a minimum 20-year supply of Critical Minerals.

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper Critical Minerals project in the NWT 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.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the development of the NICO Project, the completion of due diligence on the JFSL site, the successful exercise of the option by Fortune over the JSFL site, the potential for expansion of the NICO Deposit and statements regarding drill results and future drilling and assays. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to complete construction of a NICO Project refinery; the Company's ability to arrange the necessary financing to continue operations, acquire the JSFL site, and develop the NICO Project including construction of the related hydrometallurgical refinery on the JSFL site; the support of the federal and/or provincial government for the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the 2021 drill program may not result in a meaningful expansion of the NICO Deposit, the continuing effects of the COVID-19, the Company may not be able to complete the purchase of the JSFL site or secure a site for the construction of a refinery, the Company may not be able to finance and develop the NICO Project on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Company's Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

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Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com

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Fortune Minerals Limited (TSX:FT,OTCQB:FTMDF) is a Canadian mining company developing its wholly owned, vertically-integrated, NICO primary cobalt project in Canada to produce cobalt chemicals for the rapidly expanding lithium-ion battery industry. The NICO Mineral Reserves also contain 1.1 million ounces of gold, 12% of global bismuth reserves, and copper as a minor by-product. NICO is comprised of a planned mine and concentrator in the Northwest Territories and a related refinery in southern Canada where concentrates from the mine will be processed to energy– and eco-metals for the growing green economy. The cobalt, bismuth and copper contained in the NICO deposit are all classified as Critical Minerals, having essential use in new technologies, cannot be easily substituted with other minerals and their supply chains are threatened by geographic concentration of production in unreliable jurisdictions and/or countries with policy risks. NICO is expected to be a reliable North American producer of Critical Minerals with supply chain transparency and custody control of ethically-produced metals from ores through to the production of value-added metals and chemicals.

The cobalt market has been increasing for more than 20 years at an average six percent compounded annual growth rate (CAGR) and consumption is now approximately 150,000 tonnes of refined cobalt per year. The market is in a small supply deficit that is expected to increase beyond 2023 with increasing demand in rechargeable batteries exceeding the production in the Democratic Republic of Congo (DRC), other global producers and identified development projects.

Battery use is primarily to make the cathodes of lithium-ion batteries, used in portable electronic devices, electric vehicle (EVs) and stationary storage cells to make electricity use more efficient. Batteries are now responsible for more than 64 percent of global cobalt demand, up from one percent of a smaller 35,000 to 40,000 tonne market in the mid-1990s. Cobalt is also used in superalloys for the aerospace industry, cemented carbides, cutting tools, permanent magnets, surgical implants, catalysts, pigments and agricultural products. The 20-year inflation adjusted price of cobalt is approximately US$25 per pound.

Demand for cobalt is expected to accelerate from increasing adoption of EVs and energy stationary storage cells. Since 2014, more than 225 battery megafactories (production greater than 1 gigawatt-hour (GWh) have been completed, are under construction or announced to produce more than 4,100 GWh of energy storage. EV adoption is expected to push consumption of cobalt to approximately 400,000 tonnes per year by 2030 according to Benchmark Mineral Intelligence and other analysts, an increase of between two and three hundred percent of current production levels. Many countries have announced future bans on cars with internal combustion engines and/or stricter emission standards helping drive the transformation to electric mobility and cost parity.

Cobalt is generally considered to be the bottleneck in the supply chain for the increased demand for lithium-ion batteries. This is attributed to the lack of alignment between the minerals industry's ability to develop new mines and the more rapid advancement of new technologies needing and their associated raw materials. It is also exacerbating geographic concentration of production in the DRC, which is responsible for about 70 percent of current mine production more than half of which is controlled by Chinese state-owned companies. China is also the dominant producer of refined cobalt (60 percent) and it also produces in excess of 80 percent of refined cobalt chemical supply, resulting in policy risks to western battery and automotive manufacturers. About 98 percent of non-artisanal cobalt production is also produced as a by-product of nickel or copper mining where the primary metals determine production criteria. Responsible sourcing has become an issue with some DRC production due to child labour, and concerns over conflict minerals, poor environmental and social governance (ESG) practices and the lack of supply chain transparency. There is increasing pressure from the Responsible Business Alliance (RBA), an organization of major electronics companies, to adhere to better ESG principles in their battery supply chains that could otherwise damage their brands.

The NICO project is a planned reliable Canadian vertically-integrated producer of cobalt sulphate to mitigate supply chain issues around cobalt, which is identified as a Critical Mineral by countries including Canada, U.S., E.U., U.K, Japan and Korea.

NICO is a primary cobalt deposit, but the Mineral Reserves also contain 1.1 million ounces of gold as a countercyclical and highly liquid co-product that can be easily converted to cash. The gold contained in the NICO deposit stands out among other cobalt projects where the metal is produced primarily as a by-product of copper and/or nickel.

NICO is also the largest known deposit of bismuth in the world with about 12% of global reserves – even though it represents only about 15% of projected revenues from operations at current metal prices. Bismuth is a metal with unique physical properties, including high density, very low melting temperature, non-toxicity and it is one of the few elements that expands when cooled. The market is approximately 20,000 tonnes per year, but demand is growing, primarily as a non-toxic replacement for lead. China currently controls about 75% of world production and reserves.

