FIORE GOLD (TSX-V:F│OTCQB:FIOGF│FSE:2FO)
Fiore Gold is advancing towards its goal of becoming a 150,000 ounce per year producer, sidestepping any issues arising from the global coronavirus pandemic entirely.
The US domestic gold producer met its key production targets in preliminary figures for Q4 2020 and the full 2020 fiscal year, delivering across-the-board growth.
And among the most notable highlights was record full-year gold production of 46,031 ounces. This represents an 11% increase on the previous year and falls comfortably within production guidance of 45,000-48,000 ounces.
Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) also saw the average realized sales price for its gold spike to US$1,920 an ounce (“/oz”) in the final quarter of the fiscal year, up from an average of US$1,681/oz for the 12 months as a whole.
This was driven by rallying precious metal prices in the face of global uncertainty, a theme that has provided gold stocks like Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) with an enormous amount of momentum in recent months. The company now sits at C$1.60 a share with a C$157.2 million market cap – some 185.7% higher than at the beginning of the year.
Elsewhere, measures like full-year mined ore production of 15,002 tons per day at a stripping ratio of 1.5 and grade of 0.015 ounces/ton, were all either within or better than market guidance.
Meanwhile, Fiore’s (TSX-V:F│OTCQB:FIOGF│FSE:2FO) closing cash balance for the period of US$23.2 million was an impressive US$6 million higher than three months earlier and US$16 million higher year-on-year. This demonstrates steady growth for the debt-free company, which was able to keep its mining operations running throughout the Covid lockdown that affected some of its competitors.
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Fiore Gold – On its way to 150,000 ounce-a-year gold production
FIORE GOLD (TSX-V:F│OTCQB:FIOGF│FSE:2FO)
Fiore’s ongoing corporate goal is to become a 150,000 ounce per year gold explorer, with its efforts spread between three critical areas:
Growing production at its flagship Pan Mine in east-central Nevada, while also increasing the project’s resource and reserve base;
Advancing its development of the Gold Rock project next to Pan; and
Acquiring additional production or near-production assets to complement its existing operations.
And in its preliminary figures, Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) recapped the operational progress it had delivered on all these growth fronts over the previous 12 months.
The year saw the firm deliver the results of a Preliminary Economic Assessment (“PEA”) in April at Gold Rock. This was centred around an initial mine life of 6.5 years producing an average of 55,800 ounces annually that would take production across the 100,000 ounces a year product mark.
And using $1,700 ounce gold (significantly below current prices), the PEA returned an attractive post-tax Net Present Value (“NPV5”) of US$99.4 million and a post-tax Internal Rate of Return of (“IRR”) of 29.1% with opportunities to enhance value further.
Fiscal 2020 also saw Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) initiate a programme of resource expansion, metallurgical, geotechnical, and condemnation drilling at Gold Rock. This work is in support of a Feasibility Study that the company looks forward to advancing through 2021.
Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) completed a 21,741m exploration drilling programme at Pan during the results period, with the results informing a resource update and new life of mine plan slated for issue shortly.
To read more about Fiore Gold’s plans to become a 150,000 ounce-a-year producer, download our EXCLUSIVE REPORT
Undisturbed by Covid
FIORE GOLD (TSX-V:F│OTCQB:FIOGF│FSE:2FO)
Meanwhile, production was able to continue uninterrupted at Pan in fiscal 2020 due to mining being declared an essential business in Nevada. Thanks to an impeccable safety record and strict protocols centred around the health of safety of employees at the project, Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) was even able to win the Small Mine Safety Award from the Nevada Mining Association for the fifth consecutive year!
Elsewhere on the Covid front, Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) revealed no reported cases of the virus for its employees and contractors to date.
Finally, the company also highlighted its recent release of a 2 million ounce measured and indicated resource for its Golden Eagle project in Washington State, USA, in this week’s results. This is being used to support Fiore’s (TSX-V:F│OTCQB:FIOGF│FSE:2FO) efforts to advance the project alongside other partners in the area.
In Fiore’s (TSX-V:F│OTCQB:FIOGF│FSE:2FO) preliminary results, chief executive Tim Warman hailed the company’s “particularly remarkable” achievements over the 12 months, adding:
“WHILE KEEPING EMPLOYEE SAFETY AT THE FOREFRONT, PAN SUCCESSFULLY SET A NEW ANNUAL GOLD PRODUCTION RECORD AS THE BENEFITS OF TRANSITIONING TO CRUSHING BECAME EVIDENT. AT THE SAME TIME, WE CONTINUED TO FOCUS ON OUR CORPORATE GROWTH GOALS TAKING MEANINGFUL STEPS TO MOVE ALL THREE OF OUR ASSETS FORWARD. WITH A ROBUST PEA IN PLACE AND RIGS ALREADY TURNING AT GOLD ROCK, WE LOOK FORWARD TO ADVANCING THE FEASIBILITY STUDY THROUGH 2021.”
“AT GOLDEN EAGLE, WE ISSUED A POSITIVE RESOURCE UPDATE AND HOPE TO ADVANCE THIS OVERLOOKED ASSET WITH OTHER PARTNERS IN THE AREA. AND WITH OUR SUCCESSFUL DRILL PROGRAM AT PAN, WE CONTINUE TO TAKE TANGIBLE STEPS TO ACHIEVE OUR GOAL OF OPERATING PAN AND GOLD ROCK IN UNISON, CREATING THE ONLY MULTI-ASSET, 100% US DOMESTIC GOLD PRODUCER.”
This week’s update emphasizes the strong position Fiore (TSX-V:F│OTCQB:FIOGF│FSE:2FO) is in to break into the next tier of mid-cap firms. The stock’s time has come, and with so much upside still in the pipeline, the future looks incredibly bright.
DOWNLOAD OUR EXCLUSIVE REPORT For a deep dive into Fiore gold’s plans to become the only multi-asset gold firm listed in north america with an exclusively us-focussed production base
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