FMN.V · 2020-05-19 12:00:00

Fidelity Minerals Provides Update on Sale of Cerro Dorado and Announces the Deferral of Concession Payments by the Peru Government

Corporate Updates

Fidelity Minerals Provides Update on Sale of Cerro Dorado and

Announces the Deferral of Concession Payments by the Peru Government

Vancouver, BC, May 1 9, 2020 – Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE:

MNYC) (“ Fidelity Minerals ” or the “ Company”) announces that the Peruvian COVID-19

lockdown has been extended to May 24 th and to date the Company has allowed the purchaser of

Cerro Dorado to defer the scheduled March payment (see news release on March 27, 2020) . The

timing on the payment to the Company is expected to immediately follow the lockdown being lifted

and SUNAT processing the export approval application for the purchaser’s gold production.

To date the Company has received USD $500,000 of the USD $1,430,000 cash consideration with

the further scheduled payments of:

- USD $300,000 following the lockdown,

- USD $310,000 on June 21, 2020; and

- USD $320,000 on September 21, 2020

The Company expects to net USD $822,789 from the sale with the use of proceeds of the USD

$1,430,000 expected to be:

- USD $358,072 Cerro Dorado liabilities (already paid with funds received)

- USD $95,953 finders fee payable to an arm’s length third party (of which USD $37,500

has already been paid with funds received)

- USD $153,186 repayment of a non -arm’s length secured loan payable to Lions Bay

Capital Inc. (of which USD $76,593 has already been paid with funds received)

The Company also announces that t he Peruvian government has approved an extension for the

payment of concession renewals and penalties, if any, until September 30, 2020.

About Fidelity Minerals Corp.

Fidelity Minerals Corp. is assembling a portfolio of high -quality mining assets in Peru through the

implementation of our Strategic Project Generator (SPG) model. The project generator model

involves the identification and acquisition of appraisal stage opportunities with near-term valuation

catalysts, including potential for high -impact M&A. The company is backed by an experienced

management team with diverse technical, market, and commercial expertise and is supported by

committed and sophisticated investors focused on building long term value.

On behalf of the Board of Fidelity Minerals;

Ian Graham

CEO and Director

Tel: +1.604.671.1353

Investor Contact:

Bahay Ozcakmak

Executive Chairman

Tel: +61.3.9236.2800

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PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE

EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF

THIS NEWS RELEASE.