Full Year 2025 Fortitude Gold Corp Earnings Call
All participants are on a listen-only mode and a question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad and please note this conference is being recorded.
I will now turn the conference over to your host. Mr. Jason Reid CEO and president of fortitude gold sir. You may begin
Great, thank you, sir. Good morning, everyone and thank you for joining fortitude. Gold corpse 2025 year end conference call.
Following my extended comments and Associated presentation, for those who joined online, we will have a question and answer period.
Joining me on the call today. For the Q&A, portion will be Miss Janet Turner, our Chief Financial Officer.
You have the ability to join the web version. You will want to see the exciting expiration potential. We have uncovered in numerous areas. I highly suggest you join the web version of this call.
Let me remind everyone that certain statements made on this call are not historic historical facts and are considered forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our annual report on form. 10K, and other SEC filings, which could cause our actual
Results to different materially from those expressed in or implied by our comments forward-looking statements in the earnings release that we issued yesterday. Along with comments on this call are made only as of today, March 4th 2026. And we undertake no obligation to publicly update. Any of these forward-looking statements as actual events unfold. You can find a Reconciliation of non-gaap financial measures referred to in our remarks and our form 10K filed with the SEC for the year-end.
December 31st 2025.
2025 was a year of overcoming challenges including the hangover from the long and arduous permit backlogs caused by the Biden Administration and its anti-mining BLM.
That backlog was being addressed near year in 2025 and early 2026. When we were issued our new mine permits,
For County Line and Scarlett, South under the new Trump Administration 2025 year, end results included, 18.4 million net sales 4.7 million. Cash balance on December, 31st, 2025 5,236, gold oz, 32,899, silver Oz produced, 29.5 million working capital at December 31st 2025
5.8 million dividends paid, 4 million, net income, 10 million M, gross profit 6.3 million, expiration expenditures 1114 total cash. After byproduct credits per gold out sold and 1,697 per ounce total all-in sustaining cost.
And 611 gold ounce rounds or bouillon at December 31st?
2025.
Throughout 2025, we took decisive action to protect the company in the face of prolonged Federal permitting delays and the reg regulatory overhang caused by the Biden Administration that materially disrupted. Our operating timeline, we reduced our dividend by 75%. We suspended. All expiration drill programs. We reduced the expiration team. We relocated to a significantly more modest office space, in South Colorado, Springs, and eliminated, companywide bonuses.
Overcoming challenges, including included, chasing mineralization deep in the bottom of the Isabella Pearl. Open pit to stay in business as a mining company. This required us to deplete our cash reserves for the better part of 2025 by removing waste, overburden to access Pearl. Deep mineralization this program was never previously contemplated, but became a possible option as gold climbed above 3,000.
Per ounce at that time, the alternative would have been to stop Mining and along with that most all other operations, while we continued to wait for the permit backlog to be cleared by Trump.
As I stated last year, a vote for Harris.
Had Trump not been elected, it would be questionable what? The company would look like today, and what our future optionality would be at this point. Fortunately, under the new Trump Administration, we were granted not only our County Line permits in September of 2025 but more recently, our Scarlet, South mine permits as well. In addition, we waited for 4 years under Biden to be connected to the Nevada power grid. But to no avail early in the Trump Administration is he addressed the energy? Backlog first, we were granted out of the blue and without prodding our power grid. Permit for the Isabella Pearl operation, what a commentary on how not only unproductive and inefficient. But obstructionist, the Biden Administration was
As it opposed us business us, Mining, and us prosperity.
Part of our broader cost reduction and efficiency initiatives. The company terminated its mind contractor in September 2025 following a comprehensive review of operating economics.
This marked the Strategic transition to an owner operator model. Bringing our mining Fleet and Workforce in house with the anticipated. Increase in tonnage from operating 3 separate Minds. We expect to realize meaningful economies of scale by utilizing our own personal personnel and equipment. We project a significant reduction in purton, mining costs and improved operational control.
2025 was the most challenging year in the company's history, but thankfully with the new Administration in place a new mind, permits being issued. We not only have a viable but a very exciting path forward. Our goal is to obtain as many additional permits as possible under the Trump Administration in case the American people vote back in a Biden. Harris, esque. Anti-business anti-mining Administration in the future.
