Fortune Minerals Secures Alberta Refinery Site for Critical Minerals Processing Hub

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has successfully completed acquisition of a strategically located brownfield facility in Lamont County, Alberta, marking a significant milestone for its vertically integrated NICO Project development. The company finalized the C$6 million purchase from JFSL Field Services ULC, with the final C$2.96 million tranche funded through a C$3.8 million loan from Prosper NWT, a public agency of the Government of the Northwest Territories.

What a Refinery Means for Mining Operations

A refinery meaning in the mining context refers to a specialized processing facility—in this case, a hydrometallurgical plant—that transforms raw ore concentrates into market-ready products. For the NICO Project, the Alberta Refinery will serve as the critical downstream component, converting concentrates from the Northwest Territories mine into battery-grade cobalt sulphate, bismuth ingots, and copper cement. This integration creates supply chain resilience for North American manufacturers dependent on these materials for energy transition technologies and defense applications.

Strategic Location Powers Competitive Advantage

The 76.78-acre Lamont County site sits adjacent to Canadian National Railway infrastructure within the Alberta Industrial Heartland Association (AIHA) zone north of Edmonton. This region already hosts petrochemical and critical minerals processors, providing immediate access to existing services, technical expertise, and reagent supplies. The facility includes 42,000 square feet of serviceable structures that Fortune will expand and retrofit for hydrometallurgical operations.

The AIHA designation ensures municipal approvals for heavy industrial development and tax incentives tied to capital investment—a regulatory advantage that accelerates project timeline. JFSL retains a usage license for up to 18 months (terminable after one year with 60 days notice), during which the operator must maintain facilities and cover operating costs.

NICO Project: North American Critical Minerals Independence

The NICO Project combines an open-pit and underground mine with concentrator facilities in the Northwest Territories, feeding the Alberta Refinery. Expected annual production includes over one million ounces of gold alongside cobalt, bismuth, and copper—positioning Fortune as a Tier 1 jurisdiction producer with transparent supply chains independent of foreign sources of concern.

Bismuth represents 12% of projected global reserves from this operation, addressing acute supply shortages in semiconductor manufacturing and defense systems. The project’s vertically integrated structure strengthens North American sourcing during the critical minerals race among developed economies.

Financial and Regulatory Framework

Prosper NWT holds security over Alberta Refinery assets during the loan period. Fortune advances toward construction decision phase with completed site acquisition, eliminating a key development risk. Technical feasibility studies, prepared by qualified persons and filed with Canadian securities regulators, provide the foundation for the next development phase.

The company simultaneously operates the Sue-Dianne copper-silver-gold deposit 25 km north of NICO, positioned as a potential future mill feed source to extend concentrator operations and project economics.