Emerging Strategic Metal & Coal

ProducerFortune Minerals LimitedInvestor Presentation

June 2012TSX-FT

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FORWARD-LOOKING INFORMATIONThis document contains certain forward-looking information. This forward-looking information includes, ormay be based upon, estimates, forecasts, and statements as to management’s expectations with respect to,among other things, the size and quality of the Company’s mineral resources, progress in development ofmineral properties, timing and cost for placing the Company’s mineral projects into production, costs ofproduction, amount and quality of metal products recoverable from the Company’s mineral resources,demand and market outlook for metals and coal and future metal and coal prices. Forward-lookinginformation is based on the opinions and estimates of management at the date the information is given, andis subject to a variety of risks and uncertainties and other factors that could cause actual events or results todiffer materially from those projected in the forward-looking information. These factors include the inherentrisks involved in the exploration and development of mineral properties, uncertainties with respect to thereceipt or timing of required permits and regulatory approvals, the uncertainties involved in interpretingdrilling results and other geological data, fluctuating metal and coal prices, the possibility of project costoverruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financingneeded in the future, uncertainties related to metal recoveries and other factors. Mineral resources that arenot mineral reserves do not have demonstrated economic viability. Inferred mineral resources areconsidered too speculative geologically to have economic considerations applied to them that would enablethem to be categorized as mineral reserves. There is no certainty that mineral resources will be convertedinto mineral reserves. Readers are cautioned to not place undue reliance on forward-looking informationbecause it is possible that predictions, forecasts, projections and other forms of forward-looking informationwill not be achieved by the Company. The forward-looking information contained herein is made as of thedate hereof and the Company assumes no responsibility to update them or revise it to reflect new events orcircumstances, except as required by law.

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CorporateInformation

Share Performance

Listing: TSX-FT, OTCQX-FTMDFShare Price: $ 0.67Issued Shares: 117.1 millionFully Diluted: 123.5 millionMarket Cap: $78.5 millionWorking Capital: $ 24.9 million (Q1- 2012)Total Assets: $ 155.7 million (Q1-2012)

China Mining Resources Group Ltd. ~13%Manulife Global Management US ~ 9%*Officer & Director Holdings ~21% (includes China Mining)

As of May 24, 2012All values in C$ unless otherwise noted*Precision IR data at April 12, 2012

Analyst Reports

Ownership

Killian Charles, Industrial Alliance Securities ($3.30 Target 01/31/12)

David Davidson, Paradigm Capital ($2.85 Target 07/15/11)

Michael Fowler, Loewen Ondaatje McCutcheon ($2.65 Target 05/10/12)

4Canada Focus - Operating in mining friendly jurisdictions

PROPERTY INTERESTS

1. Mount Klappan Anthracite Coal Deposit:British Columbia

2. NICO Gold-Cobalt-Bismuth-Copper Deposit: Northwest Territories

3. Saskatchewan Metals Processing PlantSaskatchewan

4. Sue-Dianne Copper-Silver-Gold DepositNorthwest Territories

5. Salkeld Lake Copper-Zinc-Lead-Gold-Silver ProjectNorthwest Territories

6. Camsell River Silver ProjectNorthwest Territories

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EMERGING PRODUCER OF GOLD, MET. COAL & SPECIALTY METALSKEY ASSETS

Mount Klappan Anthracite Coal Project, British Columbia (BC)One of the world’s premier metallurgical coal development projectsJV partnership with South Korean steel producer POSCOCollaboration with CN Rail to extend railway infrastructureAccelerated development strategy with funding to construction in place

NICO Gold-Cobalt-Bismuth-Copper Project, Northwest Territories (NWT) & Saskatchewan4 million equivalent gold ozs (1) - Significant gold & cobalt - Largest deposit of bismuth in worldMine & Concentrator planned in NWTVertically integrated metals processing plant planned near Saskatoon, Saskatchewan Potential future mill feed from Sue-Dianne Copper-Silver-Gold satellite deposit

Two development projects - Both: Positive definitive feasibility studies >$ 1.3 billion combined base case NPVSuccessfully test mined & pilot plant processedIn permittingDeloitte & Touche engaged to secure strategic partnersNew reserves & economics pending

EXPERIENCED BOARD & MANAGEMENT TEAMProven records in permitting construction & mine operations

(1) Using Metal Price Assumptions: US$ 900/oz Au, US$ 20/lb Co, US$ 10/lb Bi, US$ 2.75/ lb Cu

