Fortune Minerals Files Year-end and Q1 Financial Results
23 Mai 2023 - 6:12PM
Business Wire
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to announce that its audited
annual financial statements, management discussion and analysis,
the related officer certificates, and the Company’s annual
information form for the year ended December 31, 2022
(collectively, the “Annual Filings”) were filed on May 19,
2023. The Company also filed its March 31, 2023, financial
statements and management’s discussion and analysis. The documents
are available on SEDAR (www.sedar.com) or through the Company’s web
site (www.fortuneminerals.com).
The filing of the documents constitutes the application to
revoke the Cease Trade Order currently in effect on the Toronto
Stock Exchange.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
vertically integrated NICO Cobalt-Gold-Bismuth-Copper Project
comprised of a planned mine and concentrator in the Northwest
Territories (“NWT”) and a related hydrometallurgical
refinery in Alberta (“NICO Project”).
The NICO Deposit has a 20-year Mineral Reserve containing three
metals identified on Canada’s Critical Minerals List, including
cobalt needed for the energy transition to make lithium-ion
batteries used in electric vehicles (“EV’s”), portable
electronics, and stationary storage cells. The deposit also
contains more than one million ounces of gold, and it is the
largest deposit of bismuth in the world with approximately 12% of
global reserves. Bismuth is a metal with unique physical and
chemical properties used in the automotive and pharmaceuticals
industries but has growing consumption as an environmentally safe
and non-toxic replacement for lead in brass, solder, free-machining
steels and aluminum, paints and pigments, radiation shielding,
glass, ammunition, cosmetics and fishing weights. Bismuth is now
also used extensively to decommission oil and gas wells with a
permanent, high density, environmentally safe and impermeable plug
to prevent methane leakage, blowouts and contamination of
subsurface aquifers. The U.S. Department of Energy has also
recently validated the performance of manganese-bismuth magnets for
potential replacement of rare earth element magnets used in the
powertrains for EV’s.
The NICO Project has been assessed in a positive Feasibility
Study and has received Environmental Assessment approval and the
major mine permits for the facilities in the NWT. The Company plans
to update the Feasibility Study with recent optimizations,
including the new Alberta refinery site and the Tlicho all-season
highway that was completed to the community of Whati in 2021 for
the NWT, federal and Tlicho governments.
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.
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.
Follow Fortune Minerals: Click here to subscribe to
Fortune’s email list.
Click here to follow Fortune on LinkedIn.
@FortuneMineral on Twitter.
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, completion of an
updated Feasibility Study; 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; completion of the Alberta refinery site
purchase option, 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.
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 ability to secure funding to complete an updated Feasibility
Study. 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 funding may not be secured to update the Feasibility
Study, global geopolitical situations may interfere with the
Company’s ability to continue development of the NICO Project, 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 study which
provided results on NICO Deposit may not have been conducted
accurately, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230523005934/en/
Fortune Minerals Limited Troy Nazarewicz Investor
Relations Manager info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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