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Emerging Strategic Metal & Coal

Producer

Investor Presentation May 22 2009TSX – “FT”

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FORWARD-LOOKING INFORMATION

Some of the statements contained in the following material are forward-looking statements and not statements of fact. Such statements are based on the current beliefs of management, as well as assumptions based on management information currently available. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from expected results. These are described in the Company’s current Annual Information Form on page 1. Readers must rely on their own evaluation of these uncertainties. Copies of the Annual Information Form can be obtained from the SEDAR website at www.sedar.com or by calling the Company. Fortune Minerals Limited does not assume the obligation to update any forward-looking statement.

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CorporateInformation

Ownership

AnalystCoverage

Listing: TSX: FTShare Price: ~C$0.59 (52 week high/low : C$2.60/C$0.38)Issued Shares: 64 millionFully Diluted: 79.2 million, includes:

5.4 million warrants @ $3.75 before July 26, 20096.1 million warrants @ $0.80 before Sept. 2, 2010

Market Capitalization: ~C$40 millionCash: ~ C$7 million (Q1 2009) + $4.2 million (May Private Placement)

Canadian & international institutionsSprott Asset Management ~ 12.5%Officer & Director Holdings ~ 14.8%

Cliff Hale-Sanders, CIBC World Markets (C$2 target price)David Davidson, Paradigm Capital (C$5 target price)Standard & Poor’s (no target price)Blue Sky Registration in most U.S. States

As of May 22, 2009

FORTUNE MINERALS INVESTMENT HIGHLIGHTS

2 development stage projects with positive feasibility studies, test mining, pilot plant processing & in permitting to develop minesLeverage to commodities with demand growth & gold counter cycle hedgeNICO Gold-Cobalt-Bismuth-Copper deposit, Northwest Territories

Cobalt – Feasibility Base Case US$ 16.50 / lb - Today ~US$ 18 / lbGold – Feasibility Base Case US$ 525 / oz - Today ~US$ 950 / ozBismuth – Feasibility Base Case US$ 4.50 / lb - Today ~US$ 8 / lbCopper & nickel by-product

Mount Klappan Anthracite Coal Deposits, British Columbia PCI – Feasibility Base Case US$ 150-175 / tonne - Today US$ 125 / tonnePremium products – higher prices ~ US$ 300+ / tonne)

Advanced Stage Sue-Dianne copper-silver-gold deposit - 25 km north of NICOGolden Giant Mine buildings & equipment purchased to reduce NICO CAPEXExperienced board of directors & management teamCurrent ~C$40 million market capitalization undervalues assets, cash & equipmentStrategy to deliver near-term and longer-term shareholder value

JV Coal & develop NICO independently

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EXPERIENCED BOARD & MANAGEMENT TEAM WITH PROVEN RECORDS

DIRECTORS: George Doumet, MSc, MBA, Chairman

Chemical Engineer - President Federal White Cement Ltd. & control of other industrial companiesRobin Goad, MSc, PGeo, President & CEO

Geologist with 28 yrs experience in mining & explorationDavid Knight, BA, LLB, Secretary

Partner with Macleod Dixon LLP – securities & mining lawyerJames Excell, BASc

Metallurgist – 30 yrs senior management @ BHP Billiton, former CEO North American PalladiumWilliam Breukelman, BASc, MBA, PEng

Chemical Engineer – Chairman Gedex - Co-owned & chaired IMAX CorporationMahendra Naik, BComm, CA

CFO Fundeco - founding director & former CFO IAMGOLD CorporationJames Currie, B.Sc. (Hons.) PEng

Mining Engineer – COO New Gold Inc. - 28 yrs experience in operations & developmentCarl Clouter

Commercial pilot with 35 yrs of prospecting experience in Canada

MANAGEMENT:Julian Kemp, BBA, CA, VP Finance & CFO – 20 yrs mine financial experienceThomas Rinaldi, BSc (Mining Engineering), VP Operations – 26 yrs engineering and operations experienceMichael Samuels, BEng, Director of Technical Services – 12 yrs experience mine processing Richard Schryer, PhD, Director of Regulatory & Environmental Affairs – 20 yrs mine permitting experienceJames Mucklow, MESc, PEng, Manager Environment & Community Relations – 20 yrs environmental experienceAdam Jean, HBA, CA, ControllerPat Moloney, BEd, BSc. (Hons.), Human Resources ManagerEd Farrell, Hemlo Site Superintendent

