FORTUNE MINERALS FLOW-THROUGH PRIVATE PLACEMENT Proceeds of issue will be used to fund NICO Project eligible Canadian Exploration Expenses
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November 17, 2021 Issued Capital: 371,23 0,829
NEWS RELEASE
FORTUNE MINERALS FLOW-THROUGH PRIVATE PLACEMENT
Proceeds of issue will be used to fund NICO Project eligible Canadian Exploration Expenses
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the
“Company”) (www.fortuneminerals.com) is pleased to announce that it has closed a private
placement of 3,571,399 common shares issued at a price of C$ 0. 14 per share on a “flow-through”
basis pursuant to the Income Tax Act (Canada) to raise gross pr oceeds of approximately C$500,000.
The net proceeds received from this offering will be used to fu nd eligible Canadian Exploration
Expenses on the Company’s wholly-owned NICO cobalt-gold-bismuth -copper project (“ NICO
Project”) in the Northwest Territories.
Fortune is conducting a drill program at the NICO Project testi ng high priority targets identified in
earlier geophysical and drilling programs, as well as surficial mineralization exposed in a road cut
along the NICO Project access road alignment. Four holes have b een completed at the east end of
the NICO deposit to test the continuity of mineralization beyon d an area of faults and dykes that were
previously thought to terminate the deposit. Four holes have al so been drilled to test the continuity of
the Peanut Lake Zone where five holes drilled in 1997 each inte rsected 3 metre intervals exceeding 1
gram per tonne of gold, including one 3 metre intersection of 1 .105 grams of gold per tonne and
0.355% cobalt. Two holes have also been drilled to test extensi ons to the Ralph Zone mineralization.
The drill rig is expected to be moved to the area of the Road C ut mineralization later this week. No
assays have been received to date.
This press release shall not constitute an offer to sell or sol icitation of an offer to buy nor shall there
be any sale of any of the securities in any jurisdiction in whi ch such offer, solicitation or sale would be
unlawful. The securities will not be and have not been register ed under the United States Securities
Act of 1933 and may not be offered or sold in the United States absent registration or applicable
exemption from the registration requirements.
The disclosure of scientific and technical informatio n 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.
FORTUNE MINERALS LIMITED
617 Wellington Street, London, Ontario, Canada N6A 3R6
Tel. 519-858-8188 ~ Fax. 519-858-8155
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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, the proposed use of proceeds from the private
placement referred to herein, the anticipated progress of the current drill program being undertaken by the
Company 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 (incl uding, in respect of the forward-looking information
contained in this press release, assumptions regardin g:, the assumption that the current drill program will
proceed as planned, the Company’s ability to arrange th e 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 re finery and the timing thereof; growth in the demand for
cobalt; the time required to construct the NICO Proj ect; 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 Proj ect). However, such forward-looking information is
subject to a variety of risks and uncertainties and other fact ors 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
current drill program may be delayed a nd the results therefrom may not be as anticipated, 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 fo r 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 fo r the metals to be produced at the NICO Project, the
use of proceeds from the private placement may be diffe rent from those currently anticipated, 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 rechargeable batteries and the use of stationary storage cells may not grow to the extent anticipated,
the future supply of cobalt may not be as limited as anticipated, the risk of decreases in the market prices of
cobalt and other metals to be produced by the NICO Project, discrepancies between actual and estimated
mineral resources or between actual and estimated meta llurgical recoveries, uncertainties associated with
estimating mineral resources and reserves and the risk that even if such resources prov e accurate the risk that
such resources may not be converted into mineral re serves, once economic conditions are applied, the
Company’s production of cobalt 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.