American Salars Lithium Inc. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: ASALF, FWB: Z3P, WKN: A3E2NY ) announces the addition of Dr. Mark King PhD, PGeo, FGC, a world-renowned lithium brine expert, as a Technical Advisor and Qualified Person.
Dr. King is a hydrogeologist with 30+ years of international experience in groundwater modeling and geochemistry. For the past 15 years, he has specialized in exploration and evaluation of lithium brine projects. His strong chemistry and numerical modeling background has proven to be an excellent foundation for brine exploration and quantitative evaluation. Consequently, his resource and reserve estimation experience on major brine projects is now arguably the most extensive of any geologist, hydrogeologist, or engineer in the world.
Some notable past involvements include serving as a resource and/or reserve estimation Qualified Person for the following:
In addition, Dr. King and his team have conducted detailed due diligence reviews of 20+ advanced brine projects and reconnaissance reviews (and ranking) of 100+ greenfield to early-stage projects, in South America and the southern US. His technical team at GWI have advanced expertise in geological modelling, GIS, data management and 3D visualization. They will provide exploration and resource consulting services to American Salars from time to time.
R. Nick Horsley, CEO & Director States , "American Salars is yet again adding depth to its technical team. We are fortunate to welcome Dr. King and his team at GWI to American Salars and look forward to working together in our search for significant lithium salar projects. Mark is a globally recognized authority whose work has taken him to lithium brine projects throughout North and South America, and beyond."
About American Salars Lithium Inc.
About American Salars Lithium Inc. American Salars Lithium Inc. is an exploration company focused on exploring and developing high-value battery metals projects to meet the demands of the advancing electric vehicle market.
All Stakeholders are encouraged to follow the Company on its social media profiles on LinkedIn, Twitter and Instagram.
On Behalf of the Board of Directors,
"R. Nick Horsley "
R. Nick Horsley, CEO
For further information, please contact:
American Salars Lithium Inc.
‎Phone: 604.880.2189
‎E-Mail: info@americansalars.com
‎
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salar's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect managements' current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company specializing in the discovery of critical minerals, is pleased to announce the appointment of Vernon Shein to its board of advisors.
A mining industry veteran with 39 years of exploration industry experience, Mr. Shein spent the last 18 years as Exploration Manager for Bema Gold Corp. and its successor company B2Gold, specializing in advancing exploration programs through Preliminary Economic Assessment, Feasibility Study and into production.
Mr. Shein holds a B.Sc., Specialization Geology, from Concordia University and has conducted exploration programs on gold and base metals projects located throughout Canada, South America, Russia and the Asia Pacific. While serving as Exploration Manager at B2Gold, projects that he has managed from exploration through to production include the Kupol Mine in Russia, the Jabali Mine in Nicaragua and the Montana open pit at the Masbate Mine in the Philippines. At the Kupol Mine, Mr. Shein oversaw the drilling and modeling of the deposit through Pre-Economic Assessment in 2004 and Final Feasibility in 2005. Mr. Shein also developed the Jabali Mine from an untested, previously mined prospect to a mineable reserve/resource in two years with mining commencing in 2013. In recent years, Mr. Shein oversaw exploration activities at the Masbate Mine which developed new reserves at the Montana and Pajo deposits. He also oversaw exploration at the Aurion/B2GOLD joint venture in Central Lapland, Finland, resulting in the discovery of the western extension of Rupert's Ikkari deposit.
"We are thrilled to welcome Vern to SAGA's board of advisors," stated Mike Stier, CEO & Director of Saga Metals . "Vern's industry insight will be valuable across our entire suite of prospective critical mineral projects with initial focus spent on the Radar Ti-V-Fe project near Cartwright, Labrador. With the exceptional results to date from our maiden drill program and the ability to fast track this project, building a board of technically proficient advisors with world class experience is paramount to our success. The Radar project is poised for advanced development and we're fortunate to have Vern's expertise as a sounding board as we move through these critical next steps."
Mr. Shein commented: "I am excited to be advising Saga Metals Corp. with their intelligent, diversified and aggressive exploration programs targeting critical minerals that support the green energy transition.  Given my successful advancement of several projects from grass roots through to production, I'm eager to add value to SAGA's rapidly evolving Radar Ti-V-Fe project."