Focus Canada - Operating in mining friendly jurisdictions

PROPERTY INTERESTS

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NICO GOLD-COBALT-BISMUTH-COPPER DEPOSIT, NORTHWEST TERRITORIES

100% Ownership – No 3rd party royalties

C$ 65 million work to date - Includes C$ 25 million test mining & process pilot plant

2007 positive feasibility study -Update in 2008 indicates 32.3% IRR & C$ 361 million 8% discounted NPV

Purchased Golden Giant (Hemlo) mill for relocation & reduce capital costs for mine

Environmental Assessment in progress for mine permitting & 2012 planned production

Aker Solutions conducting Front-End Engineering

Test mining 2006-07

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LOCATION & INFRASTRUCTURE 5,140 Ha mining lease in south part of NWT

Winter road access

New all-weather road planned by governments to Hwy 80 km south

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

Engineering & environmental work underway

Power 22 km east

Railway terminus at Hay River 450 km south

City of Yellowknife 160 km southeast & Town of Whati 50 km to south

Settled land claim with Tlicho

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DIVERSIFIED EXPOSURE TO GOLD & SPECIALTY METALSGold: Significant co-product – Counter cyclical hedgeCobalt: Consumption ~65,000T @ 8% annual growth

Metallurgical markets - high strength alloys, cutting tools, cemented carbides & magnetsChemical markets – rechargeable batteries, catalysts, agriculture & pigmentsKey growth areas – batteries (electronic devices & hybrid-electric vehicles) & catalysts (petroleum refining)

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DIVERSIFIED EXPOSURE TO GOLD & SPECIALTY METALSBismuth: Consumption +15,000T @ ~10% / yr annual growth

Traditional markets – fusible alloys, cosmetics, chemicals, ointments, medicines, lubricants, electronics & flame retardantsNew markets – super conductors, CD’S & replacing lead for solder (plumbing & electronics), hot-dip galvanizing, auto anti-corrosion, plumbing brasses, ceramic glazes, ammunition, radiation shielding, paint pigments & free cutting steelMCP Group (World’s largest bismuth consumer) will purchase all mine production

Fortune will be a major cobalt producer & the largest bismuth producer in the world

Kazakhstan, Bolivia, Other3%

Teck Cominco, Canada

1%

Recycled Metal4%Doe Run,

Peru5%

Penoles, Mexico

6%

NICO13%

China68%

Average Forecast NICO Bismuth Production vs. 2008

World Production

China28%

Recycling, Intermediate 

& Small Producers

20%

OMG14%

Xstrata6%

Sherritt5%

Umicore5%

Chambishi4%Norilsk

4%

Vale Inco3%NICO

3%

Minara3%

CTT3%BHP Billiton

2%

Average Forecast NICO Cobalt Production vs. Major 2008

Producers

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2007 Study (Updated 2008) by Micon International + Met-Chem Canada, Golder & others Production: 4,000 tonnes / day (Jan 2009 announced increase to 4,650 tonnes / day)Primarily open pit mine - underground mining also in years 1 & 2

Maximize gold recovery & high grade during initial production –Accelerate payback

Proven hydrometallurgical process methods to high value products

Gold DoréCobalt 99.8% MetalBismuth 99.5% MetalCopper & nickel by-products

DEFINITIVE (BANKABLE) FEASIBILITY STUDY

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FEASIBILTY STUDY RESULTSProven & Probable Reserves

21.8 million tonnes - 1.08 g/t Au, 0.13% Co, 0.16% Bi15-year mine life (feasibility study) - 13 years with production increaseCobalt: 60,603,000 lbs (27,950 tonnes)Gold: 759,700 ozsBismuth: 76,956,000 lbs (34,916 tonnes)

Larger 57 million tonne resource - ScaleableCapital costs: C$215.2 million (feasibility study)

Does not include escalation, bismuth cathode facility & tonnage throughput increaseAverage life-of-mine operating costs: C$ 39.40 / tonne

Does not include throughput increase & bismuth cathode improvementsAnnual metal production

