Fortune's NICO Project: North America's Critical Minerals Gambit

LONDON, Ontario – April 29, 2026 – Fortune Minerals is making a pivotal move to secure North American supply chains for critical minerals, seeking substantial government funding from both Canada and the United States for its NICO cobalt-gold-bismuth-copper project. The initiative, which includes a landmark partnership with the Tłıchǫ Government, aims to establish a domestic source of minerals vital for defense, clean energy, and high-tech industries, directly challenging China's long-held dominance in the sector.

A Strategic Push for Supply Chain Security

At the heart of the company's strategy are two significant funding applications. In a joint venture with the Tłıchǫ Government, Fortune has applied for up to $50 million from Canada's Critical Minerals Infrastructure Fund (CMIF). This funding is earmarked for a crucial 50-kilometer spur road connecting the planned mine site in the Northwest Territories to the recently completed Tłıchǫ Highway. The CMIF, a $1.5 billion federal initiative, is designed to support exactly this type of project—shovel-ready infrastructure that unlocks Canada's vast mineral wealth while fostering Indigenous partnerships.

Simultaneously, Fortune has responded to a call from the U.S. Department of Defense (DoD). The company is seeking support through the Defense Industrial Base Consortium to address a critical gap in domestic bismuth production. This move underscores the NICO project's international significance. The project holds the world's largest deposit of bismuth, a metal deemed essential for national security and defense applications, and one for which the U.S. has been entirely import-dependent since 1997.

This two-pronged approach highlights a growing urgency in Western capitals to de-risk supply chains. Geopolitical tensions and aggressive market tactics, including China's recent export controls on key minerals, have exposed the vulnerability of relying on a single, concentrated source. The NICO project, with its vertically integrated plan to mine in the NWT and refine materials at a hydrometallurgical facility in Alberta, represents a tangible step toward building a resilient and secure North American supply chain. This effort is not new for Fortune, which has already secured U.S. Government support under the Defense Production Act and matching funds from Natural Resources Canada to advance the project toward a construction decision.

Beyond Mining: A New Model for Indigenous Partnership

The NICO project is not just about geology and geopolitics; it is also a test case for a new, more collaborative model of resource development in Canada's North. The joint venture between Fortune Minerals and the Tłıchǫ Government to build the access road is a cornerstone of this approach. The Tłıchǫ, a self-governing First Nation, have law-making authority over their lands and resources, making their partnership indispensable.

This collaboration builds on years of engagement, including a 2019 access agreement. The road is more than just a path to a mine; it represents a vital piece of legacy infrastructure for the region. The joint venture plans to evaluate extending the road toward the remote community of Gamètì, which would significantly improve access, lower the cost of living, and stimulate further economic development in the heart of Tłıchǫ lands.

The project is expected to create hundreds of jobs and business opportunities over its projected 20-year lifespan. However, the benefits are being negotiated through a formal Impact Benefit Agreement (IBA). This crucial agreement will ensure that the project proceeds with robust protections for the land, water, wildlife, and Tłıchǫ culture, balancing economic opportunity with environmental stewardship and the preservation of Indigenous rights. This model of shared investment and benefit is being watched closely as a potential blueprint for future resource projects across the country.

The High-Stakes Bet on Bismuth

While the project boasts significant deposits of cobalt, gold, and copper, it is the vast reserve of bismuth that places NICO in a globally strategic position. The project's 102 million pounds of bismuth reserves represent approximately 12% of the world's total. For decades, this niche metal saw stable markets, but that changed dramatically in early 2025.

China, which controls nearly 90% of global refined bismuth production, imposed export controls requiring special licenses for bismuth metal. The impact was immediate and severe. Global prices for bismuth metal outside China skyrocketed by as much as 550%, creating chaos for industries that rely on it for pharmaceuticals, alloys, and advanced materials. This market shock sent a clear signal to Western governments and industries about the risks of over-reliance on a single supplier.

The NICO project is uniquely positioned to address this vulnerability. Its planned hydrometallurgical refinery in Alberta is designed to produce 99.99% pure bismuth ingot and oxide products, creating a reliable, vertically integrated "mine-to-refinery" supply chain entirely within North America. The U.S. government, recognizing its complete dependence on foreign bismuth, has already signaled its intent to begin stockpiling the metal for national security purposes, making a domestic source like NICO an attractive proposition.

The project’s feasibility has been long-established. It completed its Environmental Assessment years ago, receiving approval from both federal and Tłıchǫ governments, and holds the necessary permits for construction and operation. With mineral reserves containing over a million ounces of gold alongside the critical cobalt, bismuth, and copper, the project's economics are robust, offering a diversified asset mix that can weather volatile commodity cycles. If the government funding applications are successful, it would significantly de-risk the project's capital requirements and accelerate its path to production, marking a major victory in North America's quest for mineral independence.