Fortune Minerals Negotiates Agreement in Principle to Extend the Term of Its 2015 Debentures

Fortune Minerals Negotiates Agreement in Principle to Extend the Term of Its 2015 Debentures

New United States Inflation Reduction Act includes measures to positively impact North American critical minerals supply chains

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that it has reached an agreement in principle with the holders of its debentures issued in 2015 (the " 2015 Debentures ") to extend their maturity from August 12, 2022 to November 30, 2022. The extension of the maturity date of the 2015 Debentures remains subject to finalizing and executing definitive documentation between the Company and the holders of the 2015 Debentures (the " Extension Documents ").

The amended and restated debentures (the " Amended Debentures ") will have an aggregate principal amount of $12,363,518, being the total principal amount and all accrued interest on the 2015 Debentures as at August 12, 2022, and will bear interest at a rate of 10% per annum for the extension period between August 12, 2022 and November 30, 2022. The Amended Debentures will be secured by all of the assets of the Company (including the NICO cobalt-gold-bismuth-copper project (" NICO Project "). Other than the foregoing, the material terms and conditions of the Amended Debentures are expected to remain substantially consistent with the terms of the 2015 Debentures. As additional consideration for the extension of the maturity date, the Company has agreed to pay to the holders of the Amended Debentures an extension fee, which shall be satisfied by the issuance of 3,500,000 common shares of the Company at a deemed price of $0.10 per share upon execution of the Extension Documents. The issuance of the shares remains subject to final approval of the Toronto Stock Exchange and will be subject to a four-month hold period from the date of issuance.

Fortune is also pleased to report that the new Inflation Reduction Act, which the U.S. Senate recently passed, is expected to positively impact the North American critical minerals industry, particularly for the metals used in lithium-ion batteries powering electric vehicles. The Act revamps the electric vehicle Federal tax credit of US$7,500, extending the tax credit through 2032, removing the unit-sales cap of 200,000 per OEM, and introducing a mandate for qualified cars being assembled in North America to include escalating levels of critical minerals sourced from the U.S. or countries with a free-trade agreement with the U.S. Specifically, the bill requires that the "percentage of the value" of the applicable battery critical minerals be extracted or processed in the U.S. or a U.S. free-trade partner or recycled in North America, be:

  • 40% for a vehicle placed in service before 1 January 2024;
  • 50% for a vehicle placed in the service during calendar year 2024;
  • 60% for a vehicle placed in service during calendar year 2025;
  • 70% for a vehicle placed in service during calendar year 2026; and
  • 80% for a vehicle placed in service after 31 December 2026.

The bill places similar restrictions on the percentage of value of the components but leading up to a 100% requirement for vehicles placed in service after 31 December 2028.

As previously announced, Fortune has engaged Haywood Securities Inc. (" Haywood ") to act as its financial advisor to support its near-term financing objectives (see news release, dated May 16, 2022). Haywood is assisting Fortune with seeking the funds needed to repay the Amended Debentures and complete the purchase of the planned NICO Project refinery site in Lamont County, Alberta. Haywood is also assisting Fortune in its efforts to finance the other activities required to advance development of the NICO Project towards a construction decision, including detailed engineering for an updated feasibility study to support project finance, completion of the remaining permits, and to secure additional capital for general corporate purposes.

The 100%-owned NICO Project is a Canadian, vertically integrated, critical minerals development project and one of the few cobalt assets in the world that can be developed in a timeframe needed to meet today's cathode chemistries for rechargeable batteries used in the transition to electric vehicles. The NICO Project Mineral Reserves also contain more than one million ounces of gold, 12% of global bismuth reserves, and copper as a minor by-product.

Fortune has filed its consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the period ended June 30, 2022 on SEDAR ( www.sedar.com ) and will be available soon through the Company's website ( www.fortuneminerals.com ).

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.

About Fortune Minerals:

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper Critical Minerals project in the Northwest Territories 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.

Follow Fortune Minerals:

Click here to subscribe to Fortune's email list.

Click here to follow Fortune on LinkedIn.

@FortuneMineral on Twitter.

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 issuance of the Amended Debentures, impacts of the Inflation Reduction Act, and the Company's plans to develop the NICO Project, including the successful the development and construction of the planned NICO cobalt-gold-bismuth-copper mine and concentrator. 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 Company's ability to secure the necessary financing to repay the Amended Debentures the Company's ability to complete construction of a NICO Project refinery; 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 Extension Shares and the construction and operation of the NICO Project, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; 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). 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 COVID-19 pandemic or global geopolitical situations may interfere with the Company's ability to continue development of the NICO Project, ; the Company may not be able to secure financing to repay the Amended Debentures; 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 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

News Provided by Business Wire via QuoteMedia

FT:CA
Fortune Minerals

Fortune Minerals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Fortune Minerals (TSX:FT)

Fortune Minerals


Keep reading...Show less

Battery-grade cobalt for the electric transition with gold co-production and 12 percent of global bismuth reserves

Fortune Minerals Announces New Convertible Security Agreement With the Lind Partners

Fortune Minerals Announces New Convertible Security Agreement With the Lind Partners

Proceeds to provide working capital & pre-pay government supported work programs

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

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Fortune Minerals Announces Results of Annual Meeting of Shareholders

Fortune Minerals Announces Results of Annual Meeting of Shareholders

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ("Fortune" or the "Company") ( www.fortuneminerals.com ) reports that the nominees listed in the management information circular for the 2025 Annual Meeting of Shareholders held on June 24, 2025 (the "Meeting") were elected as directors of Fortune. Detailed results of the vote based on proxies received are set out below:

Nominee

Shareholders also approved the re-appointment of McGovern Hurley LLP as the auditor of Fortune. The presentation made at the Annual Meeting is available on the Company's website.

