Fortune Minerals Announces Government Funding to Advance the NICO Critical Minerals Asset in Canada
05 Dezembro 2023 - 11:29AM
Business Wire
Also, debts that were to mature at the end of
this year have been extended by a year
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to announce that it has
secured government funding of up to $887,170 to support
metallurgical test work for its 100% owned vertically integrated
NICO cobalt-gold-bismuth-copper project in Canada (“NICO
Project”). The NICO Project is an advanced development stage
Critical Minerals asset comprised of a planned open pit and
underground mine and concentrator in the Northwest Territories and
related hydrometallurgical refinery in Alberta (the “Alberta
Refinery”). The proposed Alberta Refinery would process
concentrates from a future mine at the NICO Project and other
sources to produce cobalt sulphate, gold doré, bismuth ingots and
copper. Development of the NICO Project would provide a vertically
integrated Canadian supply for three Critical Minerals needed for
the energy transition with North American supply chain transparency
and Environmental Social Governance (“ESG”) values, as well
as compliance with the U.S. Inflation Reduction Act.
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The Government of Canada has agreed to provide funding
contributions of up to $714,500 against the costs of Fortune’s
planned cobalt sulphate process pilot and other metallurgical test
work through the Federal government’s Critical Minerals Research,
Development and Demonstration Program. The Government of Alberta,
through Alberta Innovates, has also conditionally approved
additional funding contributions of up to $172,670 toward the
budgeted program costs pursuant to its Clean Resources Continuous
Intake Program. The funds will be used to support a mini-pilot at
SGS Canada Ltd. to confirm certain process design criteria and
improvements to the NICO Project metallurgical processes. The
program will also provide samples of concentrate that could be used
in future tests with material sourced under the previously
announced Rio Tinto process collaboration (see the Company's news
release dated September 29, 2023).
Loan Extensions:
Fortune is also pleased to announce that it has entered into
agreements with the holders of its outstanding Debentures
originally issued in 2015, a term loan received in 2021 and a
bridge loan of $110,000 advanced in October 2023 (collectively, the
“Debt”), extending the respective maturity dates of the Debt
until December 31, 2024. The aggregate amount of Debt being
extended is $9,396,399.18 and carries interest rates of 10%
compounding monthly, and 9% compounding annually for the debenture
and term loans, respectively.
Change of Auditors:
Fortune has appointed McGovern Hurley LLP, Chartered
Professional Accountants and Licensed Public Accountants, as
auditors of the Company for the December 31, 2023 fiscal year. A
reporting package with respect to the change of auditors has been
filed on SEDAR+ and will be included in the management materials
sent to shareholders for the next annual general meeting of the
Company.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
NICO cobalt-gold-bismuth-copper Critical Minerals 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 mill and concentrator.
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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, receipt of
government funding to support metallurgical test work for the NICO
Project, the use of the government funds, the successful
construction and completion of the Company’s proposed
hydrometallurgical refinery, and the Company’s plans to develop the
NICO Project, including the successful the development and
construction of the planned NICO cobalt-gold-bismuth-copper mine
and concentrator. 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 actual receipt of funding from the
federal and provincial governments, the successful exercise of the
option and completion of the purchase of the site for the Company’s
proposed hydrometallurgical refinery, including securing the
necessary financing to fund the exercise of the option and complete
the purchase of the proposed refinery 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, including the planned NICO cobalt-gold-bismuth-copper mine
and concentrator 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 global geopolitical situations may interfere
with the Company’s ability to continue development of the NICO
Project, the Company may not be able to complete the purchase of
the proposed refinery 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231205656780/en/
For further information please contact: Fortune Minerals
Limited Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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