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Cobalt & Bismuth

Excerpt from February 18, 2026, BMO Metals Brief:

CRU’s views on the battery landscape: Yesterday we attended CRU’s battery chemistry webinar, giving an overview of their forecast for battery chemistries. In general, CRU expect LFP to continue to dominate due to its low cost, good safety standards, adequate energy density and fast charging potential; meanwhile, nickel-based cathodes will remain in place for high-end EVs and trucks, with a shift to lower nickel content formulations likely, either in the form of NMCx, LMR or high-voltage cathodes (something which could be a boost for cobalt demand). Despite a strong investment pipeline emerging, CRU believe that semi-solid / solid-state batteries remain years away from significant penetration, estimating that solid-state batteries have triple the cost of a standard nickel-based battery on a $/kWh cell level. Meanwhile, sodium-ion’s higher manufacturing cost means that the lithium carbonate price would need to increase by an additional $40/kg LCE for sodium-ion to be at a cost parity with LFP, according to CRU estimates.

MINING.com • February 18, 2026 • 12:16 PM

The US has developed a critical minerals price floor system that it’s pitching to allies as the Trump administration and more than 50 countries look to reduce dependence on China for the resources that are deemed critical to national security…“We have had multiple agencies take a close look at this. They’ve developed a very, very sophisticated price floor system that we are having conversations with our allies and partners about,” Helberg said in an interview at the Defense Tech Leadership Summit in West Palm Beach, Florida, with Bloomberg Television. “We’re very excited about it because pricing is the key to unlocking private investment.”…His comments come less than two weeks since the US hosted 55 nations at a critical minerals summit during which the Trump administration pitched price floors and a major role for private equity as part of a broad plan to reduce supply chain dependence on China…Price floors have long been discussed among critical minerals industry players as a way to shield non-Chinese companies from the Asian nation flooding markets and depressing Western firms’ profits.

The Guardian • February 18, 2026 • 1:02 AM
Japan's prime minister, Sanae Takaichi, walks with Donald Trump in Tokyo in October 2025. The leaders have unveiled energy and critical ...
For further information about the NICO Project and its Mineral Reserves, please refer to the Technical Report on the Feasibility Study for NICO, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, which has been filed on SEDAR and is available under the Company's profile at www.sedar.com. DISCLAIMER Fortune Minerals Limited does not endorse or guarantee the accuracy or completeness of any third party publication regarding the Company and accepts no liability for any direct or consequential losses arising from its use. The information contained in third party publications is subject to verification by the user and Fortune is under no obligation to provide, or comment upon, such publications. This communication is not, and under no circumstances is to be construed as, an offer to sell or a solicitation to buy any securities. Any decision to invest in securities in the secondary market or otherwise should only be made after consulting the investor’s own investment, legal, accounting and tax advisors in order to make an informed determination of the suitability and consequences of such investment. CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION The materials appearing in this email contain forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the Company’s mineral resources, progress in permitting and development of mineral properties, timing and cost for placing the Company’s mineral projects into production, costs of production, amount and quality of metal products recoverable from the Company’s mineral resources, anticipated revenues, earnings and cash flows from the Company's mineral projects, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, the possibility that production from the Company's mineral projects may be less than anticipated, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update them or revise it to reflect new events or circumstances, except as required by law.
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