Fortune Minerals Stock Price, News & Analysis

Fortune Minerals (OTCQB: FTMDF) has reported successful process optimization test results for its NICO cobalt-gold-bismuth-copper critical minerals project. The tests, conducted at SGS Canada, demonstrated significant improvements in cobalt recoveries (97%), copper extraction (74%), and gold recoveries (97-98%) at the planned Alberta Hydrometallurgical Facility.

The optimized process eliminates several steps from the previous 2008 flowsheet, potentially reducing capital and operating costs. The project has secured C$17 million in non-dilutive funding from various government sources, including the U.S. Department of Defense and Natural Resources Canada, supporting the development of North American critical minerals production.

The NICO Project will provide 1.1 million ounces of in-situ gold and establish a vertically integrated North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement.

Fortune Minerals (OTCQB: FTMDF) held its 2025 Annual Meeting of Shareholders on June 24, 2025, where shareholders voted on key corporate matters. All six nominated directors were successfully elected with strong approval ratings ranging from 94.69% to 98.43% of votes cast.

The shareholders also approved the re-appointment of McGovern Hurley LLP as the company's auditor. The meeting presentation has been made available on Fortune Minerals' website for reference.

Fortune Minerals (FTMDF) has reported successful metallurgical test results for the bismuth circuits at its NICO Project. The test work, conducted at SGS Canada, showed ~98% bismuth recovery with ~95% bismuth content in cement production. The process improvements include a 65% reduction in leaching equipment volume and 75% reduction in cementation equipment volume. The NICO Project, containing 12% of global bismuth reserves, aims to produce cobalt sulphate, gold doré, bismuth ingots, and copper cement. The company has received C$17 million in government funding from U.S. and Canadian sources. The project comes at a time when bismuth prices are at historic highs (~US$27/lb) due to increasing demand and China's export restrictions. Preliminary tests of blending Fortune bismuth concentrate with Rio Tinto bismuth oxychloride showed positive results, with potential for expanded collaboration.

Fortune Minerals (OTCQB: FTMDF) reports significant developments for its NICO cobalt-gold-bismuth-copper critical minerals project in Canada. The project contains 33.1 million metric tonnes of reserves, including 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper, supporting a 20-year mine life.

Recent market developments include:

• Gold trading at historic highs exceeding US$2,900 per ounce
• Bismuth prices tripling to over US$20 per pound, reaching a 17-year high
• Democratic Republic of Congo announcing a four-month suspension of cobalt exports

The NICO Project comprises a planned open pit and underground mine in Northwest Territories and a hydrometallurgical facility in Alberta, designed to produce cobalt sulphate, gold doré, bismuth ingots, and copper cement for North American supply chains.

Fortune Minerals (FTMDF) provided an update on its NICO cobalt-gold-bismuth-copper critical minerals project in Canada. The company secured ~C$17 million in non-dilutive funding from the U.S. Department of Defense, Natural Resources Canada, and Alberta Innovates to advance the project toward construction.

The project includes significant improvements in its updated Feasibility Study, including new comminution and flotation circuit designs that reduce capital costs by ~C$7 million and annual operating costs by ~C$1.3 million. Recent test work showed improved gold, bismuth, and cobalt recoveries, with bismuth recoveries reaching 97% and producing cement grading up to 95% bismuth.

The company also reported successful collaboration with Rio Tinto, validating the feasibility of processing blended materials at the planned Alberta hydrometallurgical facility. The project aims to provide North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper precipitate.

Fortune Minerals (FTMDF) has drawn down an additional C$1,575,000 from its convertible security funding agreement with Lind Global Fund II, LP. The Second Convertible Security has a two-year term and a face value of C$1,890,000, secured by company assets. The funds will support general working capital and pre-fund government-supported work on the NICO Cobalt-Gold-Bismuth-Copper Critical Minerals Project.

Lind can convert the face value over 24 months at 85% of the five-day VWAP. The agreement includes a C$60,000 closing fee and 16,338,174 warrants at C$0.0609 per share, exercisable for 60 months. The NICO Project aims to provide North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement.

Fortune Minerals (TSX: FT) (OTCQB: FTMDF) has engaged Worley Canada Services to update the Feasibility Study for the NICO Cobalt-Gold-Bismuth-Copper Project in Canada and assist with permitting for the Hydrometallurgical Facility in Alberta. The project aims to provide North American supply of critical minerals with ESG standards and IRA compliance.

Fortune recently received ~C$17 million in non-dilutive funding from the U.S. Department of Defense, Natural Resources Canada, and Alberta Innovates to advance the project. The updated Feasibility Study will incorporate recent improvements, including the completion of the Tlicho Highway, a new brownfield Alberta site, enhanced transportation logistics, and process optimizations.

The study will assess project economics at current costs and commodity prices, while also evaluating potential improvements in metallurgical recoveries and mine planning strategies.

Fortune Minerals (TSX: FT) (OTCQB: FTMDF) has entered a new option agreement with JFSL Field Services ULC to purchase a brownfield industrial site in Lamont County, Alberta for C$6,000,000. This site is planned for the construction of a hydrometallurgical refinery to process metal concentrates from Fortune's NICO cobalt-gold-bismuth-copper mine project in the Northwest Territories. The refinery aims to produce cobalt sulphate for lithium-ion batteries, bismuth ingots, and copper cement, with gold as a co-product.

The company has also announced that Alex Mezei has joined as Chief Metallurgist to oversee test work and process engineering for the NICO Project, which has received approximately C$17 million in government funding. The JFSL site, located in Alberta's Industrial Heartland, is expected to reduce capital and operating costs due to its existing infrastructure and proximity to skilled labor.

Fortune Minerals (TSX: FT, OTCQB: FTMDF) announced that the option to purchase the JFSL Field Services ULC brownfield industrial site in Lamont County, Alberta expired on June 30, 2024, without completion. Despite this, both Fortune and JFSL are keen to finalize a new arrangement to facilitate the purchase. Fortune Minerals will provide further updates once discussions with JFSL conclude.