Fortune initially signed a six-month option agreement on the JFSL facility in January 2022 and later extended the option for another two months. Fortune cites current economic and capital market volatility as reasons for the latest extension.
Pursuant to the original option agreement, Fortune can acquire the JFSL site and facilities for C$5.5 million ($4m). To secure the extension, the company must pay monthly increments of C$15,000 ($10,900) up to December 31, 2022.
During the extension period, JFSL Field Services can solicit competing offers for the facility, subject to Fortune’s right to complete its purchase on the agreed terms by the end of the month for any extension period and/or Fortune’s right of first refusal to match a competing offer.
The refinery would process metal concentrates from the planned NICO cobalt-gold-bismuth-copper mine and concentrator in the Northwest Territories, enabling Fortune to become a…
