Fortune Minerals Receives Its Northwest Territories Water Licence and Land Use Permit Renewals for the NICO Mine

Regulatory approvals and conditional federal road funding move the NICO critical minerals project closer to construction and a targeted 2027 investment decision.

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The vertically integrated NICO Cobalt-Gold-Bismuth-Copper mine and hydrometallurgical plant was a featured project at the inaugural Canada Investment Summit earlier this week

LONDON, Ontario--(BUSINESS WIRE)-- Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or “the Company”) (www.fortuneminerals.com) is pleased to announce that the Class A Water License renewal for the NICO mine and concentrator was approved by the Honourable Jay McDonald, Minister of Environment and Climate Change for the Northwest Territories (“NWT”). The draft terms recommended by the Wek’èezhìı Land and Water Board (“WLWB”) were accepted by the Minister and signed on September 14^th, 2026. In addition, the WLWB issued the Type A Land Use Permit. These are the primary permits following receipt of an environmental assessment in the NWT and set the terms and conditions for construction and operation of the NWT facilities. They also set the amount of security that will be required for the Company’s Closure and Reclamation Plan. The NICO Cobalt-Gold-Bismuth-Copper Project (“NICO Project”) is an advanced development stage critical minerals asset consisting of a planned open pit and underground mine and concentrator in the NWT and a dedicated hydrometallurgical facility in Alberta (“Alberta Refinery”) where concentrates from the mine, and other feed sources, will be processed to value-added products. The NICO Project will provide a reliable, North American supply of battery grade cobalt sulphate, bismuth ingots (12% of global reserves), and copper cement - with more than one million ounces of in-situ gold as a highly liquid and countercyclical co-product.

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Dr. Richard Schryer, Fortune’s Vice President of Environmental and Regulatory Affairs, stated that, “the Class A Water License and Land Use Permit renewals are the product of numerous engagements with territorial, federal and indigenous governments and communities, focused on identifying and mitigating potential environmental and social concerns related to the NICO development. Fortune Minerals will continue to work with these governments and communities, and through the conditions outlined in the water license to make the NICO mine a successful project that we can all be proud of.”

Once financing has been obtained, the NICO site will be connected to territorial highway system by the already approved NICO Project Access Road (“NPAR”) currently terminating at the community of Whatì, 50 km south of the mine. The NPAR is needed for mine construction and operations and for trucking metal concentrates to Enterprise, NWT for transfer to rail and delivery to the Company’s planned Alberta Refinery for processing. Fortune and Tłıchǫ Government are forming a joint venture to construct this road and have received conditional approval for a contribution of up to $50 million from the Government of Canada’s First and Last Mile Fund (“FLMF”) that would reimburse 75% of the construction costs (see June 26, 2026, news release). Fortune is in the final stages of preparation of an updated Feasibility Study for the vertically integrated NICO Project and will announce the results when this study has been completed.

Fortune is also pleased to report that it will host a visit to the NICO mine site for a group of Tłıchǫ citizens and elders to kick-off a Traditional Knowledge Study on the NPAR on September 21, 2026. The visit will include a fly over of the NPAR route to allow people to see where the road accesses the mine and the locations where other roads will be built on the mine site and Tłıchǫ lands. Fortune has completed an Access Agreement with the Tłıchǫ Government to enable the construction and operation of the NPAR.

As Fortune advances the NICO Project toward a Final Investment Decision (“FID”) targeting 2027, the Company was pleased to be sponsored by both the NWT and Alberta governments to participate in the inaugural Canada Investment Summit held in Toronto, Ontario on September 14 and 15^th. Hosted by Prime Minister Carney in partnership with the Canada Pension Plan Investment Board and Public Sector Pension Investment Board - two of Canada’s largest institutional investors, the Summit served as a premier platform to showcase Canada as a compelling investment destination and trusted convener of global capital. The Summit brought together leading investors from around the world, Canadian CEOs, and public sector representatives for an event focused on accelerating new investment into Canada.

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 and Alex Mezei, M.Sc., P.Eng. Fortune’s Chief Metallurgist, who are "Qualified Persons" under National Instrument 43-101.

About Fortune Minerals
Fortune is a Canadian mining and mineral processing company focused on developing the NICO Cobalt-Gold-Bismuth-Copper 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 feed to extend the life of the NICO concentrator.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities legislation, including National Instrument 51-102 – Continuous Disclosure Obligations. This forward-looking information includes statements with respect to, among other things, the construction of the proposed Alberta Refinery and the Company’s plans to develop the NICO Project; the formation and implementation of the joint venture between Fortune and the Tlicho Government; the construction of the spur road; the anticipated production capacity, product mix and purity of the Alberta Refinery; the potential future development of the Sue-Dianne Property as incremental feed; and the future supply, demand and pricing for cobalt, bismuth, gold, copper and other metals to be produced at the NICO Project. 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 complete construction of the Alberta 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, government funding awards and Indigenous and community support for the construction and operation of the NICO Project, the Alberta Refinery and the spur road, and the timing thereof; 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, bismuth 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 related to the new Mineral Reserves, Mine Plan and production schedule for the NICO Project; the Company may not be able to finance and develop the NICO Project 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 Alberta Refinery and the spur road; the construction of the NICO Project may take longer or cost more than anticipated; the Company may not complete the Feasibility Study in a timely manner and make a Final Investment Decision in 2027; 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; changes in geopolitical conditions, including changes in trade restrictions or export controls affecting the supply of critical minerals; 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, 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 not to 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 obligation to update or revise it to reflect new events or circumstances, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260918755127/en/

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

Source: Fortune Minerals Limited