1. Emerging Strategic Metal & CoalFortune Minerals Limited Producer P d Investor Presentation March 2012 TSX-FT

2. FORWARD-LOOKING INFORMATIONThis document contains certain forward-looking information. This forward-looking information includes, ormay be based upon, estimates, forecasts, and statements as to managements expectations with respect to,among other things, the size and quality of the Companys mineral resources, progress in development ofmineral properties, timing and cost for placing the Companys mineral projects into production, costs ofproduction, amount and quality of metal products recoverable from the Companys 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 and given,is 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. 2

3. Listing: TSX-FT Share Price: $ 1.02 Issued Shares: 117.1 117 1 millionCorporateC t Fully Diluted: 123.4 millionInformation Market Cap: $ 119.4 million Working Capital: $ 26.0 million (Q3- 2011) ($ 3.9 million warrants exercised Dec.) Total Assets: $ 151.2 million (Q3-2011) China Mining Resources Group Ltd. ~13%Ownership Manulife Global Management US ~ 10% Officer & Director Holdings ~21% (includes China Mining) Killian Charles, Industrial Alliance Securities ($3.30 Target 01/31/12)Analyst Reports David Davidson, Paradigm Capital ($2.85 Target 07/15/11) Michael Fowler, Loewen Ondaatje McCutcheon ($2.65 Target 12/16/11)SharePerformanceP fAs of February 24, 2012All values in C$ unless otherwise noted 3

4. PROPERTY INTERESTSPROPERTY INTERESTS Canada Focus - Operating inin mining friendly jurisdictions Canada Focus - Operating mining friendly jurisdictions 4

5. EMERGING PRODUCER OF GOLD, MET. COAL & SPECIALTY METALSKEY ASSETS Mount Kl M t Klappan A th it C l P j t B iti h C l bi (BC) Anthracite Coal Project, British Columbia One of the worlds premier metallurgical coal development projects JV partnership with South Korean steel producer POSCO Collaboration with CN Rail to extend railway infrastructure Accelerated development strategy with f funding to construction in place NICO Gold-Cobalt-Bismuth-Copper Project, Northwest Territories (NWT) & Saskatchewan 4 million equivalent gold ozs (1) - Significant gold & cobalt - Largest deposit of bismuth in world Mine & Concentrator planned in NWT Vertically 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 NPV Successfully test mined & pilot plant processed In permitting Deloitte & Touche engaged to secure strategic partners New reserves & economics pendingp g EXPERIENCED BOARD & MANAGEMENT TEAM Proven 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 5

6. MOUNT KLAPPAN ANTHRACITE COAL PROJECTOne of worlds largest undeveloped metallurgical coal depositsAdvanced project with $ 87 million of work completedDefinitive Feasibility Study with robust economicsRailway development strategy to port of Prince Rupert - Allows for scalable expansionWorld-class JV partner secured with POSCO - One of the worlds largest steel producersSupply shortages of metallurgical coals with growing world consumption Railway sub-grade links mine site with CN mainline & Ridley Terminals 6

7. JOINT VENTURE WITH POSCOPOSCO 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 ft t ld l t it l t illi d t ti t $ 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 mineSecures world-class investor & strategic partnerValidates Mount Klappan as one of world s premier metallurgical coal development projects - worldsKey future supplier to global steel industryAccelerates project development - Upfront payment anticipated to provide 100% of funding tocomplete detailed engineering, permitting & stakeholder consultations for constructionMaintains significant upside for Fortune shareholders $601 million post-transaction levered after-tax NPV (8%) for Fortunes 80% interest at $175 per tonne for PCI based on current reserves 7

8. ABOUT POSCOWorlds 3rd largest steel producer by crude steel productionCrude steel production of 35.4 million tonnes in 2010 - Sales for 12 months endedSeptember 30, 2011, totalled US$ 67.0 billionGwangyang Works - Largest steel mill in world, 22 million tonnes capacityGlobal expansion p p plans towards g goal of 50 million tonnes total crude steel p productionLeading innovator in steel production FinexHeadquartered in Seoul, South KoreaListed on Korea (KRX), New York, London & Tokyo Stock Exchanges 8

