Fortune Minerals Retains P&E Mining Consultants Inc. to Prepare the New Reserve Estimates, Mine Plan & Production Schedule for the Updated NICO Project Feasibility Study

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[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":249,"url":"https://media.zenfs.com/en/business-wire.com/bfa2cbb5cb0bb081d90f3c4f002c6f54"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/XWAC5yMTNvxvbIdFR53lpw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ5ODtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/bfa2cbb5cb0bb081d90f3c4f002c6f54","width":480,"height":249}},"lazy":false},{"type":"text","content":"New Mineral Reserves & project economics expected to benefit from higher metal prices","length":89,"tagName":"p","attribs":{}},{"type":"text","content":"LONDON, Ontario, October 28, 2025--(BUSINESS WIRE)--Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that it has retained P&E Mining Consultants Inc. ("P&E") to prepare the new Mineral Reserve estimates, mine plan and production schedule for the updated NICO Project Feasibility Study currently in preparation by Worley Canada Services Ltd. ("Worley") and other engineering companies. The NICO cobalt-gold-bismuth-copper critical minerals project ("NICO Project") is comprised of a planned open pit and underground mine and concentrator in the Northwest Territories ("NWT") and a dedicated hydrometallurgical facility in Lamont County, Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products. The new Mineral Reserves and project economics are expected to materially benefit from higher metal prices, particularly gold and bismuth.","length":1017,"tagName":"p"},{"type":"text","content":"The new Mineral Reserve estimates will be based on updated costs, metal recoveries and prices, and currency exchange rates. The new mine plan and production schedule will be based on the updated Mineral Reserves and will also incorporate optimizations identified earlier by the Company, including reverting to the 4,650 tonnes of ore per day mill throughput rate used in the 2014 Feasibility Study, a larger contribution of gold-rich, higher margin ores from underground mining during early years of the mine life, and a stockpiling strategy that defers processing low margin ores until later in the mine life. The NICO deposit is an...

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