Fortune Minerals Files Year-end and Q1 Financial Results

Fortune Minerals Files Year-end and Q1 Financial Results

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 Feasibility Study and has received Environmental Assessment approval and the major mine permits for the facilities in the NWT. The Company plans to update the Feasibility Study with recent optimizations, including the new Alberta refinery site and the Tlicho all-season highway that was completed to the community of Whati in 2021 for the NWT, federal and Tlicho governments.

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.

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 has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101.

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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, completion of an updated Feasibility Study; 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, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; completion of the Alberta refinery site purchase option, growth in the demand for cobalt; 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 and other by-product metals, anticipated costs and the volumes of metals to be produced at 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 ability to secure funding to complete an updated Feasibility Study. 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 funding may not be secured to update the Feasibility Study, global geopolitical situations may interfere with the Company's ability to continue development of the NICO Project, 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 refinery, 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 study which provided results on NICO Deposit may not have been conducted accurately, 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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Government of Canada Announces Funding to Support Domestic Critical Minerals Value Chains and Create Good Jobs in the Northwest Territories

Government of Canada Announces Funding to Support Domestic Critical Minerals Value Chains and Create Good Jobs in the Northwest Territories

Canada is committed to supporting strong domestic value chains for critical minerals and the clean technologies and energy sources they enable. The Government of Canada is focused on increasing mineral and energy security, creating good jobs and supporting economic opportunities across critical mineral value chains, from upstream exploration and extraction to downstream processing, manufacturing and recycling.

Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced a $714,500 investment in Fortune Minerals Limited (Fortune Minerals) to enhance the production of cobalt sulphate and bismuth ingot products from the company's planned mine in the Northwest Territories and refinery in Alberta to increase the supply of critical battery metals that are essential to the development of a domestic electric vehicle value chain. This will be achieved through a pilot-scale hydrometallurgical program designed to optimize processing conditions while ensuring that residues from the process are stable for safe disposal.

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Fortune Minerals Extends Option to Acquire Alberta Refinery Site for the NICO Critical Minerals Project

Fortune Minerals Extends Option to Acquire Alberta Refinery Site for the NICO Critical Minerals Project

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) has secured an additional extension to the option to purchase the JFSL Field Services ULC (" JFSL ") brownfield industrial site in Lamont County, Alberta (see news release dated January 24, 2022). Fortune plans to construct a hydrometallurgical refinery at this site to process concentrates from the Company's NICO cobalt-gold-bismuth-copper critical minerals deposit and planned mine and concentrator in the Northwest Territories (" NWT ") (collectively, "the NICO Project "). The NICO Project would produce three metals identified on Canada's Critical Minerals List needed in the energy transition and new technologies, being cobalt, bismuth and copper. In addition to the Critical Minerals, the Mineral Reserves for the NICO deposit also contains more than one million ounces of gold.

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Fortune Minerals Announces Government Funding to Advance the NICO Critical Minerals Asset in Canada

Fortune Minerals Announces Government Funding to Advance the NICO Critical Minerals Asset in Canada

Also, debts that were to mature at the end of this year have been extended by a year

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that it has secured government funding of up to $887,170 to support metallurgical test work for its 100% owned vertically integrated NICO cobalt-gold-bismuth-copper project in Canada (" NICO Project "). The NICO Project is an advanced development stage Critical Minerals asset comprised of a planned open pit and underground mine and concentrator in the Northwest Territories and related hydrometallurgical refinery in Alberta (the " Alberta Refinery "). The proposed Alberta Refinery would process concentrates from a future mine at the NICO Project and other sources to produce cobalt sulphate, gold doré, bismuth ingots and copper. Development of the NICO Project would provide a vertically integrated Canadian supply for three Critical Minerals needed for the energy transition with North American supply chain transparency and Environmental Social Governance (" ESG ") values, as well as compliance with the U.S. Inflation Reduction Act.

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Fortune Minerals and Rio Tinto Collaborate to Expand North American Critical Minerals Production

Fortune Minerals and Rio Tinto Collaborate to Expand North American Critical Minerals Production

Fortune Minerals Limited ("Fortune") ( www.fortuneminerals.com ) and Rio Tinto are collaborating to develop technology that will improve recovery of the critical minerals cobalt and bismuth. Under a Memorandum of Understanding signed between the companies, testing will be done at Rio Tinto Kennecott's integrated copper mining and smelting operations in Utah and at Fortune's planned Alberta Refinery.

The partnership aims to maximize the value of critical mineral supply chain investments and increase Fortune's planned cobalt and bismuth refining operations to process co-product streams of the minerals recovered from the Kennecott smelter.

