Fortitude Gold (FTCO) Q1 2026 earnings summary

Executive summary

• Commenced production at County Line and Scarlet South, expanding operational footprint and increasing gold output each month during the quarter.

• Produced 688 gold ounces in Q1 2026, with ongoing mining at Isabella Pearl.

• Completed a $12 million private placement and entered a 60% joint venture for East Camp Douglas, supported by a $40 million investment.

• Focused on ramping up throughput and expanding exploration at East Camp Douglas, Scarlet, and County Line.

Financial highlights

• Net sales of $3.2 million, down from $6.5 million year-over-year, with a net loss of $1.6 million for Q1 2026.

• Cash balance increased to $10 million at March 31, 2026, from $4.7 million at year-end 2025.

• Working capital stood at $31.3 million at quarter-end.

• Mine gross profit was $2.2 million, down from $3.3 million year-over-year.

• Paid $0.8 million in dividends during the quarter.

Outlook and guidance

• Targeting increased gold production by ramping up throughput from lower-grade areas and installing a new crushing facility to triple capacity to over 800 tons per hour.

• County Line main pit layback expected to complete by end of 2026, unlocking access to 40,000 ounces of high-grade gold for 2027–2028.

• Aggressive exploration at East Camp Douglas underway, targeting rapid advancement to production.

• Net proceeds from the private placement are expected to support ongoing operations and exploration.

• Ongoing permitting delays and increased cash burn have impacted liquidity, but recent capital raise is expected to address short-term needs.