Fortitude Gold Reports Third Quarter 2024 Results
Rhea-AI Summary
Fortitude Gold (OTCQB:FTCO) reported Q3 2024 results with $10.2 million in net sales and $946 thousand net income ($0.04 per share). The company produced 4,220 gold ounces and maintained a strong cash position of $30.3 million. Key financial metrics include $4.8 million mine gross profit, $41.5 million working capital, and $2.9 million in dividends paid. Gold sales averaged $2,441 per ounce with total cash costs of $906 per ounce. The company awaits permit approval for its second mine, the County Line project, while successfully receiving permits to mine deeper in the Pearl zone.
Positive
- Strong cash position of $30.3 million
- Working capital of $41.5 million
- Higher realized gold price of $2,441 per ounce
- Profitable quarter with $946,000 net income
- Continued dividend payments of $2.9 million
Negative
- Production declined to 4,220 gold ounces from 11,122 in Q3 2023
- Net sales decreased to $10.2 million from previous year
- Higher production costs at $906 per ounce vs $547 in Q3 2023
- Permitting delays affecting expansion plans
- Lower gold grade of 0.66 g/t compared to 2.04 g/t in Q3 2023
News Market Reaction 1 Alert
On the day this news was published, FTCO gained 2.27%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
COLORADO SPRINGS, CO / ACCESSWIRE / November 5, 2024 / Fortitude Gold Corporation (OTCQB:FTCO) (the "Company") reported results for the third quarter ended September 30, 2024, including
Third Quarter 2024 Financial Results and Highlights
$10.2 million net sales$30.3 million cash balance at September 30, 20244,220 gold ounces produced
$41.5 million working capital at September 30, 2024$4.8 million mine gross profit$2.7 million exploration expenditures$906 t otal cash cost after by-product credits per gold ounce sold*$990 per ounce total all-in sustaining cost*$2.9 million dividends paid$2.0 million gold and silver bullion at September 30, 2024
* The calculation of our cash cost and all-in sustaining cost per ounce contained in this press release is a non-GAAP financial measure. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company's recently filed Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.
Fortitude Gold sold 4,199 gold ounces at a total cash cost of
"The third quarter of 2024 was successful on numerous fronts for Fortitude despite continued permitting delays," stated Mr. Jason Reid, CEO and President of Fortitude Gold. "We are hopeful that under a different federal administration than the current one, its agencies will become fully staffed and our future permits approved on a timelier basis. The Company remains in a strong financial position as we await permits to begin mine construction of our County Line project, our next targeted mine build."
The following Sales Statistics table summarize certain information about our operations for the three and nine months ended September 30, 2024 and 2023:
|
| Three months ended September 30, |
|
| Nine months ended September 30, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Metal sold |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gold (ozs.) |
|
| 4,199 |
|
|
| 11,042 |
|
|
| 12,292 |
|
|
| 32,173 |
|
Silver (ozs.) |
|
| 11,380 |
|
|
| 24,694 |
|
|
| 48,052 |
|
|
| 55,638 |
|
Average metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold ($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
View the original press release on accesswire.com
FAQ
What was Fortitude Gold's (FTCO) gold production in Q3 2024?
What was FTCO's average realized gold price in Q3 2024?
How much cash did Fortitude Gold (FTCO) have at the end of Q3 2024?
What was Fortitude Gold's (FTCO) net income for Q3 2024?
