Corporate update Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (
www.fortuneminerals.com) is pleased to provide an update of current ac
LONDON, Ontario--(BUSINESS WIRE)--Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to provide an update of current activities toward development of the NICO cobalt-gold-bismuth-copper critical minerals project (“NICO Project”) in Canada. The NICO Project consists of a planned open pit and underground mine and concentrator in the Northwest Territories (“NWT”) and a related refinery in Alberta where the Company will process concentrates from the mine to value added metals and chemicals. The vertically integrated NICO Project is an advanced development stage critical minerals asset that has received environmental assessment approval and the major mine permits for the facilities in the NWT. The NICO Project has also been assessed in positive Feasibility and Front-End Engineering and Design (“FEED”) studies that will be updated to reflect recent project optimizations and the new proposed refinery site…Government Support:..Fortune has been in discussions with the Canadian, U.S. and E.U. governments to secure financial support for the development of the NICO Project. The Government of Canada announced $3.8 billion in financial support for critical minerals in the 2022 Budget to accelerate domestic production and processing. This was followed later last year by the Canadian Critical Minerals Strategy which identifies the areas where financial support will be focused. Cobalt, nickel, and lithium are a priority for support because of their use in lithium-ion rechargeable batteries. In an interview at PDAC 2023, Canada’s Natural Resources Minister, Jonathan Wilkinson noted that the Canadian government is now considering taking equity stakes and advancing loans to Canadian critical minerals companies. Fortune currently has a grant application with Natural Resources Canada to support pilot tests to provide additional data for detailed engineering. Alberta Innovates has also indicated that it could support the bismuth component of this work. Fortune has also applied to the U.S. Department of Defense for matching grants of up to US$25M, primarily for detailed engineering. This application was submitted further to the Defense Production Act Title III Presidential Directive supporting North American battery materials production due to the war in the Ukraine.