Fortitude Gold Q1 2026 results, JV and financing

Fortitude Gold Corporation reported weaker first quarter 2026 results while advancing several growth initiatives.

Rhea-AI Filing Summary

Fortitude Gold Corporation reported weaker first quarter 2026 results while advancing several growth initiatives. Net sales were $3.2 million compared with $6.5 million in the prior-year quarter, and the company posted a net loss attributable to shareholders of $1.6 million, or $(0.06) per share, versus prior net income of $1.2 million.

The company produced 688 gold ounces in the quarter and paid $0.8 million in cash dividends. Cash and cash equivalents increased to $10.0 million at March 31, 2026, from $4.7 million at year-end, helped by a $12 million private placement of 2.52 million common shares at $4.75 per share.

Fortitude also ramped new operations at Scarlet South and County Line and entered a $40 million funded joint venture with Hawthorne Land & Minerals to accelerate exploration at East Camp Douglas, where recent drill intercepts include intervals grading up to 12.90 grams per tonne gold over 3.05 meters within a broader mineralized zone.

Positive

• $12 million private placement strengthens liquidity, lifting cash and cash equivalents to $10.0 million at March 31, 2026 from $4.7 million at year-end while funding accelerated development and exploration at County Line and Scarlet.
• $40 million Hawthorne-funded East Camp Douglas joint venture provides substantial external capital to pursue aggressive exploration on a 60/40 basis, enabling larger-scale drilling and faster advancement than Fortitude Gold could achieve on its own.

Negative

• Sharp deterioration in quarterly profitability as net sales declined to $3.2 million from $6.5 million and results shifted from $1.2 million net income to a $1.6 million net loss attributable to Fortitude shareholders in the first quarter.
• High reported all-in sustaining costs, particularly at the new County Line Mine with all-in sustaining cost per gold ounce sold of $4,170, indicate elevated early-stage cost structure that must improve to support sustainable margins.

Insights

Metals and mining equity analyst

Q1 swung to a loss, but cash, new mines, and a $40M JV support longer-term growth plans.

Fortitude Gold generated net sales of $3.2M in Q1 2026 versus $6.536M a year earlier, and moved from net income to a net loss attributable to shareholders of $(1.63)M, or $(0.06) per share. Higher general and administrative and exploration expenses, plus new facilities and construction spending, drove the shift.

Operationally, the company produced 688 gold ounces, with Isabella Pearl and initial County Line production showing relatively high reported realized prices above $4,700/oz but also elevated all-in sustaining costs, especially at County Line at $4,170/oz. This suggests early-stage cost intensity as new pits ramp up.

Strategically, the $12M private placement and $40M Hawthorne-funded joint venture at East Camp Douglas materially increase available capital for mine development and exploration without adding traditional debt. Actual value creation will depend on delivering lower unit costs at new mines and converting East Camp’s encouraging drill intercepts into economically viable reserves over coming periods.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net sales Q1 2026: $3.2 million Net (loss) income attributable to shareholders: $(1.63) million Cash and cash equivalents: $10.025 million +5 more

8 metrics

Net sales Q1 2026 $3.2 million Three months ended March 31, 2026

Net (loss) income attributable to shareholders $(1.63) million Q1 2026 vs $1.249 million income in Q1 2025

Cash and cash equivalents $10.025 million Balance at March 31, 2026

Private placement proceeds $11.655 million 2.52 million shares at $4.75 per share in Q1 2026

East Camp Douglas JV funding $40 million Strategic investment by Hawthorne Land & Minerals

Gold production 688 ounces Total gold produced in Q1 2026

All-in sustaining cost - County Line $4,170 per gold ounce sold Q1 2026 County Line Mine

Dividends paid $0.783 million Cash dividends in Q1 2026

Key Terms

all-in sustaining cost, non-GAAP financial measure, Private Placement, Joint Venture Agreement, +2 more

6 terms

all-in sustaining cost financial

"an all-in-sustaining-cost per ounce of $2,263"

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

non-GAAP financial measure financial

"cash cost and all-in sustaining cost per ounce contained in this press release is a non-GAAP financial measure"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

Private Placement financial

"closing of a $12 million USD Private Placement, selling 2.52 million unregistered shares"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