Bismuth is used primarily in the automotive industry for glass frits, anti-corrosion alloys, and metallic paint lusters and pigments. It also has anti-bacterial properties and is the primary ingredient in medicines such a Pepto-Bismol ®. The low melting temperature of bismuth is used in the trigger mechanism for fire protection sprinkler systems. Bismuth is scientifically recognized as environmentally safe and non-toxic, and otherwise has physical properties similar to lead. Bismuth consumption is therefore growing as a lead replacement metal in plumbing and electronic solders, brass particularly for potable drinking water valves and fixtures, free machining steel and aluminum, hot-dip and electroplated galvanizing alloys, ceramic glazes, paints, glass, radiation shielding, cosmetics ammunition and fishing weights.

Fortune expects to have average annual bismuth production of 1,700 tonnes during the first 14 years of the 21-year mine life. This represents approximately 8.5% of the annual market, however, two major bismuth producers are no longer in the business and annual consumption is increasing providing for an attractive market for a new Canadian vertically integrated supplier.

Excellent infrastructure in place and under development

The NICO cobalt-gold-bismuth-copper deposit is an IOCG or Olympic Dam-type mineral deposit situated on 5,140 hectares of mining leases, located 160 kilometers northwest of the City of Yellowknife and 50 km north of Whati in Canada's Northwest Territories. There is all-season road access to Whati via Highway 9, a $400 million design/build/operate/maintain private-public partnership between the Government of the Northwest Territories and North Star Infrastructure. Up to $53 million of the capital costs for the project were contributed by the federal government through the Canadian Infrastructure fund. Fortune Minerals has received Environmental Assessment approval to build a 50-kilometre spur road from Whati to the mine site and is included in the mine site capital costs. With construction of the spur road Fortune will be able to truck metal concentrates from the mine to the railway at Enterprise or Hay River and delivery them by rail to the Company's planned refinery in southern Canada. The NICO leases are located 25 kilometers west of the Snare hydro complex and electrical grid servicing Yellowknife.

NICO and the Company's satellite Sue-Dianne Copper-Silver-Gold deposit are classified as Iron Oxide-Copper-Gold (IOCG)-type deposits with world class global analogues including Olympic Dam in South Australia, the Salobo and Sossego deposits in Brazil, and the Candelaria district deposits in Chile. They occur in clusters of multiple deposits, commonly aggregating more than a billion tonnes in similar tectonic and geological environments.

The Mineral Reserves for the NICO Deposit were estimated in Compliance with NI-43-101 and total 33.1 million tonnes, containing 82.3 million pounds (37,341 tonnes) of cobalt, 1.1 million ounces of gold, 102.1 million pounds (46,325 tonnes) of bismuth and 27.2 million pounds (12,296 tonnes) of copper to support a 20-year mine life at a mill throughput rate of 4,650 tonnes of ore per day. The Mineral Reserves are based on 327 drill holes plus surface trenches and underground test mining verifying the deposit grades, geometry and mining conditions. Both of Fortune's deposits are open for potential expansion and there is significant potential to extend the deposits with additional drilling or identify new zones or deposits. Two large combined gravity, magnetic and magnetotelluric anomalies were identified on the Company's leases that are being drill tested in late 2021.

Fortune Minerals has expended in excess of $135 million preparing technical, environmental and social studies to support the development of the NICO cobalt-gold-bismuth-copper project. Environmental Assessment approval and the major mine permits have been received for the planned facilities in the Northwest Territories.

A positive Feasibility Study was completed in 2014 by Micon International Limited (Micon) that identified the Mineral Reserves to support a 20-year mine life at a mill throughput rate of 4,650 tonnes of ore per day. The Feasibility Study and previous Front End Engineering and Design Study by Aker Solutions contemplated combined open pit and underground mining during the first two years of the mine life, followed by only open pit mining. The sulphide concentrates produced at the mine would have been transported to a planned refinery near Saskatoon for hydrometallurgical processing to produce cobalt sulphate, gold doré, bismuth ingots and oxide and a copper precipitate.

Fortune completed underground test mining to verify the NICO deposit grades, geometry, and mining conditions and to collect large samples of fresh ores for pilot plant testing, validating the process flow sheet, metal recoveries and to produce samples of cobalt sulphate for testing by potential customers

Environmental Assessments were completed for the mine and refinery, and the mine site facilities have received the major mine permits. Fortune has completed an Access Agreement with the Tlicho Indigenous Government setting out the conditions for the mine access road that would be built on Tlicho lands. A Socio-Economic Agreement has also been completed with the Northwest Territories Government.

The Company has assessed numerous optimizations to produce a more financially robust project and is assessing a number of alternative refinery sites with Industrial Zoning that are also brownfield with existing facilities and closer to the NICO mine. The Feasibility Study would then be updated based on the recent work. Fortune is also working to arrange the project financing for the construction of the NICO project through a combination of strategic partnerships, debt and equity and has executed Confidentiality Agreements with a number of financial institutions and potential strategic partners.

