Fortitude Gold (FTCO) Q3 2026 earnings summary

Executive summary

• Q3 production was 2,139 oz, up from 1,384 oz year over year; net sales were $10.315M and net income attributable to shareholders was $1.961M, or $0.07/share.

• Consolidated results before noncontrolling interests were a $0.6M loss; nine-month shareholder net income was $0.908M, down from $2.331M.

• Cash was $8.505M and working capital was $27.3M at September 30, 2026; Q3 dividends paid were $0.9M.

Financial highlights

• Q3 net sales were $10.315M versus $4.654M; mine gross profit was $5.246M versus $2.510M year over year.

• Q3 gold sales volume rose 77% year over year and realized gold price increased 24%; nine-month sales were $21.718M versus $16.073M as realized prices rose 41%, partly offset by 6% lower volume.

• Q3 exploration expense was $3.927M versus $1.575M; nine-month exploration expense was $10.253M versus $4.278M.

• Nine-month operating cash use was $9.797M; investing cash use was $1.708M, while financing activities provided $15.354M.

Outlook and guidance

• Golden Mile construction is targeted for 2027, subject to permitting; its six-month NEPA review is expected to begin soon.

• East Camp Douglas’s NEPA review and Environmental Assessment are underway; a permit allowing up to 150 acres of disturbance could enable a larger 2027 drill campaign, with up to seven rigs targeted.

• Scarlet South operations are estimated to continue through H1 2027; County Line main-pit waste-rock layback is estimated to conclude in 2027, subject to sequencing.

• No quarterly or 2027 production forecast was provided; management cited mine sequencing and ore-grade blending as drivers of output variability.