Fortune Minerals Ltd. reports developments tied to its NICO cobalt-gold-bismuth-copper critical minerals project in Canada. Recurring updates cover the planned mine and concentrator in the Northwest Territories, the hydrometallurgical facility in Lamont County, Alberta, and metallurgical work for battery-grade cobalt sulphate, bismuth products, copper cement, and gold as a co-product.
Company news also includes project engineering, mineral reserve and feasibility-study work, site and infrastructure agreements, government funding efforts, debt repayment, convertible securities, working-capital financing, and management or business-development appointments. Fortune also references the Sue-Dianne copper-silver-gold satellite deposit as a potential future feed source for the NICO concentrator.
Fortune Minerals (OTCQB: FTMDF) retained P&E Mining Consultants to prepare updated Mineral Reserve estimates, mine plan, and production schedule for the NICO Project Feasibility Study being prepared by Worley and others.
The update will use revised costs, recoveries, metal prices and FX, revert to a 4,650 tpd mill throughput, prioritize higher‑margin underground gold ores early, and stockpile low‑margin ore for later processing. Prior 2014 reserves: 33.1 Mt containing 1.1 Moz Au, 82.3 Mlb Co, 102.1 Mlb Bi, 27.2 Mlb Cu over a 20‑year mine life. Current market prices cited (approx): Au US$4,000/oz, Co US$22/lb, Bi US$17/lb, Cu US$5/lb and C$1=US$0.71.
Fortune Minerals (OTCQB: FTMDF) has announced the reappointment of David Massola as Vice President of Business Development to advance the NICO critical minerals project. Massola, who previously served as Fortune's VP of Finance and CFO from 2016 to 2020, brings extensive mining industry experience, including 20 years at BHP and executive roles at DeBeers Canada, GlobeStar Mining, Continental Nickel, and GoldQuest Mining.
The NICO Project is a development-stage asset that includes a planned mine and concentrator in Northwest Territories and a hydrometallurgical facility in Alberta. The project will produce cobalt sulphate, gold doré, bismuth ingots, and copper cement for energy transition, new technologies, and defense applications. The deposit contains 1.1 million ounces of in-situ gold as a countercyclical co-product.
Fortune Minerals (OTCQB: FTMDF) has secured a new convertible security funding agreement with Lind Global Fund III, LP for C$3.155 million. The convertible security has a two-year term with a face value of C$3.774 million and is secured by the company's mining assets.
The funding will support working capital needs and pre-pay government-supported work programs for the NICO Cobalt-Gold-Bismuth-Copper Critical Minerals Project. Fortune has already received ~C$17 million in non-dilutive funding from various government entities including the U.S. Department of Defense and Natural Resources Canada.
The conversion price is set at 85% of the five-day VWAP of Fortune's common shares. Lind will receive a C$120,000 closing fee and 15.64 million warrants exercisable at C$0.1141 per share for 60 months.
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 (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.