Fortune Minerals CEO: We'll be producing battery-grade cobalt sulphate for batteries | Summary and Q&A

TL;DR

Fortune Minerals is a Toronto Stock Exchange listed development stage company focused on producing battery-grade cobalt sulfate for the growing electric vehicle industry, with promising catalysts ahead.

Key Insights

• 🚙 Fortune Minerals is actively engaged in the production of battery-grade cobalt sulfate, a vital component for the electric vehicle industry.
• 😫 The company's advanced stage of development sets it apart from early-stage mining companies.
• 😨 Cobalt is in high demand due to the growth of electric cars, creating a supply shortage and an opportunity for Fortune Minerals.
• 🛄 Fortune Minerals aims to be independent of major cobalt and refinery sources like the Congo and China.
• 📽️ Completing a feasibility study and securing project financing are significant catalysts for the company's future.
• 😫 The battery metals market, especially cobalt, is set to experience exponential growth in the coming years.
• 📽️ Conservative estimates project a doubling of the cobalt market, while some analysts anticipate a 300% increase in consumption.

Transcript

this is Gillian Morris for the investing news network reporting directly from PDAC 2018 here with me is Robyn goat president and CEO of fortune minerals trading on their Toronto Stock Exchange under ft Robin thank you so much for joining me thank you for having me join in 30 seconds could you give me a breakdown of your company's value proposition ... Read More

Questions & Answers

Q: What makes Fortune Minerals unique in the market?

Fortune Minerals stands out due to its advanced stage of development, with most mining permits and environmental approvals in place. Additionally, its focus on cobalt, a metal crucial for automotive electrification, differentiates the company from traditional mining operations.

Q: What upcoming catalysts can investors expect from Fortune Minerals?

The completion of a feasibility study in May is a major catalyst, as it will assess a 30% increase in production. Following this, the company aims to secure project financing and begin construction next year.

Q: What are the trends in the battery metals market and why is cobalt in high demand?

The cobalt market is experiencing significant growth due to the shift towards electric vehicles. The demand for cobalt is projected to double-digit figures, driven by the need for batteries in electric cars. There is currently a shortage of cobalt supply, making Fortune Minerals well-positioned to meet the rising demand.

Q: How much funding does Fortune Minerals require for asset development?

The company is seeking around $700-$800 million in project financing to develop its mine, concentrator, and refinery fully.

Summary & Key Takeaways

• Fortune Minerals is a development stage company with a primary asset in the Northwest Territories, consisting of a mine, concentrator, and refinery to produce battery-grade cobalt sulfate.

• The company has already undertaken feasibility studies and is working on increasing production and securing project financing.

• Fortune Minerals is uniquely positioned to provide cobalt independently from the Congo and China, which are major sources of cobalt and refinery production.