To understand the differences in in in administrations and how Trump is pro-mining. He just executed on arguably the largest revision to the NEPA permitting process in history. I will have more on the Neo update at the end of this call.
I feel like we lost 4 years of the company's business plan. During those dark bi Biden, era years and permit backlog. We got bucked off our horse, so to speak, but we have now climbed back on because of trump.
To help us get back on our feet, subsequent to year end. And in February of 2026. We made the Strategic decision to raise Capital by selling a limited amount of equity. We sold in a private placement, 2.5 million shares of restricted stock at a discount price of $4.75.
4 proceeds of 12 million.
The restricted shares must be held by the placement participants for a minimum of 6 months. We welcome our new shareholders as well as existing ones that participated in the placement post-placement. The company has only 26.8 million shares outstanding as a producer, operating multiple Minds.
Sometimes dilution is warranted. This was 1 of those times in an industry where Junior explorers
have hundreds of millions of shares outstanding and many producers have half a billion or over a billion shares outstanding we proudly place our tight capital structure against any others in the mining industry.
Private placement. Use of proceeds will help Advance our 2 new permitted. Minds in production allowing us to re-engage our expiration programs immediately and pursue additional M permits for future longevity. Had we not raise Capital. It was questionable. If we would have been able to re-engage, our drill programs at all in 2026.
With these current record, setting goal prices. And the long lead times of this industry, the sooner, the company can increase production and increase mine life as driving catalysts that would help the company seek firmly back on the horse. Moving forward to maximize shareholder value.
There were a few Silver, Linings that came out of the challenging 2025 year with our drill budgets cut. Our geology team focused on solid Grassroots, boots on the ground mapping and rock chip. Sampling programs, areas of focus included, both the southeast end of our Isabella, Pearl Trend near our operations and our East Camp, Douglas property.
The southeast end of our Isabella. Pearl trend is where we just began mining Scarlet. South
This slide for those participating online show. They great image of the Isabella Pearl, mine processing facility,
Scarlet, South Scarlet, North from up on top of prospect Mountain.
And high-grade rock chip surface sample gold.
These boots on the ground geologic. Programs, identified 4 areas near the Isabella, Pearl deposit on the East, end of our Isabella, Pearl Trend that any 1 of them could be another Isabella Pearl deposit.
I'm personally convinced given the historic Santa Fe mine, south of our Trend and our Isabella Pearl deposit on Trend and our lock up of the 10 kilometers of this. Mineralized trend. Going to the Northwest that there will be another Isabella Pearl or Santa fees deposit to be discovered. We just want to be the company who finds them.
On the right of this map shows our focus on the very Southeast end of our trend.
In the map on the left, the map's fault structures are noted as blue lines. Note the fault structures predominantly run in a Northwest Direction. Along our Northwest mineralized Trend. Many structures are associated with high-grade, gold samples, noted by the yellow and orange dots.
We drew at blue circle around our Isabella Pearl. Mine at the bottom of this map to show, its spatial area where we have been mining that deposit into its sixth year.
Within superimposed, that same shape for demonstration purposes on 4 nearby Targets to have both the spatial structural and gold potential to possibly be another Isabella, Pearl.
1 or several of these could be our next sizeable deposit. Even if none of them turn out to be the vast vein structures, vein swarms and gold samples on our Trends, speak to the potential that there are more Isabella Pearl deposits on Trend. Our boots on the ground geologic efforts during the Biden permit backlog of generated these new targets.
But let's focus for the moment, on 1 particular Target, the prospect Mountain area on this map. We added Topo lines that demonstrate a mineralized vertical. Extent of 320 ft.
Along this entire vertical extent we can pull high-grade, gold, rock chip samples from the top of the mountain descending down into the valley.
That depth of vertical. Extent is analogous to How Deep The Isabella Pearl deposits oxide. Gold Horizon is this target has a surface. Spatial structural vertical mineralization and high-grade. Gold composite components. Similar to Isabella, Pearl and Mining down on this mountain. Topographically could provide far less waste removal than a pit layback on flat ground. If it turns out to be a deposit,
In addition a small silica litho cap similar to the 1 on top of Isabella Pearl, before we began mining, it is also present on Prospect Mountain. This is yet another touch point that the prospect Mountain area has many of the earmarks to possibly be the next Isabella. Pearl. This excellent geologic mapping and sampling program was a silver lining that came out of maneuvering through the Biden era permit backlog.