Joint Venture Agreement financial

"entered into a Joint Venture Agreement (“JV”) with Hawthorne Land & Minerals, LLC"

A joint venture agreement is a legally binding contract where two or more parties combine resources to run a specific business project or entity, spelling out who contributes what, how decisions are made, how profits and losses are shared, and how the venture can end. Investors care because the agreement determines control, financial exposure, potential returns, and exit options—much like a clear housemate contract that prevents disputes over money, chores, and belongings.

asset retirement obligations financial

"Asset retirement obligations | 11,290"

Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.

heap leach pad technical

"mineralization from these mining areas is being delivered and placed on the Isabella Pearl heap leach pad for processing"

A heap leach pad is a large, engineered outdoor area where crushed ore is stacked and soaked with a liquid that dissolves and carries out valuable metals, like gold or copper, for later recovery — imagine a giant soak-bed that extracts metal instead of color. Investors care because the pad’s size, design, chemical and water needs, recovery efficiency and environmental controls directly affect a mine’s production costs, output, permitting risks and potential cleanup liabilities.

Earnings Snapshot

Revenue (net sales): $3.2 million

Q1 2026

Revenue (net sales) $3.2 million

Net (loss) income attributable to shareholders $(1.63) million

Basic EPS $(0.06)

Gold ounces produced 688 ounces

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Fortitude Gold (FTCO) perform financially in Q1 2026?

Fortitude Gold reported net sales of $3.2 million and a net loss attributable to shareholders of $1.6 million, or $(0.06) per share. A year earlier, sales were $6.5 million with net income of $1.2 million, reflecting a notable year-over-year decline.

What were Fortitude Gold’s gold production and sales in Q1 2026?

Fortitude Gold produced 688 ounces of gold during the first quarter of 2026. At Isabella Pearl, it sold 533 gold ounces, and at County Line it sold 148 gold ounces from initial startup, alongside smaller amounts of silver converted into gold-equivalent ounces.

How strong is Fortitude Gold’s (FTCO) balance sheet after Q1 2026?

At March 31, 2026, Fortitude Gold held $10.0 million in cash and cash equivalents, up from $4.7 million at year-end. Total assets were $146.0 million and shareholders’ equity was $114.5 million, supported by new equity raised in a private placement.

What was the impact of Fortitude Gold’s private placement in Q1 2026?

During the quarter, Fortitude Gold closed a $12 million private placement, issuing 2.52 million unregistered common shares at $4.75 per share. The company is using the proceeds to accelerate development and exploration at its County Line and Scarlet projects in Nevada.

What are the key terms of Fortitude Gold’s East Camp Douglas joint venture?

Fortitude Gold entered a joint venture with Hawthorne Land & Minerals, forming East Camp Douglas, LLC. Hawthorne is providing a $40 million strategic investment, with ownership split 60% Fortitude and 40% Hawthorne, to fund aggressive exploration and potential future mine development.

How much did Fortitude Gold (FTCO) spend on exploration in Q1 2026?

Exploration expenses were $1.7 million in the first quarter of 2026, up from $1.4 million a year earlier. This higher spending reflects intensified drilling and evaluation, including work tied to projects like County Line, Scarlet, and the East Camp Douglas district.

Did Fortitude Gold continue paying dividends in Q1 2026?

Yes. Fortitude Gold paid $0.8 million in cash dividends to shareholders during the first quarter of 2026. The company’s stated strategy is to remain debt-free, grow organically, and continue distributing dividends while advancing its Nevada gold mining projects.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 04:35 PM EDT Learn about SEC filing dates

0001828377false00018283772026-05-112026-05-11

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K
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CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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Date of Report (Date of the earliest event reported): May 11, 2026
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Commission file number: 333-249533

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FORTITUDE GOLD CORPORATION

(Exact name of registrant as specified in its charter)

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Colorado	85-2602691
(State of Other Jurisdiction of incorporation or Organization)	(I.R.S. Employer Identification No.)
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723 S. Cascade Avenue, Colorado Springs, CO	80903
(Address of principal executive offices)	(Zip code)

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Registrant’s telephone number, including area code: (719) 717-9825

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Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of Each Class	​	Trading Symbol(s)	​	Name Of Each Exchange On Which Registered
N/A	​	N/A	​	N/A

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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

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Emerging growth company  ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02  Results of Operations and Financial Condition.

