Fortune Minerals : Q3 September 30, 2021 MD&A (PDF 186 KB) | MarketScreener

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS

AND RESULTS OF OPERATIONS

Three and nine months ended September 30, 2021

This Management’s Discussion and Analysis of Financial Conditions and Results of Operations (“MD&A”) of Fortune Minerals Limited (“Fortune” or the “Company”) is dated November 15, 2021 and should be read in conjunction with the Company’s unaudited interim condensed consolidated financial statement and the notes thereto for the three and nine months ended September 30, 2021 and with the annual audited consolidated financial statements and the notes thereto for the year ended December 31, 2020, prepared in accordance with International Financial Reporting Standards (“IFRS”). This discussion contains certain forward-looking information and is expressly qualified by the cautionary statement at the end of this MD&A. All dollar amounts are presented in Canadian dollars unless indicated otherwise. Unless the context otherwise requires, the terms “Fortune” and “the Company” where used herein refer to Fortune Minerals Limited and its subsidiaries on a consolidated basis.

SUMMARY OF QUARTERLY RESULTS

The following table provides selected consolidated financial information that is derived from the unaudited interim condensed consolidated financial statements and audited consolidated financial statements of the Company. The amounts represent the three-month periods ended:

2021

2020

2019

Sep-30

Jun-30

Mar-31

Dec-31

Sep-30

Jun-30

Mar-31Dec-31

Revenue and Other

86,040

7,103

7,001

5,461

49,104

22,207

26,589

12,600

Income

Net income (loss)

759,394

1,021,488

(3,813,558)

(436,621)

(181,619)

(1,057,014)

(40,405)

1,196,754

Basic and fully diluted

(0.01)

income (loss) per common

share(1)

Notes:

  1. The sum of quarterly income (loss) per common share for any given period may not equal the year-to-date amount due to rounding.

Fortune has undertaken the following activities during the nine months ended September 30, 2021 in support of corporate financing initiatives and its wholly owned NICO cobalt-gold-bismuth-copper deposit and proposed mine (“NICO”) in the Northwest Territories (“NWT”) and a related hydrometallurgical refinery (“Refinery”) proposed to be constructed in southern Canada (collectively, the “NICO Project”), as well as permitting and optimizations to produce a more financially robust development:

  • The Company is assessing a number of sites to build the Refinery in southern Canada to process NICO metal concentrates to value-added products;
  • Fortune is particularly focused on evaluation of brownfield locations with existing facilities and Municipal planning approvals that could materially reduce capital and operating costs for the NICO development;
  • Fortune is engaged with various municipal, territorial, provincial and federal governments to attract political and financial support for the vertically integrated NICO Project and enable the respective jurisdictions to participate in the supply chain for Critical Minerals needed in new technologies and the growing green economy;
  • Fortune continues to review the engineering and execution plans for the NICO Project to assess various opportunities to mitigate capital cost escalation and accelerate processing of higher margin ores to improve project economics;
  • The Company filed its final report for the Government of the Northwest Territories (“GNWT”) Mining Incentive Program (“MIP”) grant received in 2020. The remainder of $21,600 has been received;
  • The Company applied for and received a similar…

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