Forte Minerals Corp. Announces Debt Settlement Through Share Issuance

Forte Minerals Corp. has announced a strategic financial initiative to settle outstanding debts totaling $56,600 through the issuance of 283,000 common shares at $0.20 per share. This debt settlement approach includes $34,000 owed to company officers and directors and $22,600 owed to an arm's length party, representing a common practice among junior mining companies seeking to conserve cash resources for essential exploration and development activities. The decision to convert debt to equity allows the company to improve its financial position without depleting the cash reserves needed to advance its copper and gold projects in Peru.

The shares issued as part of this settlement will be subject to a four-month and one-day hold period from the issuance date, in compliance with Canadian securities regulations designed to prevent immediate resale and protect market stability. Forte Minerals Corp. anticipates closing the transaction around July 9, 2024, pending all required corporate and regulatory approvals, including those from the Canadian Securities Exchange. This timeline provides clarity for investors and market participants regarding the completion of this financial restructuring.

This debt settlement strategy reflects the company's broader approach to financial management during a period of increasing global demand for copper, which is essential for electric vehicles, renewable energy infrastructure, and modern electronics. As Forte Minerals Corp. maintains its partnership with GlobeTrotters Resources Perú S.A.C. and focuses on both historically discovered projects and new exploration opportunities, the ability to manage debt obligations while preserving operational flexibility becomes increasingly important. The company's positioning in Peru's mining sector, combined with its portfolio of high-quality assets, underscores the significance of this financial move in the context of evolving market conditions and the global transition toward clean energy technologies.

For the junior mining sector, Forte Minerals Corp.'s announcement highlights the ongoing challenges and strategic considerations involved in balancing debt management with exploration funding. The conversion of debt to equity without significant dilution to existing shareholders may be viewed positively by investors and industry observers, indicating confidence in the company's asset value and financial stewardship. As mineral exploration companies navigate regulatory requirements and financing landscapes, approaches like this debt settlement demonstrate the tools available to support long-term growth and value creation amid fluctuating commodity demands and economic pressures.