What Fortune Minerals does

Fortune Minerals Limited is a Canadian development-stage mining company founded in 1988 and listed on the TSX (FT) and OTCQB (FTMDF). It is developing the 100% owned NICO Cobalt-Gold-Bismuth-Copper Project, a vertically integrated critical minerals asset comprising a planned open pit and underground mine and concentrator in the Northwest Territories (approximately 160 km northwest of Yellowknife, 50 km north of Whatì) and a dedicated hydrometallurgical refinery being built in Lamont County, Alberta's Industrial Heartland. The NICO deposit contains 33.1 million tonnes of Proven and Probable Mineral Reserves — including 82.3 million pounds of cobalt, 102.1 million pounds of bismuth (~12% of known global reserves, the largest known bismuth deposit in the world), 1.1 million ounces of gold, and 27.2 million pounds of copper — supporting a ~20-year mine life, with a target annual production profile of approximately 1,800 tonnes of cobalt (in ~8,780 tonnes of cobalt sulphate), 47,000 ounces of gold, 1,700 tonnes of bismuth ingot, and 300 tonnes of copper for the first 14 years.

Name

Fortune Minerals

Legal name

Fortune Minerals Limited

Website

https://fortuneminerals.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

1–10 employees

Short description

Fortune Minerals is a Canadian development-stage mining company developing the vertically integrated NICO cobalt-gold-bismuth-copper project — a planned mine in the Northwest Territories and hydrometallurgical refinery in Alberta — to supply critical minerals for lithium-ion batteries, defense, automotive, and industrial markets.

Ownership category

akta.pro rank

Product category

Critical Minerals Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (21222)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040)

akta.pro primary industry

Cobalt Mining & Refining (IMAKAFAC)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Critical Minerals Trading, Offtake & Marketing (IMAKAFAJ), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)

Keywords

• Cobalt mining production
• Bismuth critical minerals
• Gold doré processing
• Hydrometallurgical refining
• Vertically integrated mining

Headquarters

HQ city

London

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Infrastructure, Personnel, Operations, Others

Revenue model

1. Cobalt Sulphate Sales: Fortune Minerals plans to produce battery-grade cobalt sulphate heptahydrate at its Alberta hydrometallurgical facility for sale to the lithium-ion rechargeable battery industry, targeting electric vehicles, portable electronics, and stationary energy storage markets. Cobalt is the primary revenue driver historically. Production target is approximately 1,800 metric tonnes of cobalt per year (contained in ~8,780 tonnes of cobalt sulphate) during the first 14 years of the 20-year mine life. Average annual cobalt market is ~245,000 metric tonnes and is anticipated to grow to ~350,000 metric tonnes by 2030.
2. Gold Doré Sales: Gold doré bars are produced as a countercyclical co-product, providing highly liquid revenue to mitigate critical mineral price volatility. The NICO Project contains 1.1 million ounces of in-situ gold. Target annual production is approximately 47,000 troy ounces of gold during the first 14 years of mine life. Gold is a key hedge against cobalt and bismuth price fluctuations.
3. Bismuth Ingot and Oxide Sales: Fortune plans to produce 99.99% (4N) bismuth ingots and bismuth oxide at its Alberta facility for diverse industrial markets. The NICO Project holds approximately 12% of global bismuth reserves (102.1 million pounds). Target annual production is approximately 1,700 metric tonnes of bismuth ingot during the first 14 years of mine life. Applications include automotive glass/steel coatings, environmentally safe lead replacement in brass/solder/ammunition, oil and gas well plugs, semiconductors, magnets for EV powertrains, nuclear shielding, and cosmetics/pharmaceuticals.
4. Copper Cement Sales: Copper cement is produced as a by-product from the hydrometallurgical process. Target annual production is approximately 300 tonnes of copper in cement product during the first 14 years of the mine life (27.2 million pounds of copper in total reserves).

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Fortune Minerals is developing the 100% owned, vertically integrated NICO Cobalt-Gold-Bismuth-Copper Project in Canada, comprising a planned open pit and underground mine and concentrator in the Northwest Territories and a dedicated hydrometallurgical facility (Alberta Refinery) in Lamont County, Alberta. The Alberta Refinery will produce battery-grade cobalt sulphate heptahydrate for the lithium-ion rechargeable battery industry, 99.99% (4N) bismuth ingots, gold doré bars, and copper cement from 33.1 million tonnes of proven and probable mineral reserves supporting a ~20-year mine life.

