I was a sharehold of namaska... if anyone knows the story they will understand my reluctance to get into ft. I believe the NICO deposit has some merits. The management at fortune hasn't delivered shareholder value at all. Being a junior miner, dilution is par for the course. However, each time they dilute it hasn't yielded anything of substance long term. If management is relying on cobalt spot prices to move their stock, everyone should be worried. Fortune minerals has an option to buy a refinery. They still don't have money. They don't have a partner, and most importantly they don't have government dollars, at least in the amount that would show the company will move forward. Eblm, got 10mm from the government for a refinery.
JRV is a different beast that was able to make big bold moves. Shareholders have been rewarded as such even with over 1 billion shares.
I learned my lesson of chasing rockets. It never works. Not saying that I believe fortune could or couldn't yield great returns, but the reality is everything seems delayed.
Robin Goad should show some pride in his company, trade his compensation (over 300k) for shares. That would personally show me that he is a true believer in the company and would also illustrate that he isn't just bleeding current shareholders dry.
just my 2 cents- I will keep watching from afar. The drill results will dictate whether or not I see value here. Currently, and respectfully I do not see any reason in opening a position into a company that doesn't seem to have anything of substance that will move it forward.
I do hope for the best for all shareholders, but take it from my experience. I invested for over 5 years and broke even. When you factor in inflation and opportunity cost, I lost a lot. Thanks to the everything bubble I recovered with my other holding in baytex and crescent point.
NJ