9. STRATEGIC LOCATION & INFRASTRUCTURELarge license area in northwest BC (15 866 Ha) (15,866Close proximity to deep water shipping ports Stewart Port (150km) Ridley Terminals i P i Ridl T i l in Prince R Rupert (330k ) t (330km)Mine site straddles railway right-of-way Track (CN) installed to 150km south of mine Railway road b d l R il d bed largely complete to mine l l i Road access from railway subgrade Support of CN Rail for railway expansionBC Government extending electrical grid to areaProject in Tahltan and Gitxsan Territories BC Government sharing revenues with First Nations 9

10. MOUNT KLAPPAN RESOURCES & RESERVES Significant 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 Mount Klappan Resources (million tonnes)(1) Area Measured Indicated Demonstrated 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 Historical resources included 2.2 billion tonnes in the speculative class, however, speculative resources are no longer considered NI 43-101 compliant and such resources should not be considered current. (2) Lost F M t ll L t Fox Metallurgical Coal Reserves (million tonnes)(1) i lC lR ( illi t ) Run Of Mine Coal Reserves 10% Ash Product Reserves Measured Indicated Total In Situ Proven Probable Total Product 89.5 16.8 106.3 51.6 9.2 60.8(1) Richard Marston, PE is the Qualified Person as defined by NI 43-101(2) 2.8 billion tonne resource in all classes estimates by Marston & Marston Inc. as of February 2007 10

11. ANTHRACITE PRODUCTS Highest quality coal with very high carbon & energy content Anthracite only 1% of world coal reserves Metallurgical coal with diverse applications Filter Media US$ ~ 1000 / tonne Metallurgical Reductants / charge carbon US$ ~ 300 / tonne Ultra-Low Vol. PCI US$ ~ 175-200 / tonne Sinter US$ ~ 150-175 / tonne Power Generation US$ ~ 125/ tonne Other products: Blend coal with coking coal for making metallurgical coke Direct coke replacement Urea fertilizers Heating & cooking briquettes PelletizingSource: Company Information. 11

12. GROWING PCI DEMAND FROM STEEL PRODUCERS Use of Pulverized Coal Injection (PCI) reduces th amount of coke d the t f k 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 contentSource: Macarthur Coal 12

13. EMERGENCE OF CHINA AS NET COAL IMPORTERWorld 2009 anthracite production: ~ 565 million tonnes China: 483 million tonnes China became a net coal importer of anthracite in 2004, coking coal in 2007, all coals in 2009 Vietnam: 43 million tonnes Reduced exports to utilize production domestically Few new high-quality deposits in mining friendly j g q y p g y jurisdictions Coal & Anthracite Net Imports by China In million mt 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 350.0 $300 $291 300.0 Coal Total 250.0 Anthracite Met Coal Price (US$/t) $215 200.0 167.7 $129 145.8 150.0 $125 $115 $98 103.4 100.0 $58 $47 $45 50.0 31.1 31.9 17.5 23.2 22.2 7.1 13.3 1.4 - (3.9) (4.0) (2.1) (4.9) (25.4) (50.0) (46.1) (72.7) (68.3) (100.0) (83.6) Source: China Coal Resource Website, Bloomberg 13

14. SIGNIFICANT FUTURE MET COAL DEMAND GROWTH Global Met Coal Demand Increasing demand for good quality1,600 Million mt metallurgical coals 1,4401,400 Chinas growth ~10% per yr >500 million mt demand increase over the next decade 1,185 Japan & South Korea are1,200 with limited new production potential t ti l increasing anthracite imports g p New steel technologies - Lower1,000 920 emissions 800 Emerging economies are driving forces for future metallurgical coal demand 600 Indias growth ~8% per yr & - 400 Crude steel production expected to increase from 72.8 million tonnes to 124 million tonnes by 200 2012 & 293 million tonnes by 2020 - 2010 2015 2020 Brazilian crude steel production expected to increase from 26.5 Source: Peabody Global Energy Analytics million tonnes to 103 million tonnes by 2030 Insufficient supply of metallurgical coals to meet forecast global demand 14