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On May 11, 2026 Fortitude Gold Corporation issued a news release reporting its financial results for the three months ended March 31, 2026. A copy of the news release is attached as Exhibit 99.1 to this report.

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In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any of the Company’s filings or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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Item 9.01  Financial Statements and Exhibits.

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(d)  Exhibits. The following exhibits are furnished with this report:

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99.1News Release dated May 11, 2026.

104Inline XBRL for the cover page of this Current Report on Form 8-K.

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Date: May 11, 2026	FORTITUDE GOLD CORPORATION
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​	By:	/s/ Jason D. Reid
​	​	Jason D. Reid, Chief Executive Officer

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Exhibit 99.1

FOR IMMEDIATE RELEASE	​ ​ ​	NEWS
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May 11, 2026	​	OTCQB: FTCO

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FORTITUDE GOLD REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS

COLORADO SPRINGS – May 11, 2026 - Fortitude Gold Corporation (OTCQB: FTCO) (the “Company”) today reported its first quarter 2026 results including $3.2 million net sales, $1.7 million in exploration expense, $0.8 million cash dividends to shareholders, $2.2 million mine gross profit, and a cash balance at March 31, 2026, of $10 million. The Company recorded a net loss of $1.6 million, or $(0.06) per share during the quarter and confirmed its previously announced preliminary 2026 first quarter production of 688 gold ounces. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and substantial dividend yield.

First Quarter 2026 Financial Results and Highlights

• Commenced production at County Line and Isabella Pearl’s Scarlet South

• Completed a $12.0 million Private Placement

• Entered into a 60% Joint Venture for the East Camp Douglas property

• $3.2 million net sales

• $10.0 million cash balance at March 31, 2026

• 688 gold ounces produced

• $31.3 million working capital at March 31, 2026

• $2.2 million mine gross profit

• $1.7 million exploration expenditures

• $1,017 total cash cost after by-product credits per gold ounce sold for the Isabella Pearl Mine*

• $2,263 per ounce total all-in sustaining cost for the Isabella Pearl Mine*

• $0.8 million dividends paid

• 611 ounces of gold rounds/bullion held at March 31, 2026

* The calculation of our cash cost and all-in sustaining cost per ounce contained in this press release is a non-GAAP financial measure. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company’s recently filed Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.

During the first quarter, Fortitude Gold produced a total of 688 ounces of gold.  At the Isabella Pearl Mine, Fortitude Gold sold 533 gold ounces at a total cash cost of $1,017 per ounce (after by-product credits) and an all-in-sustaining-cost per ounce of $2,263.  Sales from initial startup at the County Line Mine included 148 gold ounces at a total cash cost of $1,494 per ounce (after by-product credits) and an all-in-sustaining-cost per ounce of $4,170.  Realized metal prices during the quarter averaged over $4,700 per ounce gold ⁽¹⁾.  

During the first quarter, the Company initiated mine operations at Scarlet South and both County Line open pits, while continuing to mine the Isabella Pearl Deep mineralization.  Mineralization from these mining areas is being delivered and placed on the Isabella Pearl heap leach pad for processing.  Over the next few quarters, the Company plans to continue extracting mineralization from Pearl Deep, while ramping up tonnage throughput to help offset the lower gold grades from Scarlet South and the County Line’s East pit. In addition, the Company expects to begin the County Line main pit waste rock layback during the second quarter, with completion anticipated by the end of 2026. Upon completion of the layback, the Company expects to gain access to approximately 40,000 ounces of high-grade gold mineralization.

During the quarter 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 proceeds of the Private Placement are being deployed to accelerate both development and exploration of County Line and Scarlet, with initial exploration efforts at these areas targeting mineral and mine life expansion.

During the quarter, Fortitude Gold announced that it entered into a Joint Venture Agreement (“JV”) with Hawthorne Land & Minerals, LLC (“Hawthorne”) to accelerate the exploration and development of its district sized East Camp Douglas property.  Pursuant to the JV agreement, the parties formed an operating subsidiary, East Camp Douglas, LLC, which is being funded through a strategic $40 million investment by Hawthorne.  The investment is supporting an aggressive exploration program designed to advance the highly prospective property towards potential deposit discoveries, followed by permitting and advancing a mine into production in the shortest amount of time possible.  This strategic East Camp Douglas JV is 60% owned by Fortitude and 40% by Hawthorne.  