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U 3 O 8 and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds additional exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
On Behalf of the Board of Directors
Mike Stier, Chief Executive Officer
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@SAGAmetals.com
www.SAGAmetals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's advisors and projects. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Vancouver, British Columbia TheNewswire May 14, 2025 VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) ("VanadiumCorp" or the "Company") is pleased to provide an update on its properties and projects.
Lac Doré Property: Vanadium, Iron & Titanium
The Lac Doré property, which is the flagship project of VanadiumCorp, has successfully completed an Ambient Noise Tomography (ANT) survey. This advanced geophysical method aims to refine and enhance the geological and structural model of the Lac Doré property. The updated model will be essential for revising the "NI 43-101" report, which includes the Vanadiferous Titanomagnetite (VTM) resource initially classified as a historical estimate in 2020.
The ANT survey is expected to provide valuable insights that will inform further development and exploration efforts, helping to maximize the property's potential.
The Lac Laura Project, a wholly owned gold asset (including silver, copper, zinc, and lead), has a history of exploration. Acquired by the company in 2007, the property had previously been studied and explored by Minnova, a subsidiary of Falconbridge. These historical efforts included geophysical surveys, surface stripping, channel sampling, underground exploration drift development, and diamond drilling programs. The company plans to undertake data compilation and targeting assessment. This initiative aims to synthesize existing datasets, identify and prioritize exploration targets, and present an updated summary for future work on the property.
Iron T: Vanadium, Iron & Titanium
The Iron-T Project is a vanadium-titanium-iron (VTM) 100% owned by the Company, located in Quebec's Matagami Mining Camp. In 2007, VanadiumCorp acquired 17 claims (946.55 Ha) known as the Audet Assemblage from Dr. M. Taner's group. The company has subsequently staked 133 more claims, expanding to cover the east and west extensions of the Bell River Complex, totalling 150 mineral interests and 42.18 km² (4,218.32 Ha). This claim assemblage encompasses and controls 25 km of the Bell River Complex deposits.
Potential joint ventures are under consideration.
CIMS Pilot Plant:
Updating the CIMMS electrolyte production plant equipment is scheduled for Q3.
The Company is currently in discussions and testing electrolytes with CellCube Energy Storage, a leading international manufacturer of vanadium flow batteries.
VEPT (Vanadium Electrolyte Production Technology):
All patents have been thoroughly updated and are in good standing.
An Australian company is actively engaged in the testing of this innovative technology, exploring its potential applications.
Currently exploring interest in licensing opportunities from regions including Australia, the United Kingdom, and China, indicating a growing global demand for this technology.
Marketing and informational campaigns are underway. Additional details will be shared in the forthcoming weeks.
Financing
The Company has submitted documents to the TSX Venture Exchange (the "Exchange") seeking final approval to close its previously-announced private placement financing (see the Company's February 26, 2025, March 11, 2025, and April 14, 2025 news releases for details) (the "Financing"). The Company has issued 1,910,273 Units to arm's-length subscribers, for aggregate gross proceeds of $210,130, each Unit consisting of 1 common share of the Company and 1 common share purchase warrant, each warrant being exercisable at $0.15 for 3 years.
In connection with the Financing, the Company has paid cash finders' fees totalling $9,109.10 and issued 82,800 broker warrants to arm's-length finders.
All shares issued as part of this financing, as well as any shares resulting from the exercise of warrants, will be subject to a four-month hold period from the closing date. The financing is contingent upon approval from the TSXV Exchange.
The net proceeds from the financing will be used for exploration and metallurgical testing of the Company's wholly owned mineral properties, the electrolyte plant, and for general corporate purposes.
Director of VanadiumCorp Andre Gauthier, P. Eng., P.GEO, is the qualified person (as defined in NI 43-101) who has reviewed this news release.
Additional information about Vanadiumcorp can be found on its website, and its profile is available for review on SEDAR+ at www.sedarplus.ca .
About VanadiumCorp Resource Inc.
