Bismuth prices have tripled in recent weeks,
gold prices are at an all-time high, and the Congo has placed a
moratorium on the export of cobalt to support higher prices
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to comment on the recent
commodity price activity for the metals contained in its vertically
integrated NICO cobalt-gold-bismuth-copper critical minerals
project (“NICO Project”) in Canada. The NICO Project is a
development stage asset comprised of a planned open pit and
underground mine and concentrator in the Northwest Territories
(“NWT”) and a dedicated hydrometallurgical recovery plant in
Lamont County, Alberta (“Hydrometallurgical Facility”). The
Hydrometallurgical Facility will process concentrates from the
mine, and other feed sources, to produce value-added metals and
chemicals for the energy transition, new technologies and defense.
Development of the NICO Project would provide a reliable North
American supply of cobalt sulphate, gold doré, bismuth ingots, and
copper cement enhancing domestic supply chains for three critical
minerals and a highly liquid and countercyclical gold co-product to
mitigate metal price volatility.
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The 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 (12% of global
reserves) and 27.2 million pounds of copper to support a 20-year
planned mine life. The Company also owns the Sue-Dianne satellite
copper deposit, located 25 km north of the NICO Deposit.
Gold price approaching US$3,000 per ounce Recent
geopolitical issues and trade disputes are inflationary, resulting
in higher demand for safe haven assets like gold. Gold has been
trading at historic all-time high prices of more than US$2,900 per
ounce, providing a highly liquid co-product to help insulate
project economics from critical mineral price volatility.
Bismuth price up more than 300% to a 17-year high The
projected revenues from the NICO Project have historically been
primarily from cobalt and gold but NICO is also the largest deposit
of bismuth in the world with 12% of global reserves. The bismuth
price has more than tripled over the past few weeks and is
currently trading at prices of more than US$20 per pound. Bismuth
is identified on the Canadian and U.S. Government Critical Minerals
Lists having unique physical and chemical properties used in
important industrial, environmental and defense applications but
with supply chains that are vulnerable to disruption. China
controls approximately 90% of refined bismuth supply, which
threatens national security from geographic concentration of
production and policy risks. Notably, Bismuth is one of five
critical minerals that China recently imposed export restrictions
on due to ongoing trade disputes with the U.S. China’s bismuth
exports to the U.S. are assessed with a 25% tariff.
Bismuth is consumed in the automotive industry for glass and
steel coatings, paint and brake pads. It is also used to make low
melting temperature and dimensionally stable alloys, fire
depressant systems, cosmetics and pharmaceuticals. Bismuth
consumption is increasing as an environmentally safe and non-toxic
replacement for lead in brass, solder, free machining steel and
aluminum, glass, radiation shielding, ceramic glazes and
ammunition. Bismuth-tin alloy is used to make environmentally safe
plugs to properly seal and decommission oil and gas wells. Bismuth
is also used to make manganese-bismuth magnets, semi-conductors,
coolants and components used in some nuclear reactor designs,
rocket propellants, and alloys used to align jet engine and power
turbine blades.
Cobalt export moratorium in the Democratic Republic of
Congo On February 22, 2025, the Democratic Republic of Congo
(“DRC”) announced that it is suspending cobalt exports for
four months to rein in oversupply on the international market. The
government is also preparing other measures to help balance the
market and encourage domestic processing. The DRC produces about
three-quarters of the world’s cobalt mine supply, approximately 60%
of which is controlled by Chinese State-Owned Enterprises
(“SOE’s”), which also control 80% of global refined cobalt
and 90% of cobalt chemical supply. Overproduction and predatory
pricing have pushed cobalt to all-time inflation adjusted low
prices near US$10 per pound, down from US$40 per pound in 2022, and
causing some western producers to suspend operations. Western
governments have therefore been calling for price control actions
such as floor or two-tier pricing structures, tariffs, and/or bans
on government purchases of cobalt products from foreign entities of
concern. The DRC measures are expected to support higher cobalt
prices and help restore economic fundamentals to the market.
Cobalt is primarily used to make lithium-ion batteries to store
energy for electric-vehicles, portable electronics and stationary
storage cells. Cobalt is also used in superalloys for the aerospace
industry, cutting tools, cemented carbides, magnets, catalysts and
pigments.
