Fortitude Gold Reports Second Quarter 2025 Net Income of $0.04 Per Share
Fortitude Gold (OTCQB:FTCO) reported Q2 2025 financial results with net income of $0.8 million ($0.04 per share) on net sales of $4.9 million. The company produced 1,500 gold ounces during the quarter, selling 1,491 ounces at an average realized price of $3,287 per ounce.
Key financial metrics include $17.1 million cash balance, $26.6 million working capital, and $2.6 million mine gross profit. Production costs were reflected in a total cash cost of $1,131 per ounce after by-product credits and all-in sustaining cost of $1,452 per ounce. The company maintained its shareholder returns with $1.5 million in dividend payments.
The company is awaiting permit approval for its County Line Project, with the Bureau of Land Management advancing the permit process through a 30-day public review period of the Plan of Operations.
Fortitude Gold (OTCQB:FTCO) ha comunicato i risultati finanziari del secondo trimestre 2025 con un utile netto di 0,8 milioni di dollari (0,04 dollari per azione) su vendite nette pari a 4,9 milioni di dollari. La società ha prodotto 1.500 once d'oro nel trimestre, vendendo 1.491 once a un prezzo medio realizzato di 3.287 dollari per oncia.
I principali indicatori finanziari includono un saldo di cassa di 17,1 milioni di dollari, un capitale circolante di 26,6 milioni di dollari e un profitto lordo della miniera di 2,6 milioni di dollari. I costi di produzione si sono tradotti in un costo totale in contanti di 1.131 dollari per oncia dopo i crediti per sottoprodotti e un costo totale sostenibile (all-in sustaining cost) di 1.452 dollari per oncia. L'azienda ha mantenuto i ritorni agli azionisti con 1,5 milioni di dollari in dividendi.
La società è in attesa dell'approvazione del permesso per il progetto County Line, con il Bureau of Land Management che sta portando avanti il processo autorizzativo tramite un periodo di revisione pubblica di 30 giorni del Piano Operativo.
Fortitude Gold (OTCQB:FTCO) reportó los resultados financieros del segundo trimestre de 2025 con un ingreso neto de 0,8 millones de dólares (0,04 dólares por acción) sobre ventas netas de 4,9 millones de dólares. La compañía produjo 1.500 onzas de oro durante el trimestre, vendiendo 1.491 onzas a un precio promedio realizado de 3.287 dólares por onza.
Las métricas financieras clave incluyen un saldo de efectivo de 17,1 millones de dólares, un capital de trabajo de 26,6 millones de dólares y una ganancia bruta minera de 2,6 millones de dólares. Los costos de producción se reflejaron en un costo total en efectivo de 1.131 dólares por onza después de créditos por subproductos y un costo total sostenible (all-in sustaining cost) de 1.452 dólares por onza. La empresa mantuvo sus retornos a los accionistas con 1,5 millones de dólares en pagos de dividendos.
La compañía está a la espera de la aprobación del permiso para su Proyecto County Line, con la Oficina de Administración de Tierras (Bureau of Land Management) avanzando en el proceso de permisos mediante un período de revisión pública de 30 días del Plan de Operaciones.
Fortitude Gold (OTCQB:FTCO)는 2025년 2분기 재무 실적을 발표했으며, 순이익 80만 달러(주당 0.04달러)를 기록하고 순매출은 490만 달러였습니다. 회사는 분기 동안 1,500 온스의 금을 생산했으며, 1,491 온스를 온스당 평균 실현 가격 3,287달러에 판매했습니다.
주요 재무 지표로는 1,710만 달러의 현금 잔액, 2,660만 달러의 운전자본, 260만 달러의 광산 총이익이 포함됩니다. 생산 비용은 부산물 크레딧 후 온스당 총 현금 비용 1,131달러와 온스당 총 유지 비용(all-in sustaining cost) 1,452달러로 반영되었습니다. 회사는 150만 달러의 배당금 지급으로 주주 환원을 유지했습니다.
회사는 County Line 프로젝트의 허가 승인을 기다리고 있으며, 토지관리국(Bureau of Land Management)은 운영 계획에 대한 30일간의 공개 검토 기간을 통해 허가 절차를 진행 중입니다.
Fortitude Gold (OTCQB:FTCO) a publié ses résultats financiers du deuxième trimestre 2025 avec un revenu net de 0,8 million de dollars (0,04 dollar par action) sur des ventes nettes de 4,9 millions de dollars. La société a produit 1 500 onces d'or au cours du trimestre, vendant 1 491 onces à un prix moyen réalisé de 3 287 dollars par once.
