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Alex Mezei selected as chief metallurgist to oversee testing and process engineering
LONDON, Ontario, August 19, 2024–(BUSINESS WIRE)–Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www. fortuneminerals. com) is pleased to announce that it has entered into a new option agreement with JFSL Field Services ULC (“JFSL”) to acquire brownfield land in Lamont County, Alberta, where it plans to build its hydrosteelurgical refinery (“Alberta Refinery”). The Alberta refinery would process steel concentrates from Fortune’s planned NICO cobalt, gold, bismuth, and copper mine and concentrator in the Northwest Territories (“NWT”) (collectively, the “NICO Project”) and provide a reliable domestic source of critical minerals for the Alberta refinery’s energy transition and other new technologies will produce cobalt sulfate for the North American lithium-ion battery industry, bismuth ingots (12% of the world’s reserves) and copper cement, with more than one million ounces of gold in situ as a countercyclical and. Highly liquid co-product Array Fortune also has a collaboration with Rio Tinto to study the feasibility of processing fabrics produced from waste from the Kennecott smelter in Utah to the Alberta refinery to increase cobalt and bismuth production.
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Under the new option agreement, Fortune could obtain the Lamont County site from JFSL for C$6,000,000 before the end of November 2025, provided it generates monthly option invoices of C$100,000. Monthly option invoices and C$1,437,500 in the past paid through Fortune to JFSL are deductible from the acquisition price. JFSL will have the right to list the Lamont County assets for sale during the option period, subject to Fortune’s 90-day right of first refusal to accept third-party bids. JFSL also has the right to continue using Lamont County assets and services for eighteen months following the sale to Fortune.
JFSL is a subsidiary of Worley Group (“Worley”), a foreign engineering, structural control and environmental company listed on the Australian Stock Exchange. Worley will be the preferred contractor for environmental, engineering, procurement, production and structural paints for Alberta. refinery.
The JFSL site includes 76. 78 acres of land adjacent to the Canadian National Railway line in Alberta’s commercial heartland, a five-town agreement northeast of Edmonton with plan approvals and tax incentives designed to attract heavy industry. The JFSL site is a former metal factory. Plant with over 42,000 square feet of workshops and supplied buildings located close to services, reagent resources and the professional round-trip group that is already in position for Alberta’s petrochemical industry. These measures are expected to particularly reduce the capital and operating prices of the Alberta refinery. structure and functioning.
Fortune is also pleased to announce that Alex Mezei, M. Sc. P. Eng. , has joined the Company as Chief Metallurgist. Mr. Mezei will oversee test painting as well as design engineering and procedures for the NICO project, which the company is advancing with the recently announced government contribution totaling approximately C$17 million (see press releases from May 16, 2024 and December 5, 2023). . Mr. Mezei is a chemical engineer with over 40 years of varied experience in foreign procedure engineering, pilot and verification painting, and economic evaluations for a wide variety of products around the world. This includes 22 years at SGS Mineral Services (“SGS”) in Lakefield, Ontario, where he was Director of Engineering Technology Services, Metallurgical Operations and Senior Metallurgist and, in particular, where he oversaw hydrometallurgical paints for the NICO project. Prior to SGS, Alex worked for Asea Brown Boveri as an instrumentation engineer, as a process research scientist at the Institute of Engineering Technology for Inorganic Chemistry and Non-Ferrous Metals in Romania, and as a production engineer at the Chemical and Metallurgical Plant in Phoenix in Baia-Jument, Romania. Since retiring from SGS in 2016, Alex has served as an independent representative metallurgist and director of metallurgy for Planetary Technologies.
For more detailed data on NICO’s mineral reserves and certain technical data contained in this press release, please refer to the NICO Project Technical Report, entitled “Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest”. Territories, Canada”, dated April 2, 2014 and ready through Micon International Limited, which was registered on SEDAR and can be obtained from the Company’s profile on www. sedar. com.
Disclosure of clinical and technical data contained in this press has been approved by Robin Goad, M. Sc. , P. Geo. , President and CEO of Fortune, who is a “qualified person” under National Instrument 43 -101. . .
About Fortune Minerals:
Fortune is a Canadian mining company focused on the development of the NICO Cobalt-Gold-Bismuth-Copper project in the Northwest Territories and Alberta. Fortune also owns the Sue-Dianne copper-silver-gold satellite deposit 25 km north of the NICO deposit and is a potential long-term source of additional power to extend the life of the NICO plant and concentrator.
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This press release contains forward-looking statements and data within the meaning of applicable securities laws. These forward-looking data come with statements relating to, among other things, the resolution of the Company’s option and acquisition of the JFSL site, the structure of the proposed hydrosteelurgical refinery at the JFSL site and the expansion prospects of the NICO site. Presentation and plans of the Company to expand the NICO allocation. Forward-looking data is based on control reviews and estimates and safe assumptions as of the date it is obtained (adding, with respect to the forward-looking data contained in this press release, assumptions relating to: the good fortune of the transaction; the investigations of the Company’s due diligence on the JFSL site, the Company’s ability to discharge mandatory financing to fund the option restructuring and complete the acquisition of the JFSL site, the Company’s ability to complete the refinery structure of the Project NICO, the Company’s ability to establish mandatory financing to continue operations and expand the NICO Project and the corresponding hydrosteel refinery and the timing of the expansion based on NICO’s allocation and the economic environment in which the Company will operate in the long term, adding the value; of gold, cobalt and d; other steel by-products, expected costs and volumes of steel that will be produced in the NICO allocation). However, such forward-looking data is subject to a variety of threats and uncertainties and other points that may also cause actual events or effects to differ materially from those assigned in the forward-looking data. These issues come with the threat that the 2021 drilling program will not result in a significant expansion of the NICO deposit, that the Company may not be able to complete the acquisition of the JFSL site and unload a site for the construction of a refinery. that the Company may not be able to finance and expand NICO on favorable terms or at all, uncertainties related to the receipt or timing of permits, approvals and agreements necessary for the progression of NICO’s allocation, adding the similar hydrosteelurgical refinery, structure of the NICO assignment would possibly take longer than expected, the Company would possibly not be able to enter into purchase agreements for steels that will occur on the NICO assignment, Sue-Dianne’s assets would possibly not evolve to the point where it can provide plant power for the allocation of NICO, the threats inherent to the exploration and progress of the mining industries and the mining industry in general, the market position for products using cobalt or bismuth would likely not grow to the extent expected, in the long term the source of cobalt and bismuth may not be as limited as expected, the threat of declines in the values of cobalt, bismuth and other steels to be produced through the NICO Project, discrepancies between actual and estimated mineral resources or between recoveries actual and estimated steel mills, relevant uncertainties with the estimation of mineral resources and reserves and the threat that, even if those mineral resources prove to be accurate, the threat that those mineral resources will not be converted into mineral reserves once the situations apply production of cobalt, bismuth and other steels could be lower than expected and other operational and progression threats. Fixing market position threats and regulatory threats. Readers are cautioned not to place undue reliance on forward-looking data, as predictions, forecasts, allocations and other forward-looking data bureaucracy may not be made by the Company. The forward-looking data contained herein is made as of the date hereof and the Company undertakes no obligation to update or revise it to reflect new occasions or circumstances, as required by law.
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Contacts
For information, please contact: Fortune Minerals Limited Troy NazarewiczHead of investisseursinfo@fortuneminerals. com Relationship Tel: (519) 858-8188www. fortuneminerals. com