ADVANCES IN JUNIOR MINING--#24—Fortune Minerals Limited/CRITICAL MINERALS

Fortune Minerals Limited, a dynamic development stage mining company in North America, has steadily advanced the NICO cobalt-gold-bismuth-copper project in the Northwest Territories and plans to build a refinery in southern Canada

As a resource-rich complex, the NICO deposit is projected to have a mine lifespan of approximately 20 years because of a robust stockpile of 33.1 million tonnes of proven and probable mineral reserves.

The reserves include 1.11 million ounces of gold and sizeable quantities of cobalt, bismuth, and copper. Furthermore, Fortune Minerals' portfolio also consists of the Sue-Dianne satellite copper deposit located 25 km north of the NICO deposit. The company’s comprehensive exploration canvas covers gold, cobalt, bismuth, copper, silver, lead, and zinc, significantly contributing to the prospective potential of their assets.

The cornerstone of Fortune Minerals' endeavors, the NICO project possesses over 1 million ounces of gold and 12% of global bismuth reserves. The strategic intent is to produce cobalt chemicals for the lithium-ion battery industry, carving out a route for Fortune’s crucial role in the supply of critical minerals pivotal for advanced technologies and consumer goods, thus mitigating supply chain risks associated with geopolitical uncertainties.

Substantial funding grants from both the Canadian and U.S. governments play a significant role in Fortune Minerals' ventures. This includes a $6.38 million investment from the U.S. Department of Defense aimed at fostering domestic cobalt production for battery and high-strength alloy supply chains. Meanwhile, the Canadian Government further endorsed the NICO project by increasing its funding to C$7.5 million in 2024.

 With environmental assessment approvals and significant mine licenses for the NICO project already secured, Fortune Minerals is poised for near-term construction, contingent upon procuring the necessary finance.

Moreover, Fortune Minerals has diversified its approach by collaborating with global mining colossus, Rio Tinto. This alliance aims to explore the feasibility of recovering additional cobalt and bismuth, enhancing the allure of the NICO project to investors and inviting a potential influx of further funding.

This significant progress highlights Fortune's strong commitment to decreasing North America's dependence on foreign sources of critical minerals by developing domestic production capabilities.

At the same time, it strengthens a resilient North American supply chain for essential minerals.

 

Share Price -Feb.4, 2025-TSXV(FT)—CAD 0.05
52 week high--         0.13, Low 0.025
Price/Book- -            2.3x
Market Cap--           29.05M
Shares Outstanding—528M

"For information purposes only and not a recommendation to buy or sell shares"

 

Mining News: www.minestockers.com

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