Les principaux indicateurs financiers incluent un solde de trésorerie de 17,1 millions de dollars, un fonds de roulement de 26,6 millions de dollars et un bénéfice brut minier de 2,6 millions de dollars. Les coûts de production se sont traduits par un coût total en espèces de 1 131 dollars par once après crédits pour sous-produits et un coût tout compris soutenable (all-in sustaining cost) de 1 452 dollars par once. La société a maintenu ses rendements aux actionnaires avec 1,5 million de dollars de paiements de dividendes.
La société attend l'approbation du permis pour son projet County Line, le Bureau of Land Management faisant avancer le processus d'autorisation par une période d'examen public de 30 jours du plan d'exploitation.
Fortitude Gold (OTCQB:FTCO) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 0,8 Millionen US-Dollar (0,04 US-Dollar pro Aktie) bei Nettoumsätzen von 4,9 Millionen US-Dollar. Das Unternehmen produzierte im Quartal 1.500 Unzen Gold und verkaufte 1.491 Unzen zu einem durchschnittlich realisierten Preis von 3.287 US-Dollar pro Unze.
Wichtige Finanzkennzahlen umfassen einen Bargeldbestand von 17,1 Millionen US-Dollar, ein Working Capital von 26,6 Millionen US-Dollar und einen Bruttogewinn aus dem Bergbau von 2,6 Millionen US-Dollar. Die Produktionskosten spiegelten sich in einem Gesamt-Cash-Kosten von 1.131 US-Dollar pro Unze nach Nebenproduktgutschriften und einem All-in-Sustaining-Kosten von 1.452 US-Dollar pro Unze wider. Das Unternehmen hielt seine Aktionärsrenditen mit 1,5 Millionen US-Dollar an Dividendenzahlungen aufrecht.
Das Unternehmen wartet auf die Genehmigung der Genehmigung für sein County Line-Projekt, wobei das Bureau of Land Management den Genehmigungsprozess durch eine 30-tägige öffentliche Überprüfungsphase des Betriebsplans vorantreibt.
- Net income of $0.8 million ($0.04 per share) in Q2 2025
- Strong realized gold price of $3,287 per ounce
- Healthy balance sheet with $17.1 million cash and $26.6 million working capital
- County Line Project permit approaching final approval stages
- Continued shareholder returns through $1.5 million in dividends
- Production declined to 1,500 gold ounces from 4,150 oz in Q2 2024
- Higher production costs with AISC increasing to $1,452/oz from $1,013/oz year-over-year
- Net sales decreased to $4.9 million from $9.6 million in Q2 2024
- Mining operations showing lower ore grades (0.33 g/t vs 0.53 g/t year-over-year)
COLORADO SPRINGS, COLORADO / ACCESS Newswire / August 5, 2025 / Fortitude Gold Corporation (OTCQB:FTCO) (the "Company") today reported its second quarter 2025 results including
Second Quarter 2025 Financial Results and Highlights
$4.9 million net sales$0.8 million net income or$0.04 per share$17.1 million cash balance at June 30, 20251,500 gold ounces produced
$26.6 million working capital at June 30, 2025$2.6 million mine gross profit$1.3 million exploration expenditures$1,131 t otal cash cost after by-product credits per gold ounce sold*$1,452 per ounce total all-in sustaining cost*$1.5 million dividends paid619 ounces of gold rounds/bullion at June 30, 2025
* The calculation of our cash cost and all-in sustaining cost per ounce contained in this press release is a non-GAAP financial measure. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company's recently filed Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.
Fortitude Gold sold 1,491 gold ounces at a total cash cost of
"We are excited that the Bureau of Land Management is moving our County Line Project closer to permit approval, and we remain optimistic we will be granted all the necessary approvals to build the project in the near future," stated Fortitude Gold CEO and President, Mr. Jason Reid. "We are pleased to see the pro-business and pro-mining federal administration work through the permit backlog. As we wait for our permits, we continue to chase the deep Isabella Pearl mineralization with the pit layback. Between quarterly production from residual leach coupled with near term Pearl deep mineralization, we target production from both as our bridge to our next mine build at County Line."
