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 Au; $21/oz Ag (consensus 2023-2024 average prices, CIBC 2023).
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 tonnes | 4.38 g/t Au, 49 g/t Ag | 35,200 oz Au, 392,700 oz Ag |
| Probable | 171,500 tonnes | 1.77 g/t Au, 17 g/t Ag | 9,800 oz Au, 92,900 oz Ag |
| Proven & Probable | 421,900 tonnes | 3.32 g/t Au, 36 g/t Ag | 45,000 oz Au, 485,600 oz Ag |
| High-Grade Stockpile | 65,300 tonnes | 3.46 g/t Au, 37 g/t Ag | 7,300 oz Au, 78,400 oz Ag |
| Low-Grade Stockpile | 426,500 tonnes | 0.52 g/t Au, 6 g/t Ag | 7,100 oz Au, 76,600 oz Ag |
| Total | 913,700 tonnes | 2.02 g/t Au, 22 g/t Ag | 59,400 oz Au, 640,600 oz Ag |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 532,900 tonnes | 4.11 g/t Au, 52.7 g/t Ag | 70,400 oz Au, 902,400 oz Ag |
| Indicated | 391,400 tonnes | 2.00 g/t Au, 16.1 g/t Ag | 25,200 oz Au, 202,900 oz Ag |
| Measured & Indicated | 924,300 tonnes | 3.22 g/t Au, 37.2 g/t Ag | 95,600 oz Au, 1,105,300 oz Ag |
| Inferred | 130,800 tonnes | 1.37 g/t Au, 12.2 g/t Ag | 5,800 oz Au, 51,100 oz Ag |
Our Analysis
- Initial capex
- $1M
costlier than 1% of 163 projects we track
- Study price assumption
- $1,750/oz Au; $21/oz Ag (consensus 2023-2024 average prices, CIBC 2023)
- Spot gold today
- $4,321.20/oz
The direction of travel matters more than any single line in this filing. A 2021 resource estimate has become a feasibility study, and that jump in study stage is the substance of the news: the project has moved from an inventory of ounces to a build-ready, plus or minus 15% estimate. Feasibility numbers deserve more weight than a scoping exercise, and this one arrives with a construction plan the company evidently believes it can execute.
The scale is unusual. Initial capex of $1M is lower than 99% of the 163 gold projects we track, and against a US$132M market cap the build is small enough that financing it would not require the kind of raise that reshapes a share register. That is the sharpest fact here, and it cuts against the usual micro-cap development risk. The trade-off is what a $1M build buys: a modest operation, in a portfolio where this is one of 10 projects we track for the company. A diversified micro-cap spreading attention across ten assets is not the same as a single-asset developer with everything riding on one mine.
The study prices gold at $1,750/oz. Spot is $4,321.20/oz, so the economics as published sit well below the current market, and the returns on offer today would be materially different from those modelled. That gap is the reason to read the headline numbers as a floor rather than a forecast, though it also means the study tells you little about how the asset performs if the price normalises.
The question that decides this: does a $1M build in Mineral County actually get permitted and poured, or does it stay a feasibility study in a ten-project portfolio?
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.
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