Fuse Cobalt Announces an Addition to Its Board of Directors

Rhea-AI Summary

Fuse Cobalt Inc. announced the appointment of Tim Fernback to its Board of Directors effective November 10, 2022. Fernback previously served as President & CEO from 2017 to 2018, bringing extensive experience in financing and management from his roles at Wolverton Securities and Discovery Capital. He has significantly raised capital in the past, overseeing over $750M in corporate financing and more than 50 IPOs. This leadership change aims to bolster Fuse's strategic direction in cobalt exploration, particularly in Ontario's mining sector.

Positive

• Tim Fernback brings valuable experience from previous roles in public and private companies.
• His track record includes raising over $750 million and overseeing over 50 IPOs, which could enhance Fuse's capital strategy.

Negative

• Continuity concerns may arise due to management changes, possibly impacting strategic execution.

COQUITLAM, BC / ACCESSWIRE / November 10, 2022 / Fuse Cobalt Inc. ("the Company" or "Fuse") (TSXV:FUSE)(OTCQB:FUSEF)(FRA:43W3) ") is pleased to announce that effective today, Mr. Tim Fernback has joined the Fuse Board of Directors.

Greg Reimer, Chairman of the Board states "We are excited to bring Tim back to our Company as an experienced Director. Tim was the former Company President & CEO from 2017 - 2018, and his experience in financing and managing public and private companies will be invaluable to Fuse's future success."

In the past, Tim has held multiple senior executive positions, including oversight of the Investment Banking and Corporate Finance Divisions at Wolverton Securities, formerly Western Canada's oldest brokerage firm. He was also responsible for the consulting practice at Discovery Capital Corporation, a prominent British Columbia venture capital firm that specializes in financing and consulting. During his time at Wolverton Securities, Mr. Fernback was responsible for due diligence reviews on corporate clients and investment banking business development relationships. He planned and opened 3 regional offices in western Canada and reviewed and analyzed over 300 corporate clients, raising over $750M. Responsible for over 50 IPOs and over 100 Reverse-Mergers on the TMX and Nasdaq, Mr. Fernback represented Wolverton nationally on various stock exchange committees and industry groups, including the Corporate Finance Advisory Group and Underwriting Groups on various Canadian exchanges.

Mr. Fernback currently serves as a Director for several Canadian mining companies. He holds an Honours B.Sc. from McMaster University and is a graduate of the Sauder School of Business at the University of British Columbia, where he completed an MBA with a concentration in Finance. He holds a Certified Professional Accounting Designation (CPA, CMA) and is an active member of many industry and trade organizations in Vancouver.

About Fuse Cobalt Inc. https://fusecobalt.com/

Fuse Cobalt Inc. is a Canadian based exploration company that trades under the symbol FUSE on the TSX Venture Exchange. The Company's focus is on exploration for high value metals required for the manufacturing of batteries.

Ontario Cobalt Properties

Fuse owns a 100% interest its Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. The Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of Fuse's Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in the Teledyne Project located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.

Glencore Bucke/Teledyne Property

Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt ("Co"), and 980,000 oz of silver ("Ag") (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.

The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.

Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world's largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).

On Behalf of the Board of Directors

"Robert Setter"

Robert Setter, President & CEO

Contact Information:

Email: info@fusecobalt.com
Phone: 236-521-0207

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.

SOURCE: Fuse Cobalt Inc.

View source version on accesswire.com:
https://www.accesswire.com/724949/Fuse-Cobalt-Announces-an-Addition-to-Its-Board-of-Directors

FAQ

Who is Tim Fernback and what is his role at Fuse Cobalt?

Tim Fernback has joined the Fuse Board of Directors, bringing prior experience as President & CEO from 2017 to 2018.

What experience does Tim Fernback bring to Fuse Cobalt?

Fernback has extensive experience in financing, having raised over $750 million and managed multiple public and private companies.

What are Fuse Cobalt's main projects?

Fuse Cobalt focuses on exploration for high-value metals, particularly cobalt, with properties like Glencore Bucke and Teledyne in Ontario.

What impact might Tim Fernback's appointment have on Fuse Cobalt's strategic direction?

His extensive background in capital markets may enhance Fuse's financing capabilities and overall strategic planning.