As I promised, attached is my email to Jason Reid, CEO, Fortitude Gold Corporation.
Dear Mr. Reid,
I hope this email finds you well. I am using this format to be the less intrusive method of communication to allow you to work in a steady fashion.
As you may have heard, seen, or read, there is a growing stockholder concern about the health of Fortitude Gold Corporation. I, for one, am concerned about the gold production for 2023, the sale of large amounts of stock by you and the Chairman of the board in the past months, and the lack of an update on the proven and possible gold reserves for the company.
I have seen a number of drill results updates over the past months, but they do not prove me a good picture of the company's gold reserves growth. Additionally, the production of 37,000 ounces of gold last year did meet the goal but it was on the low side of the target. It also means less revenue than 2022.
Now I am sure you and your team have a good explanation for these matters and the stockholders would like to hear them at the start of the next earning call.
Right now, NOTHING positive being reported on Fortitude Gold is having a positive impact on the stock price. This company is owned by retail investors. Some stockholders have purchased large amounts of FTCO stock and are not getting any younger. I am not one of them. I limited my FTCO stock purchases, and I am already too old.
I will say with some reservation, the stockholders are happy with the monthly dividend. But this benefit is subject to change without notice and would impact the stock price in a very negative manner.
Finally, the stockholders hear of issues at Nevada's Bureau of Land Management (BLM). I hope permitting is not the reason for any reduction of gold production. The company should be increasing gold production; not decreasing. It has too many good production sites to be reducing gold output.
Again, as always, thank you for your time reading emails from "old, retired stockholders". I hope you will find the time to address our concerns at the earliest opportunity.
Best to you and the family,
Regards