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Fortune Minerals Extends Option to Acquire JFSL Alberta Refinery Site for the NICO Critical Minerals Project

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Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to report that it has secured an additional extension to the option to purchase the JFSL Field Services ULC (" JFSL ") brownfield industrial site in Lamont County, Alberta (see news release, dated January 24, 2022). Fortune plans to construct a hydrometallurgical refinery at this site to process concentrates from the Company's NICO cobalt-gold-bismuth-copper critical minerals deposit and planned mine and concentrator in the Northwest Territories (" NWT ") (collectively, "the NICO Project "). The JFSL site consists of 76.78 acres of lands in Alberta's Industrial Heartland northeast of Edmonton and has 42,000 square feet of serviced shops and buildings adjacent to the Canadian National Railway. The facilities are close to sources of process water, natural gas, power oxygen, sulphuric acid, lime and other reagents needed to operate the refinery as well as a commutable pool of engineers and skilled chemical plant workers from the local petrochemicals industry. These are expected to materially reduce capital and operating costs for the NICO Project.

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Lithium ION Energy Announces Warrant Extension

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The April Warrants were issued pursuant to a public offering which closed on April 13, 2021 and are set to expire on April 12, 2024. The April Warrants were issued pursuant to a warrant indenture dated April 13, 2021 between the Company and TSX Trust and each April Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $0.70. The July Warrants were issued pursuant to a non-brokered private placement which closed on July 20, 2023 and are set to expire on July 20, 2024. Each July Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $0.40.

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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV:STS)(OTCQB:STSBF), is pleased to announce that it has awarded contracts for the National Instrument 43-101 ("NI43-101") Preliminary Economic Assessment(" PEA" or the "Study") for the BamaStar Graphite Project ("BamaStar"). The interdisciplinary team of consultants, engineers and scientists is co-led by Dorfner ANZAPLAN GmbH and Lycopodium Limited. The PEA is anticipated to be completed and published in July 2024. With the recent mineral lease and surface rights extensions, South Star has successfully completed all the other requirements for BamaStar's option agreement, and preparing the PEA is the final milestone that will give the Company the right to acquire an undivided 75% legal and beneficial interest in and to the minerals, mining rights and the underlying agreements for the mine

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Odessa Minerals (ASX:ODE)

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alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce an update on the 2024 winter drilling program at its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. The second and third holes of the planned 6-hole program have intersected narrow intervals of uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on drill core, downhole gamma probe results, and visual observation of uranium minerals by ALX's geological team.

Hole GC24-02 (180 degree azimuth / -75 degree dip) was drilled at the intersection of east-west and north-northwest faults interpreted from the 2023 ground magnetic survey and intersected fracture-controlled and disseminated blebs of uranium mineralization at 0.8 metres below the unconformity, which was reached at a depth of 108.4 metres. An Exploranium GR-135 handheld scintillometer measured radioactivity of 220 counts per second ("cps") and a Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 3,321 cps within a 0.6 metre interval of anomalous radioactivity from 108.9 to 109.5 metres. Drill hole GC24-02 represents an approximately 470-metre step-out to the west of ALX's historical hole GC15-03 (0.143% U3O8 assay over 0.23 metres) and was collared approximately 350 metres to the southwest of Eldorado Nuclear's ("Eldorado") 1979 hole GC-15 (1,520 parts per million ("ppm") uranium over 0.13 metres) (see Figure 1).

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Coniagas Battery Metals Secures Critical Ground Near SOQUEM's Cardinal Property, Accelerating Expansion into High-Grade Cu-Ni-Co-PGE Deposits

(TheNewswire)

Developing a High-Grade Battery Metals property portfolio in Quebec, Coniagas aims to advance these properties towards production

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GMV Minerals Secures Deferments Under Option Agreement for Daisy Creek Lithium Project

GMV Minerals Inc. (TSXV: GMV) (OTCQB: GMVMF) (the "Company" or "GMV") is pleased to announce that it has reached a mutual agreement with Western Property Holdings, LLC ("WPH"), as optionor, to amend the Option Agreement dated May 15, 2023 between the Company, as optionee, and WPH (the "Option Agreement") for the Company's option to acquire a 100% interest in the Daisy Creek Project, Nevada, on the terms which were previously announced on May 16, 2023, as follows:

  1. The first cash option payment due on or before June 12, 2024 has been reduced from US$100,000 to US$10,000, and the parties have agreed to defer payment of the balance until June 12, 2026 (now US$190,000 in total);
  1. The first share installment due on or before June 12, 2024 has been reduced from 1 million common shares to 500,000 common shares of the Company, and the parties have agreed to defer issuance of the balance until June 12, 2026 (now 4 million common shares in total); and
  1. The parties have agreed to defer the minimum work requirements of US$250,000 due on or before June 12, 2024 until June 12, 2026 (now US$750,000 in total).

The Company has doubled its land position at the Daisy Creek Lithium Project, and these revisions were made to allow additional time for the Company to complete on-going exploration work to evaluate the potential of the properties.

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