Fortune advances Nico cobalt-gold project as cash hurdle looms

Fortune Minerals is advancing its Nico cobalt-gold-bismuth-copper project toward construction in 2027, with an updated feasibility study due next month and imminent land and water authorizations. The company has secured about C$17.5m in non‑dilutive awards and loans (including US DoD and Canadian support) and is seeking up to C$50m from Ottawa for a final spur road. Nico hosts proven/probable reserves of 33.1 Mt with 1.11M oz gold and significant cobalt and bismuth, and an earlier feasibility gave a post‑tax NPV (7%) of C$224m and IRR of 15.1%. Major risks remain: initial capex of C$589m (which the CEO says inflates toward ~C$1b today) and the need to secure project financing. Market impact: the story underscores growing government backing for critical minerals (supportive for cobalt/bismuth markets and miners), has driven Fortune’s shares higher, but financing and capex uncertainty keep near‑term upside conditional.