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One of world’s largest undeveloped metallurgical coal deposits

Advanced project with $ 90 million of work completed

Definitive Feasibility Study with robust economics

Railway development strategy to port of Prince Rupert - Allows for scalable expansion

World-class JV partner secured with POSCO - One of the world’s largest steel producers

Supply shortages of metallurgical coals with growing world consumption

Railway sub-grade links mine site with CN mainline & Ridley Terminals

MOUNT KLAPPAN ANTHRACITE COAL PROJECT

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POSCO Canada (POSCAN) has acquired 20% interest in Mount Klappan. Highlights:

Anticipated total payments & cash contributions of $ 181 million based on current capital cost estimates

$ 30 million paid to Fortune, $20 million contributed directly to the JV

20% of total development & capital costs - $154 million under current estimates

$ 17.2 million in additional payments at production

20% of operating costs for 20% of production in-kind for their own use

Fortune is Project Manager & is compensated for providing operational, technical & administrative support over life of mine

Secures world-class investor & strategic partner

Validates Mount Klappan as one of world’s premier metallurgical coal development projects -Key future supplier to global steel industry

Accelerates project development - Upfront payment anticipated to provide 100% of funding to complete detailed engineering, permitting & stakeholder consultations for construction

Maintains significant upside for Fortune shareholders

$601 million post-transaction levered after-tax NPV (8%) for Fortune’s 80% interest at $175 per tonne for PCI based on current reserves

JOINT VENTURE WITH POSCO

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World’s 3rd largest steel producer by crude steel productionCrude steel production of 35.4 million tonnes in 2010 - Sales for 12 months ended September 30, 2011, totalled US$ 67.0 billionGwangyang Works - Largest steel mill in world, 22 million tonnes capacityGlobal expansion plans towards goal of 50 million tonnes total crude steel productionLeading innovator in steel production – FinexHeadquartered in Seoul, South Korea Listed on Korea (KRX), New York, London & Tokyo Stock Exchanges

ABOUT POSCO

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Large license area in northwest BC (16,411 Ha)

Close proximity to deep water shipping ports

Stewart Port (150km)

Ridley Terminals in Prince Rupert (330km)

Mine site straddles railway right-of-way

Track (CN) installed to 150km south of mine

Railway road bed largely complete to mine

Road access from railway subgrade

Support of CN Rail for railway expansion

BC Government extending electrical grid to area

Project in Tahltan and Gitxsan Territories

BC Government sharing revenues with First Nations

STRATEGIC LOCATION & INFRASTRUCTURE

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Mount Klappan Resources (million tonnes) 

Lost Fox Metallurgical Coal Reserves (million tonnes)

The Mount Klappan Mineral Resource and Mineral reserve estimates were prepared in 2002, 2005, and 2007, respectively, by Marston & Marston Inc. in compliance with NI 43‐101. Richard Marston, P.E. is the Qualified Person responsible for the estimates. In addition to the Measured, Indicated and Inferred resources in the table, historical resources include 2.2 billion tonnes in the Speculative class. However, Speculative resources are not current and should not be relied upon.

MOUNT KLAPPAN RESOURCES & RESERVESSignificant potential to upgrade & increase resources & new reserves (expected Q2 2012)

Lost Fox deposit remains open for possible expansion

Additional coal seams identified below 300 meters & on adjacent lands

Area Measured (M) Indicated (I) M+I Inferred

Lost Fox 107.9 109.5 217.4 91.5

Hobbit‐Broatch 13.5 13.5 258.4

Summit 9.6

Nass

Total 107.9 123.0 230.9 359.5

Run – Of –Mine Coal Reserves 10% Ash Product ReservesMeasured Indicated Total In Situ Proven Probable Total Product

89.5 16.8 106.3 51.6 9.2 60.8

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ANTHRACITE PRODUCTS

Highest quality coal with very high carbon & energy content Anthracite only 1% of world coal reservesMetallurgical coal with diverse applications

Other products: Blend coal with coking coal for making metallurgical cokeDirect coke replacementUrea fertilizersHeating & cooking briquettesPelletizingPremium thermal coal

Source: Company Information.

