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.

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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 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

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Battery-grade cobalt for the electric transition with gold co-production

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

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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

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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

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Fortune Minerals Announces Second Draw From Convertible Securities Agreement With The Lind Partners

Fortune Minerals Announces Second Draw From Convertible Securities Agreement With The Lind Partners

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

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

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Fortune Minerals Retains Worley to Update the NICO Project Feasibility Study and Alberta Site Permitting

Fortune Minerals Retains Worley to Update the NICO Project Feasibility Study and Alberta Site Permitting

NICO Project development advancing with U.S. and Canadian Government financial support

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Resolution Minerals Ltd  To Develop U.S. Government Engagement Strategy with Clewett Global Services

Resolution Minerals Ltd To Develop U.S. Government Engagement Strategy with Clewett Global Services

Adelaide, Australia (ABN Newswire) - Resolution Minerals Ltd (ASX:RML) (FRA:NC3) (OTCMKTS:RLMLF) is pleased to announce the selection of Clewett Global Services as external affairs advisers to support the development of the Horse Heaven Antimony-Gold-Silver-Tungsten project in Idaho, USA.

Highlights

- Engagement in Washington D.C. is a critical step in positioning RML as a trusted partner in the U.S. critical minerals supply chain

- Resolution to consider applying for U.S. Department of Defense (DOD) funding to expedite Horse Heaven Project in Idaho

- Neighbouring Perpetua Resources (PPTA.NAS) was fast-tracked for development in April 2025, and received up to US$74 million in DOD funding, highlighting strong U.S. Government commitment and support for antimony and other critical metal projects

- By aligning with U.S. Government strategic priorities, RML is actively enhancing its ability to progress Horse Heaven on a faster schedule

- Antimony, Silver, Gold and Tungsten trading at record-high prices

CLEWETT GLOBAL SERVICES APPOINTED TO WORK WITH RESOLUTION TO DEVELOP U.S. GOVERNMENT ENGAGEMENT STRATEGY

The Horse Heaven Project is located directly adjacent to NASDAQ-listed Perpetua Resources' $2 billion Stibnite Gold and Antimony Project, which recently gained final record of decision approval from the U.S. Forest Service.

Horse Heaven has strong gold, antimony and silver mineralisation in two highly prospective structurally controlled mineralised corridors, and includes past-producing antimony, tungsten and gold mines.

Historical exploration results from Horse Heaven are highly encouraging and indicate similar geological characteristics to the neighbouring Stibnite project.

Given the importance of antimony to the U.S. Government's critical minerals strategy, Resolution Minerals is excited to develop the Horse Heaven Project and will be actively seeking the support of the U.S. Government to expedite its progress.

Founding Partner of Clewett Global Services, Todd Clewett, is a seasoned external affairs executive with a track record of success in engaging decision makers in Washington D.C. regarding mining and critical minerals projects. Clewett formerly headed up the external affairs function for both Newmont Corporation and Fortescue.

Background

The U.S. government has prioritised domestic and allied sources of key minerals such as antimony, tungsten and gallium recognising their importance to defense applications and renewable technologies.

Until now, the U.S. has relied mainly on China for the supply of many critical metals. Following China's total ban on exports of these metals to the U.S. in late 2024, a priority of the new Administration is to shore up its own domestic supply chains of these materials.

Fast-41 Program

The FAST-41 program, established by Title 41 of the Fixing America's Surface Transportation Act (FAST Act), is a program designed to improve the timeliness, predictability, and transparency of the federal environmental review and permitting process.

FAST-41 is designed to streamline and expedite the permitting process for infrastructure and mining projects deemed nationally significant. FAST-41 can offer benefits to project developers, including increased predictability, transparency and faster decision-making.

Some projects currently covered under FAST-41 include:

- Perpetua Resources' (PPTA.NAS) Stibnite Gold Project in Idaho

- Stillwater Palladium & Platinum Project in Montana

- Jindalee Resources' (ASX:JLL) McDermitt Lithium Project in Oregon

- BPH and RIO's Resolution Copper Project in Arizona

- South32's (ASX:S32) Hermosa Critical Minerals Project in Arizona

Resolution Minerals' efforts to participate in the FAST-41 program follow the precedent set in April this year by next-door neighbour, NASDAQ-listed Perpetua Resources (PPTA.NAS), whose Stibnite Gold Project in Idaho became the first mining project accepted under FAST-41, and by ASX-listed Jindalee Lithium Limited (ASX:JLL), whose McDermitt Lithium Project in Oregon was also successfully fasttracked under FAST-41 in April.

2025 Budget Reconciliation Bill ('Big Beautiful Bill')

The proposed 2025 Budget Reconciliation Bill includes US$2.5 billion to support U.S. production of critical minerals via the National Defense Stockpile. In addition, there is US$500 million allocated to the Department of Defense Credit Program for loans, loan guarantees, and technical assistance aimed at developing reliable sources of critical minerals - both within the U.S. and among key international allies.

