The company saw an 11% increase in full year gold production to 46,031 ounces at its Pan mine in Nevada, USA, at an average realized price of US$1,681/oz and an all-in sustaining cost of $1,148/oz.

The company's cash position continued to increase, closing the year at $23.2 million, up from $17.3 million at the end of the June quarter.

"FY2020 was an excellent year for all Fiore Gold stakeholders. Pan generated record results,"  said Fiore Gold president and CEO Tim Warman.

"With positive drill results at the adjacent Gold Rock project and a significant resource update at our Golden Eagle project, we continue take tangible steps toward achieving our goal of operating Pan and Gold Rock in unison, creating the only multi-asset, 100% US domestic gold producer."

Fiore drilled 21,741m at Pan and with an updated reserve, resource and life of mine plan extended the mine life by two years into 2025. It also released a preliminary economic assessment on its Gold Rock deposit where work is underway to complete a feasibility study. The company also announced a 2Moz resource at Golden Eagle in Washington.

Shares in Fiore Gold are trading at C$1.40, valuing the company at $138 million.