Fortune Minerals Limited. T.FT

RE:RE:Ice road status

[Allman]

... used to support a mini-pilot at SGS Canada Ltd. to confirm certain process design criteria and improvements to the NICO Project metallurgical processes. The program will also provide samples of concentrate that could be used in future tests with material sourced under the previously announced Rio Tinto process collaboration (see the Company's news release dated September 29, 2023).

https://www.fortuneminerals.com/news/press-releases/press-release-details/2023/Fortune-Minerals-Announces-Government-Funding-to-Advance-the-NICO-Critical-Minerals-Asset-in-Canada/default.aspx

Cobalt Process Improvements:
Hatch conducted a value improvement assessment of the cobalt process that was previously contemplated in the 2014 Micon Feasibility Study (see Fortune news release, dated April 2, 2014) and 2012 Front End Engineering and Design ("FEED") study by Aker Solutions Canada Inc. (now Jacobs Minerals Canada Inc.) (See Fortune news release, dated July 2, 2012). A number of improvements were identified that could reduce the capital cost of the refinery by up to $200 million. These are being incorporated into the updated Technical Report and will mitigate some of the increase in capital costs that have resulted from escalation, other improvements and the increase in throughput rate.

https://www.fortuneminerals.com/news/press-releases/press-release-details/2019/Fortune-Minerals-Provides-Nico-Project-Technical-Report-Update/default.aspx