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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 Unfortunateon Apr 29, 2022 3:44pm
156 Views
Post# 34643472

RE:Might be time for a reverse split

RE:Might be time for a reverse splitIf Fortune reverse splits we'll be back at $.013 in short order but with a reduced market cap. This whole thing is basically an all or nothing play. The size and operational experience of the company simply can't advance the project in a way that will realize the underlying value of NICO. It would have happened by now, the battery train has been chugging along for many years now.

There just isn't the requisite track record and know-how of building mines or orchestrating high level financing to make it happen, and these guys are just too long in the tooth to learn now. The office of Fortune Minerals is some rooms in a house in a neighbourhood in London, Ontario. These aren't the people you cut a check for a half a billion dollars for. The company needs to be bought out or the cobalt will stay in the ground forever. There's no shame in this path, none at all. It happens all the time. The mine builders can build the mine, and we the share holders can what we've been waiting for. Goad et all get paid too.

All these announcements and all these government backed plans haven't moved the needle one bit forward. Infact both share price and volume are down lately. Even the speculators don't care to bid it up anymore like the last few times. We don't have the luxury of a few more years of drilling samples and feasiblity updates. This play is an hourglass filled with sand that only runs down.

Going for 25% of the value of NICO with an 75% chance of receiving it is vastly better than trying to get 75% of the value with a 0.025% chance of receiving it.
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