FORTUNE MINERALS LTD - FTMDF STOCK NEWS

Fortune Minerals (TSX: FT) (OTCQB: FTMDF) has engaged Worley Canada Services to update the Feasibility Study for the NICO Cobalt-Gold-Bismuth-Copper Project in Canada and assist with permitting for the Hydrometallurgical Facility in Alberta. The project aims to provide North American supply of critical minerals with ESG standards and IRA compliance.

Fortune recently received ~C$17 million in non-dilutive funding from the U.S. Department of Defense, Natural Resources Canada, and Alberta Innovates to advance the project. The updated Feasibility Study will incorporate recent improvements, including the completion of the Tlicho Highway, a new brownfield Alberta site, enhanced transportation logistics, and process optimizations.

The study will assess project economics at current costs and commodity prices, while also evaluating potential improvements in metallurgical recoveries and mine planning strategies.

Fortune Minerals (TSX: FT) (OTCQB: FTMDF) has entered a new option agreement with JFSL Field Services ULC to purchase a brownfield industrial site in Lamont County, Alberta for C$6,000,000. This site is planned for the construction of a hydrometallurgical refinery to process metal concentrates from Fortune's NICO cobalt-gold-bismuth-copper mine project in the Northwest Territories. The refinery aims to produce cobalt sulphate for lithium-ion batteries, bismuth ingots, and copper cement, with gold as a co-product.

The company has also announced that Alex Mezei has joined as Chief Metallurgist to oversee test work and process engineering for the NICO Project, which has received approximately C$17 million in government funding. The JFSL site, located in Alberta's Industrial Heartland, is expected to reduce capital and operating costs due to its existing infrastructure and proximity to skilled labor.

Fortune Minerals (TSX: FT, OTCQB: FTMDF) announced that the option to purchase the JFSL Field Services ULC brownfield industrial site in Lamont County, Alberta expired on June 30, 2024, without completion. Despite this, both Fortune and JFSL are keen to finalize a new arrangement to facilitate the purchase. Fortune Minerals will provide further updates once discussions with JFSL conclude.

Fortune Minerals (TSX: FT) (OTCQB: FTMDF) announced the results of its 2024 Annual Meeting of Shareholders held on June 25, 2024, in London, Ontario. At the Meeting, all nominees listed in the management information circular were elected as directors. The detailed voting results are as follows:

Robin E. Goad received 99.39% of votes in favor, Glen Koropchuk received 97.42%, John McVey received 99.41%, Mahendra Naik received 98.88%, David Ramsay received 98.23%, and Edward Yurkowski received 99.33%. Additionally, the shareholders approved the appointment of McGovern Hurley LLP as the auditor of the company.

Fortune Minerals has entered a convertible securities funding agreement with Lind Partners worth up to C$10 million. An initial drawdown of C$1.25 million was used to make a C$1 million downpayment for an Alberta refinery site. The company plans to build a hydrometallurgical refinery to process metal concentrates from its NICO Project. The first convertible security has a two-year term and is secured by a lien on Fortune's assets. Lind can convert this security into shares at a discount to market price. Fortune can repurchase the security after 180 days, subject to conditions. Lind also receives a C$50,000 closing fee and 12.5 million warrants.

Fortune has amended its option agreement with JFSL for the 77-acre site, making payments totaling C$1.4375 million toward a C$5.5 million purchase price, with the balance due by June 28, 2024. JFSL and its parent, Worley Group, have specific usage and preferential rights post-acquisition. The Toronto Stock Exchange has conditionally approved the funding agreement.

Fortune Minerals has secured up to C$7.5 million from the Government of Canada to advance its NICO Project, which aims to produce cobalt, gold, bismuth, and copper. This funding complements a US$6.38 million award from the U.S. Department of Defense, bringing total non-dilutive funding to C$16.2 million. The NICO Project includes a planned mine in the Northwest Territories and a refinery in Alberta. The additional funds will support engineering and test work, including a feasibility study, a sensitivity analysis, and a FEED study. The project aligns with the Canada-U.S. Joint Action Plan on Critical Minerals Collaboration and aims to enhance North American supply chain transparency and reliability.

Fortune Minerals has secured a $6.38 million U.S. Department of Defense grant to accelerate the NICO Project, aiming to expand cobalt production for battery and high-strength alloy industries. This funding will advance the project's construction decision and includes metallurgical tests, securing permits, preparing management plans, and updating the feasibility study. The NICO Project will provide critical minerals like cobalt, gold, bismuth, and copper in North America, reducing dependence on imports from politically unstable regions. The project aligns with U.S.-Canada Critical Minerals Collaboration and supports the Inflation Reduction Act’s goals, making electric vehicles more tax-credit eligible. Annual production is projected at 1,800 metric tonnes of cobalt, 47,000 Troy ounces of gold, 1,700 tonnes of bismuth, and 300 tonnes of copper, potentially enhancing the battery supply chain and e-mobility transition.

Fortune Minerals extends purchase option for Alberta Refinery site and conducts metallurgical testing for the NICO critical minerals project. The NICO Project aims to provide North American supply of critical minerals for the energy transition and new technologies.

Fortune Minerals Limited has secured an extension to purchase the JFSL Field Services ULC brownfield industrial site in Alberta. The company plans to construct a hydrometallurgical refinery to process concentrates from the NICO cobalt-gold-bismuth-copper critical minerals deposit. This project would produce cobalt, bismuth, copper, and gold. Fortune also closed a private placement to fund a metallurgical test work program. The company is waiting for the government ice road to open to transport ore samples for the planned test work program.