Alberta Refinery Site Option for NICO Project Has Expired

About this update from Fortune Minerals Limited

[{"type":"text","content":"Fortune and JFSL remain interested in concluding a transaction under a new arrangement LONDON, Ontario / Jul 01, 2024 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) announces that the option to purchase the JFSL Field Services ULC (“JFSL”) brownfield industrial site in Lamont County, Alberta could not be completed before the expiry of the option on June 30, 2024. Both, Fortune and JFSL remain willing and able to complete a different transaction that would enable the Company to complete the purchase under a new arrangement as soon as possible. Fortune will provide an update on this plan when its discussions with JFSL have been concluded. About Fortune Minerals: Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper critical minerals project in the NWT and Alberta. 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. 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, the Company and JFSL’s discussions and future plans including any further arrangements. 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 successful negotiations and agreement between the Company and JFSL 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). 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. The...

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