Micon was retained to prepare a Feasibility Study in 2014 based on the 2012 Front-End Engineering and Design Study by Aker Solutions and a proposed project financing joint venture that was proposed under a Memorandum of Understanding (MOU) with Procon Group (Procon) and China CAMC Engineering Co., Ltd. (CAMCE). Procon was the underground mining contractor for the previous test mining and bulk sampling project. The transaction had proceeded to bank due-diligence, but was not completed due to a change in the business strategy for CAMCE following the change in leadership in China at that time.

The Feasibility Study was based primarily on open pit mining methods, but augmented with ores mined by underground methods during the first two years of the 20-year mine life. The underground ores allow for earlier processing of gold-rich, high grade ores sourced near the existing underground ramp system to accelerate cash flows.

Ores would be processed in a mill and concentrator at the NICO site at a throughput rate of 4,650 tonnes per day. A key economic attribute of the NICO process methodology 0is a very high concentration ratio (low mass pull) that captures the recoverable metals in only 4% of the mass of the ore. Only 180 tonnes of bulk concentrate would be produced per day containing the recoverable metals for low cost trucking to the rail head ay Hay River and delivery by rail to the planned refinery, which was near Saskatoon in the Micon study.

The NICO project refinery location in southern Canada would leverage lower cost power, lower capital and operating costs, proximity to reagents and proximity to a local skilled pool of chemical plant workers and engineers. The southern location would also enable the refinery to treat metal concentrates from other projects and from recycling of chemical plant residues, scrap metals and spent batteries.

The NICO refinery previously included a secondary flotation circuit to process the bulk concentrate into separate cobalt and bismuth concentrates – both containg gold. This circuit was subsequently moved to the mine site to provide more sales optionality. At the refinery, cobalt concentrate would be treated by high pressure acid leach (HPAL) in an autoclave to dissolve the contained cobalt and copper, which would then be precipitated by sequential neutralization. The cobalt circuit contemplated solvent extraction purification and crystallization to a high-purity cobalt sulphate heptahydrate crystals. Copper would be cemented onto iron and sold as a metal precipitate. The bismuth circuit contemplated leaching in ferric chloride, followed by electro-winning to an impure cathode, and then smelting in a small rotary furnace to pour metal ingots or calcined to an oxide product. The residue from the bismuth circuit containing most of the gold would be blended with the cobalt concentrate (also containing gold) prior to autoclave processing to mitigate refractory losses. The autoclave combined leach residue would then be processed in a small cyanide circuit followed by Merrill-Crowe precipitation and smelting to doré bars.

Fortune Minerals believes there are also future revenue-generating opportunities at the refinery with custom processing of materials sourced from other mines as well as diversification into the battery and metals recycling business.

Highlights from the 2014 feasibility study are as follows:

Sums of the combined reserves may not exactly equal sums of the underground and open pit reserves due to rounding error

Metal recoveries from ores to final products

*The 2014 feasibility study reflected in the Micon Technical Report uses base case price assumptions are US$1,350 per troy ounce for gold, US$16 per pound for cobalt (US$19.04 per pound in sulphate), US$10.50 per pound for bismuth (US$12.64 per pound bismuth in average production of ingot, needles and oxide) and US$2.38 per pound for copper at an exchange rate of C$1=US$0.88; Cycle price sensitivity analysis uses US$1,200 to US$1,900 per ounce gold, US$ 12-30 per pound cobalt, US$7 to US$19 per pound bismuth and US$3 to US $4.50 per pound copper

Fortune Minerals has been assessing various optimizations it has recognized to make a more financially robust project. They include:

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

Mahendra Naik is a Chartered Accountant and a founding director and a key executives in starting IAMGOLD Corporation, a TSX and NYSE-listed gold mining company. As Chief Financial Officer from 1990 to 1999, he was involved in the negotiations of the Sadiola and Yatela mine joint ventures with Anglo American and US$400 million in project debt financings for the development of the mines. He was also involved with more than $150 million in equity financings, including the Initial Public Offering. Mahendra is currently Chief Executive Officer of FinSec Services Inc., a private business advisory company and a director of FirstGlobalData Limited, Goldmoney Network Limited and Jameson Bank.

Robin Goad is a professional geologist with more than 40 years of experience in the mining and exploration industries in Canada and internationally, including particular expertise in working in Canada's far north. Mr. Goad led the team responsible for discovery of the NICO deposit and managed the work programs transitioning the project to the development phase. Prior to founding Fortune in 1988, Goad worked for large companies including Noranda and Teck, and as a consultant to the resource industry. He is a director of the NWT & Nunavut Chamber of Mines and has served as President and director of other TSX listed mineral exploration and development companies.

Glen is a mining engineer with approximately 30 years of global, multiple commodity, operations, project development and corporate social investment experience predominantly with Anglo American & De Beers. Prior to his retirement from De Beers Canada in 2016, Mr. Koropchuk was COO and responsible for delivering safe, operational excellence from the Snap Lake and Victor diamond mines in Canada's north. Notably, he also led the permitting, Aboriginal engagement, and project management for the Gahcho Kue diamond mine in the Northwest Territories that was finished on budget, on time, and was recognized as the world's largest new diamond mine at its opening ceremony in 2016.