Back when we were drilling our Scarlet. North Target. We ended our last drill program in Gold before the Biden. Administration's BLM chose, not to grant us. Another drill permit under an noi to keep Drilling.
Under this new Administration. Are there any guesses if we can drill this area again?
We now have in hand, another noi to keep drilling this area. And we are moving to bring a drill here as soon as possible as part of the use of proceeds from the Rays.
Scarlet, North could also be another Isabella Pearl and both Scarlet, South and Scarlett, North have the potential to expand and perhaps even connect
We are also pursuing an exploration EA along along the greater Isabella Pearl Trend, which would allow us to explore far more area than the typical 5. Acre noi and explore larger areas more efficiently.
This brings us to our East Camp, Douglas property, our boots on the ground, exploration initiative of mapping and sampling work have provided us with an increased understanding of the geological model. This vast District size property with its Southern mineralized, litho cap and Northern high-grade. Gold veins has potential to host 1 of the 1 or more deposits and perhaps a major discovery.
On March 2nd of 2026. We announced the signing of a strategic 40 million joint venture on East Camp. Douglas with Hawthorne land and minerals. LLC a group with massive, Financial Firepower, fortitude retained, 60% ownership in the O is the operator. And when we are fortunate enough to find deposits fortitude is in the position to mine them.
To advance these efforts. This is an expedited and aggressive timeline to not only discover and permit more projects but to rapidly Advance the property toward production under the mining-friendly Trump Administration.
Use of joint venture. Proceeds include drilling exploration, surveys, Baseline, background studies, Rock Character Rock, characterization, reports, Etc. The goal is to make a deposit Discovery in the shortest time possible in tandem with permitting efforts and if possible discover and permit, a project under the Trump Administration, with the longer term goal of putting more Minds into production.
We welcome our new JV partner and appreciate the ability to now expedite the property far faster than we ever could do alone. We gladly share 40% interest going forward for this expansive expedited and aggressive exploration and Discovery effort. We can advance East Camp, Douglas on a level never experienced before in fortitude history.
Our ability to execute our business plan is directly tied to our ability to acquire the needed. Permits to bring new minds into production with new with the new administration's Pro business. Pro mining stance the Biden era. Hangover is now lifting fast.
And we are positioned to remain a mining company. Now, with multiple Minds selling gold at much higher, gold prices, which is another Silver Lining, and with more mine, permits in the regulatory queue this chart inspired by 1 of our long-term, shareholders and supporters Mr. Bob, G demonstrates, the downward pressure on fortitude stock prices of function of the Biden era permit backlog and the Damage it inflicted to our company.
And the upward momentum of fortitude stock price. As a function of the pro business pro mining Trump Administration,
We are coming off a 2025 year where we produce the least amount of gold in our company's history to now having 2 new mine permits as we race to get them optimized and increased production. We are also now positioned to begin drilling, a medially from both a permit and available Capital standpoint at County Line and the Scarlet areas targeting additions to our mine life.
We also positioned to obtain every permit possible under the Trump Administration.
In addition, our new JV at East cam, Douglas is a transformational moment for the property to advance it on an expedited basis. We said goodbye to the challenges of 2025 and our our excited about all our prospects in 2026 and this incredible goal price environment.
Before closing, I want to read a portion of a press release from the US Department of interior, dated February 23rd 2026. This highlights the efforts. This Administration is taking to help the industry.
Under the leadership of President, Donald J. Trump, the department of the Interior today announced final sweeping reforms to its National Environmental Policy Act or NEPA procedures. Cutting red tape accelerating project approvals and restoring NEPA to its attended role as a focused efficient decision-making tool.
the reforms led by interior, secretary Doug bergam and part of a whole government approach reaffirms the rescission of more than 80%
Of Interiors prior NEPA regulations with the majority of those regulations moved into a streamlined, departmental NEPA handbook for implementing procedures. The pr goes on to say the action, follows the White House Council on environmental qualities. Recent confirmation of its own, rescission of NEPA regulations clearing the way for the agency to modernize outdated and duplicative. Requirements quote for decades nepo has been Twisted into a weapon to block American Energy infrastructure and con conservation projects.
