Fortune Minerals Completes New Option Agreement to Acquire the JFSL Alberta Refinery Site for the NICO Project

Aug 19, 2024 16:00

LONDON, Ontario -- 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 purchase the brownfield industrial site in Lamont County, Alberta where it plans to construct its hydrometallurgical refinery (“Alberta Refinery”). The Alberta Refinery would process metal concentrates from Fortune’s planned NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories (“NWT”) (collectively, the “NICO Project”) and provide a reliable domestic supply of Critical Minerals for the energy transition and other new technologies. The Alberta Refinery will produce cobalt sulphate for the North American lithium-ion battery industry, bismuth ingots (12% of global reserves) and copper cement - with more than one million ounces of in-situ gold as a countercyclical and highly liquid co-product. Fortune also has a process collaboration with Rio Tinto examining the feasibility of processing materials produced from Kennecott Smelter wastes in Utah at the Alberta Refinery to increase cobalt and bismuth production. Read More

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Fortune Minerals Completes New Option Agreement to Acquire the JFSL Alberta Refinery Site for the NICO Project