Fortune Minerals Stock Price, News & Analysis

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) has announced a two-month extension to purchase the JFSL brownfield site in Alberta for C$5.5 million, a strategic move for the planned NICO hydrometallurgical refinery. The site spans 76.78 acres and features an old steel fabrication plant, facilitating reduced operating costs. The refinery will process concentrates from the NICO mine in Northwest Territories, which has significant reserves, including over one million ounces of gold. The project aims to produce cobalt sulphate and bismuth, catering to the growing demand in the electric vehicle and pharmaceutical industries.

Fortune Minerals Limited (TSX: FT; OTCQB: FTMDF) announced the results of its 2022 Annual General Meeting held on June 28, 2022. All nominees listed in the management information circular were elected as directors, with approval rates ranging from 94.96% to 98.32%. Robin E. Goad received 97.82% approval. Additionally, shareholders approved the appointment of the company's auditors. Fortune is focused on developing the NICO cobalt-gold-bismuth-copper project in the NWT and Alberta, with plans to utilize the nearby Sue-Dianne deposit for future mill feed.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announces progress in validating the site for its new refinery in Alberta's Industrial Heartland. The site, previously a steel fabrication plant, will support the NICO cobalt-gold-bismuth-copper project, which contains over 1.1 million ounces of gold. The company is advancing due diligence with engineering consultants and expects to finalize a C$5.5 million purchase option before July 24, 2022. The JFSL site is deemed suitable for the refinery, supporting critical minerals for the EV market, with no major environmental hurdles identified.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) highlights findings from the Cobalt Institute's 2021 Cobalt Market Report, indicating a 22% year-on-year demand growth in cobalt, reaching 175,000 metric tonnes with expectations of 12.7% CAGR growth to 320,000 metric tonnes by 2026. Sales of EVs rose 102% year-on-year, marking them as the largest cobalt end-use segment at 34% market demand. The company's NICO Project, a critical minerals development, has received necessary approvals and aims to produce cobalt, gold, bismuth, and copper in Canada.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has engaged Haywood Securities Inc. as a financial advisor to assist in raising funds for the NICO Critical Minerals Project. This funding will support the purchase of a former steel fabrication plant in Alberta and advance the project towards a construction decision. The company has invested over C$135 million in the NICO Project, which is expected to be a significant source of critical minerals for the electric vehicle market. An initial engagement fee of C$50,000 will be paid in shares.

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) announced the results of its 2021 drill program at the NICO Critical Minerals project, confirming the continuity of cobalt-gold-bismuth-copper mineralization in the Peanut Lake Zone. The drill program included 13 holes over 2,482 meters, revealing significant intervals of mineralization, including 3.17 meters at 0.423% cobalt and 0.554 g/t gold. The NICO Deposit holds 33.1 million metric tonnes of mineral reserves, including 37.3 million kilograms of cobalt. The project received environmental approval and is positioned for growth in the critical minerals sector.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has received a significant boost from the 2022 Canadian Budget, which allocates C$3.8 billion for Critical Minerals. The funding aims to enhance domestic production, especially of cobalt, nickel, and lithium, essential for electric vehicles and electronics. The NICO Project, a cornerstone asset for Fortune, is poised to become a key supplier of these minerals, leveraging recent infrastructure developments and government backing for swift project execution.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has signed an option agreement to purchase the former JFSL steel fabrication plant in Alberta for C$5.5 million. This acquisition aims to construct a hydrometallurgical refinery for the NICO Cobalt-Gold-Bismuth-Copper mine in Northwest Territories. The refinery will support the electric vehicle market by producing cobalt sulphate, while the NICO deposit features 1.1 million ounces of gold and significant bismuth and copper reserves. The project aligns with Canadian government strategies for critical mineral production.

Fortune Minerals Limited (TSX: FT; OTCQB: FTMDF) has completed its drill program at the NICO Cobalt-Gold-Bismuth-Copper Project in Northwest Territories, Canada, with 13 holes tested for mineralization. The company has received a $100,000 grant from the NWT Mining Incentive Program, adding to a previous grant of $140,000 for the project. The NICO Project is positioned to supply cobalt, gold, bismuth, and copper to meet growing demands in lithium-ion batteries. Results from the drilling program will be reported after sample analysis.