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(www.investorideas.com
Newswire) a go-to platform for big investing ideas, including mining
stocks issues a news and trading alert for Fortune Minerals Limited
(TSX: FT)
(OTCQB: FTMDF).
The stock makes the TSX top percentage gainer list today on news,
currently trading at 0.1900
+0.0200 (+11.76%) on a volume of over 8.2 million shares. The stock
has a morning high of $0.2200.
Fortune is a Canadian mining and mineral processing company focused
on developing the NICO cobalt-gold-bismuth-copper project in the
Northwest Territories and Alberta. Fortune also owns the satellite
Sue-Dianne copper-silver-gold deposit located 25 km north of the
NICO deposit and is a potential future source of incremental feed to
extend the life of the NICO concentrator.
Fortune Minerals Limited announced that it has recently submitted
applications to two government agencies with programs supporting
domestic critical minerals development and supply chain
diversification. Fortune and the Tłıchǫ Government are forming a
joint venture for the development of an access road to the company’s
NICO cobalt-gold-bismuth-copper mine and concentrator in the
Northwest Territories (“NWT”) and have applied to the Critical
Minerals Infrastructure Fund (“CMIF”) for up to $50 million of
support to construct this spur road. Fortune has also responded to a
U.S. Department of War (“DoW”) Defense Industrial Base
Consortium (“DIBC”) Request for Project Proposals to address a
gap in domestic bismuth production. NICO is the largest deposit of
bismuth in the world, with approximately 12% of global reserves, and
the company’s planned hydrometallurgical facility in Alberta will
produce 99.99% pure bismuth ingot and oxide products. The
hydrometallurgical facility will also produce cobalt and copper
critical mineral products as well as gold as a countercyclical
co-product. If the government program applications are successful,
there is good potential to materially reduce the capital
requirements for the planned vertically integrated NICO development.
The NICO deposit in the NWT is within Tłıchǫ territory,
approximately 160 km northwest of the City of Yellowknife and 50 km
north of the community of Whatì where the territorial highway
system currently terminates. Fortune and the Tłıchǫ Government are
forming a joint venture to pursue CMIF funding to construct the spur
road to the company’s planned mine and concentrator. Fortune and the
Tłıchǫ Government will also evaluate the road’s potential to provide
an incremental extension of the all-season road toward the community
of Gamètì, improving access and delivery of services
and promoting future economic development in the central part of
Tłıchǫ lands. The joint venture is a good example of
government-to-government and industrial collaboration for the
development of important legacy mine infrastructure for community
benefit.
The DoW’s recent Request for Project Proposals prioritizes
thirteen critical minerals for financial support to expand domestic
processing capabilities, notably including bismuth, of which China
currently controls approximately 90% of refined production and is
restricting exports to Western countries. The objective of this new
DoW program is to incentivize the development of robust, resilient,
and secure domestic supply chains for the identified critical
minerals that are essential for national security and defense. The
DoW is seeking project proposals from DIBC members that address
critical gaps in domestic production capacity and processing for
which Fortune is well positioned with respect to bismuth. Fortune
has already secured U.S. government support to advance the NICO
Project to a construction decision through a Defense Production Act
(“DPA”) Title III award (see May 16, 2024, news release). The
support from the U.S. government was also partially matched with
contribution funding from the government of Canada through other
Natural Resources Canada (“NRCan”) programs.
Access to critical minerals has become a focus for Western countries
vulnerable to supply chain disruption for the key raw materials
needed by important industries for the energy transition, new
technologies, and defense. As a country with tremendous geological
endowment, Canada is positioning itself to help bridge the gap in
critical mineral supply and has entered into strategic partnerships
with allied countries to invest in new mines and processing
production. Western countries are investing in critical minerals
development to reduce their dependence on the current sources of
supply that are vulnerable due to geographic concentration of
production, political instability, policy risks from foreign
entities of concern, or poor environmental, social, and governance
(“ESG”) practices that are not aligned with western democratic
standards or values.
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