Conditional support covers 75% of access road costs
Canada has given conditional approval for up to C$50 million for the NICO Project access road in the Northwest Territories. That support backs a joint venture between Fortune Minerals Limited and the Tłıchǫ Government.
Natural Resources Canada will provide the money through its First and Last Mile Fund. Under the programme, Ottawa will reimburse 75% of construction costs, up to C$50 million, for the 51-kilometre NICO Project Access Road.
Once built, the road will cross Tłıchǫ private lands and connect the NICO cobalt-gold-bismuth-copper mine to the Northwest Territories highway system near Whatì. It will support mine construction and day-to-day operations.
Fortune Minerals plans to use the route to move metal concentrates to a dedicated hydrometallurgical facility in Alberta. Together, the mine and Alberta plant form the wider NICO Project.
According to Fortune, the C$50 million award should help limit capital cost escalation as the company moves toward a construction decision. Fortune Minerals trades on the TSX under FT and on the OTCQB under FTMDF.
Meanwhile, the Tłıchǫ Government will receive another C$200,000 from the same fund. That money will support community engagement and a Traditional Knowledge study for the access road.
Fortune Minerals and the Tłıchǫ Government will also assess whether the road could extend the all-season network toward Gamètì. That option could bring community benefits, lower living costs and support future economic development in central Tłıchǫ lands.
Project and processing plans
At the centre of the plan is a cobalt, gold, bismuth and copper development in the Northwest Territories. Its products are aimed at the energy transition, new technologies and defence markets.
In a statement, Energy and Natural Resources Minister Tim Hodgson said, “Canada is ready to build the infrastructure that unlocks our full critical minerals potential. Through the First and Last Mile Fund, we are investing in projects like the NICO access road to strengthen northern supply chains, create good jobs, and move minerals from resource to market, Made in Canada, for Canadians.”
He added, “This investment also reflects our commitment to working in partnership with Indigenous governments, including the Tłıchǫ Government, to deliver lasting economic opportunities and community benefits.”
Fortune Minerals President Robin Goad said, “The Northwest Territories has tremendous geological endowment with the potential to develop virtually any mineral commodity, but also suffers from an acute infrastructure deficit that raises the bar for economic viability. This funding from the Government of Canada helps level the playing field.”
Goad added, “Development of the NICO Project will provide a domestic process solution for cobalt, bismuth and copper to address critical mineral supply chain vulnerabilities, and gold. We are grateful to receive this investment from the federal government, while also working with our Tłıchǫ Government partners to improve the infrastructure on Tłıchǫ lands for the benefit of its citizens.”
Last updated: 29 June 2026, 11:45 am
