FORTUNE MINERALS LTD - FTMDF STOCK NEWS

Fortune Minerals and Rio Tinto collaborate to improve recovery of cobalt and bismuth. Testing will be done at Rio Tinto Kennecott's operations in Utah and Fortune's planned Alberta Refinery. The partnership aims to maximize critical mineral supply chain investments and increase Fortune's refining operations. Cobalt is used for rechargeable batteries and energy storage, while bismuth has various applications. This collaboration could support greater production of metals for the energy transition and sustainable economy.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announces a delay in filing its audited annual financial statements for the year ended December 31, 2022. The company is currently undergoing an audit, which is expected to take an additional three weeks, thus missing the March 31, 2023 deadline. Fortune applied for a management cease trade order, which was denied by the Ontario Securities Commission, leading to the likelihood of a failure to file cease trade order that will restrict trading of its securities in Canada. The company maintains it has the resources to resolve this default and will follow alternative disclosure guidelines.

Fortune Minerals Limited (TSX: FT; OTCQB: FTMDF) has provided an update on its NICO cobalt-gold-bismuth-copper project in Canada. The project has received environmental assessment approval and major mine permits in the Northwest Territories (NWT). A recent renewal of the Land Use Permit allows for ongoing site operations. Fortune closed a private placement, raising C$552,465 at C$0.07 per unit, for further project development and working capital. The urgency for critical minerals is emphasized by the need for sustainable supply chains in light of geopolitical risks. Fortune is exploring government financial support for the project, aiming to enhance North American mineral production.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announced a potential delay in filing its audited annual financial statements and related documents for the year ended December 31, 2022, which are due by March 31, 2023. The delay is attributed to late audit commencement, although the company has secured short-term cash through a private placement. Fortune applied for a management cease trade order but was denied. If the filings are not completed by the deadline, a cease trade order will be imposed, halting trading of its securities in Canada until compliance. The company assures it has the resources to remedy any default and has no insolvency proceedings pending.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has extended its option to acquire the JFSL Field Services ULC brownfield site in Alberta for C$5.5 million. The site will house a hydrometallurgical refinery for the NICO cobalt-gold-bismuth-copper project, allowing Fortune to produce cobalt sulphate essential for lithium-ion batteries. The project, which includes over one million ounces of gold and significant bismuth resources, has already received key environmental approvals and permits, enhancing its development potential in the growing critical minerals sector.