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

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.

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

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Lithium Universe Ltd  Settlement of Tranche 1 Share Placement

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Melbourne, Australia (ABN Newswire) - Lithium Universe Limited (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) is pleased to announce that further to its announcement dated 18 June 2025 (Announcement), it has now settled the first tranche of its placement to sophisticated and professional investors (Tranche 1).

Highlights

- Successful settlement of Tranche 1 of the share placement to sophisticated and professional investors, raising $0.60 million

- Tranche 2 of the placement (subject to shareholder approval) is anticipated to be completed on or around 29 July 2025, raising $1.10 million

Tranche 1 comprised of 150,000,000 fully paid ordinary shares in the capital of the Company (Shares), which have been issued today under the Company's existing capacity under ASX Listing Rule 7.1 (15% capacity). The Shares under Tranche 1 were issued at a price of A$0.004 per Share, raising A$600,000. In addition, subject to shareholder approval, the Tranche 1 investors will be entitled to one new option for every two Shares subscribed for and issued, expiring 36 months from the date of issue of the options, and an exercise price of $0.008 (Options).

Tranche 2 Placement

As detailed within the Announcement, the placement comprises a second tranche of 275,000,000 Shares at an issue price of A$0.004 per Share, subject to shareholder approval (Tranche 2). Investors under the Tranche 2 placement will also receive a free attaching Option on a 1 for 2 basis, subject to shareholder approval.

The Company will seek shareholder approval at an upcoming general meeting, which is scheduled to be held on or around Wednesday, 23 July 2025.

Cleansing for secondary trading

The Company advises that the Shares issued under Tranche 1 have been issued without disclosure under Part 6D.2 of the Act in reliance on sections 708(8) and 708(11) of the Corporations Act 2001 (Cth) (Corporations Act).

In accordance with Section 708A(11) of the Corporations Act 2001, the Company confirms:

- the Shares under Tranche 1 are in a class of securities that are quoted securities;

- the Company lodged a prospectus with the Australian Securities and Investments Commission on 20 June 2025 (Prospectus);

- the Prospectus includes an offer of securities by the Company in the same class as the Shares issued under Tranche 1; and

- the offer under the Prospectus is and was open at the time of issue of the Shares under Tranche 1.

Accordingly, the T1 Placement Shares are eligible for immediate trading without on-sale restrictions.



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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