# EDGAR Filing Document

**Accession Number:** 0001828377
**File Stem:** 0001558370-23-002344
**Filing Date:** 2023-2
**Character Count:** 1019848
**Document Hash:** a288e411bb7f2b3476ba3ed0deb6217a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-002344.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001558370-23-002344

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 214

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fortitude Gold Corp
- **CENTRAL INDEX KEY:** 0001828377
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **IRS NUMBER:** 852602691
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-249533
- **FILM NUMBER:** 23685157

**BUSINESS ADDRESS:**
- **STREET 1:** 2886 CARRIAGE MANOR POINT
- **CITY:** COLORADO SPRINGS
- **STATE:** CO
- **ZIP:** 80906
- **BUSINESS PHONE:** 3033207708

**MAIL ADDRESS:**
- **STREET 1:** 2886 CARRIAGE MANOR POINT
- **CITY:** COLORADO SPRINGS
- **STATE:** CO
- **ZIP:** 80906

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**'''''''''''**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

**☒&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2022**

**OR**

**☐**&nbsp;&nbsp;&nbsp;&nbsp; **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number: 333-249533**

**FORTITUDE GOLD CORPORATION**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Colorado** | **85-2602691** |
| (State of Other Jurisdiction of incorporation or Organization) | (I.R.S. Employer Identification No.) |
| **2886 Carriage Manor Point, Colorado Springs, CO**  | **80906** |
| (Address of principal executive offices) | (Zip code) |

---

**Registrant's telephone number, including area code: (719) 717-9825**

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
|  |  | **Name Of Each Exchange** |
| **Title of Each Class** | **Trading Symbol(s)** | **On Which Registered** |
| **N/A** | **N/A** | **N/A** |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ⌧

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐

Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.0405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 232.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ⌧

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ⌧ Smaller reporting company ⌧ Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⌧

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☐ No ⌧

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

The aggregate market value of the Registrant's Common Stock held by non-affiliates on June 30, 2022 (the last business day of the Registrant's most recently completed second fiscal quarter) was approximately $127,000,000. Shares of Common Stock held by each executive officer and director and by each shareholder affiliated with a director or an executive officer have been excluded from this calculation because such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes. The number of outstanding shares of the Registrant's Common Stock as of February 27, 2023 was 24,084,542.

**Documents Incorporated by Reference**

Not applicable.

------

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [**PART I**](#PARTI_372921) | [**PART I**](#PARTI_372921) |
| [Item 1. Business](#Item1Business_603446) | 4 |
| [Item 1A. Risk Factors](#Item1ARiskFactors_870442) | 6 |
| [Item 1B. Unresolved Staff Comments](#Item1BUnresolvedStaffComments_171993) | 17 |
| [Item 2. Properties](#Item2Properties_877280) | 18 |
| [Item 3. Legal Proceedings](#Item3LegalProceedings_552602) | 33 |
| [Item 4. Mine Safety Disclosures](#Item4MineSafetyDisclosures_549601) | 33 |
| [**PART II**](#PARTII_199337) | [**PART II**](#PARTII_199337) |
| [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5MarketforRegistrantsCommonEquityRel) | 33 |
| [Item 6. Selected Financial Data](#Item6SelectedFinancialData_992439) | 34 |
| [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item7ManagementsDiscussion_801479) | 34 |
| [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#Item7AQuantitativeandQualitativeDisclosu) | 41 |
| [Item 8. Financial Statements and Supplementary Data](#Item8FinancialStatementsandSupplementary) | 42 |
| [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#Item9ChangesinandDisagreementswithAccoun) | 61 |
| [Item 9A. Controls and Procedures](#Item9AControlsandProcedures_890854) | 61 |
| [Item 9B. Other Information](#Item9BOtherInformation_716835) | 62 |
| [**PART III**](#PARTIII_284257) | [**PART III**](#PARTIII_284257) |
| [Item 10. Directors, Executive Officers and Corporate Governance](#Item10DirectorsExecutiveOfficersandCorpo) | 63 |
| [Item 11. Executive Compensation](#Item11ExecutiveCompensation_642549) | 65 |
| [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12SecurityOwnershipofCertainBenefici) | 70 |
| [Item 13. Certain Relationships and Related Transactions, and Director Independence](#Item13CertainRelationshipsandRelatedTran) | 70 |
| [Item 14. Principal Accounting Fees and Services](#Item14PrincipalAccountantsFeesandService) | 70 |
| [**PART IV**](#PartIV_900367) | [**PART IV**](#PartIV_900367) |
| [Item 15. Exhibits and Financial Statement Schedules](#Item15ExhibitsandFinancialStatementSched) | 71 |

---

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#### CAUTIONARY STATEMENT
Descriptions of agreements or other documents contained in this report are intended as summaries and are not necessarily complete. Please refer to the agreements or other documents filed or incorporated herein by reference as exhibits. Please see **Item 15. Exhibits** for a complete list of those exhibits.

This report contains "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. Forward-looking statements can be identified by words such as "plan," "target," "anticipate," "believe," "estimate," "intend", "expect," "may," "should," "will," "likely," and similar expressions with respect to future periods.

Forward-looking statements are neither historical facts nor assurances of future performance. Rather, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. If you are risk-averse, you should NOT buy shares in Fortitude Gold Corporation. Unexpected events happen and are likely to change forecasts and targets. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

● The Biden administration's current and future stance on resource permitting and development

● Inflationary pressures and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations

● Global pandemics such as COVID-19 and governmental responses designed to control the pandemic

● Changes in the worldwide price for gold and/or silver

● Commodity price fluctuations

● Volatility in the equities markets

● Adverse results from our exploration or production efforts

● Producing at rates lower than those targeted

● Political and regulatory risks

● Weather conditions, including unusually heavy rains

● Earthquakes or unforeseen ground movements impacting mining or processing

● Failure to meet our revenue or profit goals or operating budget

● Technological innovations by competitors or in competing technologies

● Cybersecurity threats

● Investor perception of our industry or our prospects

● Lawsuits

● General economic trends

Any forward-looking statement made by us in this annual report on Form 10-K is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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#### PART I

#### Item 1. Business
Fortitude Gold Corporation was organized under the laws of the State of Colorado on August 11, 2020. On August 18, 2020, Gold Resource Corporation ("GRC") transferred all of the issued and outstanding shares of GRC Nevada ("GRCN") to us. GRCN owns all of GRC's former Nevada properties, including the Isabella Pearl Mine. On December 31, 2020 GRC completed the spin-off of its wholly-owned subsidiary, Fortitude Gold Corporation, and its subsidiaries ("FGC"), into a separate, public company (the "Spin-Off"). The Spin-Off was effected by the distribution of all of the outstanding shares of FGC common stock to GRC's shareholders. In this report, "Company," "our," "us" and "we" refer to Fortitude Gold Corporation together with its subsidiaries, unless the context otherwise requires.

We are a mining company which pursues gold and silver projects that are expected to have both low operating costs and high returns on capital. We are presently focused on mineral production from our Isabella Pearl Mine in Nevada. The ore mined at Isabella Pearl is processed on site at our processing facilities and sold to a refiner as doré, which contains precious metals of gold and silver. We also continue exploration and evaluation work on our portfolio of other precious metal properties in Nevada and continue to evaluate other properties for possible acquisition.

Effective December 31, 2020, in connection with the Spin-Off, the Company entered into a Management Services Agreement ("MSA" or "Agreement") with GRC that governed the relationship of the parties following the Spin-Off. The MSA provided that the Company received services from GRC and its subsidiaries to assist in the transition of the Company as a separate company including, managerial and technical supervision, advisory and consultation with respect to mining operations, exploration, environmental, safety and sustainability matters. The Company also received certain administrative services related to information technology, accounting and financial advisory services, legal and compliance support and investor relation and shareholder communication services. The agreed upon charges for services rendered were based on market rates that align with the rates that an unaffiliated service provider would charge for similar services. The MSA's initial term was to expire on December 31, 2021, would automatically renew annually and may be cancelled upon 30 days written notice by one party to the other during the term. On April 21, 2021, GRC provided the Company 30 days written notice to cancel the MSA effective May 21, 2021.

We own 100% of six properties in Nevada, totaling 1,806 unpatented lode and placer mineral claims, and mill site claims covering approximately 32,744 acres, subject to the paramount title of the United States of America, under the administration of the Bureau of Land Management ("BLM"). Under the Mining Law of 1872, which governs the location of unpatented claims on federal lands, the owner (locator) has the right to explore, develop, and mine minerals on unpatented claims without payments of production royalties to the U.S. government, subject to the surface management regulations of the BLM. Currently, annual claim maintenance fees are the only federal payments related to unpatented claims. Annual claim maintenance fees of $320,391 were paid during 2022.

In addition to the unpatented claims, we also own 21, and lease one, patented mining claims covering approximately 165 acres and an additional 201 acres of fee lands in Mineral County, Nevada. Patented claims and fee lands unlike unpatented claims, pass title to the holder. The patented claims and fee lands are subject to payment of annual property taxes made to the county where they are located. Annual property taxes on our patented claims and fee lands have been paid through June 30, 2023.

All our properties are located in Nevada, five are located in the Walker Lane Mineral Belt which is known for its significant and high-grade gold and silver production and one in west-central Nevada. Activities at our properties in Nevada range from exploration at East Camp Douglas and Ripper, mineral delineation at Mina Gold, resource definition, engineering and permitting at County Line and Golden Mile, to production at Isabella Pearl. We believe that our Nevada properties have excellent potential for additional discoveries of both bulk tonnage replacement-type and bonanza-grade vein-type gold deposits, similar to other gold deposits historically mined by other companies in the Paradise Peak, Borealis, Bodie, Tonopah, Goldfield, and Rochester districts.

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#### Condition of Physical Assets and Insurance
Our business is capital intensive and requires ongoing investment for the replacement, modernization or expansion of equipment and facilities. We maintain insurance policies against property loss of our Isabella Pearl process facility. Insuring additional facilities, including the open pit and the heap leach pad, from natural occurrences like earthquakes are currently cost prohibitive. Such insurance contains exclusions and limitations on coverage, particularly with respect to property loss, environmental liability, and political risk. There can be no assurance that claims would be paid under such insurance policies in connection with a particular event.

#### Environmental Matters
We conduct our operations while protecting the environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our operating mine has a reclamation plan in place that we believe meets all applicable legal and regulatory requirements. At December 31, 2022, $5.9 million was accrued on our consolidated balance sheet for reclamation costs relating to our properties.

#### Competitive Business Conditions
The acquisition of gold and silver properties is subject to intense competition. Identifying and evaluating potential mining prospects is a costly and time-consuming endeavor. We may be at a competitive disadvantage compared to many other companies with regard to exploration and, if warranted, advancement of mining properties. We believe that competition for acquiring mineral prospects and retaining experienced mining professionals will continue to be intense in the future.

#### Government Regulations and Permits
In the U.S., an unpatented mining claim on unappropriated federal land may be acquired pursuant to procedures established by the Mining Law of 1872 and other federal and state laws. These acts generally provide that a citizen of the U.S. (including a corporation) may acquire a possessory right to develop and mine valuable mineral deposits discovered upon appropriate federal lands, provided that such lands have not been withdrawn from mineral location, e.g., national parks, military reservations and lands designated as part of the National Wilderness Preservation System. The validity of all unpatented mining claims is dependent upon inherent uncertainties and conditions. These uncertainties relate to such non-record facts as the sufficiency of the discovery of minerals, proper posting and marking of boundaries, and possible conflicts with other claims not determinable from descriptions of record. Prior to discovery of a locatable mineral on an unpatented mining claim, a mining claim may be open to location by others unless the owner is in possession of the claim.

To maintain an unpatented mining claims in good standing, the claim owner must file with the Bureau of Land Management ("BLM") an annual maintenance fee ($165 for each claim, which may change year to year), a maintenance fee waiver certification, or proof of labor or affidavit of assessment work, all in accordance with the laws at the time of filing which may periodically change.

In connection with mining, milling and exploration activities, we are subject to United States federal, state and local laws and regulations governing the protection of the environment, including laws and regulations relating to protection of air and water quality, hazardous waste management and mine reclamation as well as the protection of endangered or threatened species. The departments responsible for the environmental regulation include the United States Environmental Protection Agency ("EPA"), the Nevada Department of Environmental Protection (NDEP), the Bureau of Land Management ("BLM") and the Nevada Department of Wildlife ("NDOW"). Any of these and other regulators have broad authority to shut down and/or levy fines against facilities that do not comply with their environmental and operational regulations or standards. Potential areas of environmental consideration for mining companies, including ours, include but are not limited to, acid rock drainage, cyanide containment and handling, contamination of water sources, dust, and noise.

We have obtained the permits necessary to develop, construct, and operate our Isabella Pearl Mine. In connection with these permits and exploration activities in Nevada, we are subject to various federal, state and local laws and regulations governing protection of the environment, including, but not limited to, the Clean Air Act; the Clean Water Act;

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the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Endangered Species Act; the Federal Land Policy and Management Act; the National Environmental Policy Act; the Resource Conservation and Recovery Act; and related state laws. These laws and regulations are continually changing and are generally becoming more restrictive.

#### Customers
For both the years ended December 31, 2022 and 2021, one customer accounted for 97% and 96%, respectively, of our revenue from our Isabella Pearl mine. In the event that our relationship with this customer is interrupted for any reason, we believe that we would be able to locate another entity to purchase our products. However, any interruption could temporarily disrupt the sale of our principal products and adversely affect our operating results. We periodically review our options for alternative sales outlets to mitigate the concentration of risk in case of any unforeseen disruptions.

**Human Capital Resources**

We have 60 full-time employees, four of which serve as our executive officers. These individuals devote all of their business time to our affairs.

We contract for the services of approximately 35 individuals employed by third parties in Nevada and also use various independent contractors for environmental permitting, mining, surface exploration drilling and trucking.

We believe we have a good morale and a dedicated workforce. Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing and integrating our existing and additional employees. The principal purposes of our Equity Incentive Plan are to attract, retain and motivate selected employees and directors through the granting of stock-based compensation awards. Competition to identify, hire and retain employees from the small pool of industry experienced professionals is and will continue to be a challenge.

#### Office Facilities
Our executive and administrative headquarters are located at 2886 Carriage Manor Point, Colorado Springs, Colorado 80906 under a renewable one-year lease at a cost of $5,000 per month.

#### Item 1A. Risk Factors
The price of our common stock may be materially affected by a number of risk factors, including those summarized below:

#### Financial Risks
***Our results of operations, cash flows and the value of our properties are highly dependent on the market prices of gold and to a lesser extent silver and these prices can be volatile.*** The profitability of our gold and silver mining operations and the value of our mining properties are directly related to the market price of gold and silver. The price of gold and silver may also have a significant influence on the market price of our common stock. The market price of gold and silver historically has fluctuated significantly and is affected by numerous factors beyond our control. These factors include supply and demand fundamentals, global or national political or economic conditions, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar and other currencies, interest rates, gold and silver sales and loans by central banks, forward sales by metal producers, accumulation and divestiture by exchange traded funds, and a number of other factors.

We derive our revenue from the sale of gold and silver and our results of operations will fluctuate as the prices of these metals change. A period of significant and sustained lower gold and silver prices would materially and adversely affect our results of operations and cash flows. The volatility of mineral prices represents a substantial risk which no amount of planning or technical expertise can fully mitigate and/or eliminate. In the event mineral prices decline or remain low for prolonged periods of time, we may be unable to continue operations and/or develop our existing exploration

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properties, which may adversely affect our results of operations, financial performance, and cash flows. An asset impairment charge may result from the occurrence of unexpected adverse events that impact our estimates of expected cash flows generated from our producing properties or the market value of our non-producing properties, including a material diminution in the price of gold or silver.

During 2022, the price of gold, as measured by the London P.M. fix, fluctuated from a low of $1,629 per ounce to a high of $2,039 per ounce while the price of silver fluctuated from a low of $21.52 per ounce to a high of $29.58 per ounce. As of February 27, 2023, gold and silver prices were $1,819 per ounce and $20.73 per ounce, respectively. The volatility in gold and silver prices is illustrated by the following table, which sets forth for each of the past five calendar years, the high, low, and average annual market prices in U.S. dollars per ounce of gold and silver based on the daily London P.M. fix:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Gold:** |  |  |  |  |  |
| &nbsp;&nbsp;High | $1355 | $1546 | $2067 | $1943 | $2039 |
| &nbsp;&nbsp;Low | $1178 | $1270 | $1474 | $1684 | $1629 |
| &nbsp;&nbsp;Average | $1268 | $1393 | $1770 | $1799 | $1800 |
| **Silver:** |  |  |  |  |  |
| &nbsp;&nbsp;High | $17.52 | $19.31 | $28.89 | $29.58 | $26.18 |
| &nbsp;&nbsp;Low | $13.97 | $14.38 | $12.01 | $21.52 | $17.77 |
| &nbsp;&nbsp;Average | $15.71 | $16.21 | $20.55 | $25.04 | $21.71 |

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***We may not continue to be profitable.*** During the fiscal year ended December 31, 2022, we reported net income of $14.7 million. Precious metal prices, specifically gold, have a significant impact on our profit margin and there is no assurance that we will be profitable in the future. Unexpected interruptions in our mining business may cause us to incur losses, or the revenue that we generate from production may not be sufficient to fund continuing operations including exploration and mine construction costs. Our failure to generate future profits may adversely affect the price of our common stock and shareholders may lose all or part of their investment.

***We may require significant additional capital to fund our business plans.*** We may be required to expend significant funds to determine if proven and probable mineral reserves and/or measured and indicated resources exist at any of our non-producing properties, to continue exploration, and if warranted, develop our existing properties and to identify and acquire additional properties to diversify our property portfolio. If we receive the necessary permits and make a positive development decision, we may require significant additional capital to bring the project into production. We have spent, and may be required to continue to expend, significant amounts of capital for drilling, geological and geochemical analysis, assaying, feasibility studies, engineering, mine construction and development, and mining and process equipment in connection with our exploration, development, and production activities.

Our ability to obtain necessary funding for these purposes, in turn, depends upon a number of factors, including our historical and current results of operations, the status of the national and worldwide economy, the price of gold, silver and other valuable metals, the condition of the debt and equity markets, and the costs associated with extracting minerals. We may need financing and if so, may not be successful in generating or obtaining the required financing, or if we can obtain such financing, such financing may not be on terms that are favorable to us. Not having the cash available and/or failure to obtain such additional financing could result in the delay or indefinite postponement of further mining operations or exploration and construction and the possible partial or total loss of our interest in our properties.

***If we do not hedge our exposure to fluctuations in gold and silver prices, we may be subject to significant reductions in price.*** We do not use hedging transactions with respect to any of our gold and silver production and we do not expect to do so in the future. Accordingly, we are fully exposed to price fluctuations if precious metal prices decline. While the use of hedging transactions limits the downside risk of price declines, their use also may limit future revenues from price increases. Hedging transactions also involve the risk that the counterparty may be unable to satisfy its obligations.

***Competition in the mining industry is intense, and we have limited financial and personnel resources with which to compete.*** Competition in the mining industry for desirable properties, investment capital and experienced industry

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personnel is intense. Numerous companies headquartered in the United States ("U.S.") and elsewhere throughout the world compete for properties and personnel on a global basis. We are a small participant in the precious metal mining industry due to our limited financial and personnel resources. We presently operate with a limited number of personnel and we anticipate operating in the same manner going forward. We compete with other companies in our industry to hire qualified personnel when needed to successfully operate our mine and processing facility. We may be unable to attract the necessary investment capital or personnel to fully explore and, if warranted, develop and operate our properties and we may be unable to acquire other desirable properties. We believe that competition for acquiring mineral properties, as well as the competition to attract and retain qualified personnel, is likely to continue to be intense in the future.

***Our ability to recognize the benefits of net losses is dependent on future cash flows and taxable income.*** We recognize deferred tax assets when the tax benefit is considered to be more likely than not of being realized; otherwise, a valuation allowance is applied against deferred tax assets. Assessing the recoverability of deferred tax assets requires management to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize the deferred tax assets could be impacted. Additionally, future changes in tax laws could limit our ability to obtain the future tax benefits represented by our deferred tax assets. As of December 31, 2022, we have not recorded a valuation allowance for our net deferred tax assets.

***Our accounting and other estimates may be imprecise.*** Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods. The more significant areas requiring the use of management assumptions and estimates relate to:

● Mineral reserves and mineral resources that are the basis for future income and cash flow estimates and units-of-production depreciation, depletion and amortization calculations;

● Future ore grades, throughput and recoveries;

● Future metals prices;

● Future capital and operating costs;

● Environmental, reclamation and closure obligations;

● Permitting and other regulatory considerations;

● Asset impairment; and

● Deferred tax asset valuation impairment.

Future estimates and actual results may differ materially from these estimates as a result of using different assumptions or conditions. For additional information, see Critical Accounting Estimates in **Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**, **Item 8 Financial Statements and Supplementary Data**, **Note 1 of Notes to Consolidated Financial Statements**, and the risk factors set forth in this report.

***Our continuing reclamation obligations at our operations could require significant additional expenditures*.** We are responsible for the reclamation obligations related to disturbances located on all our properties. We have a liability on our balance sheet to cover the estimated reclamation obligations. However, there is a risk that any reserve could be inadequate to cover the actual costs of reclamation. Continuing reclamation obligations will require a significant amount of capital. There is a risk that we will be unable to fund these additional obligations. In addition, regulatory authorities may increase reclamation requirements to such a degree that it would not be commercially reasonable to continue mining and exploration activities, which may adversely affect our results of operations, financial performance and cash flows.

**Operational Risks**

***Our production is currently limited to a single mine and any interruptions or stoppages in our mining activities would adversely affect our revenue.*** We are entirely dependent on revenues from a single mine to fund our operations. Any interruption in our ability to mine this location, such as a labor strike, natural disaster, or loss of permits would negatively impact our ability to generate revenue following such interruption. Additionally, if we are unable to discover

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new deposits and economically develop additional mines, we will eventually deplete our reserves and will no longer generate revenue sufficient to fund our operations. A decrease in, or cessation of, our mining operations at this mine would adversely affect our financial performance and may eventually cause us to cease operations.

***Our current property portfolio is limited to one producing property and our ability to remain profitable over the long-term will depend on our ability to expand and /or discover new deposits on this property, and /or identify, explore, discover, delineate and develop additional properties.*** Gold and silver producers must continually replace reserves depleted by production to maintain production levels over the long term and provide a return on invested capital. Depleted reserves can be replaced in several ways, including expanding known ore bodies, locating new deposits, or acquiring interests in reserves from third parties. Exploration is highly speculative in nature, capital intensive, involves many risks and is frequently unproductive. Our current or future exploration programs may not result in new ore reserves. Even if significant mineralization is discovered, it will likely take many years from the initial phases of exploration until commencement of production, during which time the economic feasibility and projections of production may change.

From time to time, we may acquire mineral interests from other parties. Such acquisitions are based on an analysis of a variety of factors including historical exploration results, estimates of and assumptions regarding the extent of mineral resources, and/or reserves, the timing of production from such reserves and cash and other operating costs. In addition, we may rely on data and reports prepared by third parties (including the ability to permit and compliance with existing regulations) which may contain information or data that we are unable to independently verify or confirm. All these factors are uncertain and may have an impact on our ability to develop the properties.

As a result of these uncertainties, our exploration programs and any acquisitions which we may pursue may not result in the expansion or replacement of our current production with new ore reserves or operations, which could have a material adverse effect on our business, results of operations and financial position and price of our common stock.

***Estimates of proven and probable reserves are uncertain and the volume and grade of ore recovered may vary from our estimates.*** The proven and probable reserves stated in this Form 10-K report represent the amount of gold and silver we estimated, on December 31, 2022, that could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, to a large extent, based on the market prices of gold and silver, as well as interpretations of geologic data obtained from drill holes and other exploration techniques. These prices and interpretations are subject to change. If we determine that certain of our estimated reserves have become uneconomic, we may be forced to reduce our estimates. Actual production may be significantly less than we expect.

Any material changes in mineral resource and reserve estimates may affect the economic viability of our current operations, our decision to place a new property into production and/or such property's return on capital. There can be no assurance that mineral recoveries in small scale laboratory tests will be duplicated in a large-scale on-site operation in a production environment. Extended declines in market prices for gold or silver may render portions of our mineralization estimates uneconomic and result in reduced reported mineralization or adversely affect the commercial viability of one or more of our properties. Any material reductions in estimates of mineralization, or of our ability to extract gold or silver, could have a material adverse effect on our results of operations, financial condition, and stock price.

***If we are unable to achieve anticipated gold and silver production levels, our financial condition and results of operations will be adversely affected.*** We have proceeded with the processing of ore from the Isabella Pearl mine, based on estimates from our Proven and Probable Reserve report. However, risks related to reserve estimates, metallurgy, and/or mining dilution are inherent when working with extractable minerals. Future revenue from sales of gold and silver will be less than anticipated if the mined material does not contain the concentration of gold and silver predicted by our geological exploration, studies, and reports. If revenue from sales of gold and silver are less than anticipated, we may not be able to recover our investment in our properties and our operations may be adversely affected. Our inability to realize production based on quarterly or annual projections may also adversely affect the price of our common stock.

***Revenue from the sale of doré may be adversely affected by loss or damage during shipment and storage at our buyer's facilities.*** We rely on third-party transportation companies to transport our doré to the buyer's facilities for processing and further refining. The terms of our sales contracts with the buyers require us to rely on assay results from

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samples of our doré to determine the final sales value for our metals. Once the doré leaves our processing facility, we no longer have direct custody and control of these products. Theft, loss, road accidents, improper storage, fire, natural disasters, tampering or other unexpected events while in transit or at the buyer's location may lead to the loss of all or a portion of our doré production. Such losses may not be covered by insurance and may lead to a delay or interruption in our revenue and as a result, our operating results may be adversely affected.

***A significant delay or disruption in sales of doré as a result of the unexpected disruption in services provided by smelters or refiners could have a material adverse effect on results of operations***. We rely on third party refiners and smelters to refine and process and, in some cases, purchase, the gold and silver doré produced from our mine. Access to refiners and smelters on economic terms is critical to our ability to sell our products to buyers and generate revenues. We periodically enter into agreements with refiners and smelters, some of which operate their refining or smelting facilities outside the United States, and we believe we currently have relationships with and/or contractual arrangements with a sufficient number of refiners and smelters so that the loss of any one refiner or smelter would not significantly or materially impact our operations or our ability to generate revenues. Nevertheless, services provided by a refiner or smelter may be disrupted by operational issues, new or increased tariffs, duties or other cross-border trade barriers, the bankruptcy or insolvency of one or more refiners or smelters or the inability to agree on acceptable commercial or legal terms with a refiner or smelter. Such an event or events may disrupt an existing relationship with a refiner or smelter or result in the inability to create a contractual relationship with a refiner or smelter, which may leave us with limited, uneconomical or no access to refining or smelting services for short or long periods of time. Any such delay or loss of access may significantly impact our ability to sell doré. We cannot ensure that alternative refiners or smelters would be available or offer comparable terms if the need for them were to arise or that it would not experience delays or disruptions in sales that would materially and adversely affect our results of operations.

***Exploration and, if deemed feasible, development of mineral properties is inherently risky and could lead to unproductive properties and/or capital investments.*** Our long-term success depends on our ability to identify additional mineral deposits on our properties and any other properties that we may acquire and to develop one or more of those properties into commercially viable mining operations. Mineral exploration is highly speculative in nature, involves many risks and is frequently unproductive. These risks include unusual or unexpected geologic formations and the inability to obtain suitable or adequate machinery, equipment, or labor. The success of gold exploration is determined in part by the following factors:

● The identification of potential gold mineralization based on surface and drill analysis;

● Availability of government-granted exploration and construction permits;

● The quality of our management and our geological and technical expertise; and

● The capital available for exploration and development.

Substantial expenditures are required to establish proven and probable reserves through detailed drilling and analysis, to develop metallurgical processes to extract metal and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral deposit will be commercially viable depends on a number of factors, which include, without limitation, the particular attributes of the deposit, such as size, grade, metallurgy, rock competency, waste rock overburden, and proximity to infrastructure such as power, water and roads; metal prices, which fluctuate widely; and government regulations, including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, environmental protection and local and community support. We may invest significant capital and resources in exploration activities and abandon such projects if we are unable to identify commercially exploitable mineral reserves. The decision to abandon a project may have an adverse effect on the market value of our common stock and our ability to raise future financing.

***We may acquire additional exploration stage properties and our business may be negatively impacted if reserves are not located on acquired properties.*** We have in the past, and may in the future, acquire exploration stage properties. There can be no assurance that reserves will be identified on any properties that we acquire. We may experience negative reactions from the financial markets if we acquire additional properties and reserves are not located on acquired properties.

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These factors may adversely affect the trading price of our common stock and our financial condition and results of operations.

***To the extent that we seek to expand our operations and increase our reserves through acquisitions, we may experience issues in executing acquisitions or integrating acquired operations.*** From time to time, we examine opportunities to make selective acquisitions in order to provide increased returns to our shareholders and to expand our operations and reported reserves and, potentially, generate synergies. The success of any acquisition depends on a number of factors, including, but not limited to:

● Identifying suitable candidates for acquisition and negotiating acceptable terms;

● Obtaining approval from regulatory authorities and potentially our shareholders;

● Implementing our standards, controls, procedures, and policies at the acquired business and addressing any pre-existing liabilities or claims involving the acquired business; and

● To the extent the acquired operations are in a state or country in which we have not operated historically, understanding the regulations and challenges of operating in that new jurisdiction.

There can be no assurance that we will be able to complete any acquisitions successfully, or that any acquisition will achieve the anticipated synergies or other positive results. Any material problems that we encounter in connection with such an acquisition could have a material adverse effect on our business, results of operations, financial position, or trading price of our common stock.

***We rely on contractors to conduct a significant portion of our operations and construction projects.*** A significant portion of our operations and construction projects are currently conducted in whole or in part by third party contractors. As a result, our operations are subject to a number of risks, some of which are outside our control, including:

● The difficulty and inherent delay in replacing a contractor and its operating equipment in the event that either party terminates the agreement;

● Reduced control and oversight over those aspects of operations which are the responsibility of the contractor;

● Failure of a contractor to perform under its agreement;

● Interruption of operations and construction or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen events;

● Injuries or fatalities on the job as a result of the failure to implement or follow adequate safety measures;

● Failure of a contractor to comply with applicable legal and regulatory requirements, to the extent it is responsible for such compliance; and

● Problems of a contractor with managing its workforce, labor unrest or other related employment issues.

In addition, we may incur liability to third parties as a result of the actions of our contractors. The occurrence of one or more of these risks could adversely affect our results of operation, financial position, or trading price of our common stock.

***Increased operating and capital costs could adversely affect our results of operations.*** Costs at any particular mining location are subject to fluctuation due to a number of factors, such as variable ore grade, changing metallurgy and revisions to mine plans in response to the physical shape and location of the ore body, as well as the age and utilization rates for the mining and processing- related facilities and equipment. In addition, costs are affected by the price and availability of input

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commodities, such as fuel, electricity, labor, chemical reagents, explosives, steel, concrete and mining and processing related equipment and facilities. Commodity costs are, at times, subject to volatile price movements, including increases that could make production at certain operations less profitable. Further, changes in laws and regulations can affect commodity prices, uses and transport. Reported costs may also be affected by changes in accounting standards. A material increase in costs could have a significant effect on our results of operation and operating cash flow. We could have significant increases in capital and operating costs over the next several years in connection with the development of new projects and in sustaining and/or the expansion of existing mining and processing operations. Costs associated with capital expenditures may increase in the future as a result of factors beyond our control. Increased capital expenditures may have an adverse effect on the results of operation and cash flow generated from existing operations, as well as the economic returns anticipated from a new project.

***Mining operations are subject to unique risks.*** The exploration for minerals, mine construction and mining operations, involve a high level of risk and are often affected by hazards outside of our control. Some of these risks include, but are not limited to, fires or floods, accidents, seismic activity and unexpected geological formations or conditions including noxious fumes or gases. The occurrence of one or more of these events in connection with our exploration, mine construction, or production activities may result in the death of, or personal injury to, our employees, other personnel or third parties, the loss of mining equipment, damage to or destruction of mineral properties or production facilities, monetary losses, deferral or unanticipated fluctuations in production, environmental damage and potential legal liabilities, all of which may adversely affect our reputation, business, prospects, results of operations and financial condition.

***The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses.*** Exploration for and the production of minerals is highly speculative and involves greater risk than many other businesses. Many exploration programs do not result in the discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. Our operations are, and any future mining operations or construction we may conduct will be, subject to all the operating hazards and risks normally incident to exploring for and mining of mineral properties, such as, but not limited to:

● Fluctuation in production costs that make mining uneconomic;

● Labor disputes;

● Unanticipated variations in grade and other geologic problems;

● Environmental hazards;

● Water conditions;

● Difficult surface or underground conditions;

● Industrial accidents;

● Metallurgic and other processing problems;

● Mechanical and equipment performance problems;

● Unusual or unexpected rock formations;

● Personal injury, fire, flooding, cave-ins and landslides; and

● Global pandemics such as the COVID-19 Coronavirus.

Any of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues and targeted production dates. If we determine that

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capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur a write down of our investment in those interests and losses with respect to past or future expenses.

***We do not, or cannot, insure against all of the risks to which we may be subject in our operations and development.*** While we currently maintain general commercial liability and limited property insurance in Nevada, we may be subject to liability for certain environmental, pollution or other hazards associated with mineral exploration and mine construction, and production for which insurance may not be available, which may exceed the limits of our insurance coverage, or which we may elect not to insure against because of premium costs or other reasons. We may also not be insured against all interruptions to our operations. Losses from these or other events may cause us to incur significant costs which could materially adversely affect our financial condition and our ability to fund activities on our properties. A significant loss could force us to reduce or suspend our operations and development.

**Regulatory Risk Factors**

***Our operations are subject to permitting requirements which could result in the delay, suspension, or termination of our operations.*** Our operations, including our ongoing exploration drilling programs and production, require permits from numerous governmental authorities. If we cannot obtain or maintain the necessary permits or if there is a delay in receiving future permits, our timetable and business plan will be adversely affected. We have from time to time relied on third party environmental firms to assist in our efforts to obtain and remain current with required regulations and permits. While we attempt to manage and oversee third party firms, we are dependent on the firms to operate in a professional and knowledgeable manner.

***Our activities are subject to significant environmental regulations, which could raise the cost of doing business or adversely affect our ability to develop our properties.*** Significant state and federal environmental laws and regulations in the U.S. may hinder our ability to explore, develop, and operate. Federal laws that govern mining claim location and maintenance and mining operations on federal lands are generally administered by the Bureau of Land Management. Additional federal laws, governing mine safety and health, also apply. State laws also require various permits and approvals before exploration, development or production operations can begin. Among other things, a reclamation plan must typically be prepared and approved with bonding in the amount of projected reclamation costs. The bond is used to ensure that proper reclamation takes place, and the bond will not be released until that time. Local jurisdictions may also impose permitting requirements (such as conditional use permits or zoning approvals).

***Title to mineral properties can be uncertain.*** Our ability to explore and operate our properties depends on the validity of our title to that property. Our U.S. mineral properties include patented and unpatented mining claims. Unpatented mining claims provide only possessory title and their validity is often subject to contest by third parties or the federal government, which makes the validity of unpatented mining claims uncertain and generally riskier. Uncertainties inherent in mineral properties relate to such things as the sufficiency of mineral discovery, proper posting and marking of boundaries, assessment work and possible conflicts with other claims not determinable from public record. There may be valid challenges to the title to our properties which, if successful, could impair development and/or operations.

***Changes in environmental regulations could adversely affect our cost of operations or result in operational delays.*** The regulatory environment in which we operate is evolving in a manner that will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. New environmental laws and regulations or changes in existing environmental laws and regulations could have a negative effect on exploration activities, operations, production levels and methods of production.

We cannot predict at this time what changes, if any, to federal laws or regulations may be adopted or imposed by the Biden Administration. We cannot provide any assurance that future changes in environmental laws and regulations will not adversely affect our current operations or future projects. Any changes to these laws and regulations could have an adverse impact on our financial performance and results of operations by, for example, requiring changes to operating constraints, technical criteria, fees or financial assurance requirements.

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***Construction of mine and process facilities is subject to all of the risks inherent in construction and start-up, including delays and costs of construction in excess of our projections.*** When applicable, many factors could delay or prevent the start or completion of, or increase the costs of, future projects or ongoing construction projects at our mine and process facility, including:

● Design, engineering and construction difficulties or delays;

● Cost overruns;

● Inflation;

● Our failure or delay in obtaining necessary legal, regulatory and other approvals;

● Interruptions in the supply of the necessary equipment, or construction materials or labor or an increase in their price;

● Injuries to persons and property;

● Opposition of local and or non-governmental-organization interests; and

● Natural disasters, accidents, political unrest, or unforeseen events.

If any of the foregoing events, or unforeseen others, were to occur, our financial condition could be adversely affected and we may be required to seek additional capital, which may not be available on commercially acceptable terms, or at all. If we are unable to complete such construction, we may not be able to recover any costs already incurred. Even if construction of a mine and processing facility is completed as scheduled, the costs could exceed our expectations and result in a materially adverse effect on our business, results of operations, financial condition, and cash flows.

#### Risks Related to Our Common Stock
***Our stock price may be volatile and as a result you could lose part or all of your investment.*** In addition to other risk factors identified and due to volatility associated with equity securities in general, our stock prices could decline due to the impact of numerous factors, including:

● Changes in the worldwide price for gold and/or silver;

● Timely permit issuances;

● Adverse results from our exploration, development, or production efforts;

● Producing at rates lower than those targeted;

● Political and regulatory risks;

● Government freezes on issuing resource permits;

● Weather conditions, including earthquakes or unusually heavy rains;

● Failure to meet our revenue or profit goals or operating budget;

● Decline in demand for our common stock;

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● Downward revisions in securities analysts' estimates or changes in general market conditions;

● Decrease or elimination of our shareholder dividend;

● Technological innovations by competitors or in competing technologies;

● Investor perception of our industry or our prospects;

● Lawsuits;

● Actions by government or central banks; and

● General economic trends.

Stock markets in general have experienced extreme price and volume fluctuations and the market prices of individual securities have been highly volatile. These fluctuations are often unrelated to operating performance and may adversely affect the market price of our common stock. As a result, you may be unable to sell your shares at a desired price.

***Issuances of our stock in the future could dilute existing shareholders and adversely affect the market price of our common stock.*** Our Directors have the authority to issue up to 200,000,000 shares of common stock, 20,000,000 shares of preferred stock, and to issue options and warrants to purchase shares of our common stock without shareholder approval. As of February 27, 2023, there were 24,084,542 outstanding shares of common stock, 308,666 options issued and outstanding, no outstanding shares of preferred stock and no outstanding warrants. Future issuances of our securities could be at prices substantially below the price paid for our common stock by our current shareholders. The issuance of a significant amount of our common stock may have a disproportionately large impact on our share price compared to larger companies.

***Awards of our shares and stock options to employees may not have their intended effect.*** A portion of our total compensation program for our executive officers and key personnel includes the award of shares and options to buy shares of our common stock. If the price of our common stock performs poorly, such performance may adversely affect our ability to retain or attract critical personnel. In addition, any changes made to our stock option policies or to any other of our compensation practices which are made necessary by governmental regulations or competitive pressures could affect our ability to retain and motivate existing personnel and recruit new personnel.

***Our directors and officers may be protected from certain types of lawsuits.*** The laws of Colorado provide that our directors will not be liable to us or our shareholders for monetary damages for all but certain types of conduct as directors of the company. Our bylaws permit us to indemnify our directors and officers against all damages incurred in connection with our business to the fullest extent provided or allowed by law. The exculpation provisions of these items may have the effect of preventing shareholders from recovering damages against our directors caused by their negligence, poor judgment, or other circumstances. The indemnification provisions may require us to use our limited assets to defend our directors and officers against claims, including claims arising out of their negligence, poor judgment, or other circumstances.

***We may issue shares of preferred stock that would have a liquidation preference to our common stock.*** Our Articles of Incorporation currently authorize the issuance of 20,000,000 shares of preferred stock. Our board of directors has the power to issue shares without shareholder approval, and such shares can be issued with such rights, preferences, and limitations as may be determined by our board of directors. The rights of the holders of common stock will be subject to, and may be adversely affected by, the rights of any holders of preferred stock that may be issued in the future. As of February 27, 2023, there was no preferred stock outstanding.

Although we presently have no commitments or agreements to issue any shares of preferred stock, authorized and unissued preferred stock could delay, discourage, hinder or preclude an unsolicited acquisition of our Company, could

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make it less likely that shareholders receive a premium for their shares as a result of any such attempt, and could adversely affect the market prices of, and the voting and other rights, of the holders of our shares of common stock.

***Our Shareholder Rights Agreement may not be in the best interest of our shareholders.*** On October 15, 2020, we adopted a Shareholders Rights Agreement, commonly called a "Poison Pill", and declared a dividend of one Series A Right and one Series B Right, or collectively the Rights, for each share of our common stock which was outstanding on October 15, 2020. The Rights have certain anti-takeover effects and will cause substantial dilution to a person or group that attempts to acquire us on terms not approved by our Board of Directors. The effect of the Rights may be to discourage a third party from attempting to obtain a substantial position in our common stock or seeking to obtain control of us. To the extent any potential acquisition is deterred by the Rights, the Rights may make the removal of management difficult even if the removal would be considered beneficial to our shareholders generally and may have the effect of limiting shareholder participation in certain transactions such as mergers or tender offers if these transactions are not favored by our management.

***You may have difficulty depositing your shares with a broker or selling shares of our common stock.*** Many securities brokers will not accept securities for deposits and will not sell securities which trade in the over-the-counter market.

Further, for a securities broker which will accept deposit and agree to sell such securities in the over-the-counter market under certain circumstances, such broker may first require the customer to complete a questionnaire detailing how the customer acquired the shares, provide the securities broker with an opinion of an attorney concerning the ability of the shares to be sold in the public market, and pay a "legal review" fee which in some cases can exceed $1,000.

For these reasons, shareholders may have difficulty selling shares of our common stock.

**General Risk Factors**

***We are dependent upon information technology systems, which are subject to disruption, damage, failure, and risks associated with implementation and integration.*** We are dependent upon information technology systems in the conduct of our operations. Our information technology systems are subject to disruption, damage, or failure from a variety of sources, including, without limitation, computer viruses, security breaches, cyber-attacks, natural disasters, and defects in design. Cybersecurity incidents, in particular, are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information and the corruption of data. Various measures have been implemented to manage our risks related to information technology systems and network disruptions. However, given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to production downtimes, operational delays, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.

We may also be adversely affected by system or network disruptions if new or upgraded information technology systems are defective, not installed properly or not properly integrated into our operations. If we are not able to successfully implement system upgrades or modifications, we may have to rely on manual reporting processes and controls over financial reporting that have not been planned, designed, or tested. Various measures have been implemented to manage our risks related to the system upgrades and modifications, but system upgrades and modification failures could have a material adverse effect on our business, financial condition and results of operations and could, if not successfully implemented, adversely impact the effectiveness of our internal controls over financial reporting.

***The facilities and development of our mine and operations are subject to all of the risks inherent in development, construction, and operations.*** These risks include potential delays, cost overruns, shortages of material or labor, construction defects, breakdowns and injuries to persons and property. We expect to engage subcontractors and material suppliers in connection with the continued mine activities at the Isabella Pearl Mine. While we anticipate taking all measures which we deem reasonable and prudent in connection with our operating facilities, construction of future mines

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and the operation of current and future processing facilities, there is no assurance that the risks described above will not cause delays or cost overruns in connection with such construction or operation. Any delays would postpone our anticipated generation of revenue and adversely affect our operations, which in turn may adversely affect our financial position and the price of our common stock.

***We depend upon our management and key employees and the loss of any of these individuals could adversely affect our business.*** We are dependent on our executive officers and other key employees for our operations. If any of these individuals were to die, become disabled or leave our company, we would be forced to identify and retain individuals to replace them. There is no assurance that we can find suitable individuals to replace them or to add to our employee base if that becomes necessary. Competition for industry professionals is fierce. We have no life insurance on any individual, and we may be unable to hire a suitable replacement on favorable terms should that become necessary

#### Item 1B. Unresolved Staff Comments
Not applicable.

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#### Item 2. Properties
![Graphic](ftco-20221231x10k001.jpg)

*Properties Overview*

We classify our mineral properties into three categories: "Operating Properties", "Development Properties", and "Exploration Properties". Operating Properties are properties with material extraction of mineral reserves. Development Properties are properties that have mineral reserves disclosed, with no material extraction. Exploration Properties are properties that have no mineral reserves disclosed. We consider Isabella Pearl, County Line and Golden Mile to be material properties under the Securities and Exchange Commission's Regulation S-K 1300 regulations due to Isabella Pearl being our only operating property and County Line and Golden Mile being in the resource definition, engineering and permitting phase. Our other properties are not considered material under the Securities and Exchanges Commission's Regulation S-K 1300 due to their earlier stages of exploration. As of February 28, 2023 we did not have any Development Properties.

The map above shows the location of our properties within the state of Nevada.

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***Nevada Overview***

In Nevada, we are the owner of six properties totaling 1,806 unpatented lode and placer mineral claims, and mill site claims covering approximately 32,744 acres, subject to the paramount title of the United States of America, under the administration of the Bureau of Land Management ("BLM"). Under the Mining Law of 1872, which governs the location of unpatented claims on federal lands, the owner (locator) has the right to explore, develop, and mine minerals on unpatented claims without payments of production royalties to the U.S. government, subject to the surface management regulation of the BLM. Currently, annual claim maintenance fees are the only federal payments related to unpatented claims. Annual claim maintenance fees of $320,391 were paid during 2022.

In addition to the unpatented claims, we also own 21, and lease one, patented mining claims covering approximately 165 acres and an additional 201 acres of fee lands in Mineral County, Nevada. Patented claims and fee lands, unlike unpatented claims, pass title to the holder. The patented claims and fee lands are subject to payment of annual property taxes made to the county where they are located. Annual property taxes on our patented claims and fee lands have been paid through June 30, 2023.

Activities at our properties in Nevada range from exploration at East Camp Douglas and Ripper, mineral delineation at Mina Gold, resource definition, engineering and permitting at County Line and Golden Mile to production at Isabella Pearl. We believe that our portfolio of Nevada properties has excellent potential for additional discoveries of both bulk tonnage replacement-type and bonanza-grade vein-type gold deposits, similar to other gold deposits historically mined in the nearby Paradise Peak, Borealis, Bodie, Tonopah, Goldfield and Rochester districts.

Our primary focus is to discover, delineate and advance potential open pit heap leach gold operations in Nevada and commence production on all properties where we discover economic deposits. We believe that our property portfolio is highly prospective based on geology, surface samples, and drill results. Our properties' close proximity, especially between our producing and prospective Walker Lane Mineral Belt properties (approximately 50 kilometers or 30 miles or less in radius) may allow for equipment sharing and synergies whereby we may move equipment and business resources from one project to the next.

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![Graphic](ftco-20221231x10k002.jpg)

The map above shows our five properties located in the Walker Lane Mineral Belt which is known for its significant and high-grade gold and silver deposits.

Isabella Pearl, Nevada, USA. (100% owned) Isabella Pearl, located approximately 10 km (6 mi) north of the town of Luning in Mineral County, Nevada at latitude N38.60°, longitude W118.18° (UTM 397,665 E, 4,273,011 N, Zone 11) is an open pit operation. The Isabella Pearl operation covers an area of 9,777 acres (3,957 hectares) consisting of 568 unpatented lode mineral claims. The Isabella Pearl deposits belong to the high-sulfidation class of epithermal mineral deposits. Processing facilities include a heap leach with a crushing circuit located on site. Gold production from Isabella Pearl for the years ended December 31, 2022 and 2021 was 41,231 and 46,459 ounces, respectively. Isabella Pearl reported 59,400 ounces of gold reserves as of December 31, 2022.

Golden Mile, Nevada, USA. (100% owned) Golden Mile is located in the Bell Mining District, Mineral County, Nevada, approximately 35 km (22 mi) east of the town of Luning in Mineral County, Nevada at latitude N38.51°, longitude W 117.77° (UTM 433,190 E, 4,262,848 N, Zone 11). The property covers an area of approximately 11,971 acres (4,844 hectares) consisting of 607 unpatented lode mineral claims, 74 unpatented mill site claims, and 5 patented mining claims, 4 owned and one leased. Mineralization at Golden Mile is intrusion related, with primary gold and copper mineralization associated with skarn style replacement in carbonate units. Secondary mineralization is associated with structurally controlled stockwork and breccia zones. In November 2021, we disclosed our maiden Mineral Resource estimate for Golden Mile consisting of 78,500 Indicated gold ounces at 1.13 g/t Au and 84,500 Inferred gold ounces at 1.10 g/t Au.

County Line, Nevada, USA. (100% owned) County Line is located approximately 30 km (19 mi) northeast of the town of Luning, Nevada. The approximate center of the historic main open pit at the County Line property is Latitude 38.759° North and Longitude 118.016° West (UTM 411,724 E, 4,290,523 N, Zone 11). The property land package is 2,401 acres (972 hectares) consisting of 116 unpatented lode mineral claims and 6 unpatented placer mineral claims located in Mineral and Nye counties, Nevada. The property is part of the Paradise Peak district of high sulfidation epithermal

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deposits. The district historically produced a total of 1.5 million ounces of gold. County Line historically produced a total of 88,400 ounces of gold from two open pits.

Mina Gold, Nevada, USA. (100% owned) Mina Gold is also located in the Bell Mining District, Mineral County, Nevada, approximately 25 km (16 mi) east of the town of Luning in Mineral County, Nevada. Our current land position covers 1,624 acres (657 hectares) which includes 74 unpatented lode mineral claims and 5 patented mining claims, which we own. Gold mineralization at Mina Gold is hosted by epithermal quartz veins occurring along fault zones in volcanic host rock outcropping at the surface. Our drilling has encountered gold at shallow depths <60 m (197 ft) including 15.24 m (50 ft) of 3.34 g/t Au from surface and 12.19 m (40 ft) 2.98 g/t Au from 6.10 m (20 ft) downhole.

East Camp Douglas, Nevada, USA. (100% owned) East Camp Douglas is located approximately 10 km (6 mi) southwest of the town of Mina in Mineral County, Nevada. The property covers an area of 5,571 acres (2,255 hectares) consisting of 289 unpatented lode mineral claims, 16 patented mining claims and additional fee lands. Epithermal gold-silver mineralization at East Camp Douglas occurs as both widespread high sulfidation alteration areas and low sulfidation veins. Our exploration efforts have focused on understanding geologic structures associated with the silicified lithocap located on the southern end of the East Camp Douglas property.

![Graphic](ftco-20221231x10k003.jpg)

The map above shows the location of our Ripper property.

Ripper, Nevada, USA. (100% owned) Ripper is located approximately 40 km (25 mi) from the town of Lovelock in west-central Nevada. The property is close to our other Walker Lane Mineral Belt properties and consists of 72 unpatented lode mineral claims covering approximately 1,400 acres (567 hectares) in Pershing and Churchill counties, Nevada. Our initial exploration focus will be on understanding the lithological, structural and alteration characterization of historic gold mineralization occurring in the property's Hughes Canyon target area.

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#### Glossary
The following terms used in this report have the following meanings:

ADR An adsorption, desorption, and recovery ("ADR") facility which recovers gold from the leached pregnant solution.

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| | |
|:---|:---|
| Dore: | Composite gold and silver bullion usually consisting of approximately 90% precious metals that will be further refined to separate pure metals. |

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Epithermal: Used to describe gold deposits found on or just below the surface close to vents or volcanoes, formed at low temperature and pressure.

Exploration: Prospecting, sampling, mapping, diamond-drilling and other work involved in locating the presence of economic deposits and establishing their nature, shape, and grade.

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| | |
|:---|:---|
| Grade: | The concentration of an element of interest expressed as relative mass units (percentage, ounces per short ton ("opt"), grams per tonne ("g/t"), etc.). |

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Heap Leaching: Consists of stacking crushed or run-of-mine ore on impermeable pads, where a weak cyanide solution is applied to the surface of the heap to dissolve the gold. The gold-bearing solution is then collected and pumped to process facilities to remove the gold by collection on carbon.

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| | |
|:---|:---|
| Mineral Deposit: | Rocks that contain economic amounts of minerals in them and that are expected to be profitably mined. |

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Oxide Mineral

Resources: Gold and silver that can be extracted by heap leach.

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| | |
|:---|:---|
| Patented Claim: | A mining claim for which the U.S. Federal Government has passed its title to the claimant, making it private land. A person may mine and remove minerals from a mining claim without a mineral patent. However, a mineral patent gives the owner exclusive title to the locatable minerals and in most cases, grants title to the surface. |

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Run-of-Mine ore: Common lower grade ore in the deposit that does not warrant crushing.

Sulfide Mineral

Resources: Gold and Silver not extractable by way of heap leach.

Ton: One ton equals 2,000 pounds.

Tonne: One tonne equals 2,204.62 pounds.

Transitional Oxide

Resources: Gold and silver contained within both oxide and sulfide ore that can be extracted by heap leach.

Unpatented Claim: A particular parcel of U.S. Federal land, valuable or believed to be valuable for a specific mineral deposit or deposits. It is a parcel for which an individual has asserted a right of possession. The right is restricted to the extraction and development of a mineral deposit.

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#### Operating Property
*Isabella Pearl*

The Isabella Pearl Mine is our only operating property.

*History:* The Isabella Pearl mine is in the Santa Fe Mining District. Although the district was discovered in the late 19th century, no work on the Isabella Pearl mine area was done until the 1930's when the Gilbert brothers completed a 120 m (400 ft) drift at Isabella. The brothers encountered up to one ounce of gold per ton in spots, but no economic material was produced. Modern exploration and development of the general area around the Isabella Pearl mine began in the early 1970's by various companies. The Isabella mine was held by B. Narkaus until 1978 and was subsequently leased by Joe Morris the same year. Mr. Morris and three partners re-located some of the Isabella claims and subsequently leased them to the Combined Metals Reduction Company (Combined Metals). From 1987 through 1990, Combined Metals Reduction Company drilled the Isabella Pearl mine area during its joint venture with Homestake Mining Company. A total of 22,427.3 m (73,587 ft) of reverse circulation and diamond core drilling has been performed at the Isabella Pearl property prior to acquisition by the Company.

*Background:* In August 2016, we purchased Walker Lane Minerals Corp., which owns a 100% interest in the Isabella Pearl Mine which covers an area of 8,891 acres consisting of 496 unpatented claims. Since acquisition, we have staked an additional 72 claims to expand our land holding to 9,777 acres. In April 2018, we released our maiden Proven and Probable mineral reserve estimate for the Isabella Pearl Mine totaling 192,600 gold ounces at an average grade of 2.22 g/t. In 2019, we commenced production of gold doré from an open pit heap leach operation. Based on metallurgical testing, we expect ultimate gold recoveries of approximately 81% for crushed ore and 60% for the run-of-mine ("ROM") ore. The Isabella Pearl Mine is subject to a 2.75% net smelter return royalty.

*Location and Access*: The Isabella Pearl Mine is located in the Gabbs Valley Range in Mineral County, Nevada approximately 240 kilometers (150 miles) southeast of Reno, Nevada. Access to the project is by a paved road approximately 10-kilometer (6 miles) north of the town of Luning, Nevada. The project has good connections to the infrastructure of west-central Nevada, with access roads to the project site linking to Nevada state route 361 and U.S. Route 95, the main highway between Reno and Las Vegas, Nevada.

*Geology and Mineralization:* The Isabella Pearl Mine is located in the central portion of the Walker Lane Mineral Belt, a major northwest-trending zone on the western border of Nevada characterized by a series of closely spaced dextral strike-slip faults that were active throughout much of the middle to late Cenozoic period. Volcanic rocks of middle Tertiary age cover much of the property and include intermediate lava flows and ignimbrite ash-flow sheets. The volcanic rocks unconformably overlie Mesozoic strata including Triassic and Jurassic sedimentary units and Cretaceous and Jurassic igneous units. Within the regional Walker Lane tectonic setting, several major fault zones trend through the property and are dominated by various splays and offset branches that host the gold mineralization in the area.

The gold-silver mineralized zones mainly include the Isabella, Pearl, and Civit Cat deposits, collectively referred to as the Isabella Pearl deposit. Alteration and mineral assemblages at Isabella Pearl, including widespread argillic alteration and generally abundant alunite, indicate the deposits belong to the high-sulfidation class of epithermal mineral deposits. Potassium-Argon age determinations indicate the mineralization is about 19 million years, some 7 to 10 million years younger than the age of the host rocks. This early Miocene age conforms to the age of other high-sulfidation epithermal precious-metal deposits in the Walker Lane (e.g., Goldfield and Paradise Peak).

*Facilities:* We were granted a positive Record of Decision ("ROD") from the BLM on the Environmental Assessment ("EA") for the Isabella Pearl Mine in May 2018. This final permit allowed us to move the project forward into development and construction. Construction progress in 2018 included the completion of haul roads, office and laboratory buildings, construction of and liner placement on the heap leach pad, the pregnant and barren solution ponds, and connection of the water well. In 2018, we began installation of the Adsorption, Desorption and Recovery (ADR) processing facility, installed our crushing facility and commenced mining and waste removal of the first of several benches of the lower grade Isabella portion of the deposit with its estimated average grade of ~1 g/t gold. Power is currently supplied by three diesel-powered electric generators. Fuel for the generators is stored in two above-ground tanks on graded areas with HDPE-lined floors

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and berms for secondary containment to provide emergency capture of 110-percent of the largest fuel tank/vessel volume. Industrial water is now supplied from three production water wells. We achieved first gold production approximately 10 months after breaking ground on the project. During the second quarter of 2020 our overburden removal reached the first benches in the high-grade Pearl portion of the deposit estimated at ~3.7 g/t average with a ~5.0 g/t gold core deeper in the deposit than currently in development. The net book value of the property at December 31, 2022 was $17.9 million.

*Exploration Activities:* In 2022, we continued to explore for additional mineral reserves at the Isabella Pearl Mine. During the year, we completed 45 holes totaling 7,309 meters (23,980 feet) of reverse circulation drilling. This mainly included in-fill and step-out drill holes on the Pearl, Scarlet, and Civit Cat targets. The majority of this drilling was conducted within the current permitted mine plan. Mineralization drilled in the bottom and walls of the pit late 2022 further defined oxide mineralization, oxide transitional mineralization and sulfide mineralized blocks below the permitted pit bottom. Evaluation and permit preparation is underway to obtain an Environmental Assessment ("EA") modification to mine the pit several benches deeper to extract accessible oxide and oxide transitional mineralized blocks.

#### Exploration Properties
Our exploration properties are all located in west-central Nevada with good connections to the infrastructure of west-central Nevada, with access roads to each project site. There is no plant or equipment on any of our exploration properties.

Golden Mile

*History:* The Golden Mile property is located within the Bell Mining District (also known as the Cedar Mountain District). The property has a long history which includes limited mining development, as well as a considerable amount of recent exploration activity including mapping, surface and underground sampling, geophysical surveys and drilling. This exploration activity was completed by several companies and has defined a significant area of gold mineralization associated with skarn development and gold stockwork mineralization along intrusive contact zones with surrounding sediments. A total of 20,156.7 m (66,131 ft) of air rotary, reverse circulation and diamond core drilling has been performed at the Golden Mile property prior to its acquisition by the Company. This included work by Standard Slag, the Elmwood JV, Battle Mountain, USMX, Teck, Cordex, Roscan and Kinross companies. The vast majority of the drilling has been directed towards the Main Zone, located on the patented mineral claims.

*Background:* On June 15, 2020, we purchased a 100% interest in the Golden Mile property located in Nevada's Walker Lane Mineral Belt. The property is subject to a 3% net smelter return royalty. The original property covered an area of approximately 9,300 acres consisting of 451 unpatented lode mineral claims and 5 patented claims, 4 owned and one leased. Since acquisition, we have staked an additional 156 unpatented lode mineral claims and 74 unpatented mill site claims, to expand our land holding to 11,971 acres. Mineralization at the property is intrusion related, with primary gold and copper mineralization associated with skarn style replacement in carbonate units. Secondary mineralization is associated with structurally controlled stockwork and breccia zones. The "Golden Mile Stock" quartz diorite-granodiorite body is believed to be responsible for the gold-copper skarn mineralization. The stock is only exposed on surface in three small areas because most of its northern extent is covered by Tertiary volcanics.

*Exploration Activitie*s: In 2022, we continued our surface drilling program in the mineral resource area on the patented claims and adjacent unpatented lode mineral claims. In 2022, we completed 103 reverse circulation (RC) holes totaling 17,598 meters (57,735 feet) for further resource definition. We also completed four diamond drill holes totaling 336 meters (1,104 feet) for geotechnical purposes and open pit design. We continue to evaluate the known mineralized zones among a much larger conceptual project plan of multiple open pits along a trend at Golden Mile to the northwest and onto the Mina Gold property. We are evaluating the potential of at least three pits feeding ore to a strategically located heap leach and process facility. A modular process plant is being built off site, to be used at Golden Mile and other future project properties, to take the gold to the carbon stage and then haul the carbon for processing at our ADR facility at Isabella Pearl for final doré production. Baseline and background studies are being completed and budgeted alongside exploration efforts to move this property forward towards a development decision. In 2021, we disclosed our maiden Mineral Resource estimate for Golden Mile conforming to the Securities and Exchange Commission's Regulation S-K 1300 regulations. Our estimates of in-situ ounces consist of 78,500 Indicated gold ounces at 1.13 g/t and 84,500 Inferred gold ounces at 1.10 g/t. The initial Mineral Resource is located on patented mining claims and mineralization remains open both on strike and at

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depth, extending on to adjoining unpatented lode mineral claims. Our 2022 exploration intercepted numerous mineralized zones, many deep, that are now believed to be stratabound as opposed to fault/vein structures, the latter geologic model was the focus and specific design of the 2022 drill program. In 2023, we are planning further definition RC drilling to more efficiently test the open areas of the current stratabound geologic model by drilling in varying orientations relative to the strata model. The goal is to add mineral resources and/or upgrade to mineral reserves, as well as test the depth and strike extent of the open deposit.

The Company is currently designing a phase one open-pit for the mineralization that outcrops at and near the surface. Baseline background studies, additional permitting documentation and optimization of the mine plan layout are underway with the goal of final project permit submission for an EA. Construction of the modular process facilities, to take gold to the carbon phase, are nearing completion. Crushing and stacking equipment have been custom built and deliveries of this and other equipment are being planned. Heap leach pad liner and rolling stock equipment has been purchased and is being stored at the Company's existing operations. We look to make a development decision based on an initial phase one open-pit, using a process that takes gold to the carbon phase and then truck carbon to the nearby Isabella Pearl ADR process facility for final gold doré production.

*Accessibility and Transportation to the Property:* The Golden Mile property is accessible, in part, by highway and maintained county dirt and gravel roads. The property can be reached from Hawthorne via Highway 95 east to Luning, then northeast on Nevada Highway 361, then south on gravel Nevada State Road 89 about 24 mi to an unimproved dirt road which leads westward to the property. Alternatively, from Tonopah, travel 3 mi west on U.S. Highway 95 to gravel Road 89, then northwest to about 43 mi to the unimproved road leading west to the property. Both Hawthorne and Tonopah offer motel accommodations, restaurants, grocery stores and other services as well as fuel and other supplies. They are each the county seat for the respective counties of Mineral and Nye.

*Infrastructure:* The closest power lines are located 5 mi to the east in lone Valley. Future power needs for a proposed project at Golden Mile would likely require diesel powered generation. Perennial streams are not present in the Golden Mile property area; however, there are a number of springs within the project area. Drilling for monitoring wells is underway. Hydrogeologic studies are currently ongoing to further characterize groundwater resources in the project area. Production water for the project will likely come from a groundwater well drilled on the Golden Mile property which appears to have sufficient water for the contemplated operations. Our exploration disturbance activities utilize existing roads and disturbed areas to the extent possible, including pre-existing drill roads utilized by prior exploration companies within the Golden Mile property area. Access roads, drill pads and sumps have been constructed with earthmoving equipment. The net book value of this property at December 31, 2022 was $8.7 million.

County Line

*History:* The County Line property is in the historic Fairplay Mining District, locally referred to as the Paradise Peak mining district. The district is known for a cluster of gold and silver bearing replacement-style high sulfidation epithermal deposits, which historically produced a total of 1,614,084 ounces of gold and 24.1 million ounces of silver from 1986 through 1994. The Paradise Peak deposit was discovered in mid-1983 by the FMC Gold Company (FMC). During the same period FMC also discovered and mined five additional satellite deposits in the same district, and this included County Line. The County Line property hosts several exploration targets including the currently inactive County Line (Main) and Porphyry (East) open-pit mines which historically produced a total of 81,000 ounces of gold and 760,000 ounces silver during the early 1990's using a heap leach recovery process. The County Line property also hosts other targets including "Newman Ridge". In addition to mining development and production, the County Line property has a history of exploration activity including mapping, surface sampling, geophysical surveying, and RC drilling. This exploration activity was completed by several companies, but very little to no historic exploration information was maintained, and the limited data available was transferred through changes of ownership. The Company relies on the limited syntheses and recent activities undertaken by previous workers.

*Background:* In March 2018, we purchased a 100% interest in the County Line property. The property is located close to our other Nevada properties in central Nevada's Walker Lane Mineral Belt in Mineral and Nye counties. The property area covers approximately 2,401 acres and consists of 122 unpatented lode and placer mineral claims and is subject to a 3% net smelter return royalty. The property is located on the west flank of the north-northeast trending Paradise Range

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and to the west of the of the former FMC Paradise Peak Mine. Nearly all the County Line property is covered with exposures of Tertiary volcanic rocks representing regional volcanism. A thick cover of various sequences of Oligocene-Miocene rocks include ash tuff, mafic flows, minor sediments, and occasional Tertiary intrusive units are present. These units are followed by cover of young basalt flows and quaternary alluvial deposits.

*Exploration Activities*: Upon acquisition, the Company immediately began evaluating targets for exploration particularly with activities focused on the old County Line (Main) and the Porphyry (East) pits, which are considered the highest priority prospects with resource potential. Surface exploration activities were initiated by the Company in 2018 which included high-resolution, color drone imagery to aid surface geology mapping and sampling of altered and mineralized outcrops. In 2022, we completed 73 reverse circulation (RC) holes totaling 8,231 meters (27,005 feet) for resource delineation in the Main County Line pit area. Results were widespread and sufficient to enable resource modeling. In this 10-K, we are disclosing our maiden Mineral Resource estimate for County Line consisting of 20,300 Measured gold ounces at 1.02 g/t, 19,300 Indicated gold ounces at 0.88 g/t and 13,300 Inferred gold ounces at 0.86 g/t. Mineralization remains open both on strike and at depth. The Company targets delineation of sufficient mineralization to justify a development decision for ore feed for its Isabella Pearl operation. The proximity of the County Line property to Isabella Pearl could enable trucking ore from the County Line property to the Isabella Pearl Project's process facilities for gold production. In 2023, we are planning further definition RC drilling to expand the mineral resources and test the depth and strike extent of the deposit.

The Company is currently designing a phase one open pit to include as much of the initial resource as possible. Baseline background studies are being planned and or are underway, and water well locations for potential process water are being identified. A site plan design underway contemplates only mining, stacking of the waste and crushing of mineralization after which mineralization is trucked to the nearby Isabella Pearl heap leach pad and processing facility for doré production. With no process or heap leach facility being considered at this time, with most of the processing taking place offsite, the project will have a minimal footprint and small new disturbance area which could enable expedited permitting and lower capital expenditures when compared to most other industry mine builds.

*Accessibility and Transportation to the Property:* The County Line property is adjacent to and accessed from Hawthorne via Highway 95 east to Luning, then northeast on paved Nevada State Highway 361. Hawthorne is 0.75 hours away and can provide basic services, lodging and a small workforce. It is the county seat for Mineral County. Fallon is 1.5 hours from the property and can also provide supplies, lodging, equipment, and a small mining work force. Reno is 2.5 hours from the property and can provide much of the needed services and materials. County Line is located approximately 26 kilometers northwest of the Company's operating flagship Isabella Pearl gold mine via Nevada State Route 361.

*Infrastructure:* The property is considered to have sufficient surface area for expanding the current open pits areas. A major power transmission line is less than five miles to the south of the property, although diesel generation is contemplated. Previous operators secured water usage locally for their facilities and we also expect to develop water in adjacent areas. Only a limited amount of water will be required for the project, mainly dust suppression on haul roads, and will likely come from a groundwater well to be drilled on the property. Our exploration disturbance activities utilize existing roads and disturbed areas to the extent possible, including pre-existing drill roads constructed by prior exploration companies within the County Line property area. Access roads, exploration drill pads and sumps have been constructed with earthmoving equipment. The net book value of property at December 31, 2022 was $0.3 million.

East Camp Douglas

In January 2017, we purchased a 100% interest in the East Camp Douglas gold property located in Nevada's Walker Lane Mineral Belt. The property is subject to a net smelter return royalty ranging from 1% to 3%. The property covers an area of 5,571 acres consisting of 289 unpatented claims, 16 patented claims and additional fee lands in Mineral County, Nevada. Precious metal epithermal mineralization at East Camp Douglas occurs as both widespread high sulfidation alteration areas and low sulfidation veins. Modern exploration by several mining and exploration companies has established modest gold resource potential in at least five separate areas on the property, with over 3,000 meters (9,843 feet) of historic drilling and a large exploration database. We believe this large property has numerous untested gold targets with open pit heap leach potential warranting an extensive exploration program. In 2022, we completed a reverse circulation drill program targeting three general areas: Discovery Breccia, Gypsum Shaft and D2 Cliffs. We completed 31

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holes totaling 4.525 meters (14,845 feet) in 2022. These mineralized zones returned significant drill results including 4.57 meters grading 5.24 g/t gold within 15.24 meters grading 1.87 g/t gold hosted in brecciated vuggy silicified volcanic rock with a high degree of oxidation. In 2023, we are targeting follow-up drilling to evaluate the resource potential of the gold-bearing silicified volcanic rocks of the lithocap target area.

Mina Gold

In August of 2016, we purchased a 100% interest in the Mina Gold property located in Nevada's Walker Lane Mineral Belt. The property is subject to a net smelter return royalty ranging from 2% to 3%. The property has the potential to be a future open pit heap leach gold operation. In 2022, we continued to evaluate the known mineralized zone among a much larger conceptual plan of multiple open pits along a trend to the southeast onto the Golden Mile property which will feed ore to a strategically located heap leach and process facility. The conceptualized process plant is being evaluated to take the gold to carbon stage, similar to the County Line property operating concept, and then haul the carbon for processing at our ADR facility at Isabella Pearl for final doré production. Baseline and background studies are being evaluated and budgeted.

Ripper

In June 2021, we purchased a 100% interest in the Ripper property straddling the Pershing and Churchill county line in west-central Nevada. The property is subject to a 3% net smelter return royalty. The property is close to our other Walker Lane Mineral Belt properties and consists of 72 unpatented lode mining claims covering approximately 1,400 acres. Known gold mineralization at Ripper occurs in a Triassic package of limestones, limestone collapse breccias, and mudstones of the Auld Lang Syne group. Three principal types of alteration carrying gold values include jasperoidization and quartz veining within limestone beds, mudstone breccia with a quartz-calcite cement or en echelon quartz veins, and variably silicified and hematitic limestone collapse breccias. During 2022, the Company completed its first mapping and sampling program on the Ripper property, which included detailed lithological, structural and alteration characterization. Multiple high-grade gold surface samples were collected from the property returning values up to 8.44 g/t gold. Another round of surface sampling is warranted in 2023 and the Company is targeting an initial surface drilling program.

**Mineral Reserves and Resources**

The SEC has adopted amendments to modernize the property disclosure requirements for mining registrants, and related guidance, under the Securities Act of 1933 and the Securities Exchange Act of 1934. This report is prepared to comply with the new rule (17 CFR subpart 229.1300 Regulation S-K), generally known as the "S-K 1300 rule", requiring that a registrant with material mining operations must disclose specified information in Securities Act and Exchange Act filings concerning its Mineral Resources, in addition to its Mineral Reserves.

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#### Proven and Probable Mineral Reserves (metric units)
A Mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

As of December 31, 2022, our estimate of Proven and Probable ("P&P") reserves, all of which pertain to the Isabella Pearl Mine, was:

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|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Tonnes** | <br>**Gold**<br>**g/t** | <br>**Silver** <br>**g/t** | **Gold** <br>**Equivalent**<br>**&nbsp;&nbsp;&nbsp;&nbsp;g/t** | <br>**Gold**<br>**Ounces** | <br>**Silver** <br>**Ounces** | **Gold** <br>**Equivalent**<br>**Ounces** |
| &nbsp;&nbsp;***Isabella Pearl Mine*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proven | 250400 | 4.38 | 49 | 4.96 | 35200 | 392700 | 39900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Probable | 171500 | 1.77 | 17 | 1.97 | 9800 | 92900 | 10900 |
| &nbsp;&nbsp;***Proven and Probable Total*** | **421900** | **3.32** | **36** | **3.75** | **45000** | **485600** | **50800** |
| &nbsp;&nbsp;&nbsp;&nbsp;High-Grade Stockpile | **65300** | **3.46** | **37** | **3.91** | **7300** | **78400** | **8300** |
| &nbsp;&nbsp;&nbsp;&nbsp;Low-Grade Stockpile | **426500** | **0.52** | **6** | **0.59** | **7100** | **76600** | **8000** |
| &nbsp;&nbsp;***Isabella Pearl Mine Total*** | **913700** | **2.02** | **22** | **2.28** | **59400** | **640600** | **67100** |

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Notes to the 2022 P&P reserves:

&nbsp;&nbsp;&nbsp;&nbsp;1. Metal prices used for P&P reserves were $1,750 per ounce of gold and $21.00 per ounce of silver. These prices reflect the consensus 2023-2024 average prices for gold and silver (CIBC Global Mining Group, Analyst Consensus Commodity Price Forecasts, January 3, 2023).

