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Fortune Minerals Announces Government of Canada Funding for the NICO Critical Minerals Project By Investing.com

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Government of Canada funding for additional engineering and test work to build on and complement activities being supported by the U.S. Department of Defense

LONDON, Ontario–(BUSINESS WIRE)–Fortune Minerals Limited (TSX: FT) (OTCQB: F™DF) (Fortune or the Company) (www.fortuneminerals.com) is pleased to announce that it has secured additional funding from the Government of Canada to help advance the Company’s 100%-owned, vertically integrated NICO cobalt-gold-bismuth-copper Critical Minerals asset in Canada (NICO Project). The Government of Canada has agreed to provide contribution funding for up to C$7.5 million to support 75% of the costs for additional engineering and test work, totalling approximately C$10 million through the Global Partnerships Initiative (GPI). Natural Resources Canada (NRCan) is the funding department for the GPI and Fortune will provide additional due-diligence information and complete a Contribution Agreement over the next few weeks. The objectives of the work being funded by NRCan are to build on and complement the programs being supported by the U.S. Department of Defense (DoD) through the Company’s Defense Production Act (DPA) Title III award for US$6,380,555 (~C$8.74 million) (see the news releases also dated May 16, 2024). The total amount of non-dilutive funding that Fortune expects to receive from the U.S. and Canadian governments is approximately C$16.2 million. This important cross-border initiative is aligned with the Canada “ U.S. Joint Action Plan on Critical Minerals Collaboration to strengthen North American production of the metals needed in essential industries and new technologies to support the energy transition and the growing green economy.

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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 (NWT) and a related hydrometallurgical refinery in Alberta (the Alberta Refinery). The Alberta Refinery would process concentrates from the NICO mine and other materials to produce cobalt sulphate, gold doré, bismuth ingots and . The previously announced collaboration between Fortune and Rio Tinto (NYSE:) is assessing the feasibility of blending intermediate products produced from Kennecott smelter wastes in Utah with NICO Project process streams to augment cobalt…

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