Business
Fortune Minerals Files Year-end and Q1 Financial Results
LONDON, Ontario / May 23, 2023 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is ple
About this update from Fortune Minerals Limited
[{"type":"text","content":"LONDON, Ontario / May 23, 2023 / 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 Feasi...