Filter Media US$ ~ 1000 / tonne Metallurgical Reductants / charge carbon US$ ~ 300 / tonne Ultra-Low Vol. PCI US$ ~ 175-200 / tonneSinter US$ ~ 150-175 / tonne

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GROWING PCI DEMAND FROM STEEL PRODUCERS

Use of Pulverized Coal Injection (PCI) reduces the amount of coke required in steel production

Steelmakers around the world are expanding PCI use to reduce costs

Low-vol PCI typically priced at 70% to 80% of high quality hard coking coal

Mount Klappan PCI will achieve a higher price given its ultra-low volatile content

Source: Macarthur Coal

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Source: EIA, Marubeni

Export / Production 55.8% 1.2% 58.4% 32.2%

Production & Export of Anthracite in 2009In million mt

DECREASING QUANTITIES OF ANTHRACITE AVAILABLE FOR EXPORTWorld 2009 anthracite production: ~ 565 million tonnes

China: 483 million tonnes - Net importer since 2004Vietnam: 43 million tonnes – Reduced exports to utilize production domesticallyFew new high-quality deposits in mining friendly jurisdictions

Import of Anthracite for Japanese MarketMillion mt

Source: Marubeni (1990 – 2009 data), China Coal Resource Website (2010 data), Deloitte

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Source: China Coal Resource Website, Bloomberg

Coal & Anthracite Net Imports by China In million mt

EMERGENCE OF CHINA AS NET COAL IMPORTERChina became a net coal importer of anthracite in 2004, coking coal in 2007, all coals in 2009

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Global Met Coal DemandMillion mt

Source: Peabody Global Energy Analytics

SIGNIFICANT FUTURE MET COAL DEMAND GROWTH

>500 million mt demand increase over the next decade with limited new production potential

920

1,185

1,440

-

200

400

600

800

1,000

1,200

1,400

1,600

2010 2015 2020

Increasing demand for good quality metallurgical coals

China’s growth ~8% per yr

Japan & South Korea are increasing anthracite imports –New steel technologies - Lower emissions

Emerging economies are driving forces for future metallurgical coal demand

India’s growth ~8% per yr & -Crude steel production expected to increase from 72.8 million tonnes to 124 million tonnes by 2012 & 293 million tonnes by 2020

Brazilian crude steel production expected to increase from 26.5 million tonnes to 103 million tonnes by 2030

Insufficient supply of metallurgical coals to meet forecast global demand

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Railway transportation of coal provides lower operational risk over trucking – Allows for scalable expansion of production to take advantage of large resource base

CN Rail operates between Prince George & port of Prince Rupert & on Dease Lake Line to Minaret, 150 km south of Mount Klappan

Railway road bed largely constructed to mine site – Brownfield extension from Minaret

Survey & engineering of railway extension - $ 317.8 million capital cost included in 2010 DFS

CN collaborating on railway upgrade & extension to Mount Klappan

RAILWAY UPGRADE & EXPANSION

Existing railway right-of-way & road bed

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Ice-free, deepwater port 36 hours closer to Asia than port of Vancouver

Ridley coal terminal a world-class coal & bulk materials handling facility

Capable of handling full Capesize vessels that reduces ocean freight

Currently handling ~70% of 16 Mtpa design capacity

Expansion to 24 Mtpa in progress – Potential to expand to 50 Mtpa

Opportunities for shared cargos & blending of coals with other metallurgical coal producers

PORT OF PRINCE RUPERT

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November 2010 update to 2005 & 2008 DFS

Based on railway transport of coal to Ridley Coal Terminal in Prince Rupert

Initial 3 Mtpa production from Lost Fox deposit open pit mine, wash plant & site infrastructure

60.8 Mt of product coal reserves – 20+ yrs production (only 3.6% of global resource)

Premium ultra-low volatile PCI product

Can diversify product mix to produce premium products (charge carbon) & sinter

Life of mine average Free On Board (FOB) vessel cash cost US$104.79/tonne (C$110.30/tonne)

2010 DEFINITIVE FEASIBILITY STUDY

BASE CASEUltra-Low Volatile PCI

US$175 / tonne (C$1 = US$ 0.95)

PRE-TAX AFTER TAX

IRR 25.4% 20.7%

NPV (8%) C$ 1,027.8 Million C$ 667.4 Million

Capital (Years 1-4) C$ 768.4 Million(includes railway capital)

Pre-Tax NPV (8%)In billions

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Rail transportation allows for higher annual production than 3 Mtpa

DFS reserves only represents 3.6% of total resource – New reserves in preparation

Updated reserves in preparation for Lost Fox deposit that can support higher production rates.

