Lucky Minerals Announces Partner will not be Proceeding to Second Phase Target Testing on Fortuna 3, 4, 5 and 6 Concessions

VANCOUVER, February 23, 2021 - Lucky Minerals Inc. (TSXV:LKY)(OTC Pink:LKMNF)(FRA:LKY) ("Lucky" or the "Company") announces that First Quantum Minerals Ltd. ("First Quantum") will not proceed to the next phase of the exclusivity agreement entered into on March 2, 2020. As part of the initial agreement First Quantum will provide all the data they have generated while they worked on the Fortuna concessions 3,4,5 & 6.

Lucky CEO, Francois Perron, stated "The high-quality work accomplished by First Quantum offers us significant insights into the potential of the property. Their conclusion from this work is that they did not see the potential for a large scale copper porphyry system they are interested in targeting. The surface mapping and geophysics undertaken is of great value and will be the basis of our future strategy with respect to those target areas. In particular recent review of data confirms the presence of the upper parts of a potential copper gold porphyry system at the Emma prospect. Our work continues on the other gold prospects identified in 2020; El Garo and Sherman."

Fortuna

The Fortuna Project is comprised of twelve royalty free exploration concessions and occupies 550 km² within the central cordillera in the heart of a proven and highly mineralized Miocene age volcanic belt which extends from Chile and Peru into Ecuador. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

Qualified Person

Victor Jaramillo, M.Sc.A., P.Geo., Lucky's Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

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 property in Ecuador, which is its primary exploration project.

ON BEHALF OF THE BOARD

"Francois 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 Francois 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 regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

SOURCE: Lucky Minerals Inc.