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Fortitude Gold reports nearly $20m net gold sales for Q2

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US gold explorer and producer Fortitude Gold Corporation [OTCQB:FTCO] has reported results for the second quarter ended June 30, 2023, including $19.2 million net sales, $3.6 million net income, or $0.15 per share, and a $46.9 million cash balance at quarter end.

Fortitude announced last week that it had produced 9,684 ounces of gold during the second quarter and is maintaining its 2023 production outlook.

Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, offering investors exposure to both gold production and dividend yield.

“The second quarter was another solid quarter of production which positions the company at the high-end of our annual production target,” explained Jason Reid, CEO and President of Fortitude Gold. “Additional quarter highlights include strong financial performance, low all-in production costs and over $6 million invested in exploration.”

In addition to Fortitude’s instituted monthly cash dividend, the gold miner declared its first special cash dividend to shareholders. By doing so it demonstrated its ongoing commitment to return as much cash back to shareholders as soon as possible while balancing the needs of the operations, exploration and growth, and paying taxes as a profitable mining company.

Fortitude sold 9,702 gold ounces at a total cash cost of $527 per ounce (after by-product credits) and an all-in-sustaining-cost per ounce of $680. Realised metal prices during the quarter averaged $1,990 per ounce gold. Fortitude Gold recorded net income of $3.6 million, or $0.15 per share and reported cash and cash equivalents at quarter end of $46.9 million.

The company produced 9,684 ounces of gold during the quarter, 21,171 ounces of gold year-to-date, and said it was maintaining its 2023 annual outlook targeting 40,000 gold ounces (a range of 36,000 to 40,000 ounces).

Reid said that the operational plan for Fortitude Gold’s County Line project was submitted to the Bureau of Land Management during the quarter. He said he also planned to submit a Plan of Operations for the company’s Golden Mile project in the coming weeks as Fortitude pushes both projects through the production permitting cycle as quickly as possible.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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