VanadiumCorp is a Canadian Critical metals exploration company owning 100% of two strategic properties in Quebec: The Iron T and the flagship Lac Doré property. The company is advancing innovative technologies to extract vanadium-titanium and potentially high-grade iron from its vanadiferous titanomagnetite projects. The successful implementation of these technologies is expected to ensure a stable, long-term supply of the company's critical metal deposits, which include vanadium feedstock for its inaugural electrolyte production facility situated in Val-des-Sources, Quebec. This electrolyte plant will serve a dual purpose: evaluating the quality of outputs from the Lac Doré pilot plant and facilitating the recycling of electrolyte. Furthermore, the company intends to expand its production of electrolytes for the international market, specifically for long-duration Vanadium Flow Batteries (VRBs).
On behalf of the Board of VanadiumCorp Resource Inc.
"Kristien Davenport"
President and Director
VANADIUMCORP RESOURCES INC.
Company contact information: For more information, please visit the company website
Email: info@vanadiumcorp.com  www.vanadiumcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp's business. and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as "anticipates", "expects" or "does not expect", "is expected", "budget", "forecast", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorp relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in VanadiumCorp's latest Annual Information Form under the heading "Risk Factors" and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
The forward-looking statements contained herein are expressly qualified by this disclaimer.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Smaller and simpler bismuth circuit with high metal recoveries align with new market demand
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to report that metallurgical test work validation is essentially complete for the bismuth circuits for the Company's 100% owned NICO cobalt-gold-bismuth-copper critical minerals project in Canada (" NICO Project "). The Process Design Criteria has been compiled and delivered to Worley Canada Services Ltd. (" Worley ") to engineer the facilities and incorporate them into the Company's updated Feasibility Study. With 12% of global bismuth reserves, development of the NICO Project aligns with the increasing demand for bismuth in traditional and new market applications and the historic high prices (~US$ 27 per pound), compounded by China's recent export restrictions on this, and other critical minerals.
The vertically integrated NICO Project consists of a planned mine and concentrator in the Northwest Territories (" NWT ") and a hydrometallurgical process facility in Lamont County, Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products needed in diverse industries, the energy transition, new technologies, and defense. Development of the NICO Project will provide a reliable North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement enhancing domestic production of three critical minerals. The 1.1 million ounces of in-situ gold in the NICO Project Mineral Reserves is also a highly liquid and countercyclical co-product to mitigate metal price volatility.
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Bismuth Process Highlights
- Improved bismuth leaching and cementation circuits with an expected reduction in capital and operating costs and higher metal recoveries
- Efficient and cost-effective regeneration of ferric chloride lixiviant used to leach bismuth prior to cementation to reduce reagent costs and safely dispose of excess process water
- Validation of high-quality 4N bismuth ingot production from smelting and refining bismuth cement
- Positive preliminary test results from blending Fortune bismuth concentrate and Rio Tinto bismuth oxychloride with no adverse impacts on product quality or metal recovery
- Historic high bismuth prices from increasing demand and restricted supply
Test Work Results
Fortune has completed the hydrometallurgical phase of its test work program for the NICO Project bismuth circuit at SGS Canada Ltd. (" SGS ") in Lakefield, Ontario. The scope for this program was validation of the leaching, cementation and lixiviant regeneration unit operations, and compilation of the Process Design Criteria for detailed engineering. The results exceeded the Company's expectations, supporting a material reduction in the bismuth circuit size and the expected capital and operating costs at the planned Alberta hydrometallurgical facility.
Bismuth recovery in cement was ~98% after factoring in the ferric chloride leaching, washing and iron cementation efficiencies, compared with lower initial recovery targets. The bismuth cement produced averaged ~95% bismuth, rendering it suitable for smelting and subsequent refining to high-purity metal ingots. Ferric chloride leaching was optimized to a single-stage configuration, resulting in an ~65% volume reduction for the equipment. Cementation using iron powder was also optimized to a single stage configuration, resulting in an ~75% equipment volume reduction. The work also proved that the ferric chloride lixiviant used to leach the bismuth can be regenerated using chlorine with ~95% oxidation efficiency, consistent with well-established industrial processes. Therefore, the process streams can be recycled to save reagent costs while also allowing for safe disposal of the excess process water.
Exploratory testing of Rio Tinto bismuth oxychloride blended with Fortune bismuth concentrate at the estimated production ratio during operations produced a high quality bismuth cement with no adverse impacts on recoveries. Additional work is planned in collaboration with Rio Tinto aiming to maximize the blend-ratio and overall product output. The Rio Tinto feed is produced from waste streams at the Kennecott Smelter in Utah enhancing its goals for total orebody effectiveness and supporting domestic critical minerals production.
