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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Metals & Mining Industrial Metals & Minerals
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

Fortune Minerals Ltd > Interview
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Comment by ztransforms173on Aug 21, 2024 1:49pm
104 Views
Post# 36190255

RE:Interview

RE:Interview- they ONLY GOT USD 20 million {from US DOD GRANT MONEY} out of the USD 60 million CAPEX COST of UPGRADING and EXPANDING EXISTING COBALT REFINERY on Northern Ontario

- so they are SEEKING a FURTHER USD 40M in PROJECT FINANCING

- they are STILL TWEAKING the COBALT CIRCUIT to OPTIMIZE cobalt production SO their CHEMICAL PROCESS is STILL NOT YET COMPLETE

- however, they are PROCESSING RECYCLED mobile phone batteries to EARN INCOME and GIVE the REFINERY WORKERS OPERATIONAL EXPERIENCE

- it is interesting in that it PRIVATE EQUITY OUT OF New York that is SHOWING the MOST INTEREST

- ONE IMPORTANT DETAIL stands out:

* unlike Fortune Minerals, they are WILLING to SIGN OFFTAKE AGREEMENTS (like LG) WITHOUT REQUIRING STRATEGIC INVESTMENT in the COBALT REFINER corporate entity

z173

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