&nbsp;&nbsp;&nbsp;&nbsp;2. Gold equivalent is 83.33:1 determined by taking gold ounces produced or sold, plus silver ounces produced or sold converted to gold equivalent ounces using the gold to silver average price ratio for the period.

&nbsp;&nbsp;&nbsp;&nbsp;3. For the Isabella Pearl Mine, the quantities of material within the designed pits were calculated using a cutoff grade of 0.33 Au g/t.

&nbsp;&nbsp;&nbsp;&nbsp;4. Mining, processing, energy, administrative and smelting/refining costs were based on 2022 actual costs for the Isabella Pearl Mine.

&nbsp;&nbsp;&nbsp;&nbsp;5. Metallurgical gold recovery assumptions used for the Isabella Pearl Mine were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.

&nbsp;&nbsp;&nbsp;&nbsp;6. Isabella Pearl P&P reserves are diluted and factored for expected mining recovery.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material estimates.

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For comparison, at December 31, 2021, our estimate of P&P reserves was:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Tonnes** | <br>**Gold**<br>**g/t** | <br>**Silver** <br>**g/t** | **Gold** <br>**Equivalent**<br>**&nbsp;&nbsp;&nbsp;&nbsp;g/t** | <br>**Gold**<br>**Ounces** | <br>**Silver** <br>**Ounces** | **Gold** <br>**Equivalent**<br>**Ounces** |
| &nbsp;&nbsp;***Isabella Pearl Mine*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proven | 483300 | 5.26 | 47 | 5.89 | 81800 | 733100 | 91600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Probable | 425500 | 2.04 | 16 | 2.26 | 27900 | 221000 | 30900 |
| &nbsp;&nbsp;***Proven and Probable Total*** | **908800** | **3.75** | **33** | **4.19** | **109700** | **954100** | **122500** |
| &nbsp;&nbsp;&nbsp;&nbsp;High-Grade Stockpile | **14000** | **10.09** | **88** | **11.26** | **4500** | **39600** | **5000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Low-Grade Stockpile | **435000** | **0.53** | **5** | **0.59** | **7300** | **63900** | **8200** |
| &nbsp;&nbsp;***Isabella Pearl Mine Total*** | **1357800** | **2.78** | **24** | **3.11** | **121500** | **1057600** | **135700** |

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Notes to the 2021 P&P reserves:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Metal prices used for P&P reserves were $1,738 per ounce of gold and $23.22 per ounce of silver. These prices reflect the consensus 2022-2024 average prices for gold and silver (CIBC Global Mining Group, Analyst Consensus Commodity Price Forecasts, November 30, 2021).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Gold equivalent is 74.85:1 determined by taking gold ounces produced or sold, plus silver ounces produced or sold converted to gold equivalent ounces using the gold to silver average price ratio for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the Isabella Pearl Mine, the quantities of material within the designed pits were calculated using a cutoff grade of 0.33 Au g/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mining, processing, energy, administrative and smelting/refining costs were based on 2021 actual costs for the Isabella Pearl Mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Metallurgical gold recovery assumptions used for the Isabella Pearl Mine were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Isabella Pearl P&P reserves are diluted and factored for expected mining recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material estimates.

**Mineral Resources Exclusive of Mineral Reserves (metric units)**

A Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into mineral reserves. Confidence in the estimate of Inferred Mineral Resources is insufficient to allow the meaningful application of technical and economic parameters.

[**Table of Contents**](#TOC)

As of December 31, 2022, our estimate of Mineral Resources was:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Tonnes** | <br>**Gold**<br>**g/t** | <br>**Silver** <br>**g/t** | **Gold** <br>**Equivalent**<br>**&nbsp;&nbsp;&nbsp;&nbsp;g/t** | <br>**Gold**<br>**Ounces** | <br>**Silver** <br>**Ounces** | **Gold** <br>**Equivalent**<br>**Ounces** |
| ***Measured and Indicated Resources*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Oxide*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured | 110300 | 2.31 | 54 | 2.96 | 8200 | 191500 | 10500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 154900 | 0.68 | 6 | 0.75 | 3400 | 28700 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Measured and Indicated Oxide Total*** | **265200** | **1.36** | **26** | **1.67** | **11600** | **220200** | **14200** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Sulfide*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured | 148400 | 4.77 | 59 | 5.48 | 22700 | 281400 | 26100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 77100 | 4.60 | 52 | 5.22 | 11400 | 127700 | 12900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Measured and Indicated Sulfide Total*** | **225500** | **4.71** | **56** | **5.38** | **34100** | **409100** | **39000** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine Measured and Indicated Total*** | **490700** | **2.90** | **40** | **3.38** | **45700** | **629300** | **53200** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Golden Mile Property*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Oxide*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 2160000 | 1.13 |  | 1.13 | 78500 |  | 78500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Golden Mile Measured and Indicated Oxide Total*** | **2160000** | **1.13** | **—** | **1.13** | **78500** | **—** | **78500** |
| &nbsp;&nbsp;&nbsp;&nbsp;***County Line Property*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Oxide*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured | 579500 | 1.04 |  | 1.09 | 19500 |  | 19500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 623000 | 0.90 |  | 0.90 | 17900 |  | 17900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***County Line Measured and Indicated Oxide Total*** | **1202500** | **0.97** | **—** | **0.97** | **37400** | **—** | **37400** |
| ***Measured and Indicated Total*** | **3853200** | **1.30** | **5** | **1.36** | **161600** | **629300** | **169100** |
| ***Inferred Resources*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide Inferred | 103700 | 1.38 | 14 | 1.55 | 4600 | 45200 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfide Inferred | 14300 | 3.40 | 60 | 4.12 | 1600 | 27700 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine Inferred Total*** | **118000** | **1.63** | **19** | **1.86** | **6200** | **72900** | **7100** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Golden Mile Property*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide Inferred | 2400000 | 1.10 |  | 1.10 | 84500 |  | 84500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Golden Mile Inferred Total*** | **2400000** | **1.10** | **—** | **1.10** | **84500** | **—** | **84500** |
| &nbsp;&nbsp;&nbsp;&nbsp;***County Line Property*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide Inferred | 438000 | 0.87 |  | 0.87 | 12200 |  | 12200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***County Line Inferred Total*** | **438000** | **0.87** | **—** | **0.87** | **12200** | **—** | **12200** |
| ***Inferred Total*** | **2956000** | **1.08** | **1** | **1.09** | **102900** | **72900** | **103800** |

---

[**Table of Contents**](#TOC)

Notes to the 2022 Mineral Resources:

&nbsp;&nbsp;&nbsp;&nbsp;1. Metal prices used for Mineral resources were $1,750 per ounce of gold and $21.00 per ounce of silver. These prices reflect the consensus 2023-2024 average prices for gold and silver (CIBC Global Mining Group, Analyst Consensus Commodity Price Forecasts, January 3, 2023).

&nbsp;&nbsp;&nbsp;&nbsp;2. Gold equivalent is 83.33:1 determined by taking gold ounces produced or sold, plus silver ounces produced or sold converted to gold equivalent ounces using the gold to silver average price ratio for the period.

&nbsp;&nbsp;&nbsp;&nbsp;3. Reported at cutoffs of 0.33 g/t Au for Isabella Pearl Mine Oxide, 2.0 g/t Au for Isabella Pearl Mine Sulfide, 0.34 g/t Au for Golden Mile Property Oxide and 0.33 g/t Au for County Line Property Oxide.

&nbsp;&nbsp;&nbsp;&nbsp;4. Whole block diluted estimates are reported within an optimized pit shell.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not sum exactly due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;7. Mineral resources reported are exclusive of mineral reserves.

[**Table of Contents**](#TOC)

For comparison, at December 31, 2021, our estimate of Mineral Resources was:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Tonnes** | <br>**Gold**<br>**g/t** | <br>**Silver** <br>**g/t** | **Gold** <br>**Equivalent**<br>**&nbsp;&nbsp;&nbsp;&nbsp;g/t** | <br>**Gold**<br>**Ounces** | <br>**Silver** <br>**Ounces** | **Gold** <br>**Equivalent**<br>**Ounces** |
| ***Measured and Indicated Resources*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Oxide*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured | 89000 | 2.38 | 55 | 3.11 | 6800 | 157600 | 8900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 357600 | 0.99 | 9 | 1.10 | 11300 | 96200 | 12600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Measured and Indicated Oxide Total*** | **446600** | **1.26** | **18** | **1.50** | **18100** | **253800** | **21500** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Sulfide*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured | 110600 | 4.98 | 51 | 5.66 | 17700 | 180100 | 20100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 40800 | 3.79 | 48 | 4.43 | 5000 | 62700 | 5800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Measured and Indicated Sulfide Total*** | **151400** | **4.66** | **50** | **5.33** | **22700** | **242800** | **25900** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine Measured and Indicated Total*** | **598000** | **2.12** | **26** | **2.47** | **40800** | **496600** | **47400** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Golden Mile Property*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Oxide*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 2160000 | 1.13 |  | 1.13 | 78500 |  | 78500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Measured and Indicated Oxide Total*** | **2160000** | **1.13** | **—** | **1.13** | **78500** | **—** | **78500** |
| ***Measured and Indicated Total*** | **2758000** | **1.35** | **6** | **1.42** | **119300** | **496600** | **125900** |
| ***Inferred Resources*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide Inferred | 259400 | 1.30 | 12 | 1.46 | 10800 | 102800 | 12300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfide Inferred | 28800 | 3.77 | 56 | 4.52 | 3500 | 51600 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Isabella Pearl Mine Inferred Total*** | **288200** | **1.55** | **17** | **1.78** | **14300** | **154400** | **16500** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Golden Mile Property*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide Inferred | 2400000 | 1.10 |  | 1.10 | 84500 |  | 84500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Golden Mile Inferred Total*** | **2400000** | **1.10** | **—** | **1.10** | **84500** | **—** | **84500** |
| ***Inferred Total*** | **2688200** | **1.15** | **—** | **1.17** | **98800** | **154400** | **101000** |

---

Notes to the 2021 Mineral Resources:

&nbsp;&nbsp;&nbsp;&nbsp;1. Metal prices used for Mineral resources were $1,738 per ounce of gold and $23.22 per ounce of silver. These prices reflect the consensus 2022-2024 average prices for gold and silver (CIBC Global Mining Group, Analyst Consensus Commodity Price Forecasts, November 30, 2021).

&nbsp;&nbsp;&nbsp;&nbsp;2. Gold equivalent is 74.85:1 determined by taking gold ounces produced or sold, plus silver ounces produced or sold converted to gold equivalent ounces using the gold to silver average price ratio for the period.

&nbsp;&nbsp;&nbsp;&nbsp;3. Reported at cutoffs of 0.33 g/t Au for Isabella Pearl Mine Oxide, 2.0 g/t Au for Isabella Pearl Mine Sulfide and 0.34 g/t Au for Golden Mile Property Oxide.

&nbsp;&nbsp;&nbsp;&nbsp;4. Whole block diluted estimates are reported within an optimized pit shell.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources do not have demonstrated economic viability.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not sum exactly due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;7. Mineral resources reported are exclusive of mineral reserves.

#### Future Exploration
Our properties are being explored at various stages at any given time. During the twelve months ending December 31, 2023, we anticipate spending approximately $10.1 million for exploration activities. Our primary focus in 2023 for our drill programs include testing exploration targets along the mineralized trend and structural corridor where our Isabella Pearl mine is located, planned delineation and expansion drilling of the known mineralized zones at Golden Mile and County Line, and exploration drilling at our East Camp Douglas and Ripper properties. Exploration expenditures may be modified depending on exploration results, metal market conditions and available capital.

#### Item 3. Legal Proceedings
None.

#### Item 4. Mine Safety Disclosures
The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Annual Report.

#### PART II

#### Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
**Market Information**

At times, there may be a limited public market for our common shares. In February 2021, we began trading on the OTC Markets Operated by the OTC Markets Group under the ticker symbol "FRTT", subsequently the symbol was changed to "FTCO". Our common stock was subsequently up listed to the OTCQB on March 5, 2021. Trading in stocks quoted on the OTC market is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company's operations or business prospects.

OTC market securities are not listed or traded on the floor of an organized national or regional stock exchange. Instead, OTC market securities transactions are conducted through a telephone and computer network connecting dealers in stocks. OTC market issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

As of February 27, 2023 the closing price of our common stock was $6.16.

**Number of Holders**

As of February 27, 2023, we had 24,084,542 shares of our Common Stock issued and outstanding, held by 238 shareholders of record, with others holding shares in street name.

**Transfer Agent**

Computershare Trust Company, N.A. is the transfer agent for our common stock. The principal office of Computershare is located at 6200 S. Quebec St., Greenwood Village, Colorado 80111 and its telephone number is (303) 262-0600.

[**Table of Contents**](#TOC)

**Dividends**

Since our inception, one of management's primary goals has been to make cash dividend distributions to shareholders. We instituted a monthly dividend in April 2021 and as of December 31, 2022, we have returned over $18.8 million to our shareholders in consecutive monthly dividends. Regular dividends should not be considered a prediction or guarantee of future dividends and payment of future dividends, if any, will be at the discretion of our Board of Directors after considering various factors, including precious metal market prices, our financial condition, operating results, current and anticipated cash needs and plans for expansion. At the present time, we are not party to any agreement that would limit our ability to pay dividends.

**Recent Sales of Unregistered Securities**

None.

**Other Stockholder Matters**

None.

#### Item 6. Selected Financial Data
Not applicable.

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

***Except for the historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties. We caution you not to put undue reliance on any forward-looking statements, which speak only as of the date of this report. See "Cautionary Statement" in the forepart of this report. Our actual future results or actions may differ materially from these forward-looking statements for many reasons, including but not limited to the risks described in "Risk Factors" and elsewhere in this annual report and other reports filed by us with the SEC. This discussion and analysis of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and related notes included in this report and with the understanding that our actual future results may be materially different from what we currently expect.***

**Introduction**

We were incorporated in Colorado, U.S.A. and our subsidiaries are GRC Nevada Inc. ("GRCN"), Walker Lane Minerals Corp. ("WLMC"), County Line Holdings Inc. ("CLH"), County Line Minerals Corp. ("CLMC") and Golden Mile Minerals Corp. ("GMMC"). WLMC, CLH, CLMC, and GMMC are wholly-owned subsidiaries of GRCN. We are a mining company which pursues gold and silver projects that are expected to have both low operating costs and high returns on capital.

In February 2021, we began trading on the OTC Market operated by the OTC Markets Group under the ticker symbol "FRTT". Subsequently the symbol was changed to "FTCO". Our common stock was subsequently up listed to the OTCQB on March 5, 2021.

[**Table of Contents**](#TOC)

The following discussion summarizes our results of operations for the two fiscal years ended December 31, 2022 and 2021. It also analyzes our financial condition at December 31, 2022.

**2022 Financial Results and Highlights**

● $14.7 million net income or $0.61 per share;

● $45.1 million cash balance on December 31, 2022;

● $74.4 million net sales;

● 41,231 gold ounces and 56,876 silver ounces produced;

● $11.5 million cash dividends;

● 3.71 g/t average open pit grade mined;

● $84.1 million working capital at December 31, 2022;

● $35.4 million mine gross profit;

● $28.6 million cash from operating activities;

● $725 per ounce total all in sustaining cost; and

● $11.6 million exploration expenditures, a 115% increase from 2021.

*Operating Data*: The following tables summarize certain information about our operations at our Isabella Pearl Mine for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
| **Ore mined** |  |  |
| &nbsp;&nbsp;Ore (tonnes) | 634076 | 598345 |
| &nbsp;&nbsp;Gold grade (g/t) | 3.71 | 3.76 |
| &nbsp;&nbsp;Low-grade stockpile  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore (tonnes) | 61854 | 8600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold grade (g/t) | 0.47 | 0.33 |
| &nbsp;&nbsp;Waste (tonnes) | 1814864 | 7159740 |
| **Metal production (before payable metal deductions)**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Gold (ozs.) | 41231 | 46459 |
| &nbsp;&nbsp;Silver (ozs.) | 56876 | 44553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

[**Table of Contents**](#TOC)

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
| **Metal sold** |  |  |
| &nbsp;&nbsp;Gold (ozs.) | 41464 | 45891 |
| &nbsp;&nbsp;Silver (ozs.) | 56282 | 43189 |
| **Average metal prices realized** <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Gold ($per oz.) | 1802 | 1795 |
| &nbsp;&nbsp;Silver ($per oz.) | 22.18 | 24.74 |
| **Gold equivalent ounces sold** |  |  |
| &nbsp;&nbsp;Gold Ounces | 41464 | 45891 |
| &nbsp;&nbsp;Gold Equivalent Ounces from Silver | 693 | 595 |
|  | 42157 | 46486 |
| Total cash cost before by-product credits per gold ounce sold | $651 | $610 |
| Total cash cost after by-product credits per gold ounce sold | $621 | $587 |
| Total all-in sustaining cost per gold ounce sold | $725 | $705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

During the years ended December 31, 2022 and 2021, we produced 41,231 and 46,459 ounces of gold, respectively. The lower production is primarily due to lower leach pad recoveries due to timing of material placed under leach and higher utilization of the low-grade stockpile for blending of ore on the pad. Cash cost after by-product credit increased primarily due to lower ounces sold.

Gold ore grades vary depending on the areas of the Isabella Pearl Mine being mined at any given time.

**Consolidated Results of Operations – Year Ended December 31, 2022 Compared to Year Ended December 31, 2021**

*Sales, net.* For the year ended December 31, 2022, net sales were $74.4 million as compared to $82.1 million for the same period in 2021. The $7.7 million or 9% decrease is attributable to lower sales volumes in 2022 as compared to 2021. 2022 gold sales volumes decreased 10% from the same period in 2021 as a result of lower production, as discussed above.

*Mine cost of sales.* For the year ended December 31, 2022, mine cost of sales totaled $39.0 million compared to $41.5 million for the same period in 2021. The change is mainly attributable to lower production costs and depreciation and amortization expenses due to a decrease in sales volumes, as discussed above.

*Mine gross profit.* For the year ended December 31, 2022, mine gross profit totaled $35.4 million compared to $40.6 million for the same period in 2021. The change is primarily attributable to lower sales, as discussed above.

*General and administrative*. For the year ended December 31, 2022, general and administrative expenses totaled $5.8 million as compared to $11.4 million for the same period in 2021. The decrease in 2022 was primarily the result of costs incurred in 2021 to fully staff the Company post spin-off as a standalone entity.

*Exploration expenses*. For the year ended December 31, 2022, property exploration expenses totaled $11.6 million as compared to $5.4 million for the same period of 2021. The increase of $6.2 million is the result of increased drilling and other exploration activities at the Golden Mile and County Line properties to further define the resources.

*Other expense, net*. For the year ended December 31, 2022, other expense, net of $0.1 million did not materially change from $0.2 million for the same period in 2021.

[**Table of Contents**](#TOC)

*Income and mining tax expense.* For the year ended December 31, 2022, income and mining tax expense was $3.3 million as compared to $5.7 million for the same period in 2021. The decrease is the result of our lower income before income and mining taxes. See **Note 4** in **Item 8. Financial Statements and Supplementary Data**.

*Net income*. For the year ended December 31, 2022 we recorded a net income of $14.7 million as compared to $17.9 million in the corresponding period for 2021. The decrease is due to the changes in our consolidated results of operations as discussed above.

**Non-GAAP Measures**

Throughout this report, we have provided information prepared or calculated according to U.S. GAAP and have referenced some non-GAAP performance measures which we believe will assist with understanding the performance of our business. These measures are based on precious metal gold equivalent ounces sold and include cash cost before by-product credits per ounce, total cash cost after by-product credits per ounce, and total all-in sustaining cost per ounce ("AISC"). Because the non-GAAP performance measures do not have any standardized meaning prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with U.S. GAAP. These non-GAAP measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP.

Revenue generated from the sale of silver is considered a by-product of our gold production for the purpose of our total cash cost after by-product credits for our Isabella Pearl Mine. We periodically review our revenues to ensure that our reporting of primary products and by-products is appropriate. Because we consider silver to be a by-product of our gold production, the value of silver continues to be applied as a reduction to total cash costs in our calculation of total cash cost after by-product credits per precious metal gold equivalent ounce sold. Likewise, we believe the identification of silver as by-product credits is appropriate because of its lower individual economic value compared to gold and since gold is the primary product we produce.

Total cash cost, after by-product credits, is a measure developed by the Gold Institute to provide a uniform standard for comparison purposes. AISC is calculated based on the current guidance from the World Gold Council.

Total cash cost before by-product credits includes all direct and indirect production costs related to our production of metals (including mining, milling and other plant facility costs, royalties, and site general and administrative costs) plus treatment and refining costs.

Total cash cost after by-product credits includes total cash cost before by-product credits less by-product credits, or revenues earned from silver.

AISC includes total cash cost after by-product credits plus other costs related to sustaining production, including sustaining exploration expenses and sustaining capital expenditures. We determined sustaining capital expenditures as those capital expenditures that are necessary to maintain current production and execute the current mine plan.

Cash cost before by-product credits per ounce, total cash cost after by-product credits per ounce and AISC are calculated by dividing the relevant costs, as determined using the cost elements noted above, by gold equivalent ounces sold for the periods presented.

**Reconciliations to U.S. GAAP**

The following table provides a reconciliation of total cash cost after by-product credits to total mine cost of sales (a U.S. GAAP measure) as presented in the Consolidated Statements of Operations:

[**Table of Contents**](#TOC)

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
| &nbsp;&nbsp;Total cash cost after by-product credits | $25764 | $26942 |
| &nbsp;&nbsp;Treatment and refining charges | (321) | (281) |
| &nbsp;&nbsp;Depreciation and amortization | 13294 | 14728 |
| &nbsp;&nbsp;Reclamation and remediation | 247 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated mine cost of sales | $38984 | $41545 |

---

The following table presents a reconciliation of the non-GAAP measures of total cash cost and AISC *(in thousands, except ounces sold and cost per gold ounce sold)*:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
| Total cash cost before by-product credits <sup>(1)</sup> | $27012 | $28011 |
| By-product credits <sup>(2)</sup> | (1248) | (1069) |
| &nbsp;&nbsp;Total cash cost after by-product credits | $25764 | $26942 |
| Sustaining capital expenditures  | 2659 | 4029 |
| Sustaining exploration expenses | 1668 | 1405 |
| &nbsp;&nbsp;Total all-in sustaining cost | $30091 | $32376 |
| Gold ounces sold | 41464 | 45891 |
| Total cash cost before by-product credits per gold ounce sold | $651 | $610 |
| By-product credits per gold ounce sold <sup>(2)</sup> | (30) | (23) |
| &nbsp;&nbsp;Total cash cost after by-product credits per gold ounce sold | 621 | 587 |
| Other sustaining expenditures per gold ounce sold <sup>(3)</sup> | 104 | 118 |
| &nbsp;&nbsp;Total all-in sustaining cost per gold ounce sold | $725 | $705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Production cost plus treatment and refining charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Please see the tables below for a summary of our by-product revenue and by-product credit per gold equivalent ounces sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Sustaining capital expenditures and sustaining exploration expenses divided by gold ounces sold.

The following tables summarize our by-product revenue and by-product credit per gold ounce sold:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
| By-product credits by dollar value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver sales | $1248 | $1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales from by-products | $1248 | $1069 |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
| By-product credits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver sales | $30 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total by-product credits | $30 | $23 |

---

**Liquidity and Capital Resources**

As of December 31, 2022, we had a cash position of $45.1 million compared to $40.0 million at December 31, 2021.

As of December 31, 2022, we had working capital of $84.1 million, representing an increase of $8.1 million from a working capital balance of $76.0 million at December 31, 2021. Our working capital balance fluctuates as we use cash to

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fund our operations, dividends and other financing and investing activities, including exploration, mine development and income taxes. With our working capital balance as of December 31, 2022, we believe that our liquidity and capital resources are adequate to fund our operations, exploration, capital, and corporate activities for the next twelve months.

Net cash provided by operating activities for the year ended December 31, 2022 was $28.6 million, compared to $24.7 million for the year ended December 31, 2021. The increase is primarily due to changes in operating assets and liabilities, primarily inventory, offset by lower stock-based compensation.

Net cash used in investing activities for the year ended December 31, 2022 was $12.0 million compared to $4.5 million during the same period in 2021. The increase is primarily due to capital expenditures related to Golden Mile and capital expenditures at Isabella Pearl for a new water well and completion of the heap leach expansion.

Net cash used in financing activities was $11.6 million for the year ended December 31, 2022, compared to $7.9 million for the year ended December 31, 2021. The net change is due to dividends paid for a full year in 2022, whereas in 2021, dividends began in April.

**Off-Balance Sheet Arrangements** 

As of December 31, 2022, the Company had a $12.5 million off-balance sheet arrangement for a surety bond. This bond is off-set by a $5.9 million asset retirement obligation for future reclamation at the Company's Isabella Pearl Mine.

**Accounting Developments** 

Recently issued accounting pronouncements have been evaluated and do not presently impact our financial statements and supplemental data.

**Critical Accounting Estimates** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities and contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. As a result, management is required to routinely make judgments and estimates about the effects of matters that are inherently uncertain. Actual results may differ from these estimates under different conditions or assumptions. The following discussion pertains to accounting estimates management believes are most critical to the presentation of our financial position and results of operations that require management's most difficult, subjective, or complex judgments.

***Revenue***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Doré sales are recognized upon the satisfaction of performance obligations, which occurs when control of the doré transfers to the customer and price and quantity are agreed upon. Transfer of control occurs once the customer takes possession of the doré. Doré sales are recorded using quoted metal prices, net of refining charges.

***Proven and Probable Reserves***

Critical estimates are inherent in the process of determining our reserves. Our reserves are affected largely by our assessment of future metals prices, as well as by engineering and geological estimates of ore grade, accessibility, and production cost. Metals prices are estimated at three-year trailing averages. Our assessment of reserves occurs annually, and we may utilize external audits in the future. Reserves are a key component in the valuation of our property, equipment and mine development and related depreciation rates.

Reserve estimates are used in determining appropriate rates of units-of-production depreciation, with net book value of many assets depreciated over remaining estimated reserves. Reserves are also a key component in forecasts, with which we compare estimated future cash flows to current asset values in an effort to ensure that carrying values are reported

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appropriately. Reserves are a culmination of many estimates and are not guarantees that we will recover the indicated quantities of metals or that we will do so at a profitable level.

***Depreciation and Amortization***

Capitalized costs are depreciated or amortized using the straight-line method or unit-of-production ("UOP") method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such assets or the useful life of the individual assets. Significant judgment is involved in the determination of the estimated life of the assets. Our estimates for reserves are a key component in determining our UOP rates. Our estimates of proven and probable ore reserves may change, possibly in the near term, resulting in changes to depreciation, depletion and amortization rates in future reporting periods. Productive lives range from 3 to 7 years, but do not exceed the useful life of the individual asset.

Please see **Note 1** in **Item 8. Financial Statements and Supplementary Data** for depreciation rates of major asset categories.

***Carrying Value of Stockpiles***

Stockpiles represent ore that has been extracted from the mine and is available for further processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces (based on assay data), and the estimated metallurgical recovery rates. Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs, including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile's average cost per recoverable unit as material is processed.

We record stockpiles at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price based on short-term and long-term metals price assumptions that are applied to expected short-term (12 months or less) and long-term sales from stockpiles, less estimated costs to complete production and bring the product to sale.

***Carrying Value of Ore on Leach Pad***

Ore on the leach pad represents ore that has been mined and placed on the leach pad where a solution is applied to the surface of the heap to dissolve the gold. Costs are added to ore on the leach pad based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on the leach pad as ounces are recovered based on the average cost per estimated recoverable ounce of gold on the leach pad. Estimates of recoverable ore on the leach pad is calculated from the quantities of ore placed on the leach pad (measured tonnes added to the leach pad), the grade of ore placed on the leach pad (based on assay data) and a recovery percentage (based on ore type). In general, the leach pad is estimated to recover between 60% and 81% of the contained ounces placed on the leach pad, depending upon whether run-of-mine or crushed ore is and/or was placed on the leach pad.

The metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.

***Impairment of Long-Lived Assets***

We evaluate the carrying value of long-lived assets to be held and used, using a fair-value based approach when events and circumstances indicate that the related carrying amount of our assets may not be recoverable. The economic environment and commodity prices may be considered as impairment indicators for the purposes of these impairment assessments. In accordance with U.S. GAAP, the carrying value of a long-lived asset or asset group is considered impaired when the anticipated undiscounted cash flows from such asset or asset group is less than its carrying value. In that event, a loss will be recorded in our consolidated statements of operations based on the difference between book value and the estimated fair value of the asset or asset group computed using discounted estimated future cash flows, or the application of an expected fair value technique in the absence of an observable market price. Future cash flows include estimates of

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recoverable quantities to be produced from estimated proven and probable mineral reserves, commodity prices (considering current and historical prices, price trends and related factors), production quantities, production costs, and capital expenditures, all based on life-of-mine plans and projections. In estimating future cash flows, assets are grouped at the lowest level for which identifiable cash flows exist that are largely independent of cash flows from other asset groups. It is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital are each subject to significant risks and uncertainties.

***Asset Retirement Obligation***

Our mining and exploration activities are subject to various laws and regulations, including legal and contractual obligations to reclaim, remediate, or otherwise restore properties at the time the property is removed from service. Accounting for reclamation and remediation obligations requires management to make estimates of the future costs that we will incur to complete the work required to comply with existing laws and regulations. Actual costs may differ from the amounts estimated. Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and remediation costs. Also, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required.

***Stock-based Compensation***

We account for stock-based employee compensation under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including stock grants, and grants of stock options, to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis over the period during which the employee is required to perform service in exchange for the award.

Stock-based compensation expense is recorded over the requisite service period of the award on a straight-line basis. We recognize forfeitures as they occur.

***Income Taxes***

The calculation of income tax expense, deferred tax assets and deferred tax liabilities involve significant management estimation and judgment involving a number of assumptions. In determining these amounts, management interprets tax legislation and makes estimates of the expected timing of the reversal of future tax assets and liabilities. We also make assumptions about future earnings, tax planning strategies and the extent to which potential future tax benefits will be used. We are also subject to assessments by various taxation authorities which may interpret tax legislation differently, which could affect the final amount or the timing of tax payments.

#### Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Not applicable to smaller reporting companies.

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#### Item 8. Financial Statements and Supplementary Data

#### Index to the Financial Statements

---

| | |
|:---|:---|
| [Report of Haynie & Company, Independent Registered Public Accounting Firm](#FS_Audit_Report_cy) (PCAOB ID 457) | 43 |
| [Consolidated Balance Sheets at December 31, 2022 and 2021](#_FORTITUDE_GOLD_CORPORATION)  | 44 |
| [Consolidated Statements of Operations for the years ended December 31, 2022 and 2021](#stmtofoperations) | 45 |
| [Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2022 and 2021](#stmtofownersequity) | 46 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021](#stmtofcashflow) | 47 |
| [Notes to Consolidated Financial Statements](#notes) | 48 |

---

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of Fortitude Gold Corporation

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Fortitude Gold Corporation (the "Company") as of December 31, 2022 and 2021, and the related consolidated statements of operations, shareholders' equity, and cash flows for each of the years ended December 31, 2022 and 2021, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Haynie and Company

Salt Lake City, Utah

February 28, 2023

We have served as the Company's auditor since 2021.

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#### FORTITUDE GOLD CORPORATION CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2021** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $45054 | $40017 |
| &nbsp;&nbsp;Accounts receivable |  | 238 |
| &nbsp;&nbsp;Inventories | 47155 | 37550 |
| &nbsp;&nbsp;Prepaid taxes | 710 | 1289 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 730 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 93649 | 81322 |
| Property, plant and mine development, net | 30581 | 37226 |
| Operating lease assets, net | 3826 | 463 |
| Deferred tax assets | 1282 | 509 |
| Other non-current assets | 1818 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $131156 | $122429 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $2524 | $2127 |
| &nbsp;&nbsp;Operating lease liabilities, current | 3826 | 463 |
| &nbsp;&nbsp;Mining taxes payable | 1857 | 1699 |
| &nbsp;&nbsp;Other current liabilities | 1324 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 9531 | 5311 |
| Asset retirement obligations | 5863 | 4725 |
| Other non-current liabilities | 3 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 15397 | 10081 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock - $0.01 par value, 20,000,000 shares authorized and nil outstanding at December 31, 2022 and December 31, 2021 |  |  |
| &nbsp;&nbsp;Common stock - $0.01 par value, 200,000,000 shares authorized and 24,024,542 shares outstanding at December 31, 2022 and 23,961,208 shares outstanding at December 31, 2021 | 240 | 240 |
| &nbsp;&nbsp;Additional paid-in capital | 103731 | 103476 |
| &nbsp;&nbsp;Retained earnings | 11788 | 8632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 115759 | 112348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $131156 | $122429 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### FORTITUDE GOLD CORPORATION

#### CONSOLIDATED STATEMENTS OF OPERATIONS
*For the years ended December 31, 2022 and 2021*

*(U.S. dollars in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **Year ended**  | **Year ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** |
| Sales, net | $74379 | $82109 |
| Mine cost of sales: |  |  |
| &nbsp;&nbsp;Production costs | 25443 | 26661 |
| &nbsp;&nbsp;Depreciation and amortization | 13294 | 14728 |
| &nbsp;&nbsp;Reclamation and remediation | 247 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mine cost of sales | 38984 | 41545 |
| Mine gross profit | 35395 | 40564 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;General and administrative expenses | 5787 | 11443 |
| &nbsp;&nbsp;Exploration expenses | 11591 | 5396 |
| &nbsp;&nbsp;Other expense, net | 55 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 17433 | 17029 |
| Income before income and mining taxes | 17962 | 23535 |
| &nbsp;&nbsp;Mining and income tax expense | 3278 | 5669 |
| Net income | $14684 | $17866 |
| Net income per common share: |  |  |
| &nbsp;&nbsp;Basic | $0.61 | $0.75 |
| &nbsp;&nbsp;Diluted | $0.61 | $0.74 |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 24017381 | 23875631 |
| &nbsp;&nbsp;Diluted | 24196847 | 24108365 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### FORTITUDE GOLD CORPORATION

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
*For the years ended December 31, 2022 and 2021*

*(U.S. dollars in thousands, except share amounts)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31, 2022 and 2021** | **Years Ended December 31, 2022 and 2021** | **Years Ended December 31, 2022 and 2021** | **Years Ended December 31, 2022 and 2021** | **Years Ended December 31, 2022 and 2021** |
|  | <br>**Number of** <br>**Common** <br>**Shares** | **Par** <br>**Value of** <br>**Common** <br>**Shares** | <br>**Additional Paid-** <br>**in Capital** | **Retained** <br>**Earnings**<br>**(Accumulated** <br>**Deficit)** | <br>**Total** <br>**Shareholders'** <br>**Equity** |
| Balance, December 31, 2020 | 21211208 | $212 | $99682 | $(1926) | $97968 |
| &nbsp;&nbsp;Stock-based compensation | 2250000 | 23 | 3382 |  | 3405 |
| &nbsp;&nbsp;Issuance of shares under private placement | 500000 | 5 | 495 |  | 500 |
| &nbsp;&nbsp;True up from spin-off |  |  | (83) |  | (83) |
| &nbsp;&nbsp;Dividends |  |  |  | (7308) | (7308) |
| &nbsp;&nbsp;Net income |  |  |  | 17866 | 17866 |
| Balance, December 31, 2021 | 23961208 | $240 | $103476 | $8632 | $112348 |
| Balance, December 31, 2021 | 23961208 | $240 | $103476 | $8632 | $112348 |
| &nbsp;&nbsp;Stock-based compensation |  |  | 192 |  | 192 |
| &nbsp;&nbsp;Dividends |  |  |  | (11528) | (11528) |
| &nbsp;&nbsp;Stock options exercised | 63334 |  | 63 |  | 63 |
| &nbsp;&nbsp;Net income |  |  |  | 14684 | 14684 |
| Balance, December 31, 2022 | 24024542 | $240 | $103731 | $11788 | $115759 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### FORTITUDE GOLD CORPORATION

#### CONSOLIDATED STATEMENTS OF CASH FLOWS
*For the years ended December 31, 2022 and 2021*

*(U.S. dollars in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Year ended**  | **Year ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net income | $14684 | $17866 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13434 | 14859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 192 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | (773) | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclamation and remediation accretion | 247 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating adjustments | (47) | (303) |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 238 | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (2888) | (10866) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1498 | (266) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (49) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | 1297 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income and mining taxes payable | 737 | (591) |
| &nbsp;&nbsp;Net cash provided by operating activities | 28570 | 24665 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (11958) | (4546) |
| &nbsp;&nbsp;Net cash used in investing activities | (11958) | (4546) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (11528) | (7308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of loans payable | (87) | (665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of capital leases | (23) | (403) |
| &nbsp;&nbsp;Net cash used in financing activities | (11575) | (7876) |
| Net increase in cash and cash equivalents | 5037 | 12243 |
| Cash and cash equivalents at beginning of period | 40017 | 27774 |
| Cash and cash equivalents at end of period | $45054 | $40017 |
| **Supplemental Cash Flow Information** |  |  |
| &nbsp;&nbsp;Income and mining taxes paid | $3349 | $5893 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in capital expenditures in accounts payable | $(529) | $503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimate for asset retirement costs | $789 | $794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment purchased under finance lease | $— | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-Use assets acquired through operating lease | $7725 | $1820 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### FORTITUDE GOLD CORPORATION

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**December 31, 2022**

1. Nature of Operations and Summary of Significant Accounting Policies

***Nature of Operations***

Fortitude Gold Corporation (the "Company," "FGC," or "Fortitude") was organized under the laws of the State of Colorado on August 11, 2020. On August 18, 2020, Gold Resource Corporation ("GRC" or "Parent") transferred all of the 10,000 issued and outstanding common stock shares of its wholly-owned subsidiary GRC Nevada Inc. ("GRCN") to Fortitude in exchange for 21,211,208 shares of Fortitude's common stock. With the share transfer, GRCN became a wholly-owned subsidiary of Fortitude and Fortitude became a wholly-owned subsidiary of GRC. The assets and liabilities were recorded at historical cost as the entities were under common control.

On December 31, 2020, GRC completed the spin-off of FGC, which separated FGC's business, activities, and operations into a separate, public company. The Spin-Off was effected by the distribution of all of the outstanding shares of FGC common stock to GRC's shareholders.

In February 2021, FGC began trading on the OTC Market under the ticker symbol "FRTT". Subsequently the symbol was changed to "FTCO" and was up listed to the OTCQB in March 2021.

FGC is a mining company which pursues gold and silver projects that are expected to have both low operating costs and high returns on capital.

***Significant Accounting Policies***

*Basis of Presentation*

The consolidated financial statements included herein are expressed in United States dollars and conform to United States generally accepted accounting principles ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company, its subsidiaries GRCN, Walker Lane Minerals Corp. ("WLMC"), County Line Holdings, Inc., County Line Minerals Corp, and Golden Mile Minerals Corp. ("GMMC"). All significant intercompany balances and transactions have been eliminated.

*Risk and Uncertainties*

As a mining company, the Company's revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices for gold and to a lesser extent silver. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company's financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company's property, plant and mine development, net; inventories; stockpiles and ore on leach pads; and deferred income tax assets are particularly sensitive to the outlook for the market price for gold. A decline in the price of gold and silver from current levels could result in material impairment charges related to these assets.

In addition to changes in gold prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements, impacts of global events such as the COVID-19 pandemic, and management's decision to reprioritize or abandon a development project can adversely affect the Company's ability to recover its investment in certain assets and result in impairment charges.

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*Use of Estimates*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production depreciation calculations; future metal prices; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value related to asset impairment assessments; write-downs of inventory, stockpiles and ore on leach pads to net realizable value; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

*Cash and Cash Equivalents*

Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at cost.

*Accounts receivable*

Accounts receivable consists of trade receivables, which are recorded from the sale of doré.

*Inventories*

The major inventory categories are set forth below:

Stockpile Inventories*:* Stockpile inventories represent ore that has been mined and is available for further processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, an estimate of the contained metals (based on assay data) and the estimated metallurgical recovery rates. Costs are allocated to stockpiles based on relative values of material stockpiled and processed using current mining costs incurred, including applicable overhead, depreciation and amortization relating to mining operations. Material is removed at each stockpile's average cost per ounce. Stockpiles are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. The current portion of stockpiles is determined based on the expected amounts to be processed within the next 12 months. Stockpiles not expected to be processed within the next 12 months are classified as long-term. See **Note 3** for current and long-term balances as of December 31, 2022 and 2021.

Doré Inventory: Doré inventories includes gold and silver doré bars held at the Company's facility. Doré inventories are carried at the lower of cost of production or net realizable value based on current metals prices.

Leach Pad: Ore on leach pad represents ore that has been mined and placed on the leach pad where a solution is applied to the surface of the heap to extract the gold or silver. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces are recovered based on the average cost per estimated recoverable ounce of gold or silver on the leach pad.

Estimates of recoverable ore on the leach pad are calculated from the quantities of ore placed on the leach pad (measured tonnes added to the leach pad), the grade of ore placed on the leach pad (based on assay data) and a recovery percentage (based on ore type).

Although the quantities of recoverable ore placed on the leach pad are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process

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inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Changes in assumptions and estimates are accounted for on a prospective basis.

Materials and Supplies Inventories: Materials and supplies inventories consist of chemical reagents, fuels, and other materials and supplies. Cost includes applicable taxes and freight. Materials and supplies inventory is carried at lower of average cost or net realizable value.

Write-downs of inventory are charged to expense.

*Property, Plant and Mine Development*

Land and Mineral Rights**:** The costs of acquiring land and mineral rights are considered tangible assets. Administrative and holding costs to maintain an exploration property are expensed as incurred. If a mineable mineral deposit is discovered, mineral rights are amortized when production begins using the units of production ("UOP") method. If no mineable mineral deposit is discovered or such rights are otherwise determined to have diminished value, such costs are expensed in the period in which the determination is made.

Mine Development**:** The costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expenses. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves.

Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of production costs. All other drilling and related costs are expensed as incurred.

Mine development costs are amortized using the UOP method based on estimated recoverable ounces in proven and probable reserves.

The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as "pre-stripping costs". Pre-stripping costs are capitalized during the development of an open pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of deminimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material.

The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in costs applicable to sales in the same period as the revenue from the sale of inventory.

Property and Equipment: All items of property and equipment are carried at cost. Normal maintenance and repairs are expensed as incurred while expenditures for major maintenance and improvements are capitalized. Gains or losses on disposition are recognized in other (income) expense.

Construction in Progress: Expenditures for new facilities or equipment are capitalized and recorded at cost. Once completed and ready for its intended use, the asset is transferred to property and equipment to be depreciated or amortized.

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Depreciation and Amortization: Capitalized costs are depreciated or amortized using the straight-line or UOP method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such assets or the useful life of the individual assets. The estimates for mineral reserves are a key component in determining the UOP depreciation rates. The estimates of reserves may change, possibly in the near term, resulting in changes to depreciation and amortization rates in future reporting periods. The following are the estimated economic lives of depreciable assets:

---

| | |
|:---|:---|
|  | **Range of Lives** |
| Asset retirement costs | UOP |
| Furniture, computer and office equipment | 3 to 4 years |
| Light vehicles and other mobile equipment | 4 years |
| Machinery and equipment | UOP to 4 years |
| Plant facilities, leach pad, and related infrastructure | UOP to 7 years |
| Mine development and mineral interests | UOP |

---

*Impairment of Long-Lived Assets*

The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset. If an impairment is indicated, a determination is made whether an impairment has occurred and any impairment losses are measured as the excess of carrying value over the total discounted estimated future cash flows, or the application of an expected fair value technique in the absence of an observable market price and are charged to expense on the Company's consolidated statements of operations. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups.

Existing reserves and other mineralized material are included when estimating the fair value in determining whether the assets are impaired. The Company's estimates of future cash flows are based on numerous assumptions including expected gold and other commodity prices, production levels, capital requirements and estimated salvage values. It is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital requirements are each subject to significant risks and uncertainties.

*Fair Value of Financial Instruments*

The recorded amounts of cash and cash equivalents, accounts payable, and loans payable approximate fair value because of the short maturity of those instruments.

*Revenue Recognition* 

Gold doré sales are recognized upon the satisfaction of performance obligations, which occurs when price and quantity are agreed upon with the customer. Silver doré sales are immaterial. Doré sales are recorded using quoted metal prices, net of refining charges.

*Production Costs*

Production costs include labor and benefits, royalties, and doré shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, materials and supplies, repairs and maintenance, explosives, insurance, reagents, travel, medical services, security equipment, office rent, tools, and other costs that support mining operations.

*Exploration Costs*

Exploration costs are charged to expense as incurred. Costs to identify new mineral resources and to evaluate potential resources are considered exploration costs.

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*Asset Retirement Obligation*

An asset retirement obligation is recognized when incurred and is recorded as a liability at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset's carrying value and amortized over the life of the related asset. Asset retirement costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The estimated asset retirement obligation is based on when spending for an existing disturbance is expected to occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation in accordance with ASC guidance for asset retirement obligations.

*Income Taxes*

Income taxes are computed using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes and the effect of net operating losses using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated to determine if it is more likely than not that they will be realized. Please see **Note 4** for additional information.

 

*Earnings Per Share*

Basic earnings per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if potentially dilutive securities, as determined using the treasury stock method, are converted into common stock. Potentially dilutive securities are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds the average fair market value of the underlying common stock.

*Stock-Based Compensation*

The Company records stock-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the consolidated statements of operations over the requisite employee service period on a straight-line basis over the vesting period. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, and related tax impacts.

 

*Concentration of Credit Risk*

The Company has considered and assessed the credit risk resulting from its doré sales arrangements with its customers. In the event that the Company's relationships with its customers are interrupted for any reason, the Company believes that it would be able to locate another entity to purchase its doré bars; however, any interruption could temporarily disrupt the Company's sale of its products and adversely affect operating results.

The Isabella Pearl Mine in Nevada, U.S.A. accounted for 100% of the Company's 2022 and 2021 net sales with one customer accounting for 97% and 96% of net sales in 2022 and 2021, respectively.

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2. Revenue

The following table presents the Company's net sales:

---

| | | |
|:---|:---|:---|
|  | **Year ended**  | **Year ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| Sales, net |  |  |
| &nbsp;&nbsp;Gold sales | $74700 | $82390 |
| &nbsp;&nbsp;Less: Refining charges | (321) | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales, net | $74379 | $82109 |

---

#### 3 . Inventories
At December 31, 2022 and December 31, 2021, current inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2021** |
|  | *(in thousands)* | *(in thousands)* |
| Stockpiles | $5832 | $5839 |
| Leach pad | 40786 | 31119 |
| Doré | 32 | 434 |
| &nbsp;&nbsp;Subtotal - product inventories | 46650 | 37392 |
| Materials and supplies | 505 | 158 |
| &nbsp;&nbsp;Total | $47155 | $37550 |

---

In addition to the inventory above, as of December 31, 2022 and December 31, 2021, the Company has $1.5 million and $2.6 million, respectively, of low-grade ore stockpile inventory included in other non-current assets.

4. Income Taxes

The Company files a consolidated U.S. income tax return. The Company also files a Nevada net proceeds of minerals tax return and such tax is treated as an income tax for purposes of ASC 740. At the federal level, the Company's income (loss) in the U.S. is taxed at 21%, while a 5% net proceeds of minerals tax applies in Nevada. For financial reporting purposes, the Company recorded net income before income taxes of $18.0 million and $23.5 million for the years ended December 31, 2022 and 2021, respectively.

For the years ended December 31, 2022 and 2021, the Company had $4.1 million and $5.2 million of current tax expense, respectively. As a result of the spin-off from GRC, $(0.1) million in federal current tax benefit resulted in an adjustment to additional paid in capital and did not generate a tax payable in 2021. No additional paid in capital adjustments were recorded in 2022.

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---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| Current taxes |  |  |
| &nbsp;&nbsp;Federal | $1739 | $3000 |
| &nbsp;&nbsp;State | 2312 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current taxes | $4051 | $5219 |
| Deferred taxes |  |  |
| &nbsp;&nbsp;Federal | $(773) | $450 |
| &nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred taxes | $(773) | $450 |
| Total income and mining taxes | $3278 | $5669 |

---

The provision for income taxes for the years ended December 31, 2022 and 2021, differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income from operations as a result of the following differences:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| Tax at statutory rates | $3772 | $4943 |
| Nevada net proceeds of minerals tax, net | 1827 | 1753 |
| Depletion in excess of basis | (2265) | (1584) |
| Nondeductible Compensation | (50) | 576 |
| Other | (6) | (19) |
| Total income and mining tax expense | $3278 | $5669 |

---

The following table sets forth deferred tax assets and liabilities:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| &nbsp;&nbsp;Property and equipment | $4399 | $2434 |
| &nbsp;&nbsp;Lease liabilities | 803 | 97 |
| &nbsp;&nbsp;Stock compensation | 61 | 31 |
| Total deferred tax assets | 5263 | 2562 |
| &nbsp;&nbsp;Valuation allowance |  |  |
| Deferred tax assets after valuation allowance | $5263 | $2562 |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;Lease assets | $(803) | $(97) |
| &nbsp;&nbsp;Inventory | (3178) | (1956) |
| Total deferred tax liabilities | $(3981) | $(2053) |
| Net deferred tax asset | $1282 | $509 |

---

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Other Tax Disclosures

The Company evaluates the evidence available to determine whether a valuation allowance is required on the deferred tax assets. The Company determined that its deferred tax assets were "more likely than not" to be realized as of December 31, 2022 and 2021, thus no valuation allowance was determined to be necessary.

As of both December 31, 2022 and 2021, the Company believes that it has no uncertain tax positions. If the Company were to determine there was an uncertain tax position, the Company would recognize the liability and related interest and penalties within income tax expense.

5. Prepaid Expenses and Other Current Assets

At December 31, 2022 and December 31, 2021, prepaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2021** |
|  | *(in thousands)* | *(in thousands)* |
| Contractor advances | $273 | $1831 |
| Prepaid insurance | 309 | 250 |
| Other current assets | 148 | 147 |
| &nbsp;&nbsp;Total | $730 | $2228 |

---

6. Property, Plant and Mine Development, net

At December 31, 2022 and December 31, 2021, property, plant and mine development consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2021** |
|  | *(in thousands)* | *(in thousands)* |
| Asset retirement costs | $5171 | $4382 |
| Construction-in-progress | 9522 | 3891 |
| Furniture and office equipment | 590 | 410 |
| Leach pad and ponds | 3732 | 5649 |
| Land | 25 | 25 |
| Light vehicles and other mobile equipment | 544 | 463 |
| Machinery and equipment | 15698 | 15143 |
| Process facilities and infrastructure | 8856 | 7729 |
| Mineral interests and mineral rights | 18953 | 18928 |
| Mine development | 24365 | 24365 |
| Software and licenses | 105 | 65 |
| &nbsp;&nbsp;Subtotal <sup>(1)</sup> | 87561 | 81050 |
| Accumulated depreciation and amortization | (56980) | (43824) |
| &nbsp;&nbsp;Total | $30581 | $37226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes capital expenditures in accounts payable of $0.6 million and $1.1 at December 31, 2022 and 2021, respectively.

For the years ended December 31, 2022 and 2021, the Company recorded depreciation and amortization expense of $13.4 million and $14.9 million, respectively.

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7. Other Current Liabilities

At December 31, 2022 and December 31, 2021, other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2021** |
|  | *(in thousands)* | *(in thousands)* |
| Accrued royalty payments | $547 | $435 |
| Accrued property and excise taxes | 721 | 461 |
| Other accrued expenses | 56 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1324 | $1022 |

---

8. Asset Retirement Obligation

The following table presents the changes in the Company's asset retirement obligation for the years ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2021** |
|  | *(in thousands)* | *(in thousands)* |
| Asset retirement obligation – balance at beginning of period | $4725 | $3844 |
| Changes in estimate | 789 | 794 |
| Payments | (47) | (220) |
| Accretion | 396 | 307 |
| &nbsp;&nbsp;Asset retirement obligation – balance at end of period | $5863 | $4725 |

---

As of December 31, 2022, the Company had a $12.5 million off-balance sheet arrangement for a surety bond. This bond is off-set by a $5.9 million asset retirement obligation for future reclamation at the Company's Isabella Pearl Mine. As of December 31, 2021, the Company had a $12.2 million off-balance sheet arrangement for a surety bond. This bond was off-set by a $4.7 million asset retirement obligation for future reclamation at the Company's Isabella Pearl Mine. For the years ended December 31, 2022 and 2021, the Company's asset retirement obligations were discounted using a credit adjusted risk-free rate of 11% and 8%, respectively.

9. Commitments and Contingencies

The Company has a Contract Mining Agreement with a mining contractor relating to mining activities at its Isabella Pearl Mine. Included in this Agreement is an embedded lease for the mining equipment for which the Company has recognized a right-of-use asset and corresponding operating lease liability. Please see **Note 10** for more information. In addition to the embedded lease payments, the Company pays the contract miner operational costs in the normal course of business. These costs represent the remaining future contractual payments for the Contract Mining Agreement over its term. The contractual payments are determined by rates within the Contract Mining Agreement, estimated tonnes moved and bank cubic yards for drilling and blasting. As of December 31, 2022, total estimated contractual payments remaining, excluding embedded lease payments, are $3.5 million for the year ended December 31, 2023.

10. Leases

#### Operating Leases
Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases as incurred over the lease term. For leases beginning in 2019 and later, the Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from the non-lease components (e.g., common-area maintenance costs).

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The depreciable life of assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The weighted average remaining lease term for the Company's operating leases as of December 31, 2022 is 1 year.

The discount rate implicit within the Company's leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for the Company's leases is determined based on the lease term adjusted for impacts of collateral. The weighted average discount rate used to measure the Company's operating lease liabilities as of December 31, 2022 was 7.48%.

There are no material residual value guarantees and no restrictions or covenants imposed by the Company's leases.

The Company has an embedded lease in its Contract Mining Agreement which was renewed for a three-month period in October 2021. In February 2022, the Company extended the Contract Mining Agreement for another two-month period resulting in the recognition of a $1.1 million right-of-use asset and corresponding $1.1 million operating lease liability. In April 2022, the Company extended the Contract Mining Agreement for a nine-month term resulting in the recognition of a $2.8 million right-of-use asset and corresponding $2.8 million operating lease liability. In November 2022, the Company extended the Contract Mining Agreement for a twelve-month term resulting in the recognition of a $3.8 million right-of-use asset and corresponding $3.8 million operating lease liability. The Company's lease payments for its mining equipment are determined by tonnage hauled. The payments, amortization of the right-of-use asset, and interest vary immaterially from forecasted amounts due to variable conditions at the mine. During the years ended December 31, 2022 and 2021, the Company capitalized variable lease costs of $4.4 million and $8.2 million, respectively, to Inventory.

Maturities of operating lease liabilities as of December 31, 2022 are as follows *(in thousands)*

---

| | |
|:---|:---|
| **Year Ending December 31:** |  |
| &nbsp;&nbsp;2023 | $3983 |
| &nbsp;&nbsp;Thereafter |  |
| Total lease payments | 3983 |
| &nbsp;&nbsp;Less imputed interest | (157) |
| Present value of minimum payments | 3826 |
| &nbsp;&nbsp;Less: current portion | (3826) |
| Long-term portion of minimum payments | $— |

---

Supplemental cash flow information related to the Company's operating leases is as follows for the years ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **Year ended**  | **Year ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;Operating cash flows from operating leases | $4444 | $8228 |

---

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**11. Other Expense, Net**

For the years ended December 31, 2022 and 2021, other expense, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended**  | **Year ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| Interest (income) expense | $(71) | $129 |
| Charitable contributions | 134 | 71 |
| Other income | (8) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $55 | $190 |

---

12. Net Income per Common Share

Basic earnings per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company's common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period.

The effect of the Company's dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. As of December 31, 2022, potentially dilutive securities representing 100,000 shares of common stock were excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

Basic and diluted net income per common share is calculated as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended**  | **Year ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** |
| Net income (in thousands) | $14684 | $17866 |
| Basic weighted average shares of common stock outstanding | 24017381 | 23875631 |
| Diluted effect of share-based awards | 179466 | 232734 |
| Diluted weighted average common shares outstanding | 24196847 | 24108365 |
| Net income per share: |  |  |
| Basic  | $0.61 | $0.75 |
| Diluted | $0.61 | $0.74 |

---

13. Fair Value Measurement

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

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Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth certain of the Company's assets measured at fair value by level within the fair value hierarchy as of December 31, 2022 and December 31, 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2021** | <br>**Input Hierarchy Level** |
|  | *(in thousands)* | *(in thousands)* |  |
| Cash and cash equivalents | $45054 | $40017 | Level 1 |
| Accounts receivable |  | 238 | Level 2 |

---

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash and cash equivalents consist primarily of cash deposits and are valued at cost, which approximates fair value.

Accounts receivable include amounts due to the Company for deliveries of doré sold to customers, which approximates fair value.

14. Stock-Based Compensation

The Fortitude Gold Corporation 2020 Equity Incentive Plan (the "Incentive Plan") allows for the issuance of up to 5 million shares of common stock in the form of incentive and non-qualified stock options, stock appreciation rights, restricted stock units, stock grants, and stock units. The Company utilizes this Incentive Plan to attract, retain and incentivize staff.

***Stock Grants***

During the year ended December 31, 2021, in conjunction with its staffing process post Spin-Off, the Company issued 2,250,000 shares of its common stock to officers, directors, management and other key personnel. These shares immediately vested and had a weighted average fair value $1.45 per share. No shares were issued during the year ended December 31, 2022.

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***Stock Options***

A summary of stock option activity under the Incentive Plan for the years ended December 31, 2022 and 2021 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **WeightedAverage ExercisePrice (per share)** | **Weighted AverageRemainingContractual Term(in years)** | **AggregateIntrinsicValue(thousands)** |
| &nbsp;&nbsp;Outstanding as of December 31, 2020 | - | $- | - | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 462000 | 2.12 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (40000) | 1.00 | - | - |
| &nbsp;&nbsp;Outstanding as of December 31, 2021 | 422000 | $2.23 | 4.11 | $1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 30000 | 7.06 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised | (63334) | 1.00 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (20000) | 1.00 | - | - |
| &nbsp;&nbsp;Outstanding as of December 31, 2022 | 368666 | $2.90 | 3.22 | $1008 |
| &nbsp;&nbsp;Vested and exercisable as of December 31, 2022 | 77331 | $3.24 | 3.17 | $176 |

---

The weighted-average fair value of options per share granted during the year ended December 31, 2022 and 2021 was $2.62 and $1.24, respectively. The total intrinsic value of options exercised during the year ended December 31, 2022 was $0.4 million. The total fair value of options vested during the year ended December 31, 2022 was $0.1 million. No options vested during the year ended December 31, 2021.

During the year ended December 31, 2022, stock options to purchase an aggregate of 63,334 of the Company's common stock were exercised at a weighted average exercise price of $1.00 per share. No stock options were exercised during the year ended December 31, 2021.

The Company utilizes the simplified method to determine expected life because of a lack of sufficient exercise history. The weighted average assumptions used to determine the value of stock-based awards under the Black-Scholes method are summarized below:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** |
| &nbsp;&nbsp;Risk-free interest rate | 2.06% | 0.35% |
| &nbsp;&nbsp;Dividend yield | 7.25% | 0.68% |
| &nbsp;&nbsp;Expected volatility | 75.87% | 73.88% |
| &nbsp;&nbsp;Expected life in years | 4 | 4 |

---

As of December 31, 2022, there was $0.3 million of total unrecognized expense related to stock options, which is being amortized through 2025.

The following table summarizes information about stock options outstanding at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Outstanding** | **Outstanding** | **Outstanding** | **Exercisable** | **Exercisable** |
| **Range of Exercise Prices** | **Number ofOptions** | **Weighted AverageRemainingContractual Term(in years)** | **WeightedAverage ExercisePrice (per share)** | **Number ofOptions** | **WeightedAverage ExercisePrice (per share)** |
| &nbsp;&nbsp;$1.00 - $5.48 | 338666 | 3.13 | $2.53 | 77331 | $3.24 |
| &nbsp;&nbsp;$5.48 - $7.06 | 30000 | 4.20 | $7.06 | - | $- |
|  | 368666 | 3.22 | $2.90 | 77331 | $3.24 |

---

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***Stock-Based Compensation Expense***

Stock-based compensation is included in general and administrative expenses in the accompanying Consolidated Statements of Operations. For the years ended December 31, 2022 and 2021, the Company recorded $0.2 million and $3.4 million, respectively, of stock-based compensation.

15. Shareholder's Equity

On January 11, 2021, the Company completed a private placement sale of 500,000 shares of its common stock at $1.00 per share to 20 individual investors. The shares have a restrictive legend with no registration rights. No commission or finder's fee was paid in connection with the private placement.

During the year ended December 31, 2022, the Company declared and paid dividends of $11.5 million or $0.48 per share. During the year ended December 31, 2021, the Company declared and paid dividends of $7.3 million, or $0.30 per share.

See **Note 14** for information concerning shares and options granted pursuant to the Company's Equity Incentive Plan.

16. Related Party Transactions

Effective December 31, 2020, in connection with the Spin-Off, the Company entered into a Management Services Agreement ("MSA" or "Agreement") with GRC that governed the relationship of the parties following the Spin-Off. The MSA provided that the Company received services from GRC and its subsidiaries to assist in the transition of the Company as a separate company including, managerial and technical supervision, advisory and consultation with respect to mining operations, exploration, environmental, safety and sustainability matters. The Company also received certain administrative services related to information technology, accounting and financial advisory services, legal and compliance support and investor relation and shareholder communication services. The agreed upon charges for services rendered were based on market rates that align with the rates that an unaffiliated service provider would charge for similar services. The MSA's initial term was to expire on December 31, 2022, would automatically renew annually and may be cancelled upon 30 days written notice by one party to the other during the term. On April 21, 2021, GRC provided the Company 30 days written notice to cancel the MSA effective May 21, 2021. During the year ended December 31, 2021, the Company recognized $0.4 million of expense related to the MSA. The Company did not incur any expenses related to the MSA in 2022.

#### Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.

#### Item 9A. Controls and Procedures
*Evaluation of Disclosure Controls and Procedures.* We have conducted an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 15d-15. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including our subsidiaries) required to be included in our periodic Securities and Exchange Commission filings.

*Management's Report on Internal Control Over Financial Reporting*. Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designated by, or under the supervision of, our principal executive and principal financial officers and effected by our board of directors, management and other

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personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2022. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (2013 Framework). Based on our assessment, our Chief Executive Officer and our Chief Financial Officer both believe that, as of December 31, 2022, our internal control over financial reporting is effective based on those criteria.

The Company's independent registered public accounting firm was not required to and did not express an opinion on the effectiveness of the Company's internal control over financial reporting.

*Changes in Internal Control over Financial Reporting.* There was no change in our internal control over financial reporting that occurred during the Fourth Quarter 2022 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

#### Item 9B. Other Information
Not applicable.

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#### PART III

#### Item 10. Directors, Executive Officers, and Corporate Governance
The name, age and position of our directors, executive officers and key employees as of February 28, 2022 are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Jason Reid | 49 | President, Chief Executive Officer and Director |
| Bill M. Conrad | 66 | Chairman of the Board of Directors |
| John Labate | 74 | Chief Financial Officer |
| Barry Devlin | 65 | Vice President of Exploration |
| Gregory Patterson | 53 | Vice President of Corporate Development |

---

**Jason D. Reid** serves as Chief Executive Officer and Director of Fortitude Gold Corporation since the spin-off from Gold Resource Corporation ("GRC") where Jason previously served for over 14 years including CEO, President and Director positions. Jason joined GRC in 2006 when it was a private Company and helped take it public with a self-underwritten IPO. Jason was part of a management team that took GRC from an exploration stage company to a development stage company, to a gold and silver dividend paying producer. Under his tenure as CEO & President, GRC achieved over a decade of production, ten consecutive years of profitability, generated over $1 billion in revenue and returned over $116 million in dividends to shareholders. At GRC, he also co-created and initiated the first known cash to physical gold and silver dividend program whereby shareholders could take delivery of precious metals. As an entrepreneur prior to GRC, Jason was the founder and president of two successful businesses he ran for 13 years. He holds a Bachelor of Science degree from Fort Lewis College. Our Board of Directors believes that Mr. Reid's experience founding and operating his own business, as well as over fifteen years of mining industry experience, significant participation in the development of business strategy and decision-making for the Company provides him with the appropriate experience and qualifications to serve as a member of our Board.

**Bill M. Conrad** serves as Chairman of Fortitude Gold Corporation. He previously served on the Board of Directors of Gold Resource Corporation (NYSE American: GORO) for 15 years, where he held several positions including Lead Independent Director, Audit Committee Chairman, Compensation Committee Chairman, Nominating and Governance Committee Chairman as well as the Chairman of the Board of Directors from 2014 to 2021. Over the past 35 years, Mr. Conrad has served as an executive officer and director of numerous private and publicly traded companies. In 1990, Mr. Conrad cofounded MCM Capital Management, Inc., a private management consulting firm which assisted private and public companies with management, financial needs, mergers, acquisitions, public and private markets, and funding and finance sources. Mr. Conrad also served as a Director of Synergy Resources Corp. (NYSE American: SYRG & SRCI) from 2008 until 2017, an oil and gas company operating in the DJ Basin of Colorado. Mr. Conrad was a member of the Audit Committee, member of the Nominating Committee and Chairman of the compensation committee during his tenure at SYRG. Mr. Conrad's expertise is primarily focused in the areas of financial management, accounting principles, financial statements and corporate development. Our Board believes that the management and corporate finance experience developed by Mr. Conrad over 35 years serving as an executive officer and director of numerous private and publicly-traded companies, his extractive industry experience, as well as his familiarity with relevant accounting principles and financial statement presentation, qualifies Mr. Conrad to serve as a director.

**John A. Labate** was appointed as our Chief Financial Officer on March 1, 2021. Mr. Labate is an experienced mining industry executive with over forty years of financial management and accounting experience. His extensive experience includes previously serving as CFO for Gold Resource Corporation, Golden Star Resources Ltd., Constellation Copper Corporation and Crown Resources Corporation.

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**Barry D. Devlin** joined the Company as our Vice President of Exploration on March 1, 2021. Mr. Devlin is an experienced mining industry executive with over thirty-nine years of exploration experience. He previously held positions at companies including Gold Resource Corporation, Endeavour Silver Corporation and Hecla Mining Company. He has participated in the discovery, acquisition and development of numerous mineral deposits including extensive experience in epithermal gold-silver (high and low sulfidation) systems and porphyry copper gold skarns. He has worked in a variety of geologic environments in the USA, Canada, Mexico, Argentina, Bolivia, Chile, Guyana, Peru and Venezuela and has established a solid track record in generative exploration programs. He holds a BS degree with honors in Geology, 1981, and a Masters in Geology, 1987, from the University of British Columbia, Vancouver, Canada.

**Gregory A. Patterson** was appointed as our Vice President of Corporate Development on March 1, 2021. Mr. Patterson was the Vice President of Corporate Development for Gold Resource Corporation ("GORO") between October 2013 and February 2021. In this capacity, he managed investor relations for GORO and participated in overall corporate strategy. Prior to joining GORO, Mr. Patterson spent fifteen years in marketing and territory sales management for two manufacturers of precision laboratory instruments. Mr. Patterson holds a Bachelor's degree in Environmental Biology (1991) from the University of Colorado and is the brother-in-law of Jason Reid, a Director of the Company and the Company's Chief Executive Officer.

**Board Leadership Structure and Risk Oversight**

The Board does not have a formal policy regarding the separation of the roles of CEO and Chairman of the Board, as the Board believes it is in the best interest of our Company to make that determination periodically based on the position and direction of our Company and the membership of the Board. At the present time, our CEO and Chairman roles are separated. As the director with significant experience serving on boards for over thirty years, Mr. Conrad brings extensive knowledge of the Company's history in addition to experience with various companies in natural resource industries. In his capacity as Chairman, he works closely with Mr. Reid, the Chief Executive Officer. The Board also does not have a formal policy that designates a lead independent director at this time; however, Mr. Conrad, as Chairman of the Board leads meetings of the board.

Companies such as ours face a variety of risks, including financial reporting, legal, credit, liquidity, operational, health, safety and cybersecurity risk. The Board believes an effective risk management system will (1) identify the material risks that we face in a timely manner, (2) communicate necessary information with respect to material risks to senior executives and, as appropriate, to the Board or relevant board committee, (3) implement or oversee implementation of appropriate and responsive risk management and mitigation strategies consistent with our risk profile, and (4) integrate risk management into our decision-making.

The Board oversees risk management after receiving briefings from management and advisors and also based on its own analysis and conclusions regarding the adequacy of our risk management processes. The Board, with assistance and input from its committees, continuously evaluates and manages material risks including geopolitical and enterprise risk, financial risk, environmental risk, health and safety risk, and the effect of compensation structures on risk-taking behaviors. By virtue of the directors working closely with executive management, who in turn work closely with the operators of our mine, we have created an effective and efficient risk communication system that has increased collaboration and communication.

**Board Diversity and Independence**

The Company does not have a formal policy with regard to the consideration of diversity in identifying director nominees. The Company continues to strive to nominate individuals with a variety of backgrounds, industry experience and complementary skills so that, as a group, the Board possesses the appropriate talent, skills, and expertise to oversee our businesses. This assessment includes consideration of independence, expertise, mining and other industry background, age, gender, skills, geographic location and time availability, in the context of the needs of the Board and our Company.

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As of February 27, 2023, we had the following directors:

---

| | |
|:---|:---|
| **Name** | **Type** |
| Bill M. Conrad | Independent |
| Jason Reid | Non-Independent |

---

The following table summarizes the total compensation for all independent directors serving during the years ended December 31, 2022 and 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Fees Earned** |  |  |  |  |  |
|  |  | **or paid** |  | **Stock**  | **Option**  | **All Other**  |  |
|  | **Fiscal**  | **in Cash** | **Bonus**  | **Awards**  | **Awards**  | **Compensation**  |  |
| **Name and Principal Position** | **Year** |  |  | **(1)** | **(2)** |  | **Total** |
| Bill M. Conrad |  |  |  |  |  |  |  |
| Chairman of the Board of Directors | 2022 | $240000 | $168000 | $— | $— | $— | $408000 |
|  | 2021 | $217250 | $805250 | $770000 | $— | $— | $1792500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The value of all stock awarded during the periods covered by the table calculated in accordance with ASC 718-10-30-3 which represented the grant date fair value.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The fair value of all stock options granted during the periods covered by the table calculated on the grant date in accordance with ASC 718-10-30-3 which represented the grant date fair value.

#### Item 11. Executive Compensation
**General Information**

The Board of Directors takes seriously its role in the administration of the Company's compensation programs and values input from shareholders.

Our named executive officers are compensated through the following three components:

● Base Salary

● Short-Term Incentives (cash bonuses)

● Long-Term Incentives (equity-based awards)

● Benefits

These components provide a balanced mix of base compensation and compensation that is contingent upon our executive officer's individual performance. A goal of the compensation program is to provide executive officers with a reasonable level of security through base salary and benefits. We want to ensure that the compensation programs are appropriately designed to encourage executive officer retention and motivation to create shareholder value. We believe that our shareholders are best served when we can attract and retain talented executives by providing compensation packages that are competitive but fair. The pool of industry experienced individuals is relatively small and competition is fierce among the industry to identify, hire and retain personnel.

Base Salaries

Base salaries generally have been targeted to be competitive when compared to the salary levels of persons holding similar positions in other publicly traded mining companies of comparable size. The executive officer's respective responsibilities, experience, expertise, and individual performance are considered.

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Short-Term Incentives

Cash bonuses may be awarded at the sole discretion of the Board of Directors based upon a variety of factors that encompass both individual and company performance.

Long-Term Incentives

Equity incentive awards help to align the interests of our employees with those of our shareholders. Equity based awards are made under our Equity Incentive Plan. Options are granted with exercise prices equal to the closing price of our common stock on the date of grant and may be subject to a vesting schedule as determined by the Board of Directors which administers the plan.

We believe that grants of equity-based compensation:

● enhance the link between the creation of shareholder value and long-term executive incentive compensation;

● provide focus, motivation, and retention incentive; and

● provide competitive levels of total compensation.

In addition to cash and equity compensation programs, named executive officers participate in the health and welfare benefit programs available to other employees.

