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Fortune Minerals Limited

Fortune Minerals Limited (FT)

0.04
0.005
(14.29%)
Closed April 21 4:12PM

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Key stats and details

Current Price
0.04
Bid
0.035
Ask
0.04
Volume
168,666
0.035 Day's Range 0.04
0.025 52 Week Range 0.06
Market Cap
Previous Close
0.035
Open
0.035
Last Trade
2000
@
0.04
Last Trade Time
Financial Volume
-
VWAP
-
Average Volume (3m)
291,255
Shares Outstanding
499,644,000
Dividend Yield
-
PE Ratio
-7.02
Earnings Per Share (EPS)
-0.01
Revenue
129k
Net Profit
-2.85M

About Fortune Minerals Limited

Sector
Bitmns Coal Undergrnd Mining
Industry
Bitmns Coal Undergrnd Mining
Headquarters
London, Ontario, Can
Founded
1970
Fortune Minerals Limited is listed in the Bitmns Coal Undergrnd Mining sector of the Toronto Stock Exchange with ticker FT. The last closing price for Fortune Minerals was $0.04. Over the last year, Fortune Minerals shares have traded in a share price range of $ 0.025 to $ 0.06.

Fortune Minerals currently has 499,644,000 shares outstanding. The market capitalization of Fortune Minerals is $19.99 million. Fortune Minerals has a price to earnings ratio (PE ratio) of -7.02.

FT Latest News

L'OCRCVM permet la reprise de la négociation - FT

L'OCRCVM permet la reprise de la négociation - FT Canada NewsWire TORONTO, le 24 mai 2023 TORONTO, le 24 mai 2023 /CNW/ - Reprise des négociations pour : Société : Fortune Minerals...

IIROC Trade Resumption - FT

IIROC Trade Resumption - FT Canada NewsWire TORONTO, May 24, 2023 TORONTO, May 24, 2023 /CNW/ - Trading resumes in: Company: Fortune Minerals Limited TSX Symbol: FT All Issues: Yes Resumption...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10.00514.28571428570.0350.040.031835540.03769731CS
40.00514.28571428570.0350.040.0256194310.03326643CS
120.00514.28571428570.0350.040.0252912550.03434836CS
26000.040.060.0252227010.03711613CS
52-0.01-200.050.060.0251932500.03982497CS
156-0.13-76.47058823530.170.1750.0251667950.08552285CS
260-0.07-63.63636363640.110.270.0251979960.09379411CS

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FT Discussion

View Posts
Edgenation Edgenation 2 weeks ago
Got in @ $0.035 cdn on Friday and will be adding. These guys are getting some good government funding to mine in the Northwest Territories. This will help get the precious metals for the electric car agenda push.
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Jimmy Play Jimmy Play 2 years ago
Volume is rising and good news from private investors.
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brogers_1 brogers_1 5 years ago
What up with the gain today? No news. . .
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HorizenBull HorizenBull 6 years ago
Wtf the sell off all about?!
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technichart technichart 6 years ago
Recent article mentioning Fortune Minerals: http://m.scmp.com/business/commodities/article/2149027/china-goes-all-out-secure-lithium-cobalt-supplies-key
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HorizenBull HorizenBull 6 years ago
Great info in that presentation. Thanks
Fortune got their shit together
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technichart technichart 6 years ago
Good video on Fortune by CEO at Canadian Mining Symposium last month:
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technichart technichart 6 years ago
More on TASR:

https://cabinradio.ca/5824/news/all-season-road-to-whati-given-approval-despite-concerns/
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technichart technichart 6 years ago
Great article out today. Last section covers FTMDF. Look for section titled: SOURCING COBALT CLOSER TO HOME.

