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Fortune Minerals Limited

Fortune Minerals Limited

Fortune Minerals Limited


Requirement:Equity investment

Mineral Species:Cobalt, Gold, Bismuth, Copper

Want to know

Project Details

Fortune Minerals Limited (TSX: FT | OTCQB: FTMDF) is a North American development stage mining company and past producer. Fortune is currently focused on advancing the vertically integrated NICO cobalt-gold-bismuth-copper project, comprised of a proposed mine and mill in the Northwest Territories that will produce a bulk concentrate for shipment to a refinery that the Company plans to construct in southern Canada.


Fortune also owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the Northwest Territories, and maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia that were previously purchased by a British Columbia Crown corporation.




NICO Cobalt-Gold-Bismuth-Copper Project


Location: Located 160 km northwest of Yellowknife & 50 km north of Whati, Northwest Territories (NWT). 5,140 Ha leases in Tlicho Indigenous Territory.



Mineral Reserves


100% owned by Fortune Minerals. 1.1 million ounces of gold & 12% of global bismuth reserves. 33 Million Metric Tonne (t), 20-year Mineral Reserve.


Average Annual Production 1st 14 years of 20-year mine life (2020 Mine Plan)

Ÿ   ~1,800 t/yr of cobalt in battery grade cobalt sulphate

Ÿ   ~47,000 ozs/yr of gold in doré bars

Ÿ   ~1,700 t/yr of bismuth in ingots & oxide

Ÿ   ~300 t/yr of copper in cement precipitate



Development Status


Ÿ   Underground test mining in 2006 & 2007;

Ÿ   Several pilot plants conducted at SGS Lakefield Research between 2007 & 2010;

Ÿ   2008-2010, ~200 t of ores processed in continuous pilot plants testing NICO mill & refinery unit operations;

Ÿ   Environmental Assessment (EA) approval for mine & mill;

Ÿ   2014 Feasibility Study;

Ÿ   Key project enabler with completion of Tlicho Road in 2021.


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Investment Highlights


Ÿ   2030 forecasts cobalt demand between 275,000 & 400,000 t;

Ÿ   Near shovel-ready Canadian primary cobalt project in market of rising demand & supply chain concerns;

Ÿ   1.1 million ounces of gold & 12% of global bismuth reserves;

Ÿ   Satellite Sue-Dianne copper-silver-gold deposit;

Ÿ   Proven management team with northern experience



Fortune is positioned to become a reliable producer of these products that are critical to a growing world economy and otherwise subject to supply chain risks from political and/or policy uncertainty and concentration of supply.