Latest news with #NICO
Business Wire
22-07-2025
- Business
- Business Wire
Fortune Minerals Reports Additional Cobalt, Gold & Copper Process Optimization Validation for the NICO Project
LONDON, Ontario--(BUSINESS WIRE)--Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ('Fortune' or the 'Company') ( is pleased to report additional process optimization test work validation for the NICO cobalt-gold-bismuth-copper critical minerals project in Canada ('NICO Project'). The test work was completed at SGS Canada Inc. ('SGS') in Lakefield, Ontario and proved additional enhancements to the cobalt, gold and copper circuits and recoveries for the planned Alberta Hydrometallurgical Facility, expanding on the improvements already announced for the mill, concentrator and bismuth circuits (see January 8 and May 9, 2025, news releases). The Process Design Criteria have been compiled and delivered to Worley Canada Services Ltd. ('Worley') for engineering evaluation and incorporation into the Company's updated Feasibility Study in progress. 'We are very pleased with the results of the process optimization test work, which continues to exceed the Company's expectations and support higher metal recoveries and a potential material reduction in the capital and operating cost" Share The NICO Project consists of a planned mine and concentrator in the Northwest Territories ('NWT') and a hydrometallurgical process facility in Lamont County, Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products for the energy transition, new technologies, and defence industries. Development of the NICO Project will provide a reliable North American vertically integrated supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement, thereby enhancing the domestic production of three critical minerals, plus 1.1 million ounces of in-situ gold as a countercyclical co-product to mitigate metal price volatility. Like our news? Click-to-post on X. New Process Improvement Highlights 2008 Autoclave pressure oxidation pilot conditions confirmed Cobalt recoveries from the autoclave improved at the design feed grade Downstream process steps eliminated or improved to reduce capital and operating costs Gold recoveries from the combined autoclave leach residue improved Additional gold recovery from cleaner scavenger flotation tails proven TCLP tests validate the safe disposal of a stable process residue Test Work Results The Alberta Hydrometallurgical Facility will process a bulk concentrate produced at the NICO mine and concentrator in the NWT, and other feed sources that the Company has identified. Concentrate from the NWT will be repulped, reground to minus 14 microns, and floated into separate gold-bearing cobalt and bismuth concentrates. The cobalt concentrate will be blended with the leach residue from the bismuth circuit after bismuth has been recovered in order to capture the contained gold in one process stream. The blend will then be fed into an autoclave with oxygen for processing by Pressure Oxidation ('POX') to dissolve the contained cobalt and copper in an autothermic reaction that also contributes acid. Recent test work successfully confirmed the 2008 pilot-validated POX conditions at the design feed grade and for a low cobalt grade feed variability condition. Extractions were 97% for cobalt and 74% for copper at the design feed grade vs. 95% for cobalt in the 2008 pilot plant. Extractions using an off-specification low-grade cobalt feed confirmed the previous 95% cobalt recovery and 79% for copper. Liquid / Solid separation of the autoclave POX discharge was proven to be unnecessary, allowing for streamlining of the previous 2008 flowsheet and significantly lower the capital and operating costs. The entire autoclave discharge slurry will now be subjected to non-oxidative pre-neutralization and will no longer require the addition of oxygen or heating, and the residence time has been reduced to 0.5 hours as compared to the 5 hours with heat, oxygen and a hydrogen peroxide finish in the 2008 pilot. This simplified pre-neutralization process also effectively removed 99% of the arsenic contaminant without any cobalt losses from co-precipitation or entrapment and eliminated the need for a re-leach step that was also part of the previous 2008 flow sheet. Similar results were achieved using limestone or lime as the neutralization reagent, allowing for process design and cost flexibility. Gold recoveries from the combined autoclave leach residue using the more direct process optimization were also higher, ranging between 97% and 98% compared to 95% recoveries using the 2008 pilot demonstrated targets. Further study of the gold deportation during flotation for the NWT concentrator also identified losses to the cleaner scavenger tails when processing higher gold content ores. These tails can be selectively stockpiled at the mine site for subsequent processing at the Alberta Hydrometallurgical Facility. Leaching tests carried out at SGS verified that about 83% of the gold contained in these tails can be recovered using the same process conditions and equipment that will be installed to recover the bulk of the gold contained in the autoclave leach residue. However, inclusion of this gold stream would reduce the combined gold recovery from 98% to 95% - the same recovery indicated in the 2008 pilot. Pre-neutralized autoclave Pregnant Leach Solution ('PLS') that was separated from the gold plant feed residue was subjected to copper cementation tests and confirmed that a polishing step will no longer be required. Secondary neutralization of the copper cementation