Forte Minerals Corp. Announces Debt Settlement Through Share Issuance

Forte Minerals Corp. has implemented a strategic financial initiative to address outstanding liabilities through the issuance of common shares. The junior exploration company, focused on copper and gold assets in Peru, will issue 283,000 common shares at $0.20 per share to settle aggregate indebtedness totaling $56,600. This debt settlement arrangement includes $34,000 owed to company officers and directors alongside $22,600 owed to an arm's length party, demonstrating a comprehensive approach to financial management.

The decision to utilize share issuance for debt settlement represents a common practice among junior mining companies seeking to conserve cash resources for critical exploration and development activities. By converting debt obligations to equity, Forte Minerals Corp. can maintain operational liquidity while strengthening its financial position. The shares issued through this settlement will be subject to a standard four-month and one-day hold period from the issuance date, in accordance with Canadian securities regulations designed to prevent immediate resale and market volatility.

Forte Minerals Corp. anticipates completing the debt settlement transaction on or about July 9, 2024, pending necessary corporate and regulatory approvals from entities including the Canadian Securities Exchange. This timeline provides market participants with clarity regarding the transaction's completion while allowing the company to proceed with its strategic financial restructuring. The company's partnership with GlobeTrotters Resources Perú S.A.C. has positioned it as a significant participant in Peru's mining sector, where it maintains a portfolio of high-quality copper and gold assets spanning both historically discovered projects and new exploration opportunities.

The broader implications of this financial maneuver extend beyond immediate debt reduction. Copper, as one of Forte Minerals Corp.'s primary focus metals, plays an essential role in global economic development and the transition to renewable energy technologies. The metal's critical applications in electric vehicles, renewable energy infrastructure, and modern electronics underscore the strategic importance of the company's exploration efforts within current market dynamics. This debt settlement strategy reflects the ongoing challenges and opportunities facing junior mining companies as they navigate complex financial landscapes while maintaining operational capabilities.

For industry observers and investors, Forte Minerals Corp.'s approach to converting debt to equity without significant shareholder dilution may signal confidence in the company's asset valuation and financial management practices. The mining industry continues to employ various financial instruments to balance debt obligations with operational flexibility, particularly as global mineral demand evolves in response to clean energy transitions. This announcement serves as a practical example of how junior exploration companies can leverage equity instruments to maintain financial stability while advancing their core exploration objectives in resource-rich jurisdictions like Peru.