Stephen Mogan's questions to Fortitude Gold Corp (FTCO) leadership • Q1 2024
Question
Stephen Mogan expressed frustration with permit delays, questioning regulators' staffing, the risk of multi-year waits, the lack of a clear timeline, and the cash level that would trigger a dividend change.
Answer
CEO Jason Reid shared the frustration, attributing the delays to an understaffed Bureau of Land Management (BLM), which he believes is by design of an "anti-mining" administration. He firmly ruled out mining without permits due to regular regulator site visits. He provided no new timeline for approvals but expressed confidence the company can "weather this storm" with its cash balance and continued production from the heap leach. He confirmed the dividend and exploration spending would be re-evaluated based on cash levels and permit progress.