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 includes a planned open pit and underground mine and concentrator in the Northwest Territories and a hydrometallurgical facility in Alberta for processing concentrates into value-added products. The company aims to produce cobalt chemicals for lithium-ion batteries, bismuth ingots for environmental applications, and copper cement, with 1.1 million ounces of in-situ gold to mitigate critical minerals price volatility. Fortune also owns the Sue-Dianne copper-silver-gold satellite deposit and other exploration projects in the Northwest Territories.

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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. The Sue-Dianne In-pit Mineral Resources total 10 million tonnes, averaging 0.8% copper at a 0.4% copper cut-off value. An additional 14 million tonnes of potential Mineral Resources are identified outside of the pit shell, and the deposit remains open for potential expansion to the east and at depth.
Projects: ["NICO Cobalt-Gold-Bismuth-Copper Project: Fortune Minerals Limited’s 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. The Alberta Refinery will produce cobalt sulphate heptahydrate, gold doré, bismuth ingots, and copper cement, all of which have expanding market demand from traditional uses and new applications in the energy transition, high technology, environmental, and defence industries. The NICO deposit was discovered by Fortune Minerals in 1996 using the IOCG model to guide its exploration. The Company advanced this in-house discovery to a near construction-ready development stage asset with a positive Feasibility Study, the major mine approvals in the Northwest Territories, and a brownfield industrial site in Alberta’s Industrial Heartland Refinery that has been designated for heavy industry. 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 Project will be a reliable vertically integrated producer of three critical minerals (cobalt, bismuth and copper) with supply chain transparency and custody control of the contained metals from ores through their processing to value-added products. The 1.1 million ounces of in-situ gold is a highly liquid and countercyclical co-product. 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 where the territorial highway system currently terminates in this area. The deposit is 22 km west of the Snare Hydro-Electric Complex and 400 road-km from the rail terminal at Enterprise, Northwest Territories. Current access to the NICO site is via a 10-km extension of the government ice road to the community of Gameti, or by fixed wing or rotary aircraft from Yellowknife. Fortune plans to construct a 50 km long spur road from Whati to the mine for construction and operations. The road will enable concentrates from the mine to be trucked to Enterprise for transfer to rail and delivery to the Alberta Refinery for downstream processing. The NICO IOCG deposit is situated in the south part of the Great Bear Magmatic Zone, a tectonic subdivision of the Proterozoic Bear structural province of the Canadian Shield. The deposit is situated at and below an angular unconformity between Treasure Island Group metasedimentary rocks and overlying felsic volcanics of the Faber Group. The NICO deposit is associated with the emplacement of syn-volcanic porphyry dykes and related granitic plutons and is cut by transverse faults that splay from the nearby Wopmay Fault – a major crustal suture. NICO ores are hosted in three, 40–50-degree north dipping stratabound lenses of strongly altered ironstone breccias and microbreccias up to 1.3 km long, 550 metres wide, and with individual lenses up to 70 metres in true thickness. The recoverable metals are associated with the approximate 5% sulphide fraction consisting primarily of cobaltian arsenopyrite, cobaltite, bismuthinite, native bismuth, chalcopyrite, pyrite, pyrrhotite, and native gold. 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 mill will employ a primary jaw crusher, followed by secondary cone crushing, then high-pressure grinding rolls (HPGR) and vertical stir mills for ore comminution. Ground ore will be subjected to bulk flotation concentration with a low (~4%) mass pull that reduces the 4,650 tonnes of daily mill throughput to only ~180 metric tonnes of bulk concentrate per day containing the recoverable metals. The bulk concentrate will be filtered and bagged for truck and rail transportation to the Alberta Refinery for downstream processing. The significant reduction of the ore mass during flotation concentration is a significant economic attribute that reduces the amount of material that would need to be transported by truck and rail to Alberta and processed in the Company’s planned hydrometallurgical refinery. 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. Fortune expects to augment this production by processing other feed sources at the Alberta Refinery. The Company has a process collaboration with Rio Tinto that contemplates processing bismuth and cobalt intermediates produced from Kennecott Smelter wastes in Utah at the Alberta Refinery. Fortune is also investigating processing other feed sources at the Alberta Refinery and diversifying the facility with recycling residues, scrap, electronics, and battery waste materials.","Sue-Dianne Copper-Silver-Gold Deposit: Fortune Minerals Limited owns a 100% interest in the Sue-Dianne copper-silver-gold deposit located in the Northwest Territories within Tlicho Territory, ~25 km north of the NICO deposit and 75 km north of Whati. The deposit is situated on a 451-ha lease that Fortune acquired from Noranda in 1996 as part of a regional approach to exploration. The Sue-Dianne deposit occurs in a similar geological setting to the NICO deposit and is hosted in strongly iron oxide altered and brecciated ignimbrite of the Faber Group immediately above the volcanic unconformity with underlying Treasure Island Group metasedimentary rocks. The base of the deposit is intruded by the Faber Lake Rapakivi Granite Pluton, and the deposit is also associated with transverse faults that splay from the nearby Wopmay Fault. Sue-Dianne mineralization consists of iron-oxide cemented and potassium altered breccias and microbreccias with disseminated and fracture filling chalcopyrite, chalcocite and bornite copper sulphide minerals, pyrite and local molybdenite. The deposit is delineated by surface trenches and the assays from 61 drill holes intercepts. The Sue-Dianne In-pit Mineral Resources total 10 million tonnes, averaging 0.8% copper at a 0.4% copper cut-off value. An additional 14 million tonnes of potential Mineral Resources are identified outside of the pit shell, and the deposit remains open for potential expansion to the east and at depth.","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 two zones are separated by two kilometres overlain by a thin layer of overburden and bog material that may obscure a more substantial mineral deposit. 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. Gold was not assayed at that time, but subsequent sampling by Fortune identified grades up to 1.62 ounces per ton in selective grab samples. 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. Fortune entered into an option agreement with Teck Exploration in 1993, enabling the major to conduct further exploration of the Salkeld Lake property. Geological mapping and Induced Polarization geophysical surveys were carried out identifying anomalies indicative of sulphide mineralization in the area between the two known copper zones. A total of 8 holes were drilled to test these anomalies in 1994 and six of the holes identified low-grade copper, lead and zinc mineralization, including one hole averaging 1.38% copper over 2.38 metres. No further work was carried out, and the property was returned to Fortune.","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: Robin E. Goad (President & CEO, Professional Geoscientist with over 35 years of experience in mining and mineral development, founder of Fortune Minerals.), Patricia Penney (Interim CFO, Chartered Professional Accountant with 25 years of accounting and audit experience.), David Massola (Vice President Business Development, Experienced in mining with a 20-year career at BHP Group Limited and roles in various mining companies.), Richard Schryer (Vice President of Regulatory & Environmental Affairs, Aquatic scientist with over 30 years in mine permitting and environmental assessments.), Alex Mezei (Chief Metallurgist, Independent metallurgical consultant with 40 years of process engineering experience.), David Knight (Corporate Secretary, Former partner at WeirFoulds LLP specializing in securities law.), Troy Nazarewicz (Investor Relations Manager, Over three decades of capital markets experience including investment advising.)

Verified data last updated: 2026-08-07

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