26 June 2026
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com), is pleased to announce that its joint venture with the T???ch? Government has received conditional approval from the Government of Canada for up to $50 million to support construction of the NICO project access road (“NPAR”) in the Northwest Territories (“NWT”). Natural Resources Canada (“NRCan”)’s First and Last Mile Fund (“FLMF”) will reimburse 75% of the costs up to $50 million for construction of the 51-kilometre NPAR across T???ch? private lands, connecting the NICO cobalt-gold-bismuth-copper mine to the NWT highway system near the community of Whatì. The NPAR will be used for mine construction and operations, including transportation of metal concentrates to a dedicated hydrometallurgical facility in Alberta (collectively, “the NICO Project”) for processing to value-added products needed for the energy transition, new technologies and defence. The $50 million award will help mitigate capital cost escalation for the vertically integrated development as the Company advances the NICO Project toward a construction decision.
Fortune and the T??ch? Government will also evaluate the NPAR's potential to provide an incremental extension of the all-season road toward Gamètì for community benefit, to lower the cost of living, and enable future economic development in the central part of T???ch? lands. The T???ch? Government will also receive $200,000 from the FLMF to support community engagement and completion of a Traditional Knowledge study for the NPAR.
“Canada is ready to build the infrastructure that unlocks our full critical minerals potential. Through the First and Last Mile Fund, we are investing in projects like the NICO access road to strengthen northern supply chains, create good jobs, and move minerals from resource to market—Made in Canada, for Canadians. This investment also reflects our commitment to working in partnership with Indigenous governments, including the T???ch? Government, to deliver lasting economic opportunities and community benefits.” stated The Honourable Tim Hodgson, Minister of Energy and Natural Resources
“The Northwest Territories has tremendous geological endowment with the potential to develop virtually any mineral commodity - but also suffers from an acute infrastructure deficit that raises the bar for economic viability. This funding from the Government of Canada helps level the playing field. Development of the NICO Project will provide a domestic process solution for cobalt, bismuth and copper to address critical mineral supply chain vulnerabilities, and gold. We are grateful to receive this investment from the federal government, while also working with our T???ch? Government partners to improve the infrastructure on T???ch? lands for the benefit of its citizens”, said Robin Goad, President of Fortune Minerals Limited.
The NICO deposit is located in T???ch? territory, approximately 160 kilometres northwest of the city of Yellowknife and 50 kilometres north of Whatì. Concentrates from the mine will be transported by truck and rail to the hydrometallurgical facility in Lamont County, Alberta for processing to cobalt sulphate, gold doré, bismuth ingots and oxide, and copper cement. The NICO Project is a development asset that Fortune has already invested more than $150 million to advance toward a construction decision. When it is built the NICO Project will produce three metals identified on North American and European Union critical minerals lists, plus 1.1 million ounces of in-situ gold. Fortune is also receiving financial support through NRCan’s Global Partnerships Initiative, the U.S. Department of War’s Defense Production Act Tittle III program, and Alberta Innovates’ Clean Resources Continuous Intake Program to complete the work needed to advance the NICO Project to a Financial Investment Decision. The Company has also received a term loan from Prosper NWT to help complete the acquisition of the Alberta Refinery site.