Fortune Reports Federal, Northwest Territories and Tłįchǫ Government Approvals for the Tłįchǫ All-Season Road

Press Release

Tłı̨chǫ Road Environmnetal Assessment receives Minister and Tłı̨chǫ Government approvals

LONDON, ON, Oct. 30, 2018 – Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to report that the Responsible Ministers of the Governments of Canada and the Northwest Territories (“GNWT”) have accepted the environmental assessment approval for the Tłı̨chǫ All-Season Road (“Tłı̨chǫ Road”) incorporating the modified measures developed together with the Tłı̨chǫ Government through the consult to modify process with the Mackenzie Valley Environmental Impact Review Board (the “Board”). The Tłı̨chǫ Government also approved the Board’s recommendation with modifications.

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The Tłı̨chǫ Road involves the construction and operation of a permanent 97-kilometre highway, extending north from Highway 3 to the Community of Whatı̀ in the Northwest Territorries (“NWT”). Fortune’s 100% owned NICO Cobalt-Gold-Bismuth-Copper Project (the “NICO Project”) is located 50 kilometres north of Whatı̀ and the Company has already received environmental assessment approval to construct a spur road from Whatı̀ to the mine site. Construction of the NICO Project mine and concentrator is planned using the existing winter ice road, but all-season road access is required for mine operations in order to transport metal concentrates from the property to a refinery for downstream processing to value-added metals and chemicals. The NICO Project is a primary cobalt asset and one of the few projects outside of the Congo that can be developed to support near-term growing demand for cobalt in lithium-ion batteries needed to power electric vehicles, portable electronic devices and stationary storage cells to support the growing green economy.

The Honourable Wally Schumann, the Northwest Territories Minister of Infrastructure commented last Friday, “Improving the highway system across the Northwest Territories helps to keep communities connected while improving safety for all road users. I am very pleased with today’s decision. Not only will this project help provide jobs and fosters skills and capacity building for all northerners, especially in the Tłı̨chǫ region, but it is also another step forward for this government in fulfilling our mandate commitment to secure funding and advance planning and construction of transportation projects, including three priority corridors: the Mackenzie Valley Highway, Tłı̨chǫ All-season Road, and Slave Geological Province Access Corridor.”

Robin Goad, President and Chief Executive Officer of Fortune said, “We are pleased to see the approval for the Tłı̨chǫ Road from the Tłı̨chǫ Government and the federal and Northwest Territories Responsible Ministers. This road will contribute to the socio-economic growth of the Northwest Territories, reduce the cost of living in Whatı̀, enable families to be more connected, and allow governments to provide services more effectively. It is also an important enabler for the NICO Project and a catalyst for other exploration, mining and hydro opportunities on Tłı̨chǫ lands in this highly prospective geological area.”

The Government of Canada has announced that it will provide up to 25% of the construction costs for the Tłı̨chǫ Road through the P3 Canada Fund. The GNWT has also approved funding for construction of the remaining 75% cost of the road, using a Private Public Partnership (“P3”) funding structure. Three international consortia have already been shortlisted to provide proposals to fund, construct, operate and maintain the Tłı̨chǫ Road and be repaid by the GNWT with interest. The winning bid is expected to be announced shortly.

About Fortune Minerals

Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper project in the Northwest Territories. The Company owns lands in Saskatchewan where it could construct a refinery to process NICO concentrate to value-added products. Fortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life of the NICO Project mill.

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Troy Nazarewicz, CIM, CPIR
Investor Relations Manager
Fortune Minerals Limited
148 Fullarton Street, Suite 1600
London, Ontario, CANADA
N6A 5P3

info@fortuneminerals.com
Tel. 519-858-8188
Cel. 519-709-8489
www.fortuneminerals.com

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