John is the CEO and an Executive Director of the Procon Group of Companies. His engineering and construction industry career spans more than 35 years in the mining, energy and power industries in Canada and internationally. John joined Procon as CEO in 2015 and is leading the growth and diversification of this full-service mine development and civil infrastructure contractor across Canada and in select other countries. Prior to Procon, John held executive and senior management positions with Bechtel, SNC-Lavalin and Kilborn Engineering. John McVey has B.A.Sc. and M.A.Sc. degrees in Chemical Engineering from the University of Waterloo and is a licensed Professional Engineer in Ontario and Alberta. He has completed the Queen's Executive Development Program and the Institute of Corporate Directors, Directors Education Program, obtaining the ICD.D designation from the Institute.

Ed Yurkowski served as CEO of Procon, a provider of mining services through Procon Mining & Tunneling Ltd before retiring from that position in 2014. Ed Yurkowski has been involved in the mining and civil contracting industries since 1966, including ownership and management of two large mining construction contracting companies. He received his Bachelor of Science in Civil Engineering in 1971 from the University of Saskatchewan and currently serves as a director of other TSX and TSX Venture Exchange listed companies, including Imperial Metals Corp., Golden Band Resources Inc., BC Moly Ltd. and Copper Lake Resources Ltd.

David Ramsay is a consultant with extensive elected public office experience in the Northwest Territories, including prominent cabinet positions in the Legislative Assembly. He has been the Minister for Industry, Tourism and Investment, Justice, Transportation, Public Utilities Board and Attorney General. David was also previously President of the Pacific Northwest Economic Region (PNWER), a public / private partnership of western Canadian provinces and territories and northwestern U.S. states with a mandate to increase the economic well-being and quality of life for all citizens of the region. As a long-term resident of the Northwest Territories, David has been involved with numerous businesses. He was first elected to public office in 1997 and served five years as a Yellowknife City Councilor before his election to the Legislative Assembly.

Patricia Penney is a Chartered Accountant with 20 years of accounting and audit experience. Prior to Fortune, she was a Senior Manager with Caceis Canada Ltd., an alternative fund administrator.

David is a partner with Weir Foulds LLP, a Canadian legal practice with extensive expertise in the resource sector. David specializes in securities law, including public and private financings, mergers and acquisitions, stock exchange listings and regulatory compliance and acts for investment dealers and issuers. David is a member of the Law Society of Upper Canada.

Rick Schryer is an aquatic scientist with more than 25 years of experience in mine permitting, environmental assessments, environmental studies and monitoring. Prior to Fortune, he worked with Golder Associates and was involved with the permitting and environmental assessments for the Diavik and Snap Lake diamond mines in the Northwest Territories as well as projects in southern Canada

Troy Nazarewicz has 17 years of experience as an investment advisor and portfolio manager with MacDougall, MacDougall & MacTier Inc. He also worked as a Business Development Manager with a design and marketing firm.

Dustin Reinders is a mining engineer with more than 10 years of experience in the mining industry and earthworks construction performing engineering and management roles. He has previously worked for Northgate Minerals at the Kemess South mine and with North American Construction Group at various mine sites in Fort McMurray. Dustin is a graduate of the University of Alberta with a Bachelor of Science degree in Mining Engineering.

Sherry Tunks has 15 years of supply chain experience within the mining, automotive supply and manufacturing industries and is responsible for purchasing and supply chain management for the company.

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.

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.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the issuance of the Amended Debentures and the Company's plants to develop the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to secure the necessary financing to repay the Amended Debentures; the Company's ability to complete construction of a NICO Project refinery; the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the extension shares and the construction and operation of the NICO Project, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the COVID-19 pandemic or global geopolitical situations may interfere with the Company's ability to continue development of the NICO Project; the Company may not be able to secure financing to repay the Amended Debentures; the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220818005142/en/

Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com

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New United States Inflation Reduction Act includes measures to positively impact North American critical minerals supply chains

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that it has reached an agreement in principle with the holders of its debentures issued in 2015 (the " 2015 Debentures ") to extend their maturity from August 12, 2022 to November 30, 2022. The extension of the maturity date of the 2015 Debentures remains subject to finalizing and executing definitive documentation between the Company and the holders of the 2015 Debentures (the " Extension Documents ").

The amended and restated debentures (the " Amended Debentures ") will 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, and will bear interest at a rate of 10% per annum for the extension period between August 12, 2022 and November 30, 2022. The Amended Debentures will be secured by all of the assets of the Company (including the NICO cobalt-gold-bismuth-copper project (" NICO Project "). Other than the foregoing, the material terms and conditions of the Amended Debentures are expected to remain substantially consistent with the terms of the 2015 Debentures. As additional consideration for the extension of the maturity date, the Company has agreed to pay to the holders of the Amended Debentures an extension fee, which shall be satisfied by the issuance of 3,500,000 common shares of the Company at a deemed price of $0.10 per share upon execution of the Extension Documents. The issuance of the shares remains subject to final approval of the Toronto Stock Exchange and will be subject to a four-month hold period from the date of issuance.

