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Fortitude Gold Corp.
(OTC:FTCO)
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Rating:51Neutral
Price Target:
$5.00
▲(3.31% Upside)
Action:Reiterated
Date:08/06/26
FTCO scores in the low-50s primarily due to weak recent financial performance—losses and significant negative TTM cash flow outweighing a strong, low-leverage balance sheet. The earnings call improved the outlook with a sharp QoQ production rebound, a profitable quarter, and operational/permitting progress, but visibility remains limited without formal guidance and with timing/permitting risks. Technicals and valuation are both broadly neutral, with modest momentum weakness and a dividend partially offsetting the negative P/E driven by losses.
Positive Factors
Low leverage / strong balance sheet
Very low reported leverage (debt-to-equity ~0.13 TTM) and a sizable equity base provide durable financial flexibility. This reduces near-term refinancing risk and gives the company optionality to fund permitting, development, or JV obligations without immediate pressured capital raises, supporting multi‑month to multi‑year project timelines.
Negative Factors
Deep negative operating and free cash flow
Persistently negative operating and free cash flow over the trailing twelve months indicates the business is not self‑funding. Durable cash burn increases dependence on existing liquidity, equity or debt raises to finance operations and development, raising dilution or refinancing risk if production improvements or JV funding are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Very low reported leverage (debt-to-equity ~0.13 TTM) and a sizable equity base provide durable financial flexibility. This reduces near-term refinancing risk and gives the company optionality to fund permitting, development, or JV obligations without immediate pressured capital raises, supporting multi‑month to multi‑year project timelines.
Read all positive factors
Fortitude Gold Corp. (FTCO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$136.95M
Dividend Yield2.51%
Average Volume (3M)38.38K
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth-40.70%
EPS Growth-1487.50%
CountryUS
Employees69
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.11
Shares Outstanding28,590,128
10 Day Avg. Volume37,003
30 Day Avg. Volume38,377
Financial Highlights & Ratios
PEG Ratio-1.85
Price to Book (P/B)0.90
Price to Sales (P/S)5.08
P/FCF Ratio-6.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Fortitude Gold Corp. Business Overview & Revenue Model
Company Description
Fortitude Gold Corporation operates as a mining firm, primarily engaged in the exploration and discovery of gold and silver deposits. The company's flagship asset is the Isabella Pearl mine project, an extensive site covering 9,777 acres in Minera...
How the Company Makes Money
Fortitude Gold primarily makes money by producing and selling gold (its main product) and silver (as a by-product) from its mining operations. Revenue is generated when mined ore is processed to recover doré (gold-silver bullion) or refined metal ...
Fortitude Gold Corp. Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational and strategic trajectory: production rose substantially Q/Q (210%), drilling and exploration returned multiple encouraging high-grade intercepts, the company completed a financing, achieved grid connection with initial energy savings, and permitting/JV progress positions the company for growth (Golden Mile, Scarlet North, East Camp). However, notable near-term challenges remain including lower grades in some active pits requiring higher throughput, timing uncertainty for the County Line layback (targeted late 2027), earlier contractor delays on the leach pad expansion, and residual permitting/political risks that can affect timelines and capital needs. On balance the positive operational improvement, cash position and exploration momentum outweigh the operational and timing headwinds.Positive Updates
Large Quarter-over-Quarter Production Increase
Produced 2,133 gold ounces in Q2 2026, an increase of 210% from Q1 2026, indicating a meaningful ramp in recovered gold production.
Negative Updates
Lower Grades at Current Mining Areas
Scarlet South and County Line East currently have lower average gold grades (examples referenced near 0.5 g/t at County Line East) requiring increased throughput to maintain production and margins.
Read all updates
Q2-2026 Updates
Positive
Negative
Large Quarter-over-Quarter Production Increase
Produced 2,133 gold ounces in Q2 2026, an increase of 210% from Q1 2026, indicating a meaningful ramp in recovered gold production.
