FORTUNE MINERALS EXTENDS OPTION TO ACQUIRE THE ALBERTA REFINERY SITE FOR THE NICO CRITICAL MINERALS PROJECT Company is working with Haywood Securities to secure funding to advance the NICO Project
October 3, 2022 Issued Capital: 381,783,000
NEWS RELEASE
FORTUNE MINERALS EXTENDS OPTION TO ACQUIRE THE ALBERTA
REFINERY SITE FOR THE NICO CRITICAL MINERALS PROJECT
Company is working with Haywood Securities to secure funding to advance the NICO Project
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the
“Company”) (www.fortuneminerals.com) is pleased to announce that, due to the current economic and
capital market volatility, it has secured an additional extension to the option to purchase the JFSL Field
Services ULC (“JFSL”) brownfield site in Lamont County, Alberta (see news releases, dated January
24, 2022 and July 14, 2022). Fortune plans to construct a hydrometallurgical refinery at this site for its
vertically integrated NICO cobalt-gold-bismuth-copper critical minerals project (“NICO Project”). The
JFSL facility is a former steel fabrication plant located on 76.78 acres of lands in Alberta’s Industrial
Heartland northeast of Edmonton and has 42,000 square feet of serviced shops and buildings adjacent
to the Canadian National Railway. The JFSL site is also close to services, sources of reagents, and a
commutable pool of engineers and skilled chemical plant workers to materially reduce capital and
operating costs for the planned NICO Project development.
Pursuant to the option agreement, Fortune can acquire the JFSL site and facilities for C$5.5 million.
The term of the option has now been extended in monthly increments by Fortune paying JFSL C$15,000
per month up to December 31, 2022. During the extension period, JFSL can solicit competing offers for
the facility, subject to Fortune’s right to complete its purchase on the agreed terms by the end of the
month for any extension period and/or Fortune’s right of first refusal to match a competing offer.
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The NICO refinery would process metal concentrates from the planned NICO cobalt-gold-bismuth-
copper mine and concentrator in the Northwest Territories (“NWT”) enabling Fortune to become a
vertically integrated producer of cobalt sulphate needed to make the cathodes of lithium-ion batteries
used in electric vehicles, portable electronics and stationary storage cells. The refinery would also
produce bismuth ingots and oxide, an ‘Eco-metal’ used in the automotive and pharmaceutical industries
and with growing demand as an environmentally safe and non-toxic replacement for lead in free-
machining steels and aluminum, brasses and solders used in potable drinking water sources and
electronics, ceramic glazes, radiation shielding, glass, ammunition, and fishing weights, and
environmentally safe plugs to decommission oil and gas wells. The Mineral Reserves for the NICO
deposit also contain more than one million ounces of gold, and copper as a minor by-product. The
vertically integrated NICO Project is an advanced development stage critical minerals development
asset that has already received environmental assessment approval and the major mine permits for the
facilities in the NWT. The project has also been assessed in positive Feasibility and Front-End
Engineering and Design (“FEED”) studies that will be updated to reflect the new refinery site and recent
project optimizations.
FORTUNE MINERALS LIMITED
617 Wellington Street, London, Ontario, Canada N6A 3R6
Tel. 519-858-8188 ~ Fax. 519-858-8155
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.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
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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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 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 exercise by the Company of its option to purchase of the JFSL site, the successful construction
and completion of the proposed hydrometallurgical refinery at the JFSL site, 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 successful completion of
the Company’s due diligence investigations on the JFSL site, the Company’s ability to secure the necessary
financing 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 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 the COVID-19 pandemic or 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.