Said Secretary of the Interior Doug bergum, quote, under the leadership of President Trump. This Administration is fixing that we are cutting unnecessary bureaucracy, speeding up approvals and putting America Americans back to work while I'm forcing NEPA as Congress. Originally intended.
On end quote, the reforms represent. What are the most consequential permitting, over overhauls ever undertaken by the department, quote? This is a decisive step toward fixing a broken permitting system. End, quote said associate, Deputy deputy secretary Karen Bud Fallon.
Press release about 2 weeks ago. Mr. Bergam stated on national TV regarding the need to focus on mining the last year, the US graduated only about 300 mining industry, graduates.
He went on to say that we have to get back to mining for the economic and security interests of the US.
This Administration is making on the industry during Biden's tenure. He obstructed prohibited and continued to break the mine permitting system.
Fortitude had to survive that Onslaught that damaged our business plan, but fortunately Trump is actively delivering our permits and fixing the situation. This couldn't happen at a better time. As we look to increase production, pursue new mind, permits, and move into a very aggressive. Expiration, push to find deposit discoveries.
With that, I would like to thank everyone for their time today on this conference call Operator, would you please open up the lines for any possible Q&A?
Thank you, sir.
Ladies and gentlemen, the floor is now open for your questions. If you would like to ask a question, please press star 1 on your telephone keypad,
A confirmation tone. Will indicate your line is in the question key and you may press star 2. If you would like to remove your question from the queue,
for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star Keys 1 moment, please while we pull for questions.
Operator, why we uh, pull for questions. We do have several that came in via email, so I'll get to those. Now, the first question is from Peter G. Your company has strongly opposed shareholder dilution. Obviously, you announced a recent Capital raise
Which increased share count. I assume you did not make this decision lightly. How confident are you that the additional funds will eventually increase the gold resource and go production more than the share count, Peter. Thank you for your question. You are correct. We don't take this lightly and I think it's evident that even after that raise. We have arguably. 1 of, if not the tightest Capital structures for a producer in this space. Like I mentioned in my comments most Junior explorers nowhere near production will have hundreds 200. 300 300, 400 million shares outstanding. Nowhere near production, most producers half a billion, a billion.
We have now just 26.8 million shares outstanding that is an incredibly tight capital structure. So while this raised did dilute is very minimal in the big picture. And yes uh it was necessary. We don't take it lightly. Thank you for the question. The second question from Dr. Joe Joi.
Uh, 3 Parts a processing capacity with pearl deep Scarlet, South and county line. Now, delivering or to the Isabella Pro facility could manage a comment on the current crushing, and Heap bleach, throughput capacity and whether the existing infrastructures can can support higher production levels as these mines ramp up. Uh great question. We have actually installed our much larger crushing system that we purchased for the uh Golden Mile. We've installed it at at Isabella Pearl. So the existing Crusher was about 250. Tons an hour. The new 1 is 800 tons.
Per hour. Huge increase. So we did that as a function of trying to maneuver through the permitting backlog and not spending extra money knowing we'd have to crush more as we pull from various areas. So, uh, we're we're out in front of that.
As far as the Heap bleach, we plan an expansion. This year, we do have space uh right now and we'll continue to utilize that. But yeah, we're going to be bringing ore from a lot of different areas. We do need to to increase uh, capacity. And so that's in the works as well. So your part B of your question. Isabella, Pearl Trin development, given the roughly 10 kilometer mineralized Trend. It Isabella Pearl and including Pearl deep Scarlet, South Scarlet, North and additional targets. How many open pits could realistically be sequenced along this trend using the current processing infrastructure?
Uh, Dr. Joe, I hope there's
Handfuls of them. Um that's the champagne problem we want as far as throughput, I think is where your question drives, you know, could we expand in the future? Yes we could. But more importantly I want to get to where we maximize my life and get out to that.
unless,
Concerned about increasing production throughput, right now and more concerned with just adding mine life.