Compensation Table

The following table sets forth in summary form the compensation received by our executive officers for the years ended December 31, 2022 and 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Stock**  | **Option**  | **All Other**  |  |
|  | **Fiscal**  | **Salary**  | **Bonus**  | **Awards**  | **Awards**  | **Compensation**  |  |
| **Name and Principal Position** | **Year** | **(1)** | **(2)** | **(3)** | **(4)** |  | **Total** |
| Jason D. Reid |  |  |  |  |  |  |  |
| CEO & President | 2022 | $600000 | $480000 | $— | $— | $9150 | $1089150 |
|  | 2021 | $541667 | $1463587 | $1190000 | $— | $8700 | $3203954 |
| John A. Labate |  |  |  |  |  |  |  |
| Chief Financial Officer | 2022 | $260000 | $182000 | $— | $— | $9150 | $451150 |
|  | 2021 | $216667 | $387257 | $— | $— | $8700 | $612624 |
| Barry D. Devlin |  |  |  |  |  |  |  |
| Vice President of Exploration | 2022 | $346500 | $242550 | $— | $— | $9150 | $598200 |
|  | 2021 | $288750 | $590797 | $— | $— | $8700 | $888247 |
| Gregory A. Patterson |  |  |  |  |  |  |  |
| Vice President of Development and Investor Relations | 2022 | $250000 | $175000 | $— | $— | $9150 | $434150 |
|  | 2021 | $195833 | $487793 | $— | $— | $8700 | $692326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The dollar value of base salary (cash and non-cash) earned.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The dollar value of bonus (cash and non-cash) earned.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The value of all stock awarded during the periods covered by the table calculated in accordance with ASC 718-10-30-3 which represented the grant date fair value.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The fair value of all stock options granted during the periods covered by the table calculated on the grant date in accordance with ASC 718-10-30-3 which represented the grant date fair value.

**Employment Contracts**

We maintain written employment agreements with each of our named executive officers that became effective March 1, 2021. The employment agreements have a one-year term from their effective date and are automatically renewable for

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subsequent one-year terms on each successive anniversary of the commencement of employment unless either party gives notice to the other that they do not wish to renew the agreement, provided such notice is given not less than 60 days prior to expiration. In accordance with the terms of the employment agreements, each named executive officer receives base salary and is eligible for incentive compensation in the form of cash bonuses or equity awards. A portion of the short-term incentive compensation earned each year is determined with reference to achievement of certain performance metrics, and the remainder of any incentive compensation earned shall be determined in the discretion of the Board of Directors. Base salaries may be increased from time to time in the discretion of the Board of Directors.

Pursuant to the terms of these employment agreements, our named executive officers would also be entitled to certain payments in the event their employment is terminated under for a "change in control." In that event, the named executive officer will receive 24 months' base salary plus the prior two years' actual or targeted bonuses as a severance payment under the terms set forth in the agreement.

We presently know of no agreements regarding a change in control of the Company. In the event of a change in control in the future, our named executive officers are entitled to certain compensation benefits as described in "Employment Agreements" above.

**Grants of Plan-Based Awards**

No plan-based awards were made to Named Executive Officer in fiscal 2022.

#### Equity Incentive Plan
Our Board of Directors has adopted the 2020 Equity Incentive Plan (the "Plan") that reserves 5,000,000 shares of common stock for issuance to plan participants in the form of incentive and non-qualified stock options, stock appreciation rights ("SARs"), and stock grants and units. Each stock option awarded allows the holder to purchase one share of our common stock.

The Plan is administered by our Board of Directors (or any committee subsequently appointed by the Board) and is vested with the authority to interpret the provisions of the Plan and supervise the administration of the Plan. In addition, the Board is empowered to select those persons who will participate in the Plan, to determine the number of shares subject to each award and to determine when, and upon what conditions, awards granted under the Plan will vest, terminate, or otherwise be subject to forfeiture and cancellation. The terms and conditions of any awards issued, including the price of the shares underlying each award are governed by the provisions of the Plan and any agreements with the Plan participants.

Incentive Stock Options

Employees are eligible to be granted incentive stock options pursuant to the Plan. Options granted pursuant to the Plan terminate at such time as may be specified when the option is granted.

The exercise price of each option cannot be less than 100% of the fair market value of our common stock at the time of the granting of the option provided, however, if the optionee, at the time the option is granted, owns stock possessing more than 10% of the total combined voting power of all classes of our stock, the purchase price of the option shall not be less than 110% of the fair market value of the stock at the time of the granting of the option.

The total fair market value of the shares of common stock (determined at the time of the grant of the option) for which any employee may be granted options which are first exercisable in any calendar year may not exceed $100,000.

At the discretion of the Board of Directors, options granted pursuant to the Plan may include installment exercise terms for any option such that the option becomes fully exercisable in a series of cumulating portions. The Board may also accelerate the date upon which any option (or any part of any option) is first exercisable. However, no option, or any portion thereof may be exercisable until one year following the date of grant. In no event shall an option granted to an employee then owning more than 10% of our common stock be exercisable by its terms after the expiration of five years

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from the date of grant, nor shall any other option granted pursuant to the Plans be exercisable by its terms after the expiration of ten years from the date of grant.

Non-Qualified Stock Options

Our employees, directors and officers, and consultants or advisors are eligible to receive non-qualified stock options pursuant to the Plan, provided however that bona fide services must be rendered by such consultants or advisors and such services must not be in connection with a capital-raising transaction or promoting our common stock.

At the discretion of our Board of Directors options granted pursuant to the Plan may include installment exercise terms for any option such that the option becomes fully exercisable in a series of cumulating portions. The Board may also accelerate the date upon which any option (or any part of any option) is first exercisable.

Stock Appreciation Rights

SARs give the participant the right to receive the appreciation in value of one share of common stock of the Company. Appreciation is calculated as the excess of (i) the fair market value of a share of common stock on the date of exercise over (ii) the base value fixed by the Board on the grant date, which may not be less than the fair market value of a share of common stock on the grant date. Payment for SARs shall be made in cash, stock, or a combination thereof. SARs are exercisable at the time and subject to the restrictions and conditions as the Board approves, provided that no SAR may be exercised more than ten (10) years following the grant date.

Restricted Stock

A restricted stock award gives the participant the right to receive a specified number of shares of common stock at a purchase price determined by the Board (including and typically zero). Restrictions limit the participant's ability to transfer the stock and subject the stock to a substantial risk of forfeiture until specific conditions or goals are met. The restrictions will lapse in accordance with a schedule or other conditions as determined by the Board, which might include the achievement of specified performance targets and/or continued employment of the participant until a specified date. As a general rule, if a participant terminates employment when the restricted stock is subject to restrictions, the participant forfeits the unvested restricted stock.

Restricted Stock Units ("RSU")

An RSU award gives the participant the right to receive common stock, or a cash payment equal to the fair market value of common stock (determined as of a specified date), in the future, subject to restrictions and a risk of forfeiture. The restrictions typically involve the achievement of specified performance targets and/or the continued employment or service of the participant until a specified date. Participants holding restricted stock units have no rights as a shareholder with respect to the shares of stock subject to their restricted stock unit award prior to the issuance of such shares pursuant to the award.

Stock Grants

A stock grant award gives the participant the right to receive (or purchase at such price as determined by the Board) shares of stock, free of any vesting restrictions. The purchase price, if any, for a stock grant award shall be payable in cash or in any other form of consideration acceptable to the Board. A stock grant award may be granted or sold in respect of past services or other valid consideration, or in lieu of any cash compensation owed to a participant.

Stock Units

A stock unit award gives the participant the right to receive shares of stock, or a cash payment equal to the fair market value of a designated number of shares, in the future, free of any vesting restrictions. A stock unit award may be granted or sold in respect of past services or other valid consideration, or in lieu of any cash compensation owed to a participant.

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Other Information Regarding the Plan

In the discretion of the Board, any option granted pursuant to the Plan may include installment exercise terms such that the option becomes fully exercisable in a series of cumulating portions. The Board may also accelerate the date upon which any option (or any part of any options) is first exercisable. Any shares issued pursuant to the Plan and any options granted pursuant to the Plan or will be forfeited if the "vesting" schedule established by the Board administering the Plan at the time of the grant is not met. For this purpose, vesting means the period during which the employee must remain as our employee or the period of time a non-employee must provide services to us. At the time an employee ceases working for us (or at the time a non-employee ceases to perform services for us), any shares or options not fully vested will be forfeited and cancelled. At the discretion of the Board payment for the shares of common stock underlying options may be paid through the delivery of shares of our common stock having an aggregate fair market value equal to the option price, provided such shares have been owned by the option holder for at least one year prior to such exercise. The exercise may be made through a "cashless" exercise or a combination of cash and shares of common stock at the discretion of the Board.

Awards are generally non-transferable except upon death of the recipient. Shares issued pursuant to the Plan will generally not be transferable until the person receiving the shares satisfies the vesting requirements imposed by the Board when the shares were issued.

Our Board of Directors may at any time, and from time to time, amend, terminate, or suspend the Plan in any manner it deems appropriate, provided that such amendment, termination or suspension will not adversely affect rights or obligations with respect to shares or options previously granted.

Summary

The following shows, as of February 27, 2023 concerning the stock options and stock bonuses granted pursuant to our Equity Incentive Plan. Each option represents the right to purchase one share of our common stock.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name of Plan** | <br>**Total Shares**<br>**Reserved**<br>**Under Plan** | **Shares**<br>**Reserved for**<br>**Outstanding**<br>**Options** | <br>**Shares**<br>**Issued** | <br>**Remaining**<br>**Options/Shares**<br>**Under Plan** |
| Equity Incentive Plan | 5000000 | 308666 | 2373334 | 2318000 |

---

The following table shows the weighted average exercise price of the outstanding options granted pursuant to our Equity Incentive and Plan as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Plan Category** | <br>**Number of**<br>**Securities to be**<br>**Issued Upon**<br>**Exercise of** <br>**Outstanding** <br>**Options**<br>**(a)** | <br>**Weighted-**<br>**Average**<br>**Exercise Price**<br>**of Outstanding**<br>**Options** | **Number of**<br>**Securities**<br>**Available for**<br>**Future Issuance**<br>**Under Equity**<br>**Compensation**<br>**Securities**<br>**Reflected in**<br>**Column (a)** |
| Equity Incentive Plan | 368666 | 2.90 | 2318000 |

---

**Compensation Committee Interlocks and Insider Participation**

We do not have a compensation committee.

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During the year ended December 31, 2022, no director or executive officer of the Company was also an executive officer or member of the compensation committee of another entity, which had one of its executive officers serving as one of our directors.

#### Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth information regarding the beneficial ownership of our common stock, as of February 27, 2023, of (i) each of our Officers and Directors; (ii) all Officers and Directors as a group; and (iii) each person known by us to be a beneficial owner of more than 5% of our common stock. Unless indicated otherwise, each of the shareholders has sole voting and investment power with respect to the shares beneficially owned. At February 27, 2023, there were 24,084,542 shares of our common stock outstanding. Shares of common stock issuable pursuant to stock options, warrants and restricted stock units exercisable or exchangeable within 60 days are deemed outstanding and held by the holder of such options, warrants or restricted stock units for computing the percentage of the person holding such options, warrants or restricted stock units, but are not deemed outstanding for computing the percentage of any other person. There were no restricted stock units or common stock options or warrants exercisable within 60 days of February 27, 2023.

---

| | | |
|:---|:---|:---|
| <br>**Name and Address of Beneficial Owner** | **Number of**<br>**Shares Owned** | **Percent of**<br>**Class** |
| Jason Reid<br>2886 Carriage Manor Point<br>Colorado Springs, CO 80906 | 1271218 | 5% |
| Bill M. Conrad<br>2886 Carriage Manor Point<br>Colorado Springs, CO 80906 | 535171 | 2% |
| John Labate<br>2886 Carriage Manor Point<br>Colorado Springs, CO 80906 | 77156 | <1% |
| Barry Devlin<br>2886 Carriage Manor Point<br>Colorado Springs, CO 80906 | 253454 | 1% |
| Gregory Patterson<br>2886 Carriage Manor Point<br>Colorado Springs, CO 80906 | 447971 | 2% |

---

#### Item 13. Certain Relationships and Related Transactions, and Director Independence
Jason D. Reid and Bill M. Conrad are the parents of the Company, as that term is defined by the Securities and Exchange Commission. See Item 12 of this report for information concerning the shares of common stock owned by these persons.

#### Item 14. Principal Accountant's Fees and Services
Haynie and Company ("Haynie") served as our independent registered public accountant for the years ended December 31, 2022 and 2021. The following table sets forth the fees billed by Haynie in 2022 and 2021 for services rendered in connection with our annual audits and quarterly reviews, as well as for any other non-audit services provided by the firm:

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---

| | | |
|:---|:---|:---|
|  | **Haynie**<br>**Year Ended December 31, 2022** | **Haynie**<br>**Year Ended December 31, 2021** |
| Audit Fees | $105937 | $100491 |
| Audit Related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees |  |  |
| Total | $105937 | $100491 |

---

Audit fees represent amounts billed for professional services rendered for the audit of our financial statements during the fiscal years ended December 31, 2022 and 2021. Before Haynie was engaged by us to render audit or non-audit services, the engagement was approved by our Board of Directors. Our Board of Directors is of the opinion that the Audit Fees charged by Haynie were compatible with maintaining the independence of Haynie.

#### Part IV

#### Item 15. Exhibits and Financial Statement Schedules

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | [Articles of Incorporation (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex3-1.htm) |
| 3.2 | [Bylaws of the Company (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920128123/tm2033284d3_ex3-2.htm) |
| 4.1.1 | [Equity Incentive Plan (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex4-1d1.htm) |
| 4.1.2 | [Form of Stock Option Award Agreement (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex4-1d2.htm) |
| 4.1.3 | [Form of RSU Award Agreement (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex4-1d3.htm) |
| 4.2 | [Shareholder Rights Agreement (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex4-2.htm) |
| 10.1 | [Separation Agreement (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex10-1.htm) |
| 10.2 | [Management Service Agreement (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex10-2.htm) |
| 10.3 | Reserved |
| 10.4 | [Contract Mining Agreement (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920132511/tm2033284d4_ex10-4.htm) |
| 10.5 | [Employment Agreement with Jason D. Reid (2)](https://www.sec.gov/Archives/edgar/data/1828377/000100487821000023/exh105reidagree3-21.txt) |
| 10.6 | [Employment Agreement with Gregory A. Patterson (2)](https://www.sec.gov/Archives/edgar/data/1828377/000100487821000023/exh106pattersonagree3-21.txt) |
| 10.7 | [Employment Agreement with Barry D. Devlin (2)](https://www.sec.gov/Archives/edgar/data/1828377/000100487821000023/exh107devlinagree3-21.txt) |
| 10.8 | [Employment Agreement with John A. Labate (2)](https://www.sec.gov/Archives/edgar/data/1828377/000100487821000023/exh108labateagree3-21.txt) |
| 14 | [Code of Ethics (1)](https://www.sec.gov/Archives/edgar/data/1828377/000110465920115718/tm2033284d2_ex14.htm) |
| 21 | [Subsidiaries (3)](https://www.sec.gov/Archives/edgar/data/1828377/000155837022002554/ftco-20211231xex21.htm) |
| 23.1\* | [Consent of Haynie and Company, Independent Registered Public Accounting Firm](ftco-20221231xex23d1.htm) |
| 31.1\* | [Certification of Chief Executive Officer Pursuant to Rule 13a-15(e) or Rule 15d-15(e)](ftco-20221231xex31d1.htm) |
| 31.2\* | [Certification of Chief Financial Officer Pursuant to Rule 13a-15(e) or Rule 15d-15(e)](ftco-20221231xex31d2.htm)  |
| 32\* | [Certification of Chief Executive Officer and Chief Financial Officer of Periodic Report Pursuant to 18 U.S.C. Section 1350](ftco-20221231xex32.htm) |
| 95\* | [Mine Safety Disclosures](ftco-20221231xex95.htm) |
| 96.1\* | [Technical Report Summary of the Isabella Pearl Mine](ftco-20221231xex96d1.htm) |
| 96.2\* | [Consent of Fred H. Brown with respect to Technical Report Summary of the Isabella Pearl Mine](ftco-20221231xex96d2.htm) |
| 96.3\* | [Consent of J. Ricardo Garcia with respect to Technical Report Summary of the Isabella Pearl Mine](ftco-20221231xex96d3.htm) |
| 96.4\* | [Consent of Barry D. Devlin with respect to Technical Report Summary of the Isabella Pearl Mine](ftco-20221231xex96d4.htm) |
| 96.5\* | [Consent of Joy L. Lester with respect to Technical Report Summary of the Isabella Pearl Mine](ftco-20221231xex96d5.htm) |
| 96.6\* | [Consent of Ralston Pedersen with respect to Technical Report Summary of the Isabella Pearl Mine](ftco-20221231xex96d6.htm) |
| 96.7 | [Amended Initial Assessment Technical Report Summary for the Golden Mile Property](https://www.sec.gov/Archives/edgar/data/1828377/000155837022018732/ftco-20211231xex96d6.htm) (3) |
| 96.8 | [Consent of Barry D. Devlin with respect to Amended Initial Assessment Technical Report Summary of the Golden Mile Property (3)](https://www.sec.gov/Archives/edgar/data/1828377/000155837022018732/ftco-20211231xex96d7.htm) |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 96.9 | [Consent of Fred H. Brown with respect to Amended Initial Assessment Technical Report Summary of the Golden Mile Property (3)](https://www.sec.gov/Archives/edgar/data/1828377/000155837022018732/ftco-20211231xex96d8.htm) |
| 96.10 | [Consent of Joy L. Lester with respect to Amended Initial Assessment Technical Report Summary of the Golden Mile Property (3)](https://www.sec.gov/Archives/edgar/data/1828377/000155837022018732/ftco-20211231xex96d9.htm) |
| 96.11\* | [Technical Report Summary of the County Line Mine Property](ftco-20221231xex96d11.htm) |
| 96.12\* | [Consent of Derek Loveday with respect to Technical Report Summary of the County Line Property](ftco-20221231xex96d12.htm) |
| 96.13\* | [Consent of W. Allan Turner with respect to Technical Report Summary of the County Line Property](ftco-20221231xex96d13.htm) |
| 96.14\* | [Consent of Joy L. Lester with respect to Technical Report Summary of the County Line Property](ftco-20221231xex96d14.htm) |
| 96.15\* | [Consent of Barry Devlin with respect to Technical Report Summary of the County Line Property](ftco-20221231xex96d15.htm) |
| 101\* | Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part II, Item 8, "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. |
| 104\* | Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Incorporated by reference to the same exhibit filed with the Company's registration statement on Form S-1 (File No. 333-249533).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Incorporated by reference to same exhibit filed with the Company's 8-K report dated March 1, 2021 (File No. 333-249533).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Incorporated by reference to the same exhibit filed with the Company's 10-K/A dated December 15, 2022 (File No. 333-249533)

\*Filed with this Annual Report on Form 10-K.

#### Item 16. Form 10-K Summary
None.

[**Table of Contents**](#TOC)

#### SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 28, 2023.

---

| |
|:---|
| FORTITUDE GOLD CORPORATION |
| /s/Jason D. Reid |
| Jason D. Reid, *Chief Executive Officer, President and Director* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 28, 2023 by the following persons on behalf of the registrant and in the capacities indicated:

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Jason D. Reid  | Chief Executive Officer, President and Director |
| Jason D. Reid | (Principal Executive Officer) |
| /s/ John A. Labate  | Chief Financial Officer |
| John A. Labate | (Principal Financial and Accounting Officer) |
| /s/ Bill M. Conrad | Chairman of the Board of Directors |
| Bill M. Conrad |  |

---

**Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act**

The Company plans to send a Proxy Statement to its shareholders subsequent to the filing of this 10-K report.

## Ex-21

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Fortitude Gold Corporation | &nbsp;&nbsp;Fortitude Gold Corporation |  |
|  |  | &nbsp;&nbsp;Fortitude Gold Corporation | &nbsp;&nbsp;Fortitude Gold Corporation |  |
|  |  | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;GRC Nevada Inc. |  |
|  |  | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;GRC Nevada Inc. |  |
| &nbsp;&nbsp;Walker Lane Minerals Corp. | &nbsp;&nbsp;County Line Holdings, Inc. | &nbsp;&nbsp;County Line Holdings, Inc. | &nbsp;&nbsp;County Line Minerals Corp. | &nbsp;&nbsp;Golden Mile Minerals Corp. |
| &nbsp;&nbsp;Walker Lane Minerals Corp. | &nbsp;&nbsp;County Line Holdings, Inc. | &nbsp;&nbsp;County Line Holdings, Inc. | &nbsp;&nbsp;County Line Minerals Corp. | &nbsp;&nbsp;Golden Mile Minerals Corp. |

---

All subsidiaries of Fortitude Gold Corporation are incorporated in Nevada.

Each subsidiary conducts business under its own name.

------

## Exhibit 23.1

Exhibit 23.1

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the registration statements (No. 333-259298) on Form S-8 of our report dated February 28, 2023, with respect to the consolidated balance sheet of Fortitude Gold Corporation as of December 31, 2022, the related consolidated statements of operations, shareholders' equity, and cash flows for the year then ended, and related notes, which report appears in the December 31, 2022 annual report on Form 10-K of Fortitude Gold Corporation.

/s/ Haynie & Company

Salt Lake City, Utah<br>February 28, 2023

------

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATIONS

I, Jason D. Reid, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Fortitude Gold Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present, in all material respects, the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 28, 2023 | /s/ Jason D. Reid |
|  | Jason D. Reid, Chief Executive Officer, President and Director |
|  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATIONS

I, John A. Labate, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Fortitude Gold Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present, in all material respects, the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| . JK<br>|  |
| Date: February 28, 2023 | /s/ John A. Labate |
|  | John A. Labate |
|  | Chief Financial Officer (Principal Financial Officer) |

---

------

## Ex-32

**Exhibit 32**

**STATEMENT PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS REQUIRED BY**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Fortitude Gold Corporation (the "Company") on Form 10-K for the year ending December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| February 28, 2023 | */s/* Jason D. Reid | Chief Executive Officer, President and Director |
|  | Jason D. Reid | (Principal Executive Officer) |
| <br>February 28, 2023 | <br>*/s/* John A. Labate | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
|  | John A. Labate |  |

---

------

## Ex-95

**Exhibit 95**

The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") and Item 104 of Regulation S-K, which require certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the "Mine Act"). The disclosures reflect our U.S. mining operations only as the requirements of the Act and Item 104 of Regulation S-K do not apply to our mines operated outside the United States.

*Mine Safety Information.* Whenever the Federal Mine Safety and Health Administration ("MSHA") believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the U.S. mining operator (e.g. our subsidiary, Walker Lane Minerals Corp.) must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments vary depending on the size and type (underground or surface) of the mine as well as by the MSHA inspector(s) assigned. In addition to civil penalties, the Mine Act also provides for criminal penalties for an operator who willfully violates a health or safety standard or knowingly violates or fails or refuses to comply with an order issued under Section 107(a) or any final decision issued under the Act.

The below table reflects citations and orders issued to us by MSHA during the year ended December 31, 2022. The proposed assessments for the year ended December 31, 2022 were taken from the MSHA data retrieval system as of February 23, 2023.

Additional information about the Act and MSHA references used in the table follows:

● Section 104(a) S&S Citations: Citations received from MSHA under section 104(a) of the Mine Act for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard.

● Section 104(b) Orders: Orders issued by MSHA under section 104(b) of the Mine Act, which represents a failure to abate a citation under section 104(a) within the period of time prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines that the violation has been abated.

● Section 104(d) S&S Citations and Orders: Citations and orders issued by MSHA under section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory, significant and substantial health or safety standards.

● Section 110(b)(2) Violations: Flagrant violations issued by MSHA under section 110(b)(2) of the Mine Act.

● Section 107(a) Orders: Orders issued by MSHA under section 107(a) of the Mine Act for situations in which MSHA determined an "imminent danger" (as defined by MSHA) existed.

------

**Exhibit 95**

---

| | |
|:---|:---|
|  | Mine or Operation <sup>(1)</sup> |
|  | **Isabella Pearl Mine**<br>**MSHA ID #2602812** |
| Total # of "Significant and Substantial" Violations Under §104(a) | 1 |
| Total # of Orders Issued Under §104(b) | - |
| Total # of Citations and Orders Issued Under §104(d) | - |
| Total # of Flagrant Violations Under §110(b)(2) | - |
| Total # of Imminent Danger Orders Under §107(a) | - |
| Total Amount of Proposed Assessments from MSHA under the Mine Act | $766 |
| Total # of Mining-Related Fatalities | - |
| Received Notice of Pattern of Violations under Section 104(e) | No |
| Received Notice of Potential to have Patterns under Section 104(e) | No |
| Pending Legal Actions | - |
| Legal Actions Instituted | - |
| Legal Actions Resolved | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) MSHA assigns an identification number to each mine or operation and may or may not assign separate identification numbers to related facilities. The definition of "mine" under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities.

------

## Exhibit 96.1

Exhibit 96.1

## S-K 1300 Technical Report Summary

### Isabella Pearl Mine

### Mineral County, NV

### Prepared for:
**Walker Lane Minerals Corporation**

**an indirect, wholly-owned subsidiary of:**

![Graphic](ftco-20221231xex96d1001.jpg)

2886 Carriage Manor Pt

Colorado Springs, CO 80906

**Effective Date:** **December 31, 2022**

**Report Date: February 22, 2023**

### Prepared by:
**Qualified Persons:**

RALSTON PEDERSEN, P.E.,

*President & Director, Convergent Mining, LLC, Independent*

FRED H. BROWN, PGeo

*Consulting Geologist, Independent*

J. RICARDO GARCIA, PEng

*Corporate Chief Engineer, Fortitude Gold Corp.*

BARRY D. DEVLIN, PGeo

*Vice President, Exploration, Fortitude Gold Corp.*

JOY L. LESTER, SME-RM

*Chief Geologist, Fortitude Gold Corp.*

------

<sup>Fortitude Gold Corporation</sup>i

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

**Table of Contents**<sup>1 Executive Summary1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.1 Property Summary and Ownership</sup>[1](#_Toc127221060)

<sup>1.1.1 Property Description</sup>[1](#_Toc127221061)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.2 Mineral Resource Statement</sup>[1](#_Toc127221062)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.3 Mineral Reserve Statement</sup>[3](#_Toc127221063)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.4 Geology and Mineralization</sup>[4](#_Toc127221070)

[1.4.1](#_Toc127221071) [Geologic Setting, Mineralization, and Mineralization](#_Toc127221071)[4](#_Toc127221071)

<sup>1.4.2 Exploration</sup>[5](#_Toc127221072)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.5 Metallurgy and Mineral Processing</sup>[5](#_Toc127221073)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.6 Mine Design, Optimization and Scheduling</sup>[6](#_Toc127221074)

&nbsp;&nbsp;&nbsp;&nbsp;[1.7](#_Toc127221075) [Environmental Studies, Permitting, and Plans, Negotiations or Agreements with Local Individuals or Groups](#_Toc127221075)[6](#_Toc127221075)

&nbsp;&nbsp;&nbsp;&nbsp;[1.8](#_Toc127221076) [Capital Costs, Operating Costs and Financial Analysis](#_Toc127221076)[8](#_Toc127221076)

<sup>1.8.1 Capital and Operating Costs</sup>[8](#_Toc127221077)

<sup>1.8.2 Economic Analysis</sup>[8](#_Toc127221078)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.9 Conclusions and Recommendations</sup>[9](#_Toc127221079)

<sup>1.9.1 Interpretation and Conclusions</sup>[9](#_Toc127221080)

<sup>1.9.2 Recommendations</sup>[11](#_Toc127221081)<sup>2 Introduction12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.1 Terms of Reference and Purpose of the Report</sup>[12](#_Toc127221083)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.2 Source of Data and Information</sup>[12](#_Toc127221084)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.3 Details of Inspection</sup>[12](#_Toc127221085)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.4 Previous Reports on Mine</sup>[12](#_Toc127221086)<sup>3 Property Description and Location13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.1 Location</sup>[13](#_Toc127221088)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.2 Area of the Property</sup>[14](#_Toc127221089)

&nbsp;&nbsp;&nbsp;&nbsp;[3.3](#_Toc127221090) [Mineral Titles, Claims, Rights, Leases and Options](#_Toc127221090)[14](#_Toc127221090)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.4 Other Significant Factors and Risks</sup>[16](#_Toc127221595)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.5 Royalties and Agreements</sup>[16](#_Toc127221596)

[4](#_Toc127221597) [Accessibility, Climate, Local Resources, Infrastructure and Physiography](#_Toc127221597)[18](#_Toc127221597)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.1 Topography, Elevation and Vegetation</sup>[18](#_Toc127221598)

&nbsp;&nbsp;&nbsp;&nbsp;[4.2](#_Toc127221599) [Accessibility and Transportation to the Property](#_Toc127221599)[18](#_Toc127221599)

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>ii

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.3 Climate and Length of Operating Season</sup>[19](#_Toc127221600)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.4 Sufficiency of Surface Rights</sup>[19](#_Toc127221601)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.5 Infrastructure Availability and Sources</sup>[19](#_Toc127221602)

<sup>4.5.1 Power</sup>[19](#_Toc127221603)

<sup>4.5.2 Water</sup>[20](#_Toc127221604)

<sup>4.5.3 Mining Personnel</sup>[20](#_Toc127221605)

<sup>4.5.4 Tailings Storage Area</sup>[20](#_Toc127221606)

<sup>4.5.5 Waste Disposal Area</sup>[20](#_Toc127221607)

<sup>4.5.6 Heap Leach Pad Area</sup>[20](#_Toc127221608)

<sup>4.5.7 Processing Plant Site</sup>[20](#_Toc127221609)<sup>5 History21</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>5.1 Prior Ownership and Ownership Changes</sup>[21](#_Toc127221611)

&nbsp;&nbsp;&nbsp;&nbsp;[5.2](#_Toc127221612) [Exploration and Development Results of Previous Owners](#_Toc127221612)[21](#_Toc127221612)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>5.3 Historical Production</sup>[22](#_Toc127221613)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>5.4 Isabella Pearl Mine Production</sup>[22](#_Toc127221614)

<sup>6 Geological Setting, Mineralization and Deposit</sup>[24](#_Toc127221615)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.1 Regional Geology</sup>[24](#_Toc127221616)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.2 Local and Property Geology</sup>[26](#_Toc127221617)

<sup>6.2.1 Lithology</sup>[28](#_Toc127221618)

<sup>6.2.2 Structural Geology</sup>[29](#_Toc127221619)

<sup>6.2.3 Alteration</sup>[29](#_Toc127221620)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.3 Isabella Pearl Mineralized Zone</sup>[30](#_Toc127221621)

<sup>6.3.1 Fluid Inclusion Data</sup>[32](#_Toc127221622)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.4 Deposit Type</sup>[32](#_Toc127221623)

<sup>6.4.1 Extents and Continuity</sup>[35](#_Toc127221624)<sup>7 Exploration36</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.1 Exploration by Previous Operator (TXAU)</sup>[36](#_Toc127221626)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.2 Exploration by WLMC</sup>[36](#_Toc127221627)

<sup>7.2.1 Surface Exploration</sup>[36](#_Toc127221628)

<sup>7.2.2 Geophysics</sup>[40](#_Toc127221629)

<sup>7.2.3 Remote Sensing</sup>[41](#_Toc127221630)

<sup>7.2.4 Drilling</sup>[45](#_Toc127221631)

<sup>7.2.5 Material Results and Interpretation</sup>[49](#_Toc127221632)

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<sup>Fortitude Gold Corporation</sup>iii

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

<sup>8 Sample Preparation, Analysis and Security54</sup>

&nbsp;&nbsp;&nbsp;&nbsp;[8.1](#_Toc127221634) [Historic Security Measures and Sample Preparation](#_Toc127221634)[54](#_Toc127221634)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.2 WLMC (2016 to Present)</sup>[54](#_Toc127221635)

<sup>8.2.1 Security Measures</sup>[54](#_Toc127221636)

<sup>8.2.2 Sample Preparation and Analysis</sup>[54](#_Toc127221637)

[8.2.3](#_Toc127221638) [Quality Assurance/Quality Control Procedures](#_Toc127221638)[55](#_Toc127221638)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.3 Check Assays</sup>[57](#_Toc127221673)

<sup>8.3.1 Field Duplicates</sup>[57](#_Toc127221674)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.4 Opinion of Adequacy</sup>[59](#_Toc127221675)<sup>9 Data Verification60</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>9.1 Opinion on Data Adequacy</sup>[60](#_Toc127221677)

<sup>10 Mineral Processing and Metallurgical Testing</sup>[61](#_Toc127221678)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.1 Metallurgical Overview</sup>[61](#_Toc127221679)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.2 Mineralogy and Metallurgical Ore Types</sup>[61](#_Toc127221680)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.3 Previous Metallurgical Test Work Programs</sup>[62](#_Toc127221681)

&nbsp;&nbsp;&nbsp;&nbsp;[10.4](#_Toc127221682) [WLMC Metallurgical Ore Characterization Test Work Programs](#_Toc127221682)[63](#_Toc127221682)

[10.4.1](#_Toc127221683) [Results of WLMC Metallurgical Test Drill Hole Samples](#_Toc127221683)[65](#_Toc127221683)

&nbsp;&nbsp;&nbsp;&nbsp;[10.5](#_Toc127221684) [Discussion of Metallurgical Test Gold Recovery Curves](#_Toc127221684)[71](#_Toc127221684)

[10.5.1](#_Toc127221685) [Discussion of Bottle Roll Test Recovery Curves](#_Toc127221685)[71](#_Toc127221685)

[10.5.2](#_Toc127221686) [Discussion of Column Leach Test Gold Recovery Curves](#_Toc127221686)[73](#_Toc127221686)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.6 Process Selection and Design Parameters</sup>[74](#_Toc127221687)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.7 Metallurgical Summary</sup>[75](#_Toc127221688)

<sup>10.7.1 Opinion on Adequacy</sup>[76](#_Toc127221689)<sup>11 Mineral Resource Estimate77</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.1 Introduction</sup>[77](#_Toc127221691)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.2 Mineral Resources Definitions</sup>[77](#_Toc127221692)

<sup>11.2.1 Inferred Mineral Resources</sup>[77](#_Toc127221693)

<sup>11.2.2 Indicated Mineral Resources</sup>[77](#_Toc127221694)

<sup>11.2.3 Measured Mineral Resources</sup>[78](#_Toc127221695)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.3 Database</sup>[78](#_Toc127221696)

<sup>11.3.1 Database Backup</sup>[80](#_Toc127221697)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.4 Bulk Density</sup>[80](#_Toc127221698)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.5 Wireframe Modeling</sup>[81](#_Toc127221699)

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<sup>Fortitude Gold Corporation</sup>iv

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

<sup>11.5.1 Topography</sup>[81](#_Toc127221700)

<sup>11.5.2 Gridded Surfaces</sup>[81](#_Toc127221701)

<sup>11.5.3 Mineralization Envelopes</sup>[82](#_Toc127221702)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.6 Compositing</sup>[83](#_Toc127221703)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.7 Exploratory Data Analysis</sup>[84](#_Toc127221704)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.8 Treatment of Extreme Values</sup>[87](#_Toc127221705)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.9 Continuity Analysis</sup>[89](#_Toc127221888)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.10 Block Model</sup>[91](#_Toc127221889)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.11 Estimation and Classification</sup>[91](#_Toc127221890)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.12 Mineral Resource Estimate</sup>[93](#_Toc127221891)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.13 Risk Factors</sup>[94](#_Toc127221892)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.14 Model to Production Reconciliation</sup>[95](#_Toc127221893)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.15 Opinion on Adequacy</sup>[96](#_Toc127221894)<sup>12 Mineral Reserve Estimate97</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>12.1 Introduction</sup>[97](#_Toc127221896)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>12.2 Mineral Reserve Definitions</sup>[97](#_Toc127221897)

<sup>12.2.1 Probable Mineral Reserve</sup>[97](#_Toc127221898)

<sup>12.2.2 Proven Mineral Resource</sup>[97](#_Toc127221899)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>12.3 Previous Mineral Reserve Estimate</sup>[97](#_Toc127221900)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>12.4 Mineral Reserve Estimation</sup>[98](#_Toc127221902)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>12.5 Mineral Reserve Estimates</sup>[98](#_Toc127221903)

&nbsp;&nbsp;&nbsp;&nbsp;[12.6](#_Toc127221910) [Conversion of Mineral Resources to Mineral Reserve](#_Toc127221910)[100](#_Toc127221910)

<sup>12.6.1 Pit Optimization</sup>[100](#_Toc127221911)

[12.6.2Dilution…………………………………………………………………………………………………………………………101](#_Toc127221913)

<sup>12.6.3 Cutoff Grade</sup>[101](#_Toc127221914)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>12.7 Relevant Factors</sup>[102](#_Toc127221915)<sup>13 Mining Methods103</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>13.1 Mining Methods Summary</sup>[103](#_Toc127221917)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>13.2 Geotechnical Data, Testing and Analysis</sup>[104](#_Toc127221918)

<sup>13.2.1 Pit Slope Geotechnical Evaluation</sup>[104](#_Toc127221919)

<sup>13.2.2 South Highwall Geotechnical Assessment</sup>[105](#_Toc127221920)

<sup>13.2.3 Recommendations</sup>[106](#_Toc127221921)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>13.3 Hydrogeology</sup>[108](#_Toc127221922)

<sup>13.3.1 Groundwater</sup>[108](#_Toc127221923)

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<sup>Fortitude Gold Corporation</sup>v

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

<sup>13.3.2 Temporary and Permanent Diversion Channels</sup>[109](#_Toc127221924)

&nbsp;&nbsp;&nbsp;&nbsp;[13.4](#_Toc127221925) [Mine and Waste Rock Storage Design, Production Rates and Mine Life](#_Toc127221925)[109](#_Toc127221925)

<sup>13.4.1 Mine Design</sup>[109](#_Toc127221926)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>13.5 Waste Rock Storage Design</sup>[113](#_Toc127221927)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>13.6 Haulage</sup>[114](#_Toc127221928)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>13.7 Mine Production Schedule</sup>[114](#_Toc127221929)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>13.8 Mining Operations</sup>[115](#_Toc127221930)

<sup>13.8.1 Ore Control</sup>[115](#_Toc127221931)

<sup>13.8.2 Shift Schedule</sup>[116](#_Toc127221932)

<sup>13.8.3 Manpower</sup>[116](#_Toc127221933)

<sup>13.8.4 Blasthole Drilling</sup>[116](#_Toc127221934)

<sup>13.8.5 Blasting</sup>[116](#_Toc127221935)

<sup>13.8.6 Equipment</sup>[117](#_Toc127221959)

<sup>13.8.7 Ancillary Mining Operations</sup>[117](#_Toc127221961)<sup>14 Processing and Recovery Methods119</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>14.1 Process Description Summary</sup>[119](#_Toc127221963)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>14.2 Plant Design and Equipment Characteristics</sup>[121](#_Toc127221964)

<sup>14.2.1 Primary Crushing and Fine Crushing</sup>[121](#_Toc127221965)

<sup>14.2.2 Heap Leach Pad and Solution Ponds</sup>[121](#_Toc127221966)

[14.2.3](#_Toc127221967) [Adsorption-Desorption-Recovery (ADR) Facility](#_Toc127221967)[124](#_Toc127221967)

<sup>14.2.4 Major Process Equipment List</sup>[126](#_Toc127221968)

<sup>14.2.5 Assay Laboratory</sup>[127](#_Toc127221969)

&nbsp;&nbsp;&nbsp;&nbsp;[14.3](#_Toc127221970) [Energy, Water, Material and Personnel Requirements](#_Toc127221970)[127](#_Toc127221970)

<sup>14.3.1 Power</sup>[127](#_Toc127221971)

<sup>14.3.2 Water Supply</sup>[128](#_Toc127221972)

<sup>14.3.3 Major Reagents</sup>[128](#_Toc127221973)

<sup>14.3.4 Labor Requirements</sup>[128](#_Toc127221974)<sup>15 Infrastructure129</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>15.1 Infrastructure Summary</sup>[129](#_Toc127221976)<sup>16 Market Studies132</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>16.1 Contracts and Status</sup>[132](#_Toc127221978)

[17](#_Toc127221979) [Environmental Studies, Permitting and Social or Community Impact](#_Toc127221979)[133](#_Toc127221979)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.1 Environmental Liabilities and Permitting</sup>[133](#_Toc127221980)

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<sup>Fortitude Gold Corporation</sup>vi

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

<sup>17.1.1 Environmental Liabilities</sup>[133](#_Toc127221981)

<sup>17.1.2 Required Permits and Status</sup>[133](#_Toc127221982)

<sup>17.1.3 Federal Permitting</sup>[134](#_Toc127221983)

<sup>17.1.4 State Permitting</sup>[137](#_Toc127221984)

<sup>17.1.5 Local Permitting</sup>[138](#_Toc127221985)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.2 Environmental Study Results</sup>[138](#_Toc127221986)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.3 Environmental Issues</sup>[139](#_Toc127221987)

&nbsp;&nbsp;&nbsp;&nbsp;[17.4](#_Toc127221988) [Operating and Post Closure Requirements and Plans](#_Toc127221988)[140](#_Toc127221988)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.5 Post-Performance or Reclamation Bonds</sup>[140](#_Toc127221989)

<sup>17.5.1 Mine Closure Plan</sup>[140](#_Toc127221990)

[17.5.2](#_Toc127221991) [Reclamation Measures During Operations and Mine Closure](#_Toc127221991)[141](#_Toc127221991)

<sup>17.5.3 Closure Monitoring</sup>[141](#_Toc127221992)

<sup>17.5.4 Reclamation and Closure Cost Estimate</sup>[142](#_Toc127221993)

<sup>17.5.5 2022 Estimate of Current Closure Costs</sup>[142](#_Toc127221994)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.6 Social and Community</sup>[143](#_Toc127221995)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.7 Other Significant Factors and Risks</sup>[143](#_Toc127221996)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.8 Adequacy of Plans to Address any Issues</sup>[144](#_Toc127221997)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>17.9 Commitments to Local Procurement or Hiring</sup>[144](#_Toc127221998)<sup>18 Capital and Operating Costs145</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>18.1 Life-Of-Mine Capital Costs</sup>[145](#_Toc127222000)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>18.2 Life-Of-Mine Operating Costs</sup>[145](#_Toc127222001)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>18.3 Accuracy of Cost Estimate</sup>[146](#_Toc127222002)<sup>19 Economic Analysis148</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>19.1 Annual Production and Cash Flow Forecasts</sup>[148](#_Toc127222004)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>19.2 Annual Production and Gross Sales Forecasts</sup>[149](#_Toc127222007)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>19.3 Life-of-Mine Cash Flow Forecast</sup>[150](#_Toc127222008)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>19.4 Nevada State Taxes</sup>[151](#_Toc127222009)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>19.5 Sensitivity Analysis</sup>[152](#_Toc127222010)<sup>20 Adjacent Properties153</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>20.1 Registrant Properties</sup>[153](#_Toc127222012)

<sup>20.1.1 Isabella Pearl Mineralized Trend</sup>[153](#_Toc127222013)

<sup>20.1.2 Other Registrant Properties</sup>[154](#_Toc127222014)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>20.2 Other Properties</sup>[154](#_Toc127222015)

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<sup>Fortitude Gold Corporation</sup>vii

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

<sup>21 Other Relevant Data and Information156</sup><sup>22 Interpretation and Conclusions157</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.1 Interpretation</sup>[157](#_Toc127222018)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.2 Conclusions</sup>[158](#_Toc127222019)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.3 Significant Opportunities</sup>[159](#_Toc127222020)

[23Recommendations……………………………………………………………………………………………………………………….160](#_Toc127222022)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>23.1 RC Drilling for Mineral Reserves</sup>[160](#_Toc127222023)<sup>24 References163</sup>

<sup>25 Reliance on Information Provided by Registrant</sup>[166](#_Toc127222025)

**List of Tables**

[Table 11 : Mineral Resource Estimates (inclusive of Mineral Reserves) for the Isabella Pearl Deposit, Mineral County, Nevada, as of December 31, 2022](#_Toc127201604)[2](#_Toc127201604)

[Table 12 : Mineral Reserve Estimates for the Isabella Pearl Deposit, Mineral County, Nevada, as of December 31, 2022](#_Toc127201605)[4](#_Toc127201605)

[Table 13 : Drilling History at the Isabella Pearl Mine (1987 - 2022)](#_Toc127201606)[5](#_Toc127201606)

[Table 14 : Summary Budget for Proposed Exploration Drilling at Isabella Pearl Mine](#_Toc127201607)[11](#_Toc127201607)

[Table 31 : List of Unpatented Lode Mineral Claims for the Isabella Pearl Mine](#_Toc127201608)[16](#_Toc127201608)

[Table 51 : Isabella Pearl Mine Production 2019 - 2022](#_Toc127201609)[23](#_Toc127201609)

[Table 61 : Approximate Extents of Gold-Silver Deposits in the Isabella Pearl Mine Area](#_Toc127201610)[35](#_Toc127201610)

[Table 71 : Drilling History at the Isabella Pearl Mine (1987 - 2022)](#_Toc127201611)[46](#_Toc127201611)

[Table 72 : Significant Results 2022 Drilling at Isabella Pearl Mine](#_Toc127201612)<sup>[\*](#_Toc127201612)</sup>[51](#_Toc127201612)

<sup>Table 81 : WLMC 2022 Standard Reference Materials</sup>[55](#_Toc127201613)

<sup>Table 82 : 2022 SRM Failures</sup>[55](#_Toc127201614)

<sup>Table 83 : 2022 Blank Material Failures</sup>[57](#_Toc127201615)

[Table 101 : Summary Metallurgical Test Work Completed on Isabella Pearl Deposit](#_Toc127201616)[62](#_Toc127201616)

[Table 102 : Summary of Isabella Pearl Mine Core Composites Assays, KCA 2017 Program](#_Toc127201617)[65](#_Toc127201617)

<sup>Table 103 Summary of Head Screen Analyses</sup>[65](#_Toc127201618)

[Table 104 : Detailed Results of Head Screen Analysis](#_Toc127201619)[66](#_Toc127201619)

[Table 105 : Summary of Mercury and Copper in Sample, KCA 2017 Program](#_Toc127201620)[67](#_Toc127201620)

[Table 106 : Summary of Carbon and Sulfur Content, KCA 2017 Program](#_Toc127201621)[68](#_Toc127201621)

[Table 107 : Summary Direct Agitated Cyanidation (Bottle Roll) Gold Test Results, KCA 2017 Program](#_Toc127201622)[68](#_Toc127201622)

[Table 108 Summary Direct Agitated Cyanidation (Bottle Roll) Silver Test Results, KCA 2017 Program](#_Toc127201623)[68](#_Toc127201623)

[Table 109 : Bureau Veritas vs ALS Gold Assay Comparison Plot](#_Toc127201624)[70](#_Toc127201624)

[Table 1010 Summary Column Leach Test Results, KCA 2017 Program](#_Toc127201625)[71](#_Toc127201625)

[Table 1011 Summary of All Bottle Roll Tests Completed on the Isabella Pearl Mine](#_Toc127201626)[72](#_Toc127201626)

[Table 1012 Summary of All Column Leach Tests Completed on the Isabella Pearl Mine](#_Toc127201627)[73](#_Toc127201627)

[Table 1013 : Summary of NaCN and Lime Consumption for the Column Leach Tests](#_Toc127201628)[73](#_Toc127201628)

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<sup>Fortitude Gold Corporation</sup>viii

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

[Table 1014 : Bottle Roll Gold Recovery Estimate by Size Fraction](#_Toc127201629)[74](#_Toc127201629)

[Table 1015 : Column Leach Gold Recovery Estimation by Size Fraction](#_Toc127201630)[74](#_Toc127201630)

<sup>Table 1016 : Gold Recovery Estimate</sup>[75](#_Toc127201631)

<sup>Table 1017 : NaCN and Lime Consumption</sup>[75](#_Toc127201632)

[Table 111 Isabella Pearl Drill Hole Database Summary](#_Toc127201633)[79](#_Toc127201633)

<sup>Table 112 : Isabella Pearl Assay Database Summary</sup>[79](#_Toc127201634)

[Table 113 : Isabella Pearl Assay Statistics Summary](#_Toc127201635)[79](#_Toc127201635)

[Table 114 Wireframe Constrained Composite Statistics](#_Toc127201636)[84](#_Toc127201636)

<sup>Table 115 Capping Thresholds</sup>[89](#_Toc127201637)

[Table 116 Experimental Semi-Variograms and Modeled Rotations](#_Toc127201638)[89](#_Toc127201638)

<sup>Table 117 Block Model Setup</sup>[91](#_Toc127201639)

[Table 118 Mineral Resource Inventory for the Isabella Pearl Deposit, December 31, 2022](#_Toc127201640)[94](#_Toc127201640)

<sup>Table 119 : Estimation Risk Factors</sup>[95](#_Toc127201641)

[Table 121 : Mineral Reserve Statement Isabella Pearl Mine, Mineral County, Nevada, as of December 31, 2021](#_Toc127201642)[98](#_Toc127201642)

[Table 122 : Mineral Reserve Estimates for the Isabella Pearl Deposit, Mineral County, Nevada, as of December 31, 2022](#_Toc127201643)[99](#_Toc127201643)

[Table 123 : Mineral Reserves by Deposit for the Isabella Pearl Mine as of December 31, 2022](#_Toc127201644)[99](#_Toc127201644)

[Table 124 : Isabella Pearl Marginal Cut-off Grade Assumptions](#_Toc127201645)[101](#_Toc127201645)

<sup>Table 131 Maximum Recommended Pit Slope Angles</sup>[104](#_Toc127201646)

[Table 132 Location and Design of the 2021 Geotechnical Drilling Program](#_Toc127201647)[106](#_Toc127201647)

<sup>Table 133 Summary of FOS</sup>[106](#_Toc127201648)

<sup>Table 134 Designed Pit Parameters</sup>[110](#_Toc127201649)

[Table 135 Initial Isabella Pearl Designed Pit Reserves](#_Toc127201650)[112](#_Toc127201650)

<sup>Table 136 Mine Production Schedule</sup>[115](#_Toc127201651)

<sup>Table 137 Approximate Production Shift Schedule</sup>[116](#_Toc127201652)

[Table 141 Major Process Equipment for the Isabella Pearl Mine](#_Toc127201653)[126](#_Toc127201653)

<sup>Table 142 Major Reagent Consumption</sup>[128](#_Toc127201654)

<sup>Table 143 Labor Summary</sup>[128](#_Toc127201655)

<sup>Table 151 Infrastructure Items and Specifications</sup>[130](#_Toc127201656)

[Table 171 : Permits, Licenses, and Issuing Authorities for the Isabella Pearl Mine](#_Toc127201657)[134](#_Toc127201657)

[Table 172 : BLM Notice of Intent Summary for the Isabella Pearl Mine](#_Toc127201658)[137](#_Toc127201658)

[Table 173 : Mine Closure and Reclamation Cost Summary for the Isabella Pearl Mine as of December 31, 2022](#_Toc127201659)[143](#_Toc127201659)

[Table 181 : Isabella Pearl Life-of-Mine Capital Cost Summary](#_Toc127201660)[145](#_Toc127201660)

[Table 182 : Isabella Pearl Life-of-Mine Operating Cash Cost per Tonne Processed](#_Toc127201661)[146](#_Toc127201661)

[Table 183 : Isabella Pearl LOM Operating Cash Cost per Ounce Sold](#_Toc127201662)[146](#_Toc127201662)

<sup>Table 191 : Isabella Pearl LOM Production Summary</sup>[148](#_Toc127201663)

<sup>Table 192 : Isabella Pearl LOM Gross Sales</sup>[149](#_Toc127201664)

[Table 193 : Isabella Pearl LOM Free Cash Flow Summary](#_Toc127201665)[149](#_Toc127201665)

<sup>Table 194 : Isabella Pearl LOM Cash Flow</sup>[151](#_Toc127201666)

[Table 195 Isabella Pearl Mine Sensitivity to Capex & Au Price](#_Toc127201667)[152](#_Toc127201667)

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<sup>Fortitude Gold Corporation</sup>ix

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

[Table 201 Unpatented Lode Mineral Claims held by WLMC Adjacent to Isabella Pearl](#_Toc127201668)[153](#_Toc127201668)

[Table 231 Detailed Budget for Proposed Exploration Drilling at Isabella Pearl Mine](#_Toc127201669)[160](#_Toc127201669)

**List of Figures**

[Figure 31 : General Location Map of the Isabella Pearl Mine](#_Toc127201672)[13](#_Toc127201672)

[Figure 32 : Isabella Pearl Mine Area Mineral Claims Map](#_Toc127201673)[15](#_Toc127201673)

<sup>Figure 41 : Isabella Pearl Mine Access</sup>[19](#_Toc127201674)

[Figure 61 : Isabella Pearl Mine Regional Geologic Map](#_Toc127201675)[25](#_Toc127201675)

[Figure 62 : Isabella Pearl Mine Stratigraphic Column](#_Toc127201676)[27](#_Toc127201676)

[Figure 63 Cross Section through the Isabella Pearl Mine; view NW.](#_Toc127201677)[27](#_Toc127201677)

<sup>Figure 64 : Isabella Pearl Mine Geologic Map</sup>[28](#_Toc127201678)

[Figure 65 : High Sulfidation Characteristics of the Isabella Pearl Mineralization](#_Toc127201679)[34](#_Toc127201679)

[Figure 66 : Idealized Stratigraphic Section Highlighting Mineralization Controls for Isabella Pearl](#_Toc127201680)[35](#_Toc127201680)

[Figure 71 : Local rock chip sampling and spectral data modeling](#_Toc127201681)[37](#_Toc127201681)

[Figure 72 : Schematic image of regional magnetic contour data (after Lockwood et al, 1971)](#_Toc127201682)[41](#_Toc127201682)

[Figure 73 : Quartz Content (Upper), and Alunite Content (Lower) for Isabella Pearl, including Scarlet Area](#_Toc127201683)[43](#_Toc127201683)

[Figure 74 : Scarlet area Potential Target areas based on ASTER data analysis identified by TMS.](#_Toc127201684)[44](#_Toc127201684)

[Figure 75 : Isabella Pearl Mine (yellow star) and WLMC land package on a Landsat image.](#_Toc127201685)[45](#_Toc127201685)

[Figure 76 : Isabella Pearl Mine Drill Hole Location Map](#_Toc127201686)[46](#_Toc127201686)

[Figure 77 : Location Map for Drill Holes Completed at Isabella Pearl Mine during 2022](#_Toc127201687)[50](#_Toc127201687)

<sup>Figure 81 : 2022 SRM Performance</sup>[56](#_Toc127201688)

<sup>Figure 82 : 2022 Blank Material Performance</sup>[57](#_Toc127201689)

[Figure 83 : Au Field Duplicate Control Plot for 2022](#_Toc127201690)[58](#_Toc127201690)

[Figure 85 : Cyanide Leach vs Fire Assay Comparison Plot](#_Toc127201691)[58](#_Toc127201691)

[Figure 101 : Drill Hole Locations for 2017 WLMC Metallurgical Samples](#_Toc127201692)[64](#_Toc127201692)

[Figure 102 : Section of Sample Locations for WLMC Test Program in Relation to Ore Zone](#_Toc127201693)[64](#_Toc127201693)

[Figure 103 : Head Screen Analysis Showing Cumulative Weight Percent Passing Crush Size (in inches)](#_Toc127201694)[67](#_Toc127201694)

[Figure 104 : Bottle Roll Tests Showing % Gold Extraction During Leach Period](#_Toc127201695)[69](#_Toc127201695)

[Figure 105 : Bottle Roll Tests Showing % Silver Extraction during Leach Period](#_Toc127201696)[69](#_Toc127201696)

[Figure 106 : Column Leach Test Results Showing Cumulative Weight Percent Gold Extracted Over Days of Leach](#_Toc127201697)[71](#_Toc127201697)

[Figure 107 : Column Leach Gold Recovery Curves for Column Leach Tests Completed](#_Toc127201698)[74](#_Toc127201698)

[Figure 108 : Graph of Gold Ounces Placed vs. Gold Ounces Poured and Percent Gold Recovery](#_Toc127201699)[76](#_Toc127201699)

<sup>Figure 111 : Plot of RQD vs. Elevation</sup>[81](#_Toc127201700)

[Figure 112 : Isometric View Looking North Showing Oxide Base (blue) and Granite (orange) Contacts](#_Toc127201701)[82](#_Toc127201701)

[Figure 113 : Isometric View of the Mineralization Domains comprising the Isabella Pearl Deposit](#_Toc127201702)[83](#_Toc127201702)

[Figure 114 : Histogram of Constrained Assay Sample Lengths](#_Toc127201703)[84](#_Toc127201703)

[Figure 115 : Log-Probability Plots of Au and Ag Composites](#_Toc127201704)[85](#_Toc127201704)

<sup>Figure 116 : RC vs. DDH Drilling Results</sup>[86](#_Toc127201705)

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<sup>Fortitude Gold Corporation</sup>x

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

<sup>Figure 117 : Twin Hole Au Assay Grade Comparison</sup>[87](#_Toc127201706)

[Figure 118 : Log-Probability Plots of Composite Capping Thresholds](#_Toc127201707)[88](#_Toc127201707)

<sup>Figure 119 : Experimental Semi-Variogams</sup>[90](#_Toc127201708)

[Figure 1110 : Typical Cross-Section Looking NW Showing Gold Grades (g/t) and Classification](#_Toc127201709)[92](#_Toc127201709)

<sup>Figure 131 Pit Slope Quadrants</sup>[104](#_Toc127201710)

[Figure 132 View looking South in the Pearl Pit showing continuous, moderately to shallowly-dipping shears of the Pearl Fault](#_Toc127201711)[105](#_Toc127201711)

<sup>Figure 133 Water Monitoring Well Locations</sup>[109](#_Toc127201712)

<sup>Figure 134 Isabella Pearl – Final Pit Plan View</sup>[110](#_Toc127201713)

[Figure 135 Isabella Pearl Designed Pits - Plan View](#_Toc127201714)[111](#_Toc127201714)

[Figure 136 Isabella Pearl Designed Pits - Section View](#_Toc127201715)[112](#_Toc127201715)

<sup>Figure 137 Isabella Pearl Waste Rock Dump</sup>[113](#_Toc127201716)

<sup>Figure 138 LOM Equipment List</sup>[117](#_Toc127201717)

[Figure 141 Simplified Schematic of Isabella Pearl Mine Flowsheet](#_Toc127201718)[120](#_Toc127201718)

[Figure 142 General Arrangement for the Original Isabella Pearl Heap Leach Pad and Ponds.](#_Toc127201719)[123](#_Toc127201719)

<sup>Figure 143 ADR Plant General Arrangement</sup>[125](#_Toc127201720)

<sup>Figure 151 : General Site Arrangement</sup>[131](#_Toc127201721)

[Figure 191 Graph of Isabella Pearl Sensitivity to Capex and Gold Price](#_Toc127201722)[152](#_Toc127201722)

[Figure 201 : WLMC's regional land status highlighting Isabella Pearl, and other important mines and prospects. Outline shows WLMC land position and red dots represent significant prospects or mines; blue stars indicate historic mines.](#_Toc127201723)[154](#_Toc127201723)

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 1

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **1** | **Executive Summary** |

---

This is a Technical Report Summary (TRS) for Walker Lane Minerals Corporation (WLMC), an indirect, wholly-owned subsidiary of Fortitude Gold Corporation (FGC), on its 100%-controlled Isabella Pearl mine, a producing open pit gold-silver heap leach operation in Mineral County, Nevada. The report was prepared by Qualified Persons, under the direction of Ralston Pedersen, P.E., President & Director, Convergent Mining, LLC, Independent (Convergent) and provides a summary of the detailed assessments of mineral resources and mineral reserves and other relevant considerations of the Isabella Pearl mine.

On October 31, 2018, the SEC announced that it was adopting amendments to modernize the property disclosure requirements for mining registrants, and related guidance, under the Securities Act of 1933 and the Securities Exchange Act of 1934 (SEC, 2018 a, b). This report is prepared to comply with the new rule (17 CFR subpart 229.1300), requiring that a registrant with material mining operations must disclose specified information in Securities Act and Exchange Act filings concerning its mineral resources, in addition to its mineral reserves.

WLMC has received all regulatory permit approvals from the Nevada Division of Environmental Protection (NDEP) and the U.S. Department of the Interior, Bureau of Land Management (BLM) for the Isabella Pearl mine. Construction of the Isabella Pearl mine was completed during 2019 and reached commercial production levels in October 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Property Summary and Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.1***  ***Property Description*** 

The Isabella Pearl mine area covers approximately 627 hectares (1,549 acres) and consists of 90 unpatented lode mineral claims on land owned by the U.S. government and administered by the BLM. WLMC controls 100% interest in the Isabella Pearl claims which are subject to a 2.75% NSR royalty.

WLMC also controls an additional 478 unpatented claims covering approximately 3,329 hectares (8,227 acres) along a nearly 26 km (16 mi) trend extending northwest of the Isabella Pearl mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Mineral Resource Statement** 

The modeling and estimation of mineral resources presented herein is based on technical data and information available as of December 31, 2022. WLMC models and estimates mineral resources from available technical information prior to the generation of mineral reserves.

As part of its modernization of the property disclosure requirements for mining registrants, the SEC is adopting the Combined Reserves International Reporting Standards Committee (CRIRSCO) framework for reporting mineral resources. According to CRIRSCO, a mineral resource is a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust (a deposit) in such form, grade or quality, and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics, and continuity of a mineral resource are known, estimated, or

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 2

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. Portions of a deposit that do not have reasonable prospects for eventual economic extraction must not be included in a mineral resource. The modeling and estimation of mineral resources utilized a portion of the drill hole database compiled by WLMC consisting of:

● Air Track (AT): 6 drill holes for 82.0 m (269 ft)

● Reverse Circulation (RC): 554 drill holes for 53,317.2 m (174,925 ft)

● Diamond Drill (Core) Hole (DDH): 36 drill holes for 3,564.4 m (11,695 ft)

Mineral resource modeling was carried out on capped composites using Inverse Distance Cubed ("ID3"), Ordinary Kriging ("OK") and Nearest Neighbor ("NN") estimation methods. A minimum of three and a maximum of twelve composites were used for estimation, within a search ellipsoid oriented parallel with each defined structure and extending 120 m (394 ft) x 120 m (394 ft) x 30 m (98 ft). The major and semi-major axes approximate the average strike and dip directions of the mineralization in each of the estimation areas. Both gold and silver were estimated.

Mineral resources at Isabella Pearl are further defined by WLMC as mineral resources within a constraining pit shell and above a defined cut-off value. The mineral resources reported herein have been constrained within a Lerchs-Grossman (LG) optimized pit shell and reported at a cut-off grade of 0.33 g/t Au (0.01 opst Au) for oxide mineral resources and 2.00 g/t Au (0.058 opst Au) for sulfide mineral resources. Mineral resources are reported inclusive of mineral reserves.

Measured and Indicated mineral resources reported for Isabella Pearl contain 924,300 tonnes (1,018,900 short tons) of material at an average gold grade of 3.22 g/t Au (0.094 opst Au) and 37 g/t Ag (1.085 opst Ag) (Table 11). Inferred mineral resources reported for Isabella Pearl contain 130,800 tonnes (144,100 short tons) of material at an average gold grade of 1.37 g/t Au (0.040 opst Au) and 12 g/t Ag (0.354 opst Ag).

#### Table 1-1 : Mineral Resource Estimates (inclusive of Mineral Reserves) for the Isabella Pearl Deposit, Mineral County, Nevada, as of December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Oxides** | &nbsp;&nbsp;**Cut-off Au (g/t)** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Au (opst)** | &nbsp;&nbsp;**Ag (g/t)** | &nbsp;&nbsp;**Ag (opst)** | &nbsp;&nbsp;**Au (oz)** | &nbsp;&nbsp;**Ag (oz)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;0.33 | &nbsp;&nbsp; 374600  | &nbsp;&nbsp; 412900  | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;1.461 | &nbsp;&nbsp; 45200  | &nbsp;&nbsp; 603100  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.33 | &nbsp;&nbsp; 315000  | &nbsp;&nbsp; 347200  | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;0.356 | &nbsp;&nbsp; 13400  | &nbsp;&nbsp; 123700  |
| &nbsp;&nbsp;***Mea+Ind*** | &nbsp;&nbsp;***0.33*** | &nbsp;&nbsp; 689500  | &nbsp;&nbsp; 760100  | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;32.8 | &nbsp;&nbsp;0.956 | &nbsp;&nbsp; 58500  | &nbsp;&nbsp; 726800  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.33 | &nbsp;&nbsp; 125400  | &nbsp;&nbsp; 138300  | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;0.347 | &nbsp;&nbsp; 5100  | &nbsp;&nbsp; 47900  |
| &nbsp;&nbsp;**Sulfides** | &nbsp;&nbsp;**Cut-off Au (g/t)** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Au (opst)** | &nbsp;&nbsp;**Ag (g/t)** | &nbsp;&nbsp;**Ag (opst)** | &nbsp;&nbsp;**Au (oz)** | &nbsp;&nbsp;**Ag (oz)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;2.00 | &nbsp;&nbsp; 158300  | &nbsp;&nbsp; 174500  | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;58.8 | &nbsp;&nbsp;1.715 | &nbsp;&nbsp; 25200  | &nbsp;&nbsp; 299300  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;2.00 | &nbsp;&nbsp; 76400  | &nbsp;&nbsp; 84200  | &nbsp;&nbsp;4.81 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;32.2 | &nbsp;&nbsp;0.940 | &nbsp;&nbsp; 11800  | &nbsp;&nbsp; 79200  |
| &nbsp;&nbsp;***Mea+Ind*** | &nbsp;&nbsp;***2.00*** | &nbsp;&nbsp; 234800  | &nbsp;&nbsp; 258800  | &nbsp;&nbsp;3.34 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;1.463 | &nbsp;&nbsp; 37100  | &nbsp;&nbsp; 378500  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;2.00 | &nbsp;&nbsp; 5300  | &nbsp;&nbsp; 5900  | &nbsp;&nbsp;3.84 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;18.4 | &nbsp;&nbsp;0.537 | &nbsp;&nbsp; 700  | &nbsp;&nbsp; 3100  |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Cut-off Au (g/t)** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Au (opst)** | &nbsp;&nbsp;**Ag (g/t)** | &nbsp;&nbsp;**Ag (opst)** | &nbsp;&nbsp;**Au (oz)** | &nbsp;&nbsp;**Ag (oz)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;--- | &nbsp;&nbsp; 532900  | &nbsp;&nbsp; 587400  | &nbsp;&nbsp;4.11 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;52.7 | &nbsp;&nbsp;1.536 | &nbsp;&nbsp; 70400  | &nbsp;&nbsp; 902400  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;--- | &nbsp;&nbsp; 391400  | &nbsp;&nbsp; 431400  | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;0.470 | &nbsp;&nbsp; 25200  | &nbsp;&nbsp; 202900  |
| &nbsp;&nbsp;***Mea+Ind*** | &nbsp;&nbsp;***---*** | &nbsp;&nbsp; 924300  | &nbsp;&nbsp; 1018900  | &nbsp;&nbsp;3.22 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;37.2 | &nbsp;&nbsp;1.085 | &nbsp;&nbsp; 95600  | &nbsp;&nbsp; 1105300  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;--- | &nbsp;&nbsp; 130800  | &nbsp;&nbsp; 144100  | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;0.354 | &nbsp;&nbsp; 5800  | &nbsp;&nbsp; 51100  |

---

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reported at a cut-off of 0.33 Au g/t (0.01 Au opst) for oxide mineral resources and 2.00 Au g/t (0.058 Au opst) for sulfide mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Whole block diluted estimates reported within an optimized pit shell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral resources do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Totals may not sum exactly due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral resources reported are inclusive of mineral reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Mineral Reserve Statement** 

Mineral reserves were prepared according to the guidelines of Regulation S-K Subpart 1300 ("S-K 1300"). The reserve estimate is based on technical data and information available as of December 31, 2022.

The conversion of mineral resources to mineral reserves required accumulative knowledge achieved through LG pit optimization, detailed pit design, scheduling and associated modifying parameters. Detailed access, haulage, and operational cost criteria were applied in this process for the Pearl and Civit Cat North deposits, the currently minable portions of the Isabella Pearl mine. The mine was built in metric units and all metal grades are in g/t.

The orientation, proximity to the topographic surface, and geological controls of the Isabella Pearl mineral reserves support mining with open pit mining techniques. To calculate the mineral reserve, pits were designed following an optimized LG pit based on a $1,750/oz Au sales price. This price was chosen to create the primary guide surface based on a price sensitivity and subsequent profitability study that showed that the $1,750 pit maximized profitability while reducing capital requirements. The quantities of material within the designed pits were calculated using a cut-off grade of 0.33 g/t Au (0.01 opst) which is based on the consensus 2023-2024 average price of $1,750/oz for gold (CIBC, 2023). The Isabella Pearl mine open pit mineral reserve statement is presented in Table 1-2.

The Proven and Probable mineral reserves reported for Isabella Pearl contain 0.91 million tonnes (1.01 million short tons) at an average gold grade of 2.02 g/t Au (0.059 opst) and 22 g/t Ag (0.6 opst) (Table 12).

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<sup>Fortitude Gold Corporation</sup> 4

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

The high-grade and low-grade stockpiles of ore mined but not processed is included in the inventory of 2022 mineral reserves.

**Table 1-2 : Mineral Reserve Estimates for the Isabella Pearl Deposit, Mineral County, Nevada, as of December 31,** **2022**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au g/t** | &nbsp;&nbsp;**Au opst** | &nbsp;&nbsp;**Ag g/t** | &nbsp;&nbsp;**Ag opst** | &nbsp;&nbsp;**Au Oz** | &nbsp;&nbsp;**Ag Oz** |
| &nbsp;&nbsp;&nbsp;Proven Mineral Reserves | &nbsp;&nbsp;250400 | &nbsp;&nbsp;276000 | &nbsp;&nbsp;4.38 | &nbsp;&nbsp;0.128 | &nbsp;&nbsp;49 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;35200 | &nbsp;&nbsp;392700 |
| &nbsp;&nbsp;&nbsp;Probable Mineral Reserves | &nbsp;&nbsp;171500 | &nbsp;&nbsp;189100 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;0.052 | &nbsp;&nbsp;17 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;9800 | &nbsp;&nbsp;92900 |
| &nbsp;&nbsp;***Proven and Probable Total*** | &nbsp;&nbsp;**421900** | &nbsp;&nbsp;**465100** | &nbsp;&nbsp;**3.32** | &nbsp;&nbsp;**0.097** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**1.0** | &nbsp;&nbsp;**45000** | &nbsp;&nbsp;**485600** |
| &nbsp;&nbsp;&nbsp;High-Grade Stockpile | &nbsp;&nbsp;65300 | &nbsp;&nbsp;72000 | &nbsp;&nbsp;3.46 | &nbsp;&nbsp;0.101 | &nbsp;&nbsp;37 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;7300 | &nbsp;&nbsp;78400 |
| &nbsp;&nbsp;&nbsp;Low-Grade Stockpile | &nbsp;&nbsp;426500 | &nbsp;&nbsp;470100 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;7100 | &nbsp;&nbsp;76600 |
| &nbsp;&nbsp;***Isabella Pearl Mine Total*** | &nbsp;&nbsp;**913700** | &nbsp;&nbsp;**1007181** | &nbsp;&nbsp;**2.02** | &nbsp;&nbsp;**0.059** | &nbsp;&nbsp;**22** | &nbsp;&nbsp;**0.6** | &nbsp;&nbsp;**59400** | &nbsp;&nbsp;**640600** |

---

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Mineral Reserves were estimated by WLMC and reviewed and accepted by Convergent Mining.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Classification of Mineral Reserves is in accordance with the S-K 1300 classification system.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Metal prices used for Proven and Probable reserves were $1,750 per ounce of gold and $21 per ounce of silver. These prices reflect the consensus 2023-2024 average prices for gold and silver (CIBC, 2023).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *The quantities of material within the designed pits were calculated using a cut-off grade of 0.33 Au g/t.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Mining, processing, energy, administrative and smelting/refining costs were based on 2022 actual costs for the Isabella Pearl mine.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Metallurgical gold recovery assumptions used were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *Proven and Probable reserves are diluted and factored for expected mining recovery.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *A bulk density of 2.44 lbs/ft was used for waste. The bulk density of Mineral Reserves was calculated by block, based on mineralogical content.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material to estimates.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.* *The Qualified Person for the mineral reserve estimate is Mr. Ralston Pedersen, P.E., of Convergent Mining* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Geology and Mineralization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.1***  ***Geologic Setting, Mineralization, and Mineralization*** 

The Isabella Pearl mine is in the central portion of the Walker Lane, a major northwest-trending zone on the western border of Nevada characterized by a series of closely spaced dextral strike-slip faults that were active throughout much of the middle to late Cenozoic. It is a complex zone up to 300 km (186 mi) wide and 1,000 km (620 mi) long that lies on the western boundary of the Basin and Range Province.

Volcanic rocks of middle Tertiary age cover much of the property and include intermediate lava flows and ignimbrite ash flow sheets. The volcanic rocks unconformably overlie Mesozoic strata including Triassic and Jurassic sedimentary units and Cretaceous and Jurassic igneous units. Tectonic activity and erosion have left an irregular, dominantly buried surface of Mesozoic rocks. Within the regional Walker Lane tectonic setting, several major fault zones trend through the property and are dominated by various splays and off set branches. The Soda Springs Valley fault zone is a major host of mineralization in the area, and particularly along the Pearl fault strand.