Production can be expanded from adjacent Hobbit – Broatch deposit

Current resource only identified to 300 meters – Additional coal seams identified at depth

Budget in place for additional drilling

3rd Party contribution to railway capital costs increases NPV

BC Government extending electrical grid & connection lowers power costs & enables use of lower cost mining equipment

Lease-to-purchase of mobile equipment fleet lowers upfront capital costs & increases IRR

SIGNIFICANT UPSIDE POTENTIAL

One of world’s largest undeveloped deposits – Railway transportation solution provides scalable expansion potential

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JV partner now secured & accelerated development program underway

Next steps include:

Update reserve estimate

Complete updated feasibility study on the Lost Fox Mine

Complete engineering on railway transportation with CN Rail

Continue Tahltan, Gitxsan & stakeholder engagement

Complete environmental permitting process

Conduct additional expansion drilling

Deloitte engaged to secure 2nd stage strategic partner

Minority equity investor at the project level

Provision of debt & equity tied to off-take

Expertise in coal end market with strong financial position

Objective of announcing fully financed, permitted project at conclusion of currently planned programs

ACCELERATED DEVELOPMENT STRATEGY

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NICO GOLD-COBALT-BISMUTH-COPPER PROJECT100% Ownership – No 3rd party royaltiesOpen pit & underground mine & mill in Northwest Territories (NT)

Saskatchewan Metals Processing Plant (SMPP) Vertically integrated hydrometallurgical facility to produce gold doré, cobalt sulphate or cathode, bismuth ingot & copper metal

$ 100 million work completed to date, includes:$ 20 million test mining$ 12 million metallurgy & process pilot plants

2007 positive feasibility study & 2008 update 32.3% Pre-tax IRRPre-tax $ 361 million 8% NPVSignificant recent improvements not included

31 Million tonne reserve – 4 Million eq gold ozs*

Golden Giant equipment purchased & dismantled Environmental Assessments advanced for mine & SMPP permitting

* Using Metal Price Assumptions: US$ 900/oz Au, US$ 20/lb Co, US$ 10/lb Bi, US$ 2.75/ lb Cu

Test mining 2006/2007

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MINE LOCATION & INFRASTRUCTURE5,140 Ha lease in southern NT

Winter access roads

All-weather road planned by governments to Hwy (135 km)

$18 million in place for stage 1 –realignment, bridges & roadbed

Engineering & environmental work underway

450 km from railway at Hay River for transport of concentrates to SMPP

160 km from City of Yellowknife

50 km from Town of Whati

22 km from Snare Hydro

Tlicho First Nation

Settled land claim

Co-operative Relationship Agreement

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Hydrometallurgical plant to process bulk concentrate from NICO mine & mill to produce gold doré, cobalt sulphate or cathode, bismuth ingot & copper metalHigh concentration ratio of ore (low mass pull) using simple flotation

4,650 tonnes of ore / day reduced to only 180 tonnes of concentrate (3.8% sulphide fraction)Allows concentrate to be shipped to Saskatchewan for lower cost processing

Advantages to Saskatoon siteLocated on CN Rail line - Close to Trans Cda HwyInexpensive power (5.7 cents / kWh)Close to natural gas & reagent sourcesSkilled worker / engineer pool – 85 employees5 year tax holiday

SMPP capital cost $200+ million

SASKATCHEWAN METALS PROCESSING PLANT (SMPP)

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DIVERSIFIED EXPOSURE TO GOLD & SPECIALTY METALS

Gold the most valuable component by value

Front end gold recovery - largest source of revenue in first year of operation

Largest bismuth deposit world-wide – 15% global reserves

High purity cobalt metal (99.8%) or sulphatecommands premium price.

