Fortune Minerals Ltd. says its decades‑long effort to develop the NICO cobalt‑gold‑bismuth‑copper deposit north of Whati is approaching what the company calls a shovel‑ready stage — but it still needs partners and financing to move into construction.
Long timeline, renewed attention
Geologist and company CEO Robin Goad told reporters the project has been in the works for roughly 30 years, with the deposit originally discovered in 1996. Since that discovery, Fortune says it has systematically advanced the property by proving reserves, completing environmental assessments and obtaining and renewing key permits.
“So we’re more or less approaching a shovel‑ready status,”
Goad said the project is drawing fresh attention amid shifting geopolitical and market dynamics around critical minerals.
Jobs, output and midstream processing
Fortune estimates the mine would employ about 250 to 300 people in the Northwest Territories once operating. In addition, the company anticipates hiring an extra 100 or more staff at an Alberta‑based refinement facility to process material from the NICO deposit.
The company says the deposit contains roughly one million ounces of in‑situ gold alongside economically significant quantities of cobalt, bismuth and copper. Fortune has emphasised the value of midstream processing — refinement that occurs between mining and final manufacturing — as a way to keep value‑added work in Canada.
Goad framed midstream capacity as a strategic response to global supply risks: he noted that China has restricted exports of some materials, including bismuth, and said that concentrating refinement in North America can help counter foreign dominance of processed critical minerals.
Cost, funding and next steps
Fortune is still completing a feasibility study and has not finalised a total capital estimate, but Goad said the build and start‑up will exceed $1 billion. The company has received a $50‑million commitment from the federal government toward the project.
Despite that commitment and the renewed permits, Fortune says it is actively seeking partners to provide the remaining capital and to share development risk. Company officials have signalled that bringing midstream processing to Alberta is a central part of their pitch to potential investors and to market partners concerned about secure North American sources of refined critical minerals.
Why the project matters locally and nationally
- Employment: construction and operations could provide several hundred long‑term jobs in the North and additional skilled positions in Alberta.
- Critical minerals: cobalt and bismuth are inputs for batteries, electronics and speciality alloys — categories of growing strategic importance.
- Value retention: midstream processing in Canada would keep more of the supply chain onshore rather than exporting raw concentrates for overseas refinement.
| Item | Company estimate |
|---|---|
| In‑situ gold | ~1,000,000 oz |
| Mine employment | 250–300 |
| Refinery employment (Alberta) | 100+ |
| Federal commitment | $50 million |
| Estimated capital to construct | More than $1 billion |
The company’s emphasis on onshore processing and supply‑chain resilience taps into broader national conversations about securing supplies of critical minerals for clean technology, defence and advanced manufacturing.
Unresolved questions
Key uncertainties remain. The full cost and financing plan hinge on the ongoing feasibility study. Fortune will need to secure additional investment partners and finalise commercial arrangements before any construction can begin. The timeline for those steps and the eventual start of mine construction was not detailed in the company’s recent comments.
For communities in the North, the NICO project represents both opportunity and challenge: significant local employment and economic activity could flow from development, while environmental assessments, infrastructure demands and long‑term impacts remain central to community and Indigenous interests. Fortune’s continued permitting and consultation efforts will be closely watched by residents, governments and Indigenous governments in the region.
As Fortune seeks partners, the company says it will continue to advance technical studies and regulatory work aimed at de‑risking the project for investors and communities alike.
