FORTUNE MINERALS ANNOUNCES TLICHO ALL-SEASON HIGHWAY TO THE COMMUNITY OF WHATI WILL OPEN TO THE PUBLIC NOVEMBER 30 The Company congratulates the Northwest Territories, federal and Tlicho governments on this important infrastructure initiative and key enabler for the NICO development
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November 5, 2021 Issued Capital: 367,020 ,145
NEWS RELEASE
FORTUNE MINERALS ANNOUNCES TLICHO ALL-SEASON HIGHWAY TO
THE COMMUNITY OF WHATI WILL OPEN TO THE PUBLIC NOVEMBER 30
The Company congratulates the Northwest Territories, federal and Tlicho governments on
this important infrastructure initiative and key enabler for the NICO development
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the
“Company”) ( www.fortuneminerals.com) is pleased to report that the Tlicho all-season road linking
the community of Whati to the national highway system will open to the public on November 30, 2021
(see November 3, 2021 Joint Government News Release ). This initiative of the Northwest Territories
(“NWT”), federal and Tlicho governments will provide year-round acce ss to the previously isolated
community of Whati reducing the cost of living, improving the d elivery of services, and facilitating
economic development in tourism, mineral exploration and develo pment, and potential hydro power
projects. The road is a key enabler for Fortune’s NICO Cobalt-G old-Bismuth-Copper Project (“ NICO
Project”). After completion of the Company’s planned spur road to the mine, metal concentrates can
be trucked to the railway at Enterprise or Hay River for delive ry to Fortune’s planned refinery in
southern Canada.
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“I would like to congratulate the Tlicho people on realizing a 40-year vision to establish this essential
road link to the community of Whati, which will also make the w inter ice roads extending north to
Gameti and Wekweeti more reliable with climate change. It is gr atifying to see three levels of
government working with industry to complete important infrastr ucture to improve the lives of
generations of Northerners”, stated Robin Goad, President and CEO of Fortune Minerals Limited.
The Tlicho Highway is a 97-kilometre, two-lane gravel all-seaso n road to Whati constructed by North
Star Infrastructure under a 28-year, $400 million design-build- operate-maintain contract with the
Government of the NWT. The capital costs include up to $53 mill ion in federal government
contributions through the Canada Infrastructure Fund.
Fortune plans to construct a 50-kilometre spur road from Whati to the mine site which was approved
with the environmental assessment for the mine. The Company has also completed an Access
Agreement with the Tlicho Government setting out the terms and conditions for construction of this
road. With the Tlicho Highway now in place, some previously pla nned facilities for the mine can be
eliminated, reducing capital cost escalation and construction t imelines and mitigating supply chain
risks during construction.
The NICO Project is a planned vertically integrated Critical Minerals development comprised of a mine
and concentrator in the NWT and a hydrometallurgical refinery a t a site expected to be located in
Alberta or Saskatchewan, producing cobalt sulphate, gold, bismu th ingots and oxide, and copper
cement. The NICO Project is one of the most advanced cobalt dev elopment assets outside of the
Democratic Republic of the Congo (“DRC”) to meet the growing de mand in lithium-ion batteries
powering electric vehicles, portable electronics and stationary storage cells. A new vertically
FORTUNE MINERALS LIMITED
617 Wellington Street, London, Ontario, Canada N6A 3R6
Tel. 519-858-8188 ~ Fax. 519-858-8155
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integrated Canadian supplier of cobalt sulphate will also reduc e the geographic concentration of
production and policy risks associated with DRC and Chinese dom ination of the supply chain. The
unique metal assemblage of the 33.1 million tonne NICO Deposit includes primary cobalt, a 1.1 million
ounce in-situ gold co-product, 12% of global bismuth reserves, and copper as a minor by-product.
For more detailed information about the NICO Mineral Re serves and certain technical information in this news
release, please refer to t he Technical Report on the NICO Project, ent itled "Technical Report on the Feasibility
Study for the NICO-Gold-Cobalt-Bis muth-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.sedar.com. The disclosure of scientific and technical information contained in this
news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of
Fortune who is a "Qualified Person" 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. The Company has an option to purchas e lands in Saskatchewan where it
may build the hydrometallurgical plant to process NICO metal co ncentrates and is also evaluating
other brownfield locations with existing facilities to reduce p roject capital and operating costs. In
addition, Fortune owns the satellite Sue-Dianne Copper-Silver-G old Deposit located 25 km north of
the NICO Project mine site and is a potential future source of incremental mill feed to extend the life of
the NICO mill and concentrator.
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For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel: (519) 858-8188
www.fortuneminerals.com
This press release contains forward-looking informati on 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’s plans to develop the NICO Project and the potential for the Sue-Dianne property to
provide incremental mill feed to 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
Company’s ability to secure a site in southern Canada for the 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 co nstruction and operation of the NICO Project and the
related hydrometallurgical refinery and the timing thereo f; growth in the demand for cobalt; the time required to
construct the NICO Project; and the economic environm ent 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 di ffer materially from those projected
in the forward-looking information. These factors include the risks that the Company may not be able to 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 re ceipt or timing of required permits, approvals and agreements
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for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the
NICO Project may take longer than anticipated, the Co mpany may not be able to secu re offtake agreements for
the metals to be produced at the NICO Project, t he 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 fo r 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, bism uth and other metals to be produced by
the NICO Project, discrepancies between actual and es timated Mineral Resources or between actual and
estimated metallurgical recoveries, uncertainties asso ciated with estimating Mineral Resources and Reserves
and the risk that even if such Minera l Resources prove accurate the risk that such Mineral Resources may not
be converted into Mineral Reserves once economic condit ions are applied, the Company’s production of cobalt,
bismuth and other metals may be less than anticipat ed 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.