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Excerpt from April 1, 2026, BMO Metals Brief:

More critical minerals deals signed: South Korea and Indonesia have agreed to expand cooperation on critical minerals, technology and clean energy following summit talks in Seoul today, according to a statement from the South Korean government. The agreements also include support for projects in renewable energy ⁠and data centres, as the countries elevate ⁠their relationship into a ⁠strategic partnership according to the statement. Meanwhile, Nikkei reported yesterday that Japan and France plan to start a public-private project in southwestern France at year-end to refine heavy rare earths used in electric vehicle motors ⁠and other technologies in a bid to build a supply chain independent of China, with a joint statement set to be issued by the Japanese Prime Minister and French President.
Cobalt & Bismuth
MINING.com • March 31, 2026 • 10:07 AM
Congo gives cobalt miners until end-April to use 2025 export quotas

Democratic Republic of Congo’s mining regulator has said that miners must use all unfulfilled fourth-quarter 2025 export quotas by April 30, warning that any unused volumes after that will be forfeited and reallocated to a strategic reserve…Congo, which supplies about 70% of the world’s cobalt, imposed export quotas last year after a months-long export ban aimed at curbing global supply, a move that helped lift prices.
 
MINING.com • March 31, 2026 • 3:14 PM
Moonshot puts global metals scramble on display

The flight around the Moon, without landing, will carry astronauts aboard the Orion spacecraft, marking the first human voyage beyond low-Earth orbit since 1972. The mission is built on a global industrial base led by contractors including Lockheed Martin and Boeing …Minerals processing…The significance lies less in volume than in control of processing and supply. The space sector will not materially shift demand for bulk commodities, but its influence sits at the upper end of the value chain, where pricing, margins and strategic considerations diverge from those seen in larger-volume markets. The materials reflect a convergence of critical minerals, advanced metallurgy and processing capacity…Western governments are pushing to build out domestic smelting and refining capacity, as much of the processing for critical minerals remains concentrated in China. The gap between mining and processing has become a strategic concern, with policymakers arguing that securing supply chains now depends as much on where metals are refined as where they are mined…For mining companies, the opportunity is not simply to supply raw inputs, but to move further along the value chain into refined and engineered materials that meet demanding aerospace specifications…For Canada’s own sense of pride, the country’s role in the program extends beyond raw materials to one of the astronauts. London, Ontario native Col. Jeremy Hansen, a former fighter pilot, will lift off as a mission specialist. Hansen, who will be the first Canadian to fly around the Moon, has taken part in several field geology training expeditions, including in Canada’s High Arctic.
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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