The gold-silver mineralized zones include the Isabella, Pearl, Civit Cat North, Silica Knob, Scarlet North and South, and Crimson oxide deposits and the Pearl and Civit Cat North sulfide deposits, collectively referred to in this report as the Isabella Pearl deposit. Alteration and mineral assemblages at Isabella Pearl,

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 5

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

including widespread argillic alteration and generally abundant alunite, indicate the deposits belong to the high-sulfidation class of epithermal mineral deposits. K-Ar age determinations indicate the mineralization is about 19 Ma, some 7 to 10 million years younger than the age of the host rocks. This early Miocene age conforms to the age of other high-sulfidation epithermal precious-metal deposits in the Walker Lane area (e.g., Goldfield and Paradise Peak).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.2***  ***Exploration*** 

Modern exploration of the general area around the Isabella Pearl mine began in the early 1970's by various companies. From 1987 through 1990, Combined Metals Reduction Company (CMRC) drilled the Isabella Pearl area during its joint venture with Homestake Mining Company (Homestake). The joint venture drilled at least 175 reverse circulation (RC) and diamond drill (core) holes (DDH) before the joint venture was terminated. TXAU Investments, Inc. (TXAU), also known as TXAU Development Ltd. and Isabella Pearl LLC., conducted a DDH drilling program in early 2007 that consisted of 19 holes. This drilling was designed primarily to provide material for metallurgical testing and confirm the historic assay and geological data collected by the CMRC-Homestake joint venture. In 2008, TXAU completed 7 DDH's in the Pearl deposit to address some issues concerning assays and insufficient quality assurance/quality control measures from prior drilling. From 2016 through 2022, WLMC executed RC and DDH drilling programs to collect representative mineralized ore grade samples in the mine area in sufficient quantity to conduct metallurgical testing and expand resources. In addition, WLMC completed a 5-hole RC condemnation drill program to ensure no mineral resources occurred where the mine/plant facilities are located. The Isabella Pearl mine drilling history is summarized in Table 13.

#### Table 13 : Drilling History at the Isabella Pearl Mine (1987 - 2022)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**RC** | &nbsp;&nbsp;**RC** | &nbsp;&nbsp;**DDH (Core)** | &nbsp;&nbsp;**DDH (Core)** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Meters** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Meters** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Meters** |
| &nbsp;&nbsp;Combined Metals-Homestake & Historical | &nbsp;&nbsp;1987-1990 | &nbsp;&nbsp;182 | &nbsp;&nbsp;19598.6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;513 | &nbsp;&nbsp;188 | &nbsp;&nbsp;20111.6 |
| &nbsp;&nbsp;TXAU | &nbsp;&nbsp;2007-2008 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;26 | &nbsp;&nbsp;2315.7 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2315.7 |
| &nbsp;&nbsp;WLMC\* | &nbsp;&nbsp;2016-2022 | &nbsp;&nbsp;394 | &nbsp;&nbsp;35640 | &nbsp;&nbsp;5 | &nbsp;&nbsp;442.8 | &nbsp;&nbsp;399 | &nbsp;&nbsp;36082.8 |
| &nbsp;&nbsp;WLMC Met Holes | &nbsp;&nbsp;2016-2017 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3 | &nbsp;&nbsp;659.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp;659.9 |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;576 | &nbsp;&nbsp;55238.6 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3931.4 | &nbsp;&nbsp;616 | &nbsp;&nbsp;59170 |
| &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Metallurgy and Mineral Processing** 

Metallurgical test work has validated that Isabella Pearl oxidized ores are amenable to gold and silver recovery by cyanidation. The most economically effective process has been identified as conventional heap leaching of crushed ore, and to a much lesser extent ROM, followed by absorption/desorption recovery (ADR) and refining to produce doré bars.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 6

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

Cyanidation test work (bottle roll and column leach), performed on representative samples of the mineral resources, confirms the close relationship between particle size and gold recovery. The greater the fines fraction the higher the gold recovery. Based on the metallurgical test work completed, total gold recovery is expected over a four-month period.

Mineral reserves above 0.61 g/t Au are being crushed to a P80 of 5/8 inch and placed directly on the heap. Mineral reserves between 0.33 and 0.61 g/t Au are being stockpiled for either future crushing or blending with the higher-grade material. The total predicted gold recovery for all ore is 81% ore which is currently being crushed. The gold recovery projection for ore is based primarily on column leach test work and partly on benchmarking other heap leach operations.

Over the Life-of-Mine (LOM), ore is delivered from the open pit, the majority being trucked to the crusher, and then transported to the heap leach pad via an overland conveyor and stacked onto the heap leach pad by a radial stacker. A minor amount of ROM ore was previously placed directly on the heap leach pad by truck.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Mine Design, Optimization and Scheduling** 

Isabella Pearl is a disseminated gold and silver deposit with mineralization close to the surface at an average head grade of 2.02 g/t Au (0.059 opst) and 22 g/t Ag (0.6 opst). It was determined that mining would be performed with an open pit truck/loader operation. Initial costs were estimated, and a detailed feasibility study analysis performed to determine the optimum ultimate mining limit for the operation. Average operating costs at the property are approximately 2.6 $/t for mining, 2.8 $/t for crushing and 6.9 $/t for leaching and solution treatment at the Isabella Pearl processing facility.

The current mine design consists of one main pit and several smaller sub-pits accessing the Isabella, Pearl and Civit Cat North deposits. Open pit mining is by conventional diesel-powered equipment, utilizing a combination of blasthole drills, wheel loaders, and 91-tonne (100-short ton) trucks to handle ore and waste. Support equipment including of graders, track dozers, and water trucks also aid in the mining. High-grade ore (>0.61 g/t Au; 0.018 opst) is hauled to the crushing area and crushed before being placed on the leach pad. Low-grade ore between 0.33 and 0.61 g/t Au (0.010 opst and 0.018 opst) is hauled directly to the low-grade stockpile. Waste rock is stored in the waste rock facility designed near the pit to reduce haulage costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Environmental Studies, Permitting, and Plans, Negotiations or Agreements with Local Individuals or Groups** 

The Isabella Pearl mine is located on public lands administered by the U.S. Department of the Interior, BLM. As such, the operation requires the identified federal permits, the most important of which are approvals of the Plan of Operations (POO) and its subsequent National Environmental Policy Act Evaluation (NEPA) analyses. WLMC submitted the POO and Reclamation Permit applications and the Environmental Assessment (EA). The BLM has reviewed baseline data and deemed the POO "complete" and authorized processing of the EA of the operations. The NEPA analysis was completed, and a Record of Decision (ROD) issued on May 15, 2018. (DOI-BLM-NV-C010-2018-0007-EA). Subsequent minor

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<sup>Fortitude Gold Corporation</sup> 7

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

modifications have been processed under Determination of NEPA Adequacy (DNA) level analysis since 2018.

WLMC holds the following Federal Permits and Registrations:

● EPA Hazardous Waste #NVR000092916 (EPA)

● Explosive Permit #9-NV-009-20-8K-00321 (Ledcor CMI Inc. - contract mining)

● POO and Reclamation Plan #NVN86663 (BLM)

The mine also required permits from various State of Nevada agencies including: Bureau of Air Pollution Control (BAPC), Bureau of Mining Regulation and Reclamation (BMRR), Bureau of Sustainable Materials Management (BSMM), Department of Conservation and Natural Resources (DCNR), NDEP and Nevada Department of Wildlife (NDOW).

The State of Nevada requires operational mining permits regardless of land status of the mine (i.e., private, or public). The following are the state permits that are required for the Isabella Pearl mine:

● Reclamation Permit #0387 (NDEP/BMRR)

● Hazardous Waste Generator #NVR000092916 (NDEP/BSMM)

● Water Pollution Control Permit #NEV2009102 (NDEP/BMRR)

● Emergency Release, Response, and Contingency Plan (NDEP/BMRR)

● Spill Prevention, Control, and Countermeasures Plan (NDEP/BMRR)

● National Pollutant Discharge Elimination System (NPDES) General Permit #NVG201000 (NDEP/BWPC)

● General Stormwater Permit #NVR300000 MSW-43292 (NDEP/BWPC)

● Storm Water Pollution Prevention Plan (NDEP/BWPC)

● Water Rights –#89667, 89668 and 89669 (formerly #83484, 82498, 79096, 83485 and 89001T) (DCNR/NDWR); Permits to change the point of diversion and place of use of the water rights have been approved, for groundwater production wells

● Air Quality Class II Operating Permit #AP-1041-3853 (NDEP/BAPC)

● Air Quality Mercury Permit to Construct #AP-1041-3895 (NDEP/BAPC)

● Air Quality Class I Operating Permit to Construct #AP-1041-3897 (NDEP/BAPC)

● Industrial Artificial Pond Permit #41228, Mine ID #MN-013 (NDOW)

● Bureau of Safe Drinking Water Public Water Source Permit NV0001178

WLMC has obtained a Special Use Permit and Building Permits issued by Mineral County to construct buildings at the Isabella Pearl mine including:

● Mineral County Business License #17288 (Mineral County Sheriff's Office)

● Special Use Permit #165957 (Mineral County Planning Commission)

● Septic Permit #7905 and 7906 (Mineral County Building Department)

● ADR Building Permit #5891 (Mineral County Fire Marshall)

● Office Building Permit #7888 (Mineral County Fire Marshall)

● Water Tank Building Permit #7921 (Mineral County Fire Marshall)

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 8

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

By virtue of the mine's location and current land ownership, the mine operations were subject to reclamation financial surety requirements set by the BLM and State of Nevada. The cost associated with final reclamation and closure of the Isabella Pearl mine is currently set at $12.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Capital Costs, Operating Costs and Financial Analysis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.1***  ***Capital and Operating Costs*** 

WLMC has provided an estimate of capital and operating costs in this report.

Total Isabella Pearl Mine LOM capital expenditures are estimated to be US$1.055 million. The capital costs are based on vendor and specialist quotations. Additional contingencies have been applied to these estimates for omissions. The support for capital and operating costs are based on quotations and estimates in 2022 dollars. No inflation factors have been used in the economic projections.

Mining costs are based on actual costs derived from the Isabella Pearl mine. These costs comprise ore and waste drilling and blasting, loading, and hauling and all the associated site maintenance including, pits, roads, stockpiles, dumps, tailings storage facilities, and storm water controls etc.

Processing costs are based on actual processing costs including but not limited to reagent consumption and current prices for wear and replacement parts.

Current supervisory and administrative support staff numbers are sufficient to efficiently handle the administrative, technical and management functions required for the mining operation. Provisions for training, and regulatory mandated safety functions are also included.

The Isabella Pearl Mine LOM Operating Cash Costs per Tonne Processed is estimated at US$40.85 per tonne. This is based on a total ore processed of 0.9 million tonnes (1.0 million short tons). The estimated remaining mine life is 2 years, with continued gold production from the leach pad for a 3<sup>rd</sup> year.

According to the American Association of Cost Engineering (AACE) International, these capital and operating cost estimates based on a production budget and realized costs to date would be classified as Class 1, with an accuracy range of -3% to -10% to +3% to +15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.2***  ***Economic Analysis*** 

WLMC has provided an economic analysis in this report.

The Isabella Pearl mine has a 2-year mine-life given the mineral reserves described in this report. The financial results of this report have been prepared on an annual basis. Capital and operating costs are based on realized costs, quotations and estimates in 2022 dollars. No inflation factors have been used in the economic projections. The analysis assumes static conditions for the gold market price over the two-year mine-life. The gold and silver prices were set at $1,750/oz and $21/oz, respectively. These prices are based on the consensus 2023-2024 average prices (CIBC, 2023).

This economic analysis is a post-tax evaluation and is based on a base case $1,750 per ounce gold price and an assumption that the gold would be recovered over the remaining 2-year mine-life.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 9

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

The economic results, at a discount rate of 5%, indicate a Net Present Value (NPV) of $85.1 million (after estimated taxes). The following provides the basis of the Isabella Pearl LOM plan and economics:

● A mine life of 2 years, with continued gold production from the leach pad for a third year;

● An average operating cost of $384/ Au ounces-produced;

● Sustaining capital costs of $1.055 million and a mine closure cost estimate of $12.2 million;

● The analysis does not include any allowance for end of mine salvage value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **Conclusions and Recommendations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.1***  ***Interpretation and Conclusions*** 

Isabella Pearl is a producing gold mine with a favorable economic projection based on current operating costs and detailed LOM mining and processing plan. The Isabella Pearl deposit has the grade and continuity required for on-going production.

The Isabella Pearl deposit geology is generally well understood, and structural geology and alteration are the primary controls on mineralization. The core of the deposit is relatively well-defined but recent infill and step-out drilling has materially changed the current mineral resource model, increasing the confidence level of the mineral resource estimate, and allowing conversion of a significant portion of this material to mineral reserve. Drilling to the northwest of the deposit also has the potential to extend the mineral resources. In addition, reconnaissance geological mapping and rock chip sampling have delineated new, surface high-grade gold target areas further along strike to the northwest of the Isabella Pearl deposit.

Certain factors pose potential risks and opportunities, of greater or lesser degree, to the estimate as the mineral resources are based on currently available data. The highest risks associated with key estimation parameters were identified as:

● Core Recovery: Rock Quality Designation (RQD) results show a wide range of recoveries, which may bias assay grades.

● Bulk Density: Significant voids may reduce recoverable tonnage (Specific gravity is not well constrained).

The predicted mineral resource grades are confirmed at the mining scale using blast-hole drilling results and grade control modeling.

Reconciliations are performed on a monthly basis by the operations department in order to track and compare actual tonnages and grades to the estimated values in the block model. To date, the reconciliations have proved that the estimated tonnages are in line with the values in the block model and that actual grades are slightly higher than estimated, especially in the Pearl deposit.

All refractory sulfide material has been treated as waste for the Isabella Pearl estimate of mineral resources. In addition, the bottom of the optimized pit shell is designed to stay above the water table.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 10

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

The conversion of mineral resources to mineral reserves required accumulative knowledge achieved through LG pit optimization, detailed pit design, scheduling and associated modifying parameters. The quantities of material within the designed pits were calculated using a cut-off grade of 0.33 g/t Au which is based on the consensus 2023-2024 average price $1,750/oz Au sales price used for this mineral reserve estimate (CIBC, 2023). The Proven and Probable mineral reserves as of December 31, 2022, reported for the Isabella Pearl mine, using diluted grades, is 0.91 million tonnes (1.00 million short tons) of material at an average gold grade of 2.02 g/t Au (0.059 opst) and 22 g/t Ag (0.6 opst) containing 59,400 ounces of gold and 640,600 ounces of silver. The mineral reserve estimate presented herein is based on technical data and information available as of December 31, 2022.

Isabella Pearl is a disseminated gold and silver deposit with mineralization close to the surface. The mine design consists of one main pit accessing the Isabella Pearl deposit. Open pit mining is by conventional diesel-powered equipment, utilizing a combination of blasthole drills, wheel loaders, and 91-tonne (100-short ton) trucks to handle ore and waste.

The Isabella Pearl oxide ore is amenable to heap leach cyanidation with a high relative recovery and fast leaching kinetics.

The Isabella Pearl mine is economically viable at the consensus 2023-2024 average gold price of $1,750 per ounce gold as well as at the current higher gold prices and has significant economic potential given the possibility for gold price increases in the future (CIBC, 2023). Additionally, there is opportunity to expand the mineral reserve through additional drilling. Cost improvements and further optimizations are also possible.

The Isabella Pearl mine's economic viability is generally at risk from changes in external factors which would lead to increased input costs, or a fall in the price of gold which would reduce revenue. A decrease in gold price would not only reduce revenue but would also reduce the amount of economically mineable ore as a decrease in metal prices could result in a higher cut-off grade. Under the current gold price environment, the mineral reserves are considered robust.

Environmental and future permitting risks include items being discovered on the mine site such as sensitive or endangered botany, or cultural artifacts. No environmental and permitting risks have been identified.

Internal risks, specific to the Isabella Pearl mine, include:

● Current drill spacing is considered adequate but there is a low risk of a decrease in mineral resources due to additional drilling and subsequent re-modeling and re-estimations.

● Poor operational execution, with resultant cost and schedule over-runs, scope creep, and increased operating costs. This is mitigated by management overseeing production.

● Predicted gold recovery from the Isabella Pearl ore is based on the results of column-leach tests and actual results could be lower than expected. This risk is deemed to be low, given the numerous metallurgical tests that have been conducted on the Isabella Pearl mineral resources during the past 30 years.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup> 11

<u>Isabella Pearl Mine</u> <u>S-K 1300 Technical Report Summary</u>

● Finding and keeping the skilled employees required to operate the Isabella Pearl mine has proven to be challenging, given its rural location. Inadequate staffing can increase operating costs by reducing operating efficiencies and increasing repair and maintenance costs. Recruiting costs might be higher than predicted.

The Qualified Persons (QP's) preparing this report for WLMC recommend continued open pit mining and processing the ore by screening, stacking, heap leaching and ADR to produce gold doré for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.2***  ***Recommendations*** 

The QP's preparing this report for WLMC recommend that the Isabella Pearl mine continue with open pit mining and processing the ore by screening, stacking, heap leaching, ADR and doré production. Some additional studies are recommended that may improve value and optimizations including additional drilling to convert mineral resources to mineral reserves.

Recommendations for mineral resource and reserve drilling at the Isabella Pearl mine are shown in Table 1-4. The estimated cost of the recommendation for 9,982 m (32,750 ft) of RC and core drilling totals $2,631,300. The cost of this recommended work has not been included in the Isabella Pearl cash-flow model.

#### Table 1-4 : Summary Budget for Proposed Exploration Drilling at Isabella Pearl Mine

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**TOTALS ($USD)** |
| &nbsp;&nbsp;**ISABELLA PEARL EXPLORATION** | &nbsp;&nbsp;**ISABELLA PEARL EXPLORATION** |
| &nbsp;&nbsp;1233 IP-Exploration Subtotal – Core 457 m (1,500 ft)  | &nbsp;&nbsp;**$323000**  |
| &nbsp;&nbsp;1234 Scarlet Project Subtotal - RC 6,477 m (21,250 ft) | &nbsp;&nbsp;**$1532000**  |
| &nbsp;&nbsp;1235 Wildhorse Project Subtotal – RC 3,048 m (10,000 ft) | &nbsp;&nbsp;**$776300**  |
| &nbsp;&nbsp;**ISABELLA-PEARL EXPLORATION TOTAL – 9,982 m (32,750 ft)** | &nbsp;&nbsp;**$2631300**  |

---

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>12

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **2** | **Introduction** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Terms of Reference and Purpose of the Report** 

Convergent was contracted to update a Technical Report Summary (TRS) on the Isabella Pearl mine, an open pit gold heap leach operation located in Mineral County, Nevada for the Walker Lane Minerals Company (WLMC). WLMC is an indirect, wholly-owned subsidiary of FGC. The TRS is to support of the required annual reporting of FGC.

The quality of information, conclusions, and estimates contained herein is consistent with the level of effort by the QP's, based on: 1) information available at the time of preparation, 2) data supplied by outside sources, and 3) the assumptions, conditions, and qualifications set forth in this report. The responsibility for this disclosure remains with WLMC.

This report provides mineral resource and mineral reserve estimates, and a classification of mineral reserves prepared in accordance with §§ 229.1300 through 229.1305 (subpart 229.1300 of Regulation S-K) referred to simply as "S-K 1300" in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Source of Data and Information** 

WLMC has relied on information and technical documents listed in the References section of this report which are assumed to be accurate and complete in all material aspects.

The reader is referred to earlier reports on mineral resources and reserves and the feasibility study for a more detailed description of the sources of information relied upon by the QP's of WLMC (Brown et al, 2018, 2021; Hulse et al, 2022).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Details of Inspection** 

Ralston Pedersen, Ricardo Garcia and Barry Devlin are the QP's who visited Isabella Pearl mine on December 12, 2022. In addition, QP's Ricardo Garcia, Barry Devlin, Fred Brown and Joy Lester have visited the mine on numerous occasions since 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Previous Reports on Mine** 

This report updates a previous report titled "S-K 1300 Technical Report Summary, Isabella Pearl Mine, Mineral County, NV" dated February 25, 2022 (Hulse et al, 2022).

The effective date of this report is December 31, 2022.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>13

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **3** | **Property Description and Location** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Location** 

The Isabella Pearl mine is located in the Gabbs Valley Range, approximately 10 km (6 mi) north of the town of Luning in Mineral County, Nevada. The closest town with full services is Hawthorne located 40 km (25 mi) to the west (Fig. 3.1). The mine is located within all or portions of the following Townships, Ranges, and Sections relative to the Mount Diablo Baseline and Meridian:

● Township 8 North, Range 34 East, Section 03; and

● Township 9 North, Range 34 East, Sections 26, 27, 34 and 35.

The approximate center of the deposit areas is Latitude N38.60° and Longitude, W118.18° (UTM 397,665 E, 4,273,011 N, Zone 11). The mine has good connections to the infrastructure of west-central Nevada, with access roads to the mine site linking to Nevada state route 361 and US Route 95, the main highway between Reno and Las Vegas.

![Graphic](ftco-20221231xex96d1002.jpg)

#### Figure 3-1 : General Location Map of the Isabella Pearl Mine
 22 February 2023

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<sup>Fortitude Gold Corporation</sup>14

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Area of the Property** 

The Isabella Pearl mine area covers approximately 627 hectares (1,549) acres) and consists of 90 unpatented lode mineral claims on land owned by the U.S. government and administered by the BLM. WLMC controls 100% interest in the Isabella Pearl claims which are subject to a 2.75% NSR royalty. WLMC also controls an additional 478 claims covering approximately 3,329 hectares (8,227 acres) along a approximate 26 km (16 mi) trend extending northwest of the Isabella Pearl mine.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Mineral Titles, Claims, Rights, Leases and Options** 

Mineral claims in the mine area are shown in Figure 32. The claims within the mine area controlled by WLMC, its entities, or partners are listed in Table 31 and are current as of December 31, 2022.

Currently, annual claim maintenance fees are the only federal payments related to unpatented mining claims. Annual maintenance fees of $100,572 were paid to the BLM during 2022 to hold the 568 unpatented lode mining claims. In addition, fees for filing a Notice of Intent (NOI) totaling $6,852 were paid to Mineral County in order to hold the claims for another year.

There are no Tribal, State of Nevada or U.S. Forest Service lands within the mine area.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>15

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1003.jpg)

#### Figure 3-2 : Isabella Pearl Mine Area Mineral Claims Map
 22 February 2023

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<sup>Fortitude Gold Corporation</sup>16

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 3-1 : List of Unpatented Lode Mineral Claims for the Isabella Pearl Mine

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Claim Count** | &nbsp;&nbsp;**Claim Name & Number** | &nbsp;&nbsp;**Claim Type** | &nbsp;&nbsp;**Location Years** | &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;**Acquisition History** |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;VULTURE DOG 1 – 16 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;1979 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;ISABELLA #12 – 15, ISABELLA #16 FRAC - 17 FRAC and #19 FRAC | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;1980 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;ISABELLA #1 – #3 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;1982 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;VULTURE DOG 22 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;1984 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;SODA #6 - 13, #19, #23 – 26, #36 and #49 - 52  | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;1987 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;SODA #37 - 38 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;1990 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;SODA #5 and 32 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;1991 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;TDG-1 - 2 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2008 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From Gateway Gold (USA) Corp. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;IS 1 – 4, 6, 8, 10, 12, 14, 16, 18, 31 – 32, 34, 36, 38, 40, 50 - 53 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2016 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From Nevada Select Royalty |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;SODAR 20 – 22, 33 – 35 and 46 - 48 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2018 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From TXAU (WLMC relocation of SODA claims) |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;TDGR-3 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2020 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Acq From Gateway Gold (USA) Corp (WLMC relocation of TDG-3 claim) |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;SCR S1 – S8 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2021 | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;Staked by WLMC |
| &nbsp;&nbsp;**90** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Other Significant Factors and Risks** 

The mine is in production, and the QP's are not aware of any factors or pending changes that would impact the continued operation or its profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Royalties and Agreements** 

WLMC owns an undivided fifty percent (50%) interest and leases the remaining fifty percent (50%) interest in ten (10) claims from Natasha Matkin-Hayes et al of Las Vegas, Nevada. This affects the following claims:

&nbsp;&nbsp;&nbsp;&nbsp;● Isabella Claims 1, 2, 3, 12, 13, 14 and 15, and

&nbsp;&nbsp;&nbsp;&nbsp;● Isabella Fractions 16, 17, 19.

The Matkin-Hayes lease, dated April 1, 1992, was recorded by memorandum dated June 15, 1992, in Book 146 OR, page 978 (Mineral County, Nevada), and executed by Sarah D. Narkus, Natasha Matkin-Hayes, William Longhurst, John Longhurst, Caroline Merrick, Marguerite Cole, and Combined Metals Reduction Company (CRMC). TXAU succeeded to CMRC's interest in the lease pursuant to a Trustee's Deed, dated August 13, 1999, recorded May 14, 2004, Doc # 131124, executed by First American Title Insurance Company in Favor of TXAU. WLMC purchased a 50% undivided interest in lessor's interest in the lease including a 50% interest in a 6% gross receipts production royalty, and a 50% ownership of the subject property. WLMC received an assignment of the lessee's interest in the lease. The assignment of the lessee's interest in the lease transferred the benefit of advance royalty payments that had been paid to lessors through August 2016, in the amount of $459,800.

On October 23, 2018, Ely Gold Royalties Inc., through its wholly owned subsidiary Nevada Select Royalty, Inc., entered into a binding letter agreement with a private individual to acquire 100% of all rights and

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>17

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

interests in 0.75% (three quarters of one percent) of the 3% NSR royalty on the 10 Isabella claims controlled by the Matkin-Hayes Lease.

WLMC owns 100% interest in the remaining 26 of the 36 claims comprising the Isabella Pearl mine subject to a reservation of a 3% net smelter return (NSR) royalty and royalty agreement in favor of TXAU. This affects the following claims:

&nbsp;&nbsp;&nbsp;&nbsp;● Vulture Dog 1, 2, 3, 4, 5, 6, 7, 8, 10 and 22,

&nbsp;&nbsp;&nbsp;&nbsp;● Soda 8, 32, 36, 37, 38, 49, 50, 51 and 52, and

&nbsp;&nbsp;&nbsp;&nbsp;● Sodar 21, 33, 34, 35, 46, 47 and 48.

On March 6, 2019, WLMC acquired 100% of all rights and interests in the TDG-1, 2 and 3 claims held by Gateway Gold (USA) Corporation (Gateway) subject to a reservation of a 3% NSR royalty and royalty agreement in favor of Gateway. These 3 claims are within the Isabella Pearl mine area.

On October 29, 2020, Nevada Select Royalty Inc. assigned to Gold Resource Corporation (GRC), currently FGC, the parent company of WLMC, fifty percent (50%) of its one-fourth (25%) royalty interest of the 3% gross receipts royalty payable from production at the 10 Isabella claims controlled by the Matkin-Hayes Lease.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>18

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **4** | **Accessibility, Climate, Local Resources, Infrastructure and Physiography** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Topography, Elevation and Vegetation** 

The mine is within the Basin and Range province, a major physiographic region of the western United States. The region is typified by north-northeast trending mountain ranges separated by broad, flat alluvium filled valleys. Locally, the mountain ranges trend northwesterly, making this area rather anomalous in relation to typical Nevada physiography. Elevations on the mine site range from a minimum of 1,597 m (5,240 ft) in the valley to a maximum of 1,777 m (5,829 ft) at the uppermost elevation.

Typical high desert vegetation, controlled in part by elevation, is present in the area, including Pinion Pine and Juniper trees, wild rosebush and several varieties of sagebrush, cacti, and short grasses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Accessibility and Transportation to the Property** 

The mine site is in Mineral County and is accessible from Hawthorne, Nevada via well maintained paved roads and maintained dirt roads. From Hawthorne, travel east on U.S. Highway 95 40 km (25 mi) to Nevada State Route 361 which is just west of the town of Luning. Turn north on State Route 361 and travel approximately 8.4 km (5.2 mi) to the county-maintained Rabbit Springs Road that turns off to the west. The mine site lies about 1.6 km (1 mi) to the north along a dirt road that turns off approximately 1.6 km (1 mi) west of State Route 361. Mine roads provide access within the mine site and are passable by high clearance two-wheel drive vehicles. The mine area, encompassing about 436 hectares (1,078 acres) (see Figure 4.1), is located at the west foot of the Gabbs Valley Range in all or parts of Sections 27, 34 and 35 of Township 9 North, Range 34 East and Section 3 of Township 8 North, Range 34 East, Mount Diablo Baseline & Meridian (MDB&M).

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>19

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1004.jpg)

#### Figure 4-1 : Isabella Pearl Mine Access
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Climate and Length of Operating Season** 

The climate is dry, semi-arid, with annual precipitation of approximately 11.4 cm (4.5 in), as documented at the nearby Mina Meteorological Station. Average temperatures range from -3° to 10° C (26° to 50° F) in the winter to highs exceeding 32° C (90° F) in the summer. Historically, the record low temperature, recorded in January 2003, is -19° C (-3° F), and the record high temperature, recorded in July 2002, is 42° C (108° F). The general area is drained by numerous stream channels originating in the mountains. These are typically dry but carry some runoff onto alluvial fans and into playas during summer thunderstorms.

The mine is accessible and can be operated year-round.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Sufficiency of Surface Rights** 

All mineral resources and mineral reserves in this report are located on unpatented lode mining claims controlled by WLMC. WLMC has sufficient claims to cover all surface operations for the life of mine. As described elsewhere in this report, WLMC has secured and maintained the necessary permits for exploration and development of the Isabella Pearl mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Infrastructure Availability and Sources** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.1***  ***Power*** 

Power is currently supplied by three diesel-powered electric generators. One 1500 kW generator is on-line, one 1500 kW generator is on standby and another 200 kW generator is on standby for the production wells to generate power for the well pumps if the need arises. The total connected force in the plant, including the crushers, is approximately 1,567 hp. WLMC has installed 4,160 volt direct burial power lines

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>20

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

from the generator yard throughout the site and to the production wells, IPPW-1, IPPW-3, and IPPW-4. Fuel for the generators is stored in two above-ground tanks on graded areas with HDPE-lined floors and berms for secondary containment to provide emergency capture of 110-percent of the largest fuel tank/vessel volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.2***  ***Water*** 

Industrial water is supplied from three production water wells. Production Well #2 (IPPW-2) was completed in September 2013 to a depth of 128 m (420 ft) and is upgradient from both the heap leach and open pit. IPPW-2 was proven to have limited water supply capabilities and is currently not in use. Production Well #1 (IPPW-1) was installed in October 2016 to a depth of 396 m (1,300 ft) and is located south of the processing facility. Production Well #3 (IPPW-3) was installed in August 2019 to approximately the same depth as Well #1 and is also located south of the processing facility. Production Well #4 (IPPW-4) was installed in April 2022 to a depth of 390 m (1,280 ft) and is located south of the processing facility. Permits for the production water wells and a maximum of 242 acre-feet of water annually (0.5 cubic feet per second (ft<sup>3</sup>/sec) have been issued by the Nevada State Engineer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.3***  ***Mining Personnel*** 

There is considerable expertise in mining operations and management available from population centers within about 240 km (150 mi) of the mine. Nevada is an active mining state, with emphasis on open-pit gold operations. Mining personnel have been drawn from the cities of Reno/Sparks, Carson, Fernley and Fallon, the towns of Hawthorne and Yerington, as well as from other smaller communities in west-central Nevada. WLMC manpower currently totals 56 full-time employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.4***  ***Tailings Storage Area*** 

The current heap leach operation does not include any tailings. Spent ore from the heap leach pad remains on the synthetic liner upon which it was constructed. Heap closure is addressed in the plan of operations (POO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.5***  ***Waste Disposal Area*** 

The primary waste-rock disposal area is a valley fill located to the south of the Isabella Pearl main pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.6***  ***Heap Leach Pad Area*** 

The heap leach pad site a has sufficient capacity for the planned operation and potential expansion. It is also proximal to a water source and the mining areas to optimize operational efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.7***  ***Processing Plant Site*** 

The location of the processing plant is adjacent to and down-gradient of the heap leach pad facilitating gravity flow of solutions.

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<sup>Fortitude Gold Corporation</sup>21

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **5** | **History** |

---

The Isabella Pearl mine is in the Santa Fe Mining District which lies within the Walker Lane Mineral Belt. Although the district was discovered in the late 19th century, no work on the Isabella Pearl mine area was done until the 1930's when the Gilbert brothers completed a 120 m (400 ft) drift at Isabella. The brothers encountered up to one ounce of gold per ton in spots, but no economic material was produced. The Gilbert brothers then worked the Civit Cat mine, located about 1.6 km (1 mi) to the west (different than the Civit Cat North portion of the Isabella Pearl mineral resources and reserves discussed herein), and were rumored to have produced $80,000 worth of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Prior Ownership and Ownership Changes** 

The Isabella mine was held by B. Narkaus until 1978 and was subsequently leased by Joe Morris the same year. Mr. Morris and three partners re-located some of the Isabella claims and subsequently leased them to the Combined Metals Reduction Company (Combined Metals). In 1987, Combined Metals entered into a joint-venture with Homestake Mining Company (Homestake) to explore and develop the Isabella claims and surrounding areas. The Combined Metals-Homestake joint venture was terminated in 1990. Combined Metals continued to maintain the claims but encumbered the property by borrowing over two million dollars from Repadre International Corporation (Repadre). Repadre initiated foreclosure action in 2002, and Combined Metals immediately filed for bankruptcy to forestall the foreclosure. In March 2004, the note held by Repadre was purchased by TXAU Investments Ltd. and TXAU Development Ltd., both Texas corporations (TXAU). The Combined Metals bankruptcy action was dismissed in May 2004, the note was foreclosed on, and the Isabella Pearl mine mining claims (including the 36 claims covering the Isabella, Pearl and Civit Cat deposits) were transferred to TXAU.

On August 12, 2016, Walker Lane Mineral Corp.'s (WLMC) parent company GRC (predecessor company prior to spin-off to FGC) acquired all of the outstanding stock of WLMC, a private entity held by TXAU, which controlled the Isabella Pearl mine, in exchange for 2,000,000 shares of GRC's common stock valued at $13.1 million and cash of $152,885. At the time of acquisition by WLMC, the Isabella Pearl mine was in the advanced stages of engineering and production permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Exploration and Development Results of Previous Owners** 

In the early 1970's, Ventures West Minerals Ltd. and Brican Resources formed a joint venture for exploration of the general area around the Isabella Pearl mine. Later in the decade, the joint venture with Westley Explorations, Inc., successor to Ventures West, discovered low-grade gold mineralization in the Santa Fe Mine area, just south of and across the highway from the Isabella Pearl mine. In 1983, the Santa Fe property was joint ventured with Lacana Gold Inc., and later 100% interest was acquired by Lacana's successor, Corona Gold Inc. The Calvada deposit, just to the east was explored by a CoCa Mines Inc. - Amax Gold Inc. joint venture prior to purchase by Corona Gold. The Santa Fe and Calvada mines, along with two other satellite deposits, were subsequently developed by Corona Gold as the Santa Fe open pit mine and heap leach operation. In 1992, Corona Gold was acquired by Homestake which completed mining at Santa Fe in December 1994. In late 2008, the Santa Fe property was acquired and further explored by Victoria Gold Corp. (Victoria). In 2021, Victoria sold the Santa Fe property to Lahontan Gold Corp.

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<sup>Fortitude Gold Corporation</sup>22

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

In 1980, Fischer-Watt Mining Company acquired claims, northwestward from the Santa Fe mine property, for the purpose of exploring for bonanza gold-silver vein systems. They completed a stream sediment geochemical survey and a rock geochemical survey in portions of the property, fluid inclusion temperature determinations, some alteration mapping, and additional claim staking. Fischer-Watt subsequently joint-ventured the property with Ventures West Minerals, and additional work included geologic mapping at a scale of 1 inch = 500 feet, additional rock chip geochemistry, limited induced polarization and resistivity geophysical surveys, and nine rotary and DDH holes in the Copper Cliffs West exploration area. Although the drill holes did not encounter economic mineralization, Fischer-Watt concluded: "…the HY system clearly warrants further evaluation". Combined Metals subsequently entered into a joint venture agreement with Fischer-Watt in 1982. That joint venture was dissolved during 1983 with Combined Metals acquiring Fischer-Watt's interest in the claims. These claims, along with the acquisition of additional claims and leases, including the Isabella claim group assembled by Norsemont Mining Corporation in 1984, ultimately totaled more than 1,000 claims along the northwesterly trend.

Combined Metals drilled the Isabella deposit plus a limited number of exploration holes in a few of the other exploration areas during its joint venture with Homestake from 1988 through 1990. The joint venture drilled at least 175 RC and DDH holes before the joint venture was terminated.

TXAU conducted a DDH drilling program in early 2007 that consisted of 19 holes for a total of 1,187 m (3,894 ft) of HQ-sized core. This drilling was designed primarily to provide material for metallurgical testing and confirm the historic assay and geological data collected by the Combined Metals- Homestake joint venture at Isabella and Pearl. In 2008, TXAU completed an additional 7 DDH holes for a total of 1,129 m (3,704 ft) in the Pearl deposit in order to address some issues concerning assays and insufficient quality assurance/quality control measures from prior drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Historical Production** 

In the late 1970's, Joe Morris placed a small amount of crushed material onto a small pad with the intention of developing a heap-leach operation, but the venture was abandoned (Diner, 1983). No record of gold production from this heap leach operation is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Isabella Pearl Mine Production** 

Since production commenced at the Isabella Pearl mine in 2019, a total of 2,810,662 tonnes of open pit ore has been mined to produce 128,052ounces of gold and 139,540 ounces of silver (Table **51**). In May of 2019, WLMC began selling gold and silver doré from the Isabella Pearl mine.

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<sup>Fortitude Gold Corporation</sup>23

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

**Table 5-1 : Isabella Pearl Mine Production 2019 - 2022**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Ore Mined Tonnes** | &nbsp;&nbsp;**Gold Produced Oz** | &nbsp;&nbsp;**Silver Produced Oz** |
| &nbsp;&nbsp;**2019** | &nbsp;&nbsp;934723 | &nbsp;&nbsp;10883 | &nbsp;&nbsp;9752 |
| &nbsp;&nbsp;**2020** | &nbsp;&nbsp;643518 | &nbsp;&nbsp;29479 | &nbsp;&nbsp;28359 |
| &nbsp;&nbsp;**2021** | &nbsp;&nbsp;598345 | &nbsp;&nbsp;46459 | &nbsp;&nbsp;44553 |
| &nbsp;&nbsp;**2022** | &nbsp;&nbsp;634076 | &nbsp;&nbsp;41231 | &nbsp;&nbsp;56876 |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;2810662 | &nbsp;&nbsp;128052 | &nbsp;&nbsp;139540 |

---

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<sup>Fortitude Gold Corporation</sup>24

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **6** | **Geological Setting, Mineralization and Deposit** |

---

The following description of geology and mineralization was mainly based on work by Ekrin and Byers (1985) with modifications and minor editing excerpts from Golden (2000), Hamm (2010) and Prenn & Gustin, 2008, 2011 & 2013).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Regional Geology** 

The Isabella Pearl mine is located in the central portion of the Walker Lane, a major northwest- trending zone on the western border of Nevada characterized by a series of closely spaced dextral strike-slip faults that were active throughout much of the middle to late Cenozoic. It is a complex zone up to 300 km (186 mi) wide and 1,000 km (620 mi) long that lies on the western boundary of the Basin and Range Province.

Volcanic rocks of middle Tertiary age cover much of the property and include intermediate lava flows and ignimbrite ash flow sheets. The volcanic rocks unconformably overlie Mesozoic strata including Triassic and Jurassic sedimentary units and Cretaceous and Jurassic igneous units. Tectonic activity and erosion have left an irregular, dominantly buried surface of Mesozoic rocks. Within the regional Walker Lane tectonic setting, several major fault zones trend through the property and are dominated by various splays and offset branches. The Soda Springs Valley fault zone is a major host of mineralization in the area and particularly along the Pearl fault strand. The combined right-lateral, post-mineral displacement along the regional faults is in excess of 10 km (6 mi).

A regional geologic map is presented in Figure 6-1 showing the location of the Isabella Pearl mine. A regional cross section also demonstrates the rotation of blocks like the Isabella Pearl setting.

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Fortitude Gold Corporation25

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1005.jpg)

#### Figure 6-1 : Isabella Pearl Mine Regional Geologic Map
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<sup>Fortitude Gold Corporation</sup>26

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Local and Property Geology** 

The Isabella Pearl deposit is situated in the central portion of the Walker Lane geologic belt, which is a major structural zone, 90-300 km (60 to 190 mi) wide, that separates the Sierra Nevada and the Great Basin structural provinces, and which extends from the Las Vegas region northwestward, beyond Reno, for a total length of 800 km (500 mi). The Walker Lane zone is documented to be at least as old as 28 Ma (million years), with initial extension in a north to north-northeast direction and characterized by west-northwest to northwest-trending strike-slip faults that are primary controls for mineralization. These Tertiary-age faults are thought to be reactivated older structures present in the basement rocks.

The known pre-Tertiary basement rocks in the area include the Triassic Luning Formation, which is composed of medium to thick-bedded limestones with some dolomite and siliciclastic rocks. This formation was intruded by stocks and dikes of Jurassic or Cretaceous diorite, porphyritic quartz monzonite, and granite. These basement rocks are overlain by a thick sequence of late Oligocene ash flow tuffs that exceeds 1 km (3,300 ft) in thickness and includes minor associated lavas and intrusive rocks. From oldest to youngest, these Oligocene units include: (1) the Lavas of Giroux Valley; (2) the Mickey Pass Tuff, the Singatse Tuff, and the Petrified Spring Tuff, which are members of the Benton Spring Group; and (3) the Blue Sphinx Tuff. These units are overlain by the early to middle Miocene Lavas of Mount Ferguson, and they are locally crosscut by associated rhyolitic intrusions. The volcanic rocks range in age from 16 to 29 Ma. Other precious-metal districts of the central Walker Lane are temporally and spatially related to volcanic rocks of similar ages. See Figure 62 for a stratigraphic column of the Isabella Pearl mine area.

Figure 63 shows a representative section through the Isabella Pearl deposits, corresponding to Section A-A' on Figure 64. Note that the ore bodies are controlled by faults that have opposing dips. Also highlighted in light blue is the tabular-style Isabella deposit. Figure 64 shows a map of the local and property geology.

The most active volcanism occurred 28-24 Ma and included tuff units that appear to be altered by the approximately 19 Ma mineralizing event(s). From youngest to oldest these locally hydrothermally altered units, which consequently are potential host rocks, are listed as follows:

● Tbx brecciated tuff and lava unit Miocene or Oligocene Blue Sphinx Tuff Petrified Spring Tuff

● Singatse Tuff

● Mickey Pass Tuff

● Lavas of Giroux Valley

The Lavas of Giroux Valley do not outcrop within the property boundaries.

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<sup>Fortitude Gold Corporation</sup>27

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1006.jpg)

#### Figure 6-2 : Isabella Pearl Mine Stratigraphic Column
![Graphic](ftco-20221231xex96d1007.jpg)

#### Figure 6-3 Cross Section through the Isabella Pearl Mine; view NW.
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<sup>Fortitude Gold Corporation</sup>28

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1008.jpg)

![Graphic](ftco-20221231xex96d1009.jpg)

#### Figure 6-4 : Isabella Pearl Mine Geologic Map
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.1***  ***Lithology*** 

Lithology plays a role in mineral control. Age dating suggests that any unit older than the Lavas of Mount Ferguson are potential host rocks. Altered and/or mineralized volcanic outcrop areas that have been recognized to date, listed from the youngest to the oldest rocks, are as follows:

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<sup>Fortitude Gold Corporation</sup>29

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

● The Singatse Tuff is present locally throughout the trend, and although it is not known to contain economic gold mineralization, it is commonly hydrothermally altered, particularly in the basal portion, and locally it may have acted as a cap for underlying mineralization. Alteration in this and the younger units described above may represent leakage of mineralization from the more receptive Guild Mine Member beneath.

● The Isabella deposit is hosted within moderately to poorly welded tuff in the upper rhyolitic portion, and the Pearl deposit is hosted dominantly within densely welded tuff in the lower, rhyodacite portion of the Guild Mine Member of the Mickey Pass Tuff.

● The basal air fall tuff unit of the Guild Mine Member is a potentially favorable host rock. Fragments of carbon and organic trash contained within the unit could react with mineralizing fluids and precipitate precious metals in a manner very similar to the carbon circuit of a cyanide recovery plant.

● The Pearl and Civit Cat sulfide mineral resources are hosted in part by the Cretaceous "granite".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.2***  ***Structural Geology*** 

The Walker Lane zone is documented to be at least as old as 28 Ma (million years). The Walker Lane structures can be summarily described as consisting of numerous northwesterly trending strike-slip and normal faults, along with extensional oblique fractures and other faults that formed between the northwest striking faults, and dominantly pre-mineral detachment and associated listric normal faults. These structures provided both the ground preparation and the hydrothermal conduit systems necessary for economic mineralization.

Several regional and deep penetrating fault zones trend northwest through the area of interest including the Soda Springs fault. An example of the general density and trend of faulting is illustrated in Figure 6.3, which covers the area in the vicinity of the Isabella deposit. Many more faults are present than shown, but at all practical surface map scales individual faults and related fractures and joints are so numerous, and commonly obscured by alteration, that only the principal ones have been mapped. The importance of faults and fault zones for ore localization, particularly at intersections of and at bends along them cannot be over-emphasized.

Geologists who have worked in mineralized areas along the trend have observed the following: both pre-mineral and post-mineral faults are present, which respectively have structurally prepared the host rocks and displaced mineralization; post mineral faults are commonly characterized by unconsolidated breccias rather than by slickensides; tectonic, hydrothermal, and crackle breccias are present locally; and multiple episodes of breaking and healing are documented. At least some mineralization is reported to occur along the flanks of grabens and half-grabens formed by second and third order structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.3***  ***Alteration*** 

In the mine area, argillized rocks have been described as dominantly an illite-montmorillonite assemblage, with kaolinite generally restricted to narrow bands up to a few yards wide around silicified zones. Weakly argillized rocks are variably bleached and locally contain areas of less altered, propylitized rock. Strongly to intensely argillized rocks are white and very incompetent, weather down readily, and the original rock type is unrecognizable in the field; pyrite is generally abundant, and where oxidized the rocks are yellowish

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<sup>Fortitude Gold Corporation</sup>30

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

to greenish in color. Argillized rocks contain no silicification other than single quartz veinlets. Light pink alunite is present locally as replacements in feldspar sites. In some areas, this strong argillic alteration may be underlain by propylitic alteration. There may be a relationship between alteration features and the intrusions of rhyolite dikes and plugs.

At the Isabella deposit, weak to strong argillic alteration is pervasive in the upper, poorly to moderately welded ash flow tuff, while the lower, more densely welded tuff generally appears relatively "fresh" although varying degrees of propylitic alteration are common. In the upper, less welded tuff, narrow, structurally-controlled zones of silica-pyrite, as well as the more pervasive, near-horizontal, blanket-like silica replacement bodies, cut across the tilted host rock and generally grade outward into silica-kaolinite, with local alunite envelopes, and then into pervasive illite-montmorillonite zones.

Calcite, an alteration product of plagioclase, is present locally as pods and veinlets. Near silicified fault zones epidote is present as small granules both in plagioclase phenocrysts and in the groundmass.

Noteworthy is the fact that silicification and argillization features overlying the Isabella deposit are essentially identical to the alteration features present elsewhere along the structural trend.

Alunite is also commonly present in silicified areas, and silicified rocks generally grade outward into argillized and then into propylitically-altered rocks. Silicification is localized by fault and shear zones, and in many areas, silica has replaced large masses of both the volcanic and granitic rocks. Gold and silver are associated with this silicification within the Guild Mine Member of the Mickey Pass Tuff.

Geologic records indicate that, in many or most areas, the quartz-alunite mineral assemblage caps argillic alteration. It has been hypothesized that this assemblage may have resulted from a strong acid leaching stage originating in a vapor-dominated hydrothermal system. These silicified outcrops locally stand in bold relief as knobs and irregular ledges, and silicification can cover hundreds of square yards.

Silicified cap rocks are reddish to purplish in less altered areas and white (no sulfides) in the most intensely altered areas. Other geologic data distinguish two types of silicification that have been described: (1) strong to intense silicification is pervasive, with the rock matrix partially to completely replaced by silica and with the rock texture partially to completely destroyed; iron oxides are common, and alunite and occasional barite may be present, and (2) weak to moderate silicification described as "irregular", with "case hardened", goethite-stained rocks that form ledges in which the feldspars are bleached. Other types of silicification may indicate concealed faults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Isabella Pearl Mineralized Zone** 

The gold-silver mineralized zones discussed in this report include the Isabella, Pearl, and Civit Cat oxide deposits and the Pearl and Civit Cat sulfide deposits, collectively referred to in this report as the Isabella Pearl deposit. Alteration and mineral assemblages at Isabella Pearl, including widespread argillic alteration and generally abundant alunite, indicate the deposits belong to the high-sulfidation class of epithermal mineral deposits. K-Ar age determinations indicate the mineralization is about 19 Ma, some 7 to 10 million years younger than the age of the host rocks. This early Miocene age conforms to the age of other high-sulfidation epithermal precious-metal deposits in the Walker Lane (e.g., Goldfield and Paradise Peak).

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<sup>Fortitude Gold Corporation</sup>31

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

Silicification generally grades outward into argillization, which then grades into propylitically altered rocks. Silicification is localized by faults and shears, and in many areas, silica has replaced large masses of both the volcanic and granitic rocks. Gold is associated with this silicification, occurring primarily within the Guild Mine Member in the lower part of the Mickey Pass Tuff. This alteration assemblage is also present in the lower, more densely welded tuff characteristic of the Pearl deposit, but it is tightly confined around the mineralized core the deposit.

The Isabella mineralization is moderately argillized to highly siliceous, contains numerous vugs in former feldspar and pumice sites (vuggy-silica textures), and typically lacks any evidence of cross-cutting veinlets. Narrow, structurally controlled zones of silica-pyrite, as well as the more pervasive silica replacement bodies, generally grade outward into silica-kaolinite with local alunite envelopes, which in turn grade into pervasive illite-montmorillonite zones. The iron oxide minerals goethite, jarosite, and hematite are present in the siliceous groundmass. Gold occurs as very small (<10 microns) liberated particles in cavities and along fracture surfaces. Rare secondary minerals include barite, cinnabar, and scorodite. A near-horizontal zone of pervasive argillic and advanced-argillic alteration occurs above the Isabella deposit in the upper, poorly to moderately welded rhyolitic ash-flow tuff of the Guild Mine Member. Within this altered zone, alunite occurs as pseudomorphs after potassium feldspar phenocrysts and as replacements of pumice fragments.

The Pearl deposit is hosted by the lower, densely welded portion of the Guild Mine Member and, to a lesser extent, by Cretaceous granite. Mineralization is largely controlled by the northwest-striking, northeast-dipping contact zone between the granitic basement and the overlying Tertiary volcanic units. This contact may be partially or entirely faulted; this report assumes the contact is marked by the fault. Strong silicification accompanies gold mineralization and is associated with fracture fillings and replacement of the welded tuff. The mineralization is usually associated with strong brecciation. Multiple stages of fracturing and brecciation with associated silicification have been observed in drill core.

Sulfide minerals at Pearl commonly exceed ten percent (by volume) and are composed primarily of crystalline grains and aggregates of pyrite, colloform banded "melnikovite"-type pyrite, and bladed marcasite (or pyrite after marcasite) in dark microcrystalline quartz. This quartz has replaced both the volcanic and intrusive host rocks. In the granite, alteration has resulted in the complete leaching of feldspars and ferromagnesian silicates, and pyrite and marcasite have filled the voids left by the silicate dissolution. Rare sulfide minerals observed in thin and polished sections include arsenopyrite, pyrrhotite, galena, sphalerite, chalcocite, chalcopyrite, polybasite, and pyrargyrite. Other minerals include very minor magnetite, zircon, monazite, and rutile. Native gold has not been observed in the sulfide mineralization.

The oxidation boundary is depressed over and immediately around the Pearl deposit, with oxide mineralization extending to more than 150 m (500 ft) below the surface. Goethite, jarosite, and manganese oxide are common, and barite and chlorargyrite occur rarely in the siliceous groundmass. Gold within the oxide mineralization occurs both as locked and liberated particles, as well as electrum. Particles range in size from 2 to 34 microns, averaging 14 microns. The liberated particles occur as small wire-like grains in cavities, while the locked gold is encapsulated by silica or goethite.

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<sup>Fortitude Gold Corporation</sup>32

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

The Civit Cat mineralization, which is relatively minor and poorly defined by drilling, lies to the northeast of Pearl, and is associated with the northwest-striking, southwest-dipping Civit Cat fault. The control on mineralization by the Pearl and Civit Cat faults, which have similar strikes but opposing dips, results in northwest-trending, roughly lens-shaped zones of mineralization that flank both sides of a graben-like structural trough.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.1***  ***Fluid Inclusion Data*** 

Fluid inclusion studies document approximately 12 coarse-grained "vein" quartz bearing outcrops located north and east of the Isabella Pearl mine area (Diner, 1983). Investigation of polished sections yielded 234 inclusions (which were divided into two types: liquid and vapor dominated). The inclusions were measured for homogenization temperatures and indicated a range from 200 to 310 °C with most temperatures in the 220-230 °C range. These temperatures are consistent with boiling conditions.

Salinities were determined and reported in the range of 1-3.05 Wt% NaCl throughout the system with the average at 1.80 Wt% NaCl; this range is consistent with boiling conditions in mineralizing epithermal systems.

The liquid-dominated inclusions contained 2-50% vapor with the majority very low at 5%; however, the range is consistent with boiling if trapped at the same time. A rare occurrence of an abnormally high temperature (> 400 °C) was noted for one sample suggesting trapping of mixed phase fluids, again indicative of boiling. The vapor-dominated inclusions contained >90% vapor and one sample vaporized upon heating. This sample was collected from near the historic Santa Fe open pit mine and corresponded with an excessively high homogenization temperature; in addition, this sample reported the highest salinity at just over 3%.

Diner (1983) noted that fluid inclusion data were on par with deposits of similar style (e.g., Bodie, California 215-245 °C, Tonopah 250-300 °C and Comstock 250 °C) and the temperature range was consistent for this type of solution to exist in equilibrium with gold-quartz-pyrite and could carry enough gold in solution, as auriferous chloride complexes, to account for the hydrothermal gold ore deposit, at the given salinities.

In association with fluid inclusions, Diner (1983) considered pressure effects on the mineralizing system. It was concluded that mineralization could extend to depths of 850 to 320 m; with corresponding hydrostatic pressures of 106-67 bar (max) to 85-32 bar (min), and with corresponding lithostatic pressures of 365-167 bar (max) to 212-80 bar (min). The pressure range likely fluctuated due to sealing and breaching of the conduits thus lowering the pressure below hydrostatic. Diner went further, stating that normal boiling condition pressure at the top of the Mickey Pass Tuff was likely 30-60 bar; and concluded that the presence of the quartz-alunite 'blanket" at the given pressure and temperature ranges was indicative of an acid leaching vapor phase environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Deposit Type** 

Alteration and mineral assemblages throughout the deposit are represented by widespread argillic alteration, generally abundant alunite, and the presence of minor amounts of base metals, all of which indicate the ore deposits to belong to the high sulfidation (acid sulfate) class of epithermal mineral

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<sup>Fortitude Gold Corporation</sup>33

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

deposits. Fluid inclusion data indicates the solutions that deposited the coarse-grained quartz were dilute, with a salinity of 1-2 weight percent NaCl and temperatures ranging 200 to 300° C. Temporal relationships and the thickness of the tuff units suggest that the depth of formation was more than 900m. In Figure 65 a red circle highlights the high sulfidation characteristics of the Isabella Pearl ore classification including the Na-rich, moderate temperature, and acid phase minerals. The geometry of the deposit is controlled by two dominant geologic features; favorable stratigraphic horizon, and structural connectivity to mineralizing fluids. In high sulfidation environments the fluids ascend via structural feeders and under acid attack particularly replaces more favorable units; in the case of Isabella Pearl the Guild Mine member of the Mickey pass Tuff was this unit.

A local stratigraphic section shown in Figure **66** illustrates a specific model for mineralization at the Isabella deposit and elsewhere along the Walker Lane trend, where numerous fault zones provided the conduits necessary for hydrothermal fluids to transport gold into environments favorable for gold mineralization. The uppermost, Isabella-type deposit occurs in the upper portion of the Guild Mine Member tuff host rock. This deposit type is relatively large and of lower average grade because the tuff is less welded and consequently relatively porous, allowing the mineralizing fluids to spread beneath the overlying Singatse Tuff, which served as a relatively impermeable barrier (only the lower portion of the Singatse Tuff is altered in the vicinity of the Isabella Pearl deposit).

The stratigraphically lower Pearl-type deposit is limited to faults and fractures and is controlled in part by the basement rock contact with the overlying volcanic rocks. The deep sulfide and Pearl-type deposits are relatively high-grade because these environments were the first favorable environments encountered by ascending, mineralized, hydrothermal fluids.

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<sup>Fortitude Gold Corporation</sup>34

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1010.jpg)

#### Figure 6-5 : High Sulfidation Characteristics of the Isabella Pearl Mineralization
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<sup>Fortitude Gold Corporation</sup>35

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1011.jpg)

#### Figure 6-6 : Idealized Stratigraphic Section Highlighting Mineralization Controls for Isabella Pearl
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.4.1***  ***Extents and Continuity*** 

Within the Isabella Pearl mine area, six primary gold deposits have been modeled: Isabella, Pearl, Civit Cat North, Scarlet South (excluding Scarlet North), Silica Knob and Crimson. The approximate pre-mining extents of each are summarized in **Table 61**. Each deposit shows internal geological and grade continuity, with a consistent direction of mineralization. The approximate dimensions of each deposit are based on grade shells constructed at a nominal 0.3 g/t Au (0.009 opst) used to limit grade interpolation in the 3D block model.

**Table 6-1 : Approximate Extents of Gold-Silver Deposits in the Isabella Pearl Mine Area**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Deposit** | &nbsp;&nbsp;**Tonnage** | &nbsp;&nbsp;**Strike Length** | &nbsp;&nbsp;**Dip Length** |
| &nbsp;&nbsp;Civit Cat North | &nbsp;&nbsp;3.4 million tonnes | &nbsp;&nbsp;290 m | &nbsp;&nbsp;250 m |
| &nbsp;&nbsp;Isabella | &nbsp;&nbsp;7.1 million tonnes | &nbsp;&nbsp;570 m | &nbsp;&nbsp;20 m |
| &nbsp;&nbsp;Pearl | &nbsp;&nbsp;4.0 million tonnes | &nbsp;&nbsp;400 m | &nbsp;&nbsp;280 m |
| &nbsp;&nbsp;Scarlet South | &nbsp;&nbsp;0.5 million tonnes | &nbsp;&nbsp;550 m | &nbsp;&nbsp;100 m |
| &nbsp;&nbsp;Silica Knob | &nbsp;&nbsp;0.3 million tonnes | &nbsp;&nbsp;300 m | &nbsp;&nbsp;100 m |
| &nbsp;&nbsp;Crimson | &nbsp;&nbsp;1.2 million tonnes | &nbsp;&nbsp;560 m | &nbsp;&nbsp;70 m |

---

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<sup>Fortitude Gold Corporation</sup>36

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **7** | **Exploration** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Exploration by Previous Operator (TXAU)** 

TXAU conducted two DDH drilling programs that were managed by HB Engineering. The first program was designed primarily to provide material for metallurgical testing, as well as to attempt to confirm the historic assay and geological data collected by the Combined Metals-Homestake joint venture. A total of 19 holes totaling 1,187 m (3,894 ft) were drilled in early 2007, including four holes into the Pearl deposit and the remaining holes into the Isabella deposit. Two holes, P-6 and P-16 were lost in bad ground and were re-drilled. P-16 recovered core to 10 m (33 ft), which was split and sampled; no core from P-6 was sampled.

The 2007 drill data were incorporated into the project database, and MDA was contracted to complete a mineral resource estimate, as well as an economic scoping study (Prenn and Gustin, 2008). These studies led to the identification of a number of deficiencies that precluded the classification of any of the resources as Measured. In order to address these deficiencies and lower project risk, TXAU completed the 2008 drill program, which consisted of 7 DDH holes for a total of 1,129 m (3,704 ft) of drilling. Since the Pearl deposit contributes approximately 75% of the total oxide resources at Isabella Pearl, and essentially all of the sulfide resources, the 2008 drilling concentrated on the Pearl deposit.

The 2008 program included an industry standard QA/QC program, down-hole surveys were conducted on all holes, care was taken during drilling and the removal of core from the core barrel in order to maximize sample recoveries, and further specific gravity determinations were obtained from samples of the drill core. Additional QA/QC work was also completed on the 2007 drill samples, and geologic mapping of portions of the Isabella-Pearl resource area was completed.

In addition to the drilling programs, TXAU commissioned McClelland Laboratories, Inc. (McClelland) to complete metallurgical testing on a bulk surface sample and DDH composites in 2007 and 2008. The results of this test work are summarized in Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Exploration by WLMC** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.1***  ***Surface Exploration*** 

The Isabella Pearl deposit geology is generally understood, with favorable stratigraphy, structural geology, and alteration as the primary controls on mineralization. The core of the deposit is also relatively well-defined but mining and additional drilling can be expected to increase the current mineral reserves and the confidence level of the mineral resource estimate. Potential exists to extend the mineral reserves by drilling along the periphery of the deposit to the south, northwest, and northeast.

WLMC has also conducted extensive rock-chip sampling and geological mapping adjacent to the current Isabella and Pearl deposits to the northwest of the deposits as well as minor sampling south of the Pearl deposit. A total of 196 rock chip samples were taken by WLMC in 2017 in the Scarlet anomaly immediately northwest of Isabella and Pearl deposits and analyzed by Inspectorate - Bureau Veritas Minerals Laboratory (Bureau Veritas) in Sparks, Nevada. Rock chip samples were analyzed for gold, silver, and a

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<sup>Fortitude Gold Corporation</sup>37

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

multi-element suite. A total of 67 of the 196 rock chip samples returned greater than 0.30 ppm Au and 22 of the 196 samples returned greater than 1.0 ppm Au with a high of 9.278 ppm Au.

Reconnaissance geological mapping and rock chip sampling has also identified new, surface high-grade gold target areas located along strike to the northwest of the Isabella Pearl mine into the Scarlet area (Figure 71), as well as the already defined Civit Cat North deposit to the northeast. Figure 71 also highlights exploration targeting near the Isabella Pearl mine at the Scarlet and Civit Cat North area. Here we can see the usefulness of spectral sample analysis as a tool for targeting in conjunction with rock chip sampling, which aided in delimiting local fault strands hosting potential gold mineralization. 3D modeling and interpretation of the data has identified additional targets. Historical drilling was widely spaced with favorable results that were not offset with additional drilling, and WLMC plans to offset these historical drill intercepts as well as test highly anomalous rock chip samples and targets generated in modeling.

![Graphic](ftco-20221231xex96d1012.jpg)

#### Figure 7-1 : Local rock chip sampling and spectral data modeling
In 2022 along with the expansion of the IP mine development area, WLMC expanded its exploration efforts northwest of the IP mine into the Twin Hills and Prospect Mountain target areas (black box) (Fig. 7.2 and Fig. 7.2). Exploration included follow up of historic CMR rock chip and soil geochemical grid studies along the favorable Walker Lane structural trend where the same Isabella-style mineralization is hosted

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<sup>Fortitude Gold Corporation</sup>38

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

in the prospective Mickey Pass volcanic host rocks. One particularly large gold-arsenic-mercury anomaly was defined (with soils reporting > 0.05 ppm gold, with anomalous values reporting 0.1-0.89 ppm gold) corresponding to a twin topographically high area of remnant silica cap. Historic rock chips reported from 0.30 to 0.737 ppm gold. The area was defined by CMR as the Twin Hills anomaly (Fig. 7.2).

![Graphic](ftco-20221231xex96d1013.jpg)

**Figure 7.2 Regional Alunite Mineral Map from Aster data for the IP Mine (red outline) and Twin Hills Prospect Mountain Target Area (yellow box).**

An adjacent area of interest, Prospect Mountain presents anomalous gold in similar host volcanic rocks along a large southwest facing hillside northeast of Twin Hills. The area hosts occurrences of pervasive alunite alteration in intensely faulted, silicified, and argillized volcanic rocks. A 0.1 ppm northwest trending gold anomaly was defined in soils, and 13 historic rock chips from the area reported 0.678 to 1.33 ppm gold.

CMR had undertaken scout drilling as part of a Phase I program utilizing rotary drilling and four shallow holes were tested in the Twin Hills targeting shallow oxide ore; TS-24 (drilled to 300 foot) and TS-30 (drilled to 150 feet) tested within the soil gold geochemical anomaly and no significant gold values were

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<sup>Fortitude Gold Corporation</sup>39

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

encountered. Six holes were completed at Prospect Mountain area; results were poor. It was noted the targeting did not adequately test the structural controls nor the Pearl-style mineralization.

WLMC exploration efforts included follow-up mapping, rock chip, and Aster analysis (Advanced Spaceborne Thermal Emission and Reflection Radiometer data- spectral reflectance definition of minerals). Figure 7.2 highlights historic geochemically anomalous areas and Aster mineral mapping of alunite highs in the Twin Hills and Prospect Mountain areas.

During 2022 WLMC collected nearly 150 rock chip samples with results reporting up to 5.00 ppm gold for the Twin Hills area. A geostatistical analysis was performed and contouring of the values (inverse distance weighted) showed a strong correlation to the Twin Hills mineralized area and the previous CMR historic soils geochemical anomaly (Fig. 7.3). Currently the company has drill targets defined for a 2023 RC drilling program to test the potential deeper oxide ore, structural controls (feeders), and Pearl-style mineralization at the Twin Hills area.

![Graphic](ftco-20221231xex96d1014.jpg)

**Figure 7.3 Gold in ppm Inverse Distance Grid of 2022 WLMC Surface Rock Chips for the Twin Hills Area.**

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<sup>Fortitude Gold Corporation</sup>40

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.2***  ***Geophysics*** 

Geophysical targeting with regional magnetics offers another exploration tool for the Isabella Pearl mineralized trend. Figure 7.2 highlights contoured total magnetic response data. Target blocks identified in conjunction with the tectonic reconstruction are colorized in red. Block B shown in Figure 7.2 is interpreted as the offset, northwestern portion of the Isabella Pearl target (Block A).

The Isabella Pearl land position hosts many exceptional target areas. Based on indications by previous exploration and a good understanding of characteristics defining the Isabella Pearl deposit, further exploration can be targeted at prospects hosted along the same structural corridor and locally the fault strands, within same prospective rock units (i.e., Mickey Pass Tuff). In particular, future exploration targeting should focus on:

● Silicification and quartz flooded zones along high angle faults,

● Silicification and quartz flooded zones with in favorable permeable units of the volcanic stratigraphy; especially where they are in contact with high angle faults,

● Silicification and quartz flooding associated with other less permeable volcanic sediments lying between the basement rocks and fed by high angle faults,

● Targeting alunite-dickite and other higher temperature clay alteration minerals,

● Exploration techniques including spectral analysis in conjunction with detailed field mapping, in combination with regional spectral data, and

● Geophysical data review and further geophysical studies regional targeting.

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<sup>Fortitude Gold Corporation</sup>41

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1015.jpg)

#### Figure 7-2 : Schematic image of regional magnetic contour data (after Lockwood. et al, 1971)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.3***  ***Remote Sensing*** 

The use of spectral data in vectoring to higher temperature alteration can be very useful given the documented alteration footprint. In addition, to local targeting with grid sampling and spectral analysis, regional targeting for gold exploration can search for the products of hydrothermal alteration where mineral-bearing rocks were displaced by strong geothermal systems.

In April 2020, Terra Modelling Services Inc. (TMS) completed data acquisition, processing and analysis of an Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) data set for the Isabella Pearl mine, including the Scarlet area, shown in Figure 7.3. Analysis of the ASTER data included:

● Granule ID from the raw data;

● Band identifiers, both ASTER band and USGS reference;

● Band ratios used and spatial resolution charts;

● Structural interpretation;

● Quartz content map;

● Differentiations of argillic, phyllic, propylitic, and silicic alterations;

● Characterization of areas for illite, crystalline kaolinite, dickite and possible vegetation anomalies;

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<sup>Fortitude Gold Corporation</sup>42

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

● All ferric and non-ferric oxides (jarosite, goethite, hematite).

Anomalous high hydrothermal alteration spectral analysis identified 9 target areas for ground follow-up in the Isabella Pearl mine and Scarlet areas (Figure 74). Potential mineral targets are mostly aligned with major NW-trending structures and have spectral and vegetation anomalies.

Previous to the 2020 analysis of ASTER data by TMS, a computer enhanced Landsat image was analyzed by Analytical Imaging and Geophysics (Hamm, 1999). Figure 7.5 highlights enhanced regional spectral data on the Landsat image. The image represents a computer enhanced 2° X 2° Landsat image from an altitude of 708 km with a resolution of 78 km2 per pixel (Gabbs Valley Range, Nevada Landsat TM ratios 5/7, 3/1, ¾ RGB). Six discrete spectral wavelengths of reflected light from visible to mid-infrared, and one band in the thermal infrared was recorded simultaneously. Shades of red indicate vegetation, lakes are purple, valley soils are light blue and evaporative alkali flats appear white. White and light-yellow colors correspond to higher temperature alteration and presence of clays or silica (after Hamm, 1999). Historic mines of the Santa Fe district shown as blue stars. Anomalies corresponding to clays, silica and sulfate minerals produced by hydrothermal alteration are depicted as white to light yellow, and often can be found associated with precious metal occurrences.

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<sup>Fortitude Gold Corporation</sup>43

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1016.jpg)

![Graphic](ftco-20221231xex96d1017.jpg)

#### Figure 7-3 : Quartz Content (Upper), and Alunite Content (Lower) for Isabella Pearl, including Scarlet Area
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Fortitude Gold Corporation44

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1018.jpg)

#### Figure 7-4 : Scarlet area Potential Target areas based on ASTER data analysis identified by TMS.
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<sup>Fortitude Gold Corporation</sup>45

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1019.jpg)

*Source: ENVI by Analytical Imaging and Geophysics, Boulder, Colorado 1997; WRS path 42, Row 33, 7, July 1984 UTM zone 11)*

#### Figure 7-5 : Isabella Pearl Mine (yellow star) and WLMC land package on a Landsat image.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.4***  ***Drilling*** 

The mineral resources and mineral reserves reported herein were estimated using a drill hole database compiled by WLMC, as described below. The final mine database includes a total of 616 holes drilled by Combined Metals-Homestake, TXAU and WLMC at Isabella Pearl through 2022, including 576 RC, 37 DDH and three metallurgical DDH drill holes. Metallurgical drill holes were submitted in their entirety for metallurgical testing and do not have individual assay results. The Isabella Pearl mine drilling history is summarized in Table 71, which includes drill holes shown in Figure 7.6.

Most of the pre-TXAU and WLMC drilling was completed between 1987 and 1990 by the Combined Metals-Homestake joint venture (Golden, 2000). It should be noted that the database used by Sierra Mining reportedly included 178 Combined Metals-Homestake holes (Golden, 2000), three more than the MDA database; holes IC-34, 35, 37, and 175 are possibilities for missing holes in the MDA data based on the drill hole numbering sequence (Prenn & Gustin, 2008, 2011 & 2013).

Topographic surveying of collars was undertaken by registered professional surveyors from Nevada. All plots were delivered as stamped referenced plats along with corresponding digital data files. Verification of field locations were also validated with registered air photographs. The TXAU 2007 - 2013 drill hole collar locations were surveyed by David Rowe of Winnemucca, Nevada. Rowe also surveyed the collar

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<sup>Fortitude Gold Corporation</sup>46

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

locations of 100 Combined Metals-Homestake holes that could be accurately located on the ground. The WLMC 2016 - 2018 drill holes were surveyed by Kevin Haskew of Reno, Nevada. The 2019-2022 drill hole collars were surveyed by the Isabella Pearl mine survey department.

#### Table 71 : Drilling History at the Isabella Pearl Mine (1987 - 2022)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**RC** | &nbsp;&nbsp;**RC** | &nbsp;&nbsp;**DDH (Core)** | &nbsp;&nbsp;**DDH (Core)** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Meters** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Meters** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Meters** |
| &nbsp;&nbsp;Combined Metals-Homestake | &nbsp;&nbsp;1987-1990 | &nbsp;&nbsp;182 | &nbsp;&nbsp;19598.6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;513 | &nbsp;&nbsp;188 | &nbsp;&nbsp;20111.6 |
| &nbsp;&nbsp;TXAU | &nbsp;&nbsp;2007-2008 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;26 | &nbsp;&nbsp;2315.7 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2315.7 |
| &nbsp;&nbsp;WLMC\* | &nbsp;&nbsp;2016-2022 | &nbsp;&nbsp;394 | &nbsp;&nbsp;35640 | &nbsp;&nbsp;5 | &nbsp;&nbsp;442.8 | &nbsp;&nbsp;399 | &nbsp;&nbsp;36082.8 |
| &nbsp;&nbsp;WLMC Met Holes | &nbsp;&nbsp;2016-2017 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3 | &nbsp;&nbsp;659.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp;659.9 |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**576** | &nbsp;&nbsp;**55238.6** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**3931.4** | &nbsp;&nbsp;**616** | &nbsp;&nbsp;**59170** |
| &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes | &nbsp;&nbsp;\*Includes 6 Air Track (AT) drill holes |

---

![Graphic](ftco-20221231xex96d1020.jpg)

#### Figure 7-6 : Isabella Pearl Mine Drill Hole Location Map
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<sup>Fortitude Gold Corporation</sup>47

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.2.4.1* *RC Drilling Procedures* 

Logs are available for all historic holes in the sequence IC-38 through IC-178, except IC-54. All historic holes are believed to have been completed by RC drill rigs, with the exception of DDH holes IC-136 through IC-141.

