# Fortune Minerals Provides Nico Project Technical Report Update

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/fortune-minerals-provides-nico-project-technical-report-update--8f67495e-8c0a-4cf8-b3a4-a83381ca18b3

Original source: https://money.tmx.com/en/quote/FT/news/6825731609778491/fortune-minerals-provides-nico-project-technical-report-update

Publisher: tmx

Original announcement: 2019-06-06T11:28:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Fortune Minerals Limited

- Ticker: FT

- Exchange: TSX

- Region: Northwest Territories

- Primary commodity: Cobalt

- Secondary commodities: Gold, Bismuth, Copper

- Document categories: Metallurgy, Resource update

- Extracted: 2026-08-25 10:52:07 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Fortune Minerals is updating its NICO Project Technical Report, incorporating metallurgical improvements to the cobalt and bismuth downstream processes. These optimizations, including increased autoclave temperature and pressure, are expected to reduce refinery capital costs by up to $200 million and improve cobalt product purity.

Reasoning: The update details significant metallurgical optimizations and process improvements that could substantially reduce CAPEX and improve product value, alongside expanded throughput.

- Positive factor: Process improvements expected to reduce refinery capital costs by up to $200 million

- Positive factor: Increased throughput rate of 30%

- Positive factor: Improved product purity for cobalt sulphate

- Positive factor: New development scenarios provide strategic flexibility

- Negative factor: Capital cost escalation noted

Facts used in scoring: 4

## Classification and evidence

**QA/QC Disclosed**

Polarity: positive

Story-specific tag

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The release mentions test work conducted at SGS Canada Ltd. and is signed off by two Qualified Persons.

Evidence · text

> approved by Sam Roshdi, M.A.Sc., P.Eng., ... and Robin Goad, M.Sc., P.Geo., ... who are "Qualified Persons"

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: The project involves a mill, concentrator, and hydrometallurgical refinery.

Evidence · text

> consisting of a planned mine, mill and concentrator

## Extracted facts

Stored fact records: 4. Some facts used in scoring do not have a stored record.

## Metallurgical Results (4)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/fortune-minerals-provides-nico-project-technical-report-update--8f67495e-8c0a-4cf8-b3a4-a83381ca18b3#fact-metallurgical-facts-0)

cobalt

#### Identity

- Commodity: cobalt
- Ticker: FT

#### Test Work

- Sample: Cobalt Sulphate Heptahydrate \(dry\) modelled product

#### Recovery

- Head Grade: 20.94
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2019-06-06T00:00:00.000Z

Reasoning: Modelled product specification for cobalt sulphate.

- Positive factor: High grade modelled product

Evidence · table

> 20.94%

Context: Cobalt Sulphate Heptahydrate \(dry\)

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/fortune-minerals-provides-nico-project-technical-report-update--8f67495e-8c0a-4cf8-b3a4-a83381ca18b3#fact-metallurgical-facts-1)

bismuth

#### Identity

- Commodity: bismuth
- Ticker: FT

#### Test Work

- Sample: Cobalt Sulphate Heptahydrate \(dry\) modelled product

#### Recovery

- Head Grade: 0
- Head Grade Unit: ppm

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2019-06-06T00:00:00.000Z

Reasoning: Trace/zero bismuth in cobalt sulphate product.

Evidence · table

> 0 ppm

Context: Cobalt Sulphate Heptahydrate \(dry\)

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/fortune-minerals-provides-nico-project-technical-report-update--8f67495e-8c0a-4cf8-b3a4-a83381ca18b3#fact-metallurgical-facts-2)

cobalt

#### Identity

- Commodity: cobalt
- Ticker: FT

#### Test Work

- Sample: Cobalt Carbonate \(dry\) modelled product

#### Recovery

- Head Grade: 49.12
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2019-06-06T00:00:00.000Z

Reasoning: Modelled product specification for cobalt carbonate.

- Positive factor: High grade intermediate product

Evidence · table

> 49.12 %

Context: Cobalt Carbonate \(dry\)

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/fortune-minerals-provides-nico-project-technical-report-update--8f67495e-8c0a-4cf8-b3a4-a83381ca18b3#fact-metallurgical-facts-3)

bismuth

#### Identity

- Commodity: bismuth
- Ticker: FT

#### Test Work

- Sample: Cobalt Carbonate \(dry\) modelled product

#### Recovery

- Head Grade: 2
- Head Grade Unit: ppm

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2019-06-06T00:00:00.000Z

Reasoning: Trace bismuth in cobalt carbonate product.

Evidence · table

> 2 ppm

Context: Cobalt Carbonate \(dry\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.