Fortune is also pleased to report that the new Inflation Reduction Act, which the U.S. Senate recently passed, is expected to positively impact the North American critical minerals industry, particularly for the metals used in lithium-ion batteries powering electric vehicles. The Act revamps the electric vehicle Federal tax credit of US$7,500, extending the tax credit through 2032, removing the unit-sales cap of 200,000 per OEM, and introducing a mandate for qualified cars being assembled in North America to include escalating levels of critical minerals sourced from the U.S. or countries with a free-trade agreement with the U.S. Specifically, the bill requires that the "percentage of the value" of the applicable battery critical minerals be extracted or processed in the U.S. or a U.S. free-trade partner or recycled in North America, be:

The bill places similar restrictions on the percentage of value of the components but leading up to a 100% requirement for vehicles placed in service after 31 December 2028.

As previously announced, Fortune has engaged Haywood Securities Inc. (" Haywood ") to act as its financial advisor to support its near-term financing objectives (see news release, dated May 16, 2022). Haywood is assisting Fortune with seeking the funds needed to repay the Amended Debentures and complete the purchase of the planned NICO Project refinery site in Lamont County, Alberta. Haywood is also assisting Fortune in its efforts to finance the other activities required to advance development of the NICO Project towards a construction decision, including detailed engineering for an updated feasibility study to support project finance, completion of the remaining permits, and to secure additional capital for general corporate purposes.

The 100%-owned NICO Project is a Canadian, vertically integrated, critical minerals development project and one of the few cobalt assets in the world that can be developed in a timeframe needed to meet today's cathode chemistries for rechargeable batteries used in the transition to electric vehicles. The NICO Project Mineral Reserves also contain more than one million ounces of gold, 12% of global bismuth reserves, and copper as a minor by-product.

Fortune has filed its consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the period ended June 30, 2022 on SEDAR ( www.sedar.com ) and will be available soon through the Company's website ( www.fortuneminerals.com ).

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101.

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper Critical Minerals 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.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the issuance of the Amended Debentures, impacts of the Inflation Reduction Act, and the Company's plans to develop the NICO Project, including the successful the development and construction of the planned NICO cobalt-gold-bismuth-copper mine and concentrator. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to secure the necessary financing to repay the Amended Debentures the Company's ability to complete construction of a NICO Project refinery; the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the Extension Shares and the construction and operation of the NICO Project, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the COVID-19 pandemic or global geopolitical situations may interfere with the Company's ability to continue development of the NICO Project, ; the Company may not be able to secure financing to repay the Amended Debentures; the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

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Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com

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Due-diligence for the brownfield facility in Alberta's Industrial Heartland essentially complete

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that it has secured a two-month extension to the option period to purchase the JFSL Field Services ULC (" JFSL ") brownfield site in Lamont County, Alberta where it plans to construct the NICO hydrometallurgical refinery. Fortune can acquire the JFSL site and facilities for C$5.5 million before the end of September 2022 by paying C$15,000 per month to extend the option. The JFSL site is comprised of 76.78 acres of lands in Alberta's Industrial Heartland northeast of Edmonton, a consortium of five municipalities with the planning approvals already in place to attract heavy industry. The JFSL facility is a former steel fabrication plant with 42,000 square feet of serviced shops and buildings adjacent to the Canadian National Railway. It is also situated close to sources of reagents and a commutable pool of engineers and skilled chemical plant workers to materially reduce capital and operating costs for the planned NICO development.

The NICO refinery would process metal concentrates from the planned NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (" NWT ") enabling Fortune to become a vertically integrated producer of cobalt sulphate needed to make the cathodes of lithium-ion batteries used in electric vehicles, portable electronics and stationary storage cells. The refinery would also produce bismuth ingots and oxide, an ‘Eco-metal' used in the automotive and pharmaceutical industries with growing demand as an environmentally safe and non-toxic replacement for lead in free-machining steels and aluminum, lead-free brasses and solders for the plumbing and electronics industries, ceramic glazes, radiation shielding, glass, plugs for decommissioned oil and gas wells, ammunition, and fishing weights. The Mineral Reserves for the NICO deposit in the NWT also contain more than one million ounces of gold, and copper as a minor by-product. The vertically integrated NICO Project is an advanced development stage Critical Minerals development asset that has already received environmental assessment approval and the major mine permits for the facilities in the NWT. The project has also been assessed in positive feasibility and front-end engineering and design (" FEED ") studies that will be updated to reflect the new refinery site.

