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Excerpt from September 1, 2026, BMO Metals Brief:

US government funding for ATALCO and Alcoa. Atlantic Alumina Company has secured an additional $350 million from its majority shareholder, Concord Resources Holdings, and the Department of War for the revival of its Gramercy facility in Louisiana, of which the DOW has pledged an additional $100m. This brings total funding for Gramercy, the only remaining alumina facility in the U.S., to $800m this year, of which $400m is from the DOW, supporting expanding alumina production and a new gallium facility. Separately, the DOW has announced an estimated $174m equity financing investment to construct a new gallium production facility at Alcoa's Wagerup alumina refinery in Western Australia, projected to produce 100tpa of gallium metal. The initiative is a multinational partnership with Export Finance Australia (EFA), the Government of Japan, and Sojitz Corporation.
Cobalt & Bismuth
MINING.com • September 01, 2026 • 11:29 AM
State involvement is increasingly taking forms once associated primarily with commercial investors, including equity stakes, price floors and long-term offtake agreements.

Governments are moving beyond their traditional role as lenders and becoming direct participants in mining and critical minerals deals, as the push to secure strategic supply chains reshapes how projects are financed…Rebecca Seidl Inglesby, a Houston- based Baker Botts lawyer, told MINING.com that state involvement is increasingly taking forms once associated primarily with commercial investors, including equity stakes, price floors and long-term offtake agreements…“The government isn’t just acting as a lender,” Seidl Inglesby said. Governments are increasingly becoming ‘deal participants’ in projects.”…The shift marks a significant change in the financing landscape for miners, particularly those developing critical minerals projects that can struggle to attract conventional capital because of volatile commodity prices, long development timelines and competition from established supply chains…In the US, Seidl Inglesby said federal support has evolved from largely providing loans and other financial backstops toward a blended model in which public capital can sit directly alongside private investors….“The government isn’t just backstopping these deals anymore. The government is now at the table as a counterparty.”…That approach has become increasingly visible across the US critical minerals sector. Washington has deployed equity investments, loans and other mechanisms as it seeks to accelerate domestic mining, processing and manufacturing capacity and reduce reliance on China…Price support has also emerged as part of the policy toolkit. US agencies developed a critical minerals price-floor system earlier this year and began discussing it with allies, while Washington has also pursued arrangements involving offtake and strategic stockpiling…The Trump administration has increasingly framed critical minerals as a national security issue rather than simply a question of trade or industrial policy, Seidl Inglesby said…That change comes as the US and its allies race to establish alternative supplies of minerals used in defense systems, semiconductors, energy technologies and advanced manufacturing. 
Fortune Minerals Related News
Government of the Northwest Territories • September 01, 2026 • 11:30 AM
Ministerial Activities Advisory for the week of September 1-7, 2026

Ministerial Travel…Please note that travel schedules may change with little or no notice. This schedule is accurate as of August 31, 2026…Premier Simpson and Minister Cleveland will be discussing future investment possibilities for the territory during virtual meetings with critical minerals companies Fortune Minerals Ltd., Avalon Advanced Materials, and Pine Point Mining Ltd. on September 4.
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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