Cobalt: 3.46 million lbs (4.01 million lbs with production increase)Gold: Yrs 1 & 2 avg 70,000 oz; Yrs 3-15 avg 24,000 oz (81,200 / 27,840 ozs with increase)Bismuth: 3.59 million lbs (4.16 million lbs with increase)

255 employeesReserves, mining & metallurgy verified by test mining & pilot plants

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1 2007 Base Case: Using US$16.50/lb cobalt, US$525/oz gold, US$4.50/lb bismuth @ C$1.20 = US$ 1 (83 Cents)2 2008 Base Case: Using May 2008 metal prices - US$20/lb cobalt, US$750/oz gold, US$10/lb bismuth @ C$ 1.03 = US$ 1 (97 Cents)3 By-Product accounting4 April 2008 metal prices – US$50/lb cobalt, US$925/oz gold, US$16/lb bismuth @ C$ 1.03 = US$ 1 (97 Cents)

2008 UPDATED FEASIBILTY STUDY ECONOMIC RESULTSExcludes Bi metal processing option & tonnage throughput increase

4 April 2008 metal prices produce 97.2% IRR and C$1.5 billion NPV

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Cash Costs - Gold Eq

$304$249

2007 Base Case 2008 Base Case

US

$/

oz

1 2

Pre-Tax IRR

18.3%

32.3%

2007 Base Case 2008 Base Case

1 2

Pre-Tax NPV (8%)

$143.7

$360.7

2007 Base Case 2008 Base Case

C$

mm

1 2

Cash Costs – Cobalt 3

$6.34

$1.41

2007 Base Case 2008 Base Case

US

$/

lb

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UNDERGROUND TEST MINING & PILOT PLANT

Mining conditions, geometry & grades for deposit confirmed

Environmental impacts assessed

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

~C$ 20 million pre-production development completed

Sample collected for C$ 5 million pilot plant test

Proved process flow sheet

Verified production of high value metal products

Substantial increase in recovery for all metals over feasibility study

Tangible demonstration of project to governments & communities

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GOLDEN GIANT MINE (HEMLO) MILLAcquired in 2006 & 2008 for C$3.3 milion from newmontIncludes surface facilities, buildings, equipment & C$ 2 million in spare partsRelocation to NICO for significant reduction in capital costs & project riskNo environmental liability for Hemlo site – 2 yr window to relocateDismantling 90% complete & sale surplus equipment & metals in progressDemonstration of Fortune’s ability to plan & execute major project

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Work to date completed for ~$11 million vs. $17+ million initially budgeted ~$4 million revenues from sale of surplus equipment, scrap & precious metals

GOLDEN GIANT MINE DISMANTLING & DEMOLITION

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GOLDEN GIANT EQUIPMENT TO BE RELOCATED TO NICO

Equipment & buildings salvaged for NICO valued at C$40 million

SOUTHERN HYDOMETALLURGICAL COMPLEXStudies indicate significant capital & operating cost reductions & accelerated construction schedule from relocating downstream hydrometallurgical process plant to southern CanadaFlotation concentrates from NICO transported by truck & / or rail to southShort list of sites in Alberta, Saskatchewan & Manitoba with access to CN Rail, business friendly communities, proximity to reagent sources & access to skilled labour poolSavings ~C$ 30 million CAPEX & ~C$ 10 million annual OPEX anticipated from:

Reduction in materials transport, labour & construction costsReduction in imported skilled labour at NICO site – reduces camp costsReduction of site power requirements from 17MW to 10MWReduction in power costs by up to 17 cents / kWh at southern facilityConcentrate transportation costs partially offset by reagent transportationEnvironmental impacts at NICO site reduced – speeds permitting & lowers bonding costs

Planned purchase of southern hydrometallurgical complex site Q2 / Q3 - 2009

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MOUNT KLAPPAN COAL PROJECT, BRITISH COLUMBIA

100% ownership – C$1/tonne royalty to ConocoPhillipsWorld Class reserves & resources (2.8 billion tonnes) of premium anthracite coal Largest undeveloped deposit in North America – one of world’s largestPositive feasibility study on Lost Fox deposit - only 3.6% of total depositTest mining, pilot plant processing & 100,000 tonne trial cargo completedSupply shortages of metallurgical coalsC$85+ million invested in project by Gulf & Fortune

Railway sub-grade

Test mining 1985-86

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LOCATION & INFRASTRUCTURE

15,866 Ha licenses in northwest B.C.

