Fortitude Gold Closes $12 Million Private Placement

Rhea-AI Summary

Fortitude Gold (OTCQB:FTCO) closed a $12.0 million private placement on February 18, 2026, selling 2.52 million shares at $4.75 per share and paying $316,266 in placement fees.

Proceeds will accelerate development and exploration at the newly permitted County Line and Scarlet South mines, which began operations in January 2026, and fund general corporate purposes.

Positive

• $12.0M capital raise
• 2.52 million new shares issued
• County Line and Scarlet South began operations January 2026
• BLM permits obtained for new mines
• Post-placement 26,895,415 shares outstanding (tight capital structure)

Negative

• Placement dilution ~9.4% of post-placement shares
• $316,266 placement agent fees
• Earlier drill programs were suspended, risking delays to mineral expansion until end-2026/early-2027 without funding

COLORADO SPRINGS, CO / ACCESS Newswire / February 18, 2026 / Fortitude Gold Corp. (OTCQB:FTCO) (the "Company") announced the closing of a $12 million USD Private Placement, selling 2.52 million unregistered shares of its common stock at $4.75 per share. The Company paid $316,266 in fees to placement agents retained by the Company. The proceeds of the private placement are to be used to accelerate both mine development and reinstate its exploration program, as well as general corporate purposes. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and dividend yield.

The proceeds of the Private Placement are to be deployed to accelerate both development and exploration of the County Line and Scarlet South mines. Both new mines began operations in January of 2026, having recently received mine permits from the Bureau of Land Management. Initial exploration efforts target mineral and mine life expansion at both new mines.

"We are pleased with this funding that will help offset the delays from the Biden-era permit backlog, allow us to optimize the ongoing construction of our two new producing gold mines, and allow us to reinstate our exploration drill programs with the initial focus on mineral expansion at both new mines," stated Fortitude Gold CEO and President, Mr. Jason Reid. "Both County Line and Scarlet South pits have extensive expansion potential, along with the Scarlet North area located on the larger Isabella Pearl property. We previously terminated our drill programs as part of a larger cost cutting campaign in response to the Biden-era permit backlog. Without this recent funding, any new drill programs would have been delayed to the end of 2026 or early 2027. With this exceptional and unprecedented gold price environment, time is of the essence to capitalize on selling as much gold as possible. With these funds we target near-term increases in our production and expansion of our resources, both of which are potential catalysts for increased shareholder value."

Mr. Reid continued, "We are proud to still have one of the tightest capital structures for a producer in the mining space. In an industry where hundreds of millions of shares, if not billions of shares outstanding, is the norm, we proudly have just 26,895,415 outstanding shares of common stock after this private placement. On behalf of the Board, management, and the team here at Fortitude Gold, I would like to thank both current and new shareholders who participated in the placement. They join all shareholders of the Company as we move forward into this exceptional gold price environment, while overcoming the Biden-era hangover to maximize shareholder value."

About Fortitude Gold Corp.:

Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company's strategy is to grow organically, remain debt-free, and distribute dividends. The Company's Nevada Mining Unit consists of seven high-grade gold properties located in the Walker Lane Mineral Belt and an eighth high-grade gold property in west central Nevada. The Isabella Pearl, Scarlet South, and County Line Mines are currently in production in Mineral and Nye Counties, Nevada. Nevada, U.S.A. is among the world's premier mining friendly jurisdictions.

Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material are forward-looking statements. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release.

Contact:

Greg Patterson
719-717-9825
greg.patterson@fortitudegold.com
www.Fortitudegold.com

SOURCE: Fortitude Gold Corp.

View the original press release on ACCESS Newswire

FAQ

How much did Fortitude Gold (OTCQB:FTCO) raise in the February 18, 2026 private placement?

Fortitude Gold raised $12.0 million by selling 2.52 million shares at $4.75 each. According to the company, proceeds will fund mine development, exploration, and general corporate purposes.

What percentage dilution does the FTCO private placement cause for shareholders?

The issuance represents about 9.4% dilutive effect on the post-placement share count. According to the company, 2.52 million new shares bring outstanding shares to 26,895,415.

What will Fortitude Gold use the $12 million from the FTCO placement for and when will projects advance?

Funds will accelerate development and exploration at County Line and Scarlet South and general corporate purposes. According to the company, both mines began operations in January 2026 with BLM permits.

When did Fortitude Gold start operations at County Line and Scarlet South (FTCO)?

Both County Line and Scarlet South began operations in January 2026. According to the company, permits from the Bureau of Land Management were recently received enabling initial production and exploration.

How much did Fortitude Gold pay placement agents in the FTCO private placement?

Fortitude Gold paid placement agents $316,266 in fees. According to the company, this was charged as part of completing the private placement.

Would Fortitude Gold’s exploration drilling have been delayed without the FTCO funding?

Yes. According to the company, drill programs were previously halted and without this funding would have been delayed to end-2026 or early-2027, slowing resource expansion efforts.