Applications to Government Agencies for Support
Fortune Minerals Limited has submitted applications for funding to Canadian and U.S. government agencies to advance its NICO Project located in the Northwest Territories. The initiative aims to enhance critical mineral resources that are essential for supply chain diversification and security.
Partnering with the Tłıchǫ Government, the company seeks up to $50 million from the Critical Minerals Infrastructure Fund. Funding is intended for constructing a spur road that will connect the NICO cobalt-gold-bismuth-copper mine and concentrator to the existing territorial highway, improving access and transportation efficiency.
A response to a Request for Project Proposals has also been submitted by Fortune to the U.S. Department of War Defence Industrial Base Consortium. The proposal aims to address the gap in domestic bismuth production. Holding approximately 12% of global reserves, the NICO Project contains the world’s largest deposit of bismuth.
Joint Venture and Infrastructure Development
Collaboration with the Tłıchǫ Government not only focuses on constructing the road but also explores extending it toward the community of Gamètì. Such extension could significantly enhance regional connectivity and promote economic development in the central Tłıchǫ lands.
In previous endeavors, Fortune Minerals secured funding under the U.S. Defence Production Act Title III and received contributions from the Canadian Government. These efforts highlight the strategic importance of establishing a resilient supply chain for critical minerals in North America.
The NICO Project’s development includes a planned mine and concentrator in the Northwest Territories and a hydrometallurgical facility in Alberta. The approach will produce battery-grade cobalt sulfate, 99.99% pure bismuth ingots and oxide products, as well as copper cement.
According to the new DoW program, the aim is to incentivize robust and secure domestic supply chains for critical minerals. China currently controls about 90% of the world’s refined bismuth production and has been restricting exports to western countries. Addressing these vulnerabilities, the DoW initiative supports projects that expand domestic processing capabilities.
Fortune Minerals and the Tłıchǫ Government are forming a joint venture for the development of an access road to the Company’s NICO mine. Applications to the Critical Minerals Infrastructure Fund and the U.S. Department of War’s programme aim to support this critical infrastructure. The NICO deposit, located approximately 160 km northwest of Yellowknife and 50 km north of Whatì, falls within Tłıchǫ territory. The joint venture will also evaluate the road’s potential to extend the all-season road toward Gamètì, enhancing access and service delivery.
The DoW’s Request for Project Proposals prioritises thirteen critical minerals for financial support, including bismuth. The program’s objective is to develop robust, resilient, and secure domestic supply chains essential for national security and defence.
Last updated: 30 April 2026, 2:04 am
