PDAC UpdateOK guys, I spent a fair bit of time talking to Troy at PDAC, and just a brief comment with Mike Rommaniuk, the operations guy for Fortune. I was not able to talk with Robin, I did see him but he was heading off into a meeting with a bunch of suits, so he was unavailable. Here are the facts about Fortune and their prospects moving forward. All this stuff about Fortune being dumped by Teck is a crock of cow dung. The contract with Teck was coming to an end. Fortune negotiated witth several companies including Teck, but got the best offer from Glencore. All of their ore is being shipped there for processing. As of today, they have had 14 shipments of ore. The comments about there being 18 ounces of silver per concentrate is a complete fantasy and utter rubbish.
The company's cost per ounce including all financing costs is about $14.50 per ounce, therefore as long as silver remains above $16 they are fine. They are not making a lot of money, but they are fine. They are continuing to increase production at Revenue Silver, they are not at 400 tons of ore per day, but expect to be there in March.
The GNWT has stated that an announcement from the Federal Government on an increase in the GNWT borrowing limits is imminent (what that means for timing from the government is open to interpretation). When Fortune finds out, we will find out. The company has spoken with major companies regarding offtake agreements for the minerals from Nico, that includes GE and Tesla.
Of course, they are still waiting for a closing of a financial agreement as they are shovel ready and just need money to get the project moving. With companies like GE and Tesla getting involved, we are more likely to get a deal concluded. Unfortunately, patience is needed. Pay no heed to the doomsayers as they have posted very inaccurate and misleading information on this bulletin board.
As for the one main seller constantly dumping stock, (likely Rory Williams, not an insider and therefore does not need to report transactions), good news and a positive conclusion to financing Nico will clean him out and the stock will not be in the dumpster long, but the company needs to successfully conclude Nico financing and get Revenue Silver commissioned.