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Cobalt & Bismuth
The Globe and Mail • October 23, 2026 • 6:00 AM
Private investors have been skittish about financing new mines in Canada, but billions of dollars in public spending are shifting the dynamic

The private sector has been skittish about funding new critical minerals mines in Canada in large part because of the risk. Traditionally, if a junior couldn’t raise money privately, it generally meant the investment case wasn’t there, and the project didn’t move forward. But that dynamic is being upended by the billions of dollars the government is offering to newbies allowing them to get over the hump, in the name of national interest. Ottawa hopes the support will be temporary, with an expectation that institutional investors, specialized mining funds, private equity and senior mining companies will take over once these new markets are established. But there is no guarantee that will happen, and there is also the possibility that some of the big swings could be financially disastrous…Public support of critical minerals companies of this breadth and scale would have been unthinkable five years ago. But the world has changed irrevocably during that time with security of minerals supply front and centre. Canada is trying to wean itself from reliance on China and emerge as a viable alternative supplier of critical minerals to its G7 partners. But perhaps even more pressing is Ottawa’s contention that building new mines offers it leverage over the United States during the trade war…“Access to critical minerals is one of the most important geopolitical cards for Canada,” said natural resources minister Tim Hodgson…But there is tension inherent in this strategy, no matter how well intentioned. Early stage mining projects are by definition risky. Many of the companies are trying to break into niches such as battery minerals and rare earths that are dominated by China…On top of that, Canada is a “show me” story. It must prove it can compete in niche critical minerals…“When you look at Canada and the history of investment with critical minerals, with lithium and graphite specifically, we haven’t had any key major success stories yet,” he said…“If you look at the ecosystem of funding in Canada, there are some gaps for valid projects that are in the interest of the country to move forward,” said Yannick Beaudoin, CEO of Canada Growth Fund Investment Management, a subsidiary of Crown corporation PSP Investments…“For the private investors to be comfortable, they need to see an anchor investor in there, and that’s the role we’re playing for now.”…Government funding agencies don’t dispute that what they are doing is risky. In fact, Ottawa is leaning into risk…Over the past 18 months, CGF has announced more than $1-billion of critical minerals investments…“All the Crown corporations have the same objective of additionality. When we put a dollar in, it needs to generate and catalyze more private dollars, either immediately, or over time,” he said.
 
EUROPE SAYS • October 23, 2026 • 11:53 AM
The critical minerals war

The China-US Trade War began in the Trump’s first term. Since then, weaponisation of critical minerals and rare earth elements has been a central economic battlefield. China used export restrictions and technology bans to leverage its dominant supply chain position, while the US focused on stockpiling, domestic production incentives and restrictions on Chinese components…All this trade war has negatively affected Western and US industries. The US cannot produce precision weapons, munitions, jet engines, airframes, sensors and night-visions without them. Wind turbines, solar panels, EVs and battery manufacturing are facing a standstill. Shortages in semiconductors, chips and circuit components has effectively turned a booming AI industry into a bubble. This is a war between the Global North and the Global South, a war between the G7 and BRICS. And China is winning it without firing a bullet.
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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