Fortune Minerals Completes New Option Agreement to Acquire the JFSL Alberta Refinery Site for the NICO Project
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) ha stipulato un nuovo contratto di opzione con JFSL Field Services ULC per l'acquisto di un sito industriale brownfield nella contea di Lamont, Alberta, per C$6.000.000. Questo sito è destinato alla costruzione di un'impianto idrometallurgico per trattare i concentrati di metallo provenienti dal progetto minerario NICO di Fortune, che estrae cobalto, oro, bismuto e rame nei Territori del Nord-Ovest. L'impianto mira a produrre sulfato di cobalto per batterie agli ioni di litio, lingotti di bismuto e cemento di rame, con l'oro come co-prodotto.
La società ha anche annunciato che Alex Mezei è stato nominato Chief Metallurgist per supervisionare il lavoro di test e l'ingegneria dei processi per il Progetto NICO, che ha ricevuto circa C$17 milioni in finanziamenti governativi. Il sito JFSL, situato nel cuore industriale dell'Alberta, è previsto per ridurre i costi di capitale e operativi grazie alla sua infrastruttura esistente e alla vicinanza di manodopera qualificata.
Fortune Minerals (TSX: FT) (OTCQB: FTMDF) ha firmado un nuevo acuerdo de opción con JFSL Field Services ULC para la compra de un sitio industrial brownfield en el Condado de Lamont, Alberta, por C$6,000,000. Este sitio está planificado para la construcción de una refinería hidrometalúrgica para procesar concentrados de metal del proyecto minero NICO de Fortune, que extrae cobalto, oro, bismuto y cobre en los Territorios del Noroeste. La refinería tiene como objetivo producir sulfato de cobalto para baterías de iones de litio, lingotes de bismuto y cemento de cobre, siendo el oro un coproducto.
La compañía también ha anunciado que Alex Mezei se ha unido como Jefe de Metalurgia para supervisar el trabajo de pruebas y la ingeniería de procesos para el Proyecto NICO, que ha recibido aproximadamente C$17 millones en financiamiento gubernamental. Se espera que el sitio de JFSL, ubicado en el Corazón Industrial de Alberta, reduzca los costos de capital y de operación gracias a su infraestructura existente y a la proximidad de mano de obra calificada.
Fortune Minerals (TSX: FT) (OTCQB: FTMDF)는 알버타 주 라몬트 카운티에 있는 브라운필드 산업 부지를 C$6,000,000에 구매하기 위해 JFSL Field Services ULC와 새로운 선택 계약을 체결했습니다. 이 사이트는 북서 준주에 위치한 Fortune의 NICO 코발트-금-비스무트-구리 광산 프로젝트로부터 금속 농축물을 처리하는 수화학 정제소 건설을 위해 계획되고 있습니다. 이 정제소는 리튬 이온 배터리용 코발트 황산염, 비스무트 주물 및 구리 시멘트를 생산하며, 금은 부산물로 생산될 것입니다.
회사는 또한 Alex Mezei가 NICO 프로젝트의 테스트 작업 및 공정 공학을 감독하기 위해 수석 금속학자로 합류했다고 발표했습니다. 이 프로젝트는 약 C$17백만의 정부 자금을 받았습니다. 알버타의 산업 중심지에 위치한 JFSL 사이트는 기존 인프라와 숙련 노동의 인근으로 인해 자본 및 운영 비용을 줄일 것으로 예상됩니다.
Fortune Minerals (TSX: FT) (OTCQB: FTMDF) a conclu un nouvel accord d'option avec JFSL Field Services ULC pour l'achat d'un site industriel brownfield dans le comté de Lamont, Alberta, pour 6 000 000 C$. Ce site est prévu pour la construction d'une raffinerie hydrométallurgique visant à traiter les concentrés de métaux du projet minier NICO de Fortune, qui extrait du cobalt, de l'or, du bismuth et du cuivre dans les Territoires du Nord-Ouest. La raffinerie a pour objectif de produire sulfate de cobalt pour batteries lithium-ion, lingots de bismuth et ciment de cuivre, l'or étant un coproduct.