The following Sales Statistics table summarizes certain information about our operations for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Metal sold | ||||||||||||||||
Gold (ozs.) | 1,491 | 4,123 | 3,827 | 8,093 | ||||||||||||
Silver (ozs.) | 8,708 | 15,806 | 24,093 | 36,672 | ||||||||||||
Average metal prices realized (1) | ||||||||||||||||
Gold ($per oz.) | 3,287 | 2,341 | 3,027 | 2,209 | ||||||||||||
Silver ($per oz.) | 33.18 | 29.11 | 32.49 | 25.80 | ||||||||||||
Precious metal gold equivalent ounces sold | ||||||||||||||||
Gold Ounces | 1,491 | 4,123 | 3,827 | 8,093 | ||||||||||||
Gold Equivalent Ounces from Silver | 88 | 197 | 259 | 428 | ||||||||||||
1,579 | 4,320 | 4,086 | 8,521 | |||||||||||||
Total cash cost before by-product credits per gold ounce sold | $ | 1,325 | $ | 894 | $ | 1,275 | $ | 840 | ||||||||
Total cash cost after by-product credits per gold ounce sold | $ | 1,131 | $ | 782 | $ | 1,070 | $ | 723 | ||||||||
Total all-in sustaining cost per gold ounce sold | $ | 1,452 | $ | 1,013 | $ | 1,461 | $ | 898 | ||||||||
(1) | Average metal prices realized vary from the market metal prices due to final settlement adjustments from our provisional invoices when they are settled. Our average metal prices realized will therefore differ from the market average metal prices in most cases. |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Ore mined | ||||||||||||||||
Ore (tonnes) | 34,174 | 120,270 | 88,101 | 186,766 | ||||||||||||
Gold grade (g/t) | 0.33 | 0.53 | 0.45 | 0.59 | ||||||||||||
Waste (tonnes) | 474,654 | 348,488 | 1,022,723 | 799,997 | ||||||||||||
Metal production (before payable metal deductions)(1) | ||||||||||||||||
Gold (ozs.) | 1,500 | 4,150 | 3,280 | 8,133 | ||||||||||||
Silver (ozs.) | 8,819 | 16,178 | 20,226 | 37,293 | ||||||||||||
(1) | The difference between what we report as "metal production" and "metal sold" is attributable to the difference between the quantities of metals contained in the doré we produce versus the portion of those metals actually paid for according to the terms of our sales contracts. Differences can also arise from inventory changes incidental to shipping schedules, or variances in ore grades and recoveries which impact the amount of metals contained in doré produced and sold. |
See Accompanying Tables
The following information summarizes the results of operations for Fortitude Gold Corporation for the three and six months ended June 30, 2025 and 2024, its financial condition at June 30, 2025 and December 31, 2024, and its cash flows for the six months ended June 30, 2025 and 2024. The summary data as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 is unaudited; the summary data as of December 31, 2024 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2024, but do not include the footnotes and other information that is included in the complete financial statements. Readers are urged to review the Company's Form 10-K in its entirety, which can be found on the SEC's website at www.sec.gov.
The calculation of its cash cost before by-product credits per gold ounce sold, total cash cost after by-product credits per gold ounce sold and total all-in sustaining cost per gold ounce sold contained in this press release are non-GAAP financial measures. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company's most recent Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.
FORTITUDE GOLD CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share and per share amounts)
June 30, | December 31, | |||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,147 | $ | 27,082 | ||||
Gold and silver rounds/bullion | 2,391 | 1,907 | ||||||
Inventories | 7,949 | 11,641 | ||||||
Prepaid taxes | 200 | 200 | ||||||
Prepaid expenses and other current assets | 884 | 1,025 | ||||||
Total current assets | 28,571 | 41,855 | ||||||
Property, plant and mine development, net | 23,845 | 26,287 | ||||||
Leach pad inventories | 63,619 | 53,577 | ||||||
Other non-current assets | 483 | 386 | ||||||
Total assets | $ | 116,518 | $ | 122,105 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,465 | $ | 2,637 | ||||
Mining taxes payable | 93 | 592 | ||||||
Other current liabilities | 399 | 903 | ||||||
Total current liabilities | 1,957 | 4,132 | ||||||
Asset retirement obligations | 7,849 | 9,880 | ||||||
Total liabilities | 9,806 | 14,012 | ||||||
Shareholders' equity: | ||||||||
Preferred stock - | - | - | ||||||
Common stock - | 243 | 242 | ||||||
Additional paid-in capital | 106,081 | 105,207 | ||||||
Retained earnings | 388 | 2,644 | ||||||
Total shareholders' equity | 106,712 | 108,093 | ||||||
Total liabilities and shareholders' equity | $ | 116,518 | $ | 122,105 | ||||
FORTITUDE GOLD CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and six months ended June 30,2025 and 2024
