FT and Rio Tinto (NYSE: RIO) are continuing their evaluation of various processing methods to potentially recover bismuth and cobalt from RIO’s Kennecott operations in Utah, and process at FT’s planned refinery in Alberta. FT's immediate goals include finalizing work for a project finance decision, including metallurgical testing, permitting for the construction and operation of the NICO mine and concentrator in the NWT, and the refinery in AB, and completing an updated Feasibility Study (FS). FT is trading at just 22% of NICO’s AT-NPV7% per a FS completed in 2014 (previously 10%), and 32% of our base-case AT-NPV estimate (previously 16%). We maintain a positive outlook on juniors focused on EV metals. Battery/EV manufacturers/miners are actively seeking stable/long-term supply sources. Upcoming catalysts include acquisition of the refinery site, updates on the collaboration with Rio Tinto, an updated FS, and positive sentiment towards EV-metal juniors. *See important disclosures at the bottom of this report rating and risk definitions. All figures in US$ unless otherwise specified. NICO Cobalt-Gold-Bismuth-Copper Project, the NWT FT has secured non-dilutive funding totaling $16.2M from the U.S. Department of Defense, and the Government of Canada. Additionally, FT has secured convertible securities funding of up to $10M from an institutional investor. The company has already received an initial drawdown of $1.2M from the convertible securities facility. Proceeds were used to make a down payment towards the previously announced acquisition of a brownfield refinery site in Alberta, valued at $5.5M. FT’s plan involves converting a former steel fabrication plant into a hydrometallurgical refinery, capable of producing cobalt sulphates, gold doré, bismuth ingots, and copper. Location Map Source: Company Secures financings for up to $26M Located 160 km northwest of Yellowknife, and 50 km north of Whati Concentrates can be transported by truc