Congress is expected to pass this bill (in some form) by the end of July 2025. Resolution has commenced plans to pursue all its available options to apply for funding that may become available upon passing of this proposed bill.

Resolution is considering opportunities under the U.S. Department of Defense's Title III and Industrial Base Analysis and Sustainment (IBAS) programs, which support the development of reliable and resilient supply chains for critical minerals.

RML's Executive Director, Aharon Zaetz commented:

"We are extremely honoured for Todd Clewett to want to work with us. We feel very excited that he shares the enthusiasm for the Horse Heaven project and sees the massive potential here. Todd's experience in working with governments to develop mining projects will be an invaluable asset to RML.

Todd's experience, knowledge and network in the White House provides him with an extremely rare and unique skillset that RML shareholders are extremely privileged to benefit from.



About Resolution Minerals Ltd:  

Resolution Minerals Ltd (ASX:RML) is a mineral exploration company engaged in the acquisition, exploration and development of precious and battery metals - such as antimony, gold, copper, and uranium.

Resolution Minerals Ltd Listed on the ASX in 2017 and has a broad portfolio of assets, such as the Drake East Antimony-Gold Project in north-eastern NSW and George Project prospective for silica sand and uranium.



Source:
Resolution Minerals Ltd

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Lithium Universe Ltd  Acquisition of Solar Panel Recycling Technology

Lithium Universe Ltd Acquisition of Solar Panel Recycling Technology

Melbourne, Australia (ABN Newswire) - Lithium Universe Limited (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) has entered into a binding agreement to acquire the global rights to commercially exploit a patented photovoltaic ("PV") solar panel recycling technology known as "Microwave Joule Heating Technology" ("MJHT" or the "Technology").

Highlights

- Agreement to acquire global rights photovoltaic (PV) solar panel recycling technology

- "Microwave Joule Heating Technology" (MJHT) from Macquarie University

- Utilises microwave technology to selectively heat and delaminate PV cells

- 60-78 million tonnes of waste photovoltaic (PV) modules cumulated by 2050

- Today only 15% of waste solar cells are recycled worldwide

- Most end up in land fill as valuable waste

- Hard to recycle, high temperature furnace, toxic chemicals, low recovery

- MJHT and Delamination enables selective separation of materials - higher recoveries

- To investigate further recovery of silver, silicon, gallium and indium

- Binding commitments received to raise $1.7 million via placement to existing and new sophisticated and professional investors

The rights will be secured via an exclusive licensing agreement ("Licensing Agreement") with Macquarie University ("MQU"), held through an Australian-incorporated holding company, New Age Minerals Pty Ltd ("NAM"). The key terms of the Licensing Agreement are set out in Schedule 1*. The transaction will be effected by LU7 acquiring 100% of the issued share capital of NAM ("Proposed Transaction").

The basis of the technology platform utilises microwave technology to selectively heat silicon thereby softening the EVA encapsulant in solar panels, enabling easy delamination and potential recovery of valuable materials at room temperature. This approach avoids the need for extreme heat (1400degC) typically required for separating materials like glass and silicon as well as the use of costly hazardous chemicals in traditional processes. Delamination enables selective separation of materials without the need for mechanical crushing, whereas traditional crushing methods often result in cross-contaminated material and lower recovery rates.

A report published by the International Energy Agency Photovoltaic Power Systems Programme1 projected that global waste PV modules will amount to 1.7-8.0 million tonnes cumulatively by 2030 and 60-78 million tonnes cumulatively by 2050. By 2035, Australia is expected to accumulate 1 million tonnes of solar panel waste worth over A$1 billion, while the global CIGS (Copper, Indium, Gallium, Selenide) solar cell market is projected to grow to US$12.23 billion by 2032.

Currently, only 15% of used PV cells are recycled, with the rest accumulating in landfills.

This low recycling rate is due to complex processes, high-temperature furnaces, toxic chemicals, and poor recovery yields. The Technology, developed by MQU, enhances the extraction of valuable metals such as silver, silicon, gallium, and indium from discarded PV panels using microwave and delaminating techniques. The breakthrough technology offers a promising new approach for enhanced recovery of valuable metals like Silver, Silicon, Gallium, and Indium. The Company plans to initiate further research and development in this area.

THE PROBLEM TODAY

The world's renewable energy transition is moving fast, with large-scale PV solar panels playing a central role in national energy strategies. The global solar cell market is projected to hit US$39.81 billion by 2037, growing at a compound annual growth rate (CAGR) of around 8.2%.

Approximately 37% of Australian households have installed solar panels. This represents over 4 million homes and small businesses with solar power systems. The Clean Energy Council reports that 12.4% of Australia's electricity generation in 2024 came from rooftop solar.

