Fortitude Gold Corporation (OTCMKTS:FTCO) is moving in a range after repowering its 2021 results that included record gold production. The Company had a net income of $17.9 million or $0.75 per share and ended the year with a strong balance sheet of $40 million in cash without debt.
Trading Data
On Tuesday, FTCO stock moved up 0.63% to $6.40 with more than 38K shares, compared to its average volume of 40K shares. The stock moved within a range of $6.31 – 6.42 after opening trade at $6.39.
Fortitude Gold Reports 2021 Record Gold Production, $0.75 Net Income Per Share And $40 Million Cash
Also, the Company confirmed the previously disclosed annual production of 46,459 ounces of gold, exceeding the initial production target of 2021 by 16%. For 2022 the Company targets annual production of 40,000 gold ounces. This production outlook is pegged on no disruptions from unforeseen operational disruptions or global pandemics.
The Company filed S-K 1300 Technical Report Summary for the Isabella Pearl Mine Reserves and Resources and also disclosed approximately 30,755 recoverable ounces of gold on the heap leach pad on December 31, 2021. In addition, the consolidation of mined ore tonnes has revealed greater grades of gold in the Isabella Pearl Mine than in the reserve modeling, resulting in a mine life extension of nearly three years at the present 40,000 yearly gold ounces run rate. So FTCO is worth watching.
Key Quote
“Management of Fortitude Gold delivered strong operational results beating our increased annual gold outlook with record production, delivered strong financial results increasing cash to $40 million and delivered strong shareholder value distributing monthly dividends and outperforming our market peers,” stated Fortitude Gold CEO and President, Mr. Jason Reid.
Technical Data
FTCO stock is trading below the 20-Day and 50-Day Moving averages of $6.31 and $6.35 respectively. Moreover, the stock is below the 200-Day moving average of $6.91.
