Fortitude Gold Reports Second Quarter 2024 Results
Fortitude Gold reported its Q2 2024 financial results, including $9.6 million net sales, $4.3 million exploration expenses, and $2.9 million in dividends. The company produced 4,150 gold ounces and has a $32.9 million cash balance as of June 30, 2024. However, it posted a $0.01 per share net loss and awaits permit approval for deeper mining at the Pearl zone and to commence the County Line project. Realized gold prices averaged $2,341 per ounce, while the total cash cost and all-in sustaining cost per ounce were $782 and $1,013, respectively. The working capital stood at $48.4 million.
Fortitude Gold ha riportato i risultati finanziari del secondo trimestre del 2024, inclusi 9,6 milioni di dollari di vendite nette, 4,3 milioni di dollari di spese per esplorazione e 2,9 milioni di dollari in dividendi. L'azienda ha prodotto 4.150 once d'oro e ha un saldo di cassa di 32,9 milioni di dollari al 30 giugno 2024. Tuttavia, ha registrato una perdita netta di 0,01 dollari per azione e attende l'approvazione dei permessi per estrazioni più profonde nella zona Pearl e per avviare il progetto County Line. I prezzi d'oro realizzati hanno avuto una media di 2.341 dollari per oncia, mentre il costo totale in contante e il costo complessivo sono stati rispettivamente 782 dollari e 1.013 dollari per oncia. Il capitale circolante era di 48,4 milioni di dollari.
Fortitude Gold informó sus resultados financieros del segundo trimestre de 2024, incluyendo 9.6 millones de dólares en ventas netas, 4.3 millones de dólares en gastos de exploración y 2.9 millones de dólares en dividendos. La compañía produjo 4,150 onzas de oro y tiene un saldo de efectivo de 32.9 millones de dólares al 30 de junio de 2024. Sin embargo, reportó una pérdida neta de 0.01 dólares por acción y espera la aprobación de permisos para realizar minería más profunda en la zona Pearl y comenzar el proyecto County Line. Los precios del oro realizados promediaron 2,341 dólares por onza, mientras que el costo total en efectivo y el costo sustentable total por onza fueron de 782 dólares y 1,013 dólares, respectivamente. El capital de trabajo se situó en 48.4 millones de dólares.
Fortitude Gold는 2024년 2분기 재무 결과를 보고했습니다. 여기에는 960만 달러의 순매출, 430만 달러의 탐사 비용, 290만 달러의 배당금이 포함됩니다. 회사는 4,150 온스의 금을 생산하였고, 2024년 6월 30일 기준으로 3290만 달러의 현금 잔고를 보유하고 있습니다. 그러나 주당 0.01달러의 순손실을 기록하였고, Pearl 구역의 깊은 채굴에 대한 허가 승인과 County Line 프로젝트의 시작을 기다리고 있습니다. 실현된 금 가격은 온스당 2,341달러의 평균을 기록하였으며, 현금 총 비용과 전반적인 유지 비용은 각각 782달러와 1,013달러였습니다. 운전 자본은 4840만 달러였습니다.
Fortitude Gold a présenté ses résultats financiers pour le deuxième trimestre 2024, y compris 9,6 millions de dollars de ventes nettes, 4,3 millions de dollars de dépenses d'exploration et 2,9 millions de dollars de dividendes. La société a produit 4 150 onces d'or et dispose d'un solde de trésorerie de 32,9 millions de dollars au 30 juin 2024. Cependant, elle a enregistré une perte nette de 0,01 dollar par action et attend l'approbation des permis pour des extractions plus profondes dans la zone Pearl et pour commencer le projet County Line. Les prix de l'or réalisés ont en moyenne 2 341 dollars par once, tandis que le coût total en espèces et le coût d'entretien total par once étaient respectivement de 782 dollars et 1 013 dollars. Le fonds de roulement était de 48,4 millions de dollars.
Fortitude Gold hat seine Finanzzahlen für das zweite Quartal 2024 veröffentlicht, einschließlich 9,6 Millionen Dollar Nettoumsatz, 4,3 Millionen Dollar Explorationskosten und 2,9 Millionen Dollar Dividenden. Das Unternehmen produzierte 4.150 Unzen Gold und verfügte am 30. Juni 2024 über einen Barguthaben von 32,9 Millionen Dollar. Es verzeichnete jedoch einen Nettoverlust von 0,01 Dollar pro Aktie und wartet auf die Genehmigung von Genehmigungen für eine tiefere Förderung im Pearl-Bereich und den Start des County Line-Projekts. Die realisierten Goldpreise betrugen durchschnittlich 2.341 Dollar pro Unze, während die Gesamtkosten und die nachhaltigen Gesamtkosten pro Unze 782 Dollar und 1.013 Dollar betrugen. Das Betriebskapital belief sich auf 48,4 Millionen Dollar.
