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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

Post by MoneyMan123456on Mar 10, 2022 10:40am
128 Views
Post# 34502989

Get Outta the Way!

Get Outta the Way!Honestly I think that FT just needs to get out of the way and stop spending so much time and resources on figuring out how to mine and process Nico.

It is unlikely that a interested miner would want to be boxed into a particular mining and processing plan / strategy.  A competent miner wants to obtain the resource and optimize a mining and processing plan to maximize NPV, based on their knowledge and expertise.  

And practically it seems unlikely that FT will finance and construct NICO, so they should forget about all the fun desktop activities about planning and strategizing mining plans, and get on with the business of marketing the Nico asset.

The board should seriously put the asset up for sale and hold a sales/bidding process.  It is a very risky proposition that August could roll around and FT defaults on their loans.  The lenders would probably love to take the asset for cheap and auction it off for easy profits.

Seriously, can you believe the amount of money they spent bulk sampling and constructing related infrastructure on site.  That is something the player with big pockets does, not the junior that is trying to make mad money by selling a valuable asset.
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