Fortune Minerals Announces Additional Government Support to Help Purchase the NICO Alberta Refinery Site Prosper NWT is providing a C$3.8 million loan to help complete the acquisition from JFSL
Fortune Minerals Announces Additional Government Support to Help
Purchase the NICO Alberta Refinery Site
Prosper NWT is providing a C$3.8 million loan to help complete the acquisition from JFSL
LONDON, Ontario--(BUSINESS WIRE)--November 10, 2025--Fortune Minerals Limited
(TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is
pleased to announce that it has entered into a binding offer letter (the “Agreement”) for a loan
with a principal amount of C$3.8 million from Prosper NWT, a public agency of the
Government of the Northwest Territories (“GNWT”) established to support the economic
objectives of the GNWT in a manner that benefits the people and economy of the Northwest
Territories (“NWT”). The loan will enable Fortune to complete the purchase of the Lamont
County, Alberta site (the “Refinery Site”) and existing facilities from JFSL Field Services LLC
(“JFSL”) where the Company plans to construct a hydrometallurgical facility to process
concentrates from the NICO cobalt-gold-bismuth-copper mine in the NWT, and make value-
added critical mineral products for the energy transition, new technologies and defense.
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Pursuant to the Agreement, which was entered into between Prosper NWT and Fortune Minerals
Alberta Inc. (“Fortune Alberta”), a wholly owned subsidiary of Fortune, Prosper NWT will
provide a C$3.8 million loan over a term of up to 60 months at a fixed 8.45% interest rate, with
interest only payments for the first 24 months, followed by a blended interest and principal
amount for the remaining 36 months based on a 180-month amortization. Fortune Alberta will
provide the Refinery Site, buildings and equipment as security for the loan, which will also be
guaranteed by the Company. Fortune has already made installment payments totalling
C$3,037,500 towards the C$6 million purchase price for the Refinery Site and facilities. The
Prosper NWT loan will enable Fortune to complete the purchase and is expected to close by
year-end.
Robin Goad, President and CEO of Fortune commented, “With this key Alberta Refinery site
secured, Fortune will be able to move the vertically integrated NICO cobalt-gold-bismuth-copper
critical minerals project closer to a construction decision, while also removing a significant
development risk. We are grateful for this financial commitment from Prosper NWT
demonstrating the importance of the critical minerals industry to the economy of Canada’s
North.”
Alberta Hydrometallurgical Facility
The JFSL site is comprised of 76.78 acres of lands adjacent to the Canadian National Railway in
Alberta’s Industrial Heartland, an association of five municipalities northeast of Edmonton with
the planning approvals already in place for industrial development and tax incentives keyed to
capital investment. The JFSL site is a steel fabrication plant with more than 42,000 square feet of
serviced shops and buildings situated close to the human resources, services and reagents in
place for an existing world class petrochemicals and critical minerals processing hub. The
Refinery Site and facilities are expected to materially reduce capital and operating costs for
development of the NICO Project.
NICO Project
The NICO cobalt-gold-bismuth-copper critical minerals project (“NICO Project”) is comprised
of a planned open pit and underground mine and concentrator in the NWT and a dedicated
hydrometallurgical facility in Alberta where concentrates from the mine, and other feed sources,
will be processed to value-added products. The NICO Project contains three critical minerals
(cobalt, bismuth and copper) and more than one million ounces of in-situ gold as a
countercyclical and highly liquid co-product to mitigate metal price volatility. Development of
the vertically integrated NICO Project will strengthen North American critical mineral supply
chain resilience and security, a priority for western governments that need to reduce their
dependence on foreign entities of concern. The NICO Project will be a reliable producer of
critical mineral products in a Tier 1 jurisdiction with supply chain transparency and custody
control of the contained metals from ores through to the production of value-added critical
mineral products.
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 www.sedarplus.ca.
The disclosure of scientific and technical information contained in this news release have been
approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune and
Alex Mezei, M.Sc., P.Eng. 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 feed to extend the life of the NICO 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, the advance of the some or all of the loan from
Prosper NWT in accordance with the Agreement, including the satisfaction of all conditions
precedent by the Company to the advance of the loan; the exercise of the option by the Company
and the purchase of the JFSL site, the construction of the proposed Hydrometallurgical Facility
at the JFSL site, 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 advance of the proposed
loan 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; 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 related to the
new Mineral Reserves, Mine Plan and production schedule for the NICO Project, the Company
may not be able to satisfy the conditions precedent to the advance of the loan from Prosper NWT
or comply with the terms and conditions of the Agreement; 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.
Contacts
For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel: (519) 858-8188
www.fortuneminerals.com