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(Kitco News) - Fortitude Gold (OTCQB: FTCO) said yesterday that the company produced 11,487 ounces of gold in Q1 2023 (Q1 2022: 9,875 ounces), adding it maintains its 2023 production outlook of 36,000 to 40,000 ounces.
Fortitude Gold also reported it sold 11,429 gold ounces in Q1 2023 at a total cash cost of $499 per ounce (after by-product credits) and an all-in-sustaining-cost per ounce of $578 (Q1 2022: $848 per ounce).
Importantly, the company said it recorded net income of $6.4 million, or $0.26 per share in Q1 2023 (Q1 2022: net income of $2.6 million or $0.11 per share) and increased its cash and cash equivalents at quarter end by $7.2 million to $52.3 million.
"Our Isabella Pearl project had an exceptionally strong first quarter, with gold production ahead of budget, near record low all-in-sustaining-cost per ounce sold and coupled with an increasing gold price culminated in one of the best quarters we have had as a company," stated President and CEO Jason Reid. "We continue to enjoy the benefits of processing high-grade gold while moving fewer waste tonnes from the Pearl deposit. During the quarter we invested in exploration, advanced our County Line and Golden Mile projects towards production, and continued our monthly dividend distributions to shareholders, all while still adding over $7 million to our cash treasury."
“Our strong cash flows, strong treasury and project capital expenditures to date totaling over ten million dollars, positions Fortitude to continue to fully fund our next two targeted mine builds at County Line and Golden Mile,” he added.
Fortitude Gold is a U.S. based gold producer. 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.
