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Cobalt & Bismuth
MINING.com • June 04, 2026 • 6:47 AM
Resource nationalism redraws critical minerals playbook

Resource nationalism is expanding beyond taxes and royalties, forcing lithium and rare earth investors to navigate export controls, production quotas, processing mandates and government intervention as governments compete for control of critical minerals…The shift is turning critical minerals from a traditional mining business into a geopolitical contest, according to global law firm Gibson Dunn. Recent moves by China, the Democratic Republic of the Congo (DRC), Vietnam, Indonesia, Chile, the European Union and the United States are reshaping supply chains and introducing legal risks that were largely absent during previous commodity cycles…The minerals at the centre of the struggle are essential for electric vehicles, energy storage systems and advanced technologies…Governments increasingly view critical minerals as strategic assets tied to economic competitiveness, technological leadership and national security, raising the stakes for producers, investors and manufacturers alike…Producer nations are also asserting greater control over mineral resources. The DRC imposed a cobalt export ban in February 2025 before replacing it with production quotas later in the year, disrupting a market that supplies battery manufacturers worldwide…The result is a widening divide between producing countries seeking more value from their resources and consuming nations attempting to secure reliable supplies for energy transition technologies, defence systems and advanced manufacturing…The US has elevated critical minerals to a national security priority through strategic reserves and allied supply-chain initiatives, while the European Union’s Critical Raw Materials Act aims to reduce dependence on foreign suppliers and boost domestic processing. Similar policies are emerging across other industrial economiesThe firm also recommends reassessing processing locations and supply-chain design, arguing that geography may become as important as geology in determining project success…The broader trend shows little sign of reversing. Governments across the political spectrum increasingly agree that critical minerals deserve special treatment because of their importance to energy transition technologies, artificial intelligence, advanced manufacturing and defence. While specific policies may evolve, competition for control of strategic resources continues to intensify.

Fortune in the Media
The Northern Miner • June 05, 2026 • 10:00 AM
Fortune advances Nico cobalt-gold project as cash hurdle looms

Fortune is entering a key phase, supported by strong critical metals momentum, advancing project fundamentals and growing government focus on securing non-China critical mineral supply chains,” Fundamental Research analysts wrote in a May 21 report paid for by Fortune. “Recent operational, financing and permitting progress has strengthened Fortune’s outlook ahead of key catalysts, including an updated feasibility study [and] permitting milestones.”…As the Northwest Territories searches for new mines to offset the decline of its diamond industry, Nico has emerged as one of the territory’s most advanced development projects. Its strategic importance was highlighted for being among the first Canadian projects to receive support under the U.S. Defense Production Act Title III, in 2024. The award came amid a broader wave of U.S. government support for the sector, with about $26.2 billion (C$36.4 billion) to 33 publicly listed critical mineral companies globally between 2023 and 2026, according to the Critical Minerals Institute…“The big thing for us is capital,” Goad told The Northern Miner. “We’re more or less at the finish line, right? So once this government supported work is done, the front-end engineering and design and the permits are in place, then you want to move to construction. So are we going to be able to raise the project financing to move forward? That’s the big hurdle.”…Fortune’s Toronto-listed shares have tripled in the past 12 months to about 19¢ apiece on Thursday. The company has a market capitalization of $124.7 million…Ottawa and Washington’s focus on critical minerals have helped Fortune book more than $17.5 million (US$12.5 million) in non-dilutive awards and loans from Canadian and U.S. programs. That includes US$6.38 million from the U.S. Department of Defense, plus $8.21 million from Ottawa and a $3.8-million loan from Prosper NWT – a public agency that provides financing and other support to help northern businesses grow…Fortune is working to turn that policy momentum into two near-term funding decisions. The company has applied with the Tłı̨chǫ Government to Ottawa’s Critical Minerals Infrastructure Fund for up to $50 million to help build the final 50-km spur road to the Nico site, for which it received permits last month…Fortune discovered Nico in 1996 and has spent about $150 million advancing it, Goad said…Fortune also in recent weeks responded to a U.S. Defense Industrial Base Consortium request for bismuth projects under a U.S. Department of War program…Bismuth now sits at the centre of Fortune’s government pitch. Goad says export restrictions by market dominator China has turned a once-quiet market into a price shock…China cuts exports and “the price shot up to over $40 per lb.,” Goad said, from historical norms of about $7 per lb., before settling in recent weeks above $20…The metal is tied to defence uses and to electronics supply chains…“Without bismuth soldering paste, you cannot for example, build artificial intelligence data centres,” Goad said.

For further information about the NICO Project and its Mineral Reserves, please refer to the Technical Report on the Feasibility Study for NICO, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, which has been filed on SEDAR and is available under the Company's profile at www.sedar.com. DISCLAIMER Fortune Minerals Limited does not endorse or guarantee the accuracy or completeness of any third party publication regarding the Company and accepts no liability for any direct or consequential losses arising from its use. The information contained in third party publications is subject to verification by the user and Fortune is under no obligation to provide, or comment upon, such publications. This communication is not, and under no circumstances is to be construed as, an offer to sell or a solicitation to buy any securities. Any decision to invest in securities in the secondary market or otherwise should only be made after consulting the investor’s own investment, legal, accounting and tax advisors in order to make an informed determination of the suitability and consequences of such investment. CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION The materials appearing in this email contain forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the Company’s mineral resources, progress in permitting and development of mineral properties, timing and cost for placing the Company’s mineral projects into production, costs of production, amount and quality of metal products recoverable from the Company’s mineral resources, anticipated revenues, earnings and cash flows from the Company's mineral projects, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, the possibility that production from the Company's mineral projects may be less than anticipated, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update them or revise it to reflect new events or circumstances, except as required by law.
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