Drilling Services is identified as the drill contractor for 33 of the holes in the sequence from IC-142 through IC-174. A total of 43 logs from holes in this sequence note the drill type as being TH100 or TH100A. Holes IC-142 to IC-156 are noted as being drilled in 1989, while holes IC-158 through IC- 174 were drilled in 1990.

Hackworth is noted as the drill contractor for holes IC-176 through IC-178, the latest Combined Metals-Homestake holes in the database (IC-175 is not in the database). These holes were drilled in 1990 using a TH60 rig.

Drill-bit diameters are identified on 128 of the RC logs, which indicated 5.125, 5.25, 5.5 and 6-inch bit sizes. Most of the Hackworth holes were drilled with 5.5-inch bits, while most Drilling Services holes were drilled with 5.25 inch bits. Both drill contractors used hammer and tri-cone bits

WLMC 2016 - 2022 RC drilling was mainly performed on diurnal shifts by New Frontier Drilling LLC (Frontier) Fallon, Nevada. Drilling equipment used by Frontier consisted of an RC track mounted Foremost MPD drill capable of drilling angle holes to 500 m (1,500 ft). In September 2022, Major Drilling America Inc. (Major) was contracted for an additional 20,000 feet of RC drilling at Isabella Pearl. This program was primarily targeted at deep sulfide mineralization on the Pearl and Civit Cat North structures. Major ran 3 crews for 24 hours on a 12-hour shift per crew during a 20-day rotation, using a Schramm 455 track mounted RC drill rig with a 1050CFM/350PSI compressor. This drill is capable of drilling to 1800 ft depth.

The samples were recovered through the center of the double walled pipe and the sample discharged via a cyclone. Water/fluid was injected into the airflow on an intermitted to continuous basis to assist with recovery of the sample through the wet rotating splitter. Appropriate sample bags were provided by WLMC and they were collected and bagged and tagged under geologist supervision during the drilling. The contractor conducted all operations to industry standard practices.

In 2017, WLMC also utilized New Frontier Drilling to complete a 1,356 m (4,450 ft) RC condemnation drill program to ensure no mineral resources occurred where mine/plant facilities are currently located. The program consisted of 5 RC drill holes drilled to depths of up to 366 m (1,200 ft).

The air track (AT) drilling was completed by Merritt Construction Mina, NV utilizing an Atlas Copco portable blast hole rig modified to 4.5 inches for shallow drilling (less than 30m (99 ft)). The drill rig is supported by compressed air at a rate of 825 cubic feet per minute, with compressed air forced down the center of the rod and hammered materials returned up the outside of the rod. This drilling method was restricted to vertical hole orientation. The drilling method was dry, samples were taken for each 1.5m (5 ft), and the recovered chips were collected in 5-gallon pails and split with a portable riffle splitter. Samples were bagged at the site and transported to company's secure storage location until submittal to ALS. The AT holes were not surveyed down-hole.

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<sup>Fortitude Gold Corporation</sup>48

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.2.4.2* *DDH (Core) Drilling Procedures* 

Combined Metals-Homestake completed a six-hole DDH drilling program in 1989. No further details concerning this program are available.

TXAU conducted a 19-hole DDH drilling program in 2007 and drilled an additional seven DDH holes in 2008. HB Engineering managed the drilling programs for TXAU. Leroy Kay Drilling Co., Inc. of Yerington, Nevada (Kay Drilling) was the drilling contractor for the 2007 program. All recovered core was HQ size (2.5 in).

The drilling contractor for the 2008 program was Sierra Madre Exploration of West Point, California (Sierra Madre). Sierra Madre used a track-mounted Longyear Casa Grande C5S rig, made in Italy specifically for drilling long DDH holes from underground. The rig is capable of drilling HQ core to depths of greater than 600m (2,000ft) and can drill angle holes on very small drill pads, which was important for the 2008 campaign. To help increase recovery in loose, difficult drilling conditions, a Longyear's HQ3 system was used instead of a standard core barrel. Water pressure was used to pump the core out of the core barrel (as opposed to jarring it out with hammer blows) onto a half-pipe tray, and the core was then boxed in standard wax-coated cardboard boxes.

KB Drilling Company (KB) of Mound House, Nevada provided services for the 2016 metallurgical DDH drilling program. Two sizes of DDH drill core were utilized: a large diameter "PQ" 8.5 cm (3.35 in) for metallurgical testing, and a smaller "HQ" 63.5 mm (2.5 in) for core sample and routine laboratory analyses. Core was pressure removed when possible (in fractured ground) otherwise handled traditionally with rubber mallet percussion to remove. Core was place in wax treated boxes. Depth, rod change, and loss zones were noted on wood blocks in place with the drill core. Core was shipped to a WLMC locked storage in Hawthorne, Nevada twice daily at drilling shift change. After drilling holes were surveyed with the Reflex tool (described in next section) and logged paper copies of the measurements were retained by the drill site geologist. The contractor conducted all operations to industry standard practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.2.4.3* *Down Hole Surveying Procedures* 

For the historical drilling the database contains down-hole survey data for the 11 DDH holes (including metallurgical drill holes), 5 RC holes and 6 AT holes as listed in Table 71. The remaining drill holes are limited to collar surveys only.

Seven DDH holes drilled by TXAU in 2008 were surveyed by the drillers upon completion of each hole using a Reflex EZ-SHOT tool. The holes tended to steepen by 1 to 2.5 degrees and change azimuth unsystematically up to 5.5 degrees. If the pre-2008 drill holes, which do not have down-hole survey data, deviated at similar magnitudes as the 2008 holes, the lack of surveys would have no material impact on the mineralization model.

The WLMC 2016 DDH program under KB utilized a Reflex EZ-shot camera and surveys were taken at approximately 50 ft intervals as per industry standard. The data was reviewed by the competent geologist and approved for entry into the company database.

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<sup>Fortitude Gold Corporation</sup>49

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

The 2017 condemnation RC drilling program utilized the Reflex EZ-Gyro and surveys were taken every 15.2 m (50 ft) as per industry standard and included a QA/QC multi-shot optimization at approximately each 30.5 m (100 ft). This data was reviewed by competent geologist and approved for entry into the company database. No extreme or unusual deviation was noted with the survey results from either campaign.

In 2016, WLMC also completed six (6) shallow AT drill holes totaling 82m (269 ft) targeting shallow oxide mineralization in the Isabella Pearl mine area. Holes were completed to maximum depth 30 m (99 ft.). In addition, the WLMC 2017 condemnation RC drilling program sterilized all near-surface ground in the areas tested with drill holes consisting of mainly alluvium or uneconomic mineralization to final drill hole depths.

During 2022, WLMC completed 45 in-fill and step-out RC drill holes to expand mineral resources at the Isabella Pearl mine. The drilling program utilized the New Frontier Drilling and Major RC drill rigs and the same industry accepted down hole Reflex surveying and laboratory analytical methods as previously. The drilling campaigns successfully intercepted additional mineralization both along known structures and increased confidence in other infill areas. Results included up to 7.21 g/t Au over 21.34 m and 6.25 g/t Au over 41.15 m including 12.17 g/t Au over 6.10 m in Hole IPRC-353, 2.86 g/t Au over 44.20 m including 5.07 g/t Au over 16.76 m in Hole IPRC-357 and 3.78 g/t Au over 35.05 m including 6.45 g/t Au over 13.72 m in Hole IPRC-358. These intercepts were returned from the known Pearl, Civit Cat, Crimson and Scarlet structures. The significant intercepts have also been designated as either oxide or non-oxide. Oxide intercepts are defined by assays having a cyanide leach/fire assay ratio greater than 0.4. Oxide intercepts are reported at a 0.3 g/t Au cutoff, whereas non-oxide intercepts are at a 0.6 g/t Au cutoff.

Figure 7.7 shows drill holes completed during 2022 and Table 72 summarizes significant assay results. All of the information gained has been included in mineral resource and reserve estimates reported herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.5***  ***Material Results and Interpretation*** 

The TXAU 2008 and WLMC 2016 - 2022 drill information allowed for the refinement in the modeling of the high-grade portions of the Pearl deposit, as well as the oxidized/unoxidized boundary and the contact between Tertiary volcanic and granitic rocks. These refinements are critical to the confidence in the resource estimation at Pearl. Down-hole surveys conducted on the 2008 holes indicated only minor deviations, which alleviated concerns related to the lack of down-hole survey data in the pre-2008 holes. The confirmatory drilling ultimately led to the definition of mineral resources and reserves within the Pearl deposit reported herein.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>50

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1021.jpg)

#### Figure 7-7 : Location Map for Drill Holes Completed at Isabella Pearl Mine during 2022
 22 February 2023

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<sup>Fortitude Gold Corporation</sup>51

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 7-2 : Significant Results 2022 Drilling at Isabella Pearl Mine<sup>\*</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole #** | &nbsp;&nbsp;**Angle** | &nbsp;&nbsp;**Target** |  | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** | &nbsp;&nbsp;**Interval** | &nbsp;&nbsp;**Au** |  |
| &nbsp;&nbsp;**Hole #** | &nbsp;&nbsp;**deg** | &nbsp;&nbsp;**Target** |  | &nbsp;&nbsp;**m** | &nbsp;&nbsp;**m** | &nbsp;&nbsp;**m** | &nbsp;&nbsp;**g/t** |  |
| &nbsp;&nbsp;**IPRC-347** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**45.72** | &nbsp;&nbsp;**53.34** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**0.41** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-348** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**53.34** | &nbsp;&nbsp;**56.39** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.00** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-348** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**67.06** | &nbsp;&nbsp;**71.63** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**0.40** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-349** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**77.72** | &nbsp;&nbsp;**88.39** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**0.58** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-350** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**62.48** | &nbsp;&nbsp;**82.30** | &nbsp;&nbsp;**19.81** | &nbsp;&nbsp;**0.49** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-351** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**54.86** | &nbsp;&nbsp;**76.20** | &nbsp;&nbsp;**21.34** | &nbsp;&nbsp;**0.39** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-351** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**97.54** | &nbsp;&nbsp;**100.58** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.74** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-352** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**59.44** | &nbsp;&nbsp;**67.06** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**0.34** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-352** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**79.25** | &nbsp;&nbsp;**82.30** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.70** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-352** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** |  | &nbsp;&nbsp;**88.39** | &nbsp;&nbsp;**96.01** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**0.56** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-352** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**Crimson** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**89.92** | &nbsp;&nbsp;**91.44** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.25** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**0.00** | &nbsp;&nbsp;**21.34** | &nbsp;&nbsp;**21.34** | &nbsp;&nbsp;**7.21** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**0.00** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**15.15** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**12.19** | &nbsp;&nbsp;**13.72** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**11.10** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**19.81** | &nbsp;&nbsp;**21.34** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**11.20** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**21.34** | &nbsp;&nbsp;**62.48** | &nbsp;&nbsp;**41.15** | &nbsp;&nbsp;**6.25** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**24.38** | &nbsp;&nbsp;**28.96** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**47.24** | &nbsp;&nbsp;**53.34** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**12.17** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-353** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**67.06** | &nbsp;&nbsp;**68.58** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.00** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-354** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**36.58** | &nbsp;&nbsp;**39.62** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**2.21** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-354** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**50.29** | &nbsp;&nbsp;**64.01** | &nbsp;&nbsp;**13.72** | &nbsp;&nbsp;**4.67** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-354** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**50.29** | &nbsp;&nbsp;**53.34** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**11.91** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-355** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**44.20** | &nbsp;&nbsp;**60.96** | &nbsp;&nbsp;**16.76** | &nbsp;&nbsp;**6.47** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-355** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**50.29** | &nbsp;&nbsp;**54.86** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**13.34** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-356** | &nbsp;&nbsp;**-46** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**30.48** | &nbsp;&nbsp;**45.72** | &nbsp;&nbsp;**15.24** | &nbsp;&nbsp;**3.21** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-356** | &nbsp;&nbsp;**-46** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**30.48** | &nbsp;&nbsp;**36.58** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**4.58** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-356** | &nbsp;&nbsp;**-46** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**54.86** | &nbsp;&nbsp;**60.96** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**10.40** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-356** | &nbsp;&nbsp;**-46** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**56.39** | &nbsp;&nbsp;**57.91** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**16.90** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-356** | &nbsp;&nbsp;**-46** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**59.44** | &nbsp;&nbsp;**60.96** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**15.60** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-357** | &nbsp;&nbsp;**-54** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**18.29** | &nbsp;&nbsp;**62.48** | &nbsp;&nbsp;**44.20** | &nbsp;&nbsp;**2.86** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-357** | &nbsp;&nbsp;**-54** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**44.20** | &nbsp;&nbsp;**60.96** | &nbsp;&nbsp;**16.76** | &nbsp;&nbsp;**5.07** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-358** | &nbsp;&nbsp;**-54** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**42.67** | &nbsp;&nbsp;**35.05** | &nbsp;&nbsp;**3.78** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-358** | &nbsp;&nbsp;**-54** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**9.14** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**5.56** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-358** | &nbsp;&nbsp;**-54** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**22.86** | &nbsp;&nbsp;**36.58** | &nbsp;&nbsp;**13.72** | &nbsp;&nbsp;**6.45** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-359** | &nbsp;&nbsp;**-88** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**0.00** | &nbsp;&nbsp;**18.29** | &nbsp;&nbsp;**18.29** | &nbsp;&nbsp;**3.72** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-359** | &nbsp;&nbsp;**-88** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**35.05** | &nbsp;&nbsp;**38.10** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**2.29** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-361** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**118.87** | &nbsp;&nbsp;**129.54** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**1.96** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-361** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**120.40** | &nbsp;&nbsp;**123.44** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**4.17** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-361** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**138.68** | &nbsp;&nbsp;**149.35** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**1.08** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-362** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**150.88** | &nbsp;&nbsp;**153.92** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.15** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-362** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**161.54** | &nbsp;&nbsp;**175.26** | &nbsp;&nbsp;**13.72** | &nbsp;&nbsp;**1.74** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-362** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**169.16** | &nbsp;&nbsp;**172.21** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**3.66** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-363** | &nbsp;&nbsp;**-72** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**70.10** | &nbsp;&nbsp;**74.68** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**0.97** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-363** | &nbsp;&nbsp;**-72** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**79.25** | &nbsp;&nbsp;**99.06** | &nbsp;&nbsp;**19.81** | &nbsp;&nbsp;**1.74** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-363** | &nbsp;&nbsp;**-72** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**89.92** | &nbsp;&nbsp;**92.96** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**4.17** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-363** | &nbsp;&nbsp;**-72** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**105.16** | &nbsp;&nbsp;**134.11** | &nbsp;&nbsp;**28.96** | &nbsp;&nbsp;**1.10** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-363** | &nbsp;&nbsp;**-72** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**109.73** | &nbsp;&nbsp;**111.25** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.72** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-363** | &nbsp;&nbsp;**-72** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**non-oxide** |  |  |  |  |  |
| &nbsp;&nbsp;**IPRC-363** | &nbsp;&nbsp;**-72** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**non-oxide** |  |  |  |  |  |

---

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>52

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**175.26** | &nbsp;&nbsp;**181.36** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**1.14** |  |
|  |  |  | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**179.83** | &nbsp;&nbsp;**181.36** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.73** |  |
| &nbsp;&nbsp;**IPRC-364** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**25.91** | &nbsp;&nbsp;**35.05** | &nbsp;&nbsp;**9.14** | &nbsp;&nbsp;**0.37** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-364** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**140.21** | &nbsp;&nbsp;**144.78** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**0.65** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-365** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**24.38** | &nbsp;&nbsp;**36.58** | &nbsp;&nbsp;**12.19** | &nbsp;&nbsp;**1.29** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-365** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**25.91** | &nbsp;&nbsp;**28.96** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**2.65** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-365** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**124.97** | &nbsp;&nbsp;**128.02** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.78** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-366** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**79.25** | &nbsp;&nbsp;**118.87** | &nbsp;&nbsp;**39.62** | &nbsp;&nbsp;**1.25** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-366** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**80.77** | &nbsp;&nbsp;**88.39** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**2.43** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-366** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**143.26** | &nbsp;&nbsp;**152.40** | &nbsp;&nbsp;**9.14** | &nbsp;&nbsp;**0.64** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-366** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**149.35** | &nbsp;&nbsp;**152.40** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.01** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-366** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**176.78** | &nbsp;&nbsp;**182.88** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**0.82** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-366** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**176.78** | &nbsp;&nbsp;**178.31** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.60** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-367** | &nbsp;&nbsp;**-52** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**85.34** | &nbsp;&nbsp;**88.39** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.81** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-367** | &nbsp;&nbsp;**-52** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**99.06** | &nbsp;&nbsp;**111.25** | &nbsp;&nbsp;**12.19** | &nbsp;&nbsp;**1.81** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-367** | &nbsp;&nbsp;**-52** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**106.68** | &nbsp;&nbsp;**111.25** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**2.60** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-367** | &nbsp;&nbsp;**-52** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**121.92** | &nbsp;&nbsp;**123.44** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**0.98** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-367** | &nbsp;&nbsp;**-52** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**167.64** | &nbsp;&nbsp;**173.74** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**1.11** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-368** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**80.77** | &nbsp;&nbsp;**89.92** | &nbsp;&nbsp;**9.14** | &nbsp;&nbsp;**2.07** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-368** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**88.39** | &nbsp;&nbsp;**89.92** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**7.00** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-368** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**96.01** | &nbsp;&nbsp;**102.11** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**1.34** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-368** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**109.73** | &nbsp;&nbsp;**123.44** | &nbsp;&nbsp;**13.72** | &nbsp;&nbsp;**1.19** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-368** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**109.73** | &nbsp;&nbsp;**111.25** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**2.36** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-368** | &nbsp;&nbsp;**-70** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**149.35** | &nbsp;&nbsp;**152.40** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.84** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-369** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**76.20** | &nbsp;&nbsp;**85.34** | &nbsp;&nbsp;**9.14** | &nbsp;&nbsp;**1.24** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-369** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**115.82** | &nbsp;&nbsp;**147.83** | &nbsp;&nbsp;**32.00** | &nbsp;&nbsp;**1.36** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-369** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**123.44** | &nbsp;&nbsp;**128.02** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**3.46** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-369** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**143.26** | &nbsp;&nbsp;**146.30** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**2.18** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-371** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**22.86** | &nbsp;&nbsp;**32.00** | &nbsp;&nbsp;**9.14** | &nbsp;&nbsp;**1.34** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-371** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**24.38** | &nbsp;&nbsp;**27.43** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**2.17** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-371** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**129.54** | &nbsp;&nbsp;**150.88** | &nbsp;&nbsp;**21.34** | &nbsp;&nbsp;**1.19** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-371** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**146.30** | &nbsp;&nbsp;**147.83** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**2.21** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-372** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**15.24** | &nbsp;&nbsp;**25.91** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**0.70** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-372** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**124.97** | &nbsp;&nbsp;**135.64** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**1.58** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-372** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**126.49** | &nbsp;&nbsp;**128.02** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**2.18** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-372** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**132.59** | &nbsp;&nbsp;**134.11** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**2.21** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-373** | &nbsp;&nbsp;**-84** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**30.48** | &nbsp;&nbsp;**32.00** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**0.91** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-373** | &nbsp;&nbsp;**-84** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**146.30** | &nbsp;&nbsp;**167.64** | &nbsp;&nbsp;**21.34** | &nbsp;&nbsp;**0.90** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-373** | &nbsp;&nbsp;**-84** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**155.45** | &nbsp;&nbsp;**160.02** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**1.49** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-373** | &nbsp;&nbsp;**-84** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**175.26** | &nbsp;&nbsp;**178.31** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.05** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-375** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**143.26** | &nbsp;&nbsp;**153.92** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**1.17** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-375** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**143.26** | &nbsp;&nbsp;**144.78** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**2.45** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-375** | &nbsp;&nbsp;**-51** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**161.54** | &nbsp;&nbsp;**164.59** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.68** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-376** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**144.78** | &nbsp;&nbsp;**147.83** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.72** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-377** | &nbsp;&nbsp;**-49** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**152.40** | &nbsp;&nbsp;**160.02** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**1.05** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-378** | &nbsp;&nbsp;**-71** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**184.40** | &nbsp;&nbsp;**187.45** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.35** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-379** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**172.21** | &nbsp;&nbsp;**181.36** | &nbsp;&nbsp;**9.14** | &nbsp;&nbsp;**0.98** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-379** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**173.74** | &nbsp;&nbsp;**176.78** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.62** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-380** | &nbsp;&nbsp;**-63** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**15.24** | &nbsp;&nbsp;**25.91** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**0.38** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-380** | &nbsp;&nbsp;**-63** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**230.12** | &nbsp;&nbsp;**237.74** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**0.70** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-380** | &nbsp;&nbsp;**-63** | &nbsp;&nbsp;**Pearl** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**231.65** | &nbsp;&nbsp;**233.17** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.10** | &nbsp;&nbsp;**non-oxide** |

---

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>53

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**IPRC-381** | &nbsp;&nbsp;**-78** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**18.29** | &nbsp;&nbsp;**19.81** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.14** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-381** | &nbsp;&nbsp;**-78** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**205.74** | &nbsp;&nbsp;**213.36** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**1.46** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-381** | &nbsp;&nbsp;**-78** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**222.50** | &nbsp;&nbsp;**227.08** | &nbsp;&nbsp;**4.57** | &nbsp;&nbsp;**0.78** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-382** | &nbsp;&nbsp;**-62** | &nbsp;&nbsp;**Pearl** |  | &nbsp;&nbsp;**16.76** | &nbsp;&nbsp;**19.81** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.02** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-384** | &nbsp;&nbsp;**-81** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**13.72** | &nbsp;&nbsp;**24.38** | &nbsp;&nbsp;**10.67** | &nbsp;&nbsp;**0.43** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-384** | &nbsp;&nbsp;**-81** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**138.68** | &nbsp;&nbsp;**153.92** | &nbsp;&nbsp;**15.24** | &nbsp;&nbsp;**0.76** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-384** | &nbsp;&nbsp;**-81** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**141.73** | &nbsp;&nbsp;**144.78** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.30** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-385** | &nbsp;&nbsp;**-62** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**25.91** | &nbsp;&nbsp;**28.96** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.45** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-385** | &nbsp;&nbsp;**-62** | &nbsp;&nbsp;**Civit Cat** |  | &nbsp;&nbsp;**120.40** | &nbsp;&nbsp;**144.78** | &nbsp;&nbsp;**24.38** | &nbsp;&nbsp;**0.79** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-385** | &nbsp;&nbsp;**-62** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**121.92** | &nbsp;&nbsp;**128.02** | &nbsp;&nbsp;**6.10** | &nbsp;&nbsp;**1.24** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-385** | &nbsp;&nbsp;**-62** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**132.59** | &nbsp;&nbsp;**135.64** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.09** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-386** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Scarlet** |  | &nbsp;&nbsp;**210.31** | &nbsp;&nbsp;**268.22** | &nbsp;&nbsp;**57.91** | &nbsp;&nbsp;**0.65** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-386** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Scarlet** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**213.36** | &nbsp;&nbsp;**214.88** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.06** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-386** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**Scarlet** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**256.03** | &nbsp;&nbsp;**257.56** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.25** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** |  | &nbsp;&nbsp;**44.20** | &nbsp;&nbsp;**47.24** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**1.06** | &nbsp;&nbsp;**oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** |  | &nbsp;&nbsp;**149.35** | &nbsp;&nbsp;**156.97** | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;**2.64** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**150.88** | &nbsp;&nbsp;**153.92** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**4.09** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** |  | &nbsp;&nbsp;**236.22** | &nbsp;&nbsp;**239.27** | &nbsp;&nbsp;**3.05** | &nbsp;&nbsp;**0.69** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** |  | &nbsp;&nbsp;**243.84** | &nbsp;&nbsp;**245.36** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**0.68** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** |  | &nbsp;&nbsp;**301.75** | &nbsp;&nbsp;**324.61** | &nbsp;&nbsp;**22.86** | &nbsp;&nbsp;**0.84** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**304.80** | &nbsp;&nbsp;**306.32** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.11** | &nbsp;&nbsp;**non-oxide** |
| &nbsp;&nbsp;**IPRC-387** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**Scarlet** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**310.90** | &nbsp;&nbsp;**312.42** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**1.13** | &nbsp;&nbsp;**non-oxide** |

---

<sup>\*</sup>*NOTE: Oxide intercepts defined by assays having cyanide leach/fire assay ratio greater than 0.4. Oxide intercepts reported at 0.3 g/t Au cutoff; non-oxide intercepts reported at 0.6 g/t Au cutoff.* 

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>54

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **8** | **Sample Preparation, Analysis and Security** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Historic Security Measures and Sample Preparation** 

Historic security measures and sample preparation were reported by MDA (Prenn & Gustin, 2013). This includes descriptions excerpted from Sierra Mining (Golden, 2000) for drilling programs conducted at Isabella Pearl before TXAU took control of the project. For more details, the reader is referred to earlier reports on mineral resources and reserves and the feasibility study for the Isabella Pearl mine (Brown et al, 2018, 2021; Hulse et al, 2022).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **WLMC (2016 to Present)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.1***  ***Security Measures*** 

Sample security procedures for WLMC sample materials were established according to industry standards and included (from generation of sample at the site) secured sample transport to a local locked storage facility for holding and/or directly shipped via secured transport to the laboratory for analysis. Samples were shipped by cargo truck in lots loaded into bins with top closures, enclosed trailer, or stacked and covered and secured to the bed of transport truck (in the case of whole DDH drill hole boxes). Chain of custody forms accompanied the shipments to the reception at the assigned laboratory. No breaches of the security were reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.2***  ***Sample Preparation and Analysis*** 

For the WLMC 2016 drilling program, continuous sampling was done on 1.52 m (5 ft) intervals, contingent on drilling conditions. All assay samples were processed at ALS Laboratories in Reno, NV, with additional work carried out at ALS in Vancouver, BC, Canada. WLMC has no business relationship with ALS beyond being a customer for analytical services. ALS is an accredited ISO/IEC 17025 facility.

For the WLMC 2017 - 2022 drilling programs, continuous sampling was again done on 1.52 m (5 ft) intervals, contingent on drilling conditions. All assay samples during the 2017 – 2022 drilling programs were processed either at ALS or Bureau Veritas. Bureau Veritas is an accredited ISO/IEC 17025 facility. WLMC has no business relationship with either ALS or Bureau Veritas beyond being a customer for analytical services.

The umpire laboratory used for check assaying of ALS analyses is Bureau Veritas and vice versa.

All assay samples were analyzed using a 30 g FA with an AAS finish for gold (ALS code AU-AA23; Bureau Veritas code FA430). This technique has a lower detection limit of 0.005 ppm and an upper detection limit of 10.00 ppm. Samples with greater than 10.00 ppm Au were re-analyzed using a 30 g FA with a gravimetric finish (ALS code Au-GRA21; Bureau Veritas code FA530).

All assay samples were also analyzed using a 0.5 g sample with aqua regia for silver (ALS code Ag-AA45; Bureau Veritas code AQ-400). This technique has a lower detection limit of 0.1 ppm for silver and an upper detection limit of 200 ppm for silver.

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>55

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.3***  ***Quality Assurance/Quality Control Procedures*** 

All Standard Reference Materials (SRM) used for the QA/QC program were obtained from Shea Clark Smith, Reno, NV and MEG LLC., Lamoille, NV. The variation from the SRM mean value defines the QA/QC variance and is used to determine acceptability of the standard sample assay. Approximately 60 g of sample material was submitted per QA/QC sample. Blank material was sourced as "Lava Rock" (pumice) from Oxborrow Landscaping, Sparks, NV.

The 2022 WLMC drilling program consisted of 43 RC drill holes. All SRM samples from Shea Clark Smith / MEG, LLC. are listed in Table 81.

#### Table 8-1 : WLMC 2022 Standard Reference Materials

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Standard** | &nbsp;&nbsp;**Au ppm** | &nbsp;&nbsp;**Au SD** |
| &nbsp;&nbsp;MEG-Au.17.08 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;MEG-Au.17.21 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.062 |
| &nbsp;&nbsp;MEG-Au.19.05 | &nbsp;&nbsp;0.663 | &nbsp;&nbsp;0.057 |
| &nbsp;&nbsp;MEG-Au.19.07 | &nbsp;&nbsp;0.311 | &nbsp;&nbsp;0.018 |
| &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;0.711 | &nbsp;&nbsp;0.032 |
| &nbsp;&nbsp;MEG-Au.19.11 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.029 |
| &nbsp;&nbsp;MEG-Au.21.01 | &nbsp;&nbsp;0.407 | &nbsp;&nbsp;0.023 |
| &nbsp;&nbsp;MEG-Au.21.05 | &nbsp;&nbsp;1.723 | &nbsp;&nbsp;0.092 |

---

For the SRM, a failure was defined as an assay result outside 2 times the SRM standard deviation. For the 279 SRM samples submitted a total of 109 failures were noted, a failure rate of 38% (Table 82). More than three fourths of all failures were reported for MEG-Au.21.01 (64 failures) and MEG-Au21.05 (31 failures). The QP's believe that the quality statistics for MEG Au.21.01 and MEG Au.21.05 are inadequate, and it is recommended that the use of this SRM sample be discontinued. Thirteen of the remaining SRM failures are summarized in Table 8-2. Overall SRM performance is shown in Figure 81.

#### Table 8-2 : 2022 SRM Failures

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sample IDD** | &nbsp;&nbsp;**SRM** | &nbsp;&nbsp;**DHID** | &nbsp;&nbsp;**Lab** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Failure** |
| &nbsp;&nbsp;292720 | &nbsp;&nbsp;MEG-Au.17.08 | &nbsp;&nbsp;IPRC-350 | &nbsp;&nbsp;ALS | &nbsp;&nbsp;0.459 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;2978651 | &nbsp;&nbsp;MEG-Au.17.08 | &nbsp;&nbsp;IPRC-359 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.211 | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;292760 | &nbsp;&nbsp;MEG-Au.19.05 | &nbsp;&nbsp;IPRC-351 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.782 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4576040 | &nbsp;&nbsp;MEG-Au.19.07 | &nbsp;&nbsp;IPRC-353 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.362 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4576260 | &nbsp;&nbsp;MEG-Au.19.07 | &nbsp;&nbsp;IPRC-358 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4578680 | &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;IPRC-361 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.782 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4579000 | &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;IPRC-363 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.783 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4579260 | &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;IPRC-364 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.783 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4579440 | &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;IPRC-365 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4594900 | &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;IPRC-387 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.776 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4595040 | &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;IPRC-387 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.787 | &nbsp;&nbsp;High |
| &nbsp;&nbsp;4594280 | &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;IPRC-383 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.634 | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;4579020 | &nbsp;&nbsp;MEG-Au.21.01 | &nbsp;&nbsp;IPRC-363 | &nbsp;&nbsp;BV | &nbsp;&nbsp;2.031 | &nbsp;&nbsp;High |

---

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>56

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1023.jpg)

#### Figure 8-1 : 2022 SRM Performance
For the blank material a failure was defined as an assay that exceeded five times the detection limit of 0.005 ppm (Fig. 8.2). Of the 279 blanks submitted, a total of four failures were received (Table 83). A check on the corresponding adjacent SRM sample results for these intervals indicated no issues associated with the individual assays.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>57

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Figure 8-2 : 2022 Blank Material Performance

#### Table 8-3 : 2022 Blank Material Failures

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**SAMPLE ID** | &nbsp;&nbsp;**DHID** | &nbsp;&nbsp;**LAB** | &nbsp;&nbsp;**Au(g/t)** |
| &nbsp;&nbsp;4576001 | &nbsp;&nbsp;IPRC-353 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.311 |
| &nbsp;&nbsp;4576021 | &nbsp;&nbsp;IPRC-353 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.098 |
| &nbsp;&nbsp;4576181 | &nbsp;&nbsp;IPRC-356 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.029 |
| &nbsp;&nbsp;4579581 | &nbsp;&nbsp;IPRC-366 | &nbsp;&nbsp;BV | &nbsp;&nbsp;0.048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Check Assays** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.1***  ***Field Duplicates*** 

For the 2022 drilling campaign, a total of 277 field duplicates were taken and submitted for assay at the same laboratory as the primary sample. There is a strong correlation between the primary and secondary assays (Fig. 8.3)

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>58

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

**Figure 8-3 : Au Field Duplicate Control Plot for 2022**

For the 2022 drilling campaign, a total of 840 coarse rejects from samples that assayed above 0.20 ppm were submitted for cyanide leach assay. Cyanide leach assay results from samples within the oxide zone demonstrated an average recovery of 92% percent compared to the corresponding fire assay results. Cyanide leach assay results from samples within the sulfide zone demonstrated an average recovery of 10% percent compared to the corresponding fire assay results (Fig. 85).

![Graphic](ftco-20221231xex96d1025.jpg)

#### Figure 8-5 : Cyanide Leach vs Fire Assay Comparison Plot
 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>59

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Opinion of Adequacy** 

Convergent's QP considers the sample preparation, and analysis carried out are by conventional methods that are common for the industry. Security procedures are consistent with standard practice, and reasonable. The QA/QC protocol produces satisfactory results, with no concerns apparent with the assay results. The QP considers that the 2022 drilling programs and the historical drilling information as reported by MDA (Prenn & Gustin, 2013), meet industry standards and have been reviewed and confirmed in sufficient detail to permit inclusion of the information in the Isabella Pearl mineral resource and reserve database.

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>60

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **9** | **Data Verification** |

---

It is the Convergent QP's opinion that there is nothing to date to suggest that there are serious or systemic concerns with the data of the Isabella Pearl site. The data is managed in a secure environment, using off-the-shelf software packages that are up-to-date and appropriate for the tasks to which they are applied. The staff involved are well-trained, competent, and experienced. The QP has used information and technical documents supplied by WLMC and prepared by MDA for the Data Verification sections with regards to the historical drilling programs at Isabella Pearl. For more details, the reader is referred to earlier reports on mineral resources and reserves and the feasibility study for the Isabella Pearl mine (Brown et al, 2018, 2021; Hulse et al, 2022) During the site visit, Convergent reviewed sufficient files and drill cores and cuttings to confirm the previous work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Opinion on Data Adequacy** 

Investigations of all aspects of current and historical data quality indicates that the quality of the information is suitable for mineral reserve estimation.

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>61

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **10** | **Mineral Processing and Metallurgical Testing** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Metallurgical Overview** 

This section provides a description of Isabella Pearl mineralization and metallurgical characterization of the deposit. There have been nine individual test work programs by various operators. The correct identification of metallurgical properties of this material (the geo-metallurgical model) is key to project success.

The results of the cyanide leach test work demonstrate the straightforward and consistent nature of the Isabella Pearl metallurgy.

● The economic minerals of interest are gold and to a minor degree silver.

● The results are not dependent on deposit lithology or zoning; The deposit is being mined only above the water table and so refractory sulfide material below the water table is not an issue.

● A single simple cyanidation process can be used to recover gold and to a lesser degree silver.

● Fast leaching kinetics.

● Economics improve by two-stage crushing of plus 1-gram gold to ½ inch. Test work is on-going at the Isabella Pearl laboratory to develop particle size gold recovery relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Mineralogy and Metallurgical Ore Types** 

The mineral resources of the mine include the Crimson, Scarlet North and South, Silica Knob, Civit Cat North, Isabella, and Pearl oxide deposits, collectively referred to as the Isabella Pearl deposits. The origin of all these deposits is similar, widespread argillic alteration and generally abundant alunite indicate the deposits are high-sulfidation epithermal mineral deposits. K-Ar age determinations demonstrate that the mineralization is about 19 Ma. Oxide mineralization at Isabella Pearl extends over 150 m (492 ft) below the surface and it should be noted that only oxidized ore is included in economics of the mine plan.

The gold-silver mineralization is closely associated with silicification, which generally grades outward into argillization, which then into propylitically altered rocks. Silicification is localized by faults and shears, and in many areas, silica has replaced large masses of both the volcanic and granitic rocks. Gold occurs as very small (<10 microns) liberated particles in cavities and along fracture surfaces. Jarosite, goethite, and hematite are present in the siliceous groundmass.

In the Isabella deposit, gold in mineral resources occur as very small (<10 microns) liberated particles in cavities and along fracture surfaces and iron oxide minerals jarosite, limonite, and goethite.

In the Pearl deposit, mineralization is very siliceous, and similar in mineralization to the Isabella material. The silver/gold ratio is higher than Isabella. The gold is contained both as locked and free particles, as native and electrum in an average size of 14 microns. The mineralization is associated with goethite, limonite, jarosite and psilomelane (manganese). Sulfide mineralization occurs beneath the Pearl oxide and mixed mineral resources. The underlying sulfide material contains pyrite, pyrrhotite, galena, sphalerite, chalcopyrite, and silver as polybasite and pyrargyrite.

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Natural weathering and fracture-controlled oxidation of sulfide mineralization causes formation of oxide ore (with low sulfide mineral). Gold is present as free gold, residing in iron oxide minerals or quartz, and adsorbed on clay minerals. Metallurgical test work has determined that gold is amenable to cyanidation and that the oxidized portion of these mineral deposits are metallurgically the same and yield similar metal recovery results when processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Previous Metallurgical Test Work Programs** 

The Isabella Pearl mine has been subjected to nine separate programs of modern metallurgical test work, the most relevant being the Combined Metals-Homestake joint venture undertaken in 1990, and TXAU in 2009. These two programs are considered of particular interest as the work was performed on drill hole samples and tested for cyanide leachability. There were many other programs where the work focused principally on alternative recovery methods such as flotation. Nonetheless, all cyanide leachability data from all test programs along with that completed by WLMC during 2017 was considered in the conclusions presented herein. A breakdown of the test work, including a study commissioned by WLMC in 2017, are summarized in Table 10-1 below:

**Table 10-1 : Summary Metallurgical Test Work Completed on Isabella Pearl Deposit**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Test Program** |
| &nbsp;&nbsp;**Report Date** | &nbsp;&nbsp;**Laboratory** | &nbsp;&nbsp;**Bottle Roll** | &nbsp;&nbsp;**Column Leach** | &nbsp;&nbsp;**Other Tests** |
| &nbsp;&nbsp;16-May-83 | &nbsp;&nbsp;Kappes Cassiday & Associates | &nbsp;&nbsp;6 | &nbsp;&nbsp;0 | &nbsp;&nbsp;100M to 1/2 inch cyanidation |
| &nbsp;&nbsp;15-May-89 | &nbsp;&nbsp;Dawson Metallurgical Laboratories | &nbsp;&nbsp;6 | &nbsp;&nbsp;0 | &nbsp;&nbsp;100M to 1/4 inch cyanidation |
| &nbsp;&nbsp;8-Dec-89 | &nbsp;&nbsp;Dawson Metallurgical Laboratories | &nbsp;&nbsp;38 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Agitated leach and flotation test work, 21 oxide and 8 sulfide core samples |
| &nbsp;&nbsp;10-Jan-90 | &nbsp;&nbsp;McClelland Laboratories | &nbsp;&nbsp;2 | &nbsp;&nbsp;4 | &nbsp;&nbsp;Mechanically agitated leach and Vat leach test work. Column leach at 4 inch crush size |
| &nbsp;&nbsp;1-Feb-90 | &nbsp;&nbsp;Cosatech | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Bioleach test work |
| &nbsp;&nbsp;20-Jan-92 | &nbsp;&nbsp;Hazen Research | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Agitated leach on 10M sulfide ore |
| &nbsp;&nbsp;8-Oct-97 | &nbsp;&nbsp;Kappes Cassiday & Associates | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Flotation test work on 4 sulfide samples |
| &nbsp;&nbsp;29-Jun-09 | &nbsp;&nbsp;McClelland Laboratories | &nbsp;&nbsp;17 | &nbsp;&nbsp;2 | &nbsp;&nbsp;ADR & heap drain down test work |
| &nbsp;&nbsp;8-Feb-17 | &nbsp;&nbsp;Kappes Cassiday & Associates | &nbsp;&nbsp;8 | &nbsp;&nbsp;4 | &nbsp;&nbsp;Head grade and screen analysis, QXRD clay identification, shake, bottle and column leach on 1/2" crush. |

---

For details of previous metallurgical test work programs, the reader is referred to earlier reports on mineral resources and reserves and the feasibility study for the Isabella Pearl mine (Brown et al, 2018, 2021; Hulse et al, 2022). The most relevant results of these programs were those completed by Combined Metals-Homestake joint-venture and TXAU, both of which tested for the application of Heap Leach and the ADR process to Isabella Pearl mineral resources. The TXAU metallurgical program was completed on

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

DDH and a bulk surface sample. A complete description of this test work can be found in the report by MDA (Prenn and Gustin, 2013). The combined results of all the bottle roll tests and column tests completed, it can be concluded that:

● There is very good repeatability between samples of any given particle size.

● Gold recovery for the finer size (200 mesh) was between 86% and 95% except for one sample which had 2.7% contained sulfide.

● At coarser particle size (>10 mm) gold recovery ranged from 64% to 89%.

● Column leach tests performed on P100 5/8 inch showed high gold recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **WLMC Metallurgical Ore Characterization Test Work Programs** 

The basis of the latest WLMC metallurgical test program undertaken by KCA in February 2017 (KCA, 2017) was the clear definition of the metallurgical characteristics of the remaining ore reserves at Isabella Pearl. There were two main objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Confirm previous cyanide leach test work results and viability of Heap Leach, Carbon Adsorption/desorption, and Electrowinning gold recovery process to the Oxide mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Establish that the high-grade core of the Pearl deposit would indeed yield previously determined, gold recovery levels.

The program consisted of a PQ size DDH program consisting of 4 holes, in October and November of 2016, totaling 735 meters. Four samples for metallurgical testing were taken from 3 of these holes: IPDD-001 (2 sample intervals), IPDD-003 (1 sample interval) and IPDD-004 (1 sample interval). The metallurgical samples were sent to the KCA metallurgical testing facility in Reno. The main purpose of the test work program was to confirm that the high-grade core zone of the Pearl deposit indicates economic gold recovery as demonstrated in earlier work by others. Two holes intercepted the Pearl deposit, and one was drilled in the Isabella deposit. Figures 10.1 and 10.2 present the plan and section of the DDH holes completed by WLMC in late 2016 (Note: Hole IPDD-002 was a twin hole of IPDD-001 drilled for geology and assay information). Table 102 below presents the results the gold and silver values of the composites used in the metallurgical test program.

A total of 61 boxes of uncut DDH core representing 1,439 kilograms of material was delivered to KCA laboratories in Reno for sample preparation and testing. The work completed consisted of head analysis (including, whole rock and QXRD), screen analysis by size fraction, comminution, bottle roll, agglomeration, and column leach testing.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1026.jpg)

#### Figure 10-1 : Drill Hole Locations for 2017 WLMC Metallurgical Samples
![Graphic](ftco-20221231xex96d1027.jpg)

#### Figure 10-2 : Section of Sample Locations for WLMC Test Program in Relation to Ore Zone
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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

**Table 10-2 : Summary of Isabella Pearl Mine Core Composites Assays, KCA 2017 Program**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**KCA Sample No.** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Assay 1,**<br>**Au g/t** | &nbsp;&nbsp;**Assay 2,**<br>**Au g/t** | &nbsp;&nbsp;**Avg. Assay, Au g/t** |
| &nbsp;&nbsp;76584 B | &nbsp;&nbsp;IPDD-001, 240.5' to 320.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;0.0274 | &nbsp;&nbsp;0.024 | &nbsp;&nbsp;0.0257 |
| &nbsp;&nbsp;76585 B | &nbsp;&nbsp;IPDD-001, 320.5' to 469.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;1.2651 | &nbsp;&nbsp;1.248 | &nbsp;&nbsp;1.2566 |
| &nbsp;&nbsp;76586 B | &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;9.2743 | &nbsp;&nbsp;9.3257 | &nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;76587 B | &nbsp;&nbsp;IPDD-004, 0.0' to 211.0' | &nbsp;&nbsp;Isabella | &nbsp;&nbsp;0.744 | &nbsp;&nbsp;0.7509 | &nbsp;&nbsp;0.7474 |
| &nbsp;&nbsp;**KCA Sample No.** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Assay 1,**<br>**Ag g/t** | &nbsp;&nbsp;**Assay 2,**<br>**Ag g/t** | &nbsp;&nbsp;**Avg. Assay, Ag g/t** |
| &nbsp;&nbsp;76584 B | &nbsp;&nbsp;IPDD-001, 240.5' to 320.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;0.411 | &nbsp;&nbsp;0.411 | &nbsp;&nbsp;0.411 |
| &nbsp;&nbsp;76585 B | &nbsp;&nbsp;IPDD-001, 320.5' to 469.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;2.811 | &nbsp;&nbsp;3.017 | &nbsp;&nbsp;2.914 |
| &nbsp;&nbsp;76586 B | &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;58.8 | &nbsp;&nbsp;59.211 | &nbsp;&nbsp;59.006 |
| &nbsp;&nbsp;76587 B | &nbsp;&nbsp;IPDD-004, 0.0' to 211.0' | &nbsp;&nbsp;Isabella | &nbsp;&nbsp;3.189 | &nbsp;&nbsp;3.394 | &nbsp;&nbsp;3.291 |

---

 ***Notes****:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The detection limit for silver with FAAS finish is 0.006 opst.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Note - For the purpose of calculation a value of 1/2 the detection limit is utilized for assays less than the detection limit.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.1***  ***Results of WLMC Metallurgical Test Drill Hole Samples*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.4.1.1* *Head Screen Analysis* 

Head screen analysis was carried out on portions of each of the four sample composites at the as received crush sizes. The objective of the head screen analysis was to determine assay grade values from select crush size fractions.

A summary of the head screen analyses is presented in Table 103. The head screen analyses detail is presented in Table 104 and shown graphically in Figure 103.

#### Table 103 Summary of Head Screen Analyses

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Calc p80 Size, inches** | &nbsp;&nbsp;**Weighted Avg. Head Assay, Au gpt** | &nbsp;&nbsp;**Weighted Avg. Head Assay, Ag gpt** | &nbsp;&nbsp;**% Passing 10 mesh** | &nbsp;&nbsp;**% Passing 100 mesh** | &nbsp;&nbsp;**% Passing 200 mesh** |
| &nbsp;&nbsp;IPDD-001, 240.5' to 320.5' | &nbsp;&nbsp;0.170 | &nbsp;&nbsp;0.021 | &nbsp;&nbsp;0.343 | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;19.2% | &nbsp;&nbsp;15.9% |
| &nbsp;&nbsp;IPDD-001, 320.5' to 469.5' | &nbsp;&nbsp;0.419 | &nbsp;&nbsp;1.258 | &nbsp;&nbsp;3.291 | &nbsp;&nbsp;40.4% | &nbsp;&nbsp;18.6% | &nbsp;&nbsp;15.8% |
| &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;0.657 | &nbsp;&nbsp;8.414 | &nbsp;&nbsp;53.383 | &nbsp;&nbsp;38.3% | &nbsp;&nbsp;23.7% | &nbsp;&nbsp;21.4% |
| &nbsp;&nbsp;IPDD-004, 0.0' to 211.0' | &nbsp;&nbsp;0.489 | &nbsp;&nbsp;0.617 | &nbsp;&nbsp;3.600 | &nbsp;&nbsp;22.2% | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;5.2% |

---

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 10-4 : Detailed Results of Head Screen Analysis
![Graphic](ftco-20221231xex96d1028.jpg)

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<sup>Fortitude Gold Corporation</sup>67

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1029.jpg)

#### Figure 10-3 : Head Screen Analysis Showing Cumulative Weight Percent Passing Crush Size (in inches)
In summary, the head screen analysis on the four samples exhibit similar distribution curves. The highest-grade sample IPDD-003 contained the most gold in the finest fraction as compared to the others.

Head analyses for mercury were also conducted utilizing cold vapor/atomic absorption methods. Total copper analyses were conducted utilizing inductively coupled argon plasma-optical emission spectrophotometer (ICAP-OES) as well as by fire assay – atomic adsorption (FA-AA) methods.

The results of the mercury and copper analyses are presented Figure 105.

#### Table 10-5 : Summary of Mercury and Copper in Sample, KCA 2017 Program

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Total Mercury, mg/kg** | &nbsp;&nbsp;**Total Copper, mg/kg** | &nbsp;&nbsp;**Cyanide Soluble Copper, mg/kg** | &nbsp;&nbsp;**Cyanide Soluble Copper, %** |
| &nbsp;&nbsp;IPDD-001, 240.5' to 320.5' | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;12% |
| &nbsp;&nbsp;IPDD-001, 320.5' to 469.5' | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.58 | &nbsp;&nbsp;46% |
| &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;21 | &nbsp;&nbsp;7.46 | &nbsp;&nbsp;36% |
| &nbsp;&nbsp;IPDD-004, 0.0' to 211.0' | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;16 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;22% |

---

Head analyses for carbon and sulfur were also conducted utilizing a LECO CS 230 unit. In addition to total carbon and sulfur analyses, speciation for organic and inorganic carbon and speciation for sulfide and sulfate sulfur, were conducted. The results of the carbon and sulfur analyses are presented in Figure 104.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 10-6 : Summary of Carbon and Sulfur Content, KCA 2017 Program

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Total Carbon, %** | **Organic Carbon, %** | **Inorganic Carbon, %** | **Total Sulfur, %** | **Sulfide Sulfur, %** | **Sulfate Sulfur, %** |
| <u>IPDD-001, 240.5' to 320.5'</u> | &nbsp;&nbsp;<u>0.02</u> | &nbsp;&nbsp;<u>0.02</u> | <u><0.01</u> | &nbsp;&nbsp;<u>0.06</u> | <u><0.01</u> | &nbsp;&nbsp;<u>0.06</u> |
| <u>IPDD-001, 320.5' to 469.5'</u> | &nbsp;&nbsp;<u>0.02</u> | &nbsp;&nbsp;<u>0.02</u> | <u><0.01</u> | <u>3</u> | &nbsp;&nbsp;<u>2.47</u> | &nbsp;&nbsp;<u>0.53</u> |
| <u>IPDD-003, 219.5' to 422.0'</u> | &nbsp;&nbsp;<u>0.05</u> | &nbsp;&nbsp;<u>0.04</u> | &nbsp;&nbsp;<u>0.01</u> | &nbsp;&nbsp;<u>2.45</u> | &nbsp;&nbsp;<u>0.83</u> | &nbsp;&nbsp;<u>1.62</u> |
| <u>IPDD-004, 0.0' to 211.0'</u> | &nbsp;&nbsp;<u>0.02</u> | &nbsp;&nbsp;<u>0.02</u> | <u><0.01</u> | &nbsp;&nbsp;<u>0.16</u> | &nbsp;&nbsp;<u>0.16</u> | &nbsp;&nbsp;<u>0.11</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.4.1.2* *Cyanide Bottle Roll Tests* 

Table 107 and Table 108 present the gold and silver recovery results of the four 96-hour bottle roll tests completed on 1,000-gram samples that were pulverized to a p80 size of 200 mesh Tyler. Figure 104 and Figure 105 show the graphical results of gold and silver extraction during the leach period for the metallurgical test samples.

In all samples tested leach kinetics were rapid, samples IPDD-003 and IPDD-004 achieved plus 93% of the total metal recovery in 2 hours. Sample IPDD-001 #1 had a low gold head grade of, 0.025 g/t Au and is therefore classified as waste. Sample IPDD-001 #2 contained 2.47% sulfides, its gold recovery did not surpass 62%.

#### Table 10-7 : Summary Direct Agitated Cyanidation (Bottle Roll) Gold Test Results, KCA 2017 Program

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** |
| <br>&nbsp;&nbsp;**Description** | <br>&nbsp;&nbsp;**Zone** | <br>&nbsp;&nbsp;**Type** | <br>&nbsp;&nbsp;**Initial pH** | &nbsp;&nbsp;**Head Average gpt** | &nbsp;&nbsp;**Calculated Head gpt** | &nbsp;&nbsp;**Extracted gpt** | &nbsp;&nbsp;**Avg. Tails, gpt** | &nbsp;&nbsp;**Au Extracted, %** | &nbsp;&nbsp;**Leach Time, hours** | &nbsp;&nbsp;**Final pH** | &nbsp;&nbsp;**Consumption NaCN, lbs/st** | &nbsp;&nbsp;**Addition Ca(OH)2, lbs/st** |
| &nbsp;&nbsp;IPDD-001, 240.5' to 320.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;0.023 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;41% | &nbsp;&nbsp;96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;5.50 |
| &nbsp;&nbsp;IPDD-001, 320.5' to 469.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.140 | &nbsp;&nbsp;1.145 | &nbsp;&nbsp;0.757 | &nbsp;&nbsp;0.389 | &nbsp;&nbsp;66% | &nbsp;&nbsp;96 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.95 | &nbsp;&nbsp;15.00 |
| &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;8.437 | &nbsp;&nbsp;8.625 | &nbsp;&nbsp;8.021 | &nbsp;&nbsp;0.607 | &nbsp;&nbsp;93% | &nbsp;&nbsp;96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;5.50 |
| &nbsp;&nbsp;IPDD-004, 0.0' to 211.0' | &nbsp;&nbsp;Isabella | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;0.678 | &nbsp;&nbsp;0.619 | &nbsp;&nbsp;0.543 | &nbsp;&nbsp;0.078 | &nbsp;&nbsp;88% | &nbsp;&nbsp;96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;3.00 |

---

#### Table 108 Summary Direct Agitated Cyanidation (Bottle Roll) Silver Test Results, KCA 2017 Program

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** | &nbsp;&nbsp;**Bottle Roll Test Results Gold** |
| <br>&nbsp;&nbsp;**Description** | <br>&nbsp;&nbsp;**Zone** | <br>&nbsp;&nbsp;**Type** | <br>&nbsp;&nbsp;**Initial pH** | &nbsp;&nbsp;**Head Average gpt** | &nbsp;&nbsp;**Calculated Head gpt** | &nbsp;&nbsp;**Extracted gpt** | &nbsp;&nbsp;**Avg. Tails, gpt** | &nbsp;&nbsp;**Au Extracted, %** | &nbsp;&nbsp;**Leach Time, hours** | &nbsp;&nbsp;**Final pH** | &nbsp;&nbsp;**Consumption NaCN, lbs/st** | &nbsp;&nbsp;**Addition Ca(OH)2, lbs/st** |
| &nbsp;&nbsp;IPDD-001, 240.5' to 320.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;0.373 | &nbsp;&nbsp;0.280 | &nbsp;&nbsp;0.103 | &nbsp;&nbsp;0.187 | &nbsp;&nbsp;36% | &nbsp;&nbsp;96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;5.50 |
| &nbsp;&nbsp;IPDD-001, 320.5' to 469.5' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.644 | &nbsp;&nbsp;2.768 | &nbsp;&nbsp;1.871 | &nbsp;&nbsp;0.902 | &nbsp;&nbsp;67% | &nbsp;&nbsp;96 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.95 | &nbsp;&nbsp;15.00 |
| &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;Pearl | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;53.53 | &nbsp;&nbsp;54.244 | &nbsp;&nbsp;28.466 | &nbsp;&nbsp;25.785 | &nbsp;&nbsp;52% | &nbsp;&nbsp;96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;5.50 |
| &nbsp;&nbsp;IPDD-004, 0.0' to 211.0' | &nbsp;&nbsp;Isabella | &nbsp;&nbsp;Pulverized | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;2.986 | &nbsp;&nbsp;3.141 | &nbsp;&nbsp;1.951 | &nbsp;&nbsp;1.182 | &nbsp;&nbsp;62% | &nbsp;&nbsp;96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;3.00 |

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<sup>Fortitude Gold Corporation</sup>69

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1030.jpg)

#### Figure 10-4 : Bottle Roll Tests Showing % Gold Extraction During Leach Period
![Graphic](ftco-20221231xex96d1031.jpg)

#### Figure 10-5 : Bottle Roll Tests Showing % Silver Extraction during Leach Period
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.4.1.3* *Agglomeration Test Work* 

Preliminary agglomeration test work was conducted on portions of the crushed material. For the test work, the material was agglomerated with various additions of lime or cement. In the preliminary agglomeration testing, the agglomerated material was placed in a column with no compressive load and then tested for permeability. The purpose of the percolation tests was to examine the permeability of the material under various cement agglomeration levels. The percolation tests were conducted in small (3

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<sup>Fortitude Gold Corporation</sup>70

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

inch inside diameter) columns at a range of cement levels with no compressive load applied. Two (2) tests (KCA Test Nos. 77513 F and 77513 J) failed the parameters utilized by KCA due to excessive pellet breakdown. All other tests passed the KCA parameters. However, it should be noted that the IPDD-001, 320.5' to 469.5' sample (KCA Sample No. 76585 B) showed overall low pH values. Once the agglomeration test work was complete, it was decided that the IPDD-003, 219.5' to 422.0' material should be agglomerated with cement (KCA Test No. 77517). However, a second column was run with the same material without cement agglomeration (KCA Test No. 77565). The flow rates and percent (%) slump observed in the non- agglomerated column were similar to the agglomerated column. A comparison of the drain down values and % slumps of the column leach tests on IPDD-003, 219.5' to 422.0' material is presented in Table 109.

#### Table 109 : Bureau Veritas vs ALS Gold Assay Comparison Plot

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;KCA Sample No | &nbsp;&nbsp;KCA Test No | &nbsp;&nbsp;Description | &nbsp;&nbsp;96hour Drain Down, Gallons H20/ stdry ore | &nbsp;&nbsp;Slump % |
| &nbsp;&nbsp;76586 B | &nbsp;&nbsp;77517 | &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;76586 B | &nbsp;&nbsp;77565 | &nbsp;&nbsp;IPDD-003, 219.5' to 422.0' | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;0.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.4.1.4* *Column Leach Test Work* 

The crushed material split out for column test work was blended with lime or agglomerated with cement as necessary and then loaded into a 4-inch diameter plastic column. Alkaline cyanide solution was continuously distributed onto the material through Tygon tubing. The flow rate of solution dripping onto the material was controlled with a peristaltic pump to 0.004 to 0.005 gallons per minute per square foot of column surface area.

After each cycle the solution was passed through activated carbon over a period of 24 hours to extract the gold and silver in solution. After passing through the bottle of activated carbon, the solution was re-assayed for pH, NaCN, Au and Ag. Sodium cyanide was then added, if necessary, to maintain the solution at "target" levels. The leach solution was then recycled to the material for another 24-hour leach period. Two (2) batches of leach solution were used so that while one batch was applied to each column, the other was run through carbon.

Three (3) column leach tests were conducted utilizing material crushed to 100% passing ⅝ inches (IPDD-001, 320.5' to 469.5', IPDD-003, 219.5' to 422.0 and IPDD-004, 0.0' to 211.0'). During testing, the material was leached for 46 days with a sodium cyanide solution. Additionally, a column leach test was conducted utilizing material crushed to 100% passing ⅝ inches. During testing, the material was leached for 28 days with a sodium cyanide solution. The material in the column was then washed for 30 days.

The column leach test results exhibited rapid leach kinetics. The highest-grade sample IPD-003 grading 9.3 g/t Au was tested twice, first under agglomeration and then without agglomeration, both results achieved gold recovery of 88% and 89% in 46 and 28 days respectively. Sample IDD-001 grading 1.25 g/t Au and 2.47% sulfide reached a gold recovery of 62% after 46 days. Sample IPDD-004 grading 0.74 g/t Au

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achieved 76% recovery after 46 days. The results of the column leach test work are presented in Table 1010 and shown graphically in Figure 106.

#### Table 10-10 Summary Column Leach Test Results, KCA 2017 Program
![Graphic](ftco-20221231xex96d1032.jpg)

![Graphic](ftco-20221231xex96d1033.jpg)

#### Figure 10-6 : Column Leach Test Results Showing Cumulative Weight Percent Gold Extracted Over Days of Leach
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **Discussion of Metallurgical Test Gold Recovery Curves** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.5.1***  ***Discussion of Bottle Roll Test Recovery Curves*** 

Table 1011Table 1016 is a summary of all bottle roll tests completed on Isabella Pearl mine. These results present the very strong relationship between gold recovery and nominal particle size that is subjected to cyanidation. The relationship clearly demonstrates that the more work that is done on the mineral resources that is to be leached, i.e., crushing and grinding the greater the fines fraction, the greater the quantity of economic minerals to be liberated the greater the recovery and faster the recovery rate. This

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

may be attributed to their very fine nature of the mineral grains and their encapsulation of gold within silica and weathering or oxidation resistant gangue minerals.

#### Table 10-11 Summary of All Bottle Roll Tests Completed on the Isabella Pearl Mine
![Graphic](ftco-20221231xex96d1034.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.5.2***  ***Discussion of Column Leach Test Gold Recovery Curves*** 

All 6 column leach tests performed on core samples from the Isabella Pearl mine are summarized in Table 1012. The NaCN and Lime Consumption during the column leach tests are summarized in Table 1013. Figure 107 presents column leach gold recovery curves for the 6 column leach tests.

The nature of the fast leach kinetics was recorded on every test, with 80 to 90 percent of total recovery occurring in the first 10 days of leaching.

#### Table 10-12 Summary of All Column Leach Tests Completed on the Isabella Pearl Mine
![Graphic](ftco-20221231xex96d1035.jpg)

#### Table 10-13 : Summary of NaCN and Lime Consumption for the Column Leach Tests
![Graphic](ftco-20221231xex96d1036.jpg)

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<sup>Fortitude Gold Corporation</sup>74

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1037.jpg)

#### Figure 10-7 : Column Leach Gold Recovery Curves for Column Leach Tests Completed
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** **Process Selection and Design Parameters** 

Cyanidation test work (bottle roll and column leach), performed on representative mineral resources, confirms the close relationship between particle size and gold recovery. The greater the fines fraction the higher the gold recovery. The results of all bottle roll and column leach tests performed are summarized by size fraction and presented in Table 1014 and Table 1015 below.

#### Table 10-14 : Bottle Roll Gold Recovery Estimate by Size Fraction
![Graphic](ftco-20221231xex96d1038.jpg)

#### Table 10-15 : Column Leach Gold Recovery Estimation by Size Fraction
![Graphic](ftco-20221231xex96d1039.jpg)

Interpreting these results, it was observed that:

● A high level of gold recovery (plus 90 percent) could be achieved using a grinding and milling process. The capital cost and economics of milling, however, is prohibitive given the limited amount of mineral resources, leaving the most viable option to be a heap leach process with a carbon absorption/desorption and electrowinning given low silver to gold ratio.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

● There exists a marked increase in gold recovery by decreasing the average size fraction of the mineral resources. Review of the combined gold recovery by bottle roll and column leach testing, determined that sizing the material to a p100 of 5/8 inch could reasonably expect a 25% increase in gold recovery (60 to 85%) over ROM size material.

● Based on the metallurgical test work completed, the recoveries presented in Table 1016 are being used for the mine. Total gold recovery is expected over a four-month period. Considering the economic parameters used in the feasibility study, mineral resources above 0.61 g/t Au are currently being crushed to P80 of 5/8 inch and material between 0.33 and 0.61 g/t Au is being sent to a low-grade stockpile for either future crushing or direct placement on the heap as ROM. Total predicted gold recovery is 81% for all ore. Cement is added to crushed material for pH control. No material is currently agglomerated.

#### Table 10-16 : Gold Recovery Estimate
![Graphic](ftco-20221231xex96d1040.jpg)

Cyanide consumption is expected to average 0.75 kg/t (1.50 lb/ton) of leach material and lime consumption is estimated to average 3.0 kg/t (6.0 lb/ton) of leach material (Table 1017).

#### Table 10-17 : NaCN and Lime Consumption

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Gold Recovery** | &nbsp;&nbsp;**NaCN Consumption** | &nbsp;&nbsp;**Lime Consumption** |
| &nbsp;&nbsp;**ROM** | &nbsp;&nbsp; 60 %  | &nbsp;&nbsp; 0.75 kg/t  | &nbsp;&nbsp; 6.0 kg/t  |
| &nbsp;&nbsp;**5/8 Crush** | &nbsp;&nbsp; 81 %  | &nbsp;&nbsp; 0.75 kg/t  | &nbsp;&nbsp; 6.0 kg/t  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7** **Metallurgical Summary** 

In summary, lab test work is completed in a static state whereas production is in a dynamic state. Test work of the Isabella Pearl mine deposit samples are completed in column tests in a controlled environment and indicate ideal results.

Production heap leach is performed in a dynamic state where the ore is partially leached, then new ore is stacked above the previous lift, and placed under leach again. Once mining is complete the heap leach will continue to leach gold ounces. Based on the feasibility study column test work the estimated LOM achievable is 81% gold recovery.

Through December 2022, the mine has placed 224,834 gold ounces on the leach pad and has recovered 128,119 gold ounces. This includes gold ounces recovered from the overliner, ROM at beginning of mine life, and crushed ore. As of December 31, 2022, 57.0% of the gold placed has been recovered (Figure 108).

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<sup>Fortitude Gold Corporation</sup>76

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1041.jpg)

#### Figure 10-8 : Graph of Gold Ounces Placed vs. Gold Ounces Poured and Percent Gold Recovery
The Isabella Pearl mine lab has confirmed fast gold extraction in 2021 and 2022 Pearl column leach tests which are also noted in the Report of the Estimates of Reserves and Feasibility Study for the Isabella Pearl Project (December 31, 2017). Final gold extractions of the 2022 Pearl crusher column leach tests varied from 74-82%, which is in line with the 81% estimated recovery shown in the Feasibility Study. Over the life of mine the gold ounces produced should achieve the estimated 81% feasibility study recovery.

Column test reagent consumptions correlated to predicted, 0.75 kg/t NaCN and 6.0 kg/t lime. The 2021 and 2022 Pearl crusher column leach tests NaCN consumptions were noted at 0.10 to 0.32 kg/ton NaCN

Sodium Cyanide consumption during 2022 was 0.89 lb/ton (0.45 kg/t) vs 1.5 lb/ton (0.75 kg/t), closely reflecting consumption rates stated in the feasibility study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.7.1*** **Opinion on Adequacy** 

The Qualified Persons have reviewed these results. The on-going column testing supports the planned metal recovery as well as the planned cyanide consumption. The comparison of feasibility results with continuous testing of mined ore demonstrates that the earlier work was representative of the deposit and the Qualified Persons consider that these data are appropriate and adequate for estimation of mineral reserves.

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<sup>Fortitude Gold Corporation</sup>77

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **11** | **Mineral Resource Estimate** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Introduction** 

The modeling and estimation of mineral resources presented herein is based on technical data and information available as of December 31, 2022. WLMC models and estimates mineral resources from available technical information prior to the generation of mineral reserves. This estimate was prepared to comply with SEC regulations 17 CFR Subpart 229.1300 Regulation S-K, generally known as the "SK-1300" rule.

Modeling and estimation of mineral resources were carried out using the commercially available Maptek Vulcan software program, version 12.

Any statements and opinions expressed in this document are given in good faith and in the belief that such statements and opinions are true as of the effective date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Mineral Resources Definitions** 

According to S-K 1300, a mineral resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, considering relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into mineral reserve. Confidence in the estimate of Inferred mineral resources is insufficient to allow the meaningful application of technical and economic parameters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.2.1***  ***Inferred Mineral Resources*** 

An Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.2.2***  ***Indicated Mineral Resources*** 

An Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying

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factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.2.3***  ***Measured Mineral Resources*** 

A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Database** 

Mineral resources described in this report are gold and silver bearing material that have been physically delineated by one or more methods including drilling, surface mapping, and other types of sampling. This material has been found to contain sufficient mineralization of an average grade to have potential that warrants further exploration evaluation. This material is reported as mineral resources only if the potential exists for reclassification into the mineral reserves category. Mineral resources cannot be classified in the mineral reserves category until technical, economic, and legal factors have been evaluated.

The modeling and estimation reported herein utilized the drill hole database compiled by WLMC. Drill holes with assay samples within the immediate mine area were imported into a Maptek Vulcan database. The extracted drill hole database contains 596 unique collar records (Table 11.1) and 34,936 assay records, broken down by drilling type as:

● AT: 6 drill holes for 82.0 m (269 ft)

● RC: 554 drill holes for 53,317.2 m (174,925 ft)

● DDH: 36 drill holes for 3,564.4 m (11,695 ft)

Industry standard validation checks of the database were carried out with minor corrections made where necessary. The database was reviewed for inconsistencies in naming conventions or analytical units, duplicate entries, interval, length, or distance values less than or equal to zero, blank or zero-value assay results, out-of-sequence intervals, intervals, or distances greater than the reported drill hole length, inappropriate collar locations, and missing interval and coordinate fields. No significant discrepancies with the data were noted.

Drill hole distance units are reported in meters and grade units are reported as either g/t or ppm. The collar coordinates were provided in the WGS 1984 UTM Zone 11N coordinate system. The observed nearest neighbor collar mean distance is 13.4 (44 ft) m. The Isabella Pearl drill hole and assay databases

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

are summarized in Table 111 and Table 112, respectively. Summary statistics were also tabulated for the assay data (Table 113).

#### Table 11-1 Isabella Pearl Drill Hole Database Summary

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**DDH** | &nbsp;&nbsp;**RC** | &nbsp;&nbsp;**AT** | &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Number of Drill Holes | &nbsp;&nbsp;36 | &nbsp;&nbsp;554 | &nbsp;&nbsp;6 | &nbsp;&nbsp;13 | &nbsp;&nbsp;609 |
| &nbsp;&nbsp;Total Length (m) | &nbsp;&nbsp;3564.4 | &nbsp;&nbsp;513317.2 | &nbsp;&nbsp;82.0 | &nbsp;&nbsp;1586.5 | &nbsp;&nbsp;58550.1 |
| &nbsp;&nbsp;Average Length (m) | &nbsp;&nbsp;99.0 | &nbsp;&nbsp;96.2 | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;122.0 | &nbsp;&nbsp;96.1 |
| &nbsp;&nbsp;Meters Assayed | &nbsp;&nbsp;1950.6 | &nbsp;&nbsp;49885.3 | &nbsp;&nbsp;82.0 | &nbsp;&nbsp;1575.8 | &nbsp;&nbsp;53493.7 |
| &nbsp;&nbsp;Drill Holes with Downhole Surveys | &nbsp;&nbsp;11 | &nbsp;&nbsp;349 | &nbsp;&nbsp;6 | &nbsp;&nbsp;13 | &nbsp;&nbsp;379 |

---

#### Table 11-2 : Isabella Pearl Assay Database Summary

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Assay Summary** | &nbsp;&nbsp;**DDH** | &nbsp;&nbsp;**RC** | &nbsp;&nbsp;**AT** | &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Number of Au Assays | &nbsp;&nbsp;1119 | &nbsp;&nbsp;32729 | &nbsp;&nbsp;54 | &nbsp;&nbsp;1034 | &nbsp;&nbsp;34936 |
| &nbsp;&nbsp;Total Length (m) | &nbsp;&nbsp;1950.6 | &nbsp;&nbsp;49885.3 | &nbsp;&nbsp;82.0 | &nbsp;&nbsp;1575.8 | &nbsp;&nbsp;53493.7 |
| &nbsp;&nbsp;Average Length (m) | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;Average Au g/t | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;Average Ag g/t | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;2.85 |

---

#### Table 11-3 : Isabella Pearl Assay Statistics Summary

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Assay Data**<br>| &nbsp;&nbsp;**Length m**<br>| &nbsp;&nbsp;**Au ppm**<br>| &nbsp;&nbsp;**Ag ppm**<br>|
| &nbsp;&nbsp;Mean<br>| &nbsp;&nbsp;1.53<br>| &nbsp;&nbsp;0.29<br>| &nbsp;&nbsp;3.17<br>|
| &nbsp;&nbsp;Median<br>| &nbsp;&nbsp;1.52<br>| &nbsp;&nbsp;0.01<br>| &nbsp;&nbsp;0.10<br>|
| &nbsp;&nbsp;Mode<br>| &nbsp;&nbsp;1.52<br>| &nbsp;&nbsp;0.00<br>| &nbsp;&nbsp;0.05<br>|
| &nbsp;&nbsp;Standard Deviation<br>| &nbsp;&nbsp;0.16<br>| &nbsp;&nbsp;1.85<br>| &nbsp;&nbsp;26.09<br>|
| &nbsp;&nbsp;CoV<br>| &nbsp;&nbsp;0.10<br>| &nbsp;&nbsp;6.43<br>| &nbsp;&nbsp;8.23<br>|
| &nbsp;&nbsp;Minimum<br>| &nbsp;&nbsp;0.0001<br>| &nbsp;&nbsp;0.0001<br>| &nbsp;&nbsp;0.0001<br>|
| &nbsp;&nbsp;Maximum<br>| &nbsp;&nbsp;7.93<br>| &nbsp;&nbsp;106.52<br>| &nbsp;&nbsp;1923.00<br>|
| &nbsp;&nbsp;Count<br>| &nbsp;&nbsp;34942<br>| &nbsp;&nbsp;34936<br>| &nbsp;&nbsp;33571<br>|

---

The Isabella Pearl assay database (Table 112) indicates that the mean gold grades of the DDH holes are significantly higher than the RC holes. The Combined Metals-Homestake and TXAU DDH were drilled primarily to collect metallurgical samples and verify important mineralized zones defined by previously drilled RC holes. The DDH therefore drilled a higher percentage of mineral resources than the RC holes, especially in the high-grade Pearl deposit. In addition, sampling of the DDH was primarily restricted to suspected mineralized intervals, while the RC holes were sampled over their entire lengths.

