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Fortitude Gold Corp.
(OTC:FTCO)
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Rating:48Neutral
Price Target:
$5.00
▲(30.55% Upside)
Action:Reiterated
Date:05/23/26
The score is held down primarily by deteriorating financial performance—loss-making operations and especially deeply negative operating/free cash flow—despite a comparatively solid balance sheet. Technicals add a mild headwind with weak near-term momentum. Offsetting supports come from rebuilding/ramp-up catalysts and improved liquidity from the latest earnings update, plus a modest dividend yield, but execution and cost risks remain elevated.
Positive Factors
Balance Sheet Strength
A low‑leverage balance sheet (≈$114.5M equity vs $17.4M debt) gives durable financial flexibility. It cushions sustained negative cash flows, supports capital spending for the crusher and permits, and reduces near‑term refinancing risk while the multi‑site ramp executes.
Negative Factors
Negative Cash Flow
Sustained negative operating and free cash flow (~-$14.0M and -$16.1M TTM) represents a structural funding gap. Continued cash burn forces recurring financing, JV reliance, or asset monetization, constraining investment in operations and increasing risk if the production ramp doesn’t deliver positive cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A low‑leverage balance sheet (≈$114.5M equity vs $17.4M debt) gives durable financial flexibility. It cushions sustained negative cash flows, supports capital spending for the crusher and permits, and reduces near‑term refinancing risk while the multi‑site ramp executes.
Read all positive factors
Fortitude Gold Corp. (FTCO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$127.79M
Dividend Yield6.14%
Average Volume (3M)44.28K
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth-57.76%
EPS Growth-196.33%
CountryUS
Employees60
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.10
Shares Outstanding27,189,528
10 Day Avg. Volume40,497
30 Day Avg. Volume44,283
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 Cap1.11
Enterprise Value/Revenue9.40
Enterprise Value/Gross Profit168.54
Enterprise Value/Ebitda-98.84
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 makes money primarily by producing and selling gold. Its revenue model is driven by (1) extracting ore from its mining operations, (2) processing that ore to recover gold (commonly resulting in gold doré), and (3) selling the produc...
Fortitude Gold Corp. Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Neutral
The call communicated meaningful operational progress (permits, new production starts, crusher commissioning, JV and encouraging drill results) and strengthened liquidity via a $12M private placement, but highlighted several near-term challenges — low quarterly sales and production, relatively high unit costs, delays to grid connection, lower grades at new pits requiring higher throughput, added trucking costs, manpower pressures, and absence of production guidance. The outlook contains clear upside catalysts (East Camp drill results and 3x crusher throughput) balanced by execution and cost risks during a multi-mine ramp-up period.Positive Updates
New Mine Permits and Production Starts
Secured 2 new mine permits and commenced production at County Line and Isabella Pearl's Scarlet South; gold production increased progressively each month during the quarter.
Negative Updates
Low Near-Term Sales and Production Volumes
Reported only $3.2 million in net sales and 688 ounces produced in the quarter, indicating modest near-term revenue and production while ramping multiple sites.
Read all updates
Q1-2026 Updates
Positive
Negative
New Mine Permits and Production Starts
Secured 2 new mine permits and commenced production at County Line and Isabella Pearl's Scarlet South; gold production increased progressively each month during the quarter.