“To say the first quarter was extremely busy is an understatement,” stated Fortitude Gold CEO and President, Mr. Jason Reid. “While we are pleased to have two new mine permits in hand and are working to build and ramp up operations, the pace of activity has been intense. As a result of these efforts, gold production increased progressively each month during the quarter.  We are now targeting a ramp up in throughput tonnes from areas being mined to achieve higher gold production in future quarters.  While we work to obtain mine permits at Golden Mile and Scarlet North, our more immediate objective is opening the County Line main pit with the pit layback to access higher grade gold for 2027 and 2028 production.”  

Mr. Reid continued, “The Joint Venture with Hawthorne Land and Minerals is extremely exciting. It has not only allowed exploration efforts at East Camp to be reinstated immediately, but efforts are positioned on an accelerated and aggressive basis, the likes of which Fortitude could not have achieved in the foreseeable future by itself. We are pleased Hawthorne shares our vision in our district sized land position and whose investment has allowed the beginning of an extremely aggressive exploration program. Initial results from the drilling program at East Camp have returned what may represent the strongest set of drill intercepts the Company has achieved to date. This mineralization is both shallow in depth and possibly comprised of vein swarms that could be mined via open pit. Intercepts recently announced during the second quarter included 3.05 meters grading 12.90 grams per tonne gold within 24.38 meters grading 3.89 grams per tonne gold, 10.67 meters grading 2.08 grams per tonne gold, 46.24 meters grading 1.13 grams per tonne gold, 7.62 meters grading 4.59 grams per tonne gold, 7.62 meters grading 3.13 grams per tonne gold, and 18.29 meters grading 1.11 grams per tonne gold. While we have and continue to expect positive outcomes from our targeted mine builds both current and in the future, I have said for years East Camp Douglas represents home run potential for Fortitude. These recent drill results set us up for that potential.”

The following Sales Statistics tables summarize certain information about our operations at our Isabella Pearl and County Line Mines for the periods indicated:

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Isabella Pearl

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​	​	Three months ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Metal sold	​	​	​	​	​	​
Gold (ozs.)	​	​	533		​	2,336
Silver (ozs.)	​	​	4,113		​	15,385
Average metal prices realized (1)	​	​	​​	​	​	​​
Gold ($per oz.)	​	​	4,716		​	2,861
Silver ($per oz.)	​	​	82.89		​	32.11
Precious metal gold equivalent ounces sold	​	​	​	​	​	​
Gold Ounces	​	​	533	​	​	2,336
Gold Equivalent Ounces from Silver	​	​	72	​	​	173
​	​	​	605	​	​	2,509
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Total cash cost before by-product credits per gold ounce sold	​	$	1,657	​	$	1,244
Total cash cost after by-product credits per gold ounce sold	​	$	1,017	​	$	1,033
Total all-in sustaining cost per gold ounce sold	​	$	2,263	​	$	1,404

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County Line

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​	​	Three months ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Metal sold	​	​	​	​	​	​
Gold (ozs.)	​	​	148		​	—
Silver (ozs.)	​	​	82		​	—
Average metal prices realized (1)	​	​	​​	​	​	​​
Gold ($per oz.)	​	​	4,750		​	—
Silver ($per oz.)	​	​	83.04		​	—
Precious metal gold equivalent ounces sold	​	​	​	​	​	​
Gold Ounces	​	​	148	​	​	—
Gold Equivalent Ounces from Silver	​	​	1	​	​	—
​	​	​	149	​	​	—
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Total cash cost before by-product credits per gold ounce sold	​	$	1,541	​	$	—
Total cash cost after by-product credits per gold ounce sold	​	$	1,494	​	$	—
Total all-in sustaining cost per gold ounce sold	​	$	4,170	​	$	—

(1) Average metal prices realized vary from the market metal prices due to final settlement adjustments from our provisional invoices when they are settled. Our average metal prices realized will therefore differ from the market average metal prices in most cases.