process indicated complete removal of iron and arsenic from the discharge regardless of using air or oxygen and will not require heating as a further improvement. Selective precipitation of a gypsum by-product could not be achieved with arsenic concentrations below 30 parts per million ('ppm'), exceeding the upper limits for the products Fortune had identified for potential sale. Production of a gypsum by-product has therefore been deferred until the Company identifies an alternative market for this material. Toxicity Characteristic Leaching Procedure ('TCLP') and Acid Base Accounting ('ABA') abatement tests were carried out on the gold leach discharge residues generated from the autoclave and the cleaner scavenger tails, both individually, and when they were combined. Tests confirm they are not leachate toxic and can be deposited in a government approved Class 2 landfill. Fortune expects to complete its optimization validation test work next month after verifying the cobalt PLS manganese removal, Solvent-Extraction ('S-X') purification step, and evaporation and crystallization conditions for a high purity cobalt sulphate heptahydrate product for the lithium-ion rechargeable battery industry. 'We are very pleased with the results of the process optimization test work, which continues to exceed the Company's expectations and support higher metal recoveries and a potential material reduction in the capital and operating cost for the Company's planned Alberta Hydrometallurgical Facility,' stated Robin Goad. Fortune's President and CEO. Government Support Fortune is working closely with the Government of Canada, the Government of Alberta and the Government of the United States to expand North American critical minerals production and enhance domestic supply chain resilience and security. The Company has been awarded ~C$17 million of non-dilutive contribution funding from the U.S. Department of Defense through its Defense Production Act Title III program, Natural Resources Canada's Global Partnerships Initiative and Critical Minerals Research Development and Demonstration programs, and Alberta Innovates Clean Resource Intake program. These funds are helping Fortune complete metallurgical improvements, updated Feasibility and Front-End Engineering and Design ('FEED') studies, and secure the remaining permits needed to finance, construct and operate the NICO Project (see news releases dated, May 16, 2024, and December 5, 2023). China has effectively cornered the supply for many critical minerals through a decades-long policy of proactive strategic investment in mines and mid- and down-stream processing, financed with low-cost loans from its sovereign banks. Western democratic governments have now recognized the risks associated with critical mineral supply disruptions from this dominance and are investing in domestic production and collaboration among countries with fair trade practices. At the recent G7 Summit in Kananaskis, Alberta, world leaders agreed on strategies to strengthen critical minerals supply. " Non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals ", the draft statement said. " Recognizing this threat to our economies, as well as various other risks to the resilience of our critical minerals supply chains, we will work together and with partners beyond the G7 to swiftly protect our economic and national security." Following the summit, Canada's Prime Minister Mark Carney also commented, 'We will create a critical minerals production alliance, a G7-led strategic initiative to stockpile and develop critical minerals needed for defence and technology'. The G7 agreed to work together to anticipate critical minerals shortages, coordinate responses to deliberate market disruption, and diversify mining, processing, manufacturing, and recycling. Further to this commitment to shore up critical mineral supplies, Carney said Canada can in part meet its potential annual $150 billion NATO spending obligation with investment in extracting, processing and exporting Canada's critical minerals to allies that will count towards the 5% of GDP target. About Fortune's Metals The Minerals Reserves for the NICO Project contain four payable metals, including cobalt, gold, bismuth and copper. The Alberta Hydrometallurgical Facility will be a mid-stream process plant to produce value-added products with supply chain transparency and custody control of the contained metals. Fortune's cobalt production is targeting the rapidly expanding lithium-ion rechargeable battery industry needed to power electric vehicles, portable electronics and stationary storage cells. Cobalt is also used in aerospace superalloys, permanent magnets, cutting tools, cemented carbides, catalysts and pigments. The annual cobalt market is ~245,000 metric tonnes and is anticipated to grow to ~350,000 metric tonnes by 2030. The Democratic Republic of the Congo produces ~78% of global cobalt mine production, more than 60% of which is controlled by Chinese companies, which also control ~83% of refinery production and ~93% of the production of cobalt chemicals. Bismuth's unique physical and chemical properties are difficult to substitute with other metals, and the NICO Project is the largest known deposit in the world with 12% of global reserves. Bismuth is used in automotive glass and steel coatings, paints and pigments, and brake pads. It is also used to make low melting temperature and dimensionally stable alloys and compounds, fire suppressant systems, cosmetics and pharmaceuticals. Bismuth consumption is increasing as an environmentally safe and non-toxic