- $32.9 million cash balance as of June 30, 2024
- $2,341 per ounce realized gold price
- $4.8 million mine gross profit
- $48.4 million working capital at June 30, 2024
- $0.01 per share net loss
- 4,150 gold ounces produced, down from 9,684 ounces in Q2 2023
- $9.6 million net sales, down from $19.2 million in Q2 2023
- $4.3 million exploration expenses
COLORADO SPRINGS, CO / ACCESSWIRE / July 30, 2024 / Fortitude Gold Corporation (OTCQB:FTCO) (the "Company") today reported its second quarter 2024 results including
Second Quarter 2024 Financial Results and Highlights
$9.6 million net sales$(0.01) per share,$0.1 million net loss$32.9 million cash balance on June 30, 20244,150 gold ounces produced
$48.4 million working capital at June 30, 2024$4.8 million mine gross profit$4.3 million exploration expenditures$782 t otal cash cost after by-product credits per gold ounce sold*$1,013 per ounce total all-in sustaining cost*$2.9 million dividends paid
* The calculation of our cash cost and all-in sustaining cost per ounce contained in this press release is a non-GAAP financial measure. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company's recently filed Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.
Fortitude Gold sold 4,123 gold ounces at a total cash cost of
"The second quarter of 2024 was successful on numerous fronts despite the ongoing permitting delays," stated Fortitude Gold CEO and President, Mr. Jason Reid. "Our Isabella Pearl mine generated over
The following Sales Statistics table summarizes certain information about our operations for the three and six months ended June 30, 2024 and 2023:
| Three months ended June 30, |
| Six months ended June 30, | ||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Metal sold |
|
|
|
|
|
|
| ||||
Gold (ozs.) |
| 4,123 |
|
| 9,702 |
|
| 8,093 |
|
| 21,131 |
Silver (ozs.) |
| 15,806 |
|
| 13,464 |
|
| 36,672 |
|
| 30,944 |
Average metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
Gold ($per oz.) |
| 2,341 |
|
| 1,990 |
|
| 2,209 |
|
| 1,935 |
Silver ($per oz.) |
| 29.11 |
|
| 24.46 |
|
| 25.80 |
|
| 23.42 |
Precious metal gold equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
Gold Ounces |
| 4,123 |
|
| 9,702 |
|
| 8,093 |
|
| 21,131 |
Gold Equivalent Ounces from Silver |
| 197 |
|
| 165 |
|
| 428 |
|
| 375 |
| 4,320 |
|
| 9,867 |
|
| 8,521 |
|
| 21,506 | |
|
|
|
|
|
|
|
|
|
|
|
|
Total cash cost before by-product credits per gold ounce sold | $ | 894 |
| $ | 561 |
| $ | 840 |
| $ | 546 |
Total cash cost after by-product credits per gold ounce sold | $ | 782 |
| $ | 527 |
| $ | 723 |
| $ | 512 |
Total all-in sustaining cost per gold ounce sold | $ | 1,013 |
| $ | 680 |
| $ | 898 |
| $ | 625 |
(1) Average metal prices realized vary from the market metal prices due to final settlement adjustments from our provisional invoices when they are settled. Our average metal prices realized will therefore differ from the market average metal prices in most cases.
The following Production Statistics table summarize certain information about our operations for the three and six months ended June 30, 2024 and 2023:
|
| Three months ended June 30, |
| Six months ended June 30, | ||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Ore mined |
|
|
|
|
|
|
|
| ||||
Ore (tonnes) |
|
| 120,270 |
|
| 112,834 |
|
| 186,766 |
|
| 219,309 |
Gold grade (g/t) |
|
| 0.53 |
|
| 3.36 |
|
| 0.59 |
|
| 3.71 |
Low-grade stockpile |
|
|
|
|
|
|
|
|
|
|
|
|
Ore (tonnes) |
|
| - |
|
| - |
|
| - |
|
| 61,854 |
Gold grade (g/t) |
|
| - |
|
| - |
|
| - |
|
| 0.47 |
Waste (tonnes) |
|
| 348,488 |
|
| 312,614 |
|
| 799,997 |
|
| 530,741 |
Metal production (before payable metal deductions)(1) |
|
|
|
|
|
|
|
|
|
| ||
Gold (ozs.) |
|
| 4,150 |
|
| 9,684 |
|
| 8,133 |
|
| 21,171 |
Silver (ozs.) |
|
| 16,178 |
|
| 13,611 |
|
| 37,293 |
|
| 31,260 |
(1)The difference between what we report as "metal production" and "metal sold" is attributable to the difference between the quantities of metals contained in the doré we produce versus the portion of those metals actually paid for according to the terms of our sales contracts. Differences can also arise from inventory changes incidental to shipping schedules, or variances in ore grades and recoveries which impact the amount of metals contained in doré produced and sold.
