Canadian critical minerals developer Fortune Minerals has secured a C$3.8-million loan from Prosper NWT, a public agency of the government of the Northwest Territories, to complete the purchase of a refinery site in Lamont county, Alberta, from JFSL Field Services.

The site will host Fortune’s planned hydrometallurgical facility, designed to process concentrates from its Nico cobalt/gold/bismuth/copper project in the Northwest Territories.

Under the loan agreement, Prosper NWT will provide financing to Fortune Minerals Alberta, a wholly owned subsidiary of the company, over a five-year term at a fixed 8.45% interest rate. The arrangement includes interest-only payments for the first 24 months, followed by blended interest and principal payments for the remaining 36 months, based on a 15-year amortisation schedule.

The loan will be secured by the refinery site, buildings and equipment, and guaranteed by Fortune Minerals. The company has already paid C$3.04-million of the C$6-million purchase price for the site, and expects the acquisition to close by year-end.

“With this key Alberta refinery site secured, Fortune will be able to move the vertically integrated Nico project closer to a construction decision, while removing a significant development risk,” said Fortune president and CEO Robin Goad. “We are grateful for this financial commitment from Prosper NWT, which demonstrates the importance of the critical minerals industry to Canada’s northern economy.”

The site covers 31 ha and includes more than 3 900 m² of serviced shop and plant facilities, located adjacent to the Canadian National Railway. The area already benefits from planning approvals, industrial infrastructure, and tax incentives linked to capital investment.

According to Fortune, the existing infrastructure is expected to reduce capital and operating costs for the Nico development.

The Nico project comprises a planned openpit and underground mine and concentrator in the NWT, and the Alberta refinery that will process concentrates into high-value products. Containing cobalt, bismuth, copper and over one-million ounces of gold, the project will contribute to North American supply chain security by providing reliable sources of critical minerals.