Read all positive updates
Company Guidance
Management gave no formal production guidance this quarter but provided numerous metrics and near‑term targets: Q2 2026 production was 2,133 gold ounces (up 210% QoQ) with net income $0.6M ($0.02/share), net sales $8.2M, cash $13.5M and working capital $35.4M at 6/30/26; mine gross profit was $5.4M, exploration spend $4.7M, a $5.5M private placement was completed, $0.8M in dividends were paid, and 611 oz of bullion are held. Unit costs reported were Isabella Pearl cash cost after by‑product credits $1,200/oz and AISC $2,549/oz, and County Line cash cost $1,326/oz and AISC $1,886/oz. Operations updates include grid connection (estimated ~$75,000/month savings so far), the Isabella Pearl heap‑leach pad expansion started, and Golden Mile FAST‑41 permitting aimed at April 2027 with development planned in 2027; a County Line pit layback is expected to unlock ~40,000 oz of higher‑grade ore targeted for access in late‑2027 (roughly two years of production, ~20,000 oz/year if split). Exploration highlights and JV metrics include Scarlet North 6.1m @2.28 g/t (within 24.38m @1.25 g/t), County Line 4.57m @2.23 g/t (within 22.86m @0.77 g/t), East Camp intercepts up to 3.05m @12.90 g/t (within 24.38m @3.89 g/t) and 9.14m @2.84 g/t (within 21.34m @1.43 g/t), a $40M JV commitment, and plans for 4–5 drills pending EA permits (120–125 acres).Fortitude Gold Corp. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
74
Positive
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.39M | 18.41M | 37.33M | 73.07M | 74.38M | 82.11M |
| Gross Profit | -1.65M | 3.66M | 18.33M | 41.23M | 35.40M | 40.56M |
| EBITDA | -1.96M | 1.09M | 5.54M | 30.67M | 31.45M | 38.85M |
| Net Income | -2.73M | 420.00K | -2.04M | 17.02M | 14.68M | 17.87M |
Balance Sheet | ||||||
| Total Assets | 152.45M | 136.19M | 122.11M | 135.00M | 131.16M | 122.43M |
| Cash, Cash Equivalents and Short-Term Investments | 16.58M | 7.99M | 28.99M | 50.21M | 45.05M | 40.02M |
| Total Debt | 15.77M | 19.09M | 0.00 | 631.00K | 3.83M | 618.00K |
| Total Liabilities | 29.62M | 31.81M | 14.01M | 14.45M | 15.40M | 10.08M |
| Stockholders Equity | 119.28M | 104.37M | 108.09M | 120.55M | 115.76M | 112.35M |
Cash Flow | ||||||
| Free Cash Flow | -18.35M | -14.96M | -10.10M | 17.55M | 16.61M | 20.12M |
| Operating Cash Flow | -16.13M | -13.02M | -6.64M | 22.98M | 28.57M | 24.66M |
| Investing Cash Flow | -2.18M | -1.90M | -3.43M | -6.85M | -11.96M | -4.55M |
| Financing Cash Flow | 14.71M | -7.50M | -11.52M | -12.50M | -11.57M | -7.88M |
Fortitude Gold Corp. Risk Analysis
Fortitude Gold Corp. disclosed 36 risk factors in its most recent earnings report. Fortitude Gold Corp. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
We may issue shares of preferred stock that may not be beneficial to the owners of our common stock. Q4, 2025
Fortitude Gold Corp. Peers Comparison
UnderperformOutperform
Sector (61)
FTCO
Fortitude Gold Corp.
4.79
0.50
11.68%
USAU
US Gold
16.15
3.37
26.37%
GORO
Goldgroup Mining
4.15
0.88
26.99%
PZG
Paramount Gold Nevada
1.41
0.36
34.29%
NAMM
Namib Minerals
1.34
-1.74
-56.49%
BGL
Blue Gold
0.19
-8.47
-97.81%
Fortitude Gold Corp. Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Fortitude Gold Shareholders Approve Directors and Incentive Plan
Positive
May 22, 2026
On May 20, 2026, Fortitude Gold Corp. held its annual shareholders’ meeting, where investors re-elected directors Bill M. Conrad and Jason D. Reid with strong, though not unanimous, support. Shareholders also ratified the appointment of Hayn...
Business Operations and Strategy
Fortitude Gold Updates Agreement with Hawthorne Land Partner
Neutral
May 14, 2026
On May 8, 2026, Fortitude Gold Corp. amended its Company Agreement with Hawthorne Land Minerals, LLC., indicating a change in the terms governing their existing relationship. While specific details of the amendment were not disclosed, the revisio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.