http://www.chemengonline.com/lithium-battery-demand-drives-process-evolution-cobalt-li-ion/?printmode=1
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HorizenBull HorizenBull 6 years ago
Awesome news. Cheers
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technichart technichart 6 years ago
Great news: TASR clears major milestone:

http://www.cbc.ca/news/canada/north/tlicho-winter-road-green-lit-1.4601011
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HorizenBull HorizenBull 6 years ago
https://finance.yahoo.com/news/fortune-minerals-provides-nico-project-180800831.html;_ylc=X1MDMTE5Nzc4NDE4NQRfZXgDMQRfeXJpZAM5ZWFsNnBoZGJxaDZhBGcDZFhWcFpEeHVjejQxTmpFeU1UVTFNQzB3WVdFMkxUTXlORFl0WVdRek9DMWpaRFUyTTJFNU5ESXdZMk4xZFdsa1BHNXpQa1pVTGxSUA0KBGxhbmcDZW4tVVMEb3JpZ19sYW5nA2VuBG9yaWdfcmVnaW9uA0NBBHBvcwMwBHJlZ2lvbgNVUwRzeW1ib2wDRlQuVE8-?.tsrc=applewf
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HorizenBull HorizenBull 6 years ago
https://finance.yahoo.com/news/fortune-minerals-provides-nico-project-
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technichart technichart 6 years ago
TASR and NICO discussed in recent article: http://s1.q4cdn.com/337451660/files/doc_downloads/articles/180301-Construction-North-of-60-Electrifying-time-for-Tlicho-Road.pdf
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technichart technichart 6 years ago
Cobalt price now at $95,250/MT = $43.20/lb: https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=0
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technichart technichart 6 years ago
Cobalt price now at $90,250/ MT = $41.94/lb: https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=0
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technichart technichart 6 years ago
Cobalt price now at $88,250/MT or $40.03/lb: https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=0
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HorizenBull HorizenBull 6 years ago
Stripping over-burden has begun
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technichart technichart 6 years ago
Cobalt now trading at $38.22/lb ($84,250/MT): https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=0
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Wolfman10 Wolfman10 6 years ago
Just read an article that there is a 5 year projected cobalt shortage coming and the democratic republic of Congo has 60% of proven reserves. This should be enough to get the road and financing for NICO! Stock once traded about 3 bucks mining copper and gold but this they will have cooper gold and cobalt could see 5 bucks.....accumulate
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Wolfman10 Wolfman10 6 years ago
Meant proven reserves not unproven
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Wolfman10 Wolfman10 6 years ago
Just read this article and did the math. Fortune owns NICO which has about 5 billion unproven reserves half or more in cobalt used in lithium ion batteries but their market cap in about 60 million? Lol. Even if the can’t start up mining which doesn’t seem like a problem they can sell it to the big boys and make a mint. 20 cents seems too low. Even with the uncertainty it should be a buck and when the mine starts up 2-5 bucks a shares would be fair value depending on how high cobalt gets.

3 Well-Valued Cobalt Miners To Buy Right Nowhttp://www.seekingalpha.com/article/4138649
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technichart technichart 6 years ago
Cobalt now at $36.51/lb ($80,500/MT):

https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=0
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HorizenBull HorizenBull 6 years ago
Phase 1 construction of the “road” has been narrowed down to 3 contractors.
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HorizenBull HorizenBull 6 years ago
Cheers
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technichart technichart 6 years ago
TD Ameritrade shows 333.44 million shares. Not sure about float.
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HorizenBull HorizenBull 6 years ago
Whats the OS and float here anyone?
TIA
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technichart technichart 6 years ago
The Case For Canadian Cobalt Companies
http://www.seekingalpha.com/article/4137525
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technichart technichart 6 years ago
https://www.google.com/amp/amp.dailycaller.com/2018/01/03/california-lawmaker-introduces-bill-to-ban-gas-powered-cars-by-2040/
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technichart technichart 6 years ago
https://www.google.com/amp/s/www.wsj.com/amp/articles/miners-wager-on-a-charge-in-demand-for-canadian-cobalt-1514808002
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TheBigMozey TheBigMozey 6 years ago
FTMDF Racking up new 52 week highs today.
No news releases - wonder what's going on?
What lit the fire under this one the last couple days?
Well, rock on, baby!
Happy trading.
Cheers
FTMDF
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TheBigMozey TheBigMozey 6 years ago
FTMDF - new 52 week high before the open.
Could be another strong day for FTMDF
Rock on!!
Happy trading!
Cheers
FTMDF
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TheBigMozey TheBigMozey 6 years ago
FTMDF - Barcharts, 100% buy, a beautiful chart if I ever saw one!!
https://www.barchart.com/stocks/quotes/FTMDF/opinion
New 52 week high.
Wonder what's gotten under this little lift off ?
Happy trading
Cheers
FTMDF
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TheBigMozey TheBigMozey 6 years ago
FTMDF - new 52 week high
Might be something coming down the pike, or people just interested in their mine?
Rock on, FTMDF
Happy trading
CheersFTMDF
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BKMUC BKMUC 6 years ago
Looking good, now! 11% up! Something huge is coming?
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technichart technichart 6 years ago
Cobalt at Bid/Ask: 75,000/75,100 per MT ($34.06/lb)