For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com. The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the exercise by the Company of its option to purchase of the JFSL site, the successful construction and completion of the proposed hydrometallurgical refinery at the JFSL site, and the Company's plans to develop the NICO Project, including the successful the development and construction of the planned NICO cobalt-gold-bismuth-copper mine and concentrator. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the successful completion of the Company's due diligence investigations on the JFSL site, the Company's ability to secure the necessary financing to fund the exercise of the option and complete the purchase of the JFSL site, the Company's ability to complete construction of a NICO Project refinery; the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the COVID-19 pandemic or global geopolitical situations may interfere with the Company's ability to continue development of the NICO Project, the Company may not be able to complete the purchase of the JFSL site and secure a site for the construction of a refinery, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

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Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com

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Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) reports that the nominees listed in the management information circular for the 2022 Annual General Meeting of shareholders held on June 28, 2022 (the "Meeting") were elected as directors of Fortune. Detailed results of the vote based on proxies received are set out below:

Shareholders also approved the appointment of Fortune's auditors.

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Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com

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Transition to Electric Vehicles driving year on year and projected cobalt demand growth

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to provide a summary of the key highlights from the Cobalt Institute's (" CI ") Cobalt Market Report 2021 (access report here ) released this week. The CI is a trade organization promoting the sustainable and responsible production and use of cobalt with member companies comprised of producers, developers, users, traders, and recyclers of cobalt metals and chemicals. The Cobalt Market Report 2021 confirms cobalt's essential role in diverse industrial applications, and particularly as an enabler of the green economy transition and innovation of rechargeable battery technologies supporting accelerating global electric vehicle (" EV ") sales. Fortune's NICO Cobalt-Gold-Bismuth-Copper Project (" NICO Project ") is a Canadian, vertically integrated, Critical Minerals development and one of the few cobalt assets in the world that can be developed in the timeframe needed to meet today's cathode chemistries in rechargeable batteries used in EV's, portable electronics and stationary storage cells.

Robin Goad, Fortune's President and CEO, commented, "The transition to a low carbon economy is picking up as world leaders adopt net zero targets and efforts grow to transform the automotive industry to electric vehicles. The Cobalt Institute's Cobalt Market Report 2021 is an independently authored and comprehensive analysis of the essential role cobalt plays in the growing green economy."

Fortune has expended more than C$137 million to advance the NICO Project from an in-house discovery to a near-term producer with 20-years of Mineral Reserve containing three Critical Minerals (cobalt, bismuth and copper) and more than 1.1 million ounces of in-situ gold. The NICO Project is comprised of a planned mine and mill in Canada's Northwest Territories (" NWT ") and a related hydrometallurgical refinery in Alberta to process metal concentrates from the mine to cobalt sulphate, gold doré, bismuth ingots and oxide, and copper. The Company has received environmental assessment approval and the Type "A" Water License to construct and operate the mine in the NWT. The recent completion of the C$200 million Tlicho Highway to the community of Whati is a key enabler for the NICO Project. This highway, together with the spur road to the mine that Fortune plans to construct, will allow metal concentrates to be trucked to the railway at Hay River or Enterprise, NWT for delivery to the Company's proposed Alberta refinery.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the Company's ability to raise additional capital, the purchase of the industrial site on which the Company presently intends to construct the hydrometallurgical refinery for the NICO Project, the repayment or restructuring of the Company's current debt, the development of the NICO Project, the potential for expansion of the NICO Deposit and statements regarding drill results and future drilling and assays. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to successfully raise the necessary capital to meet its corporate objectives in both the near and long term; the successful exercise by the Company its option to purchase the industrial site on which it intends to construct a NICO Project refinery; the completion of construction of a NICO Project refinery; the ability to arrange the necessary financing to continue operations and develop the NICO Project; the support of the federal and/or provincial government for the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the Company may not be able to finance and develop the NICO Project on favourable terms or at all, the 2021 drill program may not result in a meaningful expansion of the NICO Deposit, the effects of a global market downturn, pressure on commodities prices, and/or the COVID-19 on the Company's capital raising efforts, the Company may not be able to complete the purchase of the industrial site located in in Alberta's Industrial Heartland northeast of Edmonton and secure a site for the construction of a refinery, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Company's Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

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Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com

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This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

This release is being made by Randy Johnson to report information concerning holdings of Mr. Johnson and Orca Holdings, LLC (collectively, the "Acquiror") in Ucore Rare Metals Inc. (the "Issuer" or "Ucore"). Orca Holdings, LLC ("Orca") is wholly owned by Mr. Johnson, serving as a holding company for Mr. Johnson's securities holdings. Mr. Johnson has been a director of Ucore since October 6, 2020.

On August 16, 2022, the TSX Venture Exchange approved and Ucore issued 2 million common share purchase warrants ("Warrants") to Orca, with each Warrant entitling Orca to acquire one common share of the Company at an exercise price of CAD$0.75 during a term ending on July 20, 2023. The issuance of these Warrants was in consideration for Orca providing Ucore with a secured line of credit facility (the "Line of Credit") in the amount of up to USD$2 million, as detailed in the Ucore's news release dated July 21, 2022. Drawdowns on the Line of Credit will be available in multiples of USD$100,000 and will carry interest at a rate of 9 percent per annum. All amounts owing under the Line of Credit will be repayable by maturity, which is six months from the execution date of the Line of Credit (Jan. 20, 2023), unless such repayment is accelerated due to the Company's completion of an equity financing on terms acceptable to the Company and the investor(s). The Line of Credit is secured by a general security agreement over the assets of the Company. Orca has been a secured creditor of the Company since March 30, 2019 when Orca provided a term loan to Ucore. That term loan, as amended and currently bearing interest at 9%, had principal and accrued interest owing of CAD$1,100,071 as at March 31, 2022 (the end of Q2 2022) and is due for repayment on November 30, 2023.

