A Dinosaur
2 months ago
What a waste.
I just received notices by snail mail telling me to log into a website to see proxy materials. The website requires me to log in, using 2 8-digit numbers on each letter. When I do so, I get access to the annual report, but no proxy information. However, the two items to vote on are presented - election of Jason and Bill as Directors and appointment of the auditor firm. Pressing "next" takes you to a page requiring me to type my name to "sign" my ballot! I closed to page and trashed the letters. They can raise a quorum without my votes.
What's wrong with www.proxyvote.com emails from my broker(s), like they've used every year before this?
Dino
Neverhadawinner
3 months ago
I have heard from Mr. Jason Reid, CEO of Fortitude Gold Corporation. Attached is his unedited response. Please note there is a personal issue contained in the response. Mister Reid told me the issue is common knowledge. I would hope one will act accordingly when addressing the issue.
Dear Mr.
Thanks for the email.
The entire mining space is under pressure, not just FTCO. Most mining companies entered 2024 at 52-week share price lows. Case in point, one of the largest mining Company in the world Newmont was at or near a 52-week low entering 2024 and has since made new 52 week lows recently. Mining is an unloved investing space right now. While FTCO outperformed our peers the last few years, we are not immune to the market pressures on most all miners and share prices.
A more thorough update on many of your questions will be addressed in the conference all next week.
As stated in the preliminary production press release, we await BLM permits for numerous items including mining the high-grade gold deeper in the Isabella Pearl pit and for the County Line permit. We reached the permitted pit bottom in Q4 but continue to mine the Civit Cat area of the deposit while we await regulatory approval to mine deeper at the pearl zone. That permit could drop in any day.
The BLM continues to be understaffed and we see and hear from many of our peer mining companies that permit timing is less transparent and efficient under this Federal administration. We believe we will get the permits but the timing of which is unknow, hard to predict, and out of our control. We are ready to build County Line as soon as we have permission.
We hit the mid-range of our production target in 2023, not the low end you state. Even if we had hit the low end that would be executing on our goals and a success.
As for stock sales, my position in FTCO changed as a function of a brutal personal divorce. In court documents my exβs written statements noted the intent to sell her large FTCO position awarded in the decree. I donβt know if that happened but could be adding to the share price pressure.
A more thorough update will be provided in the conference call.
Best,
Jason
Neverhadawinner
3 months ago
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
KansasCrude
3 months ago
Should the CEO be fired? Lets be honest here the company has performed fairly well as it works for them. So far it would seem they are incented on other factors than increasing the stock price. Perhaps they are incented on production, perhaps on profitability, certainly not the stock price. Guess what shareholders bend over and squeal like piggie you are just not important here you're in the way. If mgmt can looks like they will continue paying a divvie but the stock price will collapse as they seem set on a greasing their pockets with most of the proceeds and not supporting the stock price. What good is a $,36 a year divvie if your share price drops 35% as it has this year. That's called bendover and squeal like a piggie. Looks like WE have some very nice assets to keep the production going. However your dedication to moving the stock price up still feels sketchy. I hope I am wrong and you all are honest, and have shareholders interests at heart. All I can say as of now is please prove me wrong. I am down six figures on the my investment so I hardly feel this is a good asset at this time and if mgmt is getting big bonus money its not deserved if you are not supporting the stock price. Why not share the measurement incentives for their bonus and salaries? I am and expect most shareholders hope that mgmt. shares in our in successes too in addition to their compensation.. So please improve our understanding on how FTCO is sharing the wealth. Because at present I see nothing but continued carnage in our investments. Please prove me crazy, wrong, stupid, irrational! I truly hope you can.