15. RAILWAY UPGRADE & EXPANSIONRailway transportation of coal provides lower operational risk over trucking Allows forscalable expansion of production to take advantage of large resource baseCN Rail operates between Prince George & port of Prince Rupert & on Dease Lake Line toMinaret, 150 km south of Mount KlappanRailway road bed largely constructed to mine site Brownfield extension from MinaretSurvey & engineering of railway extension - $ 317 8 million capital cost i l d d i 2010 DFSS i i f il t i 317.8 illi it l t included inCN collaborating on railway upgrade & extension to Mount Klappan Existing railway right-of-way & road bed 15

16. PORT OF PRINCE RUPERTIce-free, deepwater port 36 hours closer to Asia than port of VancouverRidley 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 16

17. 2010 DEFINITIVE FEASIBILITY STUDY 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 60 8 Mt of product coal reserves 20+ yrs production (only 3 6% of global resource) 3.6% 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) US$104.79/tonne (C$110.30/tonne) Pre-Tax NPV (8%) In billions BASE CASE $4.5 Ultra-Low Volatile PCI $3.8 $4.0 US$175 / tonne (C$1 = US$ 0.95) $3.3 $3.5 $3.0 $2.7 PRE-TAX AFTER TAX $2.5 $2.2 $2.0 $1.6IRR 25.4% 20.7% $1.5 $1.0NPV (8%) C$ 1,027.8 Million C$ 667.4 Million $1.0 $0.5 $0.5Capital (Years 1-4) C$ 768.4 Million $- (includes railway capital) $150 / t $175 / t $200 / t $225 / t $250 / t $275 / t $300 / t 17

18. SIGNIFICANT UPSIDE POTENTIALRail transportation allows for higher annual production than 3 MtpaDFS 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 drilling3rd Party contribution to railway capital costs increases NPVBC Government extending electrical grid & connection lowers power costs & enables use oflower cost mining equipmentLease-to-purchase of mobile equipment fleet lowers upfront capital costs & increases IRR One of worlds largest undeveloped deposits - Railway extension to mine site allows for large, scalable project that can be expanded large 18

19. ACCELERATED DEVELOPMENT STRATEGYJV partner now secured & accelerated development program underwayNext steps include: Update reserve estimate Complete updated feasibility study on the Lost Fox Mine Complete engineering on railway transportation with CN Rail Continue community & stakeholder engagement Complete environmental permitting process C l t i t l itti Conduct additional expansion drillingDeloitte engaged to secure 2nd stage strategic partner Minority Mi i equity i i investor at the project l h j level l 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 19

20. NICO GOLD-COBALT-BISMUTH-COPPER PROJECT 100% Ownership No 3rd party royalties Open pit & underground mine & mill i N th O it d d i ill in Northwest T it i (NT) t Territories Saskatchewan Metals Processing Plant (SMPP) Vertically integrated hydrometallurgical facility to produce gold dor, 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 f iti feasibility study & 2008 update ibilit t d d t 32.3% Pre-tax IRR Pre-tax $ 361 million 8% NPV Significant recent improvements not included g p 31 Million tonne reserve 4 Million eq gold ozs* Golden Giant (Hemlo) buildings & equipment purchased & dismantled to reduce capital costs Environmental A E i t l Assessments advanced f mine & SMPP permitting t d d for i itti * Using Metal Price Assumptions: US$ 900/oz Au, US$ 20/lb Co, US$ 10/lb Bi, US$ 2.75/ lb CuTest mining 2006/2007 20