Product overview

Fortune Minerals is a Canadian mining and mineral processing company developing the NICO Cobalt-Gold-Bismuth-Copper Project — a vertically integrated critical minerals development asset. The project consists of a planned open pit and underground mine and concentrator in the Northwest Territories and a dedicated hydrometallurgical facility (Alberta Refinery) in Lamont County, Alberta where concentrates will be processed into value-added products. The Alberta Refinery will produce four distinct products: cobalt sulphate heptahydrate for the lithium-ion battery industry, gold doré bars, 99.99% pure bismuth ingots, and copper cement. The company also holds the Sue-Dianne copper-silver-gold satellite deposit as a potential future feed source to extend project life. The NICO Project contains approximately 12% of global bismuth reserves and 1.1 million ounces of in-situ gold.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 97-98% bismuth recovery from ferric chloride leaching and cementation circuits, up from initial estimates
• +9 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Nine partnerships are on record, tiered core, operational and strategic.

• Tłıchǫ GovernmentcoreStrategic or Co-development Partner · 29 April 2026Fortune and the Tłıchǫ Government are forming a joint venture to develop the NICO Project Access Road connecting the planned mine in Northwest Territories to the territorial highway system at Whatì, 50 km south of the mine. The joint venture will pursue C$50 million in funding from Canada's Critical Minerals Infrastructure Fund (CMIF) to construct the spur road. The road may be extended to Gameti to improve community access and reduce living costs. This is a government-to-government and industrial collaboration for legacy mine infrastructure for community benefit.
• SECURE Waste InfrastructureoperationalImplementation/ SI/ Consulting Partner · 8 April 2026Fortune Minerals' Alberta subsidiary signed a backstop agreement with SECURE Waste Infrastructure to develop waste disposal facilities for the planned hydrometallurgical plant in Alberta. SECURE will evaluate injection well options and prepare engineering and cost estimates for waste disposal infrastructure, including piping and landfill. The companies plan a 10-year agreement for waste management during refinery operations.
• P&E Mining Consultants Inc.coreImplementation/ SI/ Consulting Partner · 28 October 2025Fortune retained P&E Mining Consultants Inc. to prepare new Mineral Reserve estimates, mine plan, and production schedule for the updated NICO Project Feasibility Study. P&E participated in the original 2014 Feasibility Study and is working with Worley and Micon International on the updated study.
• JFSL Field Services LLCoperationalOthers · 19 August 2025Fortune acquired the Lamont County, Alberta brownfield site and facilities from JFSL Field Services LLC/ULC for C$6 million. The 76.78-acre property with 42,000+ sq ft of existing buildings is being used to construct the Alberta hydrometallurgical refinery. JFSL holds a license to continue using portions of the site for up to 18 months (terminable by Fortune after one year with 60 days notice).
• XPS Industry Relevant SolutionsoperationalImplementation/ SI/ Consulting Partner · 9 May 2025Fortune retained XPS Industry Relevant Solutions to conduct smelting and refining test work for the bismuth pyrometallurgical circuits at the planned Alberta facility. XPS proved production of 99.99% (4N) bismuth ingots from bismuth cement produced at SGS, using liquation, sulphuration, and chlorination refining steps.
• Worley Canada Services Ltd.coreStrategic or Co-development Partner · 8 January 2025Worley was retained by Fortune to lead engineering for an updated Feasibility Study assessing the NICO Project economics at current costs and commodity prices. Worley is also assisting with permitting for the brownfield Alberta site and has completed value enhancement studies improving grinding/comminution and flotation circuits (HPGR and vertical mills replacing ball mills), and process flow diagrams for the NWT concentrator. Worley is incorporating metallurgical test work results into the updated study.
• Micon International LimitedcoreImplementation/ SI/ Consulting Partner · 8 January 2025Micon International Limited prepared the original 2014 Feasibility Study for the NICO Project and is engaged to assist with preparing the updated Feasibility Study and NI 43-101 Technical Report, working alongside Worley and P&E. Micon also authored the 2008 Technical Report for the Sue-Dianne deposit.
• SGS Canada Inc.operationalImplementation/ SI/ Consulting Partner · 8 January 2025SGS Canada Inc. in Lakefield, Ontario conducted extensive metallurgical test work and piloting for the NICO Project, including: Phase 2 crushing, grinding, bulk and secondary flotation producing gold-bearing cobalt and bismuth concentrates; Phase 3 hydrometallurgical bismuth leaching and cementation testing (97% bismuth recovery); HPGR variability tests; Jameson cell flotation tests; POX cobalt testing; gold recovery leaching tests; and cobalt PLS purification validation. Work supported by government contribution funding from NRCan and Alberta Innovates.
• Rio TintostrategicStrategic or Co-development Partner · 8 January 2025Fortune has a process collaboration agreement with Rio Tinto investigating the feasibility of recovering additional cobalt and bismuth at the Alberta hydrometallurgical facility by processing precipitates produced from Kennecott smelter wastes in Utah. Rio Tinto successfully generated high-grade bismuth oxychloride intermediate from its Utah process streams and shipped samples to SGS for testing blended with NICO bismuth concentrate. Leaching and cementation tests on the blended material were very successful with no material change in bismuth recoveries. The feasibility of processing Rio Tinto material has been confirmed.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Lundin Mining: Mid-tier diversified base metals producer with copper, zinc, and nickel operations globally including the Eagle mine (nickel-copper). Comparable as a copper-nickel producer with similar downstream applications, but operating at scale with multiple producing assets versus Fortune's single development project.
• Imperial Metals: Canadian mining company operating the Mount Polley copper-gold mine and Red Chris copper-gold mine, with director overlap with Fortune (Edward Yurkowski). Comparable as a Canadian mid-tier polymetallic miner, though at production stage with established operations versus Fortune's pre-construction status.