https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=0
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BKMUC BKMUC 6 years ago
IMO huge news are around the corner!
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BKMUC BKMUC 6 years ago
Soungs good. Fortune is already up 10% today!
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BKMUC BKMUC 6 years ago
Nice move today. Already 10% up!
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BKMUC BKMUC 6 years ago
Looks like something's up here!
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technichart technichart 6 years ago
Today's cobalt price B/A: $69,500/$70,000 per MT ($31.50/$31.75)

https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=0

On November 9 FTMDF made this comment in a press release:

"The current price of cobalt metal is approximately US$30 per pound, well above the US$16 per pound used in Fortune's 2014 Feasibility Study"

https://www.bloomberg.com/press-releases/2017-11-09/fortune-examines-higher-production-rate-in-nico-feasibility
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technichart technichart 6 years ago
Now it's $68,500/mt

http://www.infomine.com/investment/metal-prices/cobalt/1-year/
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technichart technichart 6 years ago
Thanks! When BMW decided it was strategic to begin building vehicles using carbon fiber, they did a JV with SGL and invested heavily in infrastructure to produce carbon fiber and convert it into automotive components to thereby becoming highly integrated in the conversion process. I see such an opportunity at this point in time where it makes sense to bring in a strategic partner and end user.
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Chelski Chelski 6 years ago
http://www.mining.com/web/volkswagens-talks-cobalt-producers-end-without-deal/
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Chelski Chelski 6 years ago
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2017-11-27/dispute-at-congo-cobalt-mine-heads-to-court-halts-metal-supply
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technichart technichart 6 years ago
Anyone aware of the reason behind the moves this week?
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n3m3sis n3m3sis 6 years ago
Fortune examines higher production rate in NICO feasibility

Accelerating cobalt demand in lithium-ion batteries for electric vehicles is driving decision to examine the feasibility of expanding production by 20 to 30% to produce more cobalt units

Issued Capital: 302,085,257

LONDON, ON, Nov. 9, 2017 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce a change in scope for the updated Feasibility Study in progress for its 100% owned NICO Cobalt-Gold-Bismuth-Copper Project in Canada ("NICO Project"). Responding to positive feedback from potential strategic partners, Fortune is examining the feasibility of a 20 to 30% increase in the planned NICO production rate over the 4,650 metric tonnes ("t") of ore per day used in the previous 2014 Feasibility Study and produce between 1,700 and 2,000 t of cobalt units per year in a battery grade cobalt sulphate heptahydrate.

Robin Goad, President and CEO of Fortune commented, "Transformative electrification of the automotive industry is accelerating as cost parity with internal combustion engines is being reached and as more governments announce future bans on gasoline and diesel-powered vehicles. Forecasts of electric vehicle adoption are increasing with estimates of up to 25% penetration of global vehicle sales by the mid 2020's. Fortune is increasing its planned cobalt production to in response to the growing cobalt supply chain bottleneck".