So that we are the ones to continue to find these Minds that I believe will be on Trend. I near see your third. Part of the question is production stabilization as as operations from the 326 could management. Give investors a sense of what a normalized quarterly production level might look like once the ramp up. Phase is complete great question. Um Dr. Josie unfortunately no we're not going to forecast right now. We might not even forecast this year. We have so many balls in the air. We're bringing on 2 new mines, a lot of moving Parts, whatever. We would forecast would likely be wrong. Um, so I think we're just best not to but the whole goal obviously is to to ramp up production
Um, okay. So with that operator, are there any live calls before we get to the platform?
Yes, sir. We have a question from Gary. Ripe, who is a private investor Gary. Your line is live.
Hey Jason. Congratulations on all the permits and getting everything started in this uh joint venture. It's uh, certainly seems like it's uh things are happening there.
Hey, thanks, Gary.
Um, I just, you know, um, I had a question about the, you know, in terms of like the commitment that you got on the JV, 40 million dollars puts an implied value of about million dollars on um East Camp. Douglas can you just give us a sense of what you guys saw and you guys talked about with the JV partner that got them. So excited.
Okay. Yeah, no it's a great question. They're seeing you know what everybody else is seeing and
This property.
Has been looked at by a lot of Industry players and that's why I mentioned in some of my comments that we've actually had inbound from Majors major mining companies, um, that are very interested in the property that were uh, and like my comments in the press release. Um,
We couldn't get a good deal with them.
They wanted to take control, they wanted to call the shots on what the expiration would look like it. Could there it just wasn't good for shareholders so we didn't go that direction.
Um,
The JV that we did do is a very favorable deal for both parties.
We will gladly share 40% of what we find for the ability to expedite exploration, but the whole deal for me focuses on, we stay in control, we have 60% interest, these are things that we could have never got with the majors. So specifically, coming back to your question of what things did they they see that? Uh perhaps you haven't seen nothing. I mean they're looking at this from the geologic potential. We have a huge litho cap. It's mineralized, these are the style of deposits that can be multi-million ounce.
Um, we have high-grade components to this. We have a litho cap that could be is very sizable. It's also a challenge to explore. But again, that's why we're doing a big expiration budget but we also have high grade veins to the north so the potential for not just 1 style deposit but a couple um, is there. So I, you know, again come back to your question. I'm not sure they were looking at anything that you weren't looking at. It's just they had the fortitude.
Were intended to uh, pull the trigger on. Let's do this, let's go find 1. They they are in line with us uh, that there could be be something serious there. And and we want to be the ones to find it. So yeah. I don't they weren't per se privy.
To something, you haven't seen Gary.
Okay well that's good to know. Um I get that you don't want to give any like production guidance or anything for the for the year. You guys ramp things up but you got a significant amount of inventory sitting on the
Sitting on the Heap Leach pad. Um,
you know, is it safe to assume that you guys are going to be in a position where, you know, Investments aside and, and and ramping production like
Um, you'll be generating a good amount of cash throughout the year to fund some of that.
Fund. Some of a fund. Some of what did the different expansion projects and those types of things? Yeah. Okay well we did the raise in large part to help us optimize the 2 mines. We never thought we'd get be building 2 at 1 time. We're like drinking from a fire. Hose coming off the back of a very difficult year difficult Administration.
Really can't.
Yes, it's going to come off but you can't count on a forecast uh because you have so many levels to a heap Leach. You have cells under you as a checkerboard if you will on every level every cell was under drip different time frames, it's very challenging and to forecast that. And yeah you don't want to live off residual. So I would say to everybody don't focus on, what's the historic stuff that's been on the the heat? That's not the focus. You have to put new fresh or that's where we make our production. That's where we. Um,
Are able to forecast better. So, uh, yeah, that's the push. Hence, the push to put 2 new mines in we, fortunately have the permits. We're moving forward on that. We have uh, 2 more in the queue being Golden Mile and Scarlett. North and yeah we the the whole Focus needs to be putting fresh ore on.
you know, you get this big shot in the arm initially,
according to this, the metallurgical studies we've done and then it just takes a long time for the rest to come out. I mean it could take years so it's very hard to forecast that. So yeah, we'd come back to your question. We don't look at the Heap and say, hey, yeah, we can count on that, coming out at X percentage, X time frame. Know we need newer on there with that big shot in the arm.
um,
and that's that's the push. Does that answer your question?
Yeah, I guess that's uh that's good. That's that's helpful. Um all right uh that's it for me. Uh thanks uh congratulations on everything you got going on.
