Fortitude Gold Reports Quarterly Sales of $10.3 Million and Production of 2,139 Ounces of Gold
Key Facts
Fortitude Gold reported third-quarter results on November 10, 2026, recording net sales of $10.3 million and production of 2,139 ounces of gold. The company said net income attributable to shareholders was $2.0 million, or $0.07 per share. The figures reflect higher sales than in the same period last year, with increases in the volume of gold sold and its average realized price. At the same time, mine sales costs and exploration expenses rose during the quarter. The company said sales growth came with higher sales volumes and realized prices.
Net sales were $10.3 million, compared with $4.7 million in the third quarter of 2025. The company said gold sales volume rose 77%, while the average realized gold price increased 24% year over year. Gold production also rose to 2,139 ounces from 1,384 ounces a year earlier. The company attributed the production growth mainly to increased mining and recovery rates at the Isabella Pearl and County Line mines. Sales totaled about 1,221 ounces from Isabella Pearl and about 1,216 ounces from County Line during the quarter.
Mine sales costs were $5.1 million, compared with $2.1 million in the same period of 2025. The company attributed the increase mainly to higher production costs alongside increased sales volumes. Despite the higher costs, mine gross profit rose to $5.2 million from $2.5 million a year earlier, driven mainly by higher sales. The average realized gold price at Isabella Pearl was about $4,285 an ounce, compared with $4,258 at County Line. These figures show the difference in realized prices between the two mines during the period.
Property exploration expenses rose to $3.9 million in the quarter, from $1.6 million in the third quarter of 2025. The company said the increase was related to drilling and intensified exploration at East Camp Douglas as part of a new joint venture. For the nine months ended September 30, exploration expenses were $10.3 million, compared with $4.3 million in the same period a year earlier. The company attributed the increase over the nine months to the launch of drilling programs at Isabella Pearl, County Line and East Camp Douglas. For that period, net income attributable to Fortitude Gold shareholders was $0.9 million, compared with $2.3 million a year earlier.
In the first nine months of 2026, net sales rose to $21.7 million from $16.1 million in the same period. The company said the average realized gold price increased 41%, while gold sales volumes declined 6% year over year. Cash was $8.5 million at September 30, compared with $4.7 million at the end of 2025, while working capital reached $27.3 million. The company attributed the increase in cash mainly to proceeds from two private placements. It also paid dividends of $0.9 million in the quarter, compared with $0.7 million a year earlier; dividends paid during the nine months totaled $2.5 million, compared with $5.1 million.
Fortitude Gold said operations at Scarlet South are estimated to continue through the first half of 2027, while work at Pearl Deep is expected to conclude in the coming months. The company also targeted completing the waste-rock removal project in the main pit at the County Line mine during 2027, subject to final mine sequencing. It announced that CEO Jason Reid will host a third-quarter results call on November 11, 2026, at 11:00 a.m. Eastern time. The call is scheduled to cover the results and an operational update. FTCO shares closed at $4.30 in the November 10 session, according to EL7 data.