Fortitude Gold Corp
OTC:FTCO
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Fortitude Gold Corp
Fortitude Gold Corp. is a mining company, which engages in the production and exploration of gold and silver projects. The company is headquartered in Colorado Springs, Colorado and currently employs 68 full-time employees. The company went IPO on 2021-02-18. Its property portfolio consists of five gold properties in Nevada’s Walker Lane Mineral Belt. Its flagship Isabella Pearl project is an open-pit heap leach project, which covers approximately 9,000 acres. The company owns interest in the Golden Mile property located in the Bell Mining District, Mineral County, Nevada, approximately 36 kilometers (22 miles) east of the town of Luning, Nevada. The Golden Mile property covers an area of approximately 9,300 acres consisting of 451 unpatented and five patented claims. Its Mina Gold property covers an area of approximately 1,200 acres consisting of 61 unpatented claims and five patented claims. Its East Camp Douglas gold property covers an area of approximately 5,600 acres consisting of 289 unpatented claims and 16 patented claims. Its County Line property has a total land package of 2,400 acres consisting of 116 unpatented lode mining claims and six unpatented placer mining claims.
Fortitude Gold Corp. is a mining company, which engages in the production and exploration of gold and silver projects. The company is headquartered in Colorado Springs, Colorado and currently employs 68 full-time employees. The company went IPO on 2021-02-18. Its property portfolio consists of five gold properties in Nevada’s Walker Lane Mineral Belt. Its flagship Isabella Pearl project is an open-pit heap leach project, which covers approximately 9,000 acres. The company owns interest in the Golden Mile property located in the Bell Mining District, Mineral County, Nevada, approximately 36 kilometers (22 miles) east of the town of Luning, Nevada. The Golden Mile property covers an area of approximately 9,300 acres consisting of 451 unpatented and five patented claims. Its Mina Gold property covers an area of approximately 1,200 acres consisting of 61 unpatented claims and five patented claims. Its East Camp Douglas gold property covers an area of approximately 5,600 acres consisting of 289 unpatented claims and 16 patented claims. Its County Line property has a total land package of 2,400 acres consisting of 116 unpatented lode mining claims and six unpatented placer mining claims.
Q3 Financials: Fortitude Gold reported $4.7 million in net sales and $0.2 million in net income ($0.01 per share) for the third quarter.
Production: 1,384 gold ounces were produced in the quarter, with all-in sustaining costs (AISC) at $1,956 per ounce, though management expects this to decrease going forward.
Permitting Progress: The company secured all permits for the County Line project, allowing preparations like water well drilling and infrastructure to begin.
Mining In-House: Fortitude brought mining operations in-house, leasing a new Komatsu equipment fleet to improve control and reduce contractor markups.
Dividends: Dividend remains nominal ($0.7 million paid in Q3) with no increase expected soon, as capital is being conserved for new mine development.
Gold Price Environment: Management commented positively on gold prices near $4,000, viewing the recent pullback as healthy and expressing optimism for future gains.