21. MINE LOCATION & INFRASTRUCTURE 5,140 5 140 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 y 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 with Tlicho Government 21

22. SASKATCHEWAN METAL PROCESSING PLANT (SMPP) High concentration ratio of ore using simple flotation 4,650 tonnes of ore per day reduced to only 180 tonnes of concentrate (3.8% sulphide fraction) Allows concentrate to be shipped to Saskatchewan for lower cost processing Hydrometallurgical plant to produce gold dor, cobalt sulphate or cathode, bismuth ingot & copper metal Agreement to purchase lands near Saskatoon Located on CN Rail line - Close to Hwy Inexpensive power (5.7 cents/kWh) Close to natural gas & reagent sources Skilled worker / engineer pool 85 employees 5 year tax holiday SMPP capital cost ~ $200 million NICO SaskatoonCN Rail Canadian Route Map 22

23. DIVERSIFIED EXPOSURE TO GOLD & SPECIALTY METALS Value by Metal at Spot PricesGold the most valuable component by value CopperFront end gold recovery - largest source of 2%revenue in first year of operation y p GoldBismuth is second largest by value Largest Bismuth 35%bismuth deposit world-wide 33%High purity cobalt metal (99.8%) or sulphatecommands premium price. Cobalt 30% Gold 907,000 oz @ $1651/oz Cobalt 82 Mlbs @ $16.00/lb Bismuth 109 Mlbs @ $13.25/lb Copper 27 Mlbs @ $3.35/lb Prices as at Oct 24, 2011 23

24. GOLD COUNTER CYCLICAL HEDGE Historical & Forecast Gold Price$2,000 Gold price increased consistently in past $1,900 9 years, especially after recent economic$1,800 downturn $1,591$1,600$1 600 While mine supply remains relatively flat,$1,400 $1,211 future demand continues to grow:$1,200 Growing physical demand from$1,000 $873 $873 Asia & Central banks $800 $697 $604 Growing investment demand based $600 $410 $445 on currency protection & safe $363 $400 $310 haven status $200 Provides a flexible financing opportunity $- Source: Bloomberg; Energy & Metals Consensus Forecasts, Oct 2012 24

25. COBALT ROBUST MARKET WITH INCREASING DEMAND World cobalt production (in tonnes) Wide application of industrial usage60% 4% Batteries (27%) 51% 5%50% Superalloy (19%) 6% 27% Hard Materials (13%)40% 7% Colours (10%)30% Catalysts (9%) 9%20% Magnets (7%) 12% 7% 7% Hardfacing & Other Alloys (6%)10% 5% 5% 4% 10% 19% 3% 2% 2% 2% Tyre Adhesives, Soaps, Driers (5%)0% 13% Feedstuffs (4%) Vast majority of cobalt sourced from regions that are 76,500 t market with demand growing by approximately politically unstable or prone to export restrictions 10% per year Wide metallurgical & chemical market applications in: Congo currently accounts for 51% of global supply batteries, high strength alloys, cutting tools, catalysts, etc. China has the largest refining capacity (43% in 2010) Largest growth is in lithium ion & nickel metal hydride but limited mine supply batteries for electronic devices & hybrid/electric vehicles LME initiated futures market trading for cobalt in High purity cobalt (99.8%) used in aerospace applications (99 8%) 2010, resulting in a more liquid market Sulphate used for batteries Source: USGS Industry Survey Source: Cobalt Development Institute 25

26. BISMUTH ENVIRONMENTAL FRIENDLY WITH GROWTH POTENTIAL Growing number of applications World reserves (in tonnes) Bismuth prices continue to increase Alloys, solders and 300,000 others, 8% 250,000 240,000 Metallurgical 200,000additives, 27% 150,000 100,000 48,661 50,000 39,000 11,000 10,000 10,000 5,000 5,000 Chemicals and pharmaceuticals, - 65% Traditionally used in fusible alloys, cosmetics, chemicals etc. World market ~ 20,000 tonnes per year Bismuth prices have risen, supported by steady demand & constrained New markets focus on super China is the principal source of bismuth supply conductors, CDs & auto anti-corrosion & has total reserves of 240Kt, materials accounting for 80% of world reserves Environmentally safe replacement for China has closed 20% of its production lead in plumbing & electronic solders, due to environmental concerns brass, ceramic glazes, free cutting steel, NICO contains over 48Kt of bismuth, hot dip galvanizing & paint pigments equivalent to 15% of world reserves & Global framework to eliminate lead could the worlds largest deposit increase bismuth consumption by 25% European legislation to eliminate lead in electronics Source: USGS Industry Survey Source: USGS Industry Survey 2010 Source: Asian Metal, Metal Bulletin 26

27. 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 0.03Open Pit Mineral Reserves Tonnes Au (g/t) Co (%) Bi (%) Cu (%) Proven 15,019,000 0.85 0.12 0.16 0.04 Probable P b bl 13,797,000 13 797 000 0.71 0 71 0.12 0 12 0.15 0 15 0.03 0 03 Total 28,816,000 0.79 0.12 0.15 0.04Combined 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 82 million 109 million 27 million ounces pounds pounds poundsReserve estimate by P&E Mining Consultants Inc., Eugene Puritch, P.Eng. & Fred Brown, CPG PrSciNat, Qualified Persons as defined by NI-43-101 27

28. 2010 DRILL PROGRAM38 holes drilled in 2010Drilling successfully expanded deposit &intersected high-grade gold intervals 51.3m averaging 2.2 g Au & 0.11% Co, g g g/t % , including 3m averaging 15.59 g/t Au, 0.46% Co, 0.05% Bi & 0.20% Cu 8.00m averaging 4.74 g/t Au & 0.16% Bi, including 1m grading 35 g/t Au 3.38m 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% Co 0 24% Bi & 0 13% Cu 0.13% 5.00m averaging 4.84 g/t Au, including 2.5m averaging 9.21 g/t Au 20.1m averaging 0.38% Co & 0.37% BiNew Mineral Reserve estimates pending 28

29. UNDERGROUND TEST MINING & PILOT PLANTS Mining conditions geometry & grades for conditions, deposit confirmed Environmental impacts assessed Portal, decline ramp & 2 mine levels established with ventilation raise t surface t bli h d ith til ti i to f ~$ 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 p j g project to governments & communities Reduced project risk 29

30. GOLDEN GIANT MINE (HEMLO) MILL, ONTARIOBuildings, equ p e & spa e pa s acqu ed from Newmont Ca ada u d gs, equipment spare parts acquired o e o CanadaRelocation to NICO for significant reduction in capital costs & project riskNo environmental liability for Hemlo siteDismantling & removal completed for net cash cost of ~$ 19 millionDDemonstration of project execution on b d t & schedule t ti f j t ti budget h d l 30

31. 2008 DEFINITIVE FEASIBILITY STUDYMicon, Met Chem, Golder, SGS Lakefield & metallurgical & engineering experts Met-Chem,Results: Pre-tax IRR 32.3% Pre-tax C$361 million 8% NPV Pre-production Pre production capital cost C$213 million Cash 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 t f d tSt d out of date N New reserves & operational i ti l improvements not i l d d C it l costs will t t included Capital t illbe higher(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 31

32. POST-DEFINITIVE FEASIBILITY STUDY IMPROVEMENTS43% 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-disposalCo disposal of waste rock & tails Reduces dam structures & reclamation costsCommodity price assumptions higher:Improved recoveries from pilot plant: Gold 56-85%, Averages 76% , g Cobalt 84% Bismuth 73% Copper 58% - Not previously includedHigher value metal products: Bismuth 99.9% ingot Feasibility study assumed concentrate Copper Copper metal Not included in feasibility studyHydrometallurgical process plant relocated to Saskatoon Lower OPEX (~$7 million per yr) Mitigates capital cost increase (~$30 million) ( $7 ( $30 32

