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Fortune Minerals Limited. T.FT

Alternate Symbol(s):  FTMDF

Metals & Mining Industrial Metals & Minerals
Fortune Minerals Ltd is a Canadian mining and mine development company focused on developing the NICO Cobalt-Gold-Bismuth Copper Project in the Northwest Territories. The company plans to build a hydrometallurgical plant in southern Canada to process NICO metal concentrates. Fortune also owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life.


TSX:FT - Post by User

Fortune Minerals Limited. > Collaborating With Rio Tinto/Advancing Financing Initiatives
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Post by Allmanon Nov 07, 2023 11:02am
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Post# 35721506

Collaborating With Rio Tinto/Advancing Financing Initiatives

Collaborating With Rio Tinto/Advancing Financing InitiativesFrom Fundamental Research Nov 6 Report ...

  • Fortune’s NICO cobalt-gold-bismuth-copper project hosts the largest primary cobalt deposit in North America, and the world’s largest bismuth deposit. The U.S., EU, and Canada have identified cobalt and bismuth as critical minerals.
  • FT has an option to acquire a brownfield refinery site in Alberta, which can be modified into a refinery for producing cobalt sulphate, gold dor, bismuth ingots/oxides, and copper cement.
  • FT has attracted Rio Tinto (NYSE: RIO) to evaluate various processing methods to recover bismuth, and cobalt, from RIO’s Kennecott operations in Utah, and process at FT’s planned refinery in Alberta.
  • FT has $8.62M in debentures/loans maturing on December 31, 2023, prompting an urgent need for refinancing, and/or securing alternative financing solutions.In addition, FT has to raise funds to purchase the refinery site, and complete an updated Feasibility Study (FS). The company is in discussions with various strategic partners and government agencies. We note that securing immediate financing is vital for the company’s viability.
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