The NICO Project consists of a planned mine, mill and concentrator in the Northwest Territories and refinery near Saskatoon where concentrates will be processed to cobalt sulphate, gold, bismuth, and copper. NICO has already been assessed in a positive Feasibility Study in 2014, which is being updated by Hatch Ltd. ("Hatch"), P&E Mining Consultants Inc. ("P&E") and Micon International Limited ("Micon") using updated costs, commodity price and exchange rate estimates, and recent project improvements, including the examination of the proposed expanded production rate. NICO has received environmental assessment ("EA") approval and the major mine permits for the facilities in the Northwest Territories and EA approval for the refinery in Saskatchewan. NICO is attracting attention from potential partners that need reliable supplies of ethically procured cobalt with preference for a Canadian primary producer with supply chain transparency and custody control of metal from a vertically integrated project. Fortune has engaged PricewaterhouseCoopers Corporate Finance Inc. ("PwC") to arrange the project financing for the construction and operation of the project through a combination of strategic partnerships, debt and equity.

Highlights of Items Being Examined in the Updated Feasibility Study:

Accelerating demand for lithium-ion batteries in electric vehicles and stationary storage;
Examining a response to market demand with a 20 to 30% increase in the planned production rate and annual cobalt production of between 1,700 and 2,000 t per annum;
Mineral Reserves being updated using higher cobalt prices and greater economies of scale from a higher production rate;
Mine plan and schedule optimization to increase cobalt and gold production in early years of the mine life;
Grade control and stockpiling strategy to better align bismuth output with market conditions as they evolve within a growing green economy;
Additional metallurgical testwork completed to improve process for manganese removal from cobalt sulphate and indicating a potential cobalt recovery improvement;
Improved copper cementation process;
Design engineering and cost estimation proceeding for expanded production rate;
Project Execution Plan being refined to construct the Northwest Territories facilities using existing winter roads and align mine operations with the timeline for availability of the government road to Whati;
Cobalt Market
Cobalt is an essential commodity used in the manufacturing of cathodes in lithium-ion batteries to store energy in portable electronic devices, electric vehicles ("EV's") and stationary cells for the electrical grid. Battery demand has driven cumulative annual growth in the market of approximately 6% over the last 20 years and production of refined cobalt is now approximately 110,000 t per year. Adoption rate forecasts for EV's are accelerating and between 12 and 25% of all vehicles sold by 2025 are projected to be electric according to analysts, major automotive manufacturers and parts suppliers. Exane BNP Paribas has indicated that it anticipates cobalt demand to triple during this period to 300,000 t as the world moves to a less carbon intensive green economy. Current worldwide government policy shifts aimed at reducing greenhouse gas emissions are being imposed to mitigate the impacts of climate change with intensifying policies to increase EV's and renewable energy from wind and solar generation and off-peak charging of the electrical grid. Cobalt is also used in superalloys for aerospace applications, high strength alloys for cutting tools and cemented carbides, permanent magnets, surgical implants, pigments, catalysts, and additives in food and agricultural products.

As the demand for cobalt grows there are also concerns about limitations on current supply due to geographic concentration of mine and refinery production in countries with political instability and/or policy risks. Ethical sourcing of raw materials has also become an issue that can damage the brands of major automotive, electronics and technology companies from suppliers with poor labour and environmental practices. With 98% of non-artisanal cobalt supply currently produced as a by-product of copper and nickel mining there are concerns about producers being able to respond to demand growth when production criteria are focused on the primary metals. The cobalt market has transitioned into deficit and shortages of supply are expected to persist for the foreseeable future with few new deposits in the development stream. The current price of cobalt metal is approximately US$30 per pound, well above the US$16 per pound used in Fortune's 2014 Feasibility Study and more in line with the US$25 per pound, 20-year inflation adjusted average price reported by Commodities Research Unit ("CRU"). New cobalt deposits are required as the market enters its most significant demand pull in history.

The existing NICO Mineral Reserves also contain 1.1 million ounces of gold and approximately 12% of global bismuth reserves. Bismuth is an Eco-metal used in the automotive and pharmaceutical industries and as a non-toxic environmentally safe replacement for lead in solder, steel, brass and aluminum alloys needed in a growing green economy.