Hey thanks Gary. I'm going to take we have a bunch of questions piling up in the in the platform. So I'm going to take a quite a few of these here. Um, this is from Harvey Bolan. It says, please explain the use of the 40 million in the JV when will forwarded to spin its own funds.
Hi Harvey. Um, good to hear from you. It's it's been a while.
Uh, the 40 million is actually if you want to, it's spelled out. It's actually in the AK in the back as an attachment for uh the funding. But you're going to, you're going to see
Drill massive drill programs. You're going to see a lot of assay costs. You're going to see a lot of uh new Geo hires, you're going to see all the overhead associated. With those Geo hires um to build a bigger team to explore this property, uh, you'll see it all spelled out, um, in that. So if you, if you want to delve into that, it's in the the back of that 8K. Uh, when will 42 spin its own funds? We won't spend any money until the 40 million is fully spent. So the way the deal is structured is that um Hawthorne will spend up to the 40 million if they ever choose not to go to the 40, they lose their interest.
Um, so we expect them to spin the 40 which puts us in the great position to absolutely aggressively explore this. You know, in the next year, to 2 years, uh, we will have hit this as hard as possible. And I believe, we're in a good chance to find, uh, 1, if not more deposits.
At that point when the 40 million has been spent then we Pro route our 6040 on anything going forward. And then hopefully at that point, we've already, you know, are delineated a deposit or we're, we're designing it, we're looking forward to building it and yeah, that would be the
Hopefully what's happening at at the time that we're then asked to, um, start kicking in our 60%. Great question. The next question is from Ben
Uh, Mike soul.
Could you comment on the return on investment for the Pearl deep? Uh, no. I can't been. It's a good question. You know, the Pearl deep we didn't have a quote, unquote formal resource for it. We knew this mineralization pocket was down there even in the initial, mine plan, but it didn't make the original pit shell.
To begin with. Um, of course, that was back in 1800 gold. Probably. So, as the Biden permit, backlog was crushing us.
You know, we had to decide, are we going to shut down? Or are we going to keep Mining and fortunately gold hit 3000, which gave us the optionality to rerun some numbers uh, for the Pearl deep. And uh yeah, we made the decision to stay mining instead of, you know, shut down operations. Um,
That was never part of the plan.
I want to say that again that was never part of the plan. That was a maneuver to try to stay in business as a mining company as Biden locked. This locked everybody out.
So thankfully gold was high enough that it gave us that optionality. So yeah that that's just I don't have a a return on investment on that but great question. The next question um, been again, um,
Are there any issues with availability of drilling equipment? Crews? I there, I'll I'll you have several parts of this, so I'll address that.
I fully expect to be very hard to get drilling companies uh as gold spikes having lived these Cycles in the past drill Crews become scarce. They get busy, there's not enough of them and I'm sure a lot of money companies are being formed right and left as gold hits 5000. So
Yeah, we're trying to position ourselves to lock up drill.
Uh rigs drill Crews for the long term. Try to sign long contracts, like East East Camp. We're going to be able to sign very long contract, which keeps Drillers very motivated on that. You know, the the sooner you can do it right now. The better another reason not to wait around until all the Drew drill, Crews and companies are fully booked. Yeah, you go on to say, would there be any benefit to hiring in-house drill teams in terms of cost savings and for
Interrupted ongoing drilling. So that the drilling is always ahead of current mining. Um, yeah, on the high level, that sounds, uh, reasonable bin.
We've done that and it just hasn't worked for us.
Um, it's a specialized situation and we want to be a mining company. I'd rather Farm out the drilling, uh, the times. And with the previous company that we bought drills and brought them in-house, it just didn't work out. So having lived that, um, yeah, we're not looking at that to go down that road again.
Okay, let's keep going here. There
Uh, next question by Gary Simmons. Where how fast can you get the people for Expediting these Camp, Douglas and Isabella Pearl?
Uh, for exploration. Great question.
Uh, I'm actively working with Al our VP of exploration. We just locked up a bunch more apartments. For the new team will be hiring. He's actively recruiting, new team members. Uh, so yeah. We're, we're
Gas. Pedal to the floor here.
Trying to staff up uh, for the East Camp. Douglas.
um, it's
very challenging in this industry.
um, as I mentioned in the comments, you know, Doug Doug bergam mentioned
that the US only graduated 300 people in this industry.
