Fortune Minerals Ltd.

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Investor website: https://fortuneminerals.com/

About

Fortune Minerals Limited is a development stage mining and processing company focused on development of its 100% owned, vertically integrated NICO cobalt-gold-bismuth-copper critical minerals project in Canada. The NICO Project is comprised of a planned open pit and underground mine and concentrator in the Northwest Territories and a hydrometallurgical facility in Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products. The Company plans to make cobalt chemicals for the lithium-ion rechargeable battery industry, bismuth ingots for new environmental and high-technology applications, and copper cement with 1.1 million ounces of in-situ gold to mitigate critical minerals price volatility. The NICO Project stands out as a future North American producer of cobalt sulphate, gold doré, bismuth ingots, and copper cement to enhance domestic supply chains for three critical minerals to provide domestic supply chain resilience and security and help mitigate supply vulnerabilities. Fortune also owns the nearby Sue-Dianne copper-silver-gold satellite deposit located 25 km north of the NICO deposit and is a potential future source of incremental mill feed to extend the life of the NICO concentrator and Alberta Refinery. Fortune also owns other exploration projects in the Northwest Territories with critical minerals identified in surface mineralization and preliminary drilling.

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Mineral resource: Fortune has identified Mineral Resources totalling more than 60 million tonnes in the two deposits, including 33.1 million tonnes of Mineral Reserves contained in the NICO deposit. The Open Pit and Underground Mineral Reserves for the NICO deposit are 33.1 million metric tonnes containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper.
Projects: ["NICO Cobalt-Gold-Bismuth-Copper Project: The NICO cobalt-gold-bismuth-copper deposit and nearby Sue-Dianne copper-silver-gold satellite deposit are IOCG-class deposits with world class global analogues that commonly occur in clusters of world class mineral deposits. The NICO Project is a development stage vertically integrated asset comprised of a planned mine and concentrator in the Northwest Territories and a dedicated hydrometallurgical facility in Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products. Fortune has spent more than $150 million developing the NICO Project and has attracted more than $20 million of financial support from Canadian and U.S. governments to help advance the project to a construction decision. The NICO deposit was discovered by Fortune Minerals in 1996 using the IOCG model to guide its exploration. The NICO deposit is located in Canada’s Northwest Territories, within Tlicho Territory, approximately 160 km northwest of the City of Yellowknife and 50 km north of the community of Whati. The deposit is 22 km west of the Snare Hydro-Electric Complex and 400 road-km from the rail terminal at Enterprise, Northwest Territories. The NICO ores will be processed in a mill and concentrator constructed at the mine site with a throughput rate of 4,650 metric tonnes of ore per day. The NICO Mineral Reserves will support an ~20-year mine life with average annual production during the first 14 years of 1,800 metric tonnes of cobalt contained in 8,780 tonnes of cobalt sulphate heptahydrate, 47,000 troy ounces of gold, 1,700 metric tonnes of bismuth in metal ingots, and 500 tonnes of copper in a cement product.","Salkeld Lake Copper-Gold-Silver-lead-Zinc Deposit: Fortune Minerals owns a 100% interest in the Salkeld Lake copper-gold-silver-lead-zinc project situated on 116 ha of leased claims, 200 km north of Fort Smith, and 155 km north of the Talston River power dam. Two zones of base and precious metal mineralization are identified in trenches excavated on the Salkeld Lake property with sulphide mineralization hosted in fractured and sheared clastic sedimentary rocks of the Proterozoic Nonacho Group. The Shear-Hosted Zone trenches exhibit quartz veining and sheared sedimentary rocks with locally very high-grade copper-gold-silver-lead-zinc mineralization. Five holes were drilled to test the vertical continuation of this surface mineralization in 1967. The best hole intersected 4.6 metres averaging 1.89% copper, 1.36 ounces of silver per ton, 0.84% lead, and 3.02% zinc. The Stockwork Zone further to the northwest is exposed in outcrops and surface trenches. A total of 22 holes were drilled to test the vertical continuity of the disseminated copper mineralization hosted in fractured quartzites exposed at surface. The best holes intersected 12 metres averaging 2.02% copper, 5.5 metres averaging 2.93% copper, and 23.5 metres averaging 0.83% copper.","Camsell River Silver Royalty: Fortune Minerals owns a 1% net smelter return royalty (NSR) over 6 leased claim fractions, totalling 78 hectares in the Camsell River area south of Great Bear Lake. The leases are strategically positioned between three former high-grade silver mines in the former Eldorado mining district. Fortune sold the claims to Denedeh Investment Corporation who controlled the surrounding properties to enable a more comprehensive district scale exploration program but retains the royalty in the event of a discovery."]
Leadership: David Massola (Vice President, Business Development, Seasoned mining industry financial executive with decades of experience in large multinational mining and processing companies, junior mining companies, and developers, including significant work in Canada’s northern territories.)

Verified data last updated: 2026-08-14

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