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Update: Fortune Minerals and Lomiko Metals Hit 52 Week Highs As Both Awarded Funding From Canada and U.S. Governments

MT Newswires
·1-min read

Fortune Minerals (FT.TO) has touched a fresh 52 week high Thursday after reporting the governments of Canada and the United States agreed to provide additional funding for the company's vertically integrated NICO cobalt, gold, bismuth, copper critical-minerals asset in Canada.

Meanwhile, Lomiko Metals also touched a fresh 52 week high today as it was awarded a US$8.35 million grant from the United States of America Department of Defense in a Technology Investment Agreement, and funding of C$4.9 million from Natural Resources Canada to support further studies at La Loutre natural flake graphite project in Quebec, Canada

In relation to Fortune Minerals, the Canada government agreed to provide contribution funding for up to $7.5 million to support 75% of the costs for additional engineering and test work, totaling about $10 million through the Global Partnerships Initiative.

Natural Resources Canada is the funding department for the initiative and Fortune will provide additional due diligence information and complete a contribution agreement over the next few weeks.

The total amount of non-dilutive funding that Fortune expects to receive from the US and Canadian governments is about $16.2 million. For, separately, the US Department of Defense has awarded the company about US$6.4 million ($8.7 million) grant under the Defense Production Act Title III program to expand the domestic capacity and production of cobalt for the battery and high-strength alloy supply chains.

FT was last up $0.01 at $0.07, having earlier touched a 52 week high of $0.095. Lomiko was last seen up $0.01 at $0.025, having touched a 52 week high of $0.03.