Fortune Targets Federal Funding for NICO

Why It Matters

Securing domestic bismuth and other critical minerals reduces reliance on China and supports defense, AI data‑center cooling, and renewable‑energy technologies across North America.

Key Takeaways

• NICO holds 12% of world bismuth reserves
• Fortune received US$12.2M for feasibility work
• Seeking US$36.5M road funding from Canada’s Critical Minerals Fund
• Joint venture with Tłı̨chǫ Government builds 50‑km access road
• U.S. Department of War targets NICO for strategic mineral supply

Pulse Analysis

The NICO project in Canada’s Northwest Territories is emerging as a rare, high‑grade source of bismuth—a metal essential for specialty alloys, defense electronics, and the thermal management of AI data‑center hardware. With 33.1 million tonnes of ore averaging 0.14% bismuth, 0.11% cobalt, 0.04% copper, and over a million ounces of gold, the deposit represents a strategic foothold for North America’s critical‑minerals agenda, especially as global demand for AI‑driven infrastructure and renewable‑energy components accelerates.

Funding momentum is building. In 2024, the U.S. Department of War (formerly Defense) and Canadian agencies granted Fortune Minerals C$17 million (US$12.2 million) to advance feasibility studies and permitting. Simultaneously, the company and the Tłı̨chǫ Government are pursuing up to C$50 million (US$36.5 million) from Canada’s Critical Minerals Infrastructure Fund to construct a 50‑kilometer road that links NICO to the national highway and rail network. The infrastructure not only lowers logistics costs for the mine but also promises broader economic benefits for nearby First‑Nation communities, potentially extending access toward Gamètì.

Strategically, the project aligns with both Canadian and U.S. goals to diversify away from China, which supplies roughly 88% of global bismuth. By creating a vertically integrated supply chain—from extraction in the NWT to a planned refinery in Alberta—Fortune positions itself as a domestic supplier of three metals critical to defense, electronics, and clean‑energy sectors. Successful road construction and continued federal support could cement NICO as a linchpin in the continent’s effort to secure resilient, locally sourced critical minerals for the next generation of technology.