Proximity to deep water shipping ports

Stewart (150km) – Truck access

Prince Rupert (330km) – Rail access

Leases straddle railway right-of-way

Track installed 150km south of mine

Road access from railway subgrade

Government feasibility study to extend railway to Alaska

Tahltan First Nation Traditional Territory – EA cooperation agreement

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WORLD ANTHRACITE MARKETS

Anthracite - highest quality coal with very high carbon & energy content -represents only 1% of world coal reserves (uncommon premium coal)World production: ~ 400 million tonnes - China (200 million tonnes) & Vietnam (40 million tonnes) reducing &/or eliminating exports – new deposits will not meet existing & growing demandMultiple additional premium products for metallurgical & thermal use –heating & cooking briquettes, coke replacement & binder for iron ore pellets

Filter Media US$ 300 / tonne Metallurgical Reductants US$ 300 / tonne Ultra-Low Vol. Pulverized Coal Injection (PCI) US$ 125 / tonne Sinter US$ 110 / tonne Power Generation US$ 85 / tonne

Source: Company Information.

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MOUNT KLAPPAN PROJECT HISTORY

C$ 85 million invested in project - C$ 20 million (Fortune)Fortune purchased project from ConocoPhillips after its takeover of Gulf

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Gulf Canada Fortune Minerals

ENGINEERING & FEASIBILITY

ENVIRONMENTAL

TRANSPORTATION

ENGINEERING & FEASIBILITY

TRANSPORTATION

POWER STUDIES

SOCIOECONOMIC & ENVIRONMENTAL

TRIAL CARGO MARKETING

DRILLINGLEASE MAINTENANCE

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In Situ Coal Reserves 10% Ash Product Reserves Measured Indicated Total In Situ Proven Probable Total Product

85.6 16.1 101.7 51.6 9.2 60.8

MOUNT KLAPPAN RESOURCES and RESERVESMount Klappan Resources (million tonnes)1

Lost Fox Reserves (MT)2

Area Measured Indicated Demonstrated Inferred Speculative Lost Fox 107.9 109.5 217.4 91.5 749.6 Hobbit-Broatch - 13.5 13.5 258.4 753.0 Summit - - - 9.6 508.9 Nass - - - - 201.5 Total 107.9 123.0 230.9 359.5 2,213.0

1 2.8 billion tonne resource in all classes - Estimates by Marston & Marston Inc. (NI 43-101 compliant).2 9.7 Bcm / tonne finished product strip ratio at 1.5 MT/yr.

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BANKABLE FEASIBILITY STUDY (2008 UPDATE)Lost Fox Deposit study by Marston & Marston Inc.

Open pit mine, wash plant & site infrastructure Rail & truck transport options from mine to portsProduction of 3 million tonnes / yr clean coal60.8 Mt of product coal reserves – sufficient for 20+ yrs productionPremium ultra-low volatile PCI product (82.6% carbon, 7,423 Kcal/Kg,13,352 Btu/lb, 31.1 GJ/t, 10% ash, 6.5% volatiles, 0.5% sulphur, 0.9% residual moisture, 40-45 HGI)

2008 FEASIBILITY STUDY UPDATE RESULTS3 Mtpa Ultra-Low Volatile PCI Product Trucked to Port of Stewart @ C$ 1.20 = US$ 1

BASE CASEUltra-Low Volatile PCI - US$ 175 / tonne (Yrs. 1-5) US$ 150 / tonne (Yrs. 5-20)

