Fortune Minerals Announces Arrival of Samples at SGS Canada in Lakefield, Ontario for Metallurgical Testing

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce the successful delivery of ore samples from the NICO cobalt-gold-bismuth-copper deposit (“NICO Deposit”) in the Northwest Territories (“NWT”) to SGS Canada Inc. in Lakefield, Ontario. These ores will be used to conduct additional metallurgical testing and pilot work to validate recent optimizations and support detailed engineering and an updated Feasibility Study for the vertically integrated NICO cobalt-gold-bismuth-copper Critical Minerals project in Canada (“NICO Project”). Intermediate test products produced from NICO Project ores and concentrates will also be blended with metal precipitates sourced from Rio Tinto’s Kennecott Smelter in Utah to assess the feasibility of processing these materials to recover additional bismuth and cobalt at Fortune’s planned hydrometallurgical refinery in Alberta (“Alberta Refinery”). Successful validation of the Fortune optimizations and processing of Rio Tinto precipitates would increase Critical Mineral production and revenues and reduce waste disposal costs for the planned Alberta Refinery.

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Fortune Minerals collects ore samples from the NICO critical minerals project for metallurgical testing (Photo: Business Wire)

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The NICO Project is an advanced development stage asset comprised of a planned open pit and underground mine and concentrator in the NWT and a hydrometallurgical refinery in Alberta to process metal concentrates from the mine and other compatible sources to value-added products. Development of the NICO Project would provide a North American supply of three Critical Minerals needed for the energy transition, new technologies, and growing green economy. The Mineral Reserves for the NICO Deposit also contain more than one million ounces of gold, the price for which has recently exceeded historic highs, providing a highly liquid and countercyclical co-product to mitigate Critical Mineral price volatility.