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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 southcountry2on Oct 08, 2022 5:36pm
141 Views
Post# 35014340

RE:anyone buying?

RE:anyone buying?Freedom, I'm just a small guy that wants to be a much bigger guy.  So I have been a big buyer since the construction of the road looked certain.  IMO, without a road, Nico would not have been built in a timely fashion.

My strategy is to acquire enough cheap shares so that if Nico became a reality, that it would make a meaningful impact on my finanical life.  Meaningful for me was about 250,000 shares.  Everyone would have a different number.

Now that I am up to that number, I see no prticular reason to go any higher AS OF TODAY.  However, events may change for the positive very quickly.   So if a financing deal is announced and if the share price begins to respond to that news .... I would then add to my totals even if the new share price was even perhaps 4X today. 

Why?  Two reasons.  #1 Even at 4X, I'd be averageing in against my large number of very cheap shares.  So my average price would then be much lower than 4X.  #2, All mining bets are risky.  But the risk that would still be farily substantial would be greatly reduced. 

To summarize.  I'm presently no longer a buyer because I already have enough shares to make a financial difference for me.  But if NICO is a go, and because I will be adding at such an early stage compared to the herd .... I will buy more.  I want to be significantly rewarded for some of the pain that ALL OF US have endured so far.
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