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Fortitude Gold Corp (FTCO) is a dynamic U.S. based gold producer, developer, and explorer, primarily active in Nevada, one of the world's premier mining jurisdictions. With a strategic focus on projects that promise low operating costs, high margins, and robust returns on capital, Fortitude Gold has carved a niche in the gold mining industry. The Company adopts a unique strategy of organic growth, maintaining a debt-free status and distributing substantial dividends to its shareholders.
The Company's Nevada Mining Unit consists of eight high-grade gold properties, seven of which are located in the Walker Lane Mineral Belt and an eighth in west central Nevada. Notably, the flagship Isabella Pearl gold mine is currently in production, situated on the Isabella Pearl mineralized trend.
Fortitude Gold recently announced significant high-grade gold drill intercepts at its East Camp Douglas lithocap system, underlined by the discovery of an intersection between two faults feeding high-grade gold into the system. High-grade intercepts include 3.05 meters grading 5.57 grams per tonne (g/t) gold within a broader intercept of 12.19 meters grading 2.90 g/t gold. This discovery elevates East Camp Douglas's exploration status, increasing its potential for a significant near-surface gold deposit.
The Company's County Line project continues to show promise with multiple oxide gold drill intercepts at and near surface. The project, located approximately 26 kilometers northwest of the Isabella Pearl mine, is expected to provide ore feed for the Isabella Pearl operation. Recent drill results have added ounces to the County Line resource, with intercepts such as 16.76 meters grading 2.19 g/t gold.
In managerial developments, Fortitude Gold is set to undergo a smooth transition as the Chief Financial Officer, Mr. John Labate, prepares to retire on June 1, 2024. Ms. Janet Turner, the current Corporate Controller, will succeed him, ensuring continuity in the Company's financial strategy.
For the first quarter of 2024, Fortitude Gold reported net sales of $8.2 million, a mine gross profit of $4.2 million, and a cash balance of $41.9 million. The Company produced 3,983 gold ounces during this period, primarily sourced from the Isabella Pearl's lower grade Civit Cat zone.
Fortitude Gold remains committed to expanding its gold production capabilities, with ongoing exploration and development projects aimed at unlocking further value from its Nevada properties. The Company's forward-looking statements highlight the potential for further high-grade gold discoveries and operational expansions, positioning it as a significant player in the gold mining sector.
Fortitude Gold Corp. (OTCQB:FTCO) reported preliminary Q3 production of 11,478 gold ounces, contributing to a total of 37,593 gold ounces produced in the first three quarters of 2021. The company retains its 2021 production outlook with a target upper range of 45,000 gold ounces. Mining operations have focused on waste removal at the Isabella Pearl mine, with plans to transition back to high-grade ore in Q1 2022. Full financial results will be available upon filing of Form 10-Q.
Fortitude Gold Corp. (OTCQB:FTCO) announced significant results from its 2021 Golden Mile infill drill program, reporting multiple high-grade gold intercepts. Noteworthy findings include 16.76 meters of 3.31 g/t gold and 1.52 meters of 27.50 g/t gold. The program, aimed at expanding known mineralization, confirmed substantial near-surface gold available for open-pit mining. Future drilling plans include additional step-out holes. The Golden Mile area presents further exploration opportunities, with the company targeting its initial resource estimate by the end of 2021.
Fortitude Gold Corp. (OTCQB:FTCO) announced a 14% increase in its monthly dividend to $0.04 per common share, effective October 29, 2021. This marks a cumulative dividend increase of 100% in 2021, summing up to an annual dividend of $0.48. The decision reflects the company's strategy to reward shareholders while maintaining operational growth. The company aims to attract yield-focused investors and currently offers a yield exceeding 6%. Future production numbers for the Isabella Pearl mine are expected mid-October.
Fortitude Gold Corp. (OTCQB:FTCO) has announced a monthly dividend of $0.035 per common share, payable on September 30, 2021, to shareholders of record as of September 20, 2021. The company emphasizes that dividend amounts may vary and are subject to the Board's discretion, influenced by factors such as operational cash flows and market conditions. Fortitude Gold operates primarily in Nevada, focusing on projects with low operating costs and high margins, with the Isabella Pearl gold mine in production.
Fortitude Gold Corp. (OTCQB:FTCO) reported significant results from its 2021 Scarlet phase two drill program. Highlights include 4.57 meters of 3.19 grams per tonne (g/t) gold within a wider interval of 19.81 meters grading 1.57 g/t. The exploration targeted the south Scarlet area near the Isabella Pearl mine in Nevada. The company plans to conduct additional drilling at Scarlet in the fourth quarter of 2021. The results demonstrate substantial oxide mineralization, enhancing the potential for resource expansion and processing at the existing heap leach pad.
Fortitude Gold Corp. (OTCQB:FTCO) has declared a monthly dividend of $0.035 per common share, payable on August 31, 2021, to shareholders of record as of August 19, 2021. The company emphasizes that dividends may vary based on operational cash flows and other factors. Operating in Nevada, Fortitude Gold aims to remain debt-free while distributing substantial dividends, with a focus on high-margin gold properties.
Fortitude Gold Corp. (OTCQB:FTCO) announced impressive Q2 2021 results, with gold production hitting a record 14,579 ounces at an all-in sustaining cost of $628 per ounce. The company reported net sales of $25.9 million and net earnings of $8.3 million, or $0.35 per share. Cash reserves increased by 50% to $41.5 million, supporting a newly initiated annual cash dividend of $0.36 per share. Furthermore, the company has raised its annual gold production outlook to 45,000 ounces, underscoring strong operational performance and promising exploration results.
Fortitude Gold (OTCQB:FTCO) announced its second quarter 2021 earnings conference call set for August 4, 2021, at 11:00 AM Eastern Time. CEO Jason Reid will discuss second quarter results and operational updates. Investors can join via webcast or telephone. Fortitude Gold aims for low operating costs and high returns, focusing on organic growth and substantial dividends. The company operates five gold properties in Nevada, including the Isabella Pearl mine. Caution is advised due to forward-looking statements regarding production and market uncertainties.
Fortitude Gold Corp. (OTCQB:FTCO) has received permit approval for the expansion of the Isabella Pearl heap leach pad in Nevada. This expansion is necessary to accommodate additional ore reserves identified in 2019 and 2020 exploration drilling. The company's management is optimistic about the potential for discovering more open-pit gold deposits on the property. The construction budget for phase two is approximately $3M, expected to be funded by operating cash flow, with completion targeted for late 2021 or early 2022.
Fortitude Gold Corp. (OTCQB:FTCO) announced a record preliminary production of 14,579 gold ounces for Q2 2021, a 26% increase from the previous quarter. The company has revised its 2021 production outlook to an upper range of 45,000 gold ounces, up from a prior forecast of 40,000 ounces. The increase is attributed to higher-grade ore access in the Pearl zone and ongoing operations in the Isabella zone. Full financial results will be disclosed in an upcoming 10-Q filing.
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