Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

Fortune and Lomiko Receive Critical Minerals Funding from Canadian and US Governments

by admin May 21, 2024
May 21, 2024
Fortune and Lomiko Receive Critical Minerals Funding from Canadian and US Governments

In a bid to enhance the North American critical minerals supply chain, the Canadian and US governments announced a co-investment in two Canadian companies under the Canada-US Energy Transformation Task Force.

“Canada is positioning itself as a global leader in the supply of responsibly sourced critical minerals for the green and digital economy,” said Jonathan Wilkinson, Canada’s minister of energy and natural resources.

“Through our work with the United States and other allies, we are developing secure critical minerals value chains that will power a prosperous and sustainable future,’ he added in a Thursday (May 16) press release.

The countries’ goal is to accelerate the development of crucial minerals essential for the defense, clean energy and high-tech industries, ensuring secure and sustainable supply for the continent.

Fortune Minerals (TSX:FT,OTCQB:FTMDF) and Lomiko Metals (TSXV:LMR,OTCQB:LMRMF) are the recipients of the funds, with the latter set to receive up to C$7.5 million from the Canadian government, matched by an additional US$6.4 million from the US Department of Defense’s Defense Production Act Investments Office.

The funds will help advance the NICO project, which is focused on cobalt, bismuth, copper and gold.

Robin Goad, Fortune’s president and CEO, expressed his appreciation for the grant, commenting in a release, “It has been difficult attracting investment funding for essential Critical Minerals projects in traditional capital markets. We are therefore grateful for the U.S. Defense Department’s timely and strategic financial support to enable Fortune Minerals to accelerate development of the NICO Project to provide additional domestic capacity and security of supply.”

Located in the Northwest Territories and Alberta, the NICO project aims to become a reliable North American supplier of cobalt sulfate, which is crucial for the lithium-ion battery industry. The company also has plans for a hydrometallurgical refinery in Alberta to process mined concentrates into valuable metals and chemicals.

Lomiko Metals will receive C$4.9 million from the Canadian government alongside US$8.4 million from the US.

The funding will support pilot plant testing to convert flake graphite into battery-grade material, addressing the growing demand for high-quality graphite in the production of electric vehicles and energy storage solutions.

The North American critical minerals supply chain is currently challenged by heavy reliance on foreign sources, particularly from politically unstable regions like the Democratic Republic of Congo, which is the top producer of cobalt by far, and countries with strong refining capacities, such as China. Developing domestic resources in Canada and the US is essential to reducing this dependency and ensuring stable future supply of these vital materials.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
5 Biggest Robotics ETFs in 2024
next post
Altech – Results of Share Purchase Plan

Related Posts

Locksley Resources LimitedFormer U.S. Major General Appointed to...

October 14, 2025

Brunswick Exploration Completes Brokered Private Placement for Gross...

May 31, 2025

Gold Project Acquisition, Placement and MD appointment

August 6, 2025

Aurum Resources

July 3, 2025

Silver Mining Sector Emerges as Clear Winner Amid...

August 26, 2025

Editor’s Picks: Gold Price Breaks US$2,900 in Another...

February 17, 2025

Up to 67g/t Au Intersected in Drilling at...

May 30, 2024

5 Biggest AI ETFs in 2025

March 6, 2025

Over 50% Q-o-Q Production Growth Targeted

September 16, 2025

Bitcoin: A Price History of the First Cryptocurrency...

August 9, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Chip Roy says Democratic Party taking its ‘dying breaths’

      October 21, 2025
    • Hamas transfers coffin of dead hostage to Israel, IDF confirms

      October 21, 2025
    • GOP bill targets United Nations’ global carbon ‘tax scheme’

      October 21, 2025
    • US to expedite nuclear-powered subs to Australia that will sit near China’s doorstep

      October 21, 2025
    • DOJ seeks removal of Comey’s defense lawyer, citing conflict of interest

      October 21, 2025

    Categories

    • Business (1,121)
    • Investing (3,299)
    • Politics (4,022)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved