Fortune Minerals Announces Additional Government Support to Help Purchase the NICO Alberta Refinery Site

On November 10, 2025, Fortune Minerals announced it has secured a C$3.8 million loan from Prosper NWT to facilitate the C$6 million purchase of the NICO Project's hydrometallurgical refinery site in Lamont County, Alberta from JFSL Field Services LLC. The loan has a term of up to 60 months at a fixed interest rate of 8.45%. It features an interest-only payment period for the first 24 months, followed by blended principal and interest payments. The loan is secured against the refinery site and its assets and is guaranteed by Fortune Minerals Limited. CEO Robin Goad stated that securing the site removes a significant development risk and moves the vertically integrated NICO project closer to a construction decision.

This news is materially positive for Fortune Minerals. Securing the refinery site is a critical de-risking milestone that was a major uncertainty given the company's precarious financial position.

• Progression and De-risking: The acquisition of this key physical asset solidifies the company's vertically integrated strategy. Without this site, the entire project, which involves processing concentrates from the NWT mine in Alberta, could not advance. This action follows a logical progression of de-risking events throughout the year, including positive metallurgical test work updates (May 9, July 22) and the commissioning of an updated Feasibility Study (Oct 28).

• Government Validation: The loan from Prosper NWT, a Northwest Territories-based fund, represents another layer of government-level support, albeit in the form of debt. This complements the approximately C$17 million in non-dilutive grant funding previously announced from Canadian, U.S., and Albertan governments. This support is crucial for a project of national strategic importance.

• Financial Implications: From a critical perspective, while positive, this move adds C$3.8 million in debt to an already over-leveraged balance sheet. As of June 30, 2025, the company had total liabilities of C$15.65 million against total assets of C$3.87 million, resulting in a shareholder deficiency of C$11.78 million. The 8.45% interest rate is substantial. However, the 24-month interest-only period provides some breathing room. Given the company only had C$461,553 in cash at the end of Q2 2025, this financing was absolutely necessary to complete the acquisition. It was a required step, and securing it as debt rather than purely dilutive equity is a net positive.

This news directly addresses a major project risk and allows the company to maintain momentum toward the updated Feasibility Study and an ultimate construction decision. It does not, however, address the much larger challenge of securing the several hundred million dollars required for project construction.

Fortune Minerals Limited is a Canadian development company focused on advancing its 100%-owned, flagship NICO Cobalt-Gold-Bismuth-Copper Project. The project is a vertically integrated development asset with a planned open pit and underground mine and concentrator in the Northwest Territories (NWT) and a hydrometallurgical refinery in Alberta. The project is designed to be a reliable North American producer of critical minerals, including cobalt sulphate for the battery industry, bismuth, and copper, along with a significant gold co-product. The NICO project has received environmental assessment approval and major mine permits in the NWT. The project's assets are not noted as having any royalties against them.