Fortune retained XPS Industry Relevant Solutions (" XPS ") to conduct the bismuth smelting and refining test work for the pyrometallurgical circuits for the Alberta facility. Bismuth cement samples produced at SGS were submitted for pyrometallurgical testing to prove the production of 99.99% (" 4N ") bismuth ingots, the desired specification for many metal applications as well as for making bismuth oxide and other chemicals. A crude ingot was initially produced assaying 99.8% bismuth (" 2N "), which was subsequently refined with liquation, sulphuration and chlorination steps to increase the purity and achieve the 99.99% bismuth (" 4N ") target grade. The pyrometallurgical investigation is nearing completion, pending the results of a second series of smelting and refining tests and receipt of the final report with the Process Design Criteria needed for the Feasibility Study.
Government Support
Fortune is working with the Canadian and U.S. governments to expand domestic critical minerals production and enhance North American supply chain resilience and security. The Company has been awarded ~C$17 million of non-dilutive contribution funding from the U.S. Department of Defense through its Defense Production Act Title III program, Natural Resources Canada's Global Partnerships Initiative and Critical Minerals Research Development and Demonstration programs, and Alberta Innovates Clean Resource Intake program. This financial support is helping Fortune advance the NICO Project to a project finance and construction decision (see news releases dated, May 16, 2024, and December 5, 2023). Specifically, the funds are supporting metallurgical test work to validate process improvements, update the Feasibility and Front-End Engineering and Design (" FEED ") studies, and secure the remaining permits and authorizations needed to construct and operate the mine and concentrator in the NWT and hydrometallurgical facility in Alberta.
About Bismuth
The NICO Project contains four payable metals, including the largest known resource of bismuth in the world. Bismuth has unique physical and chemical properties that are essential for important industrial and technological uses, but the supply chains are vulnerable to disruption because China controls over ~90% of refined bismuth supply. Consequently, bismuth is identified on both the Canadian and U.S. government's Critical Minerals Lists. Notably, China recently imposed controls over the export of bismuth and other critical minerals resulting in shortages of supply and a precipitous increase in price.
Bismuth is widely used in the automotive industry for glass and steel coatings, paints and pigments and abrasives used in brake pads. It is also used in low melting temperature and dimensionally stable alloys and compounds, fire depressant sprinkler systems, cosmetics and pharmaceuticals. Bismuth consumption is increasing primarily as an environmentally safe and non-toxic replacement for lead in brass, solder, free machining steel and aluminum, glass, radiation shielding, ceramic glazes and ammunition. Bismuth-tin alloy is used to make environmentally safe plugs to properly seal decommissioned oil and gas wells, preventing greenhouse gas leakage, blowouts and groundwater migration that can contaminate aquifers. Bismuth is also used in high performance semiconductors and manganese-bismuth magnets that are resistant to demagnetization from heat and are a potential replacement for rare earth elements in electric motors, including electric vehicle powertrains. In the nuclear industry, bismuth coolants are used in some reactor designs and to make radiation shielding with unique gamma ray blocking properties. The dimensional stability of bismuth alloys is also used to align jet engine turbine blades and for lens blocking.
About the NICO Project
Fortune has expended approximately C$145 million to advance the NICO Project from an in-house mineral discovery to a near construction-ready development asset with environmental assessment approval and the major mine permits already secured in the NWT. NICO and the Company's nearby Sue-Dianne copper deposit are IOCG-type mineral deposits with multiple payable metals, reducing the Company's vulnerability to price volatility or market manipulation of any single metal. The Open Pit and Underground Mineral Reserves for the NICO deposit contain 33.1 million metric tonnes of ore containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth and 27.2 million pounds of copper. Development of the NICO Project would provide a vertically integrated domestic supply of three critical minerals and gold with custody control of the metals from ore through to the production of value-added products to help diversify the supply chains from foreign entities of concern.
For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com .
The disclosure of scientific and technical information contained in this news release have been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune and Alex Mezei, M.Sc., P.Eng. Fortune's Chief Metallurgist, who are "Qualified Persons" under National Instrument 43-101.
