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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Fortune Minerals Limited is a mining company. It is engaged in the exploration and development of mineral properties in Canada. It is focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories and Alberta that produces a bulk concentrate for shipment to a refinery that it plans to construct in southern Canada. It also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 kilometers (km) north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator. It also maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia. It also has a 100% interest in these 116 hectares of property south of Great Slave Lake with copper, silver, gold, lead and zinc showings. It has a 1% net smelter royalty covering 78 hectares of land positioned in a former silver mining district, located south of the Eldorado mining district at Great Bear Lake.


TSX:FT - Post by User

Comment by MoneyMan123456on Jan 20, 2022 9:03am
127 Views
Post# 34336693

RE:RE:Reality check

RE:RE:Reality check

All, I wish you luck as your one man company strolls into the bank to get his 1 billion dollar loan for construction.  

At your current cash burn of 560,000 per month, plus accounts payable, you have about 1 year until you are out of cash and need additional financing.

No one here seems to be able to defend the financial outlook of the Nico mine.  Everyone relies on the idea that "there's lots of ounces in the ground" so it must be an amazing deposit.

If you believe the company can engineer, procure, construct, mine, concentrate and recover the contained metal for subtantially less then 145 $/ton process plant feed, then you should be thrilled with Fortune.  Don't forget interest on a 750 million dollar loan is over 50 million per year to the lender.

If not, then you should be concerned.

Will check back in once the drill results have been release.

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