Immediately prior to the issuance of the Warrants, the Acquiror directly or indirectly held beneficial ownership of, and control and direction over, a total of 5,092,406 common shares, 1,000,000 warrants, and 765,000 options, representing approximately 10.37% of the issued outstanding common shares (on a non-diluted basis) or approximately 13.49% upon the exercise of the warrants and the options (on a partially diluted basis, which assumes the exercise of all of the warrants and the options beneficially owned by Mr. Johnson, and that no other securities, including those convertible into or, exercisable for, the Company's securities, are issued, converted or exercised).

Immediately following the issuance of the 2 million Warrants the Acquiror directly or indirectly held beneficial ownership of, and control and direction over, a total of 5,092,406, common shares, 3,000,000 warrants, and 765,000 options, representing approximately 10.37% of the issued and outstanding common shares (on a non-diluted basis) or approximately 16.76% upon the exercise of the warrants and the options (on a partially diluted basis). Of the 765,000 options that Mr. Johnson currently holds, 500,000 options (with an exercise price of $2.65 per common share) are expected to expire out-of-the-money on August 21, 2022.

The securities referred to above were acquired for investment purposes and not for the purpose of exercising control or direction over the Issuer. The Acquiror may, from time to time, increase or decrease its shareholdings or continue to hold the Issuer's securities as the Acquiror may determine appropriate in the normal course of investment activities.

The Acquiror is an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the United States Securities Act of 1933, as amended ("1933 Act")) and acquired the securities referred to above pursuant to available exemptions from registration under the 1933 Act and applicable state securities laws. In regard to National Instrument 45-106 "Prospectus Exemptions", the Warrants were issued pursuant to the prospectus exemption found at section 2.24 of that instrument.

The Issuer is located in 210 Waterfront Drive, Suite 106, Bedford, Nova Scotia, Canada B4A 0H3, and the Acquiror is located in P.O. Box 8158, Ketchikan, Alaska, USA, 99901. A copy of the report filed under applicable Canadian securities laws by the Acquiror in connection with the transactions referred to in this press release may be obtained from the Acquiror via email (tomc@tylerrental.com) or telephone (907-228-5379), or on the SEDAR profile of the Issuer at www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134250

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ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) based in Vancouver, British Columbia, Canada focused on lithium exploration today announced that Stephen Hanson, CEO will present live at VirtualInvestorConferences.com on August 23rd, 2022. This battery metals focused event is co-sponsored by Virtual Investor Conferences and Independent Investment Research LLC.

DATE: August 23rd, 2022 TIME: 11:30 AM ET LINK: https://bit.ly/3JSF8GE Available for 1x1 meetings: August 24 th , 25 th , 26 th

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com .

About ACME Lithium Inc. Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and at Cat-Euclid and Shatford Lakes in southeastern Manitoba.

About Virtual Investor Conferences ® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

ACME Lithium Inc Stephen Hanson Chief Executive Officer, President and Director +1 (604) 564-9045 info@acmelithium.com

Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com

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Company Executives Share Vision and Answer Questions Live at VirtualInvestorConferences.com

Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Battery Metals Virtual Investor Conference to be held on August 23 rd .

Individual investors, institutional investors, advisors, and analysts are invited to attend this virtual event showcasing live executive presentations from companies addressing worldwide opportunities in battery and technology metals.

REGISTER NOW AT : https://bit.ly/3dFIr88 It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations and schedule 1x1 meetings with management.

"OTC Markets is excited to host the upcoming Battery and Technology Metals Virtual Investor Conference," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "We appreciate the collaboration of our co-sponsor Independent Investment Research and look forward to strategic discussions from leaders on the forefront of this industry."

To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Media Contact: OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

Virtual Investor Conferences Contact: John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com

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Avalon Advanced Materials Inc. (AVL:TSX, AVLNF:OTCQB), based in Toronto focused on Lithium Battery Materials Supply Chains today announced that Don Bubar, President & CEO, will present live at VirtualInvestorConferences.com on August 23rd, 2022. This battery metals focused event is co-sponsored by Virtual Investor Conferences and Independent Investment Research LLC.

DATE: August 23rd, 2022 TIME: 10:00 am ET LINK: https://bit.ly/3JSF8GE

Available for 1x1 meetings: August 24, 2022

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com .

About Avalon Advanced Materials Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. The Company now has four advanced stage projects, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, cesium and zirconium. Avalon is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while continuing to advance other projects, including its 100%-owned Lilypad Cesium-Tantalum-Lithium Project located near Fort Hope, Ontario. Social responsibility and environmental stewardship are corporate cornerstones.