Copper2%

Gold36%

Cobalt32%

Bismuth30%

Gold – 907,000 oz @ $1,595/ozCobalt – 82 Mlbs @ $16.00/lb

Bismuth – 109 Mlbs @ $11.00/lbCopper – 27 Mlbs @ $3.50/lb

Prices as at May 18, 2012

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GOLD – COUNTER CYCLICAL HEDGE

Gold price increased consistently in past 9 years, especially after recent economic downturn

While mine supply remains relatively flat, future demand continues to grow:

Growing physical demand from Asia & Central banks

Growing investment demand based on currency protection & safe haven status

Provides a flexible financing opportunity

Historical & Forecast Gold Price

Source: Bloomberg; Energy & Metals Consensus Forecasts, April 2012

$310$363 $410 $445

$604$697

$873 $873

$1,211

$1,574

$1,749

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

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COBALT – ROBUST MARKET WITH INCREASING DEMAND

World cobalt production (in tonnes) Wide application of industrial usage

• Vast majority of cobalt sourced from regions that are politically unstable or prone to export restrictions

• Congo (DRC) currently accounts for 51% of global supply

• China has the largest refining capacity (43% in 2010) but limited mine supply

• LME initiated futures market trading for cobalt in 2010, resulting in a more liquid market

• NICO will be a reliable North American producer

• 82,000 t market with demand growing by ~8% / year• Wide metallurgical & chemical market applications in:

batteries, high strength alloys, cutting tools, catalysts, etc.• Largest growth is in lithium ion & nickel metal hydride

batteries for electronic devices & hybrid/electric vehicles• High purity cobalt (99.8%) used in aerospace applications• Cobalt sulphate (21%) used for batteries

Source: USGS Industry Survey

51%

12%7% 7% 5% 5% 4% 3% 2% 2% 2%

0%

10%

20%

30%

40%

50%

60%

Source: Cobalt Development Institute

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240,000

11,000 10,000 10,000 5,000 5,000

39,000 48,661

-

50,000

100,000

150,000

200,000

250,000

300,000

BISMUTH – ENVIRONMENTAL FRIENDLY WITH GROWTH POTENTIALBismuth prices continue to increaseWorld reserves (in tonnes)Growing number of applications

• Bismuth prices have risen, supported by steady demand & constrained supply

• World market between 15,000 and 20,000 tonnes per year

• China is the principal source of bismuth & has total reserves of 240Kt, accounting for 80% of world reserves

• China has closed 20% of its production due to environmental concerns

• NICO contains over 48Kt of bismuth, equivalent to 15% of world reserves & the world’s largest deposit

• Traditionally used in fusible alloys, cosmetics, chemicals etc.

• New markets focus on super conductors, CDs & auto anti-corrosion materials

• Environmentally safe replacement for lead in plumbing & electronic solders, brass, ceramic glazes, free cutting steel, hot dip galvanizing & paint pigments

• Global framework to eliminate lead could increase bismuth consumption by 25%

• European legislation to eliminate lead in electronics

Source: Asian Metal, Metal BulletinSource: USGS Industry Survey 2010Source: USGS Industry Survey

Chemicals and pharmaceuticals,

65%

Metallurgical additives, 27%

Alloys, solders and others, 8%

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NICO MINERAL RESERVES (TO BE UPDATED SHORTLY)

Underground Mineral Reserves Tonnes Au (g/t) Co (%) Bi (%) Cu (%)Proven 1,403,000 2.23 0.16 0.22 0.04

Probable 767,000 2.92 0.17 0.19 0.03

Total 2,170,000 2.47 0.16 0.21 0.03

Reserve estimate by P&E Mining Consultants Inc., Eugene Puritch, P.Eng. & Fred Brown, CPG PrSciNat, Qualified Persons as defined by NI-43-101

Open Pit Mineral Reserves Tonnes Au (g/t) Co (%) Bi (%) Cu (%)Proven 15,019,000 0.85 0.12 0.16 0.04

Probable 13,797,000 0.71 0.12 0.15 0.03

Total 28,816,000 0.79 0.12 0.15 0.04

Combined Mineral Reserves Tonnes Au (g/t) Co (%) Bi (%) Cu (%)Proven 16,422,000 0.97 0.12 0.16 0.04

Probable 14,564,000 0.83 0.12 0.15 0.03

Total 30,986,000 0.91 0.12 0.16 0.04

Contained Metal 907,000 ounces

82 million pounds

109 million pounds

27 million pounds

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38 holes drilled in 2010Drilling successfully expanded deposit & intersected high-grade gold intervals

51.3m averaging 2.2 g/t Au & 0.11% Co, including 3m averaging 15.59 g/t Au, 0.46% Co, 0.05% Bi & 0.20% Cu8.00m averaging 4.74 g/t Au & 0.16% Bi, including 1m grading 35 g/t Au3.38m averaging 11.59 g/t Au, 0.37% Co, 0.16% Bi & 0.14% Cu, including 1.67m averaging 20.04 g/t Au, 0.36% Co, 0.24% Bi & 0.13% Cu5.00m averaging 4.84 g/t Au, including 2.5m averaging 9.21 g/t Au20.1m averaging 0.38% Co & 0.37% Bi