Direct peers

• Cobalt Blue Holdings: Australian development-stage company focused on the Broken Hill Cobalt Project, producing battery-grade cobalt sulphate and MHP using a proprietary processing flowsheet. Directly comparable as a cobalt-focused junior developer with proprietary hydrometallurgical processing targeting the battery supply chain.
• Sherritt International: Canadian producer of nickel and cobalt from the Moa mine in Cuba and a refinery in Fort Saskatchewan, Alberta. Comparable vertically integrated nickel-cobalt producer with hydrometallurgical processing in Alberta — direct infrastructure parallel to Fortune's planned Alberta refinery.
• Electra Battery Materials: Canadian development-stage battery materials company building a cobalt sulphate refinery in Ontario, with plans to also process nickel and recycled battery materials. Directly comparable to Fortune's Alberta hydrometallurgical facility and battery-grade cobalt sulphate positioning for the EV supply chain.
• PolyMet Mining (now NewRange Copper Nickel): Polymetallic copper-nickel-PGM developer with vertically integrated mining and processing operations targeting the EV/battery supply chain. Comparable as a junior polymetallic developer pursuing critical minerals strategy with similar execution profile to Fortune's NICO.
• Jervois Mining: Operates the ICO cobalt-copper mine in Brazil and has a cobalt refinery in Finland, producing refined cobalt products for battery and industrial markets. Comparable vertically integrated cobalt-copper producer targeting similar Western battery supply chain customers as Fortune.

Regional players

• 5N Plus: Canadian specialty materials producer of bismuth, tellurium, and other critical metals for semiconductor, photovoltaic, and pharmaceutical applications. Closest direct comparable for bismuth downstream processing and Western critical minerals refining strategy, though at production stage with diversified specialty products.

Emerging players

• Arizona Sonoran Copper Company: Development-stage copper company advancing the Cactus and Parks/Salyer projects in Arizona toward production. Comparable as a North American copper-focused developer targeting the EV/electrification supply chain with similar capex and permitting profile to NICO.
• Nickel 28 Capital Corp: Royalty company holding interests in the Ramu nickel-cobalt mine in Papua New Guinea and the Turnagain nickel project in British Columbia. Comparable exposure to nickel-cobalt (battery materials) royalty streams, though structured as a royalty company rather than an operator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/FortuneMineral
• LinkedInlinkedin.com/company/fortune-minerals-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fortune Minerals