Fortune Minerals has obtained an option extension to acquire the JFSL Field Services industrial site in Lamont County, Alberta, Canada, which is pivotal for its planned hydrometallurgical refinery.

The refinery is intended to process materials from the company's NICO cobalt-gold-bismuth-copper deposit in the Northwest Territories.

The NICO Project is set to produce cobalt, bismuth and copper, all listed on Canada's Critical Minerals List and essential for the energy transition.

Additionally, the deposit holds more than one million ounces of gold.

Fortune can now maintain the option to acquire the refinery facilities for C$5.5m ($4.1m) until 31 March 2024, under the existing terms.

JFSL Field Services retains the right to seek other buyers during this period. However, Fortune has the monthly right to complete the purchase at the agreed price or to match any competing offers.

This move ensures Fortune's position in the critical minerals market.

To support its initiatives, Fortune completed a private placement of 22 million units at C$0.04 each in late December 2023, raising C$880,000.

These funds are earmarked for metallurgical test work to optimise processing methods and advance detailed engineering plans.

Each unit from the private placement comprises one common share and a half share purchase warrant, with full warrants exercisable at C$0.07 for two years post-closing.

This capital injection is crucial for the company's progression towards operational readiness.

Awaiting the opening of the government ice road from Whati to Gameti, Fortune plans to transport ore samples to SGS Canada in Lakefield, Ontario.

These samples will be used for the test work programme, a significant step in validating the company's process enhancements.