New Mineral Reserve estimates pending

2010 DRILL PROGRAM

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UNDERGROUND TEST MINING & PILOT PLANTS

Mining conditions, geometry & grades for deposit confirmed

Environmental impacts assessed

Portal, decline ramp & 2 mine levels established with ventilation raise to surface

~$ 20 million pre-production development completed

Large sample collected for $ 8 million pilot plant tests

Proved process flow sheet

Verified production of high value metal products

Increase in metal recoveries over feasibility study

Tangible demonstration of successful project to governments & communities

Reduced project risk

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GOLDEN GIANT MINE (HEMLO) MILL, ONTARIO

Buildings & equipment acquired from Newmont Canada for relocation to NICONo environmental liability for Hemlo siteDismantling & removal completed for net cash cost of ~$ 20 millionDemonstration of project execution on budget & schedule

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Micon, Met-Chem, Golder, SGS Lakefield & metallurgical & engineering experts Results:

Pre-tax IRR 32.3%Pre-tax C$361 million 8% NPVPre-production capital cost C$230 millionCash Cost US$1.41/lb Co (1)(2)

Cash Cost US $259/oz Au equivalent (2)

April 2008 metal price sensitivity increases IRR to 97.2% & NPV (8%) to $1.5 billion(3)

Study now outdatedNew reserves & operational improvements not includedCapital costs will be significantly higher

2008 DEFINITIVE FEASIBILITY STUDY

(1) Net of credits for gold and bismuth sales

(2) Base Case metal prices of US$750/oz Au, US$20/lb Co, US$10/lb Bi and US$/C$ 0.97

(3) April 2008 metal prices of US$900/oz Au, US$50/lb Co, US$16/lb Bi and US$/C$ 0.97

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43% increase in reserves to 31 Mt – 18 Yr mine life - Excludes results of 2010 drilling16% production rate increase to 4,650 tpdMore efficient mine plan - Eliminated underground backfillingIdentification of low strip starter pit – Eliminates pre-strippingCo-disposal of waste rock & tails – Reduces dam structures & reclamation costsCommodity price assumptions higher for gold & bismuthImproved recoveries from pilot plant:

Gold 56-85%, Averages 76%Cobalt 84%Bismuth 73%Copper 58% - Not previously included

Higher value end products: Cobalt 21% cobalt sulphate option – Lower capital & operating costs - PremiumBismuth 99.9% ingot – Feasibility study assumed concentrateCopper Copper metal – Not included in feasibility study

Hydrometallurgical process plant relocated to SaskatoonLower OPEX (~$7 million per yr) – Mitigates capital cost increase (~$30 million)

POST-DEFINITIVE FEASIBILITY STUDY IMPROVEMENTS

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Higher forecast annual metal production

Gold yrs 1 & 2 of mine life ~70,000 ozs, yrs 3-18 ~35,000 ozs

Cobalt ~ 3.4 million lbs (1,550 tonnes)

Bismuth ~ 3.65 million lbs (1,650 tonnes)

Copper ~ 770,000 lbs (350 tonnes)

Cost ~$ 56 / tonne, ~$ 90 million / yr

Revenue ~$ 100 / tonne, ~$ 180 million / yr

Capital costs expected to be $400+ million

Updated economics pending receipt of Front End Engineering & Design (FEED) Study by Jacobs Engineering & other engineering Co.’s

RESULTS OF NICO PROJECT IMPROVEMENTS

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Cobalt CarbonateCo 50.6 %Ni 0.005 %Ca 0.018 %Mg <0.005 %Cu 0.005 %

NICO FINAL PRODUCTS

Cobalt Sulphate (heptahydrate)Co 20.9 %Ni <0.003 %Fe <0.001 % Cu <0.001 %Zn <0.001 %

Cobalt Cathode MetalCo >99.95%

Bismuth IngotBi >99.99%

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Potential reliable North American supply of critical specialty metals

Diversified product mix reduces exposure to metal price volatility

Cobalt supply coupled with world’s largest bismuth deposit

Strong leverage to gold – Counter-cyclical hedge – Financing options

Low operating cost net of co-products

Vertical Integration – Fortune controls process from mine to product reducing risk of third party metal supplier or custom processors