There's not a lot of the people in this industry that know what they're doing or in the industry in general.
So competition is absolutely Fierce. We have just recently lost a number of people to poaching. Um we'll be trying to poach back.
But yeah, that it's a Cutthroat situation, Gary. And yeah, we're on it. We're we're doing all that we can to, to build that team. It's a good question. The next 1 is Pete Mumford. Uh, the current balance sheet shows Financial lease liabilities, is this a result of bringing in the mining in house? Yeah, that'll be the equipment. I'm sure. Um,
We we are now leasing mining equipment. The next question from Adam Frick. What plans do you have for the remaining sulfide gold. Is there a way to extract sulfide in parallel with oxide? Great question. Adam we actually have a huge stockpile of of sulfide gold and we're looking at possibly selling it um you know and just having a
Major, who can truck, you know, we can truck it down the road and they can process it. So, we're looking at that optionality, but no, we can't keep mining it. That was just in the function of mining from our permit perspective. And when we deal with, when we hit oxide,
you know, when you get into the thick heavy oxide stuff, you're usually below water table in our permit. Then allow us to do that. Nor do we want to go fight for the ability to do that but good question. The next 1 from Dave Nickerson can you tell us a little bit more about Hawthorne land and minerals.
Um, yeah.
Dave, we're getting this question a lot. All I can say is Hawthorne land and minerals. LLC is an extremely affluent non-public company. That prioritizes its privacy
That's as much as I will say regarding who they are.
But they do clearly share our vision of what each Camp could become and together. We're positioned to make a significant discovery.
Exist on the land package. So, great question. Uh, the next question from Michael wolfred, what is the possibility of returning to the previous level of dividends? What is the possibility of shareholders receiving? Dividends in the form of gold coins or bullion the first part? Yeah, ultimately. We'd like to someday be in the position to increase. Dividends you've I think you get the gist of listening to the conference call. We've got fully bucked off the horse. I don't think people truly understand. If you're on this conference call and you voted for Harris, how close your vote was to putting this company under.
Let that sink in for a minute.
So had the election, not gone the way it that it did.
This would be an entirely different conference call.
This would be a, what does the company do now?
Out of business, not being able to mine, not being able to get drill permits, I can't underscore that enough. If you listen to this conference call and you loaded for Harris, you would have put this company out of business.
So when I come back to the dividends, yes, we'd love to get back there but we got bucked off the horse so we're trying to get back on. We are getting back on and yeah I mean we still pay a dividend so we're still committed to it. But um yeah, it's going to be a minute before we can do that. And then it's your second part is what is the possibility of shareholders receiving? Dividends in the form of gold coins or bullion? Uh, we're not going to probably do that again. Uh, Greg and I, um,
Figured out a way to convert the cash, dividends into physical and have shareholders, take delivery of it with our previous company. It was the first of its kind, it was a lot of work. Um and in the end of the day we maybe had 400 participants. So because of that now like if you want our coins you can go to the website and buy them. We don't have gold available yet. We'd like to ultimately do that, it's pretty tough. When the gold price is moving so fast for for men's to get a hold of rounds and then lock in prices and stuff. So it makes it a little more complicated but they are menteng silver so you can get them that way. Uh next question is Charles Fremont as an adviser of clean tech Vanadium, how much are your time will be diverted from ftco?
Um, yeah, look, I will work, uh, as an adviser with clean tech, vadyam. Um, and I can advise them and help them move their projects forward, without impacting anything here. Um,
I don't want to I don't have a specific time frame and if my ebb and flow depending on what's happening with clean tech. But yeah, that's just an advisory role.
And I don't expect it to impact anything I'm doing here. Uh, with that, you know, we've gone to a lot of questions and I guess if you're in the queue and you haven't had your question, please reach out to Greg and myself, but I've talked enough today. I think you you gave you a lot of information and let's close the conference call.
And uh, look forward to updating you next quarter and yeah, it's exciting time. Now thankfully we have a Administration that has changed our trajectory. So thank you, everybody for listening and we'll talk to you next quarter.
Thank you, ladies and gentlemen, this does conclude today's call, you may disconnect your lines at this time and we thank you for your participation.