Fortune Minerals (TSX: FT) (OTCQB: FTMDF) announced on September 21, 2026, that the water license renewal for the NICO mine and concentrator has been approved by the Minister of Environment and Climate Change for the Northwest Territories. The approval followed the draft terms recommended by the Wek'èezhìı Land and Water Board (WLWB), which also issued the land use permit for the project. With these two primary permits now issued following receipt of an environmental assessment, the terms and conditions have been established for construction and operation of the mine facilities.
The permits also set the amount of security required for the closure and reclamation plan, according to the company. The NICO cobalt-gold-bismuth-copper project is a development-stage critical minerals asset consisting of a planned open pit and underground mine with a concentrator in the Northwest Territories, as well as a dedicated hydrometallurgical facility in Alberta where concentrates from the mine and other feed sources will be processed into value-added products. The NICO site will be connected to the territorial highway system via the already-approved NICO project access road.
Bismuth represents a key strategic component of the NICO project. China announced plans last year to impose export controls on five key metals—tungsten, tellurium, molybdenum, indium, and bismuth—in response to US President Trump's import tariffs. Bismuth is a scarce industrial metal with characteristics similar to lead but is non-toxic, and the industry is currently developing uses for it as a lead replacement.
North America currently produces hardly any bismuth and relies almost entirely on imports. The NICO deposit contains one of the largest known undeveloped bismuth reserves in the world, holding 12% of global bismuth reserves. The project also contains 1.1 million in-situ ounces of gold.
Fortune Minerals has stated that the NICO project aims to establish a domestic, reliable North American supply chain for battery-grade cobalt sulphate, bismuth ingots, and copper cement, with more than one million ounces of in-situ gold serving as a highly liquid and countercyclical co-product. Dr. Richard Schryer, Fortune's Vice President of Environmental and Regulatory Affairs, stated that the water license and land use permit renewals resulted from numerous engagements with territorial, federal, and indigenous governments and communities focused on identifying and mitigating potential environmental and social concerns related to the NICO development.
The company committed to continuing work with these stakeholders through the conditions outlined in the water license to ensure successful project execution. Fortune Minerals stock closed down 3.4% in Toronto on the announcement date. The company has a market capitalization of C$97 million (approximately $69 million USD).
The project represents a significant development in North America's critical minerals supply chain, particularly in response to geopolitical supply constraints.
Source: mining.com