Fortune Minerals Ltd T.FT

Canada Critical Minerals Funding for Fortune Minerals

[Allman]

The Canada Critical Minerals Research, Development and Demonstration Program website has been updated to reflect FT Canada funding. What's not clear to me is if the CA$7.5 million awarded by the Natural Resources Canada Global Partnerships Initiative are funds to be sourced from the Canada Critical Minerals Infrastructure Fund or if its a separate program and additional funds will be provided from the Infrastructure Fund. In either case, additional significant funding* seems inevitable from the Infrastructure Fund and is likely pending current SGS testing and/or an updated Feasibility Study.

* up to $50 million per project for nongovernmental applicants, and up to $100 million per project for provincial and territorial governments
 
https://www.canada.ca/en/campaign/critical-minerals-in-canada/federal-support-for-critical-mineral-projects-and-value-chains/critical-minerals-research-development-and-demonstration-program.html

https://www.canada.ca/en/campaign/critical-minerals-in-canada/federal-support-for-critical-mineral-projects-and-value-chains/critical-minerals-infrastructure-fund1/critical-minerals-infrastructure-fund-contribution-funding.html

Cobalt Sulphate Process Pilot

Organization: Fortune Minerals Limited

Description: Pilot hydrometallurgical process to validate and optimize process conditions for the production of high-purity cobalt sulphate, bismuth ingots and blending of process streams; and the validation of gypsum by-product; as well as ensure the process residue is stable for safe disposal

Amount funded: $714,500

Status: Launched in November 2023; expected to be completed by March 2025

Critical Minerals: Cobalt, nickel

Location: Northwest Territories

*Building on this project, additional funding of up to $7.5 million from Canada’s Global Partnerships Initiative may be allocated to Fortune to help advance engineering for mine site and refinery infrastructure through the completion of its Front-End Engineering and Design study.

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Critical Minerals: Cobalt, nickel - WHEN did NICKEL enter the FRAY ? Status: Launched in November 2023; expected to be completed by March 2025   - it WILL BE TAKING MORE TIME than I 'expected' z173