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Sales, net | $ | 4,883 | $ | 9,554 | $ | 11,419 | $ | 17,735 | ||||||||
Mine cost of sales: | ||||||||||||||||
Production costs | 1,668 | 3,130 | 3,931 | 5,707 | ||||||||||||
Depreciation and amortization | 561 | 1,547 | 1,448 | 2,938 | ||||||||||||
Reclamation and remediation | 40 | 59 | 91 | 107 | ||||||||||||
Total mine cost of sales | 2,269 | 4,736 | 5,470 | 8,752 | ||||||||||||
Mine gross profit | 2,614 | 4,818 | 5,949 | 8,983 | ||||||||||||
Costs and expenses: | ||||||||||||||||
General and administrative expenses | 1,273 | 1,190 | 2,549 | 2,411 | ||||||||||||
Exploration expenses | 1,321 | 4,252 | 2,703 | 7,890 | ||||||||||||
Other income, net | (942 | ) | (539 | ) | (1,514 | ) | (1,160 | ) | ||||||||
Total costs and expenses | 1,652 | 4,903 | 3,738 | 9,141 | ||||||||||||
Income (loss) before income and mining taxes | 962 | (85 | ) | 2,211 | (158 | ) | ||||||||||
Mining and income tax expense (benefit) | 113 | 53 | 113 | (18 | ) | |||||||||||
Net income (loss) | $ | 849 | $ | (138 | ) | $ | 2,098 | $ | (140 | ) | ||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | $ | 0.04 | $ | (0.01 | ) | $ | 0.09 | $ | (0.01 | ) | ||||||
Diluted | $ | 0.03 | $ | (0.01 | ) | $ | 0.09 | $ | (0.01 | ) | ||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 24,246,942 | 24,165,209 | 24,210,076 | 24,150,288 | ||||||||||||
Diluted | 24,371,883 | 24,165,209 | 24,454,235 | 24,150,288 | ||||||||||||
FORTITUDE GOLD CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three and six months ended June 30,2025 and 2024
(U.S. dollars in thousands, except share and per share amounts)
(Unaudited)
Six months ended | ||||||||
June 30, | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 2,098 | $ | (140 | ) | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
Depreciation and amortization | 1,564 | 3,016 | ||||||
Stock-based compensation | 875 | 300 | ||||||
Deferred taxes | - | 92 | ||||||
Reclamation and remediation accretion | 91 | 107 | ||||||
Unrealized gain on gold and silver rounds/bullion | (484 | ) | (224 | ) | ||||
Gain on retirement of debt | (652 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | - | (485 | ) | |||||
Inventories | (6,787 | ) | (5,896 | ) | ||||
Prepaid expenses and other current assets | 141 | (267 | ) | |||||
Other non-current assets | (97 | ) | (42 | ) | ||||
Accounts payable and other accrued liabilities | (889 | ) | (1,921 | ) | ||||
Income and mining taxes payable | (499 | ) | (2,419 | ) | ||||
Net cash used in operating activities | (4,639 | ) | (7,879 | ) | ||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (943 | ) | (2,204 | ) | ||||
Other investing activities | 1 | - | ||||||
Net cash used in investing activities | (942 | ) | (2,204 | ) | ||||
Cash flows from financing activities: | ||||||||
Dividends paid | (4,354 | ) | (5,796 | ) | ||||
Proceeds from exercise of stock options | - | 77 | ||||||
Repayment of loans payable | - | (3 | ) | |||||
Net cash used in financing activities | (4,354 | ) | (5,722 | ) | ||||
Net decrease in cash and cash equivalents | (9,935 | ) | (15,805 | ) | ||||
Cash and cash equivalents at beginning of period | 27,082 | 48,678 | ||||||
Cash and cash equivalents at end of period | $ | 17,147 | $ | 32,873 | ||||
Supplemental Cash Flow Information | ||||||||
Income and mining taxes paid | $ | 612 | $ | 2,309 | ||||
Non-cash investing and financing activities: | ||||||||
Change in capital expenditures in accounts payable | $ | 15 | $ | 436 | ||||
Change in estimate for asset retirement costs | $ | 2,534 | $ | - | ||||
About Fortitude Gold Corp.:
Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company's strategy is to grow organically, remain debt-free, and distribute dividends. The Company's Nevada Mining Unit consists of seven high-grade gold properties located in the Walker Lane Mineral Belt and an eighth high-grade gold property in west central Nevada. The Isabella Pearl gold mine, located on the Isabella Pearl mineralized trend, is currently in production and County Line is our next targeted mine build. Nevada, U.S.A. is among the world's premier mining friendly jurisdictions.
Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material are forward-looking statements. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release.
Contact:
Greg Patterson
719-717-9825
greg.patterson@fortitudegold.com
www.Fortitudegold.com
SOURCE: Fortitude Gold Corp
View the original press release on ACCESS Newswire
FAQ
What were Fortitude Gold's (FTCO) Q2 2025 earnings per share?
How many gold ounces did FTCO produce in Q2 2025?
What was Fortitude Gold's cash position as of June 30, 2025?
What is the status of FTCO's County Line Project permit?
What was FTCO's gold production cost in Q2 2025?