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper project in the NWT and Alberta. Fortune also owns the Sue-Dianne copper-silver-gold satellite deposit located 25 km north of the NICO deposit and a potential future source of incremental mill feed to extend the life of the NICO 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 construction of the proposed mine and concentrator in the NWT and the hydrometallurgical process facility in Alberta, the potential for expansion of the NICO Deposit and the Company's plans to develop the NICO Project. 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 completion of the Company's updated feasibility study, the Company's ability to secure the necessary financing to fund the working capital required for the government funded work, the Company's ability to complete construction of a NICO Project hydrometallurgical process facility; the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical process facility and the timing thereof; growth in the demand for bismuth; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt, bismuth 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 the Company may not be able to complete the metallurgical test work to validate process improvements, update the Feasibility and FEED studies and secure the remaining permits and authorizations needed to construct and operate the mine, concentrator in the NWT and hydrometallurgical facility in Alberta, the Company may not achieve the anticipated reductions in capital and operating costs for the bismuth circuit, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical process facility, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250509583965/en/
For further information:
Fortune Minerals Limited Â
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel: (519) 858-8188
www.fortuneminerals.com
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 OR FOR DISSEMINATION IN THE UNITED STATES
Brunswick Exploration Inc. (" Brunswick " or the " Corporation ") (TSX-V: BRW, OTCQB: BRWXF) is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc., to act as co-lead agent and sole bookrunner along with Canaccord Genuity Corp. as co-lead agent (collectively, the " Agents "), in connection with a "best efforts" private placement (the " Marketed Offering ") for aggregate gross proceeds of up to C$2,500,000 from the sale of (i) units of the Corporation (the " LIFE Units ") at a price of C$0.13 per LIFE Unit (the " Offering Price ") and (ii) units of the Corporation (the " Non-LIFE Units ", and collectively with the LIFE Units, the " Offered Securities ") at a price of C$0.15 per Non-LIFE Unit. A strategic investor has made a lead order to subscribe for Non-LIFE Units under the Offering.
Each LIFE Unit will consist of one common share of the Corporation (each, a " Unit Share ") and one half of one common share purchase warrant (each whole warrant, a " LIFE Warrant "). Each whole LIFE Warrant will entitle the holder thereof to purchase one common share of the Corporation (each, a " Warrant Share ") at a price of C$0.20 at any time for a period of 36 months following the Closing Date (as defined herein).
Each Non-LIFE Unit will consist of one Unit Share and one common share purchase warrant (each, a " Non-LIFE Warrant "). Each Non-LIFE Warrant will entitle the holder thereof to purchase one Warrant Share at a price of C$0.25 at any time for a period of 36 months following the Closing Date.
The Agents will have an option, exercisable in full or in part, up to 48 hours prior to the Closing Date, to raise up to C$1,000,000 in additional gross proceeds from the sale of LIFE Units at the Offering Price (the " Agents' Option ", and together with the Marketed Offering, the " Offering ").
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), the LIFE Units will be offered for sale to purchasers in all the provinces of Canada (the " Canadian Selling Jurisdictions ") pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The securities to be issued pursuant to the sale of LIFE Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.
The Non-LIFE Units will be offered by way of the "accredited investor" and "minimum amount investment" exemptions under NI 45-106 in the Canadian Selling Jurisdictions. The securities to be issued pursuant to the sale of Non-LIFE Units will be subject to a four-month hold period in Canada pursuant to applicable Canadian securities laws.
The Offered Securities may also be issued to purchasers outside of Canada, including to purchasers resident in the United States pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the " U.S. Securities Act "), as amended.
The Corporation intends to use the net proceeds of the Offering for exploration activities at the Company's Québec and Greenland projects, as well as for general corporate purposes and working capital.
The Offering is scheduled to close on May 28, 2025 (the " Closing Date "), or such other date as the Corporation and the Agents may agree. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
There is an offering document related to the Offering that can be accessed under the Corporation's profile at www.sedarplus.ca and on the Corporation's website at www.brwexplo.ca. Prospective investors should read this offering document before making an investment decision.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Corporation is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The Corporation is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.
Investor Relations/information
Mr. Killian Charles, President and CEO (info@brwexplo.ca)
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Such forward-looking information includes, but is not limited to, statements concerning the Corporation's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering; the completion of the Offering and the date of such completion, approval of the TSX Venture Exchange and the filing of the offering document. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR+ at www.sedarplus.ca. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
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