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.

When completed, the project will also develop new expertise create job opportunities for skilled trades and professional occupations, including Indigenous communities, and introduce a new sustainable technology to other Canadian companies. This investment will help Canada participate directly in the growing market of battery-grade cobalt and other concentrates instead of shipping concentrates overseas for value-added processing.

Funding for this project comes from the Critical Minerals Research, Development and Demonstration (CMRDD) program. The CMRDD aims to advance the commercial readiness of emerging mineral processing unit operations and technologies that will support the development of zero-emission vehicle value chains in Canada by providing raw material inputs for use in batteries and permanent magnets.

Creating domestic processing streams and developing expertise within Canada will support significant opportunities for Canadian workers and help us move toward a more sustainable and prosperous low-carbon future. By making smart investments like this, Canada is ensuring our responsibly sourced resources remain competitive in the global marketplace, while also strengthening domestic value chains.

Quotes

"Today's investment of $714,500 for Fortune Minerals will help to advance the development of dynamic and competitive critical minerals value chains through an innovative new processing technology. This means good jobs for workers, more investment in Canadian innovation and lower emissions across the country — all part of our plan to build a cleaner Canada and a prosperous, sustainable economy that works for everyone."

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

"Critical minerals development like Fortune Minerals' NICO project is a key component of the future of mining in the Northwest Territories . Through this investment, our government is demonstrating its commitment to supporting the growth of this industry in the North."

Michael V. McLeod
Member of Parliament for Northwest Territories

"Fortune Minerals is grateful for the financial support it is receiving from the federal government for its vertically integrated NICO cobalt-gold-bismuth-copper project through the Critical Minerals Research Development and Demonstration program. These funds will support additional piloting needed for detailed engineering and preparation of the company's updated feasibility study to help advance the asset closer to a construction decision. Development of the NICO project would provide a Canadian solution for the supply of cobalt sulphate, bismuth and copper needed in the energy transition, new technologies and the growing green economy."

Robin Goad
President and CEO, Fortune Minerals Limited

Quick Facts
  • Budget 2021 provided $47.7 million to NRCan for the Critical Minerals Research Development and Demonstration (CMRDD) program to support the development of Canadian critical minerals value chains.
  • On September 29, 2023 , the CMRDD program concluded its second call for proposals. Projects selected for this program will contribute to developing vital mineral resources and value chains that will facilitate the shift to a low-carbon economy and support advanced manufacturing and technology in an environmentally conscious manner.
  • Canada's Critical Minerals Strategy is part of Canada's strengthened climate plan, 2030 Emissions Reduction Plan: Clean Air, Strong Economy , which advances Canada's goals of reducing greenhouse gas emissions by 40 to 45 percent below 2005 levels by 2030 and reaching net-zero emissions by 2050.
Related Information

The Canadian Critical Minerals Strategy

Government of Canada Launches Second Call for Proposals for Critical Minerals Research Development and Demonstration Program

Fortune Minerals Limited

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SOURCE Natural Resources Canada

Cision View original content: http://www.newswire.ca/en/releases/archive/March2024/26/c3964.html

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Fortune Minerals Announces Arrival of Samples at SGS Canada in Lakefield, Ontario for Metallurgical Testing

Fortune Minerals Announces Arrival of Samples at SGS Canada in Lakefield, Ontario for Metallurgical Testing

Alberta Refinery site purchase option extended to mid-May

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce the successful delivery of ore samples from the NICO cobalt-gold-bismuth-copper deposit (" NICO Deposit ") in the Northwest Territories (" NWT ") to SGS Canada Inc. in Lakefield, Ontario. These ores will be used to conduct additional metallurgical testing and pilot work to validate recent optimizations and support detailed engineering and an updated Feasibility Study for the vertically integrated NICO cobalt-gold-bismuth-copper Critical Minerals project in Canada (" NICO Project "). Intermediate test products produced from NICO Project ores and concentrates will also be blended with metal precipitates sourced from Rio Tinto's Kennecott Smelter in Utah to assess the feasibility of processing these materials to recover additional bismuth and cobalt at Fortune's planned hydrometallurgical refinery in Alberta (" Alberta Refinery "). Successful validation of the Fortune optimizations and processing of Rio Tinto precipitates would increase Critical Mineral production and revenues and reduce waste disposal costs for the planned Alberta Refinery.

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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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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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Century Lithium Provides Update on the Feasibility Study (CNW Group/Century Lithium Corp.)

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About Century Lithium Corp.

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ON BEHALF OF Century Lithium CORP.
WILLIAM WILLOUGHBY , PhD., PE
President & Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements". Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as " expects," "estimates," "projects," "anticipates," "believes," "could," "scheduled," and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/century-lithium-provides-update-on-the-feasibility-study-302121633.html

SOURCE Century Lithium Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/19/c7578.html

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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