Fortune Minerals Stock Price, News & Analysis

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.

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) has successfully completed a private placement, issuing 3,571,399 common shares at C$ 0.14 each, raising approximately C$ 500,000. Proceeds will fund NICO Project exploration expenses in the Northwest Territories. The company is currently drilling high-priority targets at the NICO Project, including the Peanut Lake and Ralph Zones. No assay results are available yet. The press release emphasizes that securities are not registered in the U.S., limiting their distribution.

Fortune Minerals Limited (FTMDF) announced the opening of the Tlicho all-season road on November 30, 2021, enhancing access to the previously isolated community of Whati. This infrastructure project is expected to lower living costs, improve service delivery, and boost economic development in tourism and mineral exploration. The road supports the NICO Cobalt-Gold-Bismuth-Copper Project, facilitating transport of metal concentrates to Fortune's planned refinery. The NICO project aims to meet rising demand for cobalt in lithium-ion batteries, with significant mineral reserves including cobalt and gold.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) announced the passing of founding director Carl Clouter on October 15, 2021, at 78 years old. Clouter was notable for his contributions to Canadian aviation and mining, particularly through his involvement with the NICO Cobalt-Gold-Bismuth-Copper Deposit. The company also reported ongoing exploration drilling at the NICO project, with assay results expected several weeks after completion. The NICO project is crucial for cobalt production and addresses supply chain concerns in the electric vehicle industry.

Fortune Minerals Limited (TSX: FT, OTCQB: FTMDF) has launched a 3000 metre drilling program at its NICO Cobalt-Gold-Bismuth-Copper Deposit in Northwest Territories, Canada. The drilling aims to explore the east extension of the deposit and four additional targets identified through previous surveys. The company has secured a $1.5 million debt facility to finance the project. The NICO Project has Proven and Probable Reserves totaling 33 million tonnes, containing 1.1 million ounces of gold, and 82.3 million pounds of cobalt, essential for lithium-ion battery production.

Fortune Minerals Limited (OTCQB: FTMDF) has reported on its Annual Meeting and progress on the NICO Cobalt-Gold-Bismuth-Copper project in Canada. The NICO project aims to capitalize on the growing demand for critical minerals such as cobalt and bismuth, essential for electric vehicles and technological applications. The project includes a mine in the Northwest Territories and a refinery site under evaluation. Key milestones include environmental assessment approvals, a new mine plan emphasizing higher-margin ores, and ongoing government engagements for financial support.

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) has successfully closed a private placement, issuing 3,871,426 units at C$0.14 per unit, raising C$541,999.64 in gross proceeds. Each unit comprises one common share and one-half warrant, allowing the purchase of shares at $0.20 for 18 months. The Company has also secured a $144,000 grant from the Government of the Northwest Territories to support its NICO Project drill program, targeting five high-priority areas. The NICO Project is a key cobalt asset with significant mineral reserves.