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.

Follow Fortune Minerals:
Click here to subscribe to Fortune's email list.

Click here to follow Fortune on LinkedIn.

@FortuneMineral on Twitter.

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

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Fortune Minerals Reports Successful NICO Project Bismuth Test Work Results for the Planned Alberta Refinery

Fortune Minerals Reports Successful NICO Project Bismuth Test Work Results for the Planned Alberta Refinery

Smaller and simpler bismuth circuit with high metal recoveries align with new market demand

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Fortune Minerals Provides NICO Project Commodity Update

Fortune Minerals Provides NICO Project Commodity Update

Bismuth prices have tripled in recent weeks, gold prices are at an all-time high, and the Congo has placed a moratorium on the export of cobalt to support higher prices

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Fortune Minerals Provides an Update of NICO Project Test Work, Rio Tinto Process Collaboration & Feasibility Study

Fortune Minerals Provides an Update of NICO Project Test Work, Rio Tinto Process Collaboration & Feasibility Study

The Company is advancing the NICO Project toward a construction decision with U.S. & Canadian Government financial support from critical minerals supply chain security programs

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
SAGA Metals Expands Radar Ti-V-Fe Project Vision with Preliminary Metallurgical Insights and Major Exploration Milestones

SAGA Metals Expands Radar Ti-V-Fe Project Vision with Preliminary Metallurgical Insights and Major Exploration Milestones

Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to report dual advancements in its 2025 program: the completion of a detailed mineralogical and geological study prepared by Dr. Al Miller, that sets the stage for comprehensive metallurgical testing, and significant on-site exploration progress at the 100% owned Radar Titanium-Vanadium-Iron (Ti-V-Fe) Project near Cartwright, Labrador. Together, these developments underscore Radar's potential as a strategic critical metals project in North America.

Radar Ti-V-Fe Project in Labrador, Canada:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Altech Batteries Ltd  Annual Report to Shareholders

Altech Batteries Ltd Annual Report to Shareholders

Perth, Australia (ABN Newswire) - Altech Batteries Ltd (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("IKTS") to commercialise the revolutionary CERENERGY Sodium Chloride Solid State (SCSS) Battery. CERENERGY batteries are the game-changing alternative to lithium-ion batteries. CERENERGY 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 battery, with plans to construct a 120MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY battery modules to provide grid storage solutions to the market.

Altech has executed sales offtake Letters of Intent with three companies that covers the full first five years of production from the 120MWh production facility. Altech is now forging forward with securing the finance to construct the production facility, envisaged to be a combination of debt, equity from the sale of a minority interest in the project, and grants and subsidies.

The CERENERGY battery has achieved the highest possible dark green rating from Standard & Poors, due to its non-reliance on critical minerals as well as its expected 50% less greenhouse gas emissions to lithium-ion battery technology.

Altech has licenced its proprietary high purity alumina coating technology to 75% owned subsidiary Altech Industries Germany GmbH (AIG), which has finalised a Definitive Feasibility Study for the development of a 8,000tpa silicon/graphite alumina coating plant in the state of Saxony, Germany to supply its Silumina Anodes product to the burgeoning European electric vehicle market.

The Company patented its game changing technology of incorporating high-capacity silicon into lithium-ion batteries. Through in house R&D, the Company has cracked the "silicon code" and successfully achieved a 55% higher energy battery with improved cyclability or battery life. Higher density batteries result in smaller, lighter batteries and substantially less greenhouse gases, and is the future for the EV market. The Company's proprietary silicon graphite product is registered as Silumina Anodes.

The Company is in the race to get its patented technology to market, has finalised the construction of a Silumina Anodes pilot plant at AIG's industrial site within the Schwarze Pumpe Industrial Park in Saxony, Germany. The European silicon feedstock supply partner for this plant will be Ferroglobe. The project has also received green accreditation from the independent Norwegian Centre of International Climate and Environmental Research (CICERO). The pilot plant adjacent to the proposed project site will allow the qualification process for its Silumina Anodes product. AIG has executed NDAs with German and American automakers as well as a European based battery company.

The pilot plant to produce commercial samples of the product has now been completed and is operational. Altech is working to ramp up production of the pilot plant in order to provide the commercial samples to the prospective companies for their independent testing within their product range.

*To view the full Annual Report, please visit:
https://abnnewswire.net/lnk/35XEX5O2



About Altech Batteries Ltd:

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (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.

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
A.I.S. Resources Signs Earn-In Agreement with Riversgold on the New Copper/Gold/Antimony Discovery at Saint John, New Brunswick

A.I.S. Resources Signs Earn-In Agreement with Riversgold on the New Copper/Gold/Antimony Discovery at Saint John, New Brunswick

A.I.S. Resources Limited (TSXV: AIS,OTC:AISSF, OTC-Pink: AISSF) ("AIS" or the "Company") is pleased to announce that it has entered into an earn-in agreement with Riversgold Ltd. (ASX: RGL) ("Riversgold"), granting AIS the right to acquire up to a 75% interest in the new Saint John IOCGPorphyry Project located in New Brunswick, Canada.

AIS CEO Marc Enright-Morin commented, "We are excited to partner with Riversgold on this very exciting newly discovered Saint John Project. The combination of very high-grade mineralisation, excellent infrastructure, and district-scale potential provides AIS with a unique opportunity to advance a possible IOCG/porphyry system in one of Canada's most mining-friendly jurisdictions. Saint John is exploration and drill ready with two drill programs already approved. Its unique location near the coast means we can explore here in a meaningful way all year round and we look forward to getting the drills turning and come up with the discovery hole."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Fortune Minerals

Fortune Minerals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×