Fortune Minerals' NICO Project: Advancing Towards Production Amidst Surging Critical Mineral Demand

Fortune Minerals is rapidly advancing its NICO Cobalt-Gold-Bismuth-Copper Project towards production. Discover how successful test work, government funding, and strong critical mineral markets position the company for significant growth as a key North American supplier.

Fortune Minerals' primary focus is on advancing its NICO Cobalt-Gold-Bismuth-Copper Project. This endeavor is not a traditional exploration project aimed at discovering new mineral deposits. Instead, it involves the comprehensive development of an already-identified, significant polymetallic deposit (containing cobalt, gold, bismuth, and copper) into a fully operational mine and processing facility.

The primary mineral deposit is located in the Northwest Territories, while the complete NICO project also encompasses a planned hydrometallurgical refinery in Alberta, creating a vertically integrated operation.

Key Developments in Q2 2025 regarding the NICO Project:

-Successful Bismuth Test Work Results (May 9, 2025): Fortune Minerals reported significant progress on metallurgical test work for the bismuth recovery circuits at their planned Alberta Refinery for the NICO project. The results indicate a smaller and simpler bismuth circuit with high metal recoveries (around 98%), which is expected to reduce both capital and operating costs. They also successfully produced high-purity 99.99% (4N) bismuth ingots, confirming commercial viability.

The demand for bismuth is increasing, especially with the global push for non-toxic and environmentally friendly alternatives to lead, and its unique properties make it valuable in various advanced technologies. This is why its considered a critical mineral by governments in Canada and the U.S.

Commodity Update (February 27, 2025): The company highlighted that bismuth prices had tripled in recent weeks, gold prices were at an all-time high, and the Congo had placed a moratorium on cobalt exports, all of which are favorable for the NICO project.

The trends highlighted by Fortune Minerals in February 2025 have not only continued but in some cases, intensified. Bismuth prices are still at historic highs due to ongoing supply constraints and demand and Gold prices have sustained their upward momentum and are still at very elevated levels.

Also, the DRCs Cobalt export moratorium has been extended, further tightening the supply of cobalt concentrate and continuing to support higher prices, which is highly favorable for Fortune Minerals NICO project.

Important recent update: May 9, 2025 press release: Successful Bismuth Test Work Results: Since January 8, 2025, Fortune Minerals has reported concrete positive results from its metallurgical test work, especially for Bismuth, which directly feeds into the ongoing updated Feasibility Study. The results exceeded expectations.

The collaboration with Rio Tinto is also demonstrating tangible success in test blending. All of this indicates the project is moving steadily towards a construction start.

-Government Funding & Project Advancement: Approximately C$17 million in non-dilutive funding has been secured by Fortune Minerals from the U.S. Department of Defense, Natural Resources Canada, and Alberta Innovates. This crucial financial backing is dedicated to supporting the necessary studies and engineering to bring the NICO project to a point where financing can be secured and construction can officially begin. This funding is also being used for process improvements, front-end engineering and design (FEED) studies, and securing remaining permits.

In Essence: The NICO project is positioned as a vertically integrated producer of critical minerals (Cobalt, Bismuth, Copper) and Gold in North America. It contains significant reserves, including 12% of global bismuth reserves and 1.1 million ounces of gold.

In summary, this comprehensive development, rather than early-stage exploration, positions the company to become a pivotal North American supplier of essential metals. Given the current global landscape of surging critical mineral demand, particularly for Cobalt and Bismuth due to supply chain tightening, and sustained high Gold prices, the NICO project offers a compelling investment opportunity.

As the company de-risks the asset and moves towards a construction start, a successful transition to production could unlock substantial value, providing investors with exposure to key commodities crucial for the energy transition, advanced technologies, and enhanced supply chain security.

SP

Share Price–July 04, 2025, -(TSXV:FT)—CAD 0.10

52 week—high $0.10, low-$0.04

Price/Book- 4.7X

Market Cap- 56.63M

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

Mining News: www.minestockers.com (Disclosure-the writer is a shareholder of minestockers.com)

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