However, as these panels approach the end of their 25-30-year lifespan, the industry faces a growing challenge: managing solar panel waste and recovering valuable materials. A report published by International Energy Agency Photovoltaic Power Systems Programme (IEA PVPS) Task12 and the International Renewable Energy Agency (IRENA) in 2016 projected world's waste PV modules globally to amount to 1,7-8,0 million tonnes cumulatively by 2030 and to 60-78 million tonnes cumulatively by 2050. By 2035, Australia alone is expected to accumulate 1 million tonnes of end-of-life solar panels, with a total material value of over $1 billion. By 2045, Australia could be looking at 34.6 GW of serviceable panels that will need to be recycled or repurposed, equivalent to the total installed solar capacity in the country as of August 2024.

LOW RECYCLING RATES

The global recycling rate for PV solar panels is around 15%, driven by several challenges. The recycling process is complex, requiring high temperatures and toxic chemicals, making it costly and energy intensive. Economic incentives are limited as the recovery of valuable materials like silicon does not provide sufficient financial returns. However, if recycling technologies can effectively attract and recover critical materials like silver, silicon, gallium, and indium, the financial viability of recycling improves, driving higher recycling rates.

Additionally, the lack of recycling infrastructure and the diverse materials in panels further complicate efficient separation, but advancements in technology are addressing these issues.

When waste PV cells aren't recycled, they often end up in landfills, causing numerous environmental problems.

Panels can contain harmful materials like cadmium and lead, which may leak into the ground and water, posing risks to both ecosystems and human health. Valuable metals like silver, silicon, gallium, and indium are lost, adding to the strain on natural resources. As more solar panels reach the end of their life, landfills fill up, and the energy stored in these materials is wasted. Recycling can help solve these issues by recovering critical materials and cutting down on pollution.

POTENTIAL GROWTH OF PV RECYCLING INDUSTRY

The nascent PV solar panel recycling industry is experiencing rapid growth due to the increasing demand for critical metals such as silicon, silver, and indium, which hold substantial economic value. As the market for endof-life (EoL) solar panels expands, driven by both economic opportunities and environmental needs, the recovery of these materials is becoming a lucrative business. The market for recyclable materials from EoL solar panels is projected to reach over $2.7 billion by 2030 and could approach $80 billion by 2050, according to Rystad Energy. This growth is further fuelled by the fact that recovering materials from used panels can offset the need for costly and environmentally damaging virgin material extraction. Additionally, recycling helps secure a domestic supply of critical metals, reducing reliance on volatile foreign sources. Advancements in recycling technology, particularly in recovering high-value materials like silicon and silver, are making these processes more economically viable and environmentally necessary. Research has demonstrated that up to 98% of silver and nearly all of copper, lead, and other valuable metals can be recovered efficiently, enhancing the profitability of the recycling industry. As technology improves, the recycling of PV panels will play a crucial role in supporting the transition to a circular economy and sustainable energy future.

CRITICAL METALS IN PV CELLS

As the demand for critical minerals continues to rise with the global shift to clean energy, the need to recover valuable materials from these panels becomes increasingly urgent. Solar panels are made up of 95% recyclable materials, including silver, aluminum, silicon, copper, indium, and gallium-all of which are vital to global clean energy supply chains. Rare metals like gallium are essential for solar fuel cells, semiconductor chips, and other high-tech applications, making their recovery from e-waste a key priority.

COMMENTS: EXECUTIVE CHAIRMAN, IGGY TAN

"Now that we have completed our lithium refinery DFS and secured all necessary components-including land and partnerships-we are positioned and ready for a lithium price recovery. We are confident in our counter-cyclical strategy and firmly believe that LU7 will benefit significantly when the lithium market rebounds. While awaiting this recovery, we have been presented with an exciting opportunity to acquire a cutting-edge photovoltaic recycling technology".

"I am thrilled about the acquisition of Macquarie University's Microwave Joule Heating Technology (MJHT) and the opportunity to potentially extract critical metals such as silver from solar panel recycling.

The need for effective PV recycling has never been greater, with only 15% of panels currently being recycled. The mass accumulation of solar panel waste in landfills is a growing problem, as valuable critical metals like silver, silicon, gallium, and indium are left behind, contributing to both resource depletion and environmental harm. Microwave technology offers a promising solution to these challenges, enabling higher recovery rates and more sustainable recycling processes. We firmly believe that this technology represents the future of solar panel waste management. We are eager to collaborate with the Macquarie team to develop a more efficient and cost-effective recycling process".

*To view the full release with tables and figures, please visit:
https://abnnewswire.net/lnk/A0938OHA

To view the Market Presentation, please visit:
https://www.abnnewswire.net/lnk/JJ10ITOI



About Lithium Universe Ltd:  

Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF), headed by industry trail blazer, Iggy Tan, and the Lithium Universe team has a proven track record of fast-tracking lithium projects, demonstrated by the successful development of the Mt Cattlin spodumene project for Galaxy Resources Limited.

Instead of exploring for the sake of exploration, Lithium Universe's mission is to quickly obtain a resource and construct a spodumene-producing mine in Quebec, Canada. Unlike many other Lithium exploration companies, Lithium Universe possesses the essential expertise and skills to develop and construct profitable projects.



Source:
Lithium Universe Ltd

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