See Accompanying Tables
The following information summarizes the results of operations for Fortitude Gold Corporation for the three and six months ended June 30, 2024 and 2023, its financial condition at June 30, 2024 and December 31, 2023, and its cash flows for the six months ended June 30, 2024 and 2023. The summary data as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 is unaudited; the summary data as of December 31, 2023 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2023, but do not include the footnotes and other information that is included in the complete financial statements. Readers are urged to review the Company's Form 10-K in its entirety, which can be found on the SEC's website at www.sec.gov.
The calculation of its cash cost before by-product credits per gold ounce sold, total cash cost after by-product credits per gold ounce sold and total all-in sustaining cost per gold ounce sold contained in this press release are non-GAAP financial measures. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company's most recent Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.
FORTITUDE GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share and per share amounts)
|
| June 30, |
|
| December 31, | ||
|
| (Unaudited) |
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 32,873 |
|
| $ | 48,678 |
Gold and silver rounds/bullion |
|
| 1,756 |
|
|
| 1,532 |
Accounts receivable |
|
| 527 |
|
|
| 42 |
Inventories |
|
| 15,238 |
|
|
| 23,848 |
Prepaid taxes |
|
| 672 |
|
|
| 355 |
Prepaid expenses and other current assets |
|
| 1,078 |
|
|
| 811 |
Total current assets |
|
| 52,144 |
|
|
| 75,266 |
Property, plant and mine development, net |
|
| 23,883 |
|
|
| 25,365 |
Operating lease assets, net |
|
| - |
|
|
| 631 |
Deferred tax assets |
|
| 2,768 |
|
|
| 2,860 |
Leach pad inventories |
|
| 46,334 |
|
|
| 30,533 |
Other non-current assets |
|
| 386 |
|
|
| 344 |
Total assets |
| $ | 125,515 |
|
| $ | 134,999 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
| $ | 3,010 |
|
| $ | 3,881 |
Operating lease liabilities, current |
|
| - |
|
|
| 631 |
Mining taxes payable |
|
| 207 |
|
|
| 2,309 |
Other current liabilities |
|
| 516 |
|
|
| 1,133 |
Total current liabilities |
|
| 3,733 |
|
|
| 7,954 |
Asset retirement obligations |
|
| 6,796 |
|
|
| 6,500 |
Total liabilities |
|
| 10,529 |
|
|
| 14,454 |
Shareholders' equity: |
|
|
|
|
|
|
|
Preferred stock - |
|
| - |
|
|
| - |
Common stock - |
|
| 242 |
|
|
| 241 |
Additional paid-in capital |
|
| 104,396 |
|
|
| 104,020 |
Retained earnings |
|
| 10,348 |
|
|
| 16,284 |
Total shareholders' equity |
|
| 114,986 |
|
|
| 120,545 |
Total liabilities and shareholders' equity |
| $ | 125,515 |
|
| $ | 134,999 |
FORTITUDE GOLD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and six months ended June 30, 2024 and 2023
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)
| Three months ended |
| Six months ended |
| ||||||||
| June 30, |
| June 30, |
| ||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 |
| ||||
Sales, net | $ | 9,554 |
| $ | 19,219 |
| $ | 17,735 |
| $ | 40,759 |
|
Mine cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Production costs |
| 3,130 |
|
| 5,020 |
|
| 5,707 |
|
| 10,673 |
|
Depreciation and amortization |
| 1,547 |
|
| 2,905 |
|
| 2,938 |
|
| 6,384 |
|
Reclamation and remediation |
| 59 |
|
| 68 |
|
| 107 |
|
| 140 |
|
Total mine cost of sales |
| 4,736 |
|
| 7,993 |
|
| 8,752 |
|
| 17,197 |
|
Mine gross profit |
| 4,818 |
|
| 11,226 |
|
| 8,983 |
|
| 23,562 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
| 1,190 |
|
| 1,087 |
|
| 2,411 |
|
| 2,146 |
|
Exploration expenses |
| 4,252 |
|
| 6,061 |
|
| 7,890 |
|
| 9,749 |
|
Other (income), net |
| (539 | ) |
| (434 | ) |
| (1,160 | ) |
| (761 | ) |
Total costs and expenses |
| 4,903 |
|
| 6,714 |
|
| 9,141 |
|
| 11,134 |
|
(Loss) income before income and mining taxes |
| (85 | ) |
| 4,512 |
|
| (158 | ) |
| 12,428 |
|
Mining and income tax expense (benefit) |
| 53 |
|
| 908 |
|
| (18 | ) |
| 2,456 |
|
Net (loss) income | $ | (138 | ) | $ | 3,604 |