replacement for lead in brass, solder, free machining steel and aluminum, galvanizing alloys, glass, ceramic glazes, and ammunition. Bismuth-tin alloy is used to make environmentally safe plugs to properly seal decommissioned oil and gas wells. Bismuth is also used in high performance semiconductors, solders for artificial intelligence data centers, and supercomputers. Manganese-bismuth magnets are resistant to demagnetization from heat. In the nuclear industry, bismuth is used for radiation shielding, coolants in some reactor designs, and it is a collector for plutonium in fuel re-processing and enrichment. China controls ~80% of current bismuth mine production and ~90% of refinery supply in an annual market of ~23,000 metric tonnes growing at ~7.5% CAGR. About the NICO Project Fortune has expended approximately C$145 million to advance the NICO Project from an in-house mineral discovery to a near construction-ready development asset with environmental assessment approval and the major mine permits already secured in the NWT. NICO and the Company's nearby Sue-Dianne copper deposit are IOCG-type mineral deposits with multiple payable metals, reducing the Company's vulnerability to price volatility or market manipulation. The Open Pit and Underground Mineral Reserves for the NICO deposit contain 33.1 million metric tonnes of ore containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper. Development of the NICO Project would provide vertically integrated domestic production of three critical minerals to help diversify the current sources of supply from foreign entities of concern with a highly liquid and countercyclical gold co-product. The NICO Project will have average annual production during the first 14 years of the 20-year mine life of 1,800 metric tonnes of cobalt contained in 8,780 tonnes of cobalt sulphate, 47,000 troy ounces of gold in doré bars, 1,700 metric tonnes of bismuth in high purity ingots, and 300 tonnes of copper in a cement product. 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, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at The disclosure of scientific and technical information contained in this news release have been approved by Robin Goad, President and Chief Executive Officer of Fortune and Alex Mezei, Fortune's Chief Metallurgist, who are "Qualified Persons" 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 Alberta. Fortune also owns the Sue-Dianne copper-silver-gold satellite deposit located 25 km north of the NICO deposit and a potential future source of incremental mill feed to extend the life of the NICO concentrator. Follow Fortune Minerals: Click here to subscribe to Fortune's email list. Click here to follow Fortune on LinkedIn. @FortuneMineral on X. 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 construction of the proposed mine and concentrator in the NWT and the hydrometallurgical process facility in Alberta, 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 updated feasibility study, the Company's ability to secure the necessary financing to fund the working capital required for the government funded work, the Company's ability to complete construction of a NICO Project hydrometallurgical process facility; the Company's ability to secure other feed sources for the hydrometallurgical process facility, 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 process facility and the timing thereof; growth in the demand for cobalt and bismuth; 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, bismuth 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 Company may not be able to complete the metallurgical test work to validate process improvements, update the Feasibility and FEED studies and secure the remaining permits and authorizations needed to construct and operate the mine, concentrator in the NWT and hydrometallurgical facility in Alberta, the Company may not achieve material reductions in the cobalt and gold circuit sizes, the Company may not achieve the anticipated reductions in capital and operating costs, the Company may not be able to economically discharge residues in a Class 2 landfill, 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 process facility, 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.
Business Wire
25-06-2025
- Business
- Business Wire
Fortune Minerals Announces Results of Annual Meeting of Shareholders
LONDON, Ontario--(BUSINESS WIRE)-- Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ('Fortune' or the 'Company') ( reports that the nominees listed in the management information circular for the 2025 Annual Meeting of Shareholders held on June 24, 2025 (the 'Meeting') were elected as directors of Fortune. Detailed results of the vote based on proxies received are set out below: Nominee Votes For % For Votes Withheld % Withheld 121,187,661 94.69% 6,795,181 5.31% Glen Koropchuk 125,590,337 98.13% 2,392,505 1.87% John McVey 125,976,887 98.43% 2,005,955 1.57% Mahendra Naik 125,118,511 97.76% 2,864,331 2.24% David Ramsay 124,067,037 96.94% 3,915,805 3.06% Edward Yurkowski 125,695,077 98.21% 2,287,765 1.79% Expand Shareholders also approved the re-appointment of McGovern Hurley LLP as the auditor of Fortune. The presentation made at the Annual Meeting is available on the Company's website. About Fortune Minerals: Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper critical minerals project in the NWT and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator. Follow Fortune Minerals: Click here to subscribe to Fortune's email list. Click here to follow Fortune on LinkedIn. @FortuneMineral on Twitter.