L'entreprise a également annoncé que Alex Mezei a rejoint l'équipe en tant que Chef métallurgiste pour superviser les travaux d'essai et l'ingénierie des procédés pour le projet NICO, qui a reçu environ 17 millions de C$ de financement gouvernemental. Le site de JFSL, situé dans le cœur industriel de l'Alberta, devrait réduire les coûts d'investissement et d'exploitation grâce à son infrastructure existante et à la proximité de main-d'œuvre qualifiée.
Fortune Minerals (TSX: FT) (OTCQB: FTMDF) hat eine neue Optionsvereinbarung mit JFSL Field Services ULC zur Kauf eines Brownfield-Industriegeländes im Lamont County, Alberta, für C$6.000.000 abgeschlossen. Das Gelände ist für den Bau einer hydrometallurgischen Raffinerie geplant, die Metallkonzentrate aus dem NICO Kobalt-Gold-Bismut-Kupfer-Minenprojekt von Fortune im Northwest Territories verarbeiten soll. Die Raffinerie hat das Ziel, Kobaltsulfat für Lithium-Ionen-Batterien, Bismutbarren und Kupferzement zu produzieren, wobei Gold als Nebenprodukt anfällt.
Das Unternehmen gab außerdem bekannt, dass Alex Mezei als Chief Metallurgist beigetreten ist, um die Testarbeiten und Prozessengineering für das NICO-Projekt zu überwachen, das etwa C$17 Millionen an staatlicher Finanzierung erhalten hat. Es wird erwartet, dass der JFSL-Standort, der im industriellen Herzstück Albertas liegt, aufgrund seiner bestehenden Infrastruktur und der Nähe zu qualifizierten Arbeitskräften die Kapital- und Betriebskosten senken wird.
- Option to acquire strategic refinery site for C$6,000,000
- Planned production of critical minerals for energy transition
- Collaboration with Rio Tinto to potentially increase cobalt and bismuth production
- Appointment of experienced Chief Metallurgist Alex Mezei
- Received C$17 million in government funding for NICO Project
- Brownfield site with existing infrastructure expected to reduce costs
- Monthly option payments of C$100,000 required to maintain purchase rights
- JFSL retains right to list property for sale during option period
- Dependency on successful development of NICO mine project
Alex Mezei retained as Chief Metallurgist to supervise test work and process engineering
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Pursuant to the new option agreement, Fortune can acquire the Lamont County site from JFSL for
JFSL is a subsidiary of Worley Group (“Worley”), an international engineering, construction management and environmental services company listed for trading on the Australian Stock Exchange. Worley will be the preferred contractor for environmental, engineering, procurement, fabrication and construction work for the Alberta Refinery.
The JFSL site is comprised of 76.78 acres of lands adjacent to the Canadian National Railway in Alberta’s Industrial Heartland, an association of five municipalities northeast of
Fortune is also pleased to announce that Alex Mezei, M.Sc. P.Eng., has joined the Company as Chief Metallurgist. Mr Mezei will supervise the test work and process and design engineering for the NICO Project, which the Company is advancing with the recently announced government contribution funding totalling approximately
For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project,
The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the NWT and
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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the exercise of the option by the Company and the purchase of the JFSL site, the construction of the proposed hydrometallurgical refinery at the JFSL site, the potential for expansion of the NICO Deposit and the Company’s plans to develop the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the successful completion of the Company’s due diligence investigations on the JFSL site, the Company’s ability to secure the necessary financing to fund the exercise of the option and complete the purchase of the JFSL site, the Company’s ability to complete construction of a NICO Project refinery; the Company’s ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the 2021 drill program may not result in a meaningful expansion of the NICO Deposit, the Company may not be able to complete the purchase of the JFSL site and secure a site for the construction of a refinery, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company’s production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240819194865/en/
For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel: (519) 858-8188
www.fortuneminerals.com
Source: Fortune Minerals Limited
FAQ
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