Fortitude Gold Corp. [FTCO-OTCQB] reported preliminary production results for the first quarter ended March 31, 2022 of 9,875 gold ounces. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, offering investors exposure to both gold production and dividend yield.
During the first quarter, the company processed ore from its Isabella Pearl mine, including high- and low-grade ore stockpiles. Mine operations in Q1 focused primarily on waste removal of the phase one open-pit layback. With phase-one now complete, the company is now focused on phase-two mining with access to the mine’s high-grade Pearl zone over the next three years. The Isabella Pearl deposit’s average proven and probable gold grade at December 31, 2021 was estimated at 3.75 g/t gold.
Fortitude maintains its 2022 production outlook targeting 40,000 ounces of gold (a range of 36,000 to 40,000 ounces). The production outlook assumes no disruptions from the COVID-19 global pandemic or unforeseen operational challenges. Full financial results for Q1 will be available at the time the company files its quarterly report on Form 10-Q with the Securities and Exchange Commission.
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 five high-grade gold properties located in the Walker Lane Mineral Belt and a sixth high-grade gold property in west-central Nevada. The Isabella Pearl gold mine, located on the Isabella Pearl mineralized trend, is currently in production.