Drill hole logs are available for all holes except IC-1 through 37 (the earliest holes in the database) and IC-54, as well as copies of assay certificates for 147 of the holes, including all TXAU holes. A significant amount of information was collected from the drill logs and entered into spreadsheets and, where appropriate, the mine database, including the depth to water table, intervals drilled while injecting water, the amount of water returning with the RC sample cuttings, qualitative descriptions of RC sample recoveries, any comments regarding possible RC down-hole contamination noted on the drill logs, other comments written on the drill logs that pertain to water and recovery, alteration (degree of silicification), lithology

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(overburden, welded and overlying unwelded Mickey Pass Tuff, granite), drill bit types and diameters, drill contractors, year of drilling, rig type, assay laboratory, analytical methods, and analytical detection limits. Although the database included oxidation codes, many of these codes were derived from the coding of the drill samples by an interpreted three-dimensional surface that conflicted with the oxidation notes in the drill logs in some cases. Oxidation data (oxide-mixed-sulfide) were therefore extracted from the drill logs and incorporated into the MDA digital database.

QA/QC data were also compiled by MDA from the paper copies of the Combined Metals-Homestake assay certificates. These data include internal laboratory check analyses of the original pulps and analyses of new pulps prepared from preparation rejects or duplicate samples.

An audit of the assay database by MDA led to the identification of data in the assay certificates that were not included in the TXAU database. Two RC holes, which had been re-entered and deepened sometime after the original holes were drilled, did not have the re-entry assay data in the database. Several intervals of other holes were also missing assay data. All missing assay data identified by MDA were added to the mine database.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.3.1***  ***Database Backup*** 

WLMC and FGC company policy includes Windows personal computer folder backup that automatically syncs folders to a OneDrive cloud storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **Bulk Density** 

MDA reported an average bulk density value of 2.20 tonnes per cubic meter (tonnage factor 14.6) for oxidized units and 2.40 tonnes per cubic meter (tonnage factor 13.4) for non-oxidized units in the Isabella Pearl deposit (Prenn & Gustin, 2013). In September 2022, two bulk density measurements for sulfidic waste blast material at the bottom of the Pearl pit averaged 2.44, confirming previous estimates for non-oxidized material.

A total of 38 bulk density measurements were collected by HB Engineering from TXAU geotechnical DDH core, with values ranging from 1.58 tonnes per cubic meter (tonnage factor 20.5) to 3.20 tonnes per cubic meter (tonnage factor 10.0), with a median of 2.21 tonnes per cubic meter (tonnage factor 14.5) and an average value of 2.20 tonnes per cubic meter (tonnage factor 14.6). For the current update, a bulk density of 2.20 tonnes per cubic meter (tonnage factor 14.6) was assigned to the model for oxide material and a bulk density of 2.40 tonnes per cubic meter (tonnage factor 13.4) was assigned to the model for sulfide material, based on the recommendation of the Isabella-Pearl mine engineering department.

RQD data collected by HB Engineering from TXAU geotechnical DDH drill holes also suggests the presence of multiple zones of poor recovery, fractures, and voids (Fig. 111). An additional factor may be required to accommodate the presence of voids and fractured rocks.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1042.jpg)

#### Figure 11-1 : Plot of RQD vs. Elevation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Wireframe Modeling** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.5.1***  ***Topography*** 

The Isabella Pearl Mine Engineering department supplied a topographic surface based on a high-resolution georeferenced drone survey dated January 1, 2023, for topographic control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.5.2***  ***Gridded Surfaces*** 

Gridded surfaces were developed for the oxidation floor and lower granite contact based on logged lithology contacts (Figure 112).

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<sup>Fortitude Gold Corporation</sup>82

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1043.jpg)

#### Figure 11-2 : Isometric View Looking North Showing Oxide Base (blue) and Granite (orange) Contacts
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.5.3***  ***Mineralization Envelopes*** 

Multiple geological structures directly influence the Isabella Pearl mineralization. Vein solids and fault traces were digitized and imported into Vulcan software. Three-dimensional surfaces of the Pearl, Civit Cat and Soda Springs fault, which separate the Mickey Pass Tuff and granitic basement, were created using the digitized fault traces and lithologic drill-hole data. A 3D representation of the colluvium was also generated from surface mapping and drill hole logs.

The Civit Cat North, Crimson, Silica Knob, Isabella, Scarlet North and South, and Pearl domains were modeled based on nominal 0.30 g/t Au (0.009 opst) grade shells using close spaced polygons snapped directly to drill hole assay intervals. To maintain continuity, lower grade assay intervals were incorporated into the modeled domains where appropriate. The interpreted polygons were then consolidated into three-dimensional triangulated wireframes, which were clipped to the updated topographic surface. Modeling of the domains also incorporated blasthole results and geological features exposed during mining, and the Pearl domain has been split into a lower grade "Vein" and higher grade "Main" sub-domain. The resulting mineralization domains were used to back-tag assay and composite intervals and provide reasonable volume constraints (Figure 113).

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<sup>Fortitude Gold Corporation</sup>83

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1044.jpg)

#### Figure 11-3 : Isometric View of the Mineralization Domains comprising the Isabella Pearl Deposit
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** **Compositing** 

The average length of assays intervals within the defined mineralization domains is 1.531 m (5.02 ft), with a mode of 1.524 m (5.00 ft) and a median length of 1.524 m (5.00 ft). 99% of the wireframe constrained assays are 1.524 m (5.00 ft) in length (Figure 114). Assays were therefore composited to 1.524 m (5.00 ft) within the defined domains. Residual composite lengths less than 0.762 m (2.50 ft) were merged with the adjacent interval. A small number of missing intervals were treated as nulls.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>84

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1045.jpg)

#### Figure 11-4 : Histogram of Constrained Assay Sample Lengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** **Exploratory Data Analysis** 

Summary statistics were calculated for the composite sample populations (Table 114). The highest average silver grade occurs in the Pearl domain with very low average silver grades in the other domains (Figure 115).

#### Table 11-4 Wireframe Constrained Composite Statistics

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Au g/t** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**Crimson** | &nbsp;&nbsp;**Pearl Main** | &nbsp;&nbsp;**Pearl Veins** | &nbsp;&nbsp;**Scarlet South** | &nbsp;&nbsp;**Silica Knob** |
| &nbsp;&nbsp;**Count** | &nbsp;&nbsp;411 | &nbsp;&nbsp;436 | &nbsp;&nbsp;1088 | &nbsp;&nbsp;288 | &nbsp;&nbsp;168 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;**Average** | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;**St Dev** | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;6.08 | &nbsp;&nbsp;3.91 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;**CoV** | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;0.011 |
| &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;5.77 | &nbsp;&nbsp;5.14 | &nbsp;&nbsp;59.07 | &nbsp;&nbsp;31.75 | &nbsp;&nbsp;7.65 | &nbsp;&nbsp;2.02 |
| &nbsp;&nbsp;**Ag g/t** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**Crimson** | &nbsp;&nbsp;**Pearl Main** | &nbsp;&nbsp;**Pearl Veins** | &nbsp;&nbsp;**Scarlet South** | &nbsp;&nbsp;**Silica Knob** |
| &nbsp;&nbsp;**Count** | &nbsp;&nbsp;411 | &nbsp;&nbsp;436 | &nbsp;&nbsp;1088 | &nbsp;&nbsp;288 | &nbsp;&nbsp;168 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;**Average** | &nbsp;&nbsp;6.80 | &nbsp;&nbsp;6.26 | &nbsp;&nbsp;46.52 | &nbsp;&nbsp;27.51 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;3.27 |
| &nbsp;&nbsp;**St Dev** | &nbsp;&nbsp;13.50 | &nbsp;&nbsp;8.98 | &nbsp;&nbsp;122.66 | &nbsp;&nbsp;58.57 | &nbsp;&nbsp;5.61 | &nbsp;&nbsp;2.65 |
| &nbsp;&nbsp;**CoV** | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;147.79 | &nbsp;&nbsp;125.72 | &nbsp;&nbsp;1921.55 | &nbsp;&nbsp;468.30 | &nbsp;&nbsp;51.30 | &nbsp;&nbsp;15.70 |

---

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>85

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1046.jpg)

#### Figure 11-5 : Log-Probability Plots of Au and Ag Composites
The gold sample distributions for RC and DDH composites were also examined for evidence of bias in the Isabella and Pearl mineralization domains. The results suggest that RC drilling is in general slightly undervalued compared to the DDH (DH) drilling at Pearl (Figure 116), which may be due in part to the observed clustering of DDH drilling in the vicinity of the high-grade portion of the Pearl domain.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>86

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1047.jpg)

#### Figure 11-6 : RC vs. DDH Drilling Results
A single true twin is available for grade comparison and analysis: IC-145 (a vertical RC drill hole) and IP-DD-002 (a vertical DDH). The separation between collars is 5.97 m (19.58 ft). Both drill holes penetrate the center of the Pearl domain.

Visual comparison of the composite grades between the two drill holes suggests the presence of localized downhole contamination below the oxide base, with elevated grades observed in the RC drill hole compared to the DDH drill hole (Figure 117). Potential contamination in RC drill holes appears to be limited to beneath the oxide base; to accommodate for a potential bias during estimation more restrictive estimation constraints were imposed on the Pearl model.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>87

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Figure 11-7 : Twin Hole Au Assay Grade Comparison
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8** **Treatment of Extreme Values** 

The potential influence of extreme values during estimation was evaluated by grade capping analysis on the tagged and composited grade intervals. The presence of high-grade outliers was identified by disintegration analysis of the upper tails and examination of histograms and log-probability plots (Figure **118**). Composite grades were reduced to the selected threshold prior to estimation. The Pearl capping threshold was then iteratively refined to minimize the relative difference between the resulting average Nearest Neighbor model and block grade estimates (Table 115). For the Pearl Veins, an additional range restriction of 60 m (197 ft) was placed on composites equal to or greater than 50% of the capping threshold.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>88

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1049.jpg)

![Graphic](ftco-20221231xex96d1050.jpg)

#### Figure 11-8 : Log-Probability Plots of Composite Capping Thresholds
 22 February 2023

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<sup>Fortitude Gold Corporation</sup>89

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 11-5 Capping Thresholds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**Crimson** | &nbsp;&nbsp;**Pearl Main** | &nbsp;&nbsp;**Pearl Veins** | &nbsp;&nbsp;**Scarlet S** | &nbsp;&nbsp;**Silica Knob** |
| &nbsp;&nbsp;Cap (g/t) | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;50.00 | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;2.00 |
| &nbsp;&nbsp;Minimum | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;0.011 |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;5.77 | &nbsp;&nbsp;5.14 | &nbsp;&nbsp;59.07 | &nbsp;&nbsp;31.75 | &nbsp;&nbsp;7.65 | &nbsp;&nbsp;2.02 |
| &nbsp;&nbsp;Count | &nbsp;&nbsp;411 | &nbsp;&nbsp;436 | &nbsp;&nbsp;1088 | &nbsp;&nbsp;288 | &nbsp;&nbsp;168 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Number Capped | &nbsp;&nbsp;2 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4 | &nbsp;&nbsp;10 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Uncapped Mean | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;Capped Mean | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;3.56 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;Mean Above Cap | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;3.81 | &nbsp;&nbsp;57.23 | &nbsp;&nbsp;19.28 | &nbsp;&nbsp;3.84 | &nbsp;&nbsp;2.02 |
| &nbsp;&nbsp;Percent Change | &nbsp;&nbsp;-1% | &nbsp;&nbsp;-2% | &nbsp;&nbsp;-1% | &nbsp;&nbsp;-18% | &nbsp;&nbsp;-9% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Civit Cat** | &nbsp;&nbsp;**Crimson** | &nbsp;&nbsp;**Pearl Main** | &nbsp;&nbsp;**Pearl Veins** | &nbsp;&nbsp;**Scarlet S** | &nbsp;&nbsp;**Silica Knob** |
| &nbsp;&nbsp;Cap (g/t) | &nbsp;&nbsp;100 | &nbsp;&nbsp;100 | &nbsp;&nbsp;250 | &nbsp;&nbsp;100 | &nbsp;&nbsp;100 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Minimum | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;147.8 | &nbsp;&nbsp;125.7 | &nbsp;&nbsp;1921.6 | &nbsp;&nbsp;468.3 | &nbsp;&nbsp;51.3 | &nbsp;&nbsp;15.7 |
| &nbsp;&nbsp;Count | &nbsp;&nbsp;411 | &nbsp;&nbsp;436 | &nbsp;&nbsp;1088 | &nbsp;&nbsp;288 | &nbsp;&nbsp;168 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Number Capped | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;29 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Uncapped Mean | &nbsp;&nbsp;6.80 | &nbsp;&nbsp;6.26 | &nbsp;&nbsp;46.52 | &nbsp;&nbsp;27.51 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;3.26 |
| &nbsp;&nbsp;Capped Mean | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;6.20 | &nbsp;&nbsp;37.35 | &nbsp;&nbsp;20.43 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;3.26 |
| &nbsp;&nbsp;Mean Above Cap | &nbsp;&nbsp;130.81 | &nbsp;&nbsp;125.72 | &nbsp;&nbsp;594.09 | &nbsp;&nbsp;207.35 | &nbsp;&nbsp;NA | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;Percent Change | &nbsp;&nbsp;-2% | &nbsp;&nbsp;-1% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-26% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9** **Continuity Analysis** 

Continuity analysis was carried out using median indicator variograms derived from composited grade intervals (Table 116). Only poorly defined experimental semi-variograms could be developed, but the variograms do provide information relevant to the definition of search ranges, anisotropy, and classification (Figure 119).

#### Table 11-6 Experimental Semi-Variograms and Modeled Rotations

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Pearl Main** | &nbsp;&nbsp;**-50 > 350** | &nbsp;&nbsp;**0 > 260** | &nbsp;&nbsp;**40 > 350** |
| &nbsp;&nbsp;C0 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;C1 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;C2 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;R2 | &nbsp;&nbsp;44 | &nbsp;&nbsp;50 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;R3 | &nbsp;&nbsp;60 | &nbsp;&nbsp;62 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;**Pearl Veins** | &nbsp;&nbsp;**-45 > 025** | &nbsp;&nbsp;**0 > 295** | &nbsp;&nbsp;**45 > 025** |
| &nbsp;&nbsp;C0 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;C1 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;C2 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;R2 | &nbsp;&nbsp;43 | &nbsp;&nbsp;40 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;R3 | &nbsp;&nbsp;47 | &nbsp;&nbsp;60 | &nbsp;&nbsp;20 |

---

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>90

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1051.jpg)

![Graphic](ftco-20221231xex96d1052.jpg)

#### Figure 11-9 : Experimental Semi-Variogams
 22 February 2023

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<sup>Fortitude Gold Corporation</sup>91

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10** **Block Model** 

A rotated block model was established across the mine with the block model limits selected to cover the extent of the mineral resources and accommodate a potential pit shell (Table 117). A parent block size of 5.0 m x 5.0 m x 6.0 m (16.4 ft x 16.4 ft x 19.7 ft) was selected as representative of the pit shell configuration and selective mining unit.

#### Table 117 Block Model Setup

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Origin** | &nbsp;&nbsp;**Offset** | &nbsp;&nbsp;**Offset** | &nbsp;&nbsp;**Block Size** | &nbsp;&nbsp;**Sub-Cell** |
| &nbsp;&nbsp;X | &nbsp;&nbsp;396325.914 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;4273503.559 | &nbsp;&nbsp;850 | &nbsp;&nbsp;850 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Z | &nbsp;&nbsp;1400.000 | &nbsp;&nbsp;462 | &nbsp;&nbsp;462 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Rotation | &nbsp;&nbsp;Rotation | &nbsp;&nbsp;Rotation | &nbsp;&nbsp;125 degrees | &nbsp;&nbsp;125 degrees | &nbsp;&nbsp;125 degrees |

---

The block model contains variables for Au and Ag grade estimation, bulk density, classification, drill hole spacing and oxidation state. The modeled oxide floor was used to code blocks as either oxide or sulfide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11** **Estimation and Classification** 

Inverse Distance Cubed ("ID3") and Nearest Neighbor ("NN") estimates were carried out using capped composites. A minimum of three and a maximum of twelve composites were used for estimation, within a search ellipsoid oriented parallel with each defined structure and extending 120 m (394 ft) x 120 m (394 ft) x 30 m (98 ft). The major and semi-major axes approximate the average strike and dip directions of the mineralization in each of the estimation areas. Based on preliminary mining results and analysis of blasthole grades, the orientation of the Isabella search ellipse was adjusted to impart a slight anisotropy with the principal axis oriented 040 degrees. Both gold and silver were modeled and estimated.

In order to provide a whole-block estimate suitable for open pit mine planning and reserve reporting, the block model was regularized after estimation to a 5.0 m (16.4 ft) x 5.0 m (16.4 ft) x 6.0 m (19.7 ft) whole block estimate by volume inclusion percent and diluted at zero grade. Blocks that intercepted the modeled colluvium were assigned a zero grade.

Classification parameters were derived from the original MDA criteria (Prenn & Gustin, 2013). The most relevant factors used in the classification process were:

● Drill hole spacing density

● Level of confidence in the geological interpretation

● Observed continuity of mineralization

● Direct proximity to a drill hole

Parent blocks were classified algorithmically by drill hole spacing geometry as follows:

● A block within 15.0 m (49.0 ft) of a 2008 series DDH drill hole, or the IP-DD-002 DDH drill hole, was classified as a Measured mineral resource. Only blocks within the modeled Pearl domain were classified as Measured mineral resources.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>92

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

● A block was classified as an Indicated mineral resource if five or more composites from at least two drill holes were used for estimation and the nearest composite was within 25.0 m (82.0 ft).

● All other estimated blocks are classified as Inferred.

An example of a typical cross section showing the drill hole data and modeled mineral-domain envelopes in the most strongly mineralized portions of the Isabella, Pearl and Civit Cat (North) deposits is in Figure 1110.

WLMC is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other issues that could materially affect the estimation of mineral resources at Isabella Pearl.

![Graphic](ftco-20221231xex96d1053.jpg)

#### Figure 11-10 : Typical Cross-Section Looking NW Showing Gold Grades (g/t) and Classification
 22 February 2023

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<sup>Fortitude Gold Corporation</sup>93

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12** **Mineral Resource Estimate** 

WLMC models and estimates mineral resources prior to establishing mineral reserves. Mineral resources at Isabella Pearl are further defined by WLMC as mineral resources within a constraining pit shell and above a defined cut-off value. Mineral resources reported herein has been constrained within a Lerchs-Grossman optimized pit shell and are reported at a cut-off grade of 0.33 g/t Au (0.01 opst Au), for oxide material and at a cut-off grade of 2.00 g/t Au (0.058 opst Au) for sulfide material, derived from the unit costs and recoveries discussed in Section 12.6.2. The gold price is based on the average consensus forecast for 2023 through 2024 (CIBC, 2023). Other costs are based on actual Isabella Pearl production costs. The mining method is by open pit extraction and all Measured and Indicated mineral resources within the design pit shell and above cut-off have been converted to mineral reserves.

Measured and Indicated mineral resources reported for Isabella Pearl contain 924,300 tonnes (1,018,900 short tons) of material at an average gold grade of 3.22 g/t Au (0.094 opst Au) and 37 g/t Ag (1.085 opst Ag) (Table 118). Inferred mineral resources reported for Isabella Pearl contain 130,800 tonnes (144,100 short tons) of material at an average gold grade of 1.37 g/t Au (0.040 opst Au) and 12 g/t Ag (0.354 opst Ag).

Mineral resources are reported inclusive of mineral reserves. Oxide mineral resources, and only sulfide mineralization within the Pearl pit pushback, are reported as mineral resources.

 22 February 2023

------

<sup>Fortitude Gold Corporation</sup>94

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 11-8 Mineral Resource Inventory for the Isabella Pearl Deposit, December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Cut-off Au (g/t)** | &nbsp;&nbsp;**Phase** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au**<br>**(g/t)** | &nbsp;&nbsp;**Au**<br>**(opst)** | &nbsp;&nbsp;**Ag**<br>**(g/t)** | &nbsp;&nbsp;**Ag**<br>**(opst)** | &nbsp;&nbsp;**Au**<br>**(oz)** | &nbsp;&nbsp;**Ag**<br>**(oz)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Pearl Oxide | &nbsp;&nbsp; 374600  | &nbsp;&nbsp; 412900  | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;1.461 | &nbsp;&nbsp; 45200  | &nbsp;&nbsp; 603100  |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;Pearl Sulfide | &nbsp;&nbsp; 158300  | &nbsp;&nbsp; 174500  | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;58.8 | &nbsp;&nbsp;1.715 | &nbsp;&nbsp; 25200  | &nbsp;&nbsp; 299300  |
| &nbsp;&nbsp;**Total Measured** | &nbsp;&nbsp;**---** | &nbsp;&nbsp;**---** | &nbsp;&nbsp; 532900  | &nbsp;&nbsp; 587400  | &nbsp;&nbsp;4.11 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;52.7 | &nbsp;&nbsp;1.536 | &nbsp;&nbsp; 70400  | &nbsp;&nbsp; 902400  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Pearl Oxide | &nbsp;&nbsp; 93300  | &nbsp;&nbsp; 102900  | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;30.3 | &nbsp;&nbsp;0.883 | &nbsp;&nbsp; 8700  | &nbsp;&nbsp; 90800  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;Pearl Sulfide | &nbsp;&nbsp; 76400  | &nbsp;&nbsp; 84200  | &nbsp;&nbsp;4.81 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;32.2 | &nbsp;&nbsp;0.940 | &nbsp;&nbsp; 11800  | &nbsp;&nbsp; 79200  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Civit Cat  | &nbsp;&nbsp; 80500  | &nbsp;&nbsp; 88800  | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;0.172 | &nbsp;&nbsp; 1800  | &nbsp;&nbsp; 15200  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Silica Knob | &nbsp;&nbsp; 78400  | &nbsp;&nbsp; 86500  | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;0.095 | &nbsp;&nbsp; 1400  | &nbsp;&nbsp; 8200  |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Scarlet South | &nbsp;&nbsp; 62700  | &nbsp;&nbsp; 69100  | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;0.137 | &nbsp;&nbsp; 1400  | &nbsp;&nbsp; 9400  |
| &nbsp;&nbsp;**Total Indicated** | &nbsp;&nbsp;**---** | &nbsp;&nbsp;**---** | &nbsp;&nbsp; 391400  | &nbsp;&nbsp; 431400  | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;0.470 | &nbsp;&nbsp; 25200  | &nbsp;&nbsp; 202900  |
| &nbsp;&nbsp;**Mea + Ind** | &nbsp;&nbsp;**---** | &nbsp;&nbsp;**---** | &nbsp;&nbsp; 924300  | &nbsp;&nbsp; 1018900  | &nbsp;&nbsp;3.22 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;37.2 | &nbsp;&nbsp;1.085 | &nbsp;&nbsp; 95600  | &nbsp;&nbsp; 1105300  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Pearl Oxide | &nbsp;&nbsp; 40900  | &nbsp;&nbsp; 45100  | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;27.6 | &nbsp;&nbsp;0.804 | &nbsp;&nbsp; 3600  | &nbsp;&nbsp; 36200  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;Pearl Sulfide | &nbsp;&nbsp; 5300  | &nbsp;&nbsp; 5900  | &nbsp;&nbsp;3.84 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;18.4 | &nbsp;&nbsp;0.537 | &nbsp;&nbsp; 700  | &nbsp;&nbsp; 3100  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Civit Cat | &nbsp;&nbsp; 77100  | &nbsp;&nbsp; 85000  | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;0.130 | &nbsp;&nbsp; 1400  | &nbsp;&nbsp; 11100  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Silica Knob | &nbsp;&nbsp; 6500  | &nbsp;&nbsp; 7100  | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.082 | &nbsp;&nbsp; 100  | &nbsp;&nbsp; 600  |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;Scarlet South | &nbsp;&nbsp; 1000  | &nbsp;&nbsp; 1100  | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.087 | &nbsp;&nbsp; -  | &nbsp;&nbsp; 100  |
| &nbsp;&nbsp;**Total Inf** | &nbsp;&nbsp;**---** | &nbsp;&nbsp;**---** | &nbsp;&nbsp; 130800  | &nbsp;&nbsp; 144100  | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;0.354 | &nbsp;&nbsp; 5800  | &nbsp;&nbsp; 51100  |

---

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Reported at a cut-off of 0.33 Au g/t (0.01 Au opst)* for oxide mineral resources and 2.00 Au g/t (0.058 opst) for sulfide mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Whole block diluted estimates reported within an optimized pit shell.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Mineral resources do not have demonstrated economic viability.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Totals may not sum exactly due to rounding.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Mineral resources reported are inclusive of reserves.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13** **Risk Factors** 

Relevant factors which may affect the estimation of mineral resources include changes to the geological, geotechnical and geo-metallurgical models, infill drilling to convert material to a higher classification, drilling to test for extensions to known mineral resources, collection of additional bulk density data and significant changes to commodity prices. It should be noted that these and other factors pose potential risks and opportunities, of greater or lesser degree, to the estimate as the model is based on currently available data. Risks associated with key estimation parameters are tabulated in Table 119.

 22 February 2023

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<sup>Fortitude Gold Corporation</sup>95

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 11-9 : Estimation Risk Factors

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Risk** | &nbsp;&nbsp;**Potential for Adverse Impact** |
| &nbsp;&nbsp;Database | &nbsp;&nbsp;Database Integrity | &nbsp;&nbsp;Assay database is compiled from historical data. | &nbsp;&nbsp;Very Low |
| &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Technique | &nbsp;&nbsp;6 AT drill holes included in estimate. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Technique | &nbsp;&nbsp;Infill drilling and mining have confirmed the model. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Contamination | &nbsp;&nbsp;Infill drilling and mining have confirmed the model. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Logging | &nbsp;&nbsp;Infill drilling and mining have confirmed the model. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Recovery | &nbsp;&nbsp;RQD results show a wide range of recoveries. Blast hole and infill grades confirm model. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Data Density | &nbsp;&nbsp;Drill hole spacing is ~ 19 m. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Survey | &nbsp;&nbsp;Only 10% of drill holes have downhole surveys. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Geological Interpretation | &nbsp;&nbsp;Based on drill holes and field mapping. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Oxide Base | &nbsp;&nbsp;WLMC has completed targeted drilling to determine the base of the oxide zone | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Oxide Zone | &nbsp;&nbsp;CN leach assays have quantified the impact of transitional material. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Model | &nbsp;&nbsp;Estimation | &nbsp;&nbsp;ID3 is used for estimation. | &nbsp;&nbsp;Very Low |
| &nbsp;&nbsp;Model | &nbsp;&nbsp;Bulk Density | &nbsp;&nbsp;Significant voids may reduce recoverable tonnage. Mining of deeper orebody reduces risk. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Model | &nbsp;&nbsp;Grade Continuity | &nbsp;&nbsp;Infill drilling and mining have confirmed the model. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Model | &nbsp;&nbsp;Economics | &nbsp;&nbsp;Reasonable cutoff grades have been applied. | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Sampling | &nbsp;&nbsp;Predominantly 1.52m (5ft) samples | &nbsp;&nbsp;Sample size is based on RC drilling intervals. | &nbsp;&nbsp;Very Low |
| &nbsp;&nbsp;Sampling | &nbsp;&nbsp;Quality of assay data | &nbsp;&nbsp;WLMC has relied on MDA for quality assessment of historical data. | &nbsp;&nbsp;Low |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14** **Model to Production Reconciliation** 

Convergent's QP reviewed the reconciliation data for the period November 2019 to August 2022. Convergent noted local fluctuations where production from specific areas of the deposit was small and where contributions to, or from, the low-grade stockpile occurred, but the overall production weighted

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

reconciliations are considered reasonable. The overall weighted reconciliation for the Isabella area is 103%, for Pearl 117% and combined 108%. In other words, the production exceeded the model's metal prediction by 3%, 17% and 8% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15** **Opinion on Adequacy** 

Convergent considers the WLMC 2022 mineral resource estimate to meet industry standards. In general, the reconciliation performance of the model is correctly predicting the metal production. Convergent considers that the sampling and estimation methodology permit the estimation of Measured and Indicated mineral resource estimates, and sufficient technical information is available to convert Measured and Indicated mineral resources to Proven and Probable mineral reserves.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | |
|:---|:---|
| **12** | **Mineral Reserve Estimate** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Introduction** 

The mineral reserve estimates presented herein were prepared according to the guidelines of Regulation S-K part 1300. The reserve estimate is based on technical data and information available as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Mineral Reserve Definitions** 

A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.1***  ***Probable Mineral Reserve*** 

A Probable mineral reserve is the economically mineable part of an Indicated and, in some circumstances, Measured mineral resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out and include considerations of and modifications by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social, and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. A Probable mineral reserve has a lower level of confidence than a Proven mineral reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.2***  ***Proven Mineral Resource*** 

A Proven mineral reserve is the economically mineable part of a Measured mineral resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social, and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified.

Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** **Previous Mineral Reserve Estimate** 

A previous estimate of Proven and Probable mineral reserves was released by WLMC with an effective date of December 31, 2021 (Table 121); previous mineral reserves were based on a gold price of $1,738/oz Au. Mineral reserves stated in the table below are contained within and engineered pit design following the $1,738/oz Au sales price Lerchs-Grossman pit.

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<sup>Fortitude Gold Corporation</sup>98

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 12-1 : Mineral Reserve Statement Isabella Pearl Mine, Mineral County, Nevada, as of December 31, 2021

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au g/t** | &nbsp;&nbsp;**Au opst** | &nbsp;&nbsp;**Ag g/t** | &nbsp;&nbsp;**Ag opst** | &nbsp;&nbsp;**Au Oz** | &nbsp;&nbsp;**Ag Oz** |
| &nbsp;&nbsp;Proven Mineral Reserves | &nbsp;&nbsp;483300 | &nbsp;&nbsp;532800 | &nbsp;&nbsp;5.26 | &nbsp;&nbsp;0.154 | &nbsp;&nbsp;47 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;81800 | &nbsp;&nbsp;733100 |
| &nbsp;&nbsp;Probable Mineral Reserves | &nbsp;&nbsp;425500 | &nbsp;&nbsp;469000 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;27900 | &nbsp;&nbsp;221000 |
| &nbsp;&nbsp;Proven and Probable Total | &nbsp;&nbsp;908800 | &nbsp;&nbsp;1001800 | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;33 | &nbsp;&nbsp;1 | &nbsp;&nbsp;109700 | &nbsp;&nbsp;954100 |
| &nbsp;&nbsp;High Grade Stockpile | &nbsp;&nbsp;14000 | &nbsp;&nbsp;15400 | &nbsp;&nbsp;10.09 | &nbsp;&nbsp;0.295 | &nbsp;&nbsp;88 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;39600 |
| &nbsp;&nbsp;Low Grade Stockpile | &nbsp;&nbsp;435000 | &nbsp;&nbsp;479500 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;7300 | &nbsp;&nbsp;63900 |
| &nbsp;&nbsp;**Isabella Pearl Mine Total** | &nbsp;&nbsp;**1357800** | &nbsp;&nbsp;**1496700** | &nbsp;&nbsp;**2.78** | &nbsp;&nbsp;**0.081** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**0.7** | &nbsp;&nbsp;**121500** | &nbsp;&nbsp;**1057600** |

---

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Metal prices used for P&P reserves were $1,738 per ounce of gold and $23.22 per ounce of silver. These prices reflect the consensus 2022-2024 average prices for gold and silver (CIBC, 2021).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *The quantities of material within the designed pits were calculated using a cut-off grade of 0. 33 Au g/t.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Mining, processing, energy, administrative and smelting/refining costs were based on 2021 actual costs for the Isabella Pearl mine.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Metallurgical gold recovery assumptions used were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *P&P reserves are diluted and factored for expected mining recovery.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material to estimates* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *100% of the pit constrained Measured & Indicated mineral resources were converted to reserves.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** **Mineral Reserve Estimation** 

The conversion of mineral resources to mineral reserves is based on modifying factors applied to Lerchs-Grossmann (LG) pit optimization, detailed pit design, scheduling and associated modifying parameters. Detailed access, haulage, and operational cost criteria were applied in this process for each deposit (Isabella, Pearl, Civit Cat North, and Scarlet South). The mine was built in metric units and all metal grades are g/t.

The orientation, proximity to the topographic surface, and geological controls of the Isabella Pearl mineralization support mining of the mineral reserves with open pit mining techniques. To calculate the mineable reserve, pits were designed following an optimized LG pit shell based on a $1,750/oz Au sales price. The production pit design based off of the LG pit shell was evaluated against the sub-blocked model to generate tons and grade. The $1750/oz Au price was chosen to create the primary guide surface based on a price sensitivity and subsequent profitability study that showed that the $1,750 pit maximized profitability while reducing capital requirements. The quantities of material within the designed pits were calculated using a cut-off grade of 0.33 g/t Au which is based on the consensus 2023-2024 average price of $1,750/oz for gold (CIBC, 2023) observed at the time of this mineral reserve reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5** **Mineral Reserve Estimates** 

The Isabella Pearl mine open pit mineral reserve statement with an effective date of December 31, 2022, is presented in Table 122, and by deposit, in Table 123.

The Proven and Probable mineral reserves reported for Isabella Pearl contain 0.91 million tonnes (1.01 million short tons) at an average gold grade of 2.02 g/t Au (0.059 opst) and 22 g/t Ag (0.6 opst) (Table 122**)**. The mine mineral reserves are based on a gold price of $1,750/oz Au. Mineral reserves stated in the

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

table below are contained within and engineered pit design following the $1,750/oz Au sales price Lerchs-Grossman pit. The high-grade and low-grade stockpiles of ore mined but not processed are included in the inventory of 2022 mineral reserves.

**Table 12-2 : Mineral Reserve Estimates for the Isabella Pearl Deposit, Mineral County, Nevada, as of December 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au g/t** | &nbsp;&nbsp;**Au opst** | &nbsp;&nbsp;**Ag g/t** | &nbsp;&nbsp;**Ag opst** | &nbsp;&nbsp;**Au Oz** | &nbsp;&nbsp;**Ag Oz** |
| &nbsp;&nbsp;&nbsp;Proven Mineral Reserves | &nbsp;&nbsp;250400 | &nbsp;&nbsp;276000 | &nbsp;&nbsp;4.38 | &nbsp;&nbsp;0.128 | &nbsp;&nbsp;49 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;35200 | &nbsp;&nbsp;392700 |
| &nbsp;&nbsp;&nbsp;Probable Mineral Reserves | &nbsp;&nbsp;171500 | &nbsp;&nbsp;189100 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;0.052 | &nbsp;&nbsp;17 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;9800 | &nbsp;&nbsp;92900 |
| &nbsp;&nbsp;***Proven and Probable Total*** | &nbsp;&nbsp;**421900** | &nbsp;&nbsp;**465100** | &nbsp;&nbsp;**3.32** | &nbsp;&nbsp;**0.097** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**1.0** | &nbsp;&nbsp;**45000** | &nbsp;&nbsp;**485600** |
| &nbsp;&nbsp;&nbsp;High-Grade Stockpile | &nbsp;&nbsp;65300 | &nbsp;&nbsp;72000 | &nbsp;&nbsp;3.46 | &nbsp;&nbsp;0.101 | &nbsp;&nbsp;37 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;7300 | &nbsp;&nbsp;78400 |
| &nbsp;&nbsp;&nbsp;Low-Grade Stockpile | &nbsp;&nbsp;426500 | &nbsp;&nbsp;470100 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;7100 | &nbsp;&nbsp;76600 |
| &nbsp;&nbsp;***Isabella Pearl Mine Total*** | &nbsp;&nbsp;**913700** | &nbsp;&nbsp;**1007181** | &nbsp;&nbsp;**2.02** | &nbsp;&nbsp;**0.059** | &nbsp;&nbsp;**22** | &nbsp;&nbsp;**0.6** | &nbsp;&nbsp;**59400** | &nbsp;&nbsp;**640600** |

---

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Mineral Reserves were estimated by WLMC and reviewed and accepted by Convergent Mining.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Classification of Mineral Reserves is in accordance with the S-K 1300 classification system.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Metal prices used for Proven and Probable reserves were $1,750 per ounce of gold and $21 per ounce of silver. These prices reflect the consensus 2023-2024 average prices for gold and silver (CIBC, 2023).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *The quantities of material within the designed pits were calculated using a cut-off grade of 0.33 Au g/t.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Mining, processing, energy, administrative and smelting/refining costs were based on 2022 actual costs for the Isabella Pearl mine.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Metallurgical gold recovery assumptions used were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *Proven and Probable reserves are diluted and factored for expected mining recovery.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *A bulk density of 2.44 lbs/ft was used for waste. The bulk density of Mineral Reserves was calculated by block, based on mineralogical content.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material to estimates.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.* *The Qualified Person for the mineral reserve estimate is Mr. Ralston Pedersen, P.E., of Convergent Mining* 

**Table** 12**-**3 **: Mineral Reserves by Deposit for the Isabella Pearl Mine as of December 31, 2022**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Short Tons** | &nbsp;&nbsp;**Au g/t** | &nbsp;&nbsp;**Au opst** | &nbsp;&nbsp;**Ag g/t** | &nbsp;&nbsp;**Ag opst** | &nbsp;&nbsp;**Au Oz** | &nbsp;&nbsp;**Ag Oz** |
| &nbsp;&nbsp;**Proven** | &nbsp;&nbsp;Civit Cat |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Proven** | &nbsp;&nbsp;Pearl Ph2 | &nbsp;&nbsp;250400 | &nbsp;&nbsp;276000 | &nbsp;&nbsp;4.38 | &nbsp;&nbsp;0.128 | &nbsp;&nbsp;49 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;35200 | &nbsp;&nbsp;392700 |
| &nbsp;&nbsp;**Proven** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**250400** | &nbsp;&nbsp;**276000** | &nbsp;&nbsp;**4.38** | &nbsp;&nbsp;**0.128** | &nbsp;&nbsp;**49** | &nbsp;&nbsp;**1.4** | &nbsp;&nbsp;**35200** | &nbsp;&nbsp;**392700** |
| &nbsp;&nbsp;**Probable** | &nbsp;&nbsp;Civit Cat | &nbsp;&nbsp;107500 | &nbsp;&nbsp;118500 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2300 | &nbsp;&nbsp;18800 |
| &nbsp;&nbsp;**Probable** | &nbsp;&nbsp;Pearl Ph2 | &nbsp;&nbsp;64000 | &nbsp;&nbsp;70600 | &nbsp;&nbsp;3.62 | &nbsp;&nbsp;0.106 | &nbsp;&nbsp;36 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;7500 | &nbsp;&nbsp;74100 |
| &nbsp;&nbsp;**Probable** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**171500** | &nbsp;&nbsp;**189100** | &nbsp;&nbsp;**1.77** | &nbsp;&nbsp;**0.052** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**9800** | &nbsp;&nbsp;**92900** |
| &nbsp;&nbsp;***Proven and Probable Total*** | &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;**421900** | &nbsp;&nbsp;**465100** | &nbsp;&nbsp;**3.32** | &nbsp;&nbsp;**0.097** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**1.0** | &nbsp;&nbsp;**45000** | &nbsp;&nbsp;**485600** |
| &nbsp;&nbsp;&nbsp;High-Grade Stockpile | &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;65300 | &nbsp;&nbsp;72000 | &nbsp;&nbsp;3.46 | &nbsp;&nbsp;0.101 | &nbsp;&nbsp;37 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;7300 | &nbsp;&nbsp;78400 |
| &nbsp;&nbsp;&nbsp;Low-Grade Stockpile | &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;426500 | &nbsp;&nbsp;470100 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;7100 | &nbsp;&nbsp;76600 |
| &nbsp;&nbsp;***Grand Total*** | &nbsp;&nbsp;***Grand Total*** | &nbsp;&nbsp;**913700** | &nbsp;&nbsp;**1007181** | &nbsp;&nbsp;**2.02** | &nbsp;&nbsp;**0.059** | &nbsp;&nbsp;**22** | &nbsp;&nbsp;**0.6** | &nbsp;&nbsp;**59400** | &nbsp;&nbsp;**640600** |

---

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Mineral Reserves were estimated by WLMC and reviewed and accepted by Convergent Mining.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Classification of Mineral Reserves is in accordance with the S-K 1300 classification system.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Metal prices used for Proven and Probable reserves were $1,750 per ounce of gold and $21 per ounce of silver. These prices reflect the consensus 2023-2024 average prices for gold and silver (CIBC, 2023).* 

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *The quantities of material within the designed pits were calculated using a cut-off grade of 0.33 Au g/t.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Mining, processing, energy, administrative and smelting/refining costs were based on 2022 actual costs for the Isabella Pearl mine.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Metallurgical gold recovery assumptions used were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *Proven and Probable reserves are diluted and factored for expected mining recovery.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *A bulk density of 2.44 lbs/ft was used for waste. The bulk density of Mineral Reserves was calculated by block, based on mineralogical content.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material to estimates.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.* *The Qualified Person for the mineral reserve estimate is Mr. Ralston Pedersen, P.E., of Convergent Mining* 

Convergent Mining's QP is not aware of any risk factors that are associated with, or changes to, any aspects of the modifying factors such as mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6** **Conversion of Mineral Resources to Mineral Reserve** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.6.1***  ***Pit Optimization*** 

Section 11 of this report describes the Mineral Resource model that provides the foundation for the Mineral Reserve estimate. Economic pit limit analysis was performed by WLMC under the direct supervision of Convergent using the Vulcan Pit Optimiser. This software utilizes the Lerchs-Grossman algorithm for economic limits of extraction based on the parameters defined in Table 12-3.

**Table 12-3 Pit Optimization Parameters**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Gold Price | &nbsp;&nbsp;$/oz | &nbsp;&nbsp;1750.00 |
| &nbsp;&nbsp;Silver Price | &nbsp;&nbsp;$/oz | &nbsp;&nbsp;21.00 |
| &nbsp;&nbsp;Charges | &nbsp;&nbsp;% | &nbsp;&nbsp;0.075 |
| &nbsp;&nbsp;Royalty (NSR) | &nbsp;&nbsp;% | &nbsp;&nbsp;2.75 |
| &nbsp;&nbsp;Overall Gold Recovery | &nbsp;&nbsp;% | &nbsp;&nbsp;81 |
| &nbsp;&nbsp;Overall Silver Recovery | &nbsp;&nbsp;% | &nbsp;&nbsp;65 |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;2.62 |
| &nbsp;&nbsp;Processing Cost | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;9.66 |
| &nbsp;&nbsp;Energy Costs | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;1.41 |
| &nbsp;&nbsp;Sitewide G&A Costs | &nbsp;&nbsp;$/ton | &nbsp;&nbsp;3.69 |

---

The economic pit limit or "pit shell", produced through optimization is used to direct the final pit design. The final pit design is the limit that defines the conversion of Mineral Resources to Mineral Reserves. Measured and Indicated Mineral Resources within the pit boundary may convert to Mineral Reserves if these Resources meet the resource classification and cutoff grade. Section 13 of this report provides further details on the mine design.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

Metals pricing for the pit optimization match the metals prices used in the economic analysis. The QP believes that this metals price is a reasonable assumption and further information is furnished in Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.6.2***  ***Dilution*** 

The block model created and used for the estimation of reserves explicitly models dilution. The minimum mining unit is a 5m x 5m x 6m (vertical) block and the Au grade of economically mineralized zones is diluted accordingly to the amount of uneconomic material present within each block, as defined during the re-blocking procedure.

In order to provide a whole-block estimate suitable for open pit mine planning and reserve reporting, the block model was regularized after estimation to a Selective Mining Unit (SMU) size of 5.0 m (16.4 ft) x 5.0 m (16.4 ft) x 6.0 m (19.7 ft) whole block grade by volume inclusion percent and diluted at zero grade. The regularization process calculates the average grade weighted by the volume of the sub-blocks or portions of sub-blocks falling within the SMU. If the total volume inclusion is less than 100% then the grade of the SMU block is diluted with zero grade for the remaining portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.6.3***  ***Cutoff Grade*** 

For this reserve report, the gold cutoff grade for the deposit is estimated at 0.33 g/t Au based on 2022 actual costs and historical data. This is the cut-off grade that was applied to Measured and Indicated resources for conversion to Proven and Probable reserves.

Cutoff grades are used to produce the optimized Lerchs-Grossman pit shell. The marginal (or internal) cutoff grades are used to determine if an already mined-out ton is treated as ore or waste. In other words, a marginal cutoff assumes that the block in question must be mined and determines whether it should be processed or not. It should not be confused with breakeven cutoff grades, which include an allowance for the cost of stripping. The marginal gold cut-off grade estimated for high-grade crushed ore is currently less than the 0.33 g/t Au cut-off for low-grade (**Table 124**). In this case, all material should be crushed. Operationally, the previously defined cut-over grade of 0.61 g/t Au is being maintained to prioritize high-grade ore going on to the heap leach pad. Ore that is between a gold grade of 0.33 g/t and 0.61 g/t Au is being sent to the low-grade stockpile for future processing or blending with high-grade material.

Table 124 shows the marginal cut-off grade assumptions used for the mineral reserve estimate.

**Table 12-4 : Isabella Pearl Marginal Cut-off Grade Assumptions**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gold Price:** | &nbsp;&nbsp;$/Oz | &nbsp;&nbsp;$1750  | &nbsp;&nbsp;$/gram | &nbsp;&nbsp;$56.26  |
| &nbsp;&nbsp;**Charges** | &nbsp;&nbsp;% | &nbsp;&nbsp;0.075  |  |  |
| &nbsp;&nbsp;**Royalty** | &nbsp;&nbsp;% | &nbsp;&nbsp;2.75 |  |  |
| &nbsp;&nbsp;**Selling Cost** | &nbsp;&nbsp;$/Oz | &nbsp;&nbsp;$53.4  | &nbsp;&nbsp;$/gram | &nbsp;&nbsp;$1.72  |
|  | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**WASTE** |  | &nbsp;&nbsp;**ORE** |
| &nbsp;&nbsp;**Mining Cost:** | &nbsp;&nbsp;$/tonne | &nbsp;&nbsp;$0.23  |  |  |
| &nbsp;&nbsp;**Rehandling Cost:** | &nbsp;&nbsp;$/tonne |  |  | &nbsp;&nbsp;$1.00  |
| &nbsp;&nbsp;**Mining Labor** | &nbsp;&nbsp;$/tonne |  |  |  |
| &nbsp;&nbsp;**Crushing** | &nbsp;&nbsp;$/tonne |  |  | &nbsp;&nbsp;$2.71  |
| &nbsp;&nbsp;**Crush ore placement** | &nbsp;&nbsp;$/tonne |  |  |  |

---

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<sup>Fortitude Gold Corporation</sup>102

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Processing Cost:** | &nbsp;&nbsp;$/tonne |  | &nbsp;&nbsp; $6.80 |
| &nbsp;&nbsp;**Energy** | &nbsp;&nbsp;$/tonne |  | &nbsp;&nbsp;$0.78 |
| &nbsp;&nbsp;**G&A Cost** | &nbsp;&nbsp;$/tonne |  | &nbsp;&nbsp;$3.99 |
| &nbsp;&nbsp;**Rehabilitation Cost** | &nbsp;&nbsp;$/tonne | &nbsp;&nbsp;$0.70  |  |
| &nbsp;&nbsp;**Processing Recovery** |  |  | &nbsp;&nbsp;81.0% |
| &nbsp;&nbsp;***Calculations*** | &nbsp;&nbsp;***Calculations*** | &nbsp;&nbsp;***Calculations*** | &nbsp;&nbsp;***Calculations*** |
| &nbsp;&nbsp;**"Processing Cost"** | &nbsp;&nbsp;$/tonne |  | &nbsp;&nbsp;$14.36  |
| &nbsp;&nbsp;**Marginal Cut-off** | &nbsp;&nbsp;**gram/tonne** |  | &nbsp;&nbsp;**0.327** |

---

In summary, ore, low grade, and waste are currently being classified as follows:

Waste: 0.00 – 0.33 g/t

Low-Grade: 0.33 – 0.61 g/t

High-Grade: > 0.61 g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7** **Relevant Factors** 

The QP's acknowledge factors that may impact the mineral reserve estimate include:

● Commodity Pricing: Mineral reserve estimates are sensitive to metal prices. WLMC sells metal production at spot prices, and this exposes the company to both positive and negative changes in the commodity market, which are out of the company's control,

● Operating Costs: An increase or decrease to operating costs assumed can impact the mineral reserve estimate. Operating costs may increase over the life of the Project, due to factors outside of the company's control,

● Metallurgical Recovery: Changes to metallurgical recovery can have an impact on mineral reserve estimates, and

● Permitting and Social License: The inability to maintain, renew, or obtain environmental and other regulatory permits, to retain mineral and surface right titles, to maintain site access, and to maintain social license to operate can result in the inability to extract all or part of the mineral reserve.

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---

| | |
|:---|:---|
| **13** | **Mining Methods** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Mining Methods Summary** 

The Isabella Pearl mine design consists of one main pit and several smaller sub-pits accessing the Isabella, Pearl and Civit Cat North deposits. Open pit mining is conducted by conventional diesel-powered equipment, utilizing a combination of blasthole drills, wheel loaders, and 91-tonne (100-short ton) trucks to define, and handle ore and waste. Support equipment includes graders, track dozers, and water trucks. Higher-grade ore (>0.61 g/t Au) is hauled to the crushing area and crushed before being placed on the leach pad. Low-grade ore between 0.33 and 0.61 g/t Au is hauled directly to the low-grade stockpile. Waste rock is either backfilled in existing pits or stored in the waste rock facility located near the pit to reduce haulage costs.

The final pit was designed using 6 m (20 ft) benches with a bench face angle of 68°, and an inter-ramp slope of 49.7° between a triple bench-catch of 8 m (26 ft). Haul roads were designed to 14 m (46 ft) widths for one-way traffic and 24 m (79 ft) widths for two-way traffic. These widths included an external safety berm in compliance with Mine Safety and Health Administration (MSHA) regulations. The final location of the ramps was optimized to reduce the overall waste stripping in areas where the pit slope was required to be less than 50°.

Low-grade ROM ore was initially placed on the heap leach pad with only lime addition on pad areas protected by a minimum of four feet of cover over the leach pad liner and collector piping system. Currently, high-grade ore is hauled to the crusher pad stockpile to then fed to the crusher by a front-end loader, then delivered to the heap by a stacker conveyor system. Low-grade ore is currently being stored in the low-grade stockpile for future crushing.

The mine pits will generate an estimated remaining total of 1.2 million tonnes (1.3 million short tons) of waste rock. The Pearl dump was initially built from the south toe upward, with the outer slopes concurrently graded to 3(Horizontal):1(Vertical). The outer faces of the graded waste are being contoured, compacted, overlain with growth medium and re-vegetated when it is practical. Contouring and re-vegetation of the top of the dump will occur during post-production reclamation.

Isabella Pearl mining operations are being conducted by a contractor. Isabella Pearl production initially mined up to 500,000 tonnes (551,000 short tons) of material (ore and waste) per month. The current plan targets WLMC to process an approximate average of 55,000 tonnes (60,600 short tons) of ore per month over the LOM. Major mining equipment currently includes one Caterpillar D8 dozer, one Caterpillar D9 dozer, two Caterpillar 14M motor graders, two 769 Caterpillar water trucks, two lube trucks and two mechanic's trucks.

The mine is currently in operation a nominal 12 hours per day, 7 days per week (12/7). During production, mining operations require two crews operating on twelve-hour rotating shifts.

During mining operations, blasthole samples are collected and assayed to provide control for ore and waste segregation. The resulting information is used to assign a material type to the blocks representing

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the active benches. Each block is assigned a destination code based on classification of the material (high-grade ore, low-grade ore, and waste). Following assay and ore/waste designation, visual identification of waste is made by the site geologist and compared to the mine block model. The tonnage of this material is tracked by WLMC geologists and the mine production reporting system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Geotechnical Data, Testing and Analysis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.1***  ***Pit Slope Geotechnical Evaluation*** 

Geotechnical studies completed for the estimation of stable pit-slope angles centered on the Pearl Ore Deposit sub-pit. Table 131 presents the targeted pit slopes for the mine. These are overall slope angles (pit crest to floor) which are estimated to be stable against mass (deep) circular failure. The applicable quadrants are illustrated on Figure 131

#### Table 13-1 Maximum Recommended Pit Slope Angles
![Graphic](ftco-20221231xex96d1054.jpg)

\*Based on Bishop Modified Method

![Graphic](ftco-20221231xex96d1055.jpg)

#### Figure 13-1 Pit Slope Quadrants
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.2***  ***South Highwall Geotechnical Assessment*** 

In 2021, WLMC retained Tierra Group International Ltd. (Tierra) to conduct geotechnical assessments with an emphasis in the south highwall of the planned Phase II expansion of the Pearl pit at the Isabella Pearl mine. The south highwall will encroach and undercut the Pearl South Fault Zone Figure 132. A limited geotechnical drilling program was undertaken by WLMC in 2021 to provide rock mass characterization information that could be used for slope stability analysis.

Inspection of the Phase II Pit design resulted in the identification of a critical cross-section in the south highwall due to its adverse configuration with respect to the Pearl South Fault Zone and orientation of the WNW-striking shear fabric.

![Graphic](ftco-20221231xex96d1056.jpg)

#### Figure 13-2 View looking South in the Pearl Pit showing continuous, moderately to shallowly-dipping shears of the Pearl Fault
Geotechnical information consists of in-pit mapping structural database and the geotechnical core logging and core orientation conducted on 3-boreholes totaling 191 m (627 ft) undertaken by WLMC in January 2021 (Table 132).

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#### Table 13-2 Location and Design of the 2021 Geotechnical Drilling Program

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Easting (m)** | &nbsp;&nbsp;**Northing (m)** | &nbsp;&nbsp;**Elevation (m)** | &nbsp;&nbsp;**Total Depth (m)** | &nbsp;&nbsp;**Azimuth (°)** | &nbsp;&nbsp;**Inclination (°)** |
| &nbsp;&nbsp;**GTDD-01** | &nbsp;&nbsp;397634.2 | &nbsp;&nbsp;4272727 | &nbsp;&nbsp;1711.4 | &nbsp;&nbsp;51.5 | &nbsp;&nbsp;225 | &nbsp;&nbsp;-70 |
| &nbsp;&nbsp;**GTDD-02** | &nbsp;&nbsp;397506.1 | &nbsp;&nbsp;4272814 | &nbsp;&nbsp;1686.1 | &nbsp;&nbsp;71.2 | &nbsp;&nbsp;218 | &nbsp;&nbsp;-71 |
| &nbsp;&nbsp;**GTDD-03** | &nbsp;&nbsp;397542.5 | &nbsp;&nbsp;4272779 | &nbsp;&nbsp;1687.4 | &nbsp;&nbsp;68.3 | &nbsp;&nbsp;230 | &nbsp;&nbsp;-70 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**191.0** |  |  |

---

Note - *Metric system used, WGS84; - Reported azimuth and inclination based on downhole deviation surveys*

Geotechnical core logging data was used to develop the following:

● Rock mass ratings (RMR).

● Kinematic analyses to estimate the cumulative frequency of structural controls over wedges and planar failures for benches in the hanging wall (including north and east highwalls) and footwall (including south and west highwalls) of the Pearl Fault were also undertaken.

● Two-dimensional, limit equilibrium slope stability analysis to estimate factors of safety were completed.

Tierra determined that Phase I of the Pearl Pit has performed outstandingly reaching heights of about 100 m (328 ft) and overall angles of 40° to 45°. Highwalls are formed by a sequence of stronger intrusive and weaker tuff units and benches generally comply with the design with exceptions in the stronger, structurally controlled units.

Kinematic and slope stability analyses were undertaken by Tierra to verify structural and rock mass instability mechanisms. Reconciliation between the kinematic analyses and observed bench performance would indicate that in general, discontinuities exhibit high strength.

Preliminary 2D limit equilibrium slope stability analysis suggests that as the south highwall of Phase I and Phase II Pits encroach the Pearl South Fault Zone instability mechanisms may be triggered as indicated by the calculated Factors of Safety (FOS) shown in Table 13-3. In relative terms, the FOS are lowered as the Phase I Pit deepens and in Phase II where the Pearl South Fault Zone is undercut.

#### Table 13-3 Summary of FOS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Scenario 1:**<br>**Phase I to 1630m** | &nbsp;&nbsp;**Scenario 2:**<br>**Phase I to 1618m** | &nbsp;&nbsp;**Scenario 3:**<br>**Phase II to 1572m** |
| &nbsp;&nbsp;Case 1: All isotropic  | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;Case 2: HW and FW isotropic; PSFZ anisotropic  | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;Case 2: PSFZ and FW isotropic; HW anisotropic  | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;--- | &nbsp;&nbsp;0.99 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.3***  ***Recommendations*** 

Following the 2022 technical report, the following were recommended and are currently being implemented at Isabella Pearl:

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● Short-Term Monitoring Program to the south highwall: The south highwall is currently monitored through prism-based pit slope monitoring. Prims have been installed along benches of the south highwall area of concern at an interval of 50m. These survey prisms are measured from a permanent monitoring location. Results are plotted and interpreted as new monitoring data is acquired.

● Reconcile core orientation results from GTDD-01 to 03 that show discrepancies with pit mapping structural data. Investigate the absence of the SW-striking set in the Pearl Fault footwall that are observed in its hanging wall. Investigate further the steeper (67°) and flatter (41°) shear sets mapped in Phase I Pit. This is relevant as they could result in complex wedges mechanisms: Due to discrepancies between the pit mapping database and the core orientation data collected by Isabella Pearl from boreholes GTDD-01 to 03 these were not used for analysis. Analysis of structural data relied on the pit mapping database developed by Isabella Pearl with over 1800 direct measurements of faults, joints, and bedding on benches of Phase I and Phase II of the Pearl Pit. The South wall of the Phase II pit has performed according to design, confirming the suitability of reliance on the available pit mapping data.

● Develop a pit mapping program that captures the limits between intrusive bodies and tuff and the relevant RMR parameters and develop lithological models: Pit mapping is conducted continuously, and concurrently with operations.

● Implement 3D analysis to verify stability conditions: 3D analysis of the pit was conducted in March 2021 to analyze the interaction of the Pearl Fault with optimized pit designs, and to improve stability conditions. Analysis was communicated to Isabella Pearl staff on October 12 <sup>th</sup> , 2022 detailing that the South wall of the Phase II had passed the most critical section of the slope, and has performed according to design.

● Ground Control Monitoring Plan: Prism based monitoring and data collection has been expanded to include the north, east and west highwalls in a staggered pattern. Prisms are monitored weekly, and new data is plotted and interpreted as it is received.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** **Hydrogeology** 

A hydrogeological study was conducted by Aqua Hydrogeologic Consulting, LLC (Aqua) to determine regional hydrogeologic conditions underlying the Isabella Pearl mine area (Aqua, 2012, 2016). Groundwater movement within the mine area and surrounding area is dominated by the Walker Lane fault system. The faults within this system are primarily northwest-southeast trending faults. Water movement through the tuffs and underlying granitic rocks is through fractures associated with the fault system. The overall groundwater gradient is towards the south and southwest direction.

WLMC acquired the property in 2016 and drilled a production water well downgradient of the mine area in the historical Santa Fe corridor. WLMC drilled two additional production water wells in the same corridor in 2020 and 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.3.1***  ***Groundwater*** 

Monitoring well drilling programs were conducted by the previous operator (TXAU) in the mine area resulting in 5 monitoring wells being active at the commencement of operations in 2018. All monitoring wells comply with Nevada Department of Environmental Protection (NDEP) requirements. Because of fractured geology (compartmentalization) in the Isabella Pearl mine area, depth to groundwater varies. Within this area, the depth to groundwater varies from an elevation of 1,680 m (5,512 ft) approximately 305 m (1,000 ft) northwest of the main Isabella Pearl mine pit at IPMW- 2, to 1,565 m (5,134 ft) in the center of the proposed pit at PW-12-33 The locations of the monitoring wells IPMW-1, IPMW- 2, PW-12-33, PW-12-34 and 1973 Well are shown on Figure 133.

Aqua conducted a monitoring program to determine the depths to groundwater in the monitoring wells drilled in the vicinity of the proposed Isabella Pearl mine pit (Aqua, 2012). In 2012, three wells were drilled to the depth of 1,543.5 m (5,064 ft) (masl), 34.8 m (100 ft) below the lowest portion of the proposed mine pit bottom. A monitoring program was then initiated consisting of monthly water level readings and quarterly water chemistry analyses to characterize groundwater levels and flow patterns and to acquire baseline groundwater chemistry data.

Based on the monitoring well water level readings, groundwater was expected to not be encountered at the maximum depth of the proposed mine pit (1,574 m; 5,164 ft masl). The static groundwater level at monitoring well PW-12-33, which penetrates the deepest portion of the final Pearl Pit, was measured monthly from April through September 2012. After initial static water level stabilization in April, groundwater depths measured in May through September range from 1,564.5 m (5,133 ft) to 1,565.5 m (5,136 ft) masl.

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![Graphic](ftco-20221231xex96d1057.jpg)

#### Figure 13-3 Water Monitoring Well Locations
Based on the groundwater level measurements, the deepest portion of the proposed mine pit would be 9.5 m (31.09 ft) to 8.5 m (27.96 ft) above the groundwater table and therefore, a pit lake would not develop during active mining operations or after final mine closure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.3.2***  ***Temporary and Permanent Diversion Channels*** 

Two sub-area watershed basins exist up-gradient of the Isabella Pearl mine and process facilities. The natural drainage path from the two watershed basins travels along the west and east sides of the process facilities. For further protection, drainage channels, berms, and ditches have been constructed on the east and west side of the facility to convey the existing drainage to its pre-development flow path.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** **Mine and Waste Rock Storage Design, Production Rates and Mine Life** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.4.1***  ***Mine Design*** 

The final pit was designed using 6 m (20 ft) benches, a bench face angle of 68° and an inter-ramp slope of 49.7° between a triple bench-catch of 8 m (26 ft). Haul roads were designed to 14 m (46 ft) widths for one-way traffic and 24 m (79 ft) widths for two-way traffic. These widths included an external berm. The

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final location of the ramps was optimized to reduce the overall pit slopes in areas where the pit slope was required to be less than 50°. Table 134 provides the detailed parameters used for pit design.

#### Table 13-4 Designed Pit Parameters
![Graphic](ftco-20221231xex96d1058.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*13.4.1.1* *Pit Design Results* 

Figure 134 shows the final pit for Isabella Pearl while Figure 135 and Figure 136 provide a plan and section view of the inner pits. Table 135 details the ore and waste tonnages, mineral reserves, reported here in more detail by pit.

![Graphic](ftco-20221231xex96d1059.jpg)

#### Figure 13-4 Isabella Pearl – Final Pit Plan View
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![Graphic](ftco-20221231xex96d1060.jpg)

#### Figure 13-5 Isabella Pearl Designed Pits - Plan View
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![Graphic](ftco-20221231xex96d1061.jpg)

#### Figure 13-6 Isabella Pearl Designed Pits - Section View

#### Table 13-5 Initial Isabella Pearl Designed Pit Reserves
![Graphic](ftco-20221231xex96d1062.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** **Waste Rock Storage Design** 

The mine pits will generate an estimated total of 23 million tonnes (25 million short tons) of waste rock. Waste is being deposited at the location south of the final pit as shown on Figure 137.

Preproduction and 1st year waste rock were end-dumped on natural ground first from near the crest elevation of the Pearl pit, falling southward toward a natural swale. The dump face is expected to advance at the estimated 40° angle of repose of the material. Starting in year 2 of production, the Pearl dump was built from the south toe upward, with the outer slopes concurrently graded to 3(Horizontal):1(Vertical). The outer faces of the graded waste will be contoured, compacted, overlain with growth medium and re-vegetated as soon as it is practical. Contouring and re-vegetation of the top of the dump will occur during post-production reclamation.

![Graphic](ftco-20221231xex96d1063.jpg)

#### Figure 13-7 Isabella Pearl Waste Rock Dump
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6** **Haulage** 

Haulage requirements in this study were defined by WLMC. Utilizing detailed haulage profiles and production schedule information, cycle times and then equipment requirements were determined. The design width of 2-way haulage roads is 24 m (79 ft), including safety berm base widths. Roads have been designed in accordance with the Project Engineer's recommendations. Protective shoulder berms have been constructed in compliance with Mine Safety and Health Administration (MSHA) regulations. The waste rock dump location was selected to minimize disturbed acreage, haulage distance and the energy cost of construction.

Low-grade ROM ore was not crushed and was placed on the heap leach pad without preparation and only on pad areas protected by a minimum of four feet of cover over the leach pad liner and collector piping system. Most of such material was placed in interior portions of the leach heap to minimize the difficulty of re-grading for reclamation.

Higher-grade oxidized ore is hauled to a crusher pad stockpile to then be fed to the crusher by a front-end loader. Ore may be delivered to the heap by either haulage trucks or a conveyor system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7** **Mine Production Schedule** 

The original production schedule was developed to mine up to 600,000 tonnes (661,400 short tonnes) of material per month from the four-phase pit over the original 4-year life. The Pearl zone is mined in two phases (Pearl Phase 1 & 2) to balance the high strip ratio of the upper benches and maintain and adequate cash flow balance. The production schedule for the remainder of the mine life is shown in Table 13.6.

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#### Table 13-6 Mine Production Schedule

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Unit**  | **2023** | **2024** | **2025** | **Total** |
| Waste Mined | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;762925 | &nbsp;&nbsp;451059 | &nbsp;&nbsp;- | &nbsp;&nbsp;1213983 |
| Ore Mined | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;269075 | &nbsp;&nbsp;152777 | &nbsp;&nbsp;- | &nbsp;&nbsp;421852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Grade Ore | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;243120 | &nbsp;&nbsp;106695 | &nbsp;&nbsp;- | &nbsp;&nbsp;349814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Grade Ore | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;25956 | &nbsp;&nbsp;46082 | &nbsp;&nbsp;- | &nbsp;&nbsp;72038 |
| Total Material Mined | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;1032000 | &nbsp;&nbsp;603836 | &nbsp;&nbsp;- | &nbsp;&nbsp;1635836 |
| Ore Gold Grade Mined | &nbsp;&nbsp;g/t | &nbsp;&nbsp;4.17 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;- | &nbsp;&nbsp;3.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Grade Mined | &nbsp;&nbsp;g/t | &nbsp;&nbsp;4.56 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;- | &nbsp;&nbsp;3.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Grade Mined | &nbsp;&nbsp;g/t | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.47 |
| Gold Ounces Mined | &nbsp;&nbsp;oz. | &nbsp;&nbsp;36037 | &nbsp;&nbsp;8981 | &nbsp;&nbsp;- | &nbsp;&nbsp;45018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Grade Ounces Mined | &nbsp;&nbsp;oz. | &nbsp;&nbsp;35629 | &nbsp;&nbsp;8293 | &nbsp;&nbsp;- | &nbsp;&nbsp;43922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Grade Ounces Mined | &nbsp;&nbsp;oz. | &nbsp;&nbsp;408 | &nbsp;&nbsp;688 | &nbsp;&nbsp;- | &nbsp;&nbsp;1096 |
| Ore Crushed | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;660000 | &nbsp;&nbsp;253668 | &nbsp;&nbsp;- | &nbsp;&nbsp;913668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Grade Ore Crushed | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;308402 | &nbsp;&nbsp;106695 | &nbsp;&nbsp;- | &nbsp;&nbsp;415096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Grade Ore Crushed | &nbsp;&nbsp;tonnes | &nbsp;&nbsp;351598 | &nbsp;&nbsp;146973 | &nbsp;&nbsp;- | &nbsp;&nbsp;498572 |
| &nbsp;&nbsp;Ore Gold Grade Crushed | &nbsp;&nbsp;g/t | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;- | &nbsp;&nbsp;2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Grade Crushed | &nbsp;&nbsp;g/t | &nbsp;&nbsp;4.33 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;- | &nbsp;&nbsp;3.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Grade Crushed | &nbsp;&nbsp;g/t | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.51 |
| Gold Ounces Crushed | &nbsp;&nbsp;oz. | &nbsp;&nbsp;48733 | &nbsp;&nbsp;10650 | &nbsp;&nbsp;- | &nbsp;&nbsp;59383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Grade Ounces Crushed | &nbsp;&nbsp;oz. | &nbsp;&nbsp;42896 | &nbsp;&nbsp;8293 | &nbsp;&nbsp;- | &nbsp;&nbsp;51189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Grade Ounces Crushed | &nbsp;&nbsp;oz. | &nbsp;&nbsp;5837 | &nbsp;&nbsp;2357 | &nbsp;&nbsp;- | &nbsp;&nbsp;8194 |

---

Note – *Numbers may not add due to rounding.*

13.8Mining Operations

Mining Operations are conducted by a contractor. Original plans called for WLMC to mine and process an approximate average of 54,400 tonnes (60,000 short tons) of ore per month over a period of 48 months including approximately 4 months of pre-production development and construction and 3 months of residual leaching. The mine was scheduled to be in operation 24 hours per day, 7 days per week (24/7) for the duration of the mine life.

Ore is conventionally drilled and blasted in 6 m (20 ft) benches. The ore is loaded with a 992 front-end loader into 91-tonne (100-short ton) capacity mine haulage trucks and hauled to the ore processing area or the waste rock dump facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8.1Ore Control

During mining operations, blasthole samples are collected and assayed to provide control for ore and waste segregation. The resulting information is used to assign a material type to the blocks representing the active benches. Each block is assigned a destination code based on classification of the material (ore, oxidized waste, or unoxidized waste). Following assay and ore/waste designation, visual identification of

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unoxidized waste is made by site geologists and compared to the mine block model. Waste blocks from the mine model that contain unoxidized waste are identified on the ore control maps and distinguished by ore control stakes in the pit. The tonnage of this material is tracked by WLMC geologists and the mine production reporting system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.8.2***  ***Shift Schedule*** 

Table 137 shows the approximate number of shifts and hours per shift over the LOM.

#### Table 13-7 Approximate Production Shift Schedule
![Graphic](ftco-20221231xex96d1064.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.8.3***  ***Manpower*** 

During production, mining operations require three crews operating on ten to twelve-hour rotating shifts. Mining crew manpower during the peak production years shall include a total of 42 equipment operators, 3 maintenance personnel and 7 salaried and 2 support personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.8.4***  ***Blasthole Drilling*** 

Blasthole drilling is done with track-mounted blasthole drills. Blasthole drilling in and around the ore zones is being performed with a Caterpillar MD5150 top hammer drill. It was assumed that the MD5150 continued to drill all of the ore and an equivalent tonnage of waste material surrounding that ore with 14 cm (5.5 in) diameter holes in the Isabella Pearl mining area. This additional waste is included in the estimate as the ore and waste boundaries are more difficult to define.

Waste drilling with the MD5150 is with a 4.6 m (15 ft) 4.6 m (15 ft) pattern on the 6.1 m (20 ft) bench with 1.2 m (4 ft) of subdrilling. The hole diameter is 14 cm (5.5 in). Drilling is done with a 15 cm (6 in) downhole hammer on 14 cm (5.5 in) drill steel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.8.5***  ***Blasting*** 

The blasting contractor is responsible for loading the blastholes and initiating the blasts. The hole loading sequence starts by lowering a 0.45 or 0.91 kg (one or two-pound) booster (depending on hole size) attached to a non-electric blasting cap down the hole. The mine is dry and Ammonium Nitrate and Fuel Oil (ANFO) are used as the primary blasting agent. Bulk ammonium nitrate prills are delivered to an on-site storage silo. A blasthole loading truck transports the prill to the shot pattern, mix the prill with fuel oil (diesel) and a measured amount of powder is loaded into each hole. The remaining part of the hole is filled with drill cuttings or crushed rock (stemming) to control the blast energy and minimize fly rock. Once the holes are loaded, the lead lines to the blasting caps are tied together with a series of downhole and surface delays to control the blast.

To minimize operational delays, blasting occurs during the lunch break or between shifts.

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The powder factor (pounds of explosives per short ton of rock) is 0.45 for waste drilled with the MD5150. When drilling the ore pattern, the MD5150 targets a 0.6 powder factor. The higher powder factor in ore is to maximize the gold recovery by achieving better fragmentation. Target size for blasted ore to achieve planned recovery is 80% finer than 15 cm (6 in).

In addition to loading the blastholes and initiating the blast, the blasting contractor supplies prill silos, explosive magazines, an ANFO mixing and loading truck, and a skid steer loader to stem the holes. The contractor also supplies inventory control for the blasting agents and supplies and be responsible for regulatory control of the blasting materials. Cost for these services was included in the economic analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.8.6***  ***Equipment*** 

The life of mine (LOM) equipment list is provided in Table 13-8.

