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Fortune Minerals completed validation tests for a hydrometallurgical flowsheet to produce battery grade cobalt sulphate at its NICO project in Canada's Northwest Territories. The project contains 12% of global bismuth reserves and 1.1 million ounces of gold.

In 2024, it secured C$7.5 million from Canada and $6.38 million from the US Department of Defense to enhance cobalt production. The NICO project includes an open pit, underground mine, and a refinery in Alberta, aimed at supplying battery grade cobalt sulphate and other products.