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Fortune Minerals Eyes Strategic Partners After C$16.2 Million Federal Funding for NICO Project
May. 29, 2024 01:00PM PST
Cobalt Investing“So if somebody like a car company, or a battery company or a private equity company wants access to the raw materials that we're going to produce, we want to see some money invested in the project," said Fortune Minerals President and CEO Robin Goad.
Fortune Minerals (TSX:FT,OTCQB:FTMDF) will be working to secure strategic partners to invest in the NICO project following recent funding from the US and Canadian governments totaling C16.2 million to advance the cobalt-gold-bismuth-copper project to production, CEO and President Robin Goad told the Investing News Network.
“So the financing plan for our asset, after we complete all the engineering and permitting work that's being covered by the US and Canadian governments, is to seek the project financing, which would probably be a combination of debt, but also equity. And the equity would be primarily related to strategic partnerships with a user,” said Goad.
“If somebody, like a car company or a battery company or a private equity company, wants access to the raw materials that we're going to produce, we want to see some money invested in the project."
The vertically integrated NICO project is an advanced development-stage critical minerals asset comprised of a planned open-pit and underground mine and concentrator in the Northwest Territories and a related hydrometallurgical refinery in Alberta.
Watch the full interview with Fortune Minerals President, CEO and Director Robin Goad above.
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