NICO Project NICO is a polymetallic IOCG-type deposit
with four payable metals, reducing exposure to the price of any
individual metal and help insulate the project from price
manipulation. As a vertically integrated development, the NICO
Project is also not beholden to third-party owned downstream
process plants. Development of the NICO Project would provide a
vertically integrated domestic supply of three critical minerals
with supply chain transparency and custody control over the
contained metals from ores through to the production of value-added
products and help mitigate security of supply issues from foreign
entities of concern.
PDAC 2025 Fortune is participating at the 2025 annual
Prospectors and Developers Association Convention (“PDAC”)
being held at the Metro Toronto Convention Centre between March 2
and March 5, 2025. Please visit the Company’s booth #2837 in the
Investor Exchange to meet with management and discuss the Company’s
progress and outlook.
President and CEO, Robin Goad, will present the NICO Project at
the Canada Investment Forum hosted by Natural Resources Canada,
Invest in Canada, and Global Affairs Canada on Monday March 3rd.
Mr. Goad is also participating in a panel discussion hosted by the
U.S. Department of Commerce for their “Critical Minerals to Market:
Strengthening North American Critical Minerals Supply Chains” in an
off-site closed-door session.
For more detailed information about the NICO Mineral Reserves
and certain technical information in this news release, please
refer to the Technical Report on the NICO Project, 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 International
Limited which has been filed on SEDAR and is available under the
Company's profile at www.sedarplus.ca.
The disclosure of scientific and technical information contained
in this news release have been approved by Robin Goad, M.Sc.,
P.Geo., President and Chief Executive Officer of Fortune and Alex
Mezei, M.Sc., P.Eng. Fortune’s Chief Metallurgist, who are
"Qualified Persons" under National Instrument 43-101.
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the
NICO cobalt-gold-bismuth-copper project in the Northwest
Territories and Alberta. Fortune also owns the satellite Sue-Dianne
copper-silver-gold 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.
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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 exercise of the
option by the Company and the purchase of the JFSL site in order to
construct the proposed Hydrometallurgical Facility at the JFSL
site, the potential for expansion of the NICO Deposit and the
Company’s plans to develop 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 successful
completion of the Company’s due diligence investigations on the
JFSL site, the Company’s ability to secure the necessary financing
to fund the exercise of the option and complete the purchase of the
JFSL site, the Company’s ability to complete construction of a NICO
Project Hydrometallurgical Facility; the Company’s ability to
arrange the necessary financing to continue operations and develop
the NICO Project; the receipt of all necessary regulatory approvals
for the construction and operation of the NICO Project and the
related Hydrometallurgical Facility and the timing thereof; growth
in the demand for cobalt; the time required to construct the NICO
Project; and the economic environment in which the Company will
operate in the future, including the price of gold, cobalt,
bismuth, and other by-products, 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 complete the purchase of the JFSL
site and secure a site for the construction of a Hydrometallurgical
Facility, the Company may not be able to finance and develop NICO
on favourable terms or at all, uncertainties with respect to the
receipt or timing of required permits, approvals and agreements for
the development of the NICO Project, including the related
Hydrometallurgical Facility, the construction of the NICO Project
may take longer than anticipated, the Company may not be able to
secure offtake agreements for the metals to be produced at the NICO
Project, the Sue-Dianne Property may not be developed to the point
where it can provide mill feed to the NICO Project, the inherent
risks involved in the exploration and development of mineral
properties and in the mining industry in general, the market for
products that use cobalt or bismuth may not grow to the extent
anticipated, the future supply of cobalt and bismuth may not be as
limited as anticipated, the risk of decreases in the market prices
of cobalt, bismuth and other metals to be produced by the NICO
Project, discrepancies between actual and estimated Mineral
Resources or between actual and estimated metallurgical recoveries,
uncertainties associated with estimating Mineral Resources and
Reserves and the risk that even if such Mineral Resources prove
accurate the risk that such Mineral Resources may not be converted
into Mineral Reserves once economic conditions are applied, the
Company’s production of cobalt, bismuth 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250227526183/en/
For further information please contact: Fortune Minerals
Limited Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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