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The following Production Statistics tables summarize certain information about our operations at our Isabella Pearl and County Line Mines for the periods indicated:

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Isabella Pearl

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​	​	Three months ended March 31,
​	​ ​ ​	2026	​ ​ ​	2025
Ore mined		​		​
Ore (tonnes)		78,334		53,927
Gold grade (g/t)		0.65		0.52
Waste (tonnes)		518,433		548,069
Metal production (before payable metal deductions)(1)	​	​​	​	​​
Gold (ozs.)		535		1,780
Silver (ozs.)		3,666		11,407

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County Line

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​	​	Three months ended March 31,
​	​ ​ ​	2026	​ ​ ​	2025
Ore mined		​		​
Ore (tonnes)		58,616		—
Gold grade (g/t)		1.01		—
Waste (tonnes)		2,862		—
Metal production (before payable metal deductions)(1)	​	​​	​	​​
Gold (ozs.)		153		—
Silver (ozs.)		356		—

(1) The difference between what we report as “metal production” and “metal sold” is attributable to the difference between the quantities of metals contained in the doré we produce versus the portion of those metals actually paid for according to the terms of our sales contracts. Differences can also arise from inventory changes incidental to shipping schedules, or variances in ore grades and recoveries which impact the amount of metals contained in doré produced and sold.

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See Accompanying Tables

The following information summarizes the results of operations for Fortitude Gold Corporation for the three months ended March 31, 2026 and 2025, its financial condition at March 31, 2026 and December 31, 2025, and its cash flows for the three months ended March 31, 2026 and 2025. The summary data as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 is unaudited; the summary data as of December 31, 2025 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2025, but do not include the footnotes and other information that is included in the complete financial statements. Readers are urged to review the Company’s Form 10-K in its entirety, which can be found on the SEC's website at www.sec.gov.

The calculation of its cash cost before by-product credits per gold ounce sold, total cash cost after by-product credits per gold ounce sold and total all-in sustaining cost per gold ounce sold contained in this press release are non-GAAP financial measures. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company’s most recent Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.

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FORTITUDE GOLD CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands, except share and per share amounts)

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​	​ ​ ​	2026		​ ​ ​	2025
​	​	(unaudited)		​	​	​
ASSETS	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	10,025	​	$	4,656
Gold and silver rounds/bullion	​	​	3,524	​	​	3,336
Inventories	​		26,547	​		29,312
Prepaid taxes	​	​	450	​	​	450
Prepaid expenses and other current assets	​		729	​		867
Total current assets	​		41,275	​		38,621
Property, plant and mine development, net	​		44,452	​		46,213
Leach pad inventories	​	​	59,161	​	​	50,291
Other non-current assets	​		1,070	​		1,060
Total assets	​	$	145,958	​	$	136,185
LIABILITIES AND SHAREHOLDERS' EQUITY	​		​	​		​
Current liabilities:	​		​	​		​
Accounts payable	​	$	2,563	​	$	1,468
Finance lease liabilities, current	​		7,220	​		7,208
Other current liabilities	​		194	​		397
Total current liabilities	​		9,977	​		9,073
Finance lease liabilities, net of current portion	​	​	10,174	​	​	11,882
Asset retirement obligations	​		11,290	​		10,856
Total liabilities	​		31,441	​		31,811
Shareholders' equity:	​		​	​		​
Preferred stock - $0.01 par value, 20,000,000 shares authorized and nil outstanding at March 31, 2026 and December 31, 2025	​		—	​		—
Common stock - $0.01 par value, 200,000,000 shares authorized and 27,189,528 shares outstanding at March 31, 2026 and 24,375,209 shares outstanding at December 31, 2025	​		272	​		244
Additional paid-in capital	​		118,901	​		106,882
Accumulated deficit	​		(5,165)	​		(2,752)
Fortitude shareholders' equity	​		114,008	​		104,374
Noncontrolling interest	​	​	509	​	​	—
Total shareholders' equity	​	​	114,517	​	​	104,374
Total liabilities and shareholders' equity	​	$	145,958	​	$	136,185

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FORTITUDE GOLD CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share amounts)

(Unaudited)

