Fortune Minerals Ltd

TSX:FTCanadaView on OTCQB

Apr 8, 2024

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• Fortune Minerals Announces Arrival of Samples at SGS Canada in Lakefield, Ontario for Metallurgical Testing, from 8:00AM ET on Monday Apr 08, 2024 by Business Wire

  8:00AM ET on Monday Apr 08, 2024 by Business Wire
  Companies Mentioned: FTMDF

  Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce the successful delivery of ore samples from the NICO cobalt-gold-bismuth-copper deposit ("NICO Deposit") in the Northwest Territories ("NWT") to SGS Canada Inc. in Lakefield, Ontario. These ores will be used to conduct additional metallurgical testing and pilot work to validate recent optimizations and support detailed engineering and an updated Feasibility Study for the vertically integrated NICO cobalt-gold-bismuth-copper Critical Minerals project in Canada ("NICO Project"). Intermediate test products produced from NICO Project ores and concentrates will also be blended with metal precipitates sourced from Rio Tinto's Kennecott Smelter in Utah to assess the feasibility of processing these materials to recover additional bismuth and cobalt at Fortune's planned hydrometallurgical refinery in Alberta ("Alberta Refinery"). Successful validation of the Fortune optimizations and processing of Rio Tinto precipitates would increase Critical Mineral production and revenues and reduce waste disposal costs for the planned Alberta Refinery.

• Fortune Minerals Announces Arrival of Samples at SGS Canada in Lakefield, Ontario for Metallurgical Testing, from 8:00AM ET on Monday Apr 08, 2024 by Dow Jones

  8:00AM ET on Monday Apr 08, 2024 by Dow Jones
  Companies Mentioned: FT
  
  does not yield results which support detailed engineering and updated Feasibility Study, 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 JFSL 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.