A Microcap Focus on FORTUNE MINERALS L (OTCMKTS:FTMDF)

A Microcap Focus on FORTUNE MINERALS L (OTCMKTS:FTMDF)

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FORTUNE MINERALS L (OTCMKTS:FTMDF) jumped 12% on Tuesday, extending its hot streak to start the week. FTMDF is in the cobalt market and the company is seeing a +150% uptick for the year. The company’s NICO property just released a feasibility study and a potential 20% to 30% increase in production. Overall, the existing NICO Mineral Reserves also contain 1.1 million ounces of gold and approximately 12% of global bismuth reserves.

Robin Goad, President and CEO of Fortune commented, “Transformative electrification of the automotive industry is accelerating as cost parity with internal combustion engines is being reached and as more governments announce future bans on gasoline and diesel-powered vehicles. Forecasts of electric vehicle adoption are increasing with estimates of up to 25% penetration of global vehicle sales by the mid 2020’s. Fortune is increasing its planned cobalt production to in response to the growing cobalt supply chain bottleneck”.

FORTUNE MINERALS L (OTCMKTS:FTMDF) is a Canadian mining company focused on developing the vertically integrated NICO cobalt-gold-bismuth-copper project in the Northwest Territories and a related refinery the Company plans to construct in Saskatchewan. Fortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of NICO and a potential future source of incremental mill feed to potentially extend the life of the NICO mill.

NICO is a planned Canadian, vertically integrated, primary producer of cobalt with supply chain transparency and uninterrupted custody of metal from ore through to the production of battery chemicals, gold, bismuth and copper. The existing 2014 feasibility study proposes that the NICO deposit will be mined primarily by conventional truck and shovel open pit methods. In the 2014 Feasibility Study, approximately one eighth of the process feed during the first two years of operations was planned to be mined using underground blast hole open stoping to process higher margin ores from deeper in the deposit in early years of the mine life. Most of the pre-production development for the underground portion of the mine has already been established from previous test mining operations.

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Highlights of Items Being Examined in the Updated Feasibility Study:

  • Accelerating demand for lithium-ion batteries in electric vehicles and stationary storage;
  • Examining a response to market demand with a 20 to 30% increase in the planned production rate and annual cobalt production of between 1,700 and 2,000 t per annum;
  • Mineral Reserves being updated using higher cobalt prices and greater economies of scale from a higher production rate;
  • Mine plan and schedule optimization to increase cobalt and gold production in early years of the mine life;
  • Grade control and stockpiling strategy to better align bismuth output with market conditions as they evolve within a growing green economy;
  • Additional metallurgical testwork completed to improve process for manganese removal from cobalt sulphate and indicating a potential cobalt recovery improvement;
  • Improved copper cementation process;
  • Design engineering and cost estimation proceeding for expanded production rate

FORTUNE MINERALS L (OTCMKTS:FTMDF) has a market cap of $61.63M with 302.08M shares outstanding. FTMDF is working in a sector that is prime for an expansion as electric vehicles grow and grow. We will be updating readers as this company provides more information about their property. Sign-up for continuing coverage on shares of $FTMDF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $FTMDF, either long or short, and we have not been compensated for this article.

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