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​	​	Three months ended					​
​	​	March 31,					​
​	​ ​ ​	2026		​ ​ ​	2025		​
Sales, net	​	$	3,200	​	$	6,536	​
Mine cost of sales:	​		​	​		​	​
Production costs	​		743	​		2,263	​
Depreciation and amortization	​		245	​		887	​
Reclamation and remediation	​		24	​		51	​
Total mine cost of sales	​		1,012	​		3,201	​
Mine gross profit	​		2,188	​		3,335	​
Costs and expenses:	​		​	​		​	​
General and administrative expenses	​		2,206	​		1,276	​
Exploration expenses	​		1,676	​		1,382	​
Facilities and mine construction	​	​	183	​	​	—	​
Other expense (income), net	​		44	​		(572)	​
Total costs and expenses	​		4,109	​		2,086	​
(Loss) income before income and mining taxes	​		(1,921)	​		1,249	​
Mining and income tax expense	​		—	​		—	​
Net (loss) income	​	​	(1,921)	​	​	1,249	​
Net loss (income) attributable to noncontrolling interest	​	​	291	​	​	—	​
Net (loss) income attributable to Fortitude Shareholders	​	$	(1,630)	​	$	1,249	​
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Net (loss) income per common share attributable to Fortitude Shareholders:	​		​	​		​	​
Basic	​	$	(0.06)	​	$	0.05	​
Diluted	​	$	(0.06)	​	$	0.05	​
Weighted average shares outstanding:	​		​	​		​	​
Basic	​	​	25,832,987	​	​	24,173,209	​
Diluted	​		25,832,987	​		24,518,364	​

​

​

FORTITUDE GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands, except share and per share amounts)

(Unaudited)

​

​	​	​	​	​	​	​
​	​	Three months ended
​	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Cash flows from operating activities:		​	​		​	​
Net (loss) income	​	$	(1,921)	​	$	1,249
Adjustments to reconcile net (loss) income to net cash from operating activities:	​		​	​		​
Depreciation and amortization	​		306	​		942
Stock-based compensation	​	​	1,192	​	​	396
Reclamation and remediation accretion	​	​	24	​	​	51
Asset retirement obligation	​	​	133	​	​	—
Unrealized gain on gold and silver rounds/bullion	​	​	(188)	​	​	(358)
Other operating adjustments	​		2	​		—
Changes in operating assets and liabilities:	​		​	​		​
Accounts receivable	​		—	​		(685)
Inventories	​		(4,131)	​		(3,393)
Prepaid expenses and other current assets	​		139	​		369
Other non-current assets	​		(10)	​		—
Accounts payable and other accrued liabilities	​		1,063	​		(942)
Net cash used in operating activities	​		(3,391)	​		(2,371)
​	​	​	​	​	​	​
Cash flows from investing activities:	​		​	​		​
Capital expenditures	​		(512)	​		(390)
Net cash used in investing activities	​		(512)	​		(390)
​	​	​	​	​	​	​
Cash flows from financing activities:	​		​	​		​
Dividends paid	​	​	(783)	​	​	(2,901)
Issuance of common stock for Private Placement	​	​	11,655	​	​	—
Repayment of finance leases	​		(1,600)	​		—
Net cash provided by (used in) financing activities	​		9,272	​		(2,901)
​	​	​	​	​	​	​
Net increase (decrease) in cash and cash equivalents	​		5,369	​		(5,662)
Cash and cash equivalents at beginning of period	​		4,656	​		27,082
Cash and cash equivalents at end of period	​	$	10,025	​	$	21,420
​	​	​	​	​	​	​
Supplemental Cash Flow Information	​		​	​		​
Interest expense paid	​	$	186	​	$	—
Income and mining taxes paid	​	$	—	​	$	—
Non-cash investing and financing activities:	​		​	​		​
Change in capital expenditures in accounts payable	​	$	(271)	​	$	289
Change in estimate for asset retirement costs	​	$	—	​	$	—

​

​

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 eight high-grade gold properties.  Fortitude Gold owns 100% of its properties, with the exception of East Camp Douglas, which is held in a joint venture with Fortitude owning 60%.  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 and future plans for production.  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

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 381.5 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.3 KB
• EX-101 EX-101.PRE 9.1 KB