Alberta Refinery Site Option for NICO Project Has Expired

Alberta Refinery Site Option for NICO Project Has Expired

Fortune and JFSL remain interested in concluding a transaction under a new arrangement

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.

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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. These factors include the risks that global geopolitical situations may interfere with the Company's ability to successfully negotiate with JFSL, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

Fortune Minerals Limited  
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel: (519) 858-8188
www.fortuneminerals.com

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Highlights:

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Altech Batteries Ltd  Agreement to Secure EUR2.5M in Funding

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Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to advise that it is in the process of selling its land in Johor to help fund the ongoing development of the CERENERGY(R) battery project and the Silumina Anodes(TM) battery materials project, as well as to support general working capital requirements.

Highlights

- Altech, subject to receipt of shareholder approval, will have the ability to drawdown up to EUR2.5M in cash funding

- Agreement reached with major shareholder Deutsche Balaton AG to provide funding

- Funding to be provided as Bearer Bonds with interest payable at 7.0% per annum

- Bearer Bonds secured by Altech's Malaysian land

- Repayment of the Bearer Bonds anticipated to be from sale of Altech's Malaysian land

- Shareholder meeting to approve facility anticipated for late April 2025

The Company has also entered into a binding Bond Note Subscription Deed with its major shareholder Deutsche Balaton AG, under which Altech can drawdown up to EUR2.5M in cash in the form of interest-bearing Bearer Bonds.

This funding will allow Altech to progress with its projects without the dilutionary impact to shareholders of a capital raise via a share issue. The repayment of the Bearer Bonds is secured by Altech's Malaysian land and requires Altech shareholder approval, and a General Meeting is anticipated to be convened in late April 2025.

Key terms of the Subscription Agreement are as follows:

- Total Bearer Bond facility of up to EUR2.5M to be drawdown in EUR500K amounts with interest payable at 7.0% per annum.

- Altech shareholders approving the grant of security to Deutsche Balaton AG over its Malaysian land in accordance with any requirement of the ASX, or the ASX granting a waiver from any requirement of the listing rules to obtain shareholder approval.

- a Security and Security Trust Agreement has been entered into under which Altech's 100% owned subsidiary Altech Chemicals Sdn Bhd has pledged security over its Malaysian land as well as a guarantee of repayment of the Bearer Bonds.

- Repayment of Bearer Bonds by maturity date of 31 October 2026.

- Default clauses applicable standard for Subscription Deeds of this nature.

Altech has placed its Malaysian land in Johor on the market for sale. Proceeds from the sale of the land are expected to provide sufficient funds to enable the Bearer Bonds to be repaid in full.



About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

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