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Mining Stocks in Play - Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) Runs on News of Government of Canada Funding for the NICO Critical Minerals Project

May 16, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas, reports on trading for Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF), a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper Critical Minerals project in the Northwest Territories and Alberta.

The stock is one of the top percentage gainers on the TSX, trading at $0.0850, up 0.0250 gaining 41.6667% on over 2.6 Million shares. The stock had day's high of $0.095.

Fortune Minerals announced that it has secured additional funding from the Government of Canada to help advance the Company's 100%-owned, vertically integrated NICO cobalt-gold-bismuth-copper Critical Minerals asset in Canada ("NICO Project"). The Government of Canada has agreed to provide contribution funding for up to C$7.5 million to support 75% of the costs for additional engineering and test work, totalling approximately C$10 million through the Global Partnerships Initiative ("GPI"). Natural Resources Canada ("NRCan") is the funding department for the GPI and Fortune will provide additional due-diligence information and complete a Contribution Agreement over the next few weeks. The objectives of the work being funded by NRCan are to build on and complement the programs being supported by the U.S. Department of Defense ("DoD") through the Company's Defense Production Act ("DPA") Title III award for US$6,380,555 (~C$8.74 million) (see the news releases also dated May 16, 2024). The total amount of non-dilutive funding that Fortune expects to receive from the U.S. and Canadian governments is approximately C$16.2 million. This important cross-border initiative is aligned with the Canada - U.S. Joint Action Plan on Critical Minerals Collaboration to strengthen North American production of the metals needed in essential industries and new technologies to support the energy transition and the growing green economy.

News: https://ca.finance.yahoo.com/news/fortune-minerals-announces-government-canada-140000144.html

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