Fortune Minerals provides a summary of recent cobalt highlights

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Conversion of electric vehicles and cobalt demand are expected to increase annually

London, Ontario – Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fate“Or”Institution“) ( of the Cobalt Institute (“CI”) Cobalt Market Report 2021 (Access report here) Published this week. CI is a trading company that promotes the sustainable and responsible production and use of cobalt and with member companies consisting of producers, developers, users, traders and recyclers of cobalt metals and chemicals. The Cobalt Market Report 2021 confirms Cobalt’s vital role in a variety of industrial applications, and in particular helps accelerate the global electric vehicle worldwide by helping to transform the green economy and innovate rechargeable battery technology. “EV“) Sales. Fortune’s NICO Cobalt-Gold-Bismuth-Copper Project (“NICO project”) Is a Canadian, vertically integrated, critical mineral development and one of the few cobalt assets in the world that can be built within the time required to meet today’s cathode chemistry in rechargeable batteries used in EVs, portable electronics and stationary storage cells.

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Robin God, President and CEO of Fortune, commented, “The transition to a low-carbon economy is increasing as world leaders adopt net zero targets and increase efforts to transform the automotive industry into electric vehicles. The Cobalt Institute’s Cobalt Market Report 2021 is an independently written and comprehensive analysis of the essential role of cobalt in a growing green economy.

Cobalt Market Report 2021 Highlights:

  • 31,600 metric tons (“Mt.”) (22%) per year (“)And / and”) Demand increase 175,000 Mt.
  • Estimated market value US $ 8.4 billion;
  • 12.7% CAGR demand growth is projected to reach 320,000 MW by 2026;
  • Lithium-ion batteries accounted for 65% of cobalt demand with an 85% y / y increase;
  • EV is now the largest cobalt end use with 34% of market demand;
  • Sales of battery power and plug-in hybrid EVs worldwide total 6.7 million units, an increase of 102% y / y;
  • Sales of new battery electric and plug-in hybrid electric vehicles were 26% in China, 19% in Western Europe and 5% in North America Q4 2021, indicating an accelerated EV acceptance rate;
  • Nickel- and cobalt-based battery cathodes dominate the EV market (75%) using their superior energy concentration, performance and recycling;
  • 26% cobalt demand was met with a 12% y / y increase in batteries used in mobile phones;
  • Drones are the second fastest growing non-EV sector accounting for 5% of cobalt demand growth from lithium-ion batteries;
  • Non-battery applications for cobalt chemicals include pigments, catalysts, tires, inks, dryers and food additives, where cobalt metals are used in cemented carbides, alloys, diamond tools and magnets;
  • Cobalt mine supply increased to 165,000 Mt, of which 74% (118,000 Mt) was mined in the Democratic Republic of Congo;
  • Cobalt refinery production continues to dominate China with 104,000 Mt (72%) of total initial refined cobalt;
  • The cobalt cathode was selling at শেষে US $ 32 / lb at the end of 2021 and is currently priced at US $ 40 / lb.

NICO project:

Fortune NICO has spent more than C $ 137 million to move the project from in-house discovery to a near-term producer with three critical minerals (cobalt, bismuth and copper) with over 20 years of mineral reserves and over 1.1 million ounces of mineral reserves. In-situ gold. The NICO project consists of a planned mine and mill in northwestern Canada (“NWT”) And a related hydrometallurgical refinery in Alberta for the processing of cobalt sulfate, gold bars, bismuth ingots and oxides and metal concentrates in copper. The company has received an environmental assessment approval and a Type “A” water license for construction and operation of mines at NWT. The recent completion of the C $ 200 million Tlicho Highway for the community of Whati is a key capability for the NICO project. This highway, along with the Spar Road of the mine that Fortune plans to build, will allow the company to send metal-concentrated trucks to the railway at H River or Enterprise, NWT, for delivery to the proposed Alberta refinery.

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For more detailed information on NICO mineral deposits and some technical information in this press release, please read the technical report of the NICO project, entitled “Feasibility Study Technical Report for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada” ”, Dated April 2, 2014 and prepared by Mycon International Limited which has been filed with SEDAR and is available under the Company Profile at

The scientific and technical information contained in this news release has been approved by Robin Gowda, MSc, PGO, President and CEO of Fortune, who is a “qualified person” under National Materials 43-101.

About Fortune Minerals:

Fortune is a Canadian mining company focused on the development of the NICO Cobalt-Gold-Bismuth-Copper Critical Minerals project in NWT and Alberta. Fortune also owns the Sue-Dianne Copper-Silver-Gold Deposit Satellite, 25 km north of the NICO deposit, and is a potential future source of growing mill feed to extend the life of NICO mills and concentrators.

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This press release includes far-sighted information and far-sighted statements in the meaning of the applicable securities law. This foresight includes, among other things, the company’s ability to raise additional capital, including statements regarding the purchase, repayment, or restructuring of industrial sites that the company currently seeks to build hydrometallurgical refineries for the NICO project. Statement regarding current loan of the company, development of NICO project, possibility of expansion of NICO deposit and results of drill and future drilling and access. Based on forward-looking data management opinions and assumptions, as well as some assumptions on the date of disclosure (including, in the case of far-sighted information in this press release, estimates: Practice is the option of purchasing an industrial site where it wants to build a NICO project refinery; completion of a NICO project refinery; ability to continue the NICO project activities and arrange the necessary funding for its development; federal and / or provincial government support for the NICO project; Receipt of all necessary regulatory approvals for construction and operation and related hydrometallurgical refineries and its timing; increase in demand for cobalt; time required for cobalt NICO project guidelines; and the economic environment in which the company will operate in the future; Metals produced in the NICO project With value). However, such advance information is subject to various risks and uncertainties and other factors that may differ materially from the actual events or outcomes inferred from the foregoing information. These factors include risks that the company may not be able to finance and develop the NICO project on favorable terms or, at all, the 2021 drill program may not result in a meaningful expansion of NICO deposits, global recession, commodity pressures, and / or covid- In an effort to raise capital for 19 companies, the company may not be able to complete the purchase of an industrial site in the Alberta Industrial Heartland, northeast of Edmonton, and secure a site for construction. Uncertainty over approval, approval and contract receipt or timing required for development of NICO project including a refinery, corresponding hydrometallurgical refinery, construction of NICO project may take longer than expected The Sue-Diane property may not develop to the point where it may meet the expected risks involved in providing mill feeds, exploration and development of mineral properties in the C-NICO project, and market growth of products commonly used in the mining industry, cobalt or bismuth. Cobalt and bismuth may not be as limited as expected, the risk of market price decline of other metals produced by the cobalt, bismuth and NICO projects, the difference between actual and estimated mineral resources or between actual and estimated metallurgical recovery, uncertainty with mineral resources and The risk is that even if such mineral resources are accurate Bay proves that while such mineral resources may not be converted into mineral resources after the application of economic conditions, the company’s production of cobalt, bismuth and other metals may be low. Than expected and other operational and development risks, market risks and regulatory risks. Readers are warned that they will not rely on far-sighted information as it is possible that predictions, predictions, conjectures and other types of advance information will not be obtained by the company. The eyewitness information contained herein is made up to date and the Company assumes no obligation to update or correct it to reflect new events or situations, except as required by law.

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Fortune Minerals Limited
Troy Nazarevich
Investor Relations Manager
[email protected]
Telephone: (519) 858-8188


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