Isabella Pearl Mine Feasibility Study: $1M Capex
Fortitude Gold Corp.'s Isabella Pearl Mine in Mineral County, Nevada, USA has a Feasibility Study outlining initial capital of $1M.
Fortitude Gold Corp.'s Isabella Pearl Mine has reported Feasibility Study results for the gold project in Mineral County, Nevada, USA. It reflects Fortitude Gold Corp.'s (FTCO) latest disclosed economics for the asset.
Economics. Initial capital expenditure is estimated at $1M. Economics are based on $1,750/oz gold, $21/oz silver (2023-2024 consensus prices).
Production and mine plan. The project envisions an open-pit operation. Average head grade is 2.02 g/t Au, 22 g/t Ag. Metallurgical recovery averages 81%.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: 2.75% NSR royalty.
These figures are extracted from Fortitude Gold Corp.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven | 250,400 t | 4.38 g/t Au, 49 g/t Ag | 35,200 Au oz, 392,700 Ag oz |
| Probable | 171,500 t | 1.77 g/t Au, 17 g/t Ag | 9,800 Au oz, 92,900 Ag oz |
| Proven & Probable | 421,900 t | 3.32 g/t Au, 36 g/t Ag | 45,000 Au oz, 485,600 Ag oz |
| High-Grade Stockpile | 65,300 t | 3.46 g/t Au, 37 g/t Ag | 7,300 Au oz, 78,400 Ag oz |
| Low-Grade Stockpile | 426,500 t | 0.52 g/t Au, 6 g/t Ag | 7,100 Au oz, 76,600 Ag oz |
| Isabella Pearl Mine Total | 913,700 t | 2.02 g/t Au, 22 g/t Ag | 59,400 Au oz, 640,600 Ag oz |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 532,900 t | 4.11 g/t Au, 52.7 g/t Ag | 70,400 Au oz, 902,400 Ag oz |
| Indicated | 391,400 t | 2.00 g/t Au, 16.1 g/t Ag | 25,200 Au oz, 202,900 Ag oz |
| Measured & Indicated | 924,300 t | 3.22 g/t Au, 37.2 g/t Ag | 95,600 Au oz, 1,105,300 Ag oz |
| Inferred | 130,800 t | 1.37 g/t Au, 12.2 g/t Ag | 5,800 Au oz, 51,100 Ag oz |
| Oxide Measured | 374,600 t | 3.75 g/t Au, 50.1 g/t Ag | 45,200 Au oz, 603,100 Ag oz |
| Oxide Indicated | 315,000 t | 1.32 g/t Au, 12.2 g/t Ag | 13,400 Au oz, 123,700 Ag oz |
| Oxide Mea+Ind | 689,500 t | 2.64 g/t Au, 32.8 g/t Ag | 58,500 Au oz, 726,800 Ag oz |
| Oxide Inferred | 125,400 t | 1.26 g/t Au, 11.9 g/t Ag | 5,100 Au oz, 47,900 Ag oz |
| Sulfide Measured | 158,300 t | 4.96 g/t Au, 58.8 g/t Ag | 25,200 Au oz, 299,300 Ag oz |
| Sulfide Indicated | 76,400 t | 4.81 g/t Au, 32.2 g/t Ag | 11,800 Au oz, 79,200 Ag oz |
| Sulfide Mea+Ind | 234,800 t | 3.34 g/t Au, 50.1 g/t Ag | 37,100 Au oz, 378,500 Ag oz |
| Sulfide Inferred | 5,300 t | 3.84 g/t Au, 18.4 g/t Ag | 700 Au oz, 3,100 Ag oz |
Our Analysis
- Initial capex
- $1M
costlier than 1% of 125 projects we track
- Study price assumption
- $1,750/oz gold, $21/oz silver (2023-2024 consensus prices)
- Spot gold today
- $4,107.00/oz
The $1M initial capex places this project in the bottom 1% of the 125 gold projects we track, and that rank is the entire investment thesis. At this scale, the build cost is trivial against the company's US$130M market cap, which removes the financing overhang that dominates most development-stage analysis. For a micro-cap with a diversified portfolio of 10 tracked projects, this is not a company-making build; it is a cash-flow pilot that can be funded from working capital. The risk is not whether they can build it, but what the asset actually delivers once running.
The feasibility study stage is what separates this from the typical scoping-level profile. At plus or minus 15%, these numbers have earned a degree of trust that a PEA cannot claim, and the production-stage designation means the operating framework is already defined. The jurisdiction, Mineral County, Nevada, is as mining-friendly as it gets, which further de-risks the permitting and execution timeline. On the price side, the study's $1,750/oz gold assumption sits far below the current spot of $4,107.00/oz, so the economics as published are conservative by construction, not optimistic.
The constraint that matters most is not cost or jurisdiction, but the sheer smallness of the project. A $1M capex gold asset is a niche operation, and the NPV it generates, however solid, will not move the needle for a US$130M company on its own. The two-sided read is that the market may be ignoring this because it is too small to matter, or it may be waiting for proof that the asset can produce at these costs. The single question that decides whether this works: can this feasibility-level study convert into steady production that justifies the company's broader portfolio, or is it a rounding error in a larger story?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.