New Thoughts on NICOCheck out this article from bloomberg (Feb 22, 2022, Cobalt Powerhouse Doubles Down on Nickel).
I believe the reason you haven't seen more interest in NICO is because no one is really sure what the Cobalt demand is going to be 4-5 years down the road when NICO could hypothetically come on-line. Ideally they would be producing now, when prices are roaring, but that ship has sailed.
Given the scarcity of Cobalt, and the rise of electric car battery demand, it seems assured that new technology will be developed that minimizes Cobalt requirements. This is a big risk for investors. That, coupled with the terrible mining environment is the NWT makes it hard to find a partner.
Nico may be able to take advantage of the impending closure of the Diavik Diamond Mine (2-3 years down the road) and purchase mining equipment, crushers, drills, vehicles, structures, pipelines, processing equipment, spares, etc. for pennies on the dollar. Saving 100 million on construction costs could be a difference maker.
Overall though, Fortune needs to put together a coherent strategy and update the FS. IMHO, management appears to have done well over the years, but shareholders....not so much.