Sulphide cobalt source

Lower capital & operating costs compared to laterites

High concentration ratio allows transport to low cost processing environment

Exothermic reaction in autoclave reduces energy consumption & generates its own acid

SMPP flowsheet allows for flexible & diversified product mix

ADVANTAGES OF NICO PROJECT

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New reserve estimates pending – Focus on expansion of gold

FEED studies nearly complete – Currently reviewing draft

Revised capital & operating costs & financial model

Environmental Assessments advanced for mine & SMPP permitting

Public Hearing Stage in NT – Targeting recommendation to Minister in 2012

Targeting receipt of permits in Saskatchewan in 2012 for SMPP

Expanding management team

Production targeted in 2014Deloitte engaged to secure strategic partner - Ideal partner:

Minority equity investor at the project level

Ability to arrange & guarantee project finance facility

Expertise in cobalt or specialty metal end markets/off-take partner

Committed to an accelerated development plan

DEVELOPMENT STRATEGY

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Mount KlappanRevised Project Description submission to BC EAO (Q2)New reserves (Q2)Revised economics (Q2)MOU with CN Rail (Q2)Second stage strategic partner(s) and project financing

NICONew reserve estimates (Q2)Revised economics (Q2)Initiate Tlicho Participation Agreement (PA) Negotiations (Q4)SMPP permits (Q4)Initiate discussions with the Wek'èezhìi Land and Water Board to advance EA process (Q4)Closure of Public Registry in the DAR Review process (Q4)Strategic partner(s) and project financing

CorporateOTCQX Listing (Q2)

2012 TARGETED MILESTONES

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DirectorsMahendra Naik, B Comm, CA Chairman, Director CFO Fundeco - Founding director & former CFO, IAMGOLD

George Doumet, MSc, MBA Honorary Chairman, Director Chemical Engineer – President & CEO, Federal White Cement

Robin Goad, MSc, PGeo President & CEO, Director Geologist - 30 yrs mining & exploration experience

David Knight, BA, LLB Secretary, Director Partner, Norton Rose specializing in securities & mining law

James Excell, BASc Director Metallurgical Engineer – 35 yrs mining experience BHP-Billiton

William Breukelman, BASc, MBA, PEng Director Chemical Engineer – Chairman, Gedex

James Currie, BSc (Hons), PEng Director Mining Engineer – COO, Kimber Resources

The Honorable Carl L. Clouter

Shou Wu (Grant) Chen, MSc, MBA

Director

Director

Commercial pilot - former owner of charter airline in NWT

Geologist – Deputy Chairman & CEO, China Mining Resources Group

ManagementJulian Kemp, BBA, CA VP Finance & CFO Chartered Accountant – 20+ yrs mining financial experience

Thomas Rinaldi, BSc VP Operations Mining Engineer – 30 yrs engineering & operations experience

Michael De Carlo, BSc, BBA

Bill Shepard

Project Manager

Logistics Manager

Mining Engineer – 40+ yrs engineering & managerial experience

15 yrs experience in procurement and logisticsDr. Richard Schryer, PhD

Adam Jean, HBA, CA

Director Regulatory & Environmental AffairsController

Aquatic Scientist –20+ yrs experience in mine permitting & environmental assessmentsChartered Accountant previously with Ernst & Young

James Mucklow, MESc, PEng

Keith Lee, BSc

Carl Kottmeier, MBA, Peng

Joon Kim, MASc, PEng

Manager Env.& Community

Senior Process Engineer

Project Manager

Mine Planning Engineer

Geological Engineer – 20+ yrs geological & environmental experience

25 yrs operations, engineering & mineral processing experience

Mining Engineer – 24 yrs engineering & operations experience

Mining Engineer – 10+ years operations and engineering experience

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APPENDIX A

Source: Company reports and CIBC World Markets Inc.

Recent Coal M&A Metrics

41

Notes

42

Notes

43

Notes

Emerging Strategic Metal & Coal

Producer

For further information, please contact:Troy Nazarewicz, Investor Relations Manager

148 Fullarton Street, Suite 1600London, Ontario, Canada

N6A 5P3Tel. (519) 858-8188Fax. (519) 858-8155

E-mail. tnazarewicz @fortuneminerals.comWebsite. www.fortuneminerals.com

TSX-FTOTCQX-FTMDF