- Fortune Minerals Limited (FT) has secured an additional extension for its purchase option for the JFSL Field Services ULC brownfield site in Alberta
- Fortune can acquire the JFSL site and facilities for $5.5 million
- The option term has been extended to monthly increments allowing Fortune to pay $15,000 per month up to December 31st
- It plans to construct a hydrometallurgical refinery at this site for its NICO Project
- Fortune Minerals Limited (FT) is up 12.50 per cent and is trading at $0.09 per share as of 3:09 p.m. ET
Fortune Minerals (FT) has secured an additional extension for its purchase option for the JFSL Field Services ULC brownfield site in Lamont County, Alberta.
Fortune can acquire the JFSL site and facilities for $5.5 million, and the option term has been extended to monthly increments allowing Fortune to pay JFSL $15,000 per month up to December 31st. During the extension period, JFSL can solicit competing offers for the facility.
Fortune stated it plans to construct a hydrometallurgical refinery at this site for its vertically integrated NICO critical minerals project in the Northwest Territories. The JFSL facility was formerly a steel fabrication plant and has 42,000 square feet of serviced shops and buildings adjacent to the Canadian National Railway.
The JFSL site is also close to services, sources of reagents, and a nearby group of engineers and skilled chemical plant workers, which can materially reduce capital and operating costs for the planned NICO Project development.
The NICO Project is an advanced critical minerals asset that has already received environmental assessment approval and permits for the facilities in its residing territory. The project has also completed feasibility and front-end engineering and design studies that will be updated to reflect the new refinery site and optimizations.
Fortune Minerals Limited (FT) is up 12.50 per cent and is trading at $0.09 per share as of 3:09 p.m. ET.