Fortitude posts modest profit, tight cash, and lines up major growth funding.
Fortitude Gold generated 2025 sales of $18.4 million with net income of $0.4 million, a swing from a $2.0 million loss in 2024. However, gold ounces sold dropped sharply to 5,774 from 15,825, while all-in sustaining cost rose to $1,697 per ounce, pressuring margins despite a higher realized gold price of $3,235 per ounce.
Operationally, negative operating cash flow of $13.0 million and dividends of $5.8 million reduced cash from $27.1 million to $4.7 million. At the same time, property, plant and mine development nearly doubled to $46.2 million, and new finance lease liabilities reached $19.1 million in total, reflecting significant investment in equipment and projects.
Subsequent events reshape the growth profile. A $12 million private placement and an expected $40 million joint-venture spend at East Camp Douglas provide substantial external capital for exploration and mine development while Fortitude retains a 60% JV interest. Multiple new permits and construction starts at Scarlet South and County Line, plus anticipated power cost savings of $80,000–$100,000 per month once Isabella Pearl connects to the grid, set up potential volume and cost changes that will be reflected in future results.