Alberta Refinery Site Option for NICO Project Has Expired Fortune and JFSL remain interested in concluding a transaction under a new arrangement
Alberta Refinery Site Option for NICO Project Has Expired
Fortune and JFSL remain interested in concluding a transaction under a new arrangement
LONDON, Ontario--(BUSINESS WIRE)--July 1, 2024--Fortune Minerals Limited (TSX: FT)
(OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) announces
that the option to purchase the JFSL Field Services ULC (“JFSL”) brownfield industrial site in
Lamont County, Alberta could not be completed before the expiry of the option on June 30,
2024. Both, Fortune and JFSL remain willing and able to complete a different transaction that
would enable the Company to complete the purchase under a new arrangement as soon as
possible. Fortune will provide an update on this plan when its discussions with JFSL have been
concluded.
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.
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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 Company and JFSL’s discussions and future
plans including any further arrangements. 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 negotiations and agreement between the Company and
JFSL 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 successfully negotiate with JFSL, 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
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel: (519) 858-8188
www.fortuneminerals.com