Mineral Reserves
The Proven and Probable Mineral Reserves for the NICO deposit were determined for the Company's 2014 Feasibility Study and are 33.1 million t containing 82.3 million pounds of cobalt (37k t), 1.11 million ounces of gold, 102.1 million pounds of bismuth (46k t) and 27.2 million pounds of copper (12k t) (see Fortune's news release dated April 2, 2014 for details). The Mineral Reserves were sufficient to support a 21-year mine life at the 4,650 t of ore processed per day in the 2014 Feasibility Study. Several million tonnes of marginally sub-economic mineralized material were also identified in 2014 that would be stockpiled for processing during periods of higher metal prices. Mineralized material was also identified beneath the open pit design, but was insufficient to warrant a push back of the pit high wall and deepening of the pit or the additional development work required to mine it from underground at that time. At today's higher cobalt prices and greater economies of scale through an increased production rate, Fortune expects to be able to apply a mine cut-off net smelter return ("NSR") value that may make some of this higher grade mineralized material economic to process. Accordingly, the Mineral Reserves are being updated by P&E for the updated Feasibility Study.

Mine Plan and Schedule
The Mine Plan and Schedule for the updated Feasibility Study will examine the feasibility of a 20 to 30% increase in production rate and economies of scale from a larger mining and processing rate. The Mine Schedule is also being optimized to target cobalt-rich parts of the deposit in earlier years of the mine life to increase revenues, accelerate payback, and maximize cobalt production to address market demand and the needs of potential strategic partners. The pit design is not expected to change significantly because any additional mill feed will likely be generated from lower grade mineralized material within the pit shell that may become economic in the updated Mineral Reserve statement.

A grade control and stockpiling strategy will also be pursued to schedule ores through the process plant that are better aligned with metal market conditions. Specifically, lower grade ores will be stockpiled to defer processing until later in the mine life and align processing of bismuth-rich ores with market demand as it evolves in a growing green economy focused on environmentally safe metals and its unique physical properties.

Metallurgical Testwork
The processing of NICO ores has already been verified by pilot plant tests validating the flowsheet, metal recoveries and producing a high quality cobalt sulphate heptahydrate meeting the specifications of lithium ion battery manufacturers. Two metallurgical testwork programs were recently conducted at SGS Lakefield Research Limited to address gaps identified in the previous 2014 Feasibility Study. This testing indicates that the sequencing for manganese removal prior to cobalt sulphate heptahydrate crystallization can be changed without impacting cobalt recovery, and there is potential for a cobalt recovery improvement, subject to confirmation from METSIM modelling now in progress by Hatch. The results are also providing the information needed for equipment sizing, detailed engineering, and costing. An improved copper cementation flowsheet was also tested and confirmed for the updated Feasibility Study.

All-Season Road
Earlier this year, the Canadian, Northwest Territories and Tlicho governments announced conditional approval of federal funding for 25% of the construction costs for an all-weather road to the community of Whati through the P3 Canada Fund (See Fortune's January 12, 2017 News Release). In September, the Government of the Northwest Territories announced that it had completed the Request for Qualification phase for Private-Public-Partnership ("P3") funding for the remaining 75% cost of the road. Three consortiums of Canadian and International firms were short-listed to participate in the Request for Proposal stage commencing in December and submit bids to design, build, finance, operate and maintain this road and be repaid over time with interest by the Northwest Territories Government (see Fortune's September 19, 2017 News Release). Fortune has already received EA approval to build a 50km spur road from Whati to the mine site and the cost for the construction of this spur was included in the 2014 Feasibility Study. Fortune is now planning to construct the NICO mine, mill and concentrator from the existing winter ice road in order to align mine operations with the timeline for availability of the government road and mitigate schedule uncertainty.

