A Conversation with Dale Verran: Lessons from the Field

In an industry driven by models, studies, and market cycles, it’s easy to forget that every mining project ultimately begins — and succeeds or fails — in the field.

For Fortune Bay CEO Dale Verran, that reality has shaped his approach from the very beginning of his career.

“One of the earliest lessons I learned is that nothing can substitute for quality fieldwork,” he says. “We’re not making widgets — we’re working with nature. Every project is rooted in the ground, and no two are ever the same.”

That perspective, earned through decades of hands-on experience, continues to inform how Dale evaluates risk, leads teams, and advances projects today — including Fortune Bay’s Goldfields Project in Saskatchewan.

The Value of Being Close to the Ground

Time spent in the field offers a kind of clarity that no spreadsheet can replicate. It provides context — geological, logistical, environmental, and social — that helps distinguish between perceived risk and real risk.

“Field experience allows you to validate assumptions,” Dale explains. “You see the geology, infrastructure, environmental sensitivities, and community dynamics firsthand. That helps identify issues early, before they become costly problems.”

Technical and financial studies remain important tools, but in Dale’s view, it is essential they are fully grounded in reality. Models inform decisions; experience sharpens judgment.

“Time in the field gives you context that no model can fully capture.”

Respecting Expertise Where It Lives

That same philosophy extends to how Dale thinks about leadership.

“The people in the field are closest to the truth of the project,” he says. “They deserve respect, trust, and empowerment. Management’s role is to support and enable that expertise.”

Rather than decisions flowing exclusively from the desktop, Dale believes strong outcomes come from integrating firsthand knowledge with technical and financial analysis — and from building teams where insight moves both ways.

Applying Those Lessons at Goldfields

At Goldfields, this ground-up mindset has shaped a disciplined approach to advancement.

The project benefits from a long operating history, extensive historical data, and its location in a well-established mining district — factors that materially reduce development risk. Over the past five years, Fortune Bay’s team has spent substantial time on site, developing a deep understanding of how the project can be responsibly advanced.

“That experience has allowed us to focus on the fundamentals that matter,” Dale notes. “Resource confidence, permitting clarity, infrastructure optimization, and early community engagement — all with the goal of supporting long-term value creation.”

“Strong projects are built on understanding — not assumptions.”

Capital Discipline in Practice

For Dale, capital discipline isn’t a slogan; it’s a daily discipline.

“It means treating every dollar as if it were your own,” he says. “Spending where it creates measurable long-term value, and avoiding activities that generate short-term excitement without improving the project.”

That philosophy translates into rigorous budgeting, clear priorities, and constant evaluation of return on invested capital — particularly important in a cyclical industry where capital can be scarce or misallocated.

Reading the Gold Cycle Through Experience

Having seen multiple gold cycles unfold, Dale focuses less on short-term price movements and more on structural signals.

“I pay attention to capital flows, financing terms, merger activity, retail participation, and the gap between company valuations and underlying asset quality,” he explains. “Gold price and macro fundamentals matter, but they’re only part of the picture.”

Those signals, combined with experience, help inform how and when companies position themselves for the next phase of the cycle.

Building Long-Term Confidence

When asked what matters most for building long-term confidence in Fortune Bay’s story, Dale’s answer is straightforward: consistency and credibility.

“That means meeting milestones, communicating clearly, maintaining capital discipline, and protecting shareholder value,” he says. “Over time, disciplined execution builds trust.”

If Fortune Bay continues to deliver on its strategy and demonstrate steady de-risking toward a construction decision, Dale believes the market will recognize the value being created — not through hype, but through results.

“Over time, disciplined execution builds trust.”