Fortitude Gold (FTCO) Q2 2026 earnings summary

Executive summary

• Produced 2,133 gold ounces in Q2 2026, a 210% increase from Q1 2026, with net income of $0.6 million ($0.02 per share) on $8.2 million net sales.

• Completed $5.5 million private placement and connected Isabella Pearl project to the power grid, resulting in significant energy cost savings.

• Paid $0.8 million in dividends during the quarter.

• Actively mining from Isabella Pearl Deep, Scarlet South, and County Line East pit areas.

• Exploration spending increased, especially at East Camp Douglas JV.

Financial highlights

• Cash balance was $13.5 million and working capital $35.4 million as of June 30, 2026.

• Mine gross profit for Q2 2026 was $5.4 million, with exploration expenditures of $4.7 million.

• Net income attributable to shareholders was $577,000 for Q2 2026.

• Q2 2026 net sales rose to $8.2 million, driven by higher sales volumes and gold prices.

• Net cash used in operations for H1 2026 was $7.7 million; net cash provided by financing was $17.9 million.

Outlook and guidance

• No formal production guidance provided due to operational variability; goal is to increase production and return to historical levels of ~40,000 ounces/year.

• County Line pit layback expected to access 40,000 ounces of high-grade gold by late 2027, supporting two years of production.

• Golden Mile development anticipated to commence in 2027, pending permit completion.

• Ongoing focus on securing permits for Scarlet North and Golden Mile to mitigate regulatory risks.

• Plans to ramp up tonnage throughput to offset lower gold grades from Scarlet South and County Line East pit.