FORTUNE MINERALS LTD - FTMDF STOCK NEWS

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has entered into Settlement Agreements with holders of its 2015 Debentures, resulting in the retirement of C$7,280,173 debt. The company will make a cash payment of C$1,250,000 and issue 73,500,000 shares at approximately C$0.082 per share. Additionally, the maturity of C$5,461,376 of these debentures has been extended to December 31, 2023. Fortune has also secured an additional C$1,250,000 loan to fund the cash payment and extend existing debt maturities until December 31, 2023, enhancing its focus on advancing the NICO Project in Northwest Territories.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announced an extension of its option to purchase the JFSL Field Services site in Alberta for C$5.5 million. This extension, motivated by capital market volatility, will allow the company to continue advancing its NICO Project, a hydrometallurgical refinery aimed at producing cobalt sulphate for lithium-ion batteries, along with bismuth and gold. The refinery will leverage the site's existing infrastructure, reducing costs and enhancing project viability. Fortune aims to become a vertically integrated critical minerals producer.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has extended the maturity date of its 2015 Debentures from August 12, 2022, to November 30, 2022. The aggregate principal amount of the Amended Debentures is $12,363,518, with a 10% annual interest rate. As additional consideration, the company issued 3,500,000 common shares, subject to a four-month hold period. Fortune plans to develop its NICO cobalt-gold-bismuth-copper project in Northwest Territories and Alberta, which may enhance future operational capabilities.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has reached an agreement to extend the maturity of its 2015 Debentures from August 12, 2022, to November 30, 2022. The amended debentures total $12,363,518 and will incur a 10% interest rate. As part of the agreement, Fortune will issue 3.5 million shares at $0.10 each. Additionally, the recently passed U.S. Inflation Reduction Act is expected to benefit the North American critical minerals industry, enhancing demand for materials necessary for electric vehicle batteries. Fortune seeks financing to develop its NICO Project and settle the amended debentures.

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) has announced a two-month extension to purchase the JFSL brownfield site in Alberta for C$5.5 million, a strategic move for the planned NICO hydrometallurgical refinery. The site spans 76.78 acres and features an old steel fabrication plant, facilitating reduced operating costs. The refinery will process concentrates from the NICO mine in Northwest Territories, which has significant reserves, including over one million ounces of gold. The project aims to produce cobalt sulphate and bismuth, catering to the growing demand in the electric vehicle and pharmaceutical industries.

Fortune Minerals Limited (TSX: FT; OTCQB: FTMDF) announced the results of its 2022 Annual General Meeting held on June 28, 2022. All nominees listed in the management information circular were elected as directors, with approval rates ranging from 94.96% to 98.32%. Robin E. Goad received 97.82% approval. Additionally, shareholders approved the appointment of the company's auditors. Fortune is focused on developing the NICO cobalt-gold-bismuth-copper project in the NWT and Alberta, with plans to utilize the nearby Sue-Dianne deposit for future mill feed.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announces progress in validating the site for its new refinery in Alberta's Industrial Heartland. The site, previously a steel fabrication plant, will support the NICO cobalt-gold-bismuth-copper project, which contains over 1.1 million ounces of gold. The company is advancing due diligence with engineering consultants and expects to finalize a C$5.5 million purchase option before July 24, 2022. The JFSL site is deemed suitable for the refinery, supporting critical minerals for the EV market, with no major environmental hurdles identified.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) highlights findings from the Cobalt Institute's 2021 Cobalt Market Report, indicating a 22% year-on-year demand growth in cobalt, reaching 175,000 metric tonnes with expectations of 12.7% CAGR growth to 320,000 metric tonnes by 2026. Sales of EVs rose 102% year-on-year, marking them as the largest cobalt end-use segment at 34% market demand. The company's NICO Project, a critical minerals development, has received necessary approvals and aims to produce cobalt, gold, bismuth, and copper in Canada.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has engaged Haywood Securities Inc. as a financial advisor to assist in raising funds for the NICO Critical Minerals Project. This funding will support the purchase of a former steel fabrication plant in Alberta and advance the project towards a construction decision. The company has invested over C$135 million in the NICO Project, which is expected to be a significant source of critical minerals for the electric vehicle market. An initial engagement fee of C$50,000 will be paid in shares.