Feasibility Study Update
The scope of the updated Feasibility Study was initially based on a simple re-statement of economics of the 2014 Feasibility Study based on current costs and updated commodity price and exchange rate estimates. No significant new engineering was required for this scope because the requisite engineering had already been largely completed in the Company's 2012 Front-End Engineering and Design ("FEED") and 2014 Feasibility studies. With the new plan to examine increasing production by 20 to 30% over the previously contemplated 4,650 t of ore processed per day, additional engineering will now be required to support the economic analysis and produce engineered designs to support project financing efforts and strategic partner due-diligence. Although it is expected that the higher production rate will increase capital costs for the development of the NICO Project, sensitivities prepared for the Company to assess the impact of such costs against the economies of scale of a larger project and an optimized mine plan schedule, indicate that this change may be warranted. The higher cobalt production target is also responding to the feedback received from a number of potential strategic partners interested in participating in the development. While these scope changes will delay completion of the updated Feasibility Study, they are not anticipated to impact the construction timeline for the project, which will be primarily subject to receipt of Project Financing.

About NICO
NICO is a planned Canadian, vertically integrated, primary producer of cobalt with supply chain transparency and uninterrupted custody of metal from ore through to the production of battery chemicals, gold, bismuth and copper. The existing 2014 feasibility study proposes that the NICO deposit will be mined primarily by conventional truck and shovel open pit methods. In the 2014 Feasibility Study, approximately one eighth of the process feed during the first two years of operations was planned to be mined using underground blast hole open stoping to process higher margin ores from deeper in the deposit in early years of the mine life. Most of the pre-production development for the underground portion of the mine has already been established from previous test mining operations.

Processing of ores in the proposed NICO mill and concentrator will be by simple flotation to produce a bulk concentrate containing the recoverable metals. The concentrate will be filtered, bagged and trucked to the rail head at Hay River for delivery by train to the Company's planned refinery straddling the Canadian National Railway near Saskatoon. The refinery will recover metals from the concentrate using a combination of secondary flotation, followed by pressure and atmospheric acid leaching, electro-winning and precipitation of value-add metals and chemicals. Should the proposed 20 to 30% increase in production rate prove feasible, cobalt production would target 1,700 to 2,000 t of units per year in a cobalt sulphate heptahydrate.

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101. The Technical Report on the Feasibility Study referred to above, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, from which certain information in this press release has been extracted, has been filed on SEDAR and is available under the Company's profile at www.sedar.com.

About Hatch
Hatch has over six decades of business and technical experience in the mining, energy, and infrastructure sectors. The firm has 9,000 staff with experience in over 150 countries and is well known for the design and construction of mineral beneficiation process plants and supporting infrastructure, including projects in remote and cold climate regions and Arctic regions of Canada.

About P&E
P&E provides geological and mine engineering consulting, Mineral Resource Estimate Technical Reports, Preliminary Economic Assessments and Pre-Feasibility Studies and is affiliated with major Toronto based consulting firms for the purposes of joint venturing on Feasibility Studies. P&E's team has experience in geological interpretation, 3D geologic modeling, Technical Report writing, Mineral Resource and Mineral Reserve Estimates, property evaluations, mine design, production scheduling, operating and capital cost estimates and metallurgical engineering.

About Micon
Micon is a mining consultancy providing independent professional advice to mining companies and their providers of capital, law firms and government agencies worldwide. Micon is staffed by senior mineral industry consultants with extensive international experience in the fields of geology, mining engineering, metallurgy, processing, environmental management, market analysis and mineral economics.
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n3m3sis n3m3sis 7 years ago
Fortune Minerals Reports All-Season Road Milestone




Fortune Minerals Limited has added a new press release to its web site. For full details please visit the Fortune web site at:

Fortune Minerals Reports All-Season Road Milestone

Critical Enabler for NICO Mine Operations Advancing to RFP Stage

Issued Capital: 302,085,257

LONDON, ON, Sept. 19, 2017 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) reports that the Government of the Northwest Territories ("GNWT") has recently announced completion of another milestone toward construction of the Tlicho All-Season Road ("TASR") to the community of Whati. GNWT Minister of Finance, Robert C. McLeod, stated in March 2017 that, "Construction of the Tlicho All-Season Road is a priority of the 18th Legislative Assembly. The project is a critical piece of infrastructure that will result in significant benefits for the Tlicho region and facilitate growth for the NWT economy." Fortune has already received environmental assessment ("EA") approval to construct a spur road from Whati to its proposed NICO mine site as part of its proposed development. All-season road access is required for mine operations to allow metal concentrates to be transported south for processing.

