Fortune Minerals Stock Price, News & Analysis

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announces a delay in filing its audited annual financial statements for the year ended December 31, 2022. The company is currently undergoing an audit, which is expected to take an additional three weeks, thus missing the March 31, 2023 deadline. Fortune applied for a management cease trade order, which was denied by the Ontario Securities Commission, leading to the likelihood of a failure to file cease trade order that will restrict trading of its securities in Canada. The company maintains it has the resources to resolve this default and will follow alternative disclosure guidelines.

Fortune Minerals Limited (TSX: FT; OTCQB: FTMDF) has provided an update on its NICO cobalt-gold-bismuth-copper project in Canada. The project has received environmental assessment approval and major mine permits in the Northwest Territories (NWT). A recent renewal of the Land Use Permit allows for ongoing site operations. Fortune closed a private placement, raising C$552,465 at C$0.07 per unit, for further project development and working capital. The urgency for critical minerals is emphasized by the need for sustainable supply chains in light of geopolitical risks. Fortune is exploring government financial support for the project, aiming to enhance North American mineral production.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announced a potential delay in filing its audited annual financial statements and related documents for the year ended December 31, 2022, which are due by March 31, 2023. The delay is attributed to late audit commencement, although the company has secured short-term cash through a private placement. Fortune applied for a management cease trade order but was denied. If the filings are not completed by the deadline, a cease trade order will be imposed, halting trading of its securities in Canada until compliance. The company assures it has the resources to remedy any default and has no insolvency proceedings pending.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has extended its option to acquire the JFSL Field Services ULC brownfield site in Alberta for C$5.5 million. The site will house a hydrometallurgical refinery for the NICO cobalt-gold-bismuth-copper project, allowing Fortune to produce cobalt sulphate essential for lithium-ion batteries. The project, which includes over one million ounces of gold and significant bismuth resources, has already received key environmental approvals and permits, enhancing its development potential in the growing critical minerals sector.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has successfully settled its 2015 debentures, eliminating a total debt of C$7,280,173. The company made a cash payment of C$1,250,000 and issued 73,500,000 shares at approximately C$0.082 each, representing a 17% premium. Additionally, they have extended a separate C$5,461,376 debenture to December 31, 2023, and increased a secured loan by C$1,250,000 at a 9% interest rate, maturing the same date. This settlement allows Fortune to focus on advancing its NICO Project in Northwest Territories and Alberta.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has entered into Settlement Agreements with holders of its 2015 Debentures, resulting in the retirement of C$7,280,173 debt. The company will make a cash payment of C$1,250,000 and issue 73,500,000 shares at approximately C$0.082 per share. Additionally, the maturity of C$5,461,376 of these debentures has been extended to December 31, 2023. Fortune has also secured an additional C$1,250,000 loan to fund the cash payment and extend existing debt maturities until December 31, 2023, enhancing its focus on advancing the NICO Project in Northwest Territories.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announced an extension of its option to purchase the JFSL Field Services site in Alberta for C$5.5 million. This extension, motivated by capital market volatility, will allow the company to continue advancing its NICO Project, a hydrometallurgical refinery aimed at producing cobalt sulphate for lithium-ion batteries, along with bismuth and gold. The refinery will leverage the site's existing infrastructure, reducing costs and enhancing project viability. Fortune aims to become a vertically integrated critical minerals producer.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has extended the maturity date of its 2015 Debentures from August 12, 2022, to November 30, 2022. The aggregate principal amount of the Amended Debentures is $12,363,518, with a 10% annual interest rate. As additional consideration, the company issued 3,500,000 common shares, subject to a four-month hold period. Fortune plans to develop its NICO cobalt-gold-bismuth-copper project in Northwest Territories and Alberta, which may enhance future operational capabilities.