Fiore Gold

Website: www.fioregold.com
Primary ticker: TSXV:F, OTCQB:FIOGF
Stage of development: Development, Production
Commodity: Gold
Project to promote: Pan Mine
Project location: USA
Company presentation: Click here

Live financials

Cash: USD$9.1M
Debt: Nil

Major shareholders:
Kinross Gold – 5.8%
Donald Smith & Co. – 5.8%
Management Ownership – 5%

Fiore Gold Inc. is a growth-oriented Nevada gold producer that controls the operating open pit Pan Mine, the adjacent, federally-permitted Gold Rock development project, and a 50,000+ acre contiguous land package on the prospective Battle Mountain-Eureka trend. Fiore’s goal is to reach 150,000 ounce/year production through expansion and exploration at its current projects, and selective consolidation of near-production assets.

Management Profile

Tim Warman, CEO

Mr. Warman is a professional geologist with over 25 years of experience in all phases of the mining industry from grassroots exploration to production. Mr. Warman has led the development of Fiore Gold into a growing, cash-flowing US gold producer. He has held board or senior leadership roles with some of the most successful exploration and development companies of the past decade, which have together discovered over 30 million ounces of gold. He was president of Dalradian Resources, which is developing the Curraghinalt gold project in Northern Ireland, from 2012 to 2015. Previously, Mr. Warman was Vice-President, Corporate Development, of Aurelian Resources Inc. which discovered the Fruta del Norte gold deposit in Ecuador and was acquired in 2008 by Kinross Gold for $1.2-billion.


What is your rationale for attending 121 Mining Investment?

Raising awareness and building our shareholder base.


What recent news would you like to highlight to investors attending?

Record quarterly gold production from our Pan Mine; PEA just completed on our adjacent and federally-permitted Gold Rock project.


What are your key goals for the next 3, 6 and 12 months?

3 Months:

Continued strong gold production at the Pan Mine; Kicking off work to support a Feasibility Study at Gold Rock; New resource update at our Golden Eagle project.

6 Months:

Resource/Reserve update and new LOM plan for Pan; Announce at least one M&A transaction.

12 Months:

Delivery of FS results for Gold Rock; Exploration results from Gold Rock and Pan.


What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Biggest challenge is our relatively small size, which we’ll overcome by organic growth and strategic M&A.


What do you think makes your company such a compelling investment?

Exposure to a profitable and growing gold producer in a great jurisdiction at an extremely compelling valuation relative to peers.

Analyst Insight – provided by Independent Investment Research

Fiore Gold is a TSX-V-listed, Americas-focused gold producer and explorer with the producing Pan Mine in Nevada as well as a suite of exploration projects in Nevada, Washington and Chile. Cash flow from production will provide non-dilutive funding for exploration, both on Fiore’s projects in Chile as well as the +200 sq km land package along Nevada’s Battle-Mountain – Eureka trend.

Fiore controls the operating open-pit Pan Mine, the adjacent, federally-permitted Gold Rock development project, and a +50,000 acre contiguous land package on the prospective Battle Mountain-Eureka trend. Fiore’s goal is to boost production through expansion and exploration at its current projects, and selective consolidation of near-production assets.

Fiore recently announced its preliminary production results for the second fiscal quarter of 2020 for the Pan open-pit mine. Q2 gold production comprised 12,085 ounces, representing a production record for the Pan Mine and a 38% increase compared to Q1 2020. Gold sales were 12,026 ounces at an average realized price of $1,576 per ounce, all sales unhedged. Mined ore production during Q2 was 14,177 tons per day. with a stripping ratio of 1.8:1.0 and grade of 0.016 ounces/ton.

Fiore also recently released the results of a Preliminary Economic Assessment (PEA) for its Gold Rock project, with robust economics and opportunities to further enhance value. The PEA forecasts Pre-tax NPV5% of US$49.7M and a 22.8% IRR (after-tax NPV5% of US$32.8M and a 17.8% IRR) at base case gold price of US$1,400/oz Au, with a life of mine cash flow of US$77.2M.

The updated resource estimate shows a 69% increase in Indicated resource to 403,000 gold ounces, in addition to the Inferred resource of 84,300 gold ounces, with excellent potential to grow the resource with next phase of planned drilling. Mine life is estimated at 6.5 years, with life of mine (LOM) total gold production of 362,750 oz, averaging 55,800 oz annually.   LOM cash costs estimated at US$903/oz Au and LOM all-in sustaining costs (AISC) of US$1,008/oz Au. Pre-production capital expenditures of $64.6 million, sustaining capital expenditures of $7 million and reclamation costs of $16 million.