Fortune Minerals Limited has announced significant advancements in its bismuth processing technology for the 100%-owned NICO cobalt-gold-bismuth-copper critical minerals project in Canada. The company reported the successful completion of metallurgical test work validation for the bismuth circuits intended for its planned hydrometallurgical refinery in Lamont County, Alberta.

A key highlight of the test work is the improved efficiency of the bismuth leaching and cementation circuits. These enhancements are projected to significantly reduce both capital and operating expenditures for the Alberta refinery while simultaneously increasing bismuth recovery in cement to approximately 98%. This surpasses initial targets. The produced bismuth cement boasts an average purity of 95%, making it an ideal feedstock for smelting and subsequent refining into high-quality metal ingots.

Furthermore, Fortune’s innovative approach includes an efficient and cost-effective method for regenerating the ferric chloride lixiviant used in the leaching process. With a demonstrated regeneration efficiency of around 95% using chlorine, this closed-loop system minimizes reagent costs and allows for the safe disposal of excess process water.

The company also achieved a significant milestone in validating the production of high-purity 4N (99.99%) bismuth ingots through smelting and refining of the bismuth cement. Initial smelting produced a 2N (99.8%) ingot, which was subsequently refined using liquation, sulphuration, and chlorination steps to meet the stringent 4N target specification demanded by various high-tech applications. The final pyrometallurgical testing and report are nearing completion.

In a move that underscores the potential for collaboration and resource optimization, preliminary tests blending Fortune’s bismuth concentrate with bismuth oxychloride from Rio Tinto’s Kennecott Smelter in Utah yielded positive results. The blend produced high-quality bismuth cement without any adverse impacts on product quality or metal recovery.

The development of the NICO Project is important given that Canada holds 12% of global bismuth reserves and the current market is experiencing historically high prices, driven by increasing demand and recent export restrictions imposed by China on critical minerals like bismuth. Fortune’s vertically integrated project, encompassing a mine and concentrator in the Northwest Territories and the Alberta refinery, aims to establish a reliable North American supply of not only bismuth but also cobalt sulphate, gold doré, and copper cement – all critical minerals essential for various industries, including the energy transition and defense.

Fortune Minerals has secured approximately C$17 million in non-dilutive funding from various government initiatives, including the U.S. Department of Defense and Natural Resources Canada, as well as Alberta Innovates.