| $ | (140 | ) | $ | 9,972 |
|
Net (loss) income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic | $ | (0.01 | ) | $ | 0.15 |
| $ | (0.01 | ) | $ | 0.41 |
|
Diluted | $ | (0.01 | ) | $ | 0.15 |
| $ | (0.01 | ) | $ | 0.41 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 24,165,209 |
|
| 24,084,542 |
|
| 24,150,288 |
|
| 24,074,312 |
|
Diluted |
| 24,165,209 |
|
| 24,225,953 |
|
| 24,150,288 |
|
| 24,219,270 |
|
FORTITUDE GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2024 and 2023
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)
| Six months ended |
| |||||
| June 30, |
| |||||
| 2024 |
|
| 2023 |
| ||
Cash flows from operating activities: |
|
|
|
|
| ||
Net (loss) income | $ | (140 | ) |
| $ | 9,972 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
| 3,016 |
|
|
| 6,430 |
|
Stock-based compensation |
| 300 |
|
|
| 103 |
|
Deferred taxes |
| 92 |
|
|
| (1,018 | ) |
Reclamation and remediation accretion |
| 107 |
|
|
| 140 |
|
Unrealized (gain) loss on gold and silver rounds/bullion |
| (224 | ) |
|
| 14 |
|
Other operating adjustments |
| - |
|
|
| (72 | ) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
| (485 | ) |
|
| - |
|
Inventories |
| (5,896 | ) |
|
| (2,167 | ) |
Prepaid expenses and other current assets |
| (267 | ) |
|
| (531 | ) |
Other non-current assets |
| (42 | ) |
|
| - |
|
Accounts payable and other accrued liabilities |
| (1,921 | ) |
|
| 519 |
|
Income and mining taxes payable |
| (2,419 | ) |
|
| (601 | ) |
Net cash (used in) provided by operating activities |
| (7,879 | ) |
|
| 12,789 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Capital expenditures |
| (2,204 | ) |
|
| (3,974 | ) |
Purchase of gold and silver rounds/bullion |
| - |
|
|
| (239 | ) |
Net cash used in investing activities |
| (2,204 | ) |
|
| (4,213 | ) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Dividends paid |
| (5,796 | ) |
|
| (6,741 | ) |
Proceeds from exercise of stock options |
| 77 |
|
|
| 60 |
|
Repayment of loans payable |
| (3 | ) |
|
| (30 | ) |
Repayment of capital leases |
| - |
|
|
| (6 | ) |
Net cash used in financing activities |
| (5,722 | ) |
|
| (6,717 | ) |
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
| (15,805 | ) |
|
| 1,859 |
|
Cash and cash equivalents at beginning of period |
| 48,678 |
|
|
| 45,054 |
|
Cash and cash equivalents at end of period | $ | 32,873 |
|
| $ | 46,913 |
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
|
|
Income and mining taxes paid | $ | 2,309 |
|
| $ | 4,074 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
Change in capital expenditures in accounts payable | $ | 436 |
|
| $ | 231 |
|
About Fortitude Gold Corp.:
Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company's strategy is to grow organically, remain debt-free and distribute substantial dividends. The Company's Nevada Mining Unit consists of seven high-grade gold properties located in the Walker Lane Mineral Belt and an eighth high-grade gold property in west central Nevada. The Isabella Pearl gold mine, located on the Isabella Pearl mineralized trend, is currently in production. Nevada, U.S.A. is among the world's premier mining friendly jurisdictions.
Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material are forward-looking statements. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements.
Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, the scope, duration, and impact of the COVID-19 pandemic on mining operations, Company employees, and supply chains as well as the scope, duration and impact of government action aimed at mitigating the pandemic may cause future actual results to differ materially from those expressed or implied by any forward-looking statements. Also, there can be no assurance that production will continue at any specific rate.
Contact:
Greg Patterson
719-717-9825
greg.patterson@fortitudegold.com
www.Fortitudegold.com
SOURCE: Fortitude Gold Corporation
View the original press release on accesswire.com
FAQ
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