#### Figure 13-8 LOM Equipment List

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equipment Type** | &nbsp;&nbsp;**Unit Make** | &nbsp;&nbsp;**Quantity** |
| &nbsp;&nbsp;Rubber Tired Loader | &nbsp;&nbsp;Caterpillar 992K Loader | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Rubber Tired Loader | &nbsp;&nbsp;Caterpillar 988K Loader | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Excavator | &nbsp;&nbsp;Hitachi 1200 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Excavator | &nbsp;&nbsp;Hitachi 850 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Haul Truck | &nbsp;&nbsp;Caterpillar 777 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Tracked Dozer | &nbsp;&nbsp;D8 Dozer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Tracked Dozer | &nbsp;&nbsp;D9 Dozer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Motor Grader | &nbsp;&nbsp;Caterpillar 14M Motor Grader | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Lube Truck | &nbsp;&nbsp;Peterbilt 348 Fuel/Lube Truck | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Water Truck | &nbsp;&nbsp;Caterpillar 769 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Mechanic Truck | &nbsp;&nbsp;Peterbilt 337 Service Truck | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mechanic Truck | &nbsp;&nbsp;Freightliner M2 Service Truck | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Blasthole Drill | &nbsp;&nbsp;Caterpillar MD5150 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Blasthole Drill | &nbsp;&nbsp;Caterpillar 6200 | &nbsp;&nbsp;2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.8.7***  ***Ancillary Mining Operations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*13.8.7.1* *Site Preparation* 

Growth medium has been scalped from the site footprint, where growth medium occurs. It was bulldozed into stockpiles where it can be loaded and trucked to designated areas for use in reclamation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*13.8.7.2* *Drainage Preparation* 

WLMC facility design includes a system of stormwater diversion ditches to divert runoff around the crushing and process areas and into natural drainages. Stormwater diversion channels have been constructed to safely transport the peak flow from a 100-year/24-hour storm event.

The goal of the drainage and sediment control plan is to convey runoff from mine area and upstream undisturbed areas through the mine site in a manner that protects the site areas and prevents degradation of downstream water quality. The drainage and sediment control plan was designed to require no maintenance through re-establishment and stabilization of natural drainages. All drainages crossed by

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haulage, exploration and vehicle access roads will be opened up during re-grading. The resulting channels will be of the same capacity as up and down-stream reaches, will be made non-erosive by the use of surface stabilization techniques (rip-rap) where necessary, and ultimately revegetated. Best Management Practices (BMPs) have been followed during construction and operation and shall continue during reclamation to minimize sedimentation from disturbed areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*13.8.7.3* *Site Reclamation* 

Reclamation of the major facilities on site has been conducted using the mining fleet. Some concurrent reclamation has been possible without interfering with operations. Concurrent reclamation has been accounted for in the current production schedule.

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---

| | |
|:---|:---|
| **14** | **Processing and Recovery Methods** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Process Description Summary** 

Metallurgical test work has validated that Isabella Pearl oxidized ores are amenable to gold and silver recovery by cyanidation. The most economically effective process has been identified as conventional heap leaching of crushed ore, and to a lesser extent ROM ore, followed by absorption/desorption recovery (ADR) and refining to produce doré bars. The estimated recovery of gold from all crushed ore is 81%. The estimated gold recovery of ROM ore previously placed on the heap leach is 60%.

The general layout consists of the heap leach pad area which covers about 177,000 m2 (1.9 million ft2) and provides containment for 5.0 million tonnes (5.5 million short tons) of ore. The leach pad is a modified valley fill with a double liner system. A berm ranging from 1 to 5 m (3.3 to 16.4 ft) has been constructed along the sides and downstream (south) edge of the pad. The ADR plant consists of five 2 m (7 ft) diameter vertical adsorption towers in series with a carbon screen on the barren discharge; a 2.7 tonne (3 short ton) carbon-stripping plant with a carbon conditioning and sizing screen; and barren and pregnant solution tanks. The ADR plant design flowrate is 88 liters per second (1,400 gpm). Electro-winning is done in a 150-ft3 electrolytic cell. Smelting is done in a T-200 melt furnace. Figure 141 shows a simplified schematic of the Isabella Pearl mine flowsheet.

The pad liner system consists of 15 cm (6 in) of prepared subgrade overlain by a geomembrane sandwiched clay liner (GCL) which in turn is covered by a 60-mil high density polyethylene (HDPE) geomembrane. The heap distribution (leaching solution) system consists of two 1400 gpm pumps with variable speed controllers and a network of 15 cm (6 in), 8 cm (3 in) and 1.3 cm (½ in) piping connected to drip emitters. The ore is leached via emitters at a solution application rate of 0.005 gpm/ft2. The leachate flows by gravity through the heap and is gathered in collector piping and exits each side of the leach pad through 25.4 cm (10 in) solid HDPE pipes resting in double-lined exit notches (ditches).

The pregnant cyanide solution is pumped from the pregnant tank to a feed box in the carbon-in-column (CIC) circuit where it is contacted with activated carbon completing the extraction of the gold via carbon adsorption. The CIC circuit consists of five columns in a series. Solution from the last column overflows to the barren tank where liquid sodium cyanide, fresh water and anti-scalant is added on an as needed basis prior to the solution returning to the heap leach pad for additional leaching of the ore. The pregnant strip solution is electrolyzed at the on-site facility and the cathode sludge dried, blended with fluxes, and melted to produce doré bullion for shipment to a refiner.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1065.jpg)

#### Figure 14-1 Simplified Schematic of Isabella Pearl Mine Flowsheet
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Plant Design and Equipment Characteristics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.1***  ***Primary Crushing and Fine Crushing*** 

The Isabella Pearl higher-grade ore above the 0.61 g/t Au cut-off is being crushed to P80 5/8". This is accomplished with a two-stage portable crushing plant with a 250 tonne (276 short ton) per hour capacity.

The higher-grade ore is first be trucked from the open pit to a stockpile located close to the primary crushing circuit. A front-end loader then feeds the higher-grade ore to the crushing circuit. The ore is then be placed into a stationary grizzly located above the hopper that prevents oversize material from making its way into the crusher cavity. A 1.2 m (4 ft) x 6.1 m (20 ft) vibrating grizzly feeder draws ore into the jaw crusher. The minus 5 cm (2 in) grizzly feeder undersize material bypasses the crusher and combines with the crusher product on the crusher discharge belt conveyor.

Ore is crushed and screened with the final product 80 percent passing 1.6 cm (5/8 in) conveyed and stacked in a crushed ore stockpile or transported by a series of stacker conveyors to the heap leach pad. A series of several mobile, grasshopper-type conveyors are added or removed as required dependent upon the stacking location on the pad. The final conveyor is a radial-type mobile stacker that places ore in lifts of up to 8 m (26 ft) in height. Lime addition is at the first stacker conveyor by means of silo and screw feeder. All mechanical components of the crushing circuit are semi-mobile, which allows for a complete circuit relocation. Water sprays are utilized for dust suppression at the crusher feed hopper and at transfer points for the screen undersize material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.2***  ***Heap Leach Pad and Solution Ponds*** 

Detailed designs of the Isabella Pearl Heap Leach Pad were prepared under the Water Pollution Control Permit (WPCP) and was approved by the NDEP and BLM on June 23, 2017. The current design for the leach pad area as approved in 2021 and covers about 177,000 m<sup>2</sup> (1.9 million ft<sup>2</sup>) and provides containment for 5.0 million tonnes (5.5 million short tons) of ore. The leach pad is a modified valley fill with a double liner system. A berm ranging from 1 to 5 m (3.3 to 16.4 ft) has been constructed along the sides and downstream (south) edge of the pad.

The pad liner system consists of 15 cm (6 in) of prepared subgrade overlain by a sandwiched geomembrane clay liner (GCL) which in turn is covered by a 60-mil high density polyethylene (HDPE) geomembrane. Leachate gathered in collector piping exits each side of the leach pad through 25 cm (10 in) solid HDPE pipes resting in double-lined exit notch (ditch). The primary 60-mil HDPE upper liner in the ditch has been welded to the leach pad primary liner. GCL installed for secondary containment beneath the leach pad overlaps the secondary liner of the exit notches by a minimum of 6 m (20 ft). Any seepage collected between the leach pad primary and secondary liners reports to the pregnant pond or the barren/stormwater pond via the pipe containment ditches. The heap design allows for direction of pregnant solution to the pregnant pond or from either the pregnant pond or the barren/stormwater pond to the barren tank or between ponds through the 0.9 m (3 ft) weir should the need arise. The heap distribution (leaching solution) system consists of two 600-1400 gpm pumps with variable speed controllers and a network of 15 cm (6 in), 8 cm (3 in) and 1 cm (½ in) piping connected to drip emitters.

<sup>Convergent Mining Associates, LLC</sup> 31 January 2022

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The estimated recovery of gold from crushed material is 81%. The estimated gold recovery of minor amount of ROM material placed on the leach heap is 60%.

The original general arrangement of the heap leach pad and ponds is in Figure 142 (Note: view is rotated with north to left and scale is exaggerated 1:5). In 2021, the heap leach pad was expanded as shown in Figure 15.1.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1066.jpg)

#### Figure 14-2 General Arrangement for the Original Isabella Pearl Heap Leach Pad and Ponds.
Convergent Mining Associates, LLC 31 January 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.3***  ***Adsorption-Desorption-Recovery (ADR) Facility*** 

The pregnant cyanide solution passes through carbon adsorption columns and the barren solution is reconstituted with sodium cyanide and lime and returned to the heaps. The pregnant strip solution is electrolyzed at the on-site facility and the cathode sludge is dried, blended with fluxes, and melted to produce doré bullion for shipment to a refiner. The process plant and heaps at the Isabella Pearl mine are operated seven days per week and 24 hours daily.

*The following process criteria were used for the design of the heaps and plant:*

● Adsorption plant design flowrate: 1,400 gpm

● Solution application rate: 0.005 gpm/ft2 using emitters

● Power: Diesel generators

The plant consists of five 2 m (7 ft) diameter vertical adsorption towers in series with a carbon screen on the barren discharge; a 2.7 tonne (3 short ton) carbon-stripping plant with a carbon conditioning and sizing screen; and barren and pregnant solution tanks. Electro-winning is being done in a 4.2 m<sup>3</sup> (150-ft<sup>3</sup>) electrolytic cell. Smelting is done in a T-200 melt furnace. The strip heater and the furnace are propane fired.

Scotia International of Nevada, Inc. (Scotia) designed and constructed the ADR plant for the Isabella Pearl mine. The ADR plant layout is illustrated on Figure 143.

<sup>Convergent Mining Associates, LLC</sup> 31 January 2022

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Fortitude Gold Corporation125

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1067.jpg)

#### Figure 14-3 ADR Plant General Arrangement
Convergent Mining Associates, LLC 31 January 2022

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.4***  ***Major Process Equipment List*** 

The process equipment was selected and sized based on the process design criteria. Table 141 lists the original major process equipment along with the number of units required and specifications.

#### Table 14-1 Major Process Equipment for the Isabella Pearl Mine

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Equipment** | &nbsp;&nbsp;**Qty** | &nbsp;&nbsp;**Dimensions** | &nbsp;&nbsp;**hp** | &nbsp;&nbsp;**Manufacturer** | &nbsp;&nbsp;**Comment** |
| ***Crushing/Screening/Stacking:*** | ***Crushing/Screening/Stacking:*** | ***Crushing/Screening/Stacking:*** | ***Crushing/Screening/Stacking:*** | ***Crushing/Screening/Stacking:*** | ***Crushing/Screening/Stacking:*** |
| Jaw Crusher | &nbsp;&nbsp;1 | &nbsp;&nbsp;25" x 50" | &nbsp;&nbsp;150 | &nbsp;&nbsp;Telsmith | &nbsp;&nbsp;H2550 |
| Cone Crusher | &nbsp;&nbsp;1 | &nbsp;&nbsp;44" | &nbsp;&nbsp;300 | &nbsp;&nbsp;Telsmith | &nbsp;&nbsp;T300 |
| Grizzly Feeder | &nbsp;&nbsp;1 | &nbsp;&nbsp;48" x 20' | &nbsp;&nbsp;50 | &nbsp;&nbsp;Telsmith | &nbsp;&nbsp;Portable |
| Vibrating Screen | &nbsp;&nbsp;1 | &nbsp;&nbsp;6' x 20' | &nbsp;&nbsp;40 | &nbsp;&nbsp;Telsmith | &nbsp;&nbsp;Portable |
| Lime Silo | &nbsp;&nbsp;1 |  |  |  |  |
| Grasshoppers | &nbsp;&nbsp;15 | &nbsp;&nbsp;30" x 125' | &nbsp;&nbsp;20 | &nbsp;&nbsp;Superior | &nbsp;&nbsp;Portable |
| Radial Stacker | &nbsp;&nbsp;1 | &nbsp;&nbsp;30" x 158' | &nbsp;&nbsp;77 | &nbsp;&nbsp;Superior | &nbsp;&nbsp;Portable |
| Control Room | &nbsp;&nbsp;1 | &nbsp;&nbsp;12' x 40' |  |  | &nbsp;&nbsp;Portable |
| Loader | &nbsp;&nbsp;1 | &nbsp;&nbsp;988 |  | &nbsp;&nbsp;Caterpillar |  |
| Dozer | &nbsp;&nbsp;1 | &nbsp;&nbsp;D9 Dozer |  | &nbsp;&nbsp;Caterpillar |  |
| ***Leaching:*** | ***Leaching:*** | ***Leaching:*** | ***Leaching:*** | ***Leaching:*** | ***Leaching:*** |
| Process Solution Pond Pump | &nbsp;&nbsp;1 | &nbsp;&nbsp;500-600 gpm | &nbsp;&nbsp;25 | &nbsp;&nbsp;Flygt |  |
| Barren/Stormwater Pond Pump | &nbsp;&nbsp;1 | &nbsp;&nbsp;500-600 gpm | &nbsp;&nbsp;25 | &nbsp;&nbsp;Flygt |  |
| Pregnant Solution Tank Pump | &nbsp;&nbsp;1 | &nbsp;&nbsp;1,400 gpm | &nbsp;&nbsp;50  |  |  |
| Barren Solution Tank Pump | &nbsp;&nbsp;2 | &nbsp;&nbsp;1,300 gpm (each) | &nbsp;&nbsp;125  | &nbsp;&nbsp;Birkley |  |
| **ADR Plant:** | **ADR Plant:** | **ADR Plant:** | **ADR Plant:** | **ADR Plant:** | **ADR Plant:** |
| ***Carbon - In-Column Circuit:*** | ***Carbon - In-Column Circuit:*** | ***Carbon - In-Column Circuit:*** | ***Carbon - In-Column Circuit:*** | ***Carbon - In-Column Circuit:*** | ***Carbon - In-Column Circuit:*** |
| Carbon Column | &nbsp;&nbsp;5 | &nbsp;&nbsp;¼ x 7' dia. x 16' ½" H w/Launder |  | &nbsp;&nbsp;Scotia | &nbsp;&nbsp;3 T Carbon Capacity |
| Carbon Safety Screen | &nbsp;&nbsp;1 | &nbsp;&nbsp;12'-3.5" x 3'-6.25" x 1' |  | &nbsp;&nbsp;Johnson | &nbsp;&nbsp;Static |
| ***Acid Wash & Regeneration:*** | ***Acid Wash & Regeneration:*** | ***Acid Wash & Regeneration:*** | ***Acid Wash & Regeneration:*** | ***Acid Wash & Regeneration:*** | ***Acid Wash & Regeneration:*** |
| Acid Wash Vessel | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 TM of carbon |  | &nbsp;&nbsp;Scotia |  |
| Regeneration Kiln | &nbsp;&nbsp;1 | &nbsp;&nbsp;29'-2-3/8" x 4'-1-5/8" x 6'4" |  | &nbsp;&nbsp;Scotia |  |
| Carbon Fines Filter Press | &nbsp;&nbsp;1 | &nbsp;&nbsp;185.13" x 56.85" x 64.55" |  | &nbsp;&nbsp;Evoqua |  |
| Carbon Sizing Screen | &nbsp;&nbsp;1 | &nbsp;&nbsp;15' x 10' |  | &nbsp;&nbsp;Scotia |  |
| ***Strip Circuit:*** | ***Strip Circuit:*** | ***Strip Circuit:*** | ***Strip Circuit:*** | ***Strip Circuit:*** | ***Strip Circuit:*** |
| Strip Vessel | &nbsp;&nbsp;1 | &nbsp;&nbsp;5' x 12' H |  | &nbsp;&nbsp;Mark Steel | &nbsp;&nbsp;3 T Carbon Capacity |
| Boiler | &nbsp;&nbsp;1 | &nbsp;&nbsp;70" x 76" 54" |  | &nbsp;&nbsp;Lattner |  |
| Heat Exchangers | &nbsp;&nbsp;1 | &nbsp;&nbsp;42" x 12.125" x 15.7" |  | &nbsp;&nbsp;B&G |  |
| ***Electrowinning Circuit:*** | ***Electrowinning Circuit:*** | ***Electrowinning Circuit:*** | ***Electrowinning Circuit:*** | ***Electrowinning Circuit:*** | ***Electrowinning Circuit:*** |
| Electrowinning Tank | &nbsp;&nbsp;1 | &nbsp;&nbsp;1/4" x 3'9" x 12' long x 3'2"H |  | &nbsp;&nbsp;Scotia |  |
| Rectifier | &nbsp;&nbsp;1 | &nbsp;&nbsp;3000 AMP |  | &nbsp;&nbsp;Dynapower |  |
| Filter Press | &nbsp;&nbsp;1 | &nbsp;&nbsp;127.55" x 34.64" x 51.38" |  | &nbsp;&nbsp;Evoqua |  |
| ***Smelting:*** | ***Smelting:*** | ***Smelting:*** | ***Smelting:*** | ***Smelting:*** | ***Smelting:*** |
| Smelting Furnace | &nbsp;&nbsp;1 | &nbsp;&nbsp;T200  |  | &nbsp;&nbsp;Scotia |  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Mercury Retort and Handling:*** | ***Mercury Retort and Handling:*** | ***Mercury Retort and Handling:*** | ***Mercury Retort and Handling:*** | ***Mercury Retort and Handling:*** |
| Retort | &nbsp;&nbsp;1 | &nbsp;&nbsp;5 cu. ft | &nbsp;&nbsp;Scotia |  |
| Mercury Deep Bed Scrubber | &nbsp;&nbsp;1 | &nbsp;&nbsp;1/4" x 7' dia. X 6' H | &nbsp;&nbsp;Scotia |  |
| ***Reagent Handling:*** | ***Reagent Handling:*** | ***Reagent Handling:*** | ***Reagent Handling:*** | ***Reagent Handling:*** |
| Sodium Cyanide Storage Tank | &nbsp;&nbsp;1 | &nbsp;&nbsp;6,000 gal |  |  |
| Caustic Storage Tank | &nbsp;&nbsp;1 | &nbsp;&nbsp;1,200 gal |  |  |
| Hydrated Lime Silo | &nbsp;&nbsp;1 | &nbsp;&nbsp;45,000 lb |  |  |
| Activated Carbon Bags | &nbsp;&nbsp;1 | &nbsp;&nbsp;1,100 lb |  |  |
| Antiscalent Tote | &nbsp;&nbsp;1 | &nbsp;&nbsp;50 gal |  |  |
| Hydrochloric Acid Tote | &nbsp;&nbsp;1 | &nbsp;&nbsp;660 gal |  |  |
| Gasoline Tank | &nbsp;&nbsp;1 | &nbsp;&nbsp;1,000 gal |  |  |
| Diesel Tank | &nbsp;&nbsp;2 | &nbsp;&nbsp;10,000 gal |  |  |
| ***Laboratory:*** | ***Laboratory:*** | ***Laboratory:*** | ***Laboratory:*** | ***Laboratory:*** |
| Sample Preparation | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 Lot |  |  |
| Atomic Adsorption Machines | &nbsp;&nbsp;2 | &nbsp;&nbsp;Avarian 4 lamp | &nbsp;&nbsp;Aliegent Technology |  |
| Fire Assay | &nbsp;&nbsp;2 | &nbsp;&nbsp;Phermolyne 30400 | &nbsp;&nbsp;Barnstead | &nbsp;&nbsp;Electric |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.5***  ***Assay Laboratory*** 

The assay laboratory facility is capable of performing more than 100 atomic absorption spectrometry analyses (AAS) and 20 fire assay analyses per day have been installed at the Isabella Pearl mine office complex. The sample preparation area has drying ovens, crushing and pulverizing and splitting equipment and pulp weighing for up to 100 samples per day. The sample preparation area has a dedicated ventilation system for dust control. The fire assay section has one large electric furnace for fusion and one smaller furnace for cupellation. The fire assay section has a dedicated ventilation system. The AAS section has hot plates, centrifuges and an acid fuming hood for 3-acid digestion. A multi-element AAS machine has been installed for analyses of Au, Ag and other elements. The building also has metallurgical laboratory. The metallurgical laboratory has wet and dry screen sizing equipment, bottle rolling equipment, filtering equipment and equipment for up to six column tests. The ADR plant has an identical multi-element AAS machine for routine plant and heap solution assays. Samples requiring fire-assay check analyses for ore, waste and carbon are sent to an outside commercial lab.

The assay laboratory work schedule is five, ten-hour days. Fire assaying is done five days per week. AAS analysis and sample preparation works six days per week. The assay laboratory is staffed to provide five, ten-hour days for the personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Energy, Water, Material and Personnel Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.3.1***  ***Power*** 

Power is supplied by three diesel-powered electric generators, one 1500 kW generator on-line, one 1500 kW generator on standby and one 200 kW generator on standby for the production wells to generate power for the well pumps if the need arises. The total connected force in the plant, including the crushers,

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is approximately 1,567 hp. WLMC has installed 4160-volt direct burial power lines from the generator yard throughout the site and to the production wells.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.3.2***  ***Water Supply*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.3.3***  ***Major Reagents*** 

Reagents utilized at the Isabella Pearl mine processing facility include:

● Hydrochloric acid

● Caustic soda

● Sodium cyanide

● Activated carbon

● Antiscalant

● Lime

Liquid sodium cyanide, antiscalent, hydrochloric acid, and lime are received in bulk quantities and stored in tanks, totes or silos. The hydrochloric acid is delivered in totes, caustic soda delivered by truck and stored in a tank, the antiscalant shipped to the site in totes and the activated carbon arrives in super sacks. Mix systems are provided for the antiscalant and an attrition system is used for preparation of the activated carbon. Major reagent consumption is shown in Table 142.

#### Table 14-2 Major Reagent Consumption

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Reagent** | &nbsp;&nbsp;**Use** |
| &nbsp;&nbsp;Sodium Cyanide | &nbsp;&nbsp;0.75 kg/t (1.5 lb/T) |
| &nbsp;&nbsp;Lime | &nbsp;&nbsp;17.0 kg/t (6.0 lb/T) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.3.4***  ***Labor Requirements*** 

Labor requirements are divided into three sets: 1) 10 hours, 4 days per week, 2) 12 hours, 6 days per week, and 3) 12 hours, 7 days per week schedules. Management and technical labor are listed in Table 143. The total processing plant and analytical laboratory labor requirement is 18 workers.

#### Table 14-3 Labor Summary

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| | | |
|:---|:---|:---|
| **Category** | &nbsp;&nbsp;**Roster** | &nbsp;&nbsp;**Total** |
| Management and Technical  | &nbsp;&nbsp;10 hr. / 4-day Schedule | &nbsp;&nbsp;4 |
| Hourly Scheduled Labor | &nbsp;&nbsp;10 hr. / 4-day Schedule | &nbsp;&nbsp;4 |
| Hourly Scheduled Labor | &nbsp;&nbsp;12 hr. / 6-day Schedule | &nbsp;&nbsp;7 |
| Hourly Scheduled Labor | &nbsp;&nbsp;12 hr. / 7-day Schedule | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;Totals | &nbsp;&nbsp;18 |

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| | |
|:---|:---|
| **15** | **Infrastructure** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Infrastructure Summary** 

Access to most elements of the Isabella Pearl mine is provided by pre-existing gravel and paved roads. The main haulage road to the waste rock dump site and the ore preparation/heap leach site were designed to accommodate 91-tonne (100-short ton) capacity mine haulage trucks, requiring two-way traffic travel and safety berms.

The ADR plant, where gold and silver are stripped from pregnant solutions, are housed in a pre-engineered 21 m (69 ft) x 39 m (128.33 ft) structure consisting of steel ribs (struts) covered by insulation and tin siding, erected on a concrete slab. Two electric generators (plus fuel tanks) are in the ADR area. The west end of the ADR area is occupied by the ADR processing plant building. Pregnant solution and barren/stormwater ponds were designed to be near the center of the ADR area. The entire ADR area is enclosed by cyclone fencing.

An assay laboratory and preparation facilities are located are located east of the barren/stormwater pond. Nearby office trailers house on-site administrative staff including the general manager, mine, environmental and safety managers as well as accounting, engineering, geology, metallurgy, and surveying staff. Contractors utilize a site north of the ore preparation area on which they have placed their own shop. A septic system with a leach field services the ADR plant, laboratory, and offices. A second septic system services the ore preparation area, mine, and contractor's shop. A pipeline with industrial water from a non-potable water storage tank services the ADR plant, laboratory, office, and contractor's shop. Potable water for drinking is being supplied from bottles.

Power is supplied by three diesel-powered electric generators. One 1500 kW generator is on-line, one 1500 kW generator is on standby, and one 200 kW generator is on standby for the water production wells to generate power for the well pumps on an as-needed basis. The total connected electrical force in the plant, including the crushers, is approximately 1,567 hp. WLMC has installed 4,160-volt direct burial power lines from the generator yard throughout the site and to the production wells. Fuel for the generators is stored in two above-ground tanks on graded areas with HDPE-lined floors and berms for secondary containment to provide emergency capture of 110-percent of the largest fuel tank/vessel volume.

Industrial water is supplied from three production water wells. Production Well #2 (IPPW-2) was completed in September 2013 to a depth of 128 m (420 ft) and is upgradient from both the heap leach and open pit. Production Well #1 (IPPW-1) was installed in October 2016 to a depth of 396 m (1,300 ft) and is located south of the processing facility. A third production water well (Well #3) was installed in 2019, about 400 meters southwest of Well #1. Permits for the WLMC production water wells and a maximum of 484-acre feet of water annually (300 gpm 24/7) have been issued by the Nevada State Engineer. A 757,000 to 946,250 liter (200,000 to 250,000 gallon) non-potable water tank is located near contractor's yard. The tank is approximately 13.4 m (44 ft) in diameter and 6.1 m (20 ft) high.

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

Figure 151 shows the current general site arrangement layout of the facilities including location of the ADR plant to the expanded heap leach pad, pit and waste dumps, water well locations, water supply line, and references to infrastructure items in Table 151.

#### Table 15-1 Infrastructure Items and Specifications

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mine Component** | &nbsp;&nbsp;**Acres Authorized Disturbance** | &nbsp;&nbsp;**Acres Proposed New Disturbance** | &nbsp;&nbsp;**Total Acres Disturbance** |
| &nbsp;&nbsp;Roads | &nbsp;&nbsp;61.8 | &nbsp;&nbsp;(3.9) | &nbsp;&nbsp;57.9 |
| &nbsp;&nbsp;Leach Pad, Mine Pits, Waste Rock Dump, Borrows and Stockpiles | &nbsp;&nbsp;204.5 | &nbsp;&nbsp;58.2 | &nbsp;&nbsp;262.7 |
| &nbsp;&nbsp;Yards | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;0 | &nbsp;&nbsp;18.9 |
| &nbsp;&nbsp;Sediment & Drainage Control | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;0 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**292.9** | &nbsp;&nbsp;**54.3** | &nbsp;&nbsp;**347.2** |

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1068.jpg)

![Graphic](ftco-20221231xex96d1069.jpg)

#### Figure 15-1 : General Site Arrangement
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| | |
|:---|:---|
| **16** | **Market Studies** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Contracts and Status** 

A market study for the gold and silver products was not undertaken for this technical report. Gold and silver are publicly traded, and the price estimate for this report is based on the analysis by WLMC and available consensus 2023 – 2024 average pricing (CIBC, 2023). WLMC has determined that the best prices to use for Isabella Pearl mine planning is $1,750 per ounce of gold and $21 per ounce of silver. Gold and silver are the only metals for which WLMC is paid pursuant to refining contracts. Given the relatively short mine life and that the operation is already in production, the QP believes that this price correctly demonstrates the value of the project.

This study assumes a static price curve for the gold market price. In the economic evaluations, the gold price was set at $1,750/oz based on the consensus 2023 – 2024 average pricing (CIBC, 2023). This price was lower than the London Fix Price of $1,812 on December 31, 2022, the effective date of this mineral resource and reserve estimate.

Terms for an off-take and smelting agreement are based on refinery agreements established with highly respected, internationally accredited, precious metals refineries and mints located throughout the world. For the Isabella Pearl mine, the delivery terms, penalties and payment schedule are generally described as follows:

● Upon pick up of the doré bars by the transport service, WLMC provides to refiner shipping documents with estimated quantities of contained gold and silver in the bars. Risk of loss transfers upon pick up at the mine site.

● Refiner provides provisional payments to WLMC on the majority of the ounces, generally within 2 days of shipment, and notifies WLMC of the total ounces available for early settlement.

● WLMC and refiner then agree on a transaction price for those ounces at the current spot price. The remaining ounces are not priced until final weights and assays are agreed upon, which is usually within 2 weeks from shipment.

● Once final content of gold and silver are agreed upon, refiner and WLMC price the ounces remaining at the current spot price. Contractual deductions are immaterial and WLMC is paid for nearly 100% of the agreed content of the bars.

● Penalties due to any deleterious elements have not been levied in the past and are not expected in the future.

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|:---|:---|
| **17** | **Environmental Studies, Permitting and Social or Community Impact** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Environmental Liabilities and Permitting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.1***  ***Environmental Liabilities*** 

Site investigations by Great Basin Ecology, Inc. (GBE), Elko, Nevada, in June 2009 and 2017 (Back, 2009; GBE, 2017) did not indicate any environmental liabilities or the presence of endangered plants or species.

Previous mining at the Isabella Pearl site was conducted in 1978 by a local resident, Mr. Joe Morris. A small heap leach facility was constructed with approximately 1,361 tonnes (1,500 short tons) of crushed material. All existing leach material and contaminated subgrade soil from the Joe Morris Heap Leach Pad has been placed on the WLMC heap leach pad as part of the 45.7 cm (18 in) of liner cover. As of 1 October 2019, the Final Closure Report of the Joe Morris Heap Leach was approved by the State of Nevada and the BLM, with all reclamation actions successfully performed by WLMC. The successful closure of the Joe Morris Heap Leach removed the facility as an environmental liability for WLMC.

WLMC has conducted mineral exploration activities at the Isabella Pearl site and is currently liable for reclamation of the associated disturbances. Liabilities associated with the exploration activities have been incorporated into the Plan of Operations and approved by both the BLM and the State of Nevada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.2***  ***Required Permits and Status*** 

The Isabella Pearl mine is located approximately 8.4 km (5.2 mi) northwest of the town of Luning, at the west foot of the Gabbs Valley Range located in Mineral County, Nevada. The location and current land ownership position (i.e., public land ownership) mean that the mine is being held to permitting requirements that are determined to be necessary by Mineral County, the State of Nevada, and the U.S. Department of the Interior BLM, Stillwater District Office, Stillwater Field Office.

To date, all of the primary permits for operation have been acquired and are in good standing. This includes the BLM 43 CFR § 3809 POO and State of Nevada, Department of Conservation and Natural Resources (DCNR), NDEP, BMRR NAC 519A Reclamation Permit. The BLM has deemed the POO complete and authorized the NEPA Environmental Assessment (EA) of the operations. The NEPA analysis was completed and WLMC received a Record of Decision (ROD) on May 15, 2018.

In 2021, WLMC submitted a POO Modification for the expansion of the existing heap leach facilities, open pit mine plan, and revised sulfide waste stockpile area. In August 2021 the BLM issued a Decision of NEPA Adequacy (DNA) for the POO Modification. As of September 2021, all necessary permit approvals were obtained from the BLM, the State of Nevada, and Mineral County in relation to the POO Modification. Table 171 below lists the environmental permits that are applicable to the Isabella Pearl mine.

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The approved changes were found to not result in a divergence of any exploration, mining, or processing operations, nor will the approved changes result in mining of ore and waste divergent from what has already been characterized. The approved changes would not result in a significant increase in proposed disturbance, nor would result in a significant increase in the overall area of the Plan Boundary. Therefore, the information, conclusions, studies, etc. contained within the Plan of Operations and Reclamation Plan for the Isabella Pearl Project, that was compiled by Welsh Hagen on behalf of the Company in 2018, as well as subsequent studies that have been performed, are still relevant to the actions approved.

#### Table 17-1 : Permits, Licenses, and Issuing Authorities for the Isabella Pearl Mine

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Permit/Approval** | &nbsp;&nbsp;**Issuing Authority** | &nbsp;&nbsp;**Permit Purpose** | &nbsp;&nbsp;**Status** |
| &nbsp;&nbsp;***Federal Permits Approval and Registrations*** | &nbsp;&nbsp;***Federal Permits Approval and Registrations*** | &nbsp;&nbsp;***Federal Permits Approval and Registrations*** | &nbsp;&nbsp;***Federal Permits Approval and Registrations*** |
| &nbsp;&nbsp;Mine Plan of Operations/National Environmental Policy Act (NEPA) Analysis and Record of Decision (RoD) | &nbsp;&nbsp;U.S. Bureau of Land Management | &nbsp;&nbsp;Prevent unnecessary or undue degradation of public lands; Initiate NEPA analysis to disclose and evaluate environmental impacts and project alternatives. | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Rights-of-Way (RoW) across public lands | &nbsp;&nbsp;U.S. Bureau of Land Management | &nbsp;&nbsp;Authorization grant to use a specific piece of public land for a certain project, such as roads, pipelines, transmission lines, and communication sites | &nbsp;&nbsp;NOT REQUIRED. No Rights-of-Ways are for operation. |
| &nbsp;&nbsp;Explosives Permit | &nbsp;&nbsp;U.S. Bureau of Alcohol, Tobacco and Firearms | &nbsp;&nbsp;Storage and use of explosives | &nbsp;&nbsp;Held by Ledcor (Mining contractor) |
| &nbsp;&nbsp;EPA Hazardous Waste ID No. | &nbsp;&nbsp;U.S. Environmental Protection Agency (EPA) | &nbsp;&nbsp;Registration as a small-quantity generator of wastes regulated as hazardous | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Notification of Commencement of Operations | &nbsp;&nbsp;Mine Safety and Health Administration | &nbsp;&nbsp;Mine safety issues, training plan, mine registration | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Biological Opinion and Consultation | &nbsp;&nbsp;U.S. Fish and Wildlife Service | &nbsp;&nbsp;Only if project Threatened or Endangered Species is determined present during the NEPA analysis of the project. | &nbsp;&nbsp;Completed, with annual surveys being conducted |
| &nbsp;&nbsp;Federal Communications Commission Permit | &nbsp;&nbsp;Federal Communications Commission (FCC) | &nbsp;&nbsp;Frequency registrations for radio/microwave communication facilities | &nbsp;&nbsp;Held by Ledcor (Mining contractor) |
| &nbsp;&nbsp;***State Permits, Authorizations and Registrations*** | &nbsp;&nbsp;***State Permits, Authorizations and Registrations*** | &nbsp;&nbsp;***State Permits, Authorizations and Registrations*** | &nbsp;&nbsp;***State Permits, Authorizations and Registrations*** |
| &nbsp;&nbsp;Nevada Mine Registry | &nbsp;&nbsp;Nevada Division of Minerals | &nbsp;&nbsp;Required operations registration | &nbsp;&nbsp;Completed; in good standing |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Surface Area Disturbance Permit | &nbsp;&nbsp;Nevada Division of Environmental Protection (NDEP)/Bureau of Air Pollution Control (BAPC) | &nbsp;&nbsp;Regulates airborne emissions from surface disturbance activities | &nbsp;&nbsp;Ccovered under Class II |
| &nbsp;&nbsp;Class II Air Quality Operating Permit  | &nbsp;&nbsp;NDEP/BAPC | &nbsp;&nbsp;Regulates project air emissions from stationary sources | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Mercury Operating Permit to Construct | &nbsp;&nbsp;NDEP/BAPC | &nbsp;&nbsp;Program to achieve mercury reduction via add-on control technologies | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Class 1 Air Quality Operating Permit to Construct  | &nbsp;&nbsp;NDEP/BAPC | &nbsp;&nbsp;Program to achieve mercury reduction via add-on control technologies | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Mining Reclamation Permit | &nbsp;&nbsp;NDEP/Bureau of Mining Regulation and Reclamation (BMRR) | &nbsp;&nbsp;Reclamation of surface disturbance due to mining and mineral processing; includes financial assurance requirements | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Mineral Exploration Hole Plugging Permit or Waiver | &nbsp;&nbsp;Nevada Division of Water Resources (NDWR) | &nbsp;&nbsp;Prevents degradation of waters of the State | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;State Groundwater Permit | &nbsp;&nbsp;NDEP/BMRR | &nbsp;&nbsp;Prevents degradation of waters of the State from surface disposal, septic systems, mound septic systems, unlined ponds, and overland flow | &nbsp;&nbsp;Not necessary (covered under WPCP) |
| &nbsp;&nbsp;Water Pollution Control Permit (WPCP) | &nbsp;&nbsp;NDEP/BMRR | &nbsp;&nbsp;Prevent degradation of waters of the state from mining, establishes minimum facility design and containment requirements | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Approval to operate a Solid Waste System | &nbsp;&nbsp;NDEP/Bureau of Waste Management (BWM) | &nbsp;&nbsp;Authorization to operate an on-site landfill | &nbsp;&nbsp;NOT REQUIRED. No Solid Waste Systems are for operation. |
| &nbsp;&nbsp;Hazardous Waste Management Permit | &nbsp;&nbsp;NDEP/BWM  | &nbsp;&nbsp;Management and recycling of hazardous wastes | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;National Pollutant Discharge Elimination System (NPDES) Permit | &nbsp;&nbsp;NDEP/Bureau of Water Pollution Control (BWPC) | &nbsp;&nbsp;Management of site discharges | &nbsp;&nbsp;NOT REQUIRED. No point source discharges by operation. |
| &nbsp;&nbsp;General Stormwater Discharge Permit | &nbsp;&nbsp;NDEP/BWPC | &nbsp;&nbsp;General permit for stormwater discharges associated with industrial activity from metals mining activities | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Permit to Appropriate Water/Change Point of Diversion | &nbsp;&nbsp;NDWR | &nbsp;&nbsp;Water rights appropriation | &nbsp;&nbsp;Completed; in good standing |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Permit to Construct a Dam | &nbsp;&nbsp;NDWR | &nbsp;&nbsp;Regulate impoundment higher than 20 ft or impounding more than 20 acre-feet | &nbsp;&nbsp;NOT REQUIRED. No process water ponds will exceed the 20/20 height or impoundment thresholds. |
| &nbsp;&nbsp;Potable Water System Permit | &nbsp;&nbsp;Nevada Bureau of Safe Drinking Water | &nbsp;&nbsp;Water system for drinking water and other domestic uses (e.g., lavatories) | &nbsp;&nbsp;Ongoing |
| &nbsp;&nbsp;Septic Treatment Permit Sewage Disposal System Permit | &nbsp;&nbsp;NDEP/Bureau of Water Pollution Control | &nbsp;&nbsp;Design, operation, and monitoring of septic and sewage disposal systems | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Dredging Permit | &nbsp;&nbsp;Nevada Department of Wildlife (NDOW) | &nbsp;&nbsp;Protection of Nevada waterways | &nbsp;&nbsp;NOT REQUIRED. No dredging. |
| &nbsp;&nbsp;Industrial Artificial Pond Permit | &nbsp;&nbsp;NDOW | &nbsp;&nbsp;Regulate artificial bodies of water containing chemicals that threaten wildlife | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Wildlife Protection Permit | &nbsp;&nbsp;NDOW | &nbsp;&nbsp;Stream and watershed wildlife habitat protection | &nbsp;&nbsp;NOT REQUIRED. No stream or watershed modification. |
| &nbsp;&nbsp;Hazardous Materials Permit | &nbsp;&nbsp;Nevada Fire Marshall | &nbsp;&nbsp;Store a hazardous material in excess of the amount set forth in the International Fire Code, 2006 | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;License for Radioactive Material | &nbsp;&nbsp;Nevada State Health Division, Radiological Health Section | &nbsp;&nbsp;Radioactive material licensing | &nbsp;&nbsp;NOT REQUIRED. No radioactive equipment is used |
| &nbsp;&nbsp;Encroachment Permit | &nbsp;&nbsp;Nevada Department of Transportation (NDOT) | &nbsp;&nbsp;Permits for permanent installations within State rights-of-way and in areas maintained by the State | &nbsp;&nbsp;NOT REQUIRED. No installations within State rights-of-way by operations. |
| &nbsp;&nbsp;Temporary Permit to Work in Waterways | &nbsp;&nbsp;NDEP/BWPC | &nbsp;&nbsp;Covers temporary working or routine maintenance in surface waters of the State, such as channel clearing and minor repairs to intake structures. | &nbsp;&nbsp;NOT REQUIRED. No work in waterways by operations. |
| &nbsp;&nbsp;*Local Permits for Mineral County* | &nbsp;&nbsp;*Local Permits for Mineral County* | &nbsp;&nbsp;*Local Permits for Mineral County* | &nbsp;&nbsp;*Local Permits for Mineral County* |
| &nbsp;&nbsp;Building Permits Mineral County Building Planning Department | &nbsp;&nbsp;Mineral County Building Planning Department | &nbsp;&nbsp;Ensure compliance with local building standards/requirements | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;Special Use Permit | &nbsp;&nbsp;Mineral County Building Planning Department | &nbsp;&nbsp;Provided as necessary under applicable zoning ordinances | &nbsp;&nbsp;Completed; in good standing |
| &nbsp;&nbsp;County Road Use and Maintenance Permit/Agreement | &nbsp;&nbsp;Mineral County Building Planning Department | &nbsp;&nbsp;Use and maintenance of county roads | &nbsp;&nbsp;NOT REQUIRED. WLMC will maintain their own roads. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.3***  ***Federal Permitting*** 

Federal permits and authorizations are required for mining operations located on public land administered by a federal land management agency, including, but not limited to the BLM, U.S. Department of Agriculture–Forest Service, and the National Parks Service. In the case of Isabella Pearl, the mine is located on public lands administered by the BLM. As such, the operation requires all of the identified federal permits, the most important of which are approvals of the 43 CFR § 3809 POO and its subsequent NEPA analyses. WLMC submitted the POO and Reclamation Permit application and the NEPA analysis was completed, and a ROD was issued on May 15, 2018 (DOI-BLM-NV-C010-2018-0007-EA). A DNA was issued to WLMC for the POO Modification in 2021 (DOI-BLM-NV-C010-2021-0024-DNA).

WLMC has acquired the following Federal Permits and Registrations:

● EPA Hazardous Waste #NVR000092916 (EPA)

● Explosive Permit #9-NV-009-20-8K-00321 (Ledcor CMI Inc. - contract mining)

● POO and Reclamation Plan #NVN86663 (BLM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*17.1.3.1* *BLM Exploration Notice of Intent (NOI)* 

Upon completion of the POO and issuance of the ROD by the BLM, the existing exploration permit that was within the mine plan boundary was closed. The reclamation cost estimated for surface disturbance associated with ongoing exploration within the mine plan boundary is covered by the bond for the Isabella Pearl mine. This allows WLMC to continue its exploration activities within the mine plan boundary while active mining is in progress.

Surface disturbance associated with proposed exploration drilling to be conducted at the Scarlet prospect, located outside the mine plan boundary (the permitted mine area), is currently authorized under a separate BLM Notice of Intent, a summary of which, including the obligated bond amounts for reclamation, is provided in Table 172.

#### Table 17-2 : BLM Notice of Intent Summary for the Isabella Pearl Mine

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Serial Number** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Total Acres** | &nbsp;&nbsp;**Bond Amount Obligated** |
| &nbsp;&nbsp;Scarlet Prospect | &nbsp;&nbsp;NVN-98794 | &nbsp;&nbsp;WLMC Reclamation Cost Estimate | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;$19923  |
|  | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;$19923  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.4***  ***State Permitting*** 

The State of Nevada requires operational mining permits regardless of land status of the mine (i.e., private, or public). The following are the state permits that are required for the Isabella Pearl mine:

● Reclamation Permit #0387 (NDEP/BMRR)

● Hazardous Waste Generator #NVR000092916 (NDEP/BWM)

● Water Pollution Control Permit #NEV2009102 (NDEP/BMRR)

● Emergency Release, Response, and Contingency Plan (NDEP/BMRR)

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● Spill Prevention, Control, and Countermeasures Plan (NDEP/BMRR)

● National Pollutant Discharge Elimination System (NPDES) Permit #NVG201000 (NDEP/BWPC)

● General Stormwater Permit #NVR300000 MSW-43292 (NDEP/BWPC)

● Storm Water Pollution Prevention Plan (NDEP/BWPC)

● Water Rights – #89667, 89668 and 89669 (formerly #83484, 82498, 79096, 83485 and 89001T) (DCNR/NDWR); Permits to change the point of diversion and place of use of the water rights have been approved, for groundwater production wells

● Air Quality Class II Operating Permit #AP-1041-3853 (NDEP/BAPC)

● Air Quality Mercury Permit to Construct #AP-1041-3895 (NDEP/BAPC)

● Air Quality Class I Operating Permit to Construct #AP-1041-3897 (NDEP/BAPC)

● Industrial Artificial Pond Permit #467428 (NDOW)

● Bureau of Safe Drinking Water Public Water Source Permit NV0001178

The State of Nevada has issued the above permits, which are all in good standing as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.5***  ***Local Permitting*** 

WLMC has obtained the necessary Building Permits and a Special Use Permit issued by Mineral County. These permits authorized WLMC to construct the buildings located at the Isabella Pearl mine.

The following are the Mineral County permits that are required for the Isabella Pearl mine:

● Mineral County Business License #17288 (Mineral County Sheriff's Office)

● Special Use Permit #165957 (Mineral County Planning Commission)

● Septic Permit #7905 and 7906 (Mineral County Building Department)

● ADR Building Permit #5891 (Mineral County Fire Marshall)

● Office Building Permit #7888 (Mineral County Fire Marshall)

● Water Tank Building Permit #7921 (Mineral County Fire Marshall)

The Special Use Permit was approved when the ROD was issued by BLM in May 2018. Mineral County has issued the remaining permits, which are all in good standing as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** **Environmental Study Results** 

The reader is referred to earlier reports on mineral resources and reserves for a more detailed description of environmental study results at the Isabella Pearl mine (Brown et al, 2018, 2021; Hulse et al, 2022). Specific topics covered in earlier reports included:

● Mine Waste Characterization and Management

● Waste Rock Management Plan

● Groundwater Characterization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Groundwater Quality

● Surface Water Characterization

● Cultural Resources Inventory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Native American Religious Concerns

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● Biological Resources Inventory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vegetation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mammals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Reptiles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Migratory Birds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sensitive Species

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| | |
|:---|:---|
| ◾ | BLM |

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◾ State of Nevada

Environmental studies are conducted as needed proposed permit modifications in coordination with the appropriate regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** **Environmental Issues** 

Following submission by TXAU of the plan of operations in 2010, public scoping was conducted from March 15 through April 15, 2011. In five letters and four telephone calls received by the BLM, the following issues and concerns were identified:

● Wildlife—Potential disturbance of habitat for mule deer, pronghorn antelope, and desert bighorn sheep;

● Special status species—Proximity of disturbance to a known prairie falcon nest;

● Springs—The impact of mining on springs and associated wildlife;

● Public access and vested rights-of-way—The status of public access to surrounding areas for recreation;

● Level of NEPA analysis—What criteria were used to determine that the preparation of an EA would be appropriate, as opposed to a full environmental impact statement;

● Transportation of ore—Plans to evaluate the impacts of the transportation of ore on off-site facilities;

● Water resources—Waste and ore rock characterization and potential impacts on Waters of the United States;

● Cultural resources—Request for complete examination of the site for archaeological and cultural resources;

● Water rights—Two claims of vested water rights for stock water use in the area; and

● Recreation—Requests by various off-road race organizers to control cross traffic during race day.

Issues originally identified from the agency comments were concern for water quality, wildlife (including special status species), habitat, recreation, nearby spring monitoring, and quantity and quality reporting. Each of these concerns has been addressed or mitigated by the design of the project, or the implementation of Operator Committed Environmental Protection Measures and Practices (Section 2.5 of the Isabella Pearl mine POO (Welsh Hagen, 2018).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Operating and Post Closure Requirements and Plans** 

As part of both the Nevada Water Pollution Control Permit (WPCP) and the BLM POO, WLMC has submitted a detailed plan for monitoring designed to demonstrate compliance with the approved POO and other Federal or State environmental laws and regulations, to provide early detection of potential problems, and to supply information that will assist in directing corrective actions, should they become necessary. The plan includes discussion on water quality in the area; monitoring locations, analytical profiles, and sampling/reporting frequency. Examples of monitoring programs which may be necessary include surface and ground-water quality and quantity, air quality, revegetation, stability, noise levels, and wildlife mortality.

The BMRR also requires a process fluid management plan as part of the WPCP. This plan describes the management of process fluids, including the methods to be used for the monitoring and controlling of all process fluids. The plan also provides a description of the means to evaluate the conditions in the fluid management system, to be able to quantify the available storage capacity for meteoric waters and to define when and to what extent the designed containment capacity may been exceeded. The management of non-process (non-contact) stormwater around and between process facilities is a necessary part of the Nevada General Permit for Stormwater Discharges Associated with Industrial Activity from metals Mining Activities (NVR300000) and is typically detailed in the site-wide Stormwater Pollution Prevention Plan (SWPPP). These documents were prepared in conjunction with the WPCP.

WLMC has the following plans in place: environmental management plan, waste rock management plan, weed management plan, water management plan, emergency response plan, spill prevention, control and counter measure plan, spring monitoring plan, groundwater monitoring plan and stormwater pollution prevention plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5** **Post-Performance or Reclamation Bonds** 

The Isabella Pearl mine's location and current land ownership mean that the mine operations are subject to reclamation financial surety requirements set by the state and federal agencies. Any operator who conducts mining operations in the State of Nevada under an approved BLM POO and/or state Reclamation Permit must file a surety with the NDEP-BMRR or federal land management agency, as applicable, to ensure that reclamation will be completed on privately owned and federal land. The surety may either be: a trust fund; a bond; an irrevocable letter of credit; insurance; a corporate guarantee; or any combination thereof. The existing reclamation bond(s) associated with the exploration Notice-of-Intent (NOI) have been incorporated into the overall mine reclamation bond as part of the final authorization process. The surety will be released when all of the requirements of the permit have been fulfilled, including, but not limited to reclamation of disturbances, regrading of lands, and revegetation, as defined by the approved reclamation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.5.1***  ***Mine Closure Plan*** 

Both the BLM's 43 CFR § 3809.401(b)(3) and State of Nevada's mining regulations (NAC 519A et seq.) require closure and reclamation of mining and mineral development projects in the State of Nevada. In addition, any operator who conducts mining operations under an approved BLM POO or State

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Reclamation Permit must furnish a bond in an amount sufficient for stabilizing and reclaiming all areas disturbed by the operations.

After operations cease, residual process solution in the heap leach pad will be recirculated until the rate of flow from these facilities can be passively managed through evaporation from the lined process ponds or a combination of evaporation and infiltration (depending on final water quality). The waste rock dump will be re-graded and revegetated, pursuant to the approved reclamation plan. Buildings and facilities not identified for a post-mining use will be removed from the site during the salvage and site demolition phase. Reclamation and closure activities may be conducted concurrently, to the extent practical, to reduce the overall reclamation and closure costs, minimize environmental liabilities, and limit bond exposure.

The revegetation release criteria for reclaimed areas are presented in the Guidelines for Successful Revegetation for the NDEP, BLM, and U.S.D.A. Forest Service (NDEP, 2016). The revegetation goal is to achieve the permitted plant cover as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.5.2***  ***Reclamation Measures During Operations and Mine Closure*** 

In general, the reclamation plan outlined in the Isabella Pearl mine POO and submitted to both the BLM and the NDEP includes a description of the equipment, devices, and practices that WLMC proposes to use including, where applicable, plans for:

&nbsp;&nbsp;&nbsp;&nbsp;i. Drill hole plugging and abandonment;

&nbsp;&nbsp;&nbsp;&nbsp;ii. Regrading and reshaping;

&nbsp;&nbsp;&nbsp;&nbsp;iii. Mine reclamation, including information on pit backfilling that details economic, environmental, and safety factors;

&nbsp;&nbsp;&nbsp;&nbsp;iv. Riparian mitigation;

&nbsp;&nbsp;&nbsp;&nbsp;v. Wildlife habitat rehabilitation;

&nbsp;&nbsp;&nbsp;&nbsp;vi. Topsoil handling;

&nbsp;&nbsp;&nbsp;&nbsp;vii. Revegetation;

&nbsp;&nbsp;&nbsp;&nbsp;viii. Isolation and control of acid forming, toxic, or deleterious materials;

&nbsp;&nbsp;&nbsp;&nbsp;ix. Removal or stabilization of buildings, structures, and support facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;x. Post-closure management.

In addition, the WPCP includes a plan for the permanent closure of the facility which describes the procedures, methods and schedule for stabilizing spent process materials. The plan includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Procedures for characterizing spent process materials as they are generated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The procedures to stabilize all process components with an emphasis on stabilizing spent process materials and the estimated cost for the procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.5.3***  ***Closure Monitoring*** 

Monitoring the mine facilities after closure will ensure continued compliance with reclamation requirements and preservation of the State and Federal natural resources. Applicable monitoring programs may include, and are not limited to, the following:

● Surface water and groundwater, quality, and quantity,

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● Revegetation monitoring, and

● Slope stability for reclaimed mine facilities.

Long-term environmental monitoring of facilities like the heap leach pad and waste rock disposal areas is not anticipated after closure and reclamation are completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.5.4***  ***Reclamation and Closure Cost Estimate*** 

Conceptual reclamation and closure methods were used to evaluate the various components of the mine to estimate final closure costs. Version 1.4.1.017b of the Standardized Reclamation Cost Estimator (SRCE) was used to prepare this estimate. The SRCE uses first principles methods to estimate quantities, productivities and work hours required for various closure tasks based on inputs from the user. The physical layout, geometry and dimensions of the mine components were based on the current understanding of the site plan and facilities layout. These included current designs for the main mine components including the open pit(s), infrastructure, waste rock dumps, haul and access roads, heap leach pad, utilities, and process ponds. Equipment and labor costs were conservatively estimated using State and BLM-approved costs.

The costs associated with final reclamation and closure of the Isabella Pearl mine were updated during the 2021 POO Modification. The new cost associated with the final reclamation and closure therefore is estimated to be $12.5 million. This total is an undiscounted cost to reclaim and close the facilities associated with the mining and processing project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.5.5***  ***2022 Estimate of Current Closure Costs*** 

WLMC maintains a quarterly review of its environmental obligations as well as any updates of information related to any new regulations.

WLMC considers two levels of care in preparation of its mine closure plan for the possible future abandonment of the Isabella Pearl mine. In compliance with environmental obligations, WLMC considers two levels of care:

● Works and actions that are specifically identified in the current environmental regulations, or in case of modifications or new regulations arising and,

● The terms and conditions listed in the permissions, registers, or certificates, as established in the authorization in terms of environmental impact and although not specifically identified in any order, are the result of case-specific analysis.

A Mine Closure Plan and Reclamation Budget has been prepared WLMC based on Nevada Standardized Reclamation Cost Estimator and Cost Data File provided by BLM to calculate reclamation bonding requirements for Isabella Pearl mine.

The mine closure and reclamation cost estimate for the Isabella Pearl Mine as of December 31, 2022, is presented in Table 173.

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#### Table 17-3 : Mine Closure and Reclamation Cost Summary for the Isabella Pearl Mine as of December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Concept** | &nbsp;&nbsp;**Labor** | &nbsp;&nbsp;**Equipment** | &nbsp;&nbsp;**Materials** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Earthwork/Recontouring | &nbsp;&nbsp; $987372  | &nbsp;&nbsp; $2799912  | &nbsp;&nbsp; $22086  | &nbsp;&nbsp; $3809370  |
| &nbsp;&nbsp;Revegetation/Stabilization | &nbsp;&nbsp; $51430  | &nbsp;&nbsp; $18375  | &nbsp;&nbsp; $117803  | &nbsp;&nbsp; $187608  |
| &nbsp;&nbsp;Detoxification/Water Treatment/Waste Disposal | &nbsp;&nbsp; $1612001  | &nbsp;&nbsp; $1735937  | &nbsp;&nbsp; $467336  | &nbsp;&nbsp; $3831848  |
| &nbsp;&nbsp;Structure, Equipment Removal, and Miscellaneous | &nbsp;&nbsp; $284608  | &nbsp;&nbsp; $220418  | &nbsp;&nbsp; $138323  | &nbsp;&nbsp; $643349  |
| &nbsp;&nbsp;Monitoring | &nbsp;&nbsp; $91013  | &nbsp;&nbsp; $93548  | &nbsp;&nbsp; $133806  | &nbsp;&nbsp; $318367  |
| &nbsp;&nbsp;Construction Management and Support | &nbsp;&nbsp; $242910  | &nbsp;&nbsp; $181468  | &nbsp;&nbsp;$0  | &nbsp;&nbsp; $424378  |
| &nbsp;&nbsp;***Subtotal*** | &nbsp;&nbsp; ***$3269333***  | &nbsp;&nbsp; ***$5049658***  | &nbsp;&nbsp; ***$879354***  | &nbsp;&nbsp; ***$92149203***  |
| &nbsp;&nbsp;Indirect Costs |  |  |  | &nbsp;&nbsp; $32447758  |
| &nbsp;&nbsp;**GRAND TOTAL** |  |  |  | &nbsp;&nbsp; **$12459695**  |

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*Source: WLMC_April 2022_SRCE_Version_1_4_1_017b_(rev2) (WLMC,2022)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6** **Social and Community** 

Hawthorne, which is approximately 40 km (25 mi) west of the mine, has a population of approximately 3,192 (Nevada State Demographer, 2020). It has sufficient resources to provide general amenities, housing, and services. It is the home of the Hawthorne Army Ammunition Plant, which provides much of the employment in the area.

The small towns of Luning, about 10 km (6 mi), and Mina about 24 km (15 mi), are located to the south of the mine area. The population estimate of Luning is 98 and Mina is 179 (Nevada State Demographer, 2020). The towns provide minimal services and amenities.

Mineral County's estimated population on April 1, 2020, was 4,554 (US Census Bureau, 2021). On July 1, 2019, there were 2,842 housing units in Mineral County. In November 2021, the Mineral County labor force was 2,038 individuals, with an unemployment rate of 2.6 percent (Nevada Department of Employment Training and Rehabilitation, 2021).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **Other Significant Factors and Risks** 

Potential factors and risks that may affect access, title, or the right or ability to perform work on the property could include:

● Unidentified cultural resources

Considerable effort has been expended on conducting surface inventories within the Isabella Pearl mine boundary. For the most part, these surveys have focused on surface features and artifacts. Given the number of cultural and archeological resources in the region, it is possible for subsurface discoveries to be made during construction of the mine facilities. Such a discovery would require mitigation that could impact the mine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Adequacy of Plans to Address any Issues** 

The town of Hawthorne is within easy driving distance of the mine property and has basic amenities, medical services, housing, apartments, commercial and office space for rent and for sale, and lots for sale. The residents of Hawthorne comprise an experienced work force with historical and recent ties to mining operations in Nevada. This location already provides living areas for many employees.

There are no known social or community issues that materially impact on WLMC's ability to continue extracting mineral resources at the Isabella Pearl mine. Identified socioeconomic issues (employment, payroll, services and supply purchases, and tax) are anticipated to remain positive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.9** **Commitments to Local Procurement or Hiring** 

WLMC is committed to both local procurement and hiring. Under its Equal Opportunity Policy, WLMC will also recruit, hire, train, promote and compensate applicants and employees without regard to race, color, religion, national origin, ethnicity, age, disability, veteran status, gender, sexual affiliation or any other protected status as defined under applicable federal and state laws. WLMC will provide reasonable accommodations to qualified individuals with a disability in accordance with applicable law. WLMC will also make reasonable accommodations for religious practices as required by law. Accommodations will be provided if they are reasonable, necessary and do not create a safety hazard, or impose an undue hardship on operations.

WLMC's growth can only be met through the commitment and development of its employees. A major objective is teamwork – all employees working together to discover, mine and process our mineral resources in a safe, environmentally sound and efficient manner for the benefit of all. Safety is of the upmost importance and priority of WLMC, followed by care for the environment, care and maintenance for equipment and then production and cost goals.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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| | |
|:---|:---|
| **18** | **Capital and Operating Costs** |

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WLMC has provided an estimate of capital and operating costs in this report. The support for capital and operating costs are based on realized costs, quotations and estimates in 2022 dollars. No inflation factors have been used in the economic projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **Life-Of-Mine Capital Costs** 

A summary of total estimated capital expenditures for the Isabella Pearl mine is presented in Table 181. The capital costs are based on vendor and specialist quotations. Additional contingencies have been applied to these estimates for omissions. Total estimated LOM capital expenditures are US$1.055 million.

#### Table 18-1 : Isabella Pearl Life-of-Mine Capital Cost Summary

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;Mine Mobile Equipment<br>| &nbsp;&nbsp; $185250 <br>| &nbsp;&nbsp; $69469 <br>| &nbsp;&nbsp; $23156 <br>| &nbsp;&nbsp; $277875 <br>|
| &nbsp;&nbsp;Mine Fixed Equipment<br>| &nbsp;&nbsp; $94000 <br>| &nbsp;&nbsp; $35250 <br>| &nbsp;&nbsp; $11750 <br>| &nbsp;&nbsp; $141000 <br>|
| &nbsp;&nbsp;Plant Fixed Equipment<br>| &nbsp;&nbsp; $168000 <br>| &nbsp;&nbsp; $126000 <br>| &nbsp;&nbsp; $42000 <br>| &nbsp;&nbsp; $336000 <br>|
| &nbsp;&nbsp;Water Well<br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>|
| &nbsp;&nbsp;Various Others<br>| &nbsp;&nbsp; $150000 <br>| &nbsp;&nbsp; $112500 <br>| &nbsp;&nbsp; $37500 <br>| &nbsp;&nbsp; $300000 <br>|
| &nbsp;&nbsp;**Total Capex**<br>| &nbsp;&nbsp; **$597250** <br>| &nbsp;&nbsp; **$343219** <br>| &nbsp;&nbsp; **$114406** <br>| &nbsp;&nbsp; **$1054875** <br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** **Life-Of-Mine Operating Costs** 

Mining costs are based on actual costs derived from a Nevada mining contractor contracted by WLMC at the Isabella Pearl mine. These costs comprise ore and waste drilling and blasting, loading, and hauling and all the associated site maintenance including pits, roads, stockpiles, dumps, and storm water controls.

Processing costs are based on actual processing costs including but not limited to reagent consumption and current prices for wear and replacement parts.

Current supervisory and administrative support staff numbers are sufficient to efficiently handle the administrative, technical and management functions required for the mining operation. Provisions for training, and regulatory mandated safety functions are also included.

The unit operating costs are based on total mined material of 23.8 million tonnes (26.2 million short tons) of which 20.2 million tonnes (22.2 million short tons) is waste material and 3.6 million tonnes (4.0 million short tons) is ore.

The Isabella Pearl Mine LOM Operating Cash Costs per Tonne Processed is estimated at US$40.85 per tonne. This is based on a total ore processed of 0.9 million tonnes (1.0 million short tons). The estimated remaining mine life is 2 years, with continued gold production from the leach pad for a 3<sup>rd</sup> year.

Isabella Pearl Mine LOM Operating Cash Costs per Tonne Processed are presented in Table 182.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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#### Table 18-2 : Isabella Pearl Life-of-Mine Operating Cash Cost per Tonne Processed

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp; $5.83  | &nbsp;&nbsp; $8.71  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $6.63  |
| &nbsp;&nbsp;Processing | &nbsp;&nbsp; $10.75  | &nbsp;&nbsp; $15.34  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $13.21  |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp; $3.27  | &nbsp;&nbsp; $6.39  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $4.73  |
| &nbsp;&nbsp;G&A Mine Site | &nbsp;&nbsp; $6.58  | &nbsp;&nbsp; $12.84  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $9.51  |
| &nbsp;&nbsp;**Cash Cost of Production** | &nbsp;&nbsp; **$26.44**  | &nbsp;&nbsp; **$43.28**  | &nbsp;&nbsp; **$-**  | &nbsp;&nbsp; **$34.07**  |
| &nbsp;&nbsp;Change Inventory | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp;**Cash Cost / Tonne Processed** | &nbsp;&nbsp; **$26.44**  | &nbsp;&nbsp; **$43.28**  | &nbsp;&nbsp; **$-**  | &nbsp;&nbsp; **$34.07**  |
| &nbsp;&nbsp;Carbon / Dore Transport | &nbsp;&nbsp; $0.18  | &nbsp;&nbsp; $0.47  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $0.33  |
| &nbsp;&nbsp;Other Costs / Expenses | &nbsp;&nbsp; <u>$-</u>  | &nbsp;&nbsp; <u>$-</u>  | &nbsp;&nbsp; <u>$-</u>  | &nbsp;&nbsp; <u>$-</u>  |
| &nbsp;&nbsp;**TOTAL CASH COST OF SALE** | &nbsp;&nbsp; **$26.62**  | &nbsp;&nbsp; **$43.75**  | &nbsp;&nbsp; **$-**  | &nbsp;&nbsp; **$34.40**  |
| &nbsp;&nbsp;Royalties | &nbsp;&nbsp; $2.96  | &nbsp;&nbsp; $7.67  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $5.32  |
| &nbsp;&nbsp;Refining & Treatment Charges | &nbsp;&nbsp; $0.09  | &nbsp;&nbsp; $0.24  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $0.16  |
| &nbsp;&nbsp;Excise Tax | &nbsp;&nbsp; $0.58  | &nbsp;&nbsp; $1.50  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $0.96  |
| &nbsp;&nbsp;**CASH COST / TONNE PROCESSED** | &nbsp;&nbsp; **$30.25**  | &nbsp;&nbsp; **$53.16**  | &nbsp;&nbsp; **$-**  | &nbsp;&nbsp; **$40.85**  |

---

Excise tax is levied based on revenue over $20 million. The excise tax calculations are expressed in costs per tonne processed. The Qualified Persons note that the amount of the excise tax on a per tonne basis is different in subsequent years during the Life-of-Mine due to the lower amount of tonnes processed year-to-year (shown below). This is because mining has largely ceased, yet gold production revenue continues from the heap leach. In other words, although the tonnes and ounces processed are variable, the gold production revenue from the heap leach remains nearly constant.

Tonnes Processed (see table 19.1 below):

2023 – 660,000 tonnes

2024 – 253,668 tonnes

Isabella Pearl Mine LOM Operating Cash Cost per gold ounce sold are presented in Table 183.

#### Table 18-3 : Isabella Pearl LOM Operating Cash Cost per Ounce Sold

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;Mining<br>| &nbsp;&nbsp; $95.80 <br>| &nbsp;&nbsp; $55.23 <br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $60.56 <br>|
| &nbsp;&nbsp;Processing<br>| &nbsp;&nbsp; $176.69 <br>| &nbsp;&nbsp; $97.22 <br>| &nbsp;&nbsp; $54.41 <br>| &nbsp;&nbsp; $120.63 <br>|
| &nbsp;&nbsp;Energy<br>| &nbsp;&nbsp; $53.78 <br>| &nbsp;&nbsp; $40.48 <br>| &nbsp;&nbsp; $27.20 <br>| &nbsp;&nbsp; $43.19 <br>|
| &nbsp;&nbsp;G&A Mine Site<br>| &nbsp;&nbsp; $108.16 <br>| &nbsp;&nbsp; $81.41 <br>| &nbsp;&nbsp; $54.71 <br>| &nbsp;&nbsp; $86.85 <br>|
| &nbsp;&nbsp;**Cash Cost of Production**<br>| &nbsp;&nbsp;**$434.43** <br>| &nbsp;&nbsp;**$274.34** <br>| &nbsp;&nbsp;**$136.32** <br>| &nbsp;&nbsp;**$311.23** <br>|
| &nbsp;&nbsp;Change Inventory<br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>|
| &nbsp;&nbsp;**Cash Cost of Sale per Au Oz.**<br>| &nbsp;&nbsp;**$434.43** <br>| &nbsp;&nbsp;**$274.34** <br>| &nbsp;&nbsp;**$136.32** <br>| &nbsp;&nbsp;**$311.23** <br>|
| &nbsp;&nbsp;Carbon / Dore Transport<br>| &nbsp;&nbsp; $2.99 <br>| &nbsp;&nbsp; $3.00 <br>| &nbsp;&nbsp; $3.02 <br>| &nbsp;&nbsp; $3.00 <br>|

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Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Other Costs / Expenses<br>| &nbsp;&nbsp;<u> </u><u>$-</u> <br>| &nbsp;&nbsp;<u> </u><u>$-</u> <br>| &nbsp;&nbsp;<u> </u><u>$-</u> <br>| &nbsp;&nbsp;<u> </u><u>$-</u> <br>|
| &nbsp;&nbsp;**TOTAL CASH COST / AU OZ.**<br>| &nbsp;&nbsp;**$437.42** <br>| &nbsp;&nbsp;**$277.34** <br>| &nbsp;&nbsp;**$139.35** <br>| &nbsp;&nbsp;**$314.23** <br>|
| &nbsp;&nbsp;Royalties<br>| &nbsp;&nbsp; $48.59 <br>| &nbsp;&nbsp; $48.59 <br>| &nbsp;&nbsp; $48.59 <br>| &nbsp;&nbsp; $48.59 <br>|
| &nbsp;&nbsp;Refining & Treatment Charges<br>| &nbsp;&nbsp; $1.50 <br>| &nbsp;&nbsp; $1.50 <br>| &nbsp;&nbsp; $1.50 <br>| &nbsp;&nbsp; $1.50 <br>|
| &nbsp;&nbsp;Excise Tax<br>| &nbsp;&nbsp; $9.52 <br>| &nbsp;&nbsp; $9.50 <br>| &nbsp;&nbsp; $5.69 <br>| &nbsp;&nbsp; $8.75 <br>|
| &nbsp;&nbsp;**CASH COST**<br>| &nbsp;&nbsp;**$497.02** <br>| &nbsp;&nbsp;**$336.93** <br>| &nbsp;&nbsp;**$195.13** <br>| &nbsp;&nbsp;**$373.07** <br>|
| &nbsp;&nbsp;Exploration Sustaining<br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>| &nbsp;&nbsp; $- <br>|
| &nbsp;&nbsp;Capex Sustaining<br>| &nbsp;&nbsp; $14.87 <br>| &nbsp;&nbsp; $8.58 <br>| &nbsp;&nbsp; $5.76 <br>| &nbsp;&nbsp; $10.55 <br>|
| &nbsp;&nbsp;**CAPEX COST**<br>| &nbsp;&nbsp;**$14.87** <br>| &nbsp;&nbsp;**$8.58** <br>| &nbsp;&nbsp;**$5.76** <br>| &nbsp;&nbsp;**$10.55** <br>|
| &nbsp;&nbsp;**ALL IN CASH COST / AU OZ.**<br>| &nbsp;&nbsp;**$511.89** <br>| &nbsp;&nbsp;**$345.50** <br>| &nbsp;&nbsp;**$200.89** <br>| &nbsp;&nbsp;**$383.61** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3** **Accuracy of Cost Estimate** 

WLMC's forecasted capital and operating cost estimates are derived from annual budgets, and production history over the mine life. According to the American Association of Cost Engineering (AACE) International, these estimates would be classified as Class 1, with an accuracy range of -3% to -10% to +3% to +15%. Convergent has observed the operation and compared the costs and operating parameters to similar projects, and the QPs have reviewed the historical operating costs and find them reasonable. The mine has a relatively short remaining LOM, and the commodity prices, operating costs, and mine operations and safety parameters are not expected to have a material change in that period.

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| | |
|:---|:---|
| **19** | **Economic Analysis** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **Annual Production and Cash Flow Forecasts** 

The Isabella Pearl mine will have a 2-year life given the mineral reserves described in this report. The financial results of this report have been prepared on an annual basis. Capital and operating costs are based on realized costs, quotations and estimates in 2022 dollars. No inflation factors have been used in the economic projections. The analysis assumes static conditions for the gold market price over the remaining mine life. The gold and silver prices were set at $1,750/oz and $21/oz, respectively. These prices are based on the consensus 2023-2024 average prices (CIBC, 2023).

This economic analysis is a post-tax evaluation and is based on a base case $1,750 per ounce gold price and an assumption that the gold would be recovered over the remaining 2-year mine-life. All material was assumed to be subject to a 2.75% NSR royalty and Nevada's net proceeds tax.

Isabella Pearl LOM production showing waste and ore tonnes mined, ore grades, contained and recovered gold ounces, used in the economic analysis is summarized Table 191. Gold recovered from 2023 through 2025 reflects gold ounces currently placed on the leach pad that will be recovered going forward.

