Fortitude Gold owns 100% interest in the Isabella Pearl mine and property located along a historic mining trend within the Walker Lane Mineral Belt, Nevada, U.S.A. The large property position covers approximately 9,000 acres. The Isabella Pearl open-pit heap leach project, located at the southeast end of the Isabella Pearl property, is currently in production. The project produced first first gold in April 2019 just over 10 months from project groundbreaking. Proven and probable reserves included in the Isabella Pearl reserve report (with a drill data cutoff date of December 31, 2019) include 2,247,400 tonnes grading 3.05 grams per tonne (g/t) gold and 18 g/t silver, equating to 220,100 gold ounces and 1,310,700 silver ounces. Total mine life of the Isabella Pearl deposit was estimated at 4 ½ years at an average ~40,000 ounce per year gold production run rate, after the initial twelve month production ramp up. Significant exploration upside exists for additional open-pit discoveries on the Company’s over 10 kilometer (~6 mile) Isabella Pearl property trend running northwest from the Isabella Pearl deposit.
