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Fortitude Gold beats high end of 2022 production target by 3%


Nevada-based gold miner Fortitude Gold Corp. [OTCQB:FTCO] has announced preliminary 2022 year-end and fourth quarter production results. The miner said it produced 41,231 gold ounces in 2022, including 10,876 gold ounces during the fourth quarter. Fortitude exceeded the high-end range of its 2022 annual production target of 40,000 gold ounces by 3%.

Fortitude Gold’s 2023 annual production outlook range mirrors 2022 and is set at 36,000 to 40,000 gold ounces.

Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada. It offers investors exposure to both gold production and dividend yield. During 2022, the company’s Isabella Pearl mine provided all of its gold production. The Isabella Pearl mine is located in Mineral County, Nevada in the Walker Lane Mineral Belt.

Isabella Pearl ore process feed for the 2022 production year was sourced from the high-grade Pearl zone ore and blended with lower grade ore stockpiles to assist in delivering consistent production. This year’s gold production is also expected to be sourced from the Isabella Pearl’s high-grade Pearl zone blended with lower grade stockpiles.

“Our Isabella Pearl mine continues to be a low-cost high-grade operation delivering both gold production and shareholder cash dividends,” explained Jason Reid, Fortitude Gold’s CEO and President. “We achieved this while exploring and advancing our exceptional property portfolio in arguably the world’s most mining friendly jurisdiction.”

Fortitude Gold is more than just a gold producer however: it also has exploration projects underway: “We are advancing both our Golden Mile and County Line properties forward towards a development decision for both production and shareholder dividend longevity,” Reid said yesterday. “In addition, we will continue exploring our exciting portfolio of Nevada properties, all of which have surface or near surface high-grade gold.”

The 2022 production figure marks another successful milestone year for Fortitude Gold. The company said financial results for 2022 will be available at the time it files its Form 10-K with the Securities and Exchange Commission.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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