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Fortitude Gold Reports Third Quarter 2024 Results

05.11.2024  |  Accesswire

COLORADO SPRINGS, November 5, 2024 - Fortitude Gold Corp. (OTCQB:FTCO) (the "Company") reported results for the third quarter ended September 30, 2024, including $10.2 million net sales, $2.7 million exploration expense, $2.9 million cash dividends to shareholders, $4.8 million mine gross profit, $946 thousand net income, or $0.04 per share, and a cash balance of $30.3 million at quarter end. The Company confirmed its previously announced preliminary 2024 third quarter production of 4,220 gold ounces as it awaits permit approval to build its second mine, its County Line project. The Company did successfully receive permit approvals to mine deeper in the Pearl zone of the Isabella Pearl pit during the closing weeks of the third quarter of 2024. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and dividend yield.

Third Quarter 2024 Financial Results and Highlights

  • $10.2 million net sales

  • $30.3 million cash balance at September 30, 2024

  • 4,220 gold ounces produced

  • $41.5 million working capital at September 30, 2024

  • $4.8 million mine gross profit

  • $2.7 million exploration expenditures

  • $906 total cash cost after by-product credits per gold ounce sold*

  • $990 per ounce total all-in sustaining cost*

  • $2.9 million dividends paid

  • $2.0 million gold and silver bullion at September 30, 2024

* 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 4,199 gold ounces at a total cash cost of $906 per ounce (after by-product credits) and an all-in-sustaining-cost per ounce of $990. Realized metal prices during the quarter averaged $2,441 per ounce gold(1). While the Company produced 4,220 ounces of gold during the quarter, the 2024 annual production outlook was previously deferred as the Company awaits permits from regulatory agencies to expand mine operations with permit approval to build its second mine, its County Line project.

"The third quarter of 2024 was successful on numerous fronts for Fortitude despite continued permitting delays," stated Mr. Jason Reid, CEO and President of Fortitude Gold. "We are hopeful that under a different federal administration than the current one, its agencies will become fully staffed and our future permits approved on a timelier basis. The Company remains in a strong financial position as we await permits to begin mine construction of our County Line project, our next targeted mine build."

The following Sales Statistics table summarize certain information about our operations for the three and nine months ended September 30, 2024 and 2023:

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Metal sold
Gold (ozs.)

4,199

11,042

12,292

32,173

Silver (ozs.)

11,380

24,694

48,052

55,638

Average metal prices realized (1)
Gold ($per oz.)

2,441

1,931

2,288

1,934

Silver ($per oz.)

29.07

23.54

26.57

23.51

Precious metal gold equivalent ounces sold
Gold Ounces

4,199

11,042

12,292

32,173

Gold Equivalent Ounces from Silver

136

301

558

676

4,335

11,343

12,850

32,849

Total cash cost before by-product credits per gold ounce sold

$

985

$

600

$

889

$

564

Total cash cost after by-product credits per gold ounce sold

$

906

$

547

$

785

$

523

Total all-in sustaining cost per gold ounce sold

$

990

$

651

$

929

$

633

(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 nine months ended September 30, 2024 and 2023:

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Ore mined
Ore (tonnes)

149,259

110,456

336,025

329,765

Gold grade (g/t)

0.66

2.04

0.62

3.07

Low-grade stockpile
Ore (tonnes)

-

-

-

2,118

Gold grade (g/t)

-

-

-

0.46

Waste (tonnes)

208,176

434,571

1,008,173

965,312

Metal production (before payable metal deductions)(1)
Gold (ozs.)

4,220

11,122

12,353

32,293

Silver (ozs.)

11,488

25,012

48,781

56,272

(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.



Contact Information

Greg Patterson
VP Corporate Development
greg.patterson@fortitudegold.com
7197179825

SOURCE: Fortitude Gold



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