Fortune Minerals Ltd T.FT

Positive Measures for Mining in Budget 2024

[Allman]

Looks like the budget makes Fortune MIneral's NICO project that much more feasible ...

• Extending the Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) to include the cost of investments in eligible property used primarily (50 per cent or more of the production value) to produce qualifying critical minerals, and to make certain other adjustments to provide greater clarity to businesses involved in polymetallic extraction and processing. This responds directly and positively to a MAC concern with an original proposal of 90 per cent that would have severely limited the applicability, and therefore value, of the CTM-ITC to spur new mining and mineral processing investment.

https://www.newswire.ca/news-releases/positive-measures-for-mining-in-budget-2024-and-a-potential-blow-to-mineral-exploration-844110678.html

 

Background (from PDAC news release, Feb 5, 2024) ...

Our key concern is that to receive the credit, an operation must be ‘producing all or substantially all qualifying materials’ (i.e. 90% or more). Since this requirement does not reflect the type of mineral deposits that have formed in Canada, it will make the CTM-ITC inaccessible for nearly every domestic known deposit. To remedy this incongruency we recommend adjusting the eligibility threshold to ‘producing primarily’ qualifying materials (i.e. above 50%) with a gradual sliding scale reduction of the credit below this level

https://www.pdac.ca/docs/default-source/priorities/access-to-capital/flow-through-shares/pdac-commentary-on-the-ctm-itc-draft-legislation.pdf?sfvrsn=2615549f_2


Background (from Federal Government news release, April 5, 2023) ...

Clean Technology Manufacturing Tax Credit to cover 30 percent of costs in new machinery and equipment used to manufacture or process clean technologies and extract, process or recycle critical minerals.

https://www.canada.ca/en/environment-climate-change/news/2023/04/minister-guilbeault-highlights-the-big-five-new-clean-investment-tax-credits-in-budget-2023-to-support-sustainable-made-in-canada-clean-economy.html

[Tuckerthefox]

90% critical minerals. If it's by volume not value. We are in with bismuth alone not to mention cobalt, and I think we have copper listed as a critical mineral as well.  TTF

[ztransforms173]

- at CURRENT PRICES, GOLD will be BY FAR the LARGEST METAL VALUE COMPONENT of the Nico Project and GOLD is NOT CLASSIFIED as a CRITICAL MINERAL - so SLIDING SCALE CREDIT REDUCTION is VERY IMPORTANT z173

[Tuckerthefox]

You are correct on the value of gold being the highest. If it is based on volume then Bismuth and Cobalt would obviously be largest. Which is it? TTF