Fortune Minerals Limited
Capital Structure
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in mil. unless spec.Company Description
- CEO
- Robin Ellis Goad
- Full Time Employees
- 4
- Sector
- Non-energy minerals
- Industry
- Other metals/Minerals
- Address
- 617 Wellington Street London ON Canada N6A 3R6
- IPO Date
- May 31, 1994
- Website
- fortuneminerals.com
- Similar Companies
- Business
- Fortune Minerals Limited (FT.TO) is a Canadian development-stage mining company focused on advancing the vertically integrated NICO cobalt-gold-bismuth-copper project and exploring other mineral properties in the Northwest Territories. Incorporated in 1988 and headquartered in London, Ontario, the company targets critical minerals for energy transition, defense, and technology applications, including cobalt sulphate, gold doré, bismuth ingots, and copper cement produced from NICO mine concentrates at a planned hydrometallurgical refinery in Lamont County, Alberta; it also holds the nearby Sue-Dianne copper-silver-gold deposit as satellite feed potential, the Salkeld Lake exploration project, and net smelter royalty interests on Camsell River leases. Operations emphasize domestic North American supply chains for cobalt, bismuth, and copper, with gold as a countercyclical co-product to hedge price volatility, serving markets in rechargeable batteries, electric vehicles, medical products, automotive sectors, and stationary power storage. Recent developments include an amended option agreement with JFSL Field Services ULC to acquire a 77-acre brownfield industrial site in Alberta for the planned refinery, with installment payments totaling over C$3 million toward a C$6 million purchase price and a completion deadline extended into 2025; a C$1.25 million initial drawdown from a convertible securities funding agreement to support site payments and operations; a new C$3.8 million loan from Prosper NWT to facilitate the refinery site acquisition; and additional government funding from Canada and the U.S. for feasibility studies, process optimization test work validating cobalt, gold, copper, and bismuth recovery, and collaboration with Rio Tinto on extracting cobalt and bismuth from Utah smelter waste streams. In July 2025, Fortune secured a further convertible security agreement with The Lind Partners for C$3.774 million to advance project financing toward a 2026 mine construction decision. These initiatives position the NICO project, estimated at C$770 million total cost, for open-pit and underground mining with concentrator in the Northwest Territories and 18-month refinery construction timeline.
Company News
Fortune Minerals Announces Results of Annual and Special Meeting of Shareholders
Fortune Minerals Completes Cobalt Sulphate Test Work
Fortune Minerals Announces Additional Government Support to Help Purchase the NICO Alberta Refinery Site
Fortune Minerals Retains P&E Mining Consultants Inc. to Prepare the New Reserve Estimates, Mine Plan & Production Schedule for the Updated NICO Project Feasibility Study
Fortune Minerals Announces David Massola Has Rejoined the Company as Vice President Business Development
Fortune Minerals Announces New Convertible Security Agreement With the Lind Partners
Fortune Minerals Announces Results of Annual Meeting of Shareholders
Fortune Minerals Reports Successful NICO Project Bismuth Test Work Results for the Planned Alberta Refinery
Fortune Minerals Provides NICO Project Commodity Update
Fortune Minerals Provides an Update of NICO Project Test Work, Rio Tinto Process Collaboration & Feasibility Study
Fortune Minerals Announces Second Draw From Convertible Securities Agreement With The Lind Partners
Fortune Minerals Retains Worley to Update the NICO Project Feasibility Study and Alberta Site Permitting
Fortune Minerals Announces Results of Annual Meeting of Shareholders
Fortune Minerals Enters Into Convertible Securities Funding Agreement for up to C$10 Million With Lind Partners
Fortune Minerals Announces Government of Canada Funding for the NICO Critical Minerals Project
Fortune Minerals Announces U.S. Government Funding to Accelerate the NICO Critical Minerals Project Development
Fortune Minerals Announces Arrival of Samples at SGS Canada in Lakefield, Ontario for Metallurgical Testing
Fortune Minerals Extends Option to Acquire Alberta Refinery Site for the NICO Critical Minerals Project
Fortune Minerals Announces Government Funding to Advance the NICO Critical Minerals Asset in Canada
Fortune Minerals and Rio Tinto join forces to expand production of critical minerals cobalt and bismuth