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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) announced a 16.7% increase in its monthly dividend to $0.035 per share, payable on July 30, 2021. This decision is attributed to strong operational performance at the Isabella Pearl mine, reflecting a solid cash position. The company aims to return cash to shareholders while managing capital needs for growth. This marks the second consecutive dividend increase, showcasing the company's confidence in generating free cash flow. Preliminary production numbers for Q2 are expected mid-July.
Fortitude Gold Corp. (OTCQB:FTCO) announced promising drill results from its East Camp Douglas property, revealing significant gold intercepts.
Initial results include 17.92 meters grading 1.29 g/t gold and 6.10 meters grading 1.42 g/t gold.
The exploration aims to understand geologic structures associated with a sizeable lithocap, with high-grade surface samples reaching up to 31 g/t gold.
These findings support the potential for a substantial near-surface gold deposit, leading to plans for a follow-up drill campaign later in 2021.
Fortitude Gold Corp. (OTCQB:FTCO) has announced a monthly dividend of $0.03 per common share, payable on June 30, 2021, to shareholders of record as of June 21, 2021. The company, based in Colorado Springs, focuses on gold production with operations in Nevada. The dividend amount may fluctuate based on various factors including operational cash flows and market conditions. Fortitude Gold aims to grow organically while promising significant future dividends.
Fortitude Gold Corp. (OTCQB:FTCO) announced its Q1 2021 results, producing 11,536 ounces of gold at an all-in sustaining cost of $575 per ounce. The company reported net sales of $20.7 million and increased its cash balance by $7.4 million to $35.2 million, reflecting a 27% growth from the previous year-end. Net earnings stood at $2.4 million, or $0.10 per share. Fortitude Gold maintains its 2021 production outlook, targeting 40,000 ounces, and initiated a monthly dividend of $0.03 per share, representing a 50% increase.
Fortitude Gold (OTCQB:FTCO) announced its first quarter 2021 earnings conference call set for May 12, 2021, at 11:00 AM Eastern Time. CEO Jason Reid will discuss Q1 results and current operations, followed by a Q&A session. Fortitude Gold focuses on low-cost gold production in Nevada, targeting projects with high margins and strong returns, including the Isabella Pearl mine. The company positions itself for organic growth and aims to remain debt-free.
Fortitude Gold Corp. (OTCQB:FTCO) announced a 50% increase in its monthly dividend to $0.03 per common share, equating to an annual payout of $0.36. This dividend will be paid on May 28, 2021 to shareholders of record as of May 17, 2021. CEO Jason Reid highlighted the company’s strong operational performance and free cash generation from its high-grade Isabella Pearl gold mine. The dividend hike aims to attract new investors seeking yield, underscoring the company’s commitment to delivering returns while pursuing growth in a favorable mining jurisdiction.
Fortitude Gold Corp. (OTCQB:FTCO) announced preliminary production results for Q1 2021, reporting 11,536 gold ounces mined from the Isabella and Pearl zones. The Isabella Pearl deposit has an estimated average gold grade of 3.88 grams per tonne as of December 31, 2020. The company maintains its production outlook for 2021, targeting 40,000 ounces of gold, assuming no disruptions from COVID-19 or operational challenges. Full financial results will be available in their upcoming Form 10-Q filing.
Fortitude Gold Corp. (OTCQB:FTCO) announced the initiation of a monthly dividend of $0.02 per common share, totaling $0.24 annually. This dividend, payable on April 30, 2021 to shareholders of record as of April 19, 2021, represents a significant milestone for the company. CEO Jason Reid highlighted that this step enhances shareholder value through consistent cash distributions. The company emphasizes that dividends may vary and depend on operational cash flows and market conditions.
Fortitude Gold Corp. (OTCQB:FTCO) announced promising drill results from its Golden Mile property in Nevada, confirming high-grade gold mineralization. Recent intercepts include 20.10 meters grading 3.60 g/t gold. The company is moving forward with engineering studies for an open-pit heap leach operation and plans a second drill campaign to expand this mineralization. The Golden Mile property encompasses over 4,294 hectares with known zones of mineralization, indicating substantial potential for future production.
Fortitude Gold Corp. (OTCQB:FTCO) announced the appointment of Haynie & Company as its independent auditor for the year ended December 31, 2021. The change from Plante Moran was not due to any disagreements over accounting practices. The Board believes Haynie, with its mining expertise, offers significant value. Fortitude Gold focuses on low-cost, high-margin gold production in Nevada, with current operations including the Isabella Pearl gold mine. The company aims to grow organically, remain debt-free, and distribute dividends.
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