Fortune Minerals Announces David Massola Has Rejoined the Company as Vice President Business Development Building the team to advance the NICO Critical Minerals Project to a construction decision
Fortune Minerals Announces David Massola Has Rejoined the Company as
Vice President Business Development
Building the team to advance the NICO Critical Minerals Project to a construction decision
LONDON, Ontario--(BUSINESS WIRE)--September 25, 2025--Fortune Minerals Limited
(TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is
pleased to announce that Mr. David Massola has rejoined the Company as Vice President,
Business Development to assist with the transition of the vertically integrated NICO cobalt-gold-
bismuth-copper critical minerals project (“NICO Project”) to project finance and development.
David Massola is a seasoned mining industry financial executive with decades of experience
working for large multinational mining and processing companies, junior mining companies, and
developers, including significant work in Canada’s northern territories. Dave will be based in
Toronto and will help the Company with its strategic and financial planning, assist with joint
ventures, corporate and project finance, and he will lead the negotiations for First Nation
Participation Agreements and business relationships.
Like our news? Click-to-post-on-X.
David Massola graduated from San Francisco State University with a degree in Accounting
before embarking on a twenty-year career with BHP Group Limited (“BHP”) and its
predecessors, the world’s largest mining company by market capitalization. This included work
at the corporate office in San Francisco, the Escondida Copper Mine in Chile, the Island Copper
Mine in British Columbia, and the Ekati Diamond Mine in the Northwest Territories (“NWT”),
the latter for which he was Chief Financial Officer (“CFO”) of BHP Diamonds Inc. David left
BHP to become Vice President and CFO of DeBeers Canada Corporation, which was developing
two diamond mines in the NWT and Ontario at the time. His recent experience included roles as
Senior Vice President of Finance and CFO of GlobeStar Mining Corp., where he was involved
with the financing, construction and operation of a copper-gold mine in the Dominican Republic,
and for which he also negotiated its subsequent sale. He was also President and Chief Executive
Officer (“CEO”) of Continental Nickel Ltd., which was developing a mine in Tanzania, and led
the negotiations for its subsequent takeover. David also served as Vice President, Business
Development, and later as CEO of GoldQuest Mining Corporation that is developing a gold mine
in the Dominican Republic, and he was Fortune’s Vice President of Finance and CFO from 2016
to 2020.
David Massola’s financial and business acumen will complement Fortune as the Company
advances the NICO Project to a construction decision. The NICO Project is a development stage
asset comprised of a planned mine and concentrator in the NWT and a dedicated
hydrometallurgical facility in Alberta where concentrates from the mine, and other feed sources,
will be processed to make cobalt sulphate, gold doré, bismuth ingots, and copper cement for the
energy transition, new technologies and defence. The NICO Project will produce value-added
products from three critical minerals, and there is 1.1 million ounces of in-situ gold in the deposit
as a countercyclical co-product to mitigate metal price volatility.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the vertically integrated NICO
cobalt-gold-bismuth-copper critical minerals project in Canada. The NICO Project is an
advanced development stage asset consisting of a planned mine and concentrator in the
Northwest Territories and a dedicated hydrometallurgical facility in Alberta’s Industrial
Heartland Association north of Edmonton. Fortune also owns the Sue-Dianne copper-silver-gold
satellite deposit located 25 km north of the NICO deposit and is a potential future source of
incremental mill feed to extend the life of the NICO mill and concentrator.
Follow Fortune Minerals:
Click here to subscribe to Fortune’s email list.
Click here to follow Fortune on LinkedIn.
@FortuneMineral on X.
This press release contains forward-looking information and forward-looking statements within
the meaning of applicable securities legislation. This forward-looking information includes
statements with respect to, among other things, the Company’s plans to develop the NICO
Project, negotiation of joint ventures and participation agreements, and securing financing.
Forward-looking information is based on the opinions and estimates of management as well as
certain assumptions at the date the information is given (including, in respect of the forward-
looking information contained in this press release, assumptions regarding: the Company’s
ability to complete construction of a NICO Project refinery; the Company’s ability to arrange
the necessary financing to continue operations and develop the NICO Project; the receipt of all
necessary regulatory approvals for the construction and operation of the NICO Project,
including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing
thereof; the time required to construct the NICO Project; and the economic environment in
which the Company will operate in the future, including the price of gold, cobalt and other by-
product metals, anticipated costs and the volumes of metals to be produced at the NICO
Project). However, such forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ materially from
those projected in the forward-looking information. These factors include the risks that global
geopolitical situations may interfere with the Company’s ability to continue development of the
NICO Project, the Company may not be able to finance and develop NICO on favourable terms
or at all, uncertainties with respect to the receipt or timing of required permits, approvals and
agreements for the development of the NICO Project, including the related hydrometallurgical
refinery, the construction of the NICO Project may take longer than anticipated, the Company
may not be able to secure offtake agreements for the metals to be produced at the NICO Project,
the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the
NICO Project, the inherent risks involved in the exploration and development of mineral
properties and in the mining industry in general, the market for products that use cobalt or
bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not
be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and
other metals to be produced by the NICO Project, discrepancies between actual and estimated
Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties
associated with estimating Mineral Resources and Reserves and the risk that even if such
Mineral Resources prove accurate the risk that such Mineral Resources may not be converted
into Mineral Reserves once economic conditions are applied, the Company’s production of
cobalt, bismuth and other metals may be less than anticipated and other operational and
development risks, market risks and regulatory risks. Readers are cautioned to not place undue
reliance on forward-looking information because it is possible that predictions, forecasts,
projections, and other forms of forward-looking information will not be achieved by the
Company. The forward-looking information contained herein is made as of the date hereof and
the Company assumes no responsibility to update or revise it to reflect new events or
circumstances, except as required by law.
Contacts
For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel: (519) 858-8188
www.fortuneminerals.com