Fortune Minerals Extends Choice to Purchase the Alberta Refinery Website for the NICO Vital Minerals Venture

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Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Firm”) (www.fortuneminerals.com) is happy to announce that it has secured an extra extension to the choice to buy the JFSL Subject Companies ULC (“JFSL”) brownfield web site in Lamont County, Alberta (see information releases, dated January 24, 2022, July 14, 2022, and October 3, 2022). Fortune plans to assemble a hydrometallurgical refinery at this web site for its vertically built-in NICO cobalt-gold-bismuth-copper essential minerals venture (“NICO Venture”). The JFSL facility is a former metal fabrication plant situated on 76.78 acres of lands in Alberta’s Industrial Heartland northeast of Edmonton and has 42,000 sq. ft of serviced outlets and buildings adjoining to the Canadian Nationwide Railway. The JFSL web site can be near companies, sources of reagents, and a commutable pool of engineers and expert chemical plant staff to materially cut back capital and working prices for the deliberate NICO Venture growth.

Pursuant to the choice settlement, Fortune can purchase the JFSL web site and amenities for C$5.5 million. The time period of the choice might be prolonged for as much as six months by Fortune paying JFSL C$15,000 per thirty days. JFSL’s has the best to solicit competing provides for the ability, topic to Fortune’s proper to finish its buy on the agreed phrases by the top of the month for any extension interval and/or Fortune’s proper of first refusal to match the competing provide.

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The NICO refinery would course of metallic concentrates from the deliberate NICO cobalt-gold-bismuth-copper mine and concentrator within the Northwest Territories (“NWT”) enabling Fortune to grow to be a vertically built-in producer of cobalt sulphate wanted to make the cathodes of lithium-ion batteries utilized in electrical automobiles, moveable electronics and stationary storage cells. The refinery would additionally produce bismuth ingots and oxide, an ‘Eco-metal’ used within the automotive and pharmaceutical industries and with rising demand as an environmentally secure and non-toxic substitute for lead in free-machining steels and aluminum, brasses and solders utilized in potable ingesting water sources and electronics, ceramic glazes, radiation shielding, glass, ammunition, and fishing weights, and environmentally secure plugs to decommission oil and fuel wells. The Mineral Reserves for the NICO deposit additionally include multiple million ounces of gold, and copper as a minor by-product. The vertically built-in NICO Venture is a sophisticated growth stage essential minerals growth asset that has already obtained environmental evaluation approval and the most important mine permits for the amenities within the NWT. The venture has additionally been assessed in optimistic Feasibility and Entrance-Finish Engineering and Design (“FEED”) research that will likely be up to date to mirror the brand new refinery web site and up to date venture optimizations.

For extra detailed details about the NICO Mineral Reserves and sure technical data on this information launch, please discuss with the Technical Report on the NICO Venture, entitled “Technical Report on the Feasibility Examine for the NICO-Gold-Cobalt-Bismuth-Copper Venture, Northwest Territories, Canada”, dated April 2, 2014 and ready by Micon Worldwide Restricted which has been filed on SEDAR and is on the market below the Firm’s profile at www.sedar.com. The disclosure of scientific and technical data contained on this information launch has been authorized by Robin Goad, M.Sc., P.Geo., President and Chief Government Officer of Fortune, who’s a “Certified Particular person” below Nationwide Instrument 43-101.

About Fortune Minerals:

Fortune is a Canadian mining firm centered on creating the NICO cobalt-gold-bismuth-copper essential minerals venture within the NWT and Alberta. Fortune additionally owns the satellite tv for pc Sue-Dianne copper-silver-gold deposit situated 25 km north of the NICO Deposit and is a possible future supply of incremental mill feed to increase the lifetime of the NICO mill and concentrator.

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This press launch comprises forward-looking data and forward-looking statements throughout the which means of relevant securities laws. This forward-looking data consists of statements with respect to, amongst different issues, the train by the Firm of its choice to buy of the JFSL web site, the profitable development and completion of the proposed hydrometallurgical refinery on the JFSL web site, and the Firm’s plans to develop the NICO Venture, together with the profitable the event and development of the deliberate NICO cobalt-gold-bismuth-copper mine and concentrator. Ahead-looking data relies on the opinions and estimates of administration in addition to sure assumptions on the date the knowledge is given (together with, in respect of the forward-looking data contained on this press launch, assumptions relating to: the profitable completion of the Firm’s due diligence investigations on the JFSL web site, the Firm’s skill to safe the required financing to fund the train of the choice and full the acquisition of the JFSL web site, the Firm’s skill to finish development of a NICO Venture refinery; the Firm’s skill to rearrange the required financing to proceed operations and develop the NICO Venture; the receipt of all needed regulatory approvals for the development and operation of the NICO Venture, together with the deliberate NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; progress within the demand for cobalt; the time required to assemble the NICO Venture; and the financial setting wherein the Firm will function sooner or later, together with the worth of gold, cobalt and different by-product metals, anticipated prices and the volumes of metals to be produced on the NICO Venture). Nevertheless, such forward-looking data is topic to a wide range of dangers and uncertainties and different elements that might trigger precise occasions or outcomes to vary materially from these projected within the forward-looking data. These elements embody the dangers that the COVID-19 pandemic or international geopolitical conditions could intervene with the Firm’s skill to proceed growth of the NICO Venture, the Firm could not be capable of full the acquisition of the JFSL web site and safe a web site for the development of a refinery, the Firm could not be capable of finance and develop NICO on beneficial phrases or in any respect, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the event of the NICO Venture, together with the associated hydrometallurgical refinery, the development of the NICO Venture could take longer than anticipated, the Firm could not be capable of safe offtake agreements for the metals to be produced on the NICO Venture, the Sue-Dianne Property will not be developed to the purpose the place it could present mill feed to the NICO Venture, the inherent dangers concerned within the exploration and growth of mineral properties and within the mining trade usually, the marketplace for merchandise that use cobalt or bismuth could not develop to the extent anticipated, the long run provide of cobalt and bismuth will not be as restricted as anticipated, the danger of decreases out there costs of cobalt, bismuth and different metals to be produced by the NICO Venture, discrepancies between precise and estimated Mineral Sources or between precise and estimated metallurgical recoveries, uncertainties related to estimating Mineral Sources and Reserves and the danger that even when such Mineral Sources show correct the danger that such Mineral Sources will not be transformed into Mineral Reserves as soon as financial circumstances are utilized, the Firm’s manufacturing of cobalt, bismuth and different metals could also be lower than anticipated and different operational and growth dangers, market dangers and regulatory dangers. Readers are cautioned to not place undue reliance on forward-looking data as a result of it’s doable that predictions, forecasts, projections and different types of forward-looking data is not going to be achieved by the Firm. The forward-looking data contained herein is made as of the date hereof and the Firm assumes no duty to replace or revise it to mirror new occasions or circumstances, besides as required by legislation.