James Blanchard's questions to Fortitude Gold Corp (FTCO) leadership • Q1 2025
Question
James Blanchard from Helvetia Equity Management asked for an explanation of the significant year-over-year increase in all-in sustaining costs and inquired about the current status of state-level permits in Nevada for the County Line project.
Answer
Executive Jason Reid explained that the higher all-in sustaining cost (AISC) is a function of mining lower-grade ore and moving a substantial amount of waste to access the deeper Isabella Pearl zone, which negatively impacts costs without immediate gold production. Regarding state permits, Reid reiterated that while some BLM offices are seeing staffing shifts, the local office for Fortitude is reportedly staffing up, but federal leadership changes are still pending, creating some uncertainty.