Supreme Court of the State of Montana Provides Opinion Ruling on Lucky Minerals’ Emigrant Project

VANCOUVER, December 22, 2020 - Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") announces that The Supreme Court of the State of Montana ("Supreme Court") has issued its ruling on the appeal initiated May 23, 2018 by the Montana Department of Environmental Quality ("DEQ") Lucky Minerals Inc. along with the intervention of the State of Montana in support of the appeal. The December 8, 2020 ruling both affirmed in part and reversed in part as well as remanded the DEQ to conduct further analysis as discussed below.

The Supreme Court reversed the District Court decision requiring the DEQ to conduct supplemental review of water quality issues, provide additional analysis of alternatives and determine any possible impacts of potential future full-scale mining of federal lands. In addition, the court affirmed the district court ruling requiring the DEQ to conduct supplementary review of the impacts of road improvements on wildlife in the area. The Court also requires the DEQ to specify mitigation plans for capturing expected artesian water flows during drilling if any.

Finally, the Supreme Court affirmed the vacating of Lucky's current exploration license pending DEQ review in accord with its order.

Lucky's CEO, Mr. François Perron stated, "The cancelling of our exploration license after the initial application and work since 2015 is putting the viability of our efforts in Montana into question. We will be reviewing and reevaluating our future plans in Montana, as our exploration focus and priorities have shifted to our Fortuna project located in Ecuador."

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Project ("Fortuna") in Ecuador and the Emigrant Project in Montana.

About Lucky's Emigrant Project, Montana

The Emigrant Project located on private property within the historic Emigrant Mining District in Southern Montana covers a 15 km² area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.

About Lucky's Fortuna Project, Ecuador

The Company's Fortuna Project is a royalty-free 550 km² (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador. Lucky has a memorandum of understanding on Fortuna with First Quantum Minerals Ltd. ("First Quantum") whereby First Quantum is able to earn up to 70% of copper targets.

ON BEHALF OF THE BOARD

"François Perron"
Chief Executive Officer

Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

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

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

SOURCE: Lucky Minerals Inc.