PRE-TAX AFTER TAX

IRR 40.9% 31.2%

NPV (8% DISCOUNT) C$ 1,280 Million C$ 749 Million

CAPITAL (1ST 3 YEARS) C$ 655 Million

COAL PRICE SENSITIVITIES

FOBT PRICE PRE-TAX IRR PRE-TAX NPV (8%) AFTER TAX IRR AFTER TAX NPV (8%) CASH COST / TONNE

US$ 110 7.8% (C$ 8.2 M) 4.2% (C$ 119 M) US$ 84.77

US$ 120 14.8% C$ 280 M 10.5% C$ 83 M US$ 85.17

US$ 130 20.6% C$ 536 M 15.3% C$ 256 M US$ 87.14

US$ 140 26.0% C$ 790 M 19.9% C$ 428 M US$ 88.72

US$ 150 31.3% C$ 1,052 M 24.2% C$ 599 M US$ 90.00

US$ 175 43.6% C$ 1,690 M 33.9% C$ 1,013 M US$ 93.55

US$ 200 55.9% C$ 2,346 M 43.2% C$ 1,436 M US$ 96.63

US$ 225 67.8% C$ 2,991 M 52.1% C$ 1,852 M US$ 99.94

US$ 250 79.3% C$ 3,636 M 60.8% C$ 2,268 M US$ 103.22

US$ 275 90.7% C$ 4,281 M 69.1% C$ 2,684 M US$ 106.50

US$ 300 101.9% C$ 4,921 M 76.9% C$ 3,096 M US$ 109.90

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4-phase drill program to upgrade & expand resources

Positive government feasibility study for Alaska Rail Connection

Reduction of haulage distance to Prince Rupert from 1400km to 600kmReduces transportation costsAllows expansion to > 5 Mtpa

Slurry pipeline to Stewart studyLower transportation costs Higher capital costsAllows expansion to 5+ Mtpa

Conveyor Option to Hwy 37Lower transportation costs to StewartHigher capital cost

Connection to BC electrical gridReduction in operating costs

Lease – Purchase major equipmentUndiscounted capital increases IRR

MOUNT KLAPPAN VALUE ENHANCEMENT OPPORTUNITIES

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SUE DIANNE COPPER-SILVER-GOLD DEPOSIT, NWT

100% interest – subject to royaltiesLow strip open pit Highest grades close to surfaceOnly 25 km north of NICO with attractive synergiesSue-Dianne Resources @ 0.4% Cu cut-off

Resource estimate by Micon International Ltd. & P&E Mining Consultants Inc.

Classification Tonnes Cu (%) Ag (g/T) Au (g/T)

Indicated 8,444,000 0.80 3.2 0.07

Inferred 1,620,000 0.79 2.4 0.07

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Current Market Capitalization

NICO NPV: C$ 361 million (2008 Base Case) Mount Klappan NPV: C$ 530 million (Current coal price)NICO + Mount Klappan: C$ 890 million2008 commodity prices produce higher valuationsFortune cash & equipment ~C$ 50 million

Current Market Cap: ~C$ 40 million

Volatile market conditionsDiscount for development stage companies Complicated asset mix – coal / metals2 large projects on parallel development schedule

Value Gap Issues

Attractive Economics

STRATEGY TO REALIZE SHAREHOLDER VALUE

Joint venture Mount Klappan with strategic partnerSimplifies corporate focusMonetizes & / or values coal projectResolves financing both projects - speeds development & reduces riskDiscussions ongoing with coal, steel, oil & gas & trading companies

Independent development of NICOCapital to develop NICO project within Fortune’s capacity & expertiseCompany in discussions with large bank for credit facilityCompany becomes specialty metals & gold producer with significant coal / energy investment

Production – NICO & Klappan

Investor recognition of Fortune’s undervalued Canadian mineral assets

OBJECTIVES FOR 2009 & EARLY 2010NICO Objectives

Complete environmental assessment & permittingPurchase site for southern hydrometallurgical complexComplete agreements with Tlicho GovernmentComplete front-end engineering & commence equipment procurementComplete Hemlo dismantling & recondition equipment for relocation to NICORetain construction manager & contractors

Mount Klappan ObjectivesComplete strategy for stategice alternatives - joint venture - sale - spin-out

Corporate ObjectivesComplete negotiations with lead bank for NICO credit / debt facilityAssess options for Company’s share of project financing – proceeds from Klappan transaction – gold sale – equity raise – M&A – joint ventureContinue building management team for operations

RESULT - Investor recognition of Company’s undervalued assets

Emerging Strategic Metal & Coal

ProducerFor further information, please contact:

Robin Goad, PresidentLindsay Simmons, Investor Relations Coordinator

140 Fullarton Street, Suite 1902London, Ontario, Canada

N6A 5P2Tel. (519) 858-8188Fax. (519) 858-8155

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

Toronto Stock Exchange – Symbol “FT”