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The GNWT announced that it has completed the Request for Qualification phase of the proposed Private-Public-Partnership ("P3") to design, build, finance, operate and maintain the TASR and has selected three consortiums of large Canadian and International firms to advance to the Request for Proposal ("RFP") stage, subject to progress of the EA. Earlier this year, the Canadian, GNWT and Tlicho governments announced conditional approval of federal funding for 25 per cent of the construction costs for the TASR through the P3 Canada Fund (See Fortune's January 12, 2017 News Release). The winning consortium will fund the remaining 75 per cent of the cost of the road and will be repaid with interest over the life of the contract by the GNWT.

Fortune's NICO Cobalt-Gold-Bismuth-Copper development consists of a planned mine, mill and concentrator in the Northwest Territories ("NWT") and refinery in Saskatchewan where it will process concentrates to value-added products. When NICO is developed, Fortune will be an important new producer of battery grade cobalt sulphate to the rapidly expanding lithium-ion rechargeable battery industry and support the use in portable electronic devices, transformative automotive electrification, and stationary storage cells enabling renewable energy for base load and off-peak charging from the grid. Fortune will also produce environmentally friendly bismuth metals and oxide needed in a growing green economy, as well as gold and minor amounts of copper. As a Canadian vertically integrated producer, Fortune will be able to demonstrate custody control of metals from ores through to the production of value added products. This will help mitigate the supply chain concerns that apply to the dominant supply of cobalt and bismuth from the Congo and China.

The NICO development project has already received EA approvals in the NWT and Saskatchewan. A 2014 Feasibility Study demonstrated attractive rates of return for the development and is currently being updated by Hatch Ltd. and Micon International Limited ("Micon") in order to revise capital and operating costs and assess the economics based on current commodity price and exchange rate assumptions. Fortune has engaged PricewaterhouseCoopers Corporate Finance Inc. ("PwC") to arrange the project financing through a combination of strategic partnerships, debt and equity.

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101. The technical report on the feasibility study referred to above, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, from which certain information in this press release has been extracted, has been filed on SEDAR and is available under the Company's profile at www.sedar.com.

About Fortune Minerals
Fortune is a Canadian mining company focused on developing the vertically integrated NICO cobalt-gold-bismuth-copper project in the NWT and a related refinery the Company plans to construct in Saskatchewan. Fortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of NICO and a potential future source of incremental mill feed to extend the life of the NICO mill. The Company also maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia that were purchased by a provincial Crown corporation.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the Company's plans to develop the NICO Project (including the Company's plans to secure project financing to start construction), the updated feasibility study for the NICO Project, anticipated growth in the lithium-ion rechargeable battery industry and plans for the construction of the TASR for operations at the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project, growth in the lithium-ion rechargeable battery industry and the proposed construction of the TASR, the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the Company may not be able to finance and develop NICO on favourable terms or at all, the updated feasibility study may take longer than anticipated and may not demonstrate improved economics for the NICO Project to the extent anticipated, the TASR may not be built within the anticipated time frame, the market for rechargeable batteries and the use of stationary storage cells may not grow to the extent anticipated, the future supply of cobalt may not be as limited as anticipated, the Company's production of cobalt and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

SOURCE Fortune Minerals Limited

Fortune Minerals Limited, Troy Nazarewicz, Investor Relations Manager, info@fortuneminerals.com, Tel.: (519) 858-8188, www.fortuneminerals.com
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Bluetick Bluetick 7 years ago
In the money we will be !....Holding tight to FTMDF, ECSIF, CTEQF and AMYZF. With electric cars and solar storage coming on strong, these metals will be in huge demand. I want to be early to the party....Bluetick
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n3m3sis n3m3sis 7 years ago
Nice Find Bluetick!

About time we heard something to lift this up.
The problem with this (and Frontier Lithium)is that they are not
yet in production. Investors want quick results, production reports etc these days and they will not be forthcoming for some while yet.

Still, keep the faith. The article shows that once FTMDF starts producing we will be in the money!
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