Fortune Minerals (TSX:FT,OTCQB:FTMDF) is advancing its NICO cobalt-gold-bismuth-copper-critical minerals project in Canada toward a project construction decision by late 2026. Robin Goad, president and CEO, shared how government funding has been essential to advancing the NICO project.
Fortune Minerals’ NICO project was the first Canadian project to secure financing from the US Department of Defense, Goad said in an interview with the Investing News Network. The funding, which totaled approximately $17 million, was matched by contributions from the Canadian government, Natural Resources Canada and Alberta Innovates.
“These financing contributions coming from governments are filling that gap, and (will) hopefully take our project to a construction decision at the end of next year,” said Goad.
“We also hope that (we) will be expanding our relationships with large companies like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), and so there’s quite a bit of newsflow that’s expected over the next 12 months, particularly as we complete some of these programs that are underway. And the ultimate solution will be if we come up with project financing and show a clear pathway to production for our asset.”
Goad also noted NICO’s diverse mineral resources, which add to the project’s economic significance.
“There are three critical minerals contained in the deposit — cobalt, bismuth and copper. But we also have over 1 million ounces of in-situ gold, which adds a fairly significant counter-cyclical hedge for critical mineral price volatility.”
Watch the full interview with Fortune Minerals President and CEO Robin Goad above.
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