OTCQB:FTCO - Post by User
Comment by
BamBam76on Apr 30, 2024 7:28pm
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Post# 36016182
RE:BLM Mess
RE:BLM MessIncredible how a couple Bureaucrats can mess up a good thing. The permit approval is going way beyond expectations. Probably just needs one last signature, but stuck on the bottom of the pile on the chief's desk.
It will be interesting to see what the "burn rate" is on cash reserves. Fortitude was used to getting about 10,000 oz at $1,800, about $18 million per quarter. First quarter results are in at about 4,000 oz at may $2,150 or $8.5 million (thankfully the price of gold has been up). That's likely best case production going forward if they can't get another permit. 2023 AISC was $656/oz, but that is going to jump significantly. It will be interesting to see what the new AISC number is. I believe they are still still making money.
It will also be telling to see 1st quarter costs. They are still drilling, but they shouldn't have the capital outlays they had last year for the Golden Mile build. I'd be surprised if they didn't dig into cash reserves by $5-7 million in the first quarter. We should find out pretty soon.
Looks like Jason Reid made the right decision to hold the dividend and production at a reasonable target the last couple years.