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    Stephen Mogan

    Client Associate at Analyst

    Stephen Billowitch is a Client Associate at J.P. Morgan Wealth Management in San Francisco, specializing in new account onboarding, fund transfers, and client servicing for high-net-worth families. Supporting the Alta Group, he began his career as a Credit Analyst at First Republic Bank in 2022 before joining JP Morgan two years later, and helps facilitate complex wealth management solutions. Stephen holds FINRA Series 7 and 66 securities licenses and is completing his B.S. in Business Administration at the University of Arizona. Known for developing strong client relationships, he is dedicated to enhancing clients’ long-term financial security through personalized service.

    Stephen Mogan's questions to Fortitude Gold (FTCO) leadership

    Stephen Mogan's questions to Fortitude Gold (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.

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