CONTACTS: Avalon Advanced Materials Inc. Don Bubar President & CEO 416-723-9132 dsbubar@avalonAM.com

Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com

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TinOne Resources. Inc. (TSXV: TORC) (OTCQB: TORCF) (FRA: 57Z0) (" TinOne " or the " Company ") is pleased to announce that it has qualified to trade on the OTCQB® Venture Market in the United States and its common shares are now trading on the OTCQB under the ticker symbol "TORCF". TinOne will continue to trade on the TSX Venture Exchange in Canada under the symbol "TORC" and on the Frankfurt Exchange under the symbol "57Z0".

" TinOne's entry onto the OTCQB marks another milestone in the Company's growth ," said Chris Donaldson , Executive Chairman. " We are very excited to start trading on the OTCQB, which will increase exposure and liquidity for TinOne in the United States ".

TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of tin projects in the Tier 1 mining jurisdictions of Tasmania and New South Wales, Australia . The Company is focussed on advancing its highly prospective portfolio while also evaluating additional tin opportunities. TinOne is supported by Inventa Capital Corp.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain "Forward‐Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward‐looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward‐looking statements or information. These forward‐looking statements or information relate to, among other things: the development of the Company's projects, including drilling programs and mobilization of drill rigs; future mineral exploration, development and production; the release of drilling results; and completion of a drilling program.

Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of TinOne, future growth potential for TinOne and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; TinOne's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect TinOne's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and TinOne has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's ability to meet the continued listing requirements of markets on which the Company's securities are traded; the Company's dependence on early stage mineral projects; metal price volatility; risks associated with the conduct of the Company's mining activities in Australia ; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in TinOne's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward‐looking statements or forward-looking information. Although TinOne has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. TinOne does not intend, and does not assume any obligation, to update these forward‐looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/17/c9344.html

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ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to report positive sample results from the recently drilled DH-1 hole at its Clayton Valley lithium brine project located in Esmeralda County, Nevada. The Company's significant new lithium discovery has initiated Phase 2 planning and procurement of an expanded drilling and pump test program.

DH-1 was drilled to a total depth of 1400 feet (427) meters below ground surface and intersected multiple productive horizons including the targeted basal gravel aquifer at an approximate depth of 1,250 feet (381 meters) below ground surface (bgs).

Samples of brine were taken from DH-1 at various intervals and were sent to an independent lab and analyzed for lithium and other elements typical of lithium enriched brine systems. Target sampling zones and depths were based on the results of the geophysical surveys, interpretations of the drilled lithology, and field observations including fluid conductivity and salt precipitation on the exposed core.

The following provides a summary and preliminary assessment of the laboratory analytical results and lithium assays from DH-1:

Lithium Concentrations Across Test Intervals

Figure 1 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7776/134080_18a407ae047cfb3e_003full.jpg

Additional aquifers were intercepted above the basal gravel layer including the main ash layer which is believed to be one of the targeted production horizons of Albemarle's neighbouring Silver Peak lithium project.

A preliminary assessment of major contacts encountered in DH-1 as they may apply to those described in regional historical data is provided below:

Geologic and geophysical data including sample results will help identify specific horizons to be tested in a Phase 2 drill program which will include a separate, larger diameter test well (TW-1) for completion of brine aquifer permeability testing and sampling. Phase 2 will also include up to three (3) new exploration holes DH-1A, DH-2, and DH-3 with objectives to examine deeper horizons through zonal isolated testing, assess stratigraphy, and the potential for continuity between the stratigraphic units encountered in DH-1. The Phase 2 exploration holes will be completed with grouted in vibrating wire piezometers which will be used to monitor aquifer response during future pumping test. Phase 2 is expected to commence during the 4th quarter of 2022 subject to further permitting and availability of drilling equipment and services.

Based on prior Clayton Valley drilling experience intercepting a high-flow brine horizon marking the gravel/bedrock contact, ACME's team is particularly focussed on advancing drilling to test this highly prospective brine zone.

ACME's Clayton Valley, Nevada lithium brine project is contiguous to the northwest of Albermarle's Silver Peak lithium deposit which has been in production since 1966. Located in one of the best resource jurisdictions in the world, Clayton Valley is the only lithium producing region in the United States.

ACME is well funded by strategic investors and positioned to complete its exploration and development objectives thru the near term with the goal of providing a domestic supply of lithium to the US and Canadian markets.

Analytical Quality Assurance & Quality Control

All analytical data reported in this news release were generated by Western Environmental Testing Laboratory ("WETLAB") of Sparks, Nevada. WETLAB is accredited by the Nevada State Division of Environmental Protection for determination of lithium, magnesium and other elements in non-potable water by EPA method 200.7. Analytical results for investigative samples met laboratory quality assurance and quality control criteria.

ACME's project location adjacent to or nearby lithium brine projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME.

William Feyerabend, Certified Professional Geologist, is a qualified person as defined by NI 43-101 and has supervised the preparation of the scientific and technical information that forms the basis for this news release.

Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County, Nevada, and at Cat-Euclid and Shatford Lakes in southeastern Manitoba.

On behalf of the Board of Directors

Steve Hanson Chief Executive Officer, President and Director Telephone: (604) 564-9045 info@acmelithium.com

Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134080

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