#### Table 19-1 : Isabella Pearl LOM Production Summary

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;**Total Material Tonnes Mined (t)** | &nbsp;&nbsp;**t** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1032000**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**603836**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1635836**  |
| &nbsp;&nbsp;Waste Tonnes Mined (t) | &nbsp;&nbsp;t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762925  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451059  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213983  |
| &nbsp;&nbsp;Ore Tonnes Mined (t) | &nbsp;&nbsp;t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269075  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152777  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421852  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Grade Tonnes Mined* | &nbsp;&nbsp;t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106695  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Low Grade Tonnes Mined* | &nbsp;&nbsp;t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25956  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46082  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72038  |
| &nbsp;&nbsp;Ore Gold Grade Mined | &nbsp;&nbsp;g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Grade Mined* | &nbsp;&nbsp;g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Low Grade Mined* | &nbsp;&nbsp;g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| &nbsp;&nbsp;Gold Ounces Mined | &nbsp;&nbsp;oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36037  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45018  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Grade Ounces Mined* | &nbsp;&nbsp;oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35629  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43922  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Low Grade Ounces Mined* | &nbsp;&nbsp;oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096  |
| &nbsp;&nbsp;Ore Tonnes Crushed (t) | &nbsp;&nbsp;t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253668  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913668  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Grade Tonnes Crushed* | &nbsp;&nbsp;t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308402  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106695  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415096  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Low Grade Tonnes Crushed* | &nbsp;&nbsp;t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351598  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146973  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498572  |
| &nbsp;&nbsp;Ore Gold Grade Crushed (g/t) | &nbsp;&nbsp;g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Grade Crushed* | &nbsp;&nbsp;g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84  |

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Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>149

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*Low Grade Crushed* | &nbsp;&nbsp;g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51  |
| &nbsp;&nbsp;Gold Ounces Crushed (oz.) | &nbsp;&nbsp;oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48733  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59383  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Grade Ounces Crushed* | &nbsp;&nbsp;oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42896  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51189  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Low Grade Ounces Crushed* | &nbsp;&nbsp;oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8194  |
| &nbsp;&nbsp;**Gold Ounces Recovered (oz.)** | &nbsp;&nbsp;**oz.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40163**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40020**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19850**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100033**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Annual Production and Gross Sales Forecasts** 

Isabella Pearl LOM gross sales used in the economic analysis is summarized Table 192.

#### Table 19-2 : Isabella Pearl LOM Gross Sales

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;Gold Production (ozt) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40163  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40020  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19850  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100033  |
| &nbsp;&nbsp;Gold Price ($/ozt) | &nbsp;&nbsp; $1750  | &nbsp;&nbsp; $1750  | &nbsp;&nbsp; $1750  | &nbsp;&nbsp; $1750  |
| &nbsp;&nbsp;Revenue from Gold ($) | &nbsp;&nbsp; $70284711  | &nbsp;&nbsp; $70035000  | &nbsp;&nbsp; $34737500  | &nbsp;&nbsp; $175057211  |
| &nbsp;&nbsp;Silver Production (ozt) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32130  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32016  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15880  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80026  |
| &nbsp;&nbsp;Silver Price ($/ozt) | &nbsp;&nbsp; $21.00  | &nbsp;&nbsp; $21.00  | &nbsp;&nbsp; $21.00  | &nbsp;&nbsp; $21.00  |
| &nbsp;&nbsp;Revenue from Silver ($) | &nbsp;&nbsp; $674733  | &nbsp;&nbsp; $672336  | &nbsp;&nbsp; $333480  | &nbsp;&nbsp; $1680549  |
| &nbsp;&nbsp;Gold Equivalent Ounces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40548  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40404  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20041  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100993  |
| &nbsp;&nbsp;**TOTAL SALES** | &nbsp;&nbsp; **$70959444**  | &nbsp;&nbsp; **$70707336**  | &nbsp;&nbsp; **$35070980**  | &nbsp;&nbsp; **$176737760**  |

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Isabella Pearl LOM pre-tax cash flow is summarized Table 193.

#### Table 19-3 : Isabella Pearl LOM Free Cash Flow Summary

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;**Gross Sales** | &nbsp;&nbsp; **$70959444**  | &nbsp;&nbsp; **$70707336**  | &nbsp;&nbsp; **$35070980**  | &nbsp;&nbsp; **$176737760**  |
| &nbsp;&nbsp;Cost of Goods Sold | &nbsp;&nbsp; $(17830122) | &nbsp;&nbsp; $(11359389) | &nbsp;&nbsp; $(2819032) | &nbsp;&nbsp; $(32008543) |
| &nbsp;&nbsp;Refining & Treatment Charges | &nbsp;&nbsp; $(60244) | &nbsp;&nbsp; $(60030) | &nbsp;&nbsp; $(29775) | &nbsp;&nbsp; $(150049) |
| &nbsp;&nbsp;Selling Expenses | &nbsp;&nbsp; $(2071385) | &nbsp;&nbsp; $(2064452) | &nbsp;&nbsp; $(1024452) | &nbsp;&nbsp; $(5160288) |
| &nbsp;&nbsp;Administration Expenses | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp;**Operating Cost** | &nbsp;&nbsp; **$(19961751)** | &nbsp;&nbsp; **$(13483870)** | &nbsp;&nbsp; **$(3873259)** | &nbsp;&nbsp; **$(37318880)** |
| &nbsp;&nbsp;Exploration Expenses | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp; **$50997693**  | &nbsp;&nbsp; **$57223466**  | &nbsp;&nbsp; **$31197721**  | &nbsp;&nbsp; **$139418880**  |
| &nbsp;&nbsp;Capex - Development | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp;Capex Sustaining | &nbsp;&nbsp; $(597250) | &nbsp;&nbsp; $(343219) | &nbsp;&nbsp; $(114406) | &nbsp;&nbsp; $(1054875) |
| &nbsp;&nbsp;**Free Cash** | &nbsp;&nbsp; **$50400443**  | &nbsp;&nbsp; **$56880247**  | &nbsp;&nbsp; **$31083314**  | &nbsp;&nbsp; **$138364005**  |

---

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>150

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Life-of-Mine Cash Flow Forecast** 

The economic results, at a discount rate of 5%, indicate a Net Present Value (NPV) of $85.1 million (after estimated taxes). The following provides the basis of the Isabella Pearl LOM plan and economics:

● A mine life of 2 years, with continued gold production from the leach pad for a 3 <sup>rd</sup> year;

● An overall average gold recovery of 60% for ROM ore and 81% for crushed ore;

● An average operating cost of $384/ Au oz-produced;

● Sustaining capital costs of $1.055 million and a mine closure cost estimate of $12.2 million. As of December 31, 2022, an estimated $0.3 million had been spent since the mine closure cost of $12.5 million was estimated

● The analysis does not include any allowance for end of mine salvage value.

The Isabella Pearl mine cash flow projection is presented in Table 194.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>151

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

#### Table 19-4 : Isabella Pearl LOM Cash Flow
![Graphic](ftco-20221231xex96d1070.jpg)

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Total ore processed includes material drawn from both high-grade and low-grade stockpiles plus the in situ mineral reserves.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Gold production and revenue reflect recoverable metal inventory already placed on the leach pads but not yet fully recovered.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** **Nevada State Taxes** 

The Isabella Pearl mine is subject to the Nevada Excise Tax (AB495), Nevada Net Proceeds of Minerals tax, Nevada property and sales taxes, and U.S. income taxes. The Net Proceeds of Minerals tax is assessed on minerals when they are sold or removed from Nevada. The tax is levied on 100% of the value of the net proceeds (gross proceeds minus allowable deductions for tax purposes)." Calculation of this tax is made at 2-5%, depending on the percentage ratio of net proceeds to gross yield. The Nevada Excise Tax is levied on the gross revenue of gold and silver producers at either 0.75% or 1.1% depending on the gross revenues of the gold and silver production, subject to an annual revenue exclusion of $20 million. Federal income tax has been applied at 21%.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>152

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5** **Sensitivity Analysis** 

Table 195 and Figure 191 present a sensitivity analysis on the economics of the project. The gold price plays a major role in the performance of the NPV.

#### Table 19-5 Isabella Pearl Mine Sensitivity to Capex & Au Price

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Lower Case** | &nbsp;&nbsp;**Base Case** | &nbsp;&nbsp;**Upper Case** |
|  | &nbsp;&nbsp;-10% | &nbsp;&nbsp;0% | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;**Capex** | &nbsp;&nbsp; $949388  | &nbsp;&nbsp; $1054875  | &nbsp;&nbsp; $1160363  |
| &nbsp;&nbsp;**NPV (5%)** | &nbsp;&nbsp; $85195691  | &nbsp;&nbsp; $85092902  | &nbsp;&nbsp; $84990112  |
| &nbsp;&nbsp;**Au Price** | &nbsp;&nbsp; $1575  | &nbsp;&nbsp; $1750  | &nbsp;&nbsp; $1925  |
| &nbsp;&nbsp;**NPV (5%)** | &nbsp;&nbsp; $73633797  | &nbsp;&nbsp; $85092902  | &nbsp;&nbsp; $96552007  |

---

![Graphic](ftco-20221231xex96d1071.jpg)

#### Figure 19-1 Graph of Isabella Pearl Sensitivity to Capex and Gold Price
Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>153

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| **20** | **Adjacent Properties** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** **Registrant Properties** 

WLMC, either directly or through either GRC Nevada Inc. (GRCN), County Line Minerals Corp. (CLMC) or County Line Holdings Inc. (CLH), related subsidiaries of FGC, control additional claims adjoining the Isabella Pearl mine and several properties within a 30 km (18 mi) radius. The additional properties include Mina Gold, East Camp Douglas, County Line, and Golden Mile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.1***  ***Isabella Pearl Mineralized Trend*** 

WLMC controls 478 claims covering approximately 26 km (16 mi) along the Isabella Pearl mineralized trend to the northwest (Fig. 20.1). This is in addition to the 90 claims that cover the Isabella Pearl deposit and mine area. The claims include a combination of purchase acquisition and staking of new unpatented claims. These additional claims are summarized in Table 201.

#### Table 20-1 Unpatented Lode Mineral Claims held by WLMC Adjacent to Isabella Pearl

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Operator** | &nbsp;&nbsp;**Location Years** | &nbsp;&nbsp;**No. of Claims** |
| &nbsp;&nbsp;Acquired | &nbsp;&nbsp;TXAU | &nbsp;&nbsp;1944 - 2011 | &nbsp;&nbsp;282 |
| &nbsp;&nbsp;Acquired | &nbsp;&nbsp;NV Select Royalty | &nbsp;&nbsp;2016 | &nbsp;&nbsp;132 |
| &nbsp;&nbsp;Staked | &nbsp;&nbsp;WLMC | &nbsp;&nbsp;2020 | &nbsp;&nbsp;64 |
|  | &nbsp;&nbsp;**TOTAL** |  | &nbsp;&nbsp;**478** |

---

Figure 201 shows the current land position and significant prospects along a nearly 26 km (16 mi) trend extending northwest of the Isabella Pearl mine. At least twenty-four gold prospect sites have been defined by previous operators (TXAU, CMRC, Homestake and others) along the northwest trend. At least twelve are considered high priority prospective target areas under current examination by WLMC within the entire Isabella Pearl claim area.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>154

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

![Graphic](ftco-20221231xex96d1072.jpg)

**Figure 20-1 : WLMC's regional land status highlighting Isabella Pearl, and other important mines and prospects. Outline shows WLMC land position and red dots represent significant prospects or mines; blue stars indicate historic mines.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.2***  ***Other Registrant Properties*** 

FGC, through either GRCN, CLMC or CLH, has purchased four other properties near, but not adjacent with the Isabella Pearl mine. These include the County Line, Mina Gold, Golden Mile and East Camp Douglas projects within the Walker Lane Mineral Belt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** **Other Properties** 

Isabella Pearl mine is situated along strong structural controls and alignments within the Walker Lane mineral belt which hosts numerous significant epithermal gold and silver deposits. Significant mines and mining districts located along the Walker Lane mineralized trend include Aurora, Bodie, Bullfrog, Comstock, Goldfield, Silver Peak (Mineral Ridge) and Tonopah.

Only one company holds claims adjacent to Isabella Pearl. Lahontan Gold Corp. (Lahontan) controls the Santa Fe project on the Isabella Pearl mineralized trend. This project is located just southeast and across the highway from the Isabella Pearl mine and was mined in the late 1980's and early 1990's. The Santa Fe mine reportedly produced 345,500 ounces of gold and 710,600 ounces of silver from four deposits

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>155

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

averaging about 1.16 g/t (0.034 opst) gold and 8.6 g/t (0.25 opst) silver (Nevada Bureau of Mines and Geology, 1996). Convergent has independently verified this information, and this information is independent of the mineralization at Isabella Pearl.

Currently the Santa Fe project contains four previously mined pits, the Santa Fe, Slab, Calvada, and York pits, as well as two additional prospective zones, the BH Zone and the Pinnacles zone. On January 17, 2023, Lahontan announced a Mineral Resource Estimate ("MRE") for Santa Fe (Lahontan, 2023). Project-wide pit constrained mineral resources included Indicated Oxide Resources totaling 21.6 Mt grading 1.03 g/t Au Eq for 712,000 Au Eq ounces and Inferred Oxide Resources total 11.1 Mt grading 0.73 g/t Au Eq for 262,000 Au Eq ounces.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>156

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| **21** | **Other Relevant Data and Information** |

---

There is no other additional information or explanation necessary to provide a complete and balanced presentation of the value of the property to the registrant. This technical report was prepared to be as understandable as possible and to not be misleading.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>157

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| **22** | **Interpretation and Conclusions** |

---

Isabella Pearl is a producing gold mine with a favorable economic projection based on actual operating costs and a detailed mining and processing plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Interpretation** 

Precious-metal mineralization in the Isabella Pearl mine area occurs in a thick sequence of Oligocene ash flow tuffs that overlies Triassic sedimentary rocks intruded by Jurassic or Cretaceous stocks and dikes. Welded and unwelded portions of the Guild Mine Member of the Mickey Pass Tuff host several gold-silver deposits that are the focus of this report. The Isabella Pearl deposit geology is generally understood, and structural geology and alteration are the primary controls on mineralization.

As prepared by WLMC and reviewed by Convergent, the Isabella Pearl drill hole database and assay data are adequate for the estimation of the mineral resources. The extracted drill hole database contains 596 unique collar records and 34,936 assay records, broken down by drilling type as:

● AT: 6 drill holes for 82.0 m (269 ft)

● RC: 554 drill holes for 53,317.2 m (174,925 ft)

● DDH: 36 drill holes for 3,564.4 m (11,695 ft)

Mineral resources at Isabella Pearl are further defined within a constraining pit shell and above a defined cut-off value. Mineral resources reported herein has been constrained within a Lerchs-Grossman optimized pit shell and are reported at a cut-off grade of 0.33 g/t Au (0.01 opst).

Measured and Indicated mineral resources reported herein for Isabella Pearl contain 924,300 tonnes (1,018,900 short tons) of material at an average gold grade of 3.22 g/t Au (0.094 opst Au) and 37 g/t Ag (1.085 opst Ag) (Table 11.8). Inferred mineral resources reported for Isabella Pearl contain 130,800 tonnes (144,000 short tons) of material at an average gold grade of 1.37 g/t Au (0.040 opst Au) and 12 g/t Ag (0.354 opst Ag). The modeling and estimation of mineral resources presented herein is based on technical data and information available as of December 31, 2022.

Mineral resources are reported inclusive of mineral reserves. Oxide mineral resources, and only sulfide mineralization within the Pearl pit pushback, are reported as mineral resources.

The physical locations of mineral resources have been confirmed at the mining scale using blast-hole drilling results and grade control modeling.

The conversion of mineral resources to mineral reserves required accumulative knowledge achieved through LG pit optimization, detailed pit design, scheduling and associated modifying factors. Detailed access, haulage, and operational cost criteria were applied in this process for Isabella Pearl deposit.

The quantities of material within the designed pits were calculated using a cut-off grade of 0.61 g/t Au for crushed ore and material grading between 0.33 and 0.61 g/t Au being sent to a low-grade stockpile for

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>158

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

either future crushing or direct placement on the heap as ROM ore. The consensus 2023-2024 average price of $1,750oz for gold (CIBC, 2023) was observed at the time of this mineral reserve estimate.

The proven and probable mineral reserves reported for the Isabella Pearl mine, using diluted grades, is 0.91 million tonnes (1.01 million short tons) at an average gold grade of 2.02 g/t Au (0.059 opst Au) and 22 g/t Ag (0.6 opst Ag) containing 59,400 ounces of gold and 640,600 ounces of silver.

WLMC also controls over 478 mining claims along the Walker Lane trend to the northwest of the deposit. Multiple exploration targets have been identified that are not included in the property that is the subject of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Conclusions** 

Based upon the above interpretations Convergent has drawn the following conclusions:

The collected sample data adequately reflect deposit dimensions, widths of mineralization, and the deposit style.

Measured and Indicated Mineral Resources were converted to Proven and Probable Mineral Reserves, respectively, through the application of modifying factors. Inferred Mineral Resources were not converted to Mineral Reserves.

Mineral Reserves are estimated by qualified professionals using modern mine planning software in a manner consistent with industry practice.

The orientation, proximity to the topographic surface, and geological controls of the Isabella Pearl mineralization support continued mining of the mineral reserves with open pit mining techniques. To calculate the mineable reserve, pits were designed following an optimized LG pit based on a $1,750/oz Au sales price. This price was chosen to create the primary guide surface based on a price sensitivity and subsequent profitability study that showed that the $1,750 pit maximized profitability while reducing capital requirements.

The mineral resources are constrained within an economic pit shell based on near market price and operating parameters, including metal recoveries with the current heap leach processing. The resources are thus limited by current processing and economics and there is additional sulfide material defined outside of the shell. This material is not constrained by drilling, and it has a potential to be converted to a mineral resource with additional metallurgical study and future drilling.

The Isabella Pearl mine's economic viability is exposed to risk from changes in external factors which would lead to increases in input costs (e.g., operating costs), or a fall in the price of gold which would reduce revenue. A decrease in gold price would not only reduce revenue but could also reduce the amount of economically mineable ore as a decrease in metal prices would result in a higher cut-off grade. Under the current gold price environment, the mineral reserves are considered robust.

Typical environmental risks include items being discovered on the mine site such as sensitive or endangered botany, or cultural artifacts, which could affect potential expansion and make additional

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>159

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

permitting difficult at the Isabella Pearl mine. No environmental and permitting risks were identified and the BLM has issued all regulatory permits to operate the mine. Internal risks, specific to the mine include:

● Current drill spacing is considered adequate but there is a low risk of a decrease in mineral resources due to additional drilling and subsequent re-modeling and re-estimations.

● Predicted gold recovery from the Isabella Pearl ore is based on the results of column-leach tests and expected results could be lower than expected. This risk is deemed to be low, given the numerous metallurgical tests that have been conducted on the Isabella Pearl mineral resources during the past 30 years.

● Should the metallurgical efficiencies and reagent consumption rates assumed in previous studies not be generally achieved, the mine may not achieve the predicted economic performance.

● Finding and keeping the skilled employees required to operate the Isabella Pearl mine has proven to be challenging, given its rural location. Inadequate staffing could potentially increase operating costs by reducing operating efficiencies and increasing repair and maintenance costs. Recruiting costs might be higher than predicted.

● Commodity price increases for key consumables such as diesel, electricity, and tires could negatively impact operating costs, and the stated mineral reserves and mineral resources.

● Changes to assumptions as to governmental tax or royalty rates, such as taxation rate increases or new taxation or royalty imposts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3** **Significant Opportunities** 

The 2022 Crimson and Scarlet drill program has confirmed gold mineralization associated with the northwestern structural extensions of the Isabella Pearl mine. This high-grade mineralization remains open to the northwest along the Isabella Pearl trend. WLMC has applied for a permit to expand the Isabella Pearl mine plan boundary to the northwest, which opens up additional areas associated with the Scarlet target for exploration within the permitted mine plan. Scarlet is just one of multiple gold targets associated within WLMC's Isabella Pearl property covering approximately 26 km (16 mi) of an important mineralized fault corridor in the Walker Lane Mineral Belt. The numerous exploration targets are expected to host additional open pit deposits for continued mining operations.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>160

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| **23** | **Recommendations** |

---

The QP's preparing this report for WLMC recommend that the Isabella Pearl mine continue with open pit mining and processing the ore by screening, stacking, heap leaching, ADR and doré production. Additional RC drilling to convert mineral resources to mineral reserves is recommended.

The QP's also recommend that WLMC investigate the possibility of producing sulfide concentrates from the deeper sulfide material for potential sale to mill operators. Should any of this material be developed as mineral resources and mineral reserves, there is an opportunity to extend the life of the operation, and with a potentially larger pit, to extract more oxide material for possible future heap leaching. An initial work programs would be accomplished with consulting services using currently available samples, or samples generated in new drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **RC Drilling for Mineral Reserves** 

The Isabella Pearl mine will benefit from additional drilling to the northwest of the Isabella Pearl deposit, mainly on the Crimson, Scarlet South and Silica Knob structures. There is already potential identified for mineral reserve expansion in this area. In 2023, additional exploration targets include the nearby Twin Hills/Prospect Mountain area, and further along strike to the northwest, at the Wildhorse prospect. Once exploration drilling is completed, mineral resource and reserve estimates will be updated, and the mine plan modified to incorporate any new mineral reserves. The proposed budget for 9,982m (32,750 ft) of exploration RC and core drilling is shown in Table 231. The estimated cost of the recommended exploration drilling program is $2,631,300. The cost of this recommended work has not been included in the Isabella Pearl cash-flow model.

#### Table 23-1 Detailed Budget for Proposed Exploration Drilling at Isabella Pearl Mine

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**TOTALS ($USD)** |
| &nbsp;&nbsp;**1233 IP-EXPLORATION** | &nbsp;&nbsp;**1233 IP-EXPLORATION** |
| &nbsp;&nbsp;Salaries and Wages | &nbsp;&nbsp;**4000** |
| &nbsp;&nbsp;Health Insurance |  |
| &nbsp;&nbsp;401K Expense |  |
| &nbsp;&nbsp;Payroll Taxes Employer | &nbsp;&nbsp;**1200** |
| &nbsp;&nbsp;Contractors Drilling (Core) – ***457 m*** | &nbsp;&nbsp;**97500** |
| &nbsp;&nbsp;Contractors Services | &nbsp;&nbsp;**30000** |
| &nbsp;&nbsp;Material Used by Contractors | &nbsp;&nbsp;**11250** |
| &nbsp;&nbsp;Topographical Studies |  |
| &nbsp;&nbsp;Environmental Studies |  |
| &nbsp;&nbsp;Laboratory Assays | &nbsp;&nbsp;**7500** |
| &nbsp;&nbsp;Maintenance Vehicles |  |
| &nbsp;&nbsp;Consulting Services ***(Metallurgical)*** | &nbsp;&nbsp;**50000** |
| &nbsp;&nbsp;Consulting Services ***(Geological)*** | &nbsp;&nbsp;**10000** |
| &nbsp;&nbsp;Airfare | &nbsp;&nbsp;**400** |
| &nbsp;&nbsp;Lodging | &nbsp;&nbsp;**400** |
| &nbsp;&nbsp;Meals | &nbsp;&nbsp;**400** |
| &nbsp;&nbsp;Other Travel Expenses |  |
| &nbsp;&nbsp;Gasoline | &nbsp;&nbsp;**200** |

---

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>161

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;Diesel | &nbsp;&nbsp;**250** |
| &nbsp;&nbsp;Office Supplies |  |
| &nbsp;&nbsp;Gas |  |
| &nbsp;&nbsp;Field Supplies and Materials | &nbsp;&nbsp;**700** |
| &nbsp;&nbsp;Land Rights | &nbsp;&nbsp;**93700** |
| &nbsp;&nbsp;Registration Fees and Charges | &nbsp;&nbsp;**6900** |
| &nbsp;&nbsp;Registration Fees and Charges (Fee Land) | &nbsp;&nbsp;**2600** |
| &nbsp;&nbsp;Allocation of Labor Costs | &nbsp;&nbsp;**6000** |
| &nbsp;&nbsp;**1233 IP-Exploration Subtotal** | &nbsp;&nbsp;**323000** |
| &nbsp;&nbsp;**1234 SCARLET PROJECT** | &nbsp;&nbsp;**1234 SCARLET PROJECT** |
| &nbsp;&nbsp;Salaries and Wages | &nbsp;&nbsp;**24800** |
| &nbsp;&nbsp;Health Insurance | &nbsp;&nbsp;**4800** |
| &nbsp;&nbsp;401K Expense | &nbsp;&nbsp;**2400** |
| &nbsp;&nbsp;Payroll Taxes Employer | &nbsp;&nbsp;**2400** |
| &nbsp;&nbsp;Contractors Drilling (RC) – ***6,477 m*** | &nbsp;&nbsp;**637500** |
| &nbsp;&nbsp;Contractors Services | &nbsp;&nbsp;**467500** |
| &nbsp;&nbsp;Material Used by Contractors | &nbsp;&nbsp;**106250** |
| &nbsp;&nbsp;Topographical Studies | &nbsp;&nbsp;**7200** |
| &nbsp;&nbsp;Environmental Studies | &nbsp;&nbsp;**10000** |
| &nbsp;&nbsp;Laboratory Assays | &nbsp;&nbsp;**149750** |
| &nbsp;&nbsp;Maintenance Vehicles | &nbsp;&nbsp;**7200** |
| &nbsp;&nbsp;Consulting Services | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;Airfare | &nbsp;&nbsp;**3600** |
| &nbsp;&nbsp;Lodging | &nbsp;&nbsp;**7200** |
| &nbsp;&nbsp;Meals | &nbsp;&nbsp;**4800** |
| &nbsp;&nbsp;Auto Rental and Other Transport | &nbsp;&nbsp;**8400** |
| &nbsp;&nbsp;Other Travel Expenses | &nbsp;&nbsp;**3600** |
| &nbsp;&nbsp;Gasoline | &nbsp;&nbsp;**2600** |
| &nbsp;&nbsp;Diesel | &nbsp;&nbsp;**10800** |
| &nbsp;&nbsp;Office Supplies | &nbsp;&nbsp;**2400** |
| &nbsp;&nbsp;Gas | &nbsp;&nbsp;**4800** |
| &nbsp;&nbsp;Field Supplies and Materials | &nbsp;&nbsp;**14000** |
| &nbsp;&nbsp;Allocation of Labor Costs | &nbsp;&nbsp;**45000** |
| &nbsp;&nbsp;**1234 Scarlet Project Subtotal** | &nbsp;&nbsp;**1532000** |
| &nbsp;&nbsp;**1237 WILDHORSE PROJECT** | &nbsp;&nbsp;**1237 WILDHORSE PROJECT** |
| &nbsp;&nbsp;Salaries and Wages | &nbsp;&nbsp;**16000** |
| &nbsp;&nbsp;Health Insurance |  |
| &nbsp;&nbsp;401K Expense |  |
| &nbsp;&nbsp;Payroll Taxes Employer | &nbsp;&nbsp;**1200** |
| &nbsp;&nbsp;Contractors Drilling (RC) – ***3,048 m*** | &nbsp;&nbsp;**300000** |
| &nbsp;&nbsp;Contractors Services | &nbsp;&nbsp;**280000** |
| &nbsp;&nbsp;Material Used by Contractors | &nbsp;&nbsp;**50000** |
| &nbsp;&nbsp;Topographical Studies |  |
| &nbsp;&nbsp;Environmental Studies | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;Laboratory Assays | &nbsp;&nbsp;**72000** |
| &nbsp;&nbsp;Maintenance Vehicles |  |
| &nbsp;&nbsp;Consulting Services | &nbsp;&nbsp;**7500** |
| &nbsp;&nbsp;Airfare | &nbsp;&nbsp;**1200** |
| &nbsp;&nbsp;Lodging | &nbsp;&nbsp;**3600** |
| &nbsp;&nbsp;Meals | &nbsp;&nbsp;**2400** |

---

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>162

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;Other Travel Expenses |  |
| &nbsp;&nbsp;Gasoline | &nbsp;&nbsp;**1400** |
| &nbsp;&nbsp;Diesel | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;Office Supplies |  |
| &nbsp;&nbsp;Gas |  |
| &nbsp;&nbsp;Field Supplies and Materials | &nbsp;&nbsp;**7000** |
| &nbsp;&nbsp;Allocation of Labor Costs | &nbsp;&nbsp;**24000** |
| &nbsp;&nbsp;**1237 Wildhorse Project Subtotal** | &nbsp;&nbsp;**776300** |
| &nbsp;&nbsp;**ISABELLA-PEARL EXPLORATION TOTAL** | &nbsp;&nbsp;**2631300** |

---

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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<sup>Fortitude Gold Corporation</sup>163

<u>Isabella Pearl Mine</u> <u> </u><u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| **24** | **References** |

---

Aqua Hydrogeologic Consulting, 2012, Isabella Pearl Mine Monitoring Well Drilling Report.

Aqua Hydrogeologic Consulting, 2016, Isabella Pearl Production Well Drilling, Construction and Pumping Test Report.

Back, G. N., 2009, Isabella-Pearl Project Biological Baseline Survey prepared by Great Basin Ecology, Inc.

Brown, F.H., Garcia, J.R., Devlin, B.D., and Lester, J.L., 2018, Report on the Estimate of Reserves and the Feasibility Study for the Isabella Pearl Project, Mineral County, Nevada for Walker Lane Minerals Corp., 270p.

Brown, F. H., Garcia, J. R., Devlin, B. D., and Lester, J. L., 2021, Report on the estimates of mineral resources and mineral reserves for the Isabella Pearl Mine, Mineral County, Nevada for Walker Lane Minerals Corp.; Fortitude Gold Corporation Company report, p. 190.

Carr, J., 2007, Preliminary Review of Selected Unpatented Mining Claims, Sections 26, 26, 34 and 35, T9N, R34E and Section 3, T8N, R34E, Mineral County, Nevada, 25p. plus attachments.

CIBC, 2021, Global Mining Group, Analyst Consensus Commodity Price Forecasts, November 30, 2021.

CIBC, 2023, Global Mining Group, Analyst Consensus Commodity Price Forecasts, January 3, 2023.

Diner, Y. A., 1983, The HY precious metals lode prospect, Mineral County, Nevada: Master's thesis submitted to the Department of Applied Science, Stanford University, California, 11 plates, p. 218.

Ekrin, E. B. and Byers, F.M. Jr., 1985, Geologic Map of the Gabbs Mountain, Mount Ferguson, Luning, and Sunrise Flat Quadrangles.

Erwin, T. P., 2016, Mineral Status Report Mina Project Mineral County Nevada: Confidential Legal Advice provide to Gold Resource Corporation, 34p.

Great Basin Ecology, Inc., 2017, Isabella Pearl Project Biological Survey

Golden, J., 2000, Walker Lane Property, Level I Feasibility Report for the Isabella Mine: report prepared for Combined Metals Reduction Company by Sierra Mining & Engineering, LLC, 40p. and appendices.

Golder Associates Inc., 2020, "Site Visit and Geotechnical Review of Open Pit Mine Slopes Isabella Pearl Mine, Mineral County, Nevada"

Hamm, J.C., 1999, Geology, exploration potential and recommended exploration drilling program respecting the Walker Lane Property of Combined Metals Reduction Company, Tesoro Gold Company (internal company report), p. 127.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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Hamm, J. C., 2010, Technical Report on the Walker Lane Property: report prepared for Tesoro Gold Company, 103p.

Hedenquist, J., 2017a, Exploration for Lithocap-Hosted Epithermal Deposits: private presentation to Gold Resource Corp., Nevada: August 2017

Hedenquist, J., 2017b, Observations after brief visit to Isabella Pearl property, Nevada: private report for Walker Lane Minerals Corp., 4p

Hulse, D.E., Emanuel, C. & Crundwell, I.H., 2022, S-K 1300 Technical Report Summary, Isabella Pearl Mine, Mineral County, NV, 180 p

Kappes, Cassiday & Associates, 2017, Isabella Pearl Project Report of Metallurgical Test Work July 2017, 178p.

Lahontan Gold Corp., 2023, News Release dated January 17, 2023

Miskelly, N., 2003, Progress on International Standards for Reporting of Mineral Resources and Reserves by Norman Miskelly, Chairman, Combined Reserves International Reporting Standards Committee (CRIRSCO) dated September 20, 2003; 22 pgs.

Nevada Bureau of Mines and Geology, 1996, The Nevada Mineral Industry 1996: Special Publication, University of Nevada, Reno, 59 p.

Nevada Department of Employment, Training and Rehabilitation, 2021, www.nvdetr.org

Nevada Division of Environmental Protection, Bureau of Mining Regulation and Reclamation. Guidance Document, Attachment B, Guidelines for Successful Revegetation for the Nevada Division of Environmental Protection, The Bureau of Land Management and the U.S.D.A. Forest Service. September 2016.

Nevada State Demographer, 2020, www.nvdemography.org

Prenn, N. B., and Gustin, M. M., 2008, Resource Report and Scoping Study, Isabella-Pearl Deposits, Gabbs Valley Project, Mineral County, Nevada: report prepared for TXAU Investments, Inc. by Mine Development Associates, 78p.

Prenn, N. B., and Gustin, M. M., 2011 & 2013, Pre-Feasibility Study and Updated Resource Report, Isabella-Pearl Deposits, Mineral County, Nevada: unpublished report prepared for Isabella Pearl LLC ("TXAU"), Inc. by Mine Development Associates, 127p.

SEC, 1992, Industry Guide 7: Description of property by issuers engaged or to be engaged in significant mining operations. Release No. FR-39, July 30, 1992, effective August 13, 1992, 57 Federal Register 36442.

SEC, 2018a, Securities and Exchange Commission (SEC) 17 CFR Parts 229, 230, 239, and 249, RIN 3235-AL81, Modernization of Property Disclosures for Mining Registrants, Final Rule; 453 pgs.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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SEC, 2018b, Securities and Exchange Commission (SEC) Adopts Rules to Modernize Property Disclosures Required for Mining Registrants, Press Release (Release Nos. 33-10570; 34-84509; File No. S7-10-16) Dated October 31, 2018; 3 pgs.

Telesto Nevada Inc., 2008, Geotechnical Investigation Report, Isabela-Pearl Joint Venture Mineral County, Nevada

Tierra Group International, Ltd., 2021, Isabella Pearl Mine – Pit Expansion Slope Stability Assessment

US Census Bureau, 2021, www.census.gov

Welsh Hagen Associates, 2018, Plan of Operations and Reclamation Plan Isabella Pearl Project Luning, NV prepared for Walker Lane Minerals Corp., 81p.

Winmill, P. J., 2008, Title opinion on certain unpatented mining claims Mineral County, Nevada: private report prepared for HB Engineering Group for the benefit of TXAU Investments, 21p.

WLMC April 2022,_ Isabella Pearl Project, Standardized Reclamation Cost Estimate, SRCE_Version_1_4_1_017b_(rev2).pdf, 29p.

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

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---

| | |
|:---|:---|
| **25** | **Reliance on Information Provided by Registrant** |

---

Preparation of this technical report has relied on information provided by the registrant for the following:

● Mineral Claim Information

● Environmental and Operational Permit Information

● Technical studies provided by third party consultants (geotechnical and hydro-geological)

● Historical Cost and Production Information.

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**APPENDIX A: GLOSSARY**

**A.1** **Definition of Terms**

The following terms used in this report shall have the following meanings:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Doré: | Unrefined gold and silver bars usually containing more than 90% precious metal. |
| &nbsp;&nbsp;&nbsp;Epithermal: | Used to describe gold deposits found on or just below the surface close to vents or volcanoes, formed at low temperature and pressure. |
| &nbsp;&nbsp;&nbsp;Gram:<br>Gold Institute Production Cost Standard: | A metric unit of weight and mass, equal to 1/1000<sup>th</sup> of a kilogram. One gram equals .035 ounces. One ounce equals 31.103 grams.<br>To improve the reporting practices within the gold mining industry, the gold industry in 1996 adopted The Gold Institute Production Cost Standard, a uniform format for reporting production costs on a per-ounce basis. The purpose of the Standard is to provide analysts and other market observers with a means to make more-reliable financial comparisons of companies and their operations. |
| &nbsp;&nbsp;&nbsp;Hectare: | Another metric unit of measurement, for surface area. One hectare equals 1/200<sup>th</sup> of a square kilometer, 10,000 square meters, or 2.47 acres. A hectare is approximately the size of a soccer field. |
| &nbsp;&nbsp;&nbsp;Kilometer: | Another metric unit of measurement, for distance. The prefix "kilo" means 1000, so one kilometer equals 1,000 meters, one kilometer equals 3,280.84 feet, which equals 1,093.6 yards, which equals 0.6214 miles. |
| &nbsp;&nbsp;&nbsp;Net Smelter Return Royalty:  | A share of the net revenue generated from the sale of metal produced by the mine.<br>Usage-based payments made by one party (the "licensee") to another (the "licensor") for the right to ongoing use of an asset, sometimes called an intellectual property. Typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold. |
| &nbsp;&nbsp;&nbsp;Ore or Ore Deposit: | Rocks that contain economic amounts of minerals in them and that are expected to be profitably mined. |
| &nbsp;&nbsp;&nbsp;Silicified: | Is combined or impregnated with silicon or silica. |
| &nbsp;&nbsp;&nbsp;Tonne: | A metric ton. One tonne equals 1000 kg<sub>. </sub>It is approximately equal to 2,204.62 pounds. |
| &nbsp;&nbsp;&nbsp;Vulcan<sup>TM</sup>: | Maptek-Vulcan 3D geology and mining modeling software program  |
| **Conversion Table** | **Conversion Table** |
| **Metric System** | &nbsp;&nbsp;**Imperial System** |
| 1 meter (m) | &nbsp;&nbsp;&nbsp;&nbsp;3.2808 feet (ft) |
| 1 kilometer (km) | &nbsp;&nbsp;&nbsp;&nbsp;0.6214 mile (mi) |
| 1 square kilometer (km<sup>2</sup>) | &nbsp;&nbsp;&nbsp;&nbsp;0.3861 square mile (mi<sup>2</sup>) |
| 1 square kilometer (km<sup>2</sup>) | &nbsp;&nbsp;100 hectares (has) |
| 1 hectare (ha) | &nbsp;&nbsp;&nbsp;&nbsp;2.471 acres (ac) |
| 1 gram (g) | &nbsp;&nbsp;&nbsp;&nbsp;0.0322 troy ounce (oz) |
| 1 kilogram (kg) | &nbsp;&nbsp;&nbsp;&nbsp;2.2046 pounds (lb) |

---

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1 tonne (t) &nbsp;&nbsp;&nbsp;&nbsp;1.1023 short tons (T) <br> 1 gram/tonne (g/t) &nbsp;&nbsp;&nbsp;&nbsp;0.0292 ounce/ton (oz/t)

Unless stated otherwise, all measurements reported here are metric and currencies are expressed in constant U.S. dollars.

**A.2** **Abbreviations**

Other common abbreviations encountered in the text of this report are listed below:

˚Cdegree Centigrade

AAatomic absorption

AALAmerican Assay Laboratories, Inc.

AASAtomic Absorption Spectroscopy

Agsilver

ALSALS USA Inc.

Augold

AuEqPrecious Metal Gold Equivalent (unless otherwise noted)

BAPCBureau of Air Pollution Control

BCYbank cubic yard

BLMBureau of Land Management

BMMRBureau of Mining Regulation and Reclamation

BWMBureau of Waste Management

BWPCBureau of Water Pollution Control

Cfmcubic feet per minute

CIMCanadian Institute of Mining, Metallurgy, and Petroleum

CIPCarbon-in-Pulp

cmcentimeter

CMRCCombined Metals Reduction Company

Combined MetalsCombined Metals Reduction Company

corediamond core-drilling method

Cucopper

DawsonDawson Metallurgical Laboratories, Inc.

DCNRDepartment of Conservation and Natural Resources

DDHDiamond Drill (Core)Hole

dmtdry metric tonne

EAEnvironmental Assessment

EPAEnvironmental Protection Agency

FA-AAfire assay with an atomic absorption finish

ft or (')feet = 0.3048 metre

g/t or gptgram/tonne

ggram(s) = 0.001 kg

GIS Geographic Information System

gpmgallons per minute

GPSGlobal Positioning System

GRCGold Resource Corporation

FGCFortitude Gold Corporation

hahectare(s)

HazenHazen Research Inc.

HB EngineeringHB Engineering Group

HomestakeHomestake Mining Company

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hphorsepower

in or (")inch, 2.54 cm = 25.4 mm

IRRInternal Rate-of-Return

Kay DrillingLeroy Kay Drilling Co.

K-ArPotassium-Argon (referring to age date technique)

KCAKappes, Cassiday & Associates

kgkilogram, or kg/t (kilogram per tonne)

kmkilometer

KvaKilovolt-amps

KwKilowatt

lbpound

lliter

LOMLife-of-Mine

mmeter

Mamillion years age

maslmeters above sea level

McClellandMcClelland Laboratories Inc.

MDAMine Development Associates

meanarithmetic average of group of samples

μmmicrons

mimile

mmmillimeter

MSHAMine Safety and Health Administration

MwMegawatt

NDEPNevada Division of Environmental Protection

NDOWNevada Department of Wildlife

NDWRNevada Division of Water Resources

NEPANational Environmental Policy Act

NI 43-101Canadian Securities Administrators' National Instrument 43-101

NOINotice-of-Intent

NPVNet Present Value

NSRNet Smelter Return

OpstOunces per short ton

OunceTroy ounce, or 31.1035 g

ozounce (Troy Oz)

P80 3/4"80% passing a ¾" screen

P100 3/8"100% passing a 3/8" screen

Pblead

POOPlan of Operations

ppbparts per billion

ppmparts per million = g/t

psipounds per square inch

RCreverse-circulation drilling method

RepadreRepadre International Corporation

RODRecord of Decision

ROMRun-of-Mine

RQDRock Quality Designation

QA/QCQuality Assurance/Quality Control

QPQualified Person

SECSecurities Exchange Commission

Sierra MiningSierra Mining & Engineering, LLC

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SRCEStandardized Reclamation Cost Estimator

SRMStandard Reference Material

t, tonnemetric tonne = 1.1023 short tons

TXAUTXAU Investments, Inc./TXAU Development Ltd./Isabella Pearl LLC

T, TonImperial or short ton

Tpd, or tpdtonnes per day

WLMCWalker Lane Minerals Corporation

WPCPWater Pollution Control Permit

wtweight

Znzinc

Convergent Mining, LLC Project No: 1-006-002-000122 February 2023

------

## Exhibit 96.2

Exhibit 96.2

Fred H. Brown<br>FHB Consulting Services, LLC.<br>Lynden, WA

**CONSENT OF QUALIFIED PERSON**

I, Fred Brown, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled S-K 1300 Technical Report Summary Isabella Pearl Mine Mineral County NV with an effective date of December 31, 2022 as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Lynden, Washington, USA this 20 of February 2023.

<u>/s/ Fred Brown</u><br>**Signature of Qualified Person**

P. Geo. #171062

RM-SME #4152172

------

## Exhibit 96.3

Exhibit 96.3

J. Ricardo Garcia, P. Eng

Chief Engineer<br>Fortitude Gold Corporation<br>2886 Carriage Manor Point, Colorado Springs, CO 80906 U.S.A.

**CONSENT OF QUALIFIED PERSON**

I, J. Ricardo Garcia, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled "S-K 1300 Technical Report Summary, Isabella Pearl Mine, Mineral County, NV" with an effective date of December 31, 2022, as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at San Miguel de Allende, Guanajuato, Mexico this 19 of February 2023.

<u>/s/ J. Ricardo Garcia</u><br>**Signature of Qualified Person**

P. E. #35102

------

## Exhibit 96.4

Exhibit 96.4

Barry D. Devlin, Vice President, Exploration<br>Fortitude Gold Corporation<br>2886 Carriage Manor Point, Colorado Springs, CO 80906 U.S.A.

**CONSENT OF QUALIFIED PERSON**

I, Barry David Devlin, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled "S-K 1300 Technical Report Summary, Isabella Pearl Mine, Mineral County, NV" with an effective date of December 31, 2022, as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Denver, Colorado, USA this 21<sup>st</sup> day of February 2023.

<u>/s/ Barry D. Devlin</u><br>**Signature of Qualified Person**

Registered with Engineers and Geoscientists of British Columbia as a Professional Geoscientist<br>P. Geo. #109658

------

## Exhibit 96.5

Exhibit 96.5

Joy L. Lester, Chief Geologist<br>Fortitude Gold Corporation<br>2886 Carriage Manor Point, Colorado Springs, CO 80906

**CONSENT OF QUALIFIED PERSON**

I, Joy L. Lester, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled S-K 1300 Technical Report Summary Isabella Pearl Mine Mineral County, NV with an effective date of 31 Dec. 2022 as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Rapid City, SD, USA this 23 of February 2023.

<u>/s/ Joy L. Lester</u> <br>**Signature of Qualified Person**

SME-RM #4119722

------

## Exhibit 96.6

Exhibit 96.6

Ralston Pedersen, P.E.

Convergent Mining, LLC.<br>P.O. Box 1489, Yerington, NV 89447

**CONSENT OF QUALIFIED PERSON**

I, Ralston Pedersen, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled Technical Report Summary for the Isabella Pearl Mine with an effective date of 31 December 2022 as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Reno, Nevada, USA this 22nd of February 2023.

<u>/s/ Ralston Pedersen</u> <br>**Signature of Qualified Person**

P.E. #028826

------

## Exhibit 96.11

2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

Exhibit 96.11

![Graphic](ftco-20221231xex96d11001.jpg)

INITIAL ASSESSMENT

TECHNICAL REPORT SUMMARY

for the

COUNTY LINE PROPERTY

MINERAL and NYE COUNTIES, NEVADA

**Prepared for**

FORTITUDE GOLD CORP.

Signed by:

DEREK LOVEDAY, P.Geo.

*Geologic Services Manager, Stantec Consulting Services Inc., Independent*

W. ALLAN TURNER, P.Geol.

*Exploration Manager, Fortitude Gold Corp.*

JOY L. LESTER, SME-RM

*Chief Geologist, Fortitude Gold Corp.*

BARRY D. DEVLIN, P.Geo.

*Vice President, Exploration, Fortitude Gold Corp.*

Effective Date:December 31, 2022

Report Date:February 23, 2023

------

2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

## TABLE OF Contents
<sup>1.0 executive summary</sup>[1](#_Toc127892998)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.1 Introduction</sup>[1](#_Toc127892999)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.2 Property Description and Ownership</sup>[1](#_Toc127893000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.3 Geology and Mineralization</sup>[1](#_Toc127893001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.4 Exploration</sup>[2](#_Toc127893002)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.5 Metallurgical Testing</sup>[2](#_Toc127893003)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.6 Mineral Resource Estimates</sup>[2](#_Toc127893004)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.7 Interpretation and Conclusions</sup>[4](#_Toc127893005)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.7.1 County Line Main Open Pit Area</sup>[4](#_Toc127893006)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.7.2](#_Toc127893007) [Significant Property Exploration Opportunities](#_Toc127893007)[4](#_Toc127893007)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.8 Recommendations</sup>[6](#_Toc127893008)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.8.1 Phase 1 - Proposed Exploration Program</sup>[6](#_Toc127893009)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1.8.2 Phase 2 - Proposed Technical Studies</sup>[7](#_Toc127893010)

<sup>2.0 INTRODUCTION</sup>[8](#_Toc127893011)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.1 Terms of Reference and Purpose</sup>[8](#_Toc127893012)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.2 Sources of Information</sup>[8](#_Toc127893013)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.3 Details of Inspection</sup>[8](#_Toc127893014)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2.4 Units of Measure</sup>[9](#_Toc127893015)

<sup>3.0 PROPERTY DESCRIPTION AND LOCATION</sup>[10](#_Toc127893016)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.1 Property Location</sup>[10](#_Toc127893017)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.2 Mineral Titles</sup>[12](#_Toc127893018)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.3 Royalties, Agreements and Encumbrances</sup>[18](#_Toc127893019)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.4 Environmental Liabilities and Permitting</sup>[18](#_Toc127893020)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.4.1 Environmental Liabilities</sup>[18](#_Toc127893021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.4.2 Required Permits and Status</sup>[18](#_Toc127893022)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3.5 Other Significant Factors and Risks</sup>[19](#_Toc127893023)

[4.0](#_Toc127893024) [ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY](#_Toc127893024)[20](#_Toc127893024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.1 Topography, Elevation, and Vegetation</sup>[20](#_Toc127893025)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.2 Property Accessibility</sup>[20](#_Toc127893026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.3 Climate</sup>[20](#_Toc127893027)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4.4 Infrastructure Availability and Sources</sup>[21](#_Toc127893028)

<sup>5.0 HISTORY</sup>[23](#_Toc127893029)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.1](#_Toc127893030) [Prior Ownership, Ownership Changes, Exploration, and Development](#_Toc127893030)[23](#_Toc127893030)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.1.1](#_Toc127893031) [Historical Timeline - Paradise Peak Mining District](#_Toc127893031)[23](#_Toc127893031)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.1.2](#_Toc127893032) [Historical Exploration by Area within Current Lease Boundary](#_Toc127893032)[24](#_Toc127893032)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>5.1.3 Historical Production</sup>[42](#_Toc127893033)

[6.0](#_Toc127893034) [GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT](#_Toc127893034)[43](#_Toc127893034)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.1 Regional Geology</sup>[43](#_Toc127893035)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.2 Local Geology</sup>[43](#_Toc127893036)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.2.1 Lithological Units</sup>[43](#_Toc127893037)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.2.2 Structure in Paradise Peak Area</sup>[50](#_Toc127893038)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.2.3](#_Toc127893039) [Mineralization of Paradise Peak Area Deposits](#_Toc127893039)[51](#_Toc127893039)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.3 Property Geology and Mineralization</sup>[54](#_Toc127893040)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6.4 DEPOSIT TYPE</sup>[59](#_Toc127893041)

<sup>7.0 EXPLORATION</sup>[61](#_Toc127893042)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.1 Surface Exploration Work</sup>[61](#_Toc127893043)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.1.1 2018 Surface Exploration</sup>[61](#_Toc127893044)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.1.2 2022 Surface Exploration</sup>[63](#_Toc127893045)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.2 2022 RC Drill Programs</sup>[65](#_Toc127893046)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.2.1 Drilling Methodology</sup>[65](#_Toc127893047)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.2.2 2022 Drilling Results</sup>[65](#_Toc127893048)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7.3 Interpretation</sup>[69](#_Toc127893049)

<sup>8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY</sup>[70](#_Toc127893050)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.1 Procedures</sup>[70](#_Toc127893051)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.1.1 Sample Security Procedures</sup>[70](#_Toc127893052)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.1.2](#_Toc127893053) [Sample Preparation, Assaying, and Analytical Procedures](#_Toc127893053)[70](#_Toc127893053)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.1.3 Relationship of Laboratory to Fortitude</sup>[70](#_Toc127893054)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.1.4](#_Toc127893055) [Quality Assurance/Quality Control Procedures](#_Toc127893055)[71](#_Toc127893055)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.1.5 Duplicate Sample Analyses</sup>[74](#_Toc127893056)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>8.2 Opinion on Adequacy</sup>[75](#_Toc127893057)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

<sup>9.0 DATA VERIFICATION</sup>[76](#_Toc127893058)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.1](#_Toc127893059) [Historic Property Evaluation and Data Verification](#_Toc127893059)[76](#_Toc127893059)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.2](#_Toc127893060) [Data Verification completed by Qualified Person](#_Toc127893060)[76](#_Toc127893060)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>9.3 Opinion on Data Adequacy</sup>[76](#_Toc127893061)

<sup>10.0 MINERAL PROCESSING AND METALLURGICAL TESTING</sup>[77](#_Toc127893062)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.1 Historical Metallurgical Testing</sup>[77](#_Toc127893063)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.1.1 Cyanide Bottle Roll Tests (AGI)</sup>[77](#_Toc127893064)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.1.2 Bulk Sulfide Flotation Testing (AGI)</sup>[78](#_Toc127893065)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.2 Metallurgical Testing by Fortitude</sup>[78](#_Toc127893066)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>10.2.1 Cyanide Bottle Roll Tests (Fortitude)</sup>[78](#_Toc127893067)

<sup>11.0 MINERAL RESOURCE ESTIMATES</sup>[82](#_Toc127893068)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.1 Introduction</sup>[82](#_Toc127893069)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.2 Data Sources and Approach</sup>[82](#_Toc127893070)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.3 Model</sup>[83](#_Toc127893071)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.4 Surface Topography and Weathering</sup>[84](#_Toc127893072)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.5 Model Zones</sup>[85](#_Toc127893073)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.6 Gold Mineralization</sup>[87](#_Toc127893074)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.7 Density</sup>[89](#_Toc127893075)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.8 Model Build</sup>[89](#_Toc127893076)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.9 Reasonable Prospects for Economic Extraction</sup>[91](#_Toc127893077)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.10 Mineral Resource Estimate</sup>[92](#_Toc127893078)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.11 Potential Risks</sup>[93](#_Toc127893079)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>11.12 Conclusions</sup>[93](#_Toc127893080)

<sup>12.0 MINERAL RESERVE ESTIMATES</sup>[94](#_Toc127893081)

<sup>13.0 MINING METHODS</sup>[95](#_Toc127893082)

<sup>14.0 PROCESSING AND RECOVERY METHODS</sup>[96](#_Toc127893083)

<sup>15.0 INFRASTRUCTURE</sup>[97](#_Toc127893084)

<sup>16.0 MARKET STUDIES</sup>[98](#_Toc127893085)

[17.0](#_Toc127893086) [ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPARKET STUDIES](#_Toc127893086)[99](#_Toc127893086)

<sup>18.0 CAPITAL AND OPERATING COSTS</sup>[100](#_Toc127893087)

<sup>19.0 ECONOMIC ANALYSIS</sup>[101](#_Toc127893088)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

<sup>20.0 ADJACENT PROPERTIES</sup>[102](#_Toc127893089)

<sup>21.0 OTHER RELEVANT DATA AND INFORMATION</sup>[104](#_Toc127893090)

<sup>22.0 INTERPRETATION AND CONCLUSIONS</sup>[105](#_Toc127893091)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.1 County Line Main Open Pit Area</sup>[105](#_Toc127893092)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.2 Significant Exploration Opportunities</sup>[106](#_Toc127893093)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.2.1 East Zone Open Pit</sup>[106](#_Toc127893094)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.2.2 Geochemical Target</sup>[107](#_Toc127893095)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>22.2.3 Newman Ridge</sup>[108](#_Toc127893096)

<sup>23.0 RECOMMENDATIONS</sup>[109](#_Toc127893097)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[23.1](#_Toc127893098) [Phase 1 - Proposed County Line Exploration Program](#_Toc127893098)[109](#_Toc127893098)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[23.2](#_Toc127893099) [Phase 2 - Proposed County Line Technical Studies](#_Toc127893099)[110](#_Toc127893099)

<sup>24.0 REFERENCES</sup>[111](#_Toc127893100)

[25.0](#_Toc127893101) [Reliance on information provided by the registranT](#_Toc127893101)[113](#_Toc127893101)

**List of Tables**

[Table 1.1: Summary List of County Line Property Claims](#_Toc127893102)[1](#_Toc127893102)

[Table 1.2: County Line Mineral Resource Estimate Effective 31 December 2022](#_Toc127893103)[3](#_Toc127893103)

[Table 1.3: Phase 1 - Proposed Exploration Program Budget](#_Toc127893104)[7](#_Toc127893104)

[Table 1.4: Phase 2 - Budget for Proposed Technical Studies](#_Toc127893105)[7](#_Toc127893105)

<sup>Table 3.1: Property Location</sup>[10](#_Toc127893106)

[Table 3.2: Summary List of County Line Property Claims](#_Toc127893107)[12](#_Toc127893107)

[Table 3.3: List of County Line Property Unpatented Lode and Placer Mineral Claims](#_Toc127893108)[14](#_Toc127893108)

[Table 5.1: Historical Exploration Activities and Select Drill Intercept Results](#_Toc127893109)[27](#_Toc127893109)

[Table 5.2 Historical Paradise Peak Area Production](#_Toc127893110)[42](#_Toc127893110)

[Table 6.1 Summary Table of Selected Ore Samples from Deposits in the Paradise Peak Area](#_Toc127893111)[53](#_Toc127893111)

<sup>Table 7.1: 2018 Surface Rock Assays</sup>[61](#_Toc127893112)

[Table 7.2: 2022 Surface Rock Assays ≥ 0.006 opt Au](#_Toc127893113)[63](#_Toc127893113)

[Table 7.3: Select Results from the 2022 County Line Drill Campaign](#_Toc127893114)[67](#_Toc127893114)

<sup>Table 8.1: 2022 Standard Reference Material</sup>[71](#_Toc127893115)

[Table 10.1: Cyanide Bottle Roll Tests from County Line Leach Pad Material](#_Toc127893116)[77](#_Toc127893116)

[Table 10.2: 2018 Check Sample Assay Results from County Line Main Open Pit](#_Toc127893117)[78](#_Toc127893117)

[Table 10.3: Summary of Cyanide Bottle Roll Test Recovery Results on Check Samples](#_Toc127893118)[79](#_Toc127893118)

[Table 10.4: Detailed Gold Results of Cyanide Bottle Roll Tests on Check Samples](#_Toc127893119)[79](#_Toc127893119)

[Table 10.5: Detailed Silver Results of Cyanide Bottle Roll Tests on Check Samples](#_Toc127893120)[79](#_Toc127893120)

<sup>Table 11.1: County Line Block Model Extent</sup>[84](#_Toc127893121)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

<sup>Table 11.2: Gold Grade (opt) Statistics</sup>[87](#_Toc127893122)

<sup>Table 11.3: Mineralized Zone Density Measurements</sup>[89](#_Toc127893123)

<sup>Table 11.4: Estimation Parameters</sup>[90](#_Toc127893124)

[Table 11.5: County Line Mineral Resource Estimate Effective 31 December 2022](#_Toc127893125)[92](#_Toc127893125)

[Table 22.1: County Line Mineral Resource Estimate Effective 31 December 2022](#_Toc127893126)[105](#_Toc127893126)

[Table 23.1 Phase 1 - Proposed Exploration Program Budget](#_Toc127893127)[109](#_Toc127893127)

[Table 23.2: Phase 2 - Budget for Proposed Technical Studies](#_Toc127893128)[110](#_Toc127893128)

**List of Figures**

[Figure 31 General Location Map of the County Line Property](#_Toc127893129)[11](#_Toc127893129)

<sup>Figure 32 County Line Property Claim Block</sup>[13](#_Toc127893130)

[Figure 41 Access to County Line Property from Hawthorne, Nevada](#_Toc127893131)[22](#_Toc127893131)

[Figure 51 Areas and Historic Drill Holes in Current Claim Boundary](#_Toc127893132)[26](#_Toc127893132)

[Figure 52 FMC Drill Holes in County Line and East Zone Areas](#_Toc127893133)[30](#_Toc127893133)

[Figure 53 AGI Rock Chip Sample and Drill Results in County Line Main Open Pit](#_Toc127893134)[31](#_Toc127893134)

[Figure 54 AGI Rock Chip Sample and Drill Results in East Zone Open Pit](#_Toc127893135)[32](#_Toc127893135)

[Figure 55 AGI Soil Sample Grid Results in Geochemical Target Area](#_Toc127893136)[33](#_Toc127893136)

[Figure 56 Arimetco and AGI Drill Holes at County Line, East Zone, and Geochemical Target Areas](#_Toc127893137)[35](#_Toc127893137)

[Figure 57 AGI Sonic Drill Hole Locations on County Line Leach Pad](#_Toc127893138)[36](#_Toc127893138)

<sup>Figure 58 Drill Holes in North Target Area</sup>[37](#_Toc127893139)

<sup>Figure 59 FMC Drill Holes in Newman Ridge Area</sup>[39](#_Toc127893140)

[Figure 510 Altan (GRCN Optionee) Rock Chip Samples in Newman Ridge and Jackpot Areas](#_Toc127893141)[40](#_Toc127893141)

[Figure 511 FMC and Altan (GRCN Optionee) Drill Holes in Jackpot Area](#_Toc127893142)[41](#_Toc127893142)

[Figure 61 Generalized Geologic Map of Nevada showing County Line Property](#_Toc127893143)[44](#_Toc127893143)

[Figure 62 Source Area, Distribution, & Extent of Early Miocene Volcanism in the Paradise Range](#_Toc127893144)[45](#_Toc127893144)

[Figure 63 County Line Property relative to Central Portion of Walker Lane Structural Corridor](#_Toc127893145)[46](#_Toc127893145)

[Figure 64 Local Geologic Map with Location of County Line & Paradise Peak Properties](#_Toc127893146)[49](#_Toc127893146)

[Figure 65 Conceptual Structural Model for Detachment Faulting](#_Toc127893147)[51](#_Toc127893147)

[Figure 66 General Geological Map of County Line, East Zone, Paradise Peak, & Ketchup Flats](#_Toc127893148)[55](#_Toc127893148)

<sup>Figure 67 Simplified Stratigraphic Chart</sup>[56](#_Toc127893149)

[Figure 68 FMC Geologic Cross Section A-A' of County Line and East Zone Areas (looking northeast)](#_Toc127893150)[57](#_Toc127893150)

[Figure 69 County Line SW to NE Cross-Section B-B' after 2022 Drilling (looking northwest)](#_Toc127893151)[58](#_Toc127893151)

[Figure 610 High-sulfidation characteristics of County Line Mineralization](#_Toc127893152)[59](#_Toc127893152)

[Figure 611 Schematic Reconstruction of the Paradise Peak Hydrothermal System](#_Toc127893153)[60](#_Toc127893153)

[Figure 71 Locations of Samples Collected from the County Line Main Open Pit in 2018](#_Toc127893154)[62](#_Toc127893154)

[Figure 72 2022 Geochemical Target Sample Locations](#_Toc127893155)[64](#_Toc127893155)

[Figure 73 Location Map for RC Holes Drilled in 2022 on the County Line Property](#_Toc127893156)[66](#_Toc127893156)

<sup>Figure 81 2022 SRM MEG-Au.19 Performance</sup>[72](#_Toc127893157)

<sup>Figure 82 2022 SRM MEG-Au.17 & 21 Performance</sup>[73](#_Toc127893158)

<sup>Figure 83 2022 Blank Material Performance</sup>[74](#_Toc127893159)

<sup>Figure 84 Field Duplicate Control Plot for Gold</sup>[74](#_Toc127893160)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

[Figure 101 Cyanide Bottle Roll Test Results from Check Sample](#_Toc127893161)<sup>[#](#_Toc127893161)</sup>[2977879](#_Toc127893161)[80](#_Toc127893161)

[Figure 102 Cyanide Bottle Roll Test Results from Check Sample](#_Toc127893162)<sup>[#](#_Toc127893162)</sup>[2977880](#_Toc127893162)[81](#_Toc127893162)

<sup>Figure 111 County Line Property and Model Extent</sup>[83](#_Toc127893163)

[Figure 112 County Line Model Extent and Surface Topography](#_Toc127893164)[84](#_Toc127893164)

[Figure 113 Existing Pit and Surface Weathering in Model](#_Toc127893165)[85](#_Toc127893165)

[Figure 114 Drill Hole Tuffaceous and Andesitic Zones](#_Toc127893166)[86](#_Toc127893166)

<sup>Figure 115 Model Zones</sup>[86](#_Toc127893167)

[Figure 116 Tuffaceous Zone Gold Grade (opt) Histogram](#_Toc127893168)[88](#_Toc127893168)

[Figure 117 Andesitic Zone Gold Grade (opt) Histogram](#_Toc127893169)[88](#_Toc127893169)

[Figure 118 Gold Grade Semi-Variograms and Anisotropy](#_Toc127893170)[89](#_Toc127893170)

<sup>Figure 119 Gold Grade Distribution in Block Model</sup>[91](#_Toc127893171)

[Figure 1110 Mineral Resource Extent and Economic Pit Shell](#_Toc127893172)[92](#_Toc127893172)

[Figure 201 Map of the Properties in the Vicinity of the County Line Property](#_Toc127893173)[103](#_Toc127893173)

[Figure 202 Aerial Photo of Isabella Pearl Mine Facilities](#_Toc127893174)[103](#_Toc127893174)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 **executive summary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Introduction** 

This Initial Assessment Technical Report Summary (TRS) includes a mineral resource estimation for the County Line Property (Property), located in Mineral and Nye counties, Nevada. The Property is held by County Line Minerals Corp. (CLMC), County Line Holdings, Inc. (CLH), and GRC Nevada Inc. (GRCN), all of which are 100% owned subsidiaries of Fortitude Gold Corp. (Fortitude). This TRS provides a summary of the detailed assessment of mineral resources and other relevant considerations regarding the Property. The effective date of this TRS is December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Property Description and Ownership** 

The Property includes 122 unpatented lode and placer mineral claims that encompass 2,401 acres. The mineral claim listings were renewed by September 1, 2022 and are valid until September 1, 2023. A summary of the claims is shown in Table 1.1.

#### Table 1.1:<br>Summary List of County Line Property Claims

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Claim Count** | &nbsp;&nbsp;**Claim Name & Number** | &nbsp;&nbsp;**Claim Type** | &nbsp;&nbsp;**Claim Location Years** | &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;**Acquisition History** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;GOOSE 17, 19, 21, 116, 118 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2014 - 2015 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select Royalty |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;GOOSE 1 - 15 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select Royalty |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;EAST 15 - 19 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select Royalty |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;MIN 4 - 9, 12 - 16, 18 - 28 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select Royalty |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;PP 1 - 63 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;GRCN | &nbsp;&nbsp;Staked By GRC Nevada |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;MIN 1 - 3, MIN 10 - 11, MIN 17 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLH | &nbsp;&nbsp;Acquired from Nevada Select Royalty |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;NCC 1 - 6 | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;2018 - 2019 | &nbsp;&nbsp;CLH | &nbsp;&nbsp;Relocation of Nevada Select Acquired CC-1 - 6 |
| **122** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Geology and Mineralization** 

The County Line Property is in the western portion of the Basin and Range Province, and is within the northeast portion of the Walker Lane structural corridor. The County Line main open pit host rocks are dominated by tuffaceous units that are underlain by andesite. Food Machinery & Chemical Corporation (FMC), through their subsidiary FMC Gold, identified that gold mineralization is primarily stratabound in tuffaceous units in and surrounding the County Line main open pit. The drilling completed in 2022 showed continuity in the distribution of the gold mineralization, as the gold is dominantly concentrated in the

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

tuffaceous unit. Where gold mineralization is identified, the tuff and andesites are moderately to intensely silicified. The County Line gold deposit is oxidized; gold is readily liberated from the tuffaceous and andesite units by cyanide leach extraction methods. The County Line deposit is consistent with a high sulfidation epithermal-style deposit type.

High angle faults, which are oriented at N60W, are observed in the County Line main open pit. Although these high angle faults are iron-stained, the faults do not appear to have displaced the gold mineralization, and therefore the QPs propose that minor displacement occurred along the faults, or alternatively these faults occurred pre-mineralization.

The 2022 drilling program determined that gold mineralization at the County Line main open pit extends to the northwest, west, and southeast; however, truncates to the south. The lateral extent of gold mineralization is not yet constrained, as additional drilling is required. Directly below the pit, mineralization extends to a depth of up to ~150'. Drilling on the periphery of the pit shows that mineralization, which is ~100' thick, dips at ~30°NE and extends down dip by ~350'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Exploration** 

Fortitude commenced surface exploration activities in 2018 on the Property. These activities included mapping and sampling of the County Line main open pit and the Geochemical Target, and drone flights over the Property to collect high-resolution imagery to aid in regional exploration mapping.

Fortitude completed a 73-hole reverse circulation (RC) drill program, which totaled ~27,000', between April and October 2022. The primary goal of this drill program was to delineate gold mineralization beneath and adjacent to the County Line main open pit. The objectives of this drill campaign were accomplished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Metallurgical Testin g** 

In 2018, Fortitude conducted preliminary metallurgical testing on two check samples collected from outcropping gold-bearing exposures in the bottom of the County Line main open pit. Samples were pulverized to p85 target size. The 96-hour cyanide bottle roll tests had positive leach recoveries for gold and silver. Gold cyanide recoveries ranged from 93% to 96% and averaged 94%. Silver cyanide recoveries ranged from 88% to 95% and averaged 92%. Leach kinetics were relatively fast, achieving over 90% of the total gold recovery and over 80% of the total silver recovery in two hours. Test results suggest that the County Line mineral resource is amenable to either cyanide heap leach or agitated cyanide leach processing methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Mineral Resource Estimate s** 

This mineral resource estimate provides the necessary information required to satisfy the stipulations of S-K 1300 for the County Line Property Technical Report. In accordance with industry standards, Stantec Consulting Services Inc. (Stantec) completed a site inspection of the Property between December 15 and 17, 2022, and reviewed the RC chip samples from the holes used in the model. Stantec is independent of Fortitude.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

A cutoff grade of 0.010 opt gold was determined from mining, processing, energy, administrative, and smelting / refining costs based on 2022 actuals costs from the Company's producing nearby Isabella Pearl Mine. Metallurgical gold recovery assumption used was 81%, which reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine. A gold price of $1,750 per oz was assumed. Model grade blocks above the 0.010 opt gold were used to build an economic pit shell of constant 45° pit slope. All mineral resources were reported within an economic pit shell that was driven using a Lerchs-Grossmann algorithm. Average stripping ratio in the pit shell is 3.86 t:t (tons waste to one ton of ore). Table 1.2 lists the mineral resource estimation for the County Line Property that has an effective date of December 31, 2022.

#### Table 1.2:<br>County Line Mineral Resource Estimate<br> Effective 31 December 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Classification** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Au (opt)** | &nbsp;&nbsp;**Au (oz)** |
| &nbsp;&nbsp;Measured (M) | &nbsp;&nbsp;579500 | &nbsp;&nbsp;638800 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.030 | &nbsp;&nbsp;19500 |
| &nbsp;&nbsp;Indicated (I) | &nbsp;&nbsp;623000 | &nbsp;&nbsp;686700 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.026 | &nbsp;&nbsp;17900 |
| &nbsp;&nbsp;**M+I** | &nbsp;&nbsp;**1202500** | &nbsp;&nbsp;**1325500** | &nbsp;&nbsp;**0.97** | &nbsp;&nbsp;**0.028** | &nbsp;&nbsp;**37400** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;438000 | &nbsp;&nbsp;482800 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;12200 |
| &nbsp;&nbsp;<br>1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;<br>1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;<br>1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;<br>1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;<br>1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;<br>1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. |

---

The following potential risks were identified during the mineral resource estimation study:

● There is potential for additional gold-bearing intervals toward the north of the deposit; however, the projected depth of the gold mineralization may preclude this potential mineral resource from being economically extractable using surface mining methods.

● Mineral resource limiting faults were not identified on the Property; however, there is potential for faulting to limit further expansion of the current mineral resource if identified from additional exploration.

Conclusions of the independent geological modeling and mineral resource estimation are as follows:

● Verification that disseminated oxide gold mineralization was identified in tuffs and andesites on the Property.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

● The gold mineralization is accessible on surface where the tuffs are exposed within an existing surface mining pit.

● At depth below the pit, the gold mineralization continues, though known as of today to a lesser extent into a predominately andesitic formation.

● Exploration on the Property is sufficient to define a mineral resource to Measured, Indicated, and Inferred levels of assurance.

● There is potential to increase the mineral resource with further exploration to the northwest, west and southeast of the County Line main open pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Interpretation and Conclusions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.1** **County Line Main Open Pit Area** 

Fortitude drilled 73 RC holes in the County Line main open pit area between April and November 2022 to define gold-bearing intervals. All laboratory analyses, which included fire assay gold, cyanide leach assay gold, a multi-element suite, and specific gravity testing, was completed by Bureau Veritas in Sparks, Nevada.

Drill data from the 2022 RC drill programs was collected in the field with industry standard methods, which included surveying of all drill collar locations, and completion of down-hole deviation surveys on all holes. All drill hole data and associated assay information was compiled into the County Line database, where additional data verification QA/QC checks were completed. The quality and drill hole density of the data was deemed by the QPs to be sufficient to delineate an S-K 1300 compliant gold Mineral Resource estimate on the Property.

In addition to the risks identified during the mineral resource estimation study, other uncertainties include potential issues that may be identified during the geotechnical studies, resulting in modifications to the currently proposed pit slope angles. Also, additional metallurgical studies may show different recovery percentages of the extractable gold.

It is the QPs opinion that the distribution, density, and associated laboratory analyses that are completed on the Property are sufficient to indicate reasonable potential for economic extraction. Based on all available data, the mineral resource is classified as Measured, Indicated, and Inferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.2** **Significant Property Exploration Opportunities** 

Three highly prospective areas were identified through the work completed by previous operators. These areas are the East Zone open pit, Geochemical Target, and Newman Ridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2.1  ***East Zone Open Pit*** 

The East Zone open pit area was drilled by FMC between 1986 and 1991. FMC encountered mineralized intervals to depths of 265'. Avidian Gold Inc. (AGI) confirmed the existence of gold-bearing units from the base of the East Zone open pit to ~110' below the pit; gold assays averaged 0.58 g/t.

Fortitude believes that the East Zone open pit area warrants further investigation through completing geological mapping to further constrain potential gold-bearing units and structures. This geological

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

mapping will assist with targeting optimal drill locations to test the depth of gold mineralization and the ability to extract the gold mineralization by cyanide solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2.2  ***Geochemical Target*** 

The Geochemical Target is an area with high exploration potential. AGI completed