Read all positive updates
Company Guidance
Management guided that 2026 is a "rebuild" year with a targeted ramp-up in throughput and higher gold production later in the year but declined to forecast specific ounce guidance until operations stabilize; to drive that ramp they commissioned a larger crusher that should more than triple crushing capacity from ~250 t/h to >800 t/h, are mining Isabella Pearl Deep, Scarlet South and County Line East (the latter two lower-grade areas requiring higher throughput), and expect the County Line main pit layback to take the rest of 2026 and to enable access to ~40,000 oz of high‑grade gold targeted for 2027–2028. Operationally they reported Q1 metrics of 688 oz produced, 611 oz in bullion on hand, $3.2M net sales, $2.2M mine gross profit, $1.7M exploration spend, $10M cash (3/31/26) and $31.3M working capital (3/31/26), completed a $12M private placement and paid $0.8M in dividends; Isabella Pearl unit costs were $1,017/oz total cash cost (after by‑product credits) and $2,263/oz AISC. Infrastructure guidance noted the Isabella Pearl power line has reached site with a custom switchgear pending (expected this month) and projected grid power savings of ~$80K–$100K/month once connected; exploration guidance highlighted a 60% East Camp JV and strong early drill intercepts (e.g., 3.05m @ 12.90 g/t within 24.38m @ 3.89 g/t; 10.67m @ 2.08 g/t; 46.24m @ 1.13 g/t; 7.62m @ 4.59 g/t; 7.62m @ 3.13 g/t; 18.29m @ 1.10 g/t).Fortitude Gold Corp. Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
74
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.07M | 18.41M | 37.33M | 73.07M | 74.38M | 82.11M |
| Gross Profit | 841.00K | 3.66M | 18.33M | 41.23M | 35.40M | 40.56M |
| EBITDA | -1.43M | 1.09M | 5.54M | 30.67M | 31.45M | 38.85M |
| Net Income | -2.46M | 420.00K | -2.04M | 17.02M | 14.68M | 17.87M |
Balance Sheet | ||||||
| Total Assets | 145.96M | 136.19M | 122.11M | 135.00M | 131.16M | 122.43M |
| Cash, Cash Equivalents and Short-Term Investments | 13.55M | 7.99M | 28.99M | 50.21M | 45.05M | 40.02M |
| Total Debt | 17.39M | 19.09M | 0.00 | 631.00K | 3.83M | 618.00K |
| Total Liabilities | 31.44M | 31.81M | 14.01M | 14.45M | 15.40M | 10.08M |
| Stockholders Equity | 114.52M | 104.37M | 108.09M | 120.55M | 115.76M | 112.35M |
Cash Flow | ||||||
| Free Cash Flow | -16.10M | -14.96M | -10.10M | 17.55M | 16.61M | 20.12M |
| Operating Cash Flow | -14.04M | -13.02M | -6.64M | 22.98M | 28.57M | 24.66M |
| Investing Cash Flow | -2.03M | -1.90M | -3.43M | -6.85M | -11.96M | -4.55M |
| Financing Cash Flow | 4.67M | -7.50M | -11.52M | -12.50M | -11.57M | -7.88M |
Fortitude Gold Corp. Technical Analysis
Positive
3.83
Price Trends
4.84
Positive
5.00
Negative
4.75
Positive
Market Momentum
>-0.01
Positive
50.17
Neutral
45.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCO, the sentiment is Positive. The current price of 3.83 is below the 20-day moving average (MA) of 4.85, below the 50-day MA of 4.84, and below the 200-day MA of 4.75, indicating a bullish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 50.17 is Neutral, neither overbought nor oversold. The STOCH value of 45.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FTCO.
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)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $205.88M | 28.05 | 19.13% | ― | 112.09% | ― | |
50 Neutral | $84.99M | 0.93 | 45.61% | ― | ― | ― | |
48 Neutral | $127.79M | -50.05 | -2.27% | 6.14% | -57.76% | -196.33% | |
46 Neutral | $96.08M | -5.53 | -51.15% | ― | ― | -57.39% |
* Basic Materials Sector Average
FTCO
Fortitude Gold Corp.
4.85
1.28
35.78%
USAU
US Gold
14.99
2.74
22.37%
GORO
Gold Resource
1.28
0.60
87.13%
PZG
Paramount Gold Nevada
1.17
0.48
69.57%
NAMM
Namib Minerals
1.61
-6.17
-79.31%
BGL
Blue Gold
0.26
-21.17
-98.81%
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...
Business Operations and StrategyPrivate Placements and Financing
Fortitude Gold Forms Joint Venture for Nevada Exploration
Positive
Mar 2, 2026
On February 27, 2026, Fortitude Gold Corp. entered a joint venture with Hawthorne Land Minerals to advance exploration and development of the East Camp Douglas gold property in Mineral County, Nevada. The partners will form East Camp Douglas, LLC...
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.