33. RESULTS OF NICO PROJECT IMPROVEMENTSHigher 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)Approximate cost per tonne $ 60 per tonne, $ 102 million per yrApproximate revenue $ 110 per tonne, was $ 190 million per yrCapital costs expected to be $400 millionUpdated economics p p pending receipt of Front End Engineering & Design ( g p g g g (FEED) Study by ) y yJacobs Engineering & other engineering Co.s 33

34. DEVELOPMENT STRATEGYNew reserve estimates pending Focus on expansion of goldFront End Engineering & Design Studies nearly complete Currently reviewing draft Revised capital & operating costs & financial modelEnvironmental Assessments advanced for mine & SMPP permitting Developers Assessment Report submitted - No deficiencies Saskatchewan Environmental Impact statement submitted for SMPPExpanding management teamE diProduction 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 34

35. 2012 TARGETED MILESTONESMount Klappan pp Revised Project Description submission to BC EAO (Q2) New reserves (Q2) Revised economics (Q2) MOU with CN Rail (Q2) MOU with Gitxsan BC First Nation (Q2) Second stage strategic partner(s) and project financingNICO New reserve estimates (Q1) Revised economics (Q1) Initiate Tlicho Participation Agreement (PA) Negotiations (Q4) SMPP permits (Q4) Initiate discussions with the Wekezhi 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 35

36. DirectorsMahendra Naik, B Comm, CA Chairman, Director CFO Fundeco - Founding director & former CFO, IAMGOLDGeorge Doumet, MSc, MBA Honorary Chairman, Director Chemical Engineer President & CEO, Federal White CementRobin Goad, MSc, PGeo President & CEO, Director Geologist - 30 yrs mining & exploration experienceDavid Knight, BA, LLB Secretary, Director Partner, Norton Rose specializing in securities & mining lawJames Excell, BASc Director Metallurgical Engineer 35 yrs mining experience BHP-BillitonWilliam BWilli Breukelman, BAS MBA PE k l BASc, MBA, PEng Director Di t Chemical Engineer Ch i Ch i l E i Chairman, G d GedexJames Currie, BSc (Hons), PEng Director Mining Engineer COO, Kimber ResourcesThe Honorable Carl L. Clouter Director Commercial pilot - former owner of charter airline in NWTShou Wu (Grant) Chen, MSc, MBA Director Geologist Deputy Chairman & CEO, China Mining Resources GroupManagementJulian Kemp, BBA, CA VP Finance & CFO Chartered Accountant 20+ yrs mining financial experienceThomas Rinaldi, BSc VP Operations Mining Engineer 30 yrs engineering & operations experienceMichael De Carlo, BSc, BBA Project Manager Mining Engineer 40+ yrs engineering & managerial experienceBill Shepard Logistics Manager 15 yrs experience in procurement and logisticsDr. Richard Schryer, PhD Director Regulatory & Aquatic Scientist 20+ yrs experience in mine permitting & environmental Environmental Affairs assessmentsAdam Jean, HBA, CA Controller Chartered Accountant previously with Ernst & YoungJames Mucklow, MESc, PEng Manager Env.& Community Geological Engineer 20+ yrs geological & environmental experienceKeith Lee, BSc Senior Process Engineer 25 yrs operations, engineering & mineral processing experienceCarl Kottmeier, MBA, PEng Project Manager Mining Engineer 24 yrs engineering & operations experience 36

37. NOTES 37

38. NOTES 38

39. NOTES 39

40. For further information, please contact: Emerging StrategicTroy Nazarewicz, Investor Relations Manager 140 Fullarton Street, Suite 1902 Metal & Coal London, Ontario, Canada Producer P d N6A 5P2 Tel. (519) 858-8188 Fax. (519) 858-8155 E-mail. t E il tnazarewicz @f t i @fortuneminerals.com i l Website. www.fortuneminerals.com TSX-FT