Fortune Minerals Limited
Entering a Key Phase Amid Critical Metals Momentum
Published: May 21, 2026
Author: FRC Analysts
Disclosure: Fortune Minerals Limited has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials
Industry – Other Industrial Metals & Mining
Trading Information
Trading information – FT.TO : TSX
Report Highlights
- Strong Share Performance: FT is up 225% YoY, significantly outperforming the Sprott Critical Materials ETF (+136% YoY), driven by company-specific progress, and strong momentum in the critical metals sector. Rising western demand to reduce reliance on China, which dominates critical metals production, remains a key driver. The U.S. government is actively pursuing opportunities domestically, and abroad, to secure long-term, stable sources of critical minerals outside China.
- Inflection Point: We believe FT has reached an inflection point driven by strong sentiment in critical metals, increasing U.S. and Canadian government funding support, completion of the long-delayed Alberta refinery acquisition (announced in 2022, and closed in late 2025), successful metallurgical recovery test results, and a recent refinancing replacing near-term debt with a more flexible structure.
- Aiming to be a key supplier of critical minerals: FT’s NICO project in the Northwest Territories (NWT) hosts North America’s largest primary cobalt deposit, the world’s largest bismuth deposit, and 1.1 Moz of gold. Cobalt, bismuth, and copper are designated critical minerals in the U.S., EU, and Canada. FT’s plan includes a mine and concentrator in the NWT, with concentrates trucked and railed to a proposed refinery in Alberta, producing cobalt, gold, bismuth, and copper products.
- Updated Feasibility Study (FS): FT is advancing an updated advanced economic study (feasibility), targeted for completion in July 2026, incorporating higher metal prices, improved recoveries, a new Alberta refining facility, and an optimized production schedule. While inflation is expected to increase CAPEX and OPEX vs the 2014 study, we believe project enhancements and potential government support could help offset costs, with additional upside from potential third-party processing at the proposed refinery.
- Strategic Government Funding Pipeline: Fortune and the Tłı̨chǫ Government (an Indigenous government in the NWT) have applied for up to $50M in government funding to construct a mine access road, potentially covering up to 75% of road CAPEX. FT is also pursuing additional U.S. government funding. These efforts build on ~$17M in prior U.S. and Canadian government funding commitments, which we believe could improve the likelihood of securing additional support, though approvals remain uncertain.
- Upcoming Catalysts: Upcoming catalysts include an updated FS, permitting, potential government funding, and improving sentiment toward advanced-stage critical minerals projects.
Price and Volume (1-year)
* Qualified Persons: Robin Goad, M.Sc., P.Geo., President and CEO and Alex Mezei, Chief Metallurgist of Fortune Minerals. Fortune Minerals Limited has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$ unless otherwise specified.
Securing Critical Mineral Supply Chains (All figures in US$)
Critical minerals are essential for EVs , batteries, semiconductors, AI, and defense technologies. With global supply chains heavily concentrated in China, securing reliable access to these materials has become a strategic priority for Western economies, particularly the U.S. In response, the U.S. government is supporting a growing pipeline of mining, processing, and refining projects in safe jurisdictions through loans, grants, and strategic partnerships aimed at strengthening domestic and allied supply chains.
Source: USGS
The United States Geological Survey (USGS) maintains an official list of critical minerals considered essential to the U.S. economy, energy transition, and national security
Three of FT’s target metals, bismuth, cobalt, and copper, are included on the U.S. Critical Minerals List
The U.S. relies heavily on imports for most of its cobalt and bismuth
According to the Critical Minerals Institute, the U.S. government allocated ~ $26.2B to 33 publicly listed critical mineral companies between 2023 and 2026. While most projects are U.S.-based, funding has also supported companies operating in Canada, Australia, Greenland, and Africa. Notably, FT was the first Canadian project to receive support under the U.S. Defense Production Act Title III.
Top 10 U.S.-Funded Critical Mineral Projects
Source: FRC / Critical Minerals Institute
Funding commitments have ranged from several million dollars to over $2B per project
FT secured $6.4M in funding in 2024
In early 2026, the U.S. launched Project Vault, a ~$12B program to build a national stockpile of critical minerals, and FORGE, an international partnership with dozens of countries aimed at stabilizing global mineral supply chains
FT continues to engage with governments as a source of funding, including up to $50M from Canada’s Critical Minerals Infrastructure Fund for an access road in the NWT, and support from a U.S. defense-related program focused on bismuth supply chain security . These requests follow $17M in prior U.S. and Canadian funding commitments.
In our view, the project’s previous government backing suggests it has already passed initial due diligence, which may improve the likelihood of additional support, though no outcome is guaranteed.
FT’s Target Metals: A Brief Overview (All figures in US$)
Gold supported by safe-haven demand; copper remains strong on tightening supply and rising demand
Cobalt
Source: FRC / Various
Cobalt prices remain supported by tightening supply, export controls, and rising battery demand, with the market expected to shift to a deficit in 2026
Bismuth
China’s dominance in refining remains a key structural constraint, amplifying price volatility, and reinforcing the strategic importance of non-Chinese supply chains
Source: FRC / Various
NICO Cobalt-Gold-Bismuth-Copper Project
Location Map
Located 160 km northwest of Yellowknife, and 50 km north of Whati
The project benefits from strong regional infrastructure, including nearby hydro dams, an electric grid within 22 km, the Tlicho highway, and a new rail terminal at Enterprise, 400 km away
Concentrates are expected to be trucked via a proposed mine access road, and the recently completed Tłı̨chǫ highway to Enterprise, then railed to Alberta for refining
Mineral Reserves
Source: Company
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