Fortune Minerals Provides an Update of NICO Project Test Work, Rio Tinto Process Collaboration & Feasibility Study

Jan 08, 2025 13:00

LONDON, Ontario -- Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) ( www.fortuneminerals.com) is pleased to provide an update of ongoing work on the vertically integrated NICO cobalt-gold-bismuth-copper critical minerals project in Canada (“NICO Project”). The NICO Project is comprised of a planned mine and concentrator in the Northwest Territories (“NWT”) and a hydrometallurgical processing facility in Lamont County, Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products needed for the energy transition, new technologies and defense. Fortune has been awarded ~C$17 million of non-dilutive contribution funding from the U.S. Department of Defense (“DoD”), Natural Resources Canada (“NRCan”), and Alberta Innovates to help finance the work needed to bring the NICO Project to a project finance and construction decision (see news releases dated, December 5, 2023, and May 16, 2024). Development of the NICO Project would provide a reliable North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper precipitate enhancing domestic supply chains for three metals identified on the Canadian and U.S. Government critical minerals lists and a highly liquid and countercyclical gold co-product to mitigate metal price volatility. Read More

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Fortune Minerals Provides an Update of NICO Project Test Work, Rio Tinto Process Collaboration & Feasibility Study