Elle
08-06-2025
- Entertainment
- Elle
Priyanka Chopra Shares the Cutest New Malti Pics From New York Trip With Nick Jonas
On Saturday, Priyanka Chopra reflected on the month of May with an Instagram photo carousel featuring a number of new cute pics of her daughter, Malti Marie. Chopra's husband, Nick Jonas, and his brother, Joe Jonas, also made appearances, along with their family and friends. The actress shared a number of pics where Malti is enjoying playdates with her other young pals, in the playground and working on art projects. Malti was pictured precociously applying makeup from a colorful palette, getting her nails done, and walking by her dad's side, holding his hand. The couple also appeared on a yacht in the water by New York City, enjoying a gorgeous view of Manhattan and the Statue of Liberty. Speaking to ELLE in 2023, the Citadel star said of Malti, 'She's got me wrapped around her finger. I don't even know how I'll ever discipline her because I just don't have it in me.' The couple welcomed their first child via surrogate in January 2022. When they announced her arrival, they shared that Malti spent her first 100 days in the NICO unit after a difficult birth. She told ELLE, 'I was so close to losing her so many times that she can get away with anything and I just want to see her happy. I want her to be the happiest. She's a super smiley, happy baby, and that's all my goal is—to see her joyous. Every time she smiles, it lights up my world, and that's all I want to do.' She then shared that her mother, grandmother, and aunts have been positive influences on her own perception of motherhood. 'I've had incredible influences of moms in my life, and now with my mother-in-law [Denise Miller-Jonas] who's this epic, amazing woman,' Chopra said. 'I've not been a mom long enough to be able to take the celebration, but I love to celebrate the moms in my life on Mother's Day.'
Time of India
26-05-2025
- Time of India
Odiya girl from NICO assists district child protection unit
Mangaluru: At a time when the district child protection unit (DCPU) was desperately looking for an Odiya-speaking person to assist in translation relating to a Pocso case recently, a first-year student of Nitte Institute of Communication (NICO) came forward to help the department. The DCPU, under the department of women and child development, was looking for a translator who could not only engage the 3-yr-old victim girl in a directed conversation to elucidate her testimony regarding a sexual assault case, but also testify before the court, the version of the child during the prosecution. On the request of Panambur police station for assistance in this regard, the department was scouting for a translator when Isita Maharana, a first-year BA (Honours) student, readily agreed to volunteer for the task, stated a release from the NICO. The department duly issued an appointment order to Isita, and she was appointed as translator for the particular case to translate the victim's statement from Odiya, the order read. Isita informed that the exposure was something unique and satisfying as she was able to assist the district administration for a serious social cause.
Yahoo
27-02-2025
- Business
- Yahoo
Fortune Minerals Provides NICO Project Commodity Update
Bismuth prices have tripled in recent weeks, gold prices are at an all-time high, and the Congo has placed a moratorium on the export of cobalt to support higher prices LONDON, Ontario, February 27, 2025--(BUSINESS WIRE)--Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ("Fortune" or the "Company") ( is pleased to comment on the recent commodity price activity for the metals contained in its vertically integrated NICO cobalt-gold-bismuth-copper critical minerals project ("NICO Project") in Canada. The NICO Project is a development stage asset comprised of a planned open pit and underground mine and concentrator in the Northwest Territories ("NWT") and a dedicated hydrometallurgical recovery plant in Lamont County, Alberta ("Hydrometallurgical Facility"). The Hydrometallurgical Facility will process concentrates from the mine, and other feed sources, to produce value-added metals and chemicals for the energy transition, new technologies and defense. Development of the NICO Project would provide a reliable North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement enhancing domestic supply chains for three critical minerals and a highly liquid and countercyclical gold co-product to mitigate metal price volatility. Like our news? Click-to-post on X. The Mineral Reserves for the NICO Deposit are 33.1 million metric tonnes containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth (12% of global reserves) and 27.2 million pounds of copper to support a 20-year planned mine life. The Company also owns the Sue-Dianne satellite copper deposit, located 25 km north of the NICO Deposit. Gold price approaching US$3,000 per ounceRecent geopolitical issues and trade disputes are inflationary, resulting in higher demand for safe haven assets like gold. Gold has been trading at historic all-time high prices of more than US$2,900 per ounce, providing a highly liquid co-product to help insulate project economics from critical mineral price volatility. Bismuth price up more than 300% to a 17-year highThe projected revenues from the NICO Project have historically been primarily from cobalt and gold but NICO is also the largest deposit of bismuth in the world with 12% of global reserves. The bismuth price has more than tripled over the past few weeks and is currently trading at prices of more than US$20 per pound. Bismuth is identified on the Canadian and U.S. Government Critical Minerals Lists having unique physical and chemical properties used in important industrial, environmental and defense applications but with supply chains that are vulnerable to disruption. China controls approximately 90% of refined bismuth supply, which threatens national security from geographic concentration of production and policy risks. Notably, Bismuth is one of five critical minerals that China recently imposed export restrictions on due to ongoing trade disputes with the U.S. China's bismuth exports to the U.S. are assessed with a 25% tariff. Bismuth is consumed in the automotive industry for glass and steel coatings, paint and brake pads. It is also used to make low melting temperature and dimensionally stable alloys, fire depressant systems, cosmetics and pharmaceuticals. Bismuth consumption is increasing as an environmentally safe and non-toxic replacement for lead in brass, solder, free machining steel and aluminum, glass, radiation shielding, ceramic glazes and ammunition. Bismuth-tin alloy is used to make environmentally safe plugs to properly seal and decommission oil and gas wells. Bismuth is also used to make manganese-bismuth magnets, semi-conductors, coolants and components used in some nuclear reactor designs, rocket propellants, and alloys used to align jet engine and power turbine blades. Cobalt export moratorium in the Democratic Republic of CongoOn February 22, 2025, the Democratic Republic of Congo ("DRC") announced that it is suspending cobalt exports for four months to rein in oversupply on the international market. The government is also preparing other measures to help balance the market and encourage domestic processing. The DRC produces about three-quarters of the world's cobalt mine supply, approximately 60% of which is controlled by Chinese State-Owned Enterprises ("SOE's"), which also control 80% of global refined cobalt and 90% of cobalt chemical supply. Overproduction and predatory pricing have pushed cobalt to all-time inflation adjusted low prices near US$10 per pound, down from US$40 per pound in 2022, and causing some western producers to suspend operations. Western governments have therefore been calling for price control actions such as floor or two-tier pricing structures, tariffs, and/or bans on government purchases of cobalt products from foreign entities of concern. The DRC measures are expected to support higher cobalt prices and help restore economic fundamentals to the market. Cobalt is primarily used to make lithium-ion batteries to store energy for electric-vehicles, portable electronics and stationary storage cells. Cobalt is also used in superalloys for the aerospace industry, cutting tools, cemented carbides, magnets, catalysts and pigments. NICO ProjectNICO is a polymetallic IOCG-type deposit with four payable metals, reducing exposure to the price of any individual metal and help insulate the project from price manipulation. As a vertically integrated development, the NICO Project is also not beholden to third-party owned downstream process plants. Development of the NICO Project would provide a vertically integrated domestic supply of three critical minerals with supply chain transparency and custody control over the contained metals from ores through to the production of value-added products and help mitigate security of supply issues from foreign entities of concern. PDAC 2025Fortune is participating at the 2025 annual Prospectors and Developers Association Convention ("PDAC") being held at the Metro Toronto Convention Centre between March 2 and March 5, 2025. Please visit the Company's booth #2837 in the Investor Exchange to meet with management and discuss the Company's progress and outlook. President and CEO, Robin Goad, will present the NICO Project at the Canada Investment Forum hosted by Natural Resources Canada, Invest in Canada, and Global Affairs Canada on Monday March 3rd. Mr. Goad is also participating in a panel discussion hosted by the U.S. Department of Commerce for their "Critical Minerals to Market: Strengthening North American Critical Minerals Supply Chains" in an off-site closed-door session. 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, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at The disclosure of scientific and technical information contained in this news release have been approved by Robin Goad, President and Chief Executive Officer of Fortune and Alex Mezei, Fortune's Chief Metallurgist, who are "Qualified Persons" 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 Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO deposit and is a potential future source of incremental mill feed to extend the life of the NICO concentrator. Follow Fortune Minerals: Click here to subscribe to Fortune's email list. Click here to follow Fortune on LinkedIn. @FortuneMineral on X. 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 in order to construct the proposed Hydrometallurgical Facility 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 Hydrometallurgical Facility; 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 Facility 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, bismuth, and other by-products, 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 Company may not be able to complete the purchase of the JFSL site and secure a site for the construction of a Hydrometallurgical Facility, 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 Facility, 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 Contacts For further information please contact:Fortune Minerals Limited Troy NazarewiczInvestor Relations Managerinfo@ Tel: (519) Sign in to access your portfolio
