Fortune Minerals: Advancing the NICO Project into a Critical Minerals Powerhouse

Backed by government funding, private financing, and improved metallurgical results, Fortune Minerals is moving its cobalt-gold-bismuth-copper NICO Project toward key construction milestones ….offering investors diversified exposure to the clean energy supply chain.
FortuneMinerals NICOProject BatteryMetals CobaltInvesting MiningOpportunities CleanEnergyMining CriticalMetals MiningStocks COPPER GoldInvesting NetZeroMetals CanadianMining

 Fortune Minerals has had several recent significant developments as of mid-2025 related to its NICO cobalt-gold-bismuth-copper critical minerals project. The NICO Project is about 160 km northwest of the city of Yellowknife. Fortune also owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the Northwest Territories.

On July 22, 2025.the company reported successful process optimization test results at SGS Canada showing substantial improvements: cobalt recoveries at 97%, copper extraction at 74%, and gold recoveries at 97-98%.

The project contains large reserves supporting a 20-year mine life: 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.

Bismuth test work validation is essentially complete, with the project aligning well with increasing bismuth demand and historic high prices (~US$27 per pound), partly due to China's export restrictions.

Fortune has secured around C$17 million in non-dilutive government funding from entities including the U.S. Department of Defense, Natural Resources Canada, and Alberta. The optimized process reduces capital and operating costs for the planned Alberta Hydrometallurgical Facility.

Fortune entered a new convertible security agreement with the Lind Partners in July 2025 for additional funding support, including drawdowns to support working capital and pre-pay government-supported work programs.

The convertible security agreement with Lind Partners complements and helps bridge working capital alongside ongoing government funding rather than indicating the end of government support for the NICO project. Government support remains a key element of advancing the project's development.  This agreement provides them with up to C$10 million in funding support, including drawdowns for working capital and pre-paying government-supported programs, showing Lind's role as a significant financing partner for Fortune's NICO Project development.

Lind Partners are a New York-based institutional funds manager;  since 2011, they have completed over 200 direct investments totaling more than US$2 billion in transaction value, positioning themselves as flexible and supportive capital partners.

Fortune has retained Worley Canada Services to update the Feasibility Study and assist with permitting for the hydrometallurgical facility in Alberta. The NICO Project aims to vertically integrate North American supply chains for cobalt sulfate (used in lithium-ion batteries), gold doré, bismuth ingots, and copper cement—contributing to critical minerals supply in compliance with ESG standards and the U.S. Inflation Reduction Act (IRA).

In summary: With government backing, improved metallurgical results, and strategic private financing, Fortune Minerals is positioning its NICO Project as a linchpin in North America’s critical minerals supply chain. The combination of cobalt, gold, bismuth, and copper — all in rising demand — offers diversified exposure to multiple commodity markets. For investors seeking a play that aligns with the clean energy transition while leveraging strong geopolitical tailwinds for securing domestic supply, Fortune’s current momentum may represent a compelling entry point ahead of key permitting and construction milestones.

SP

Share Price-- -Aug.12, 2025-TSXV (FT) —CAD 0.08

52 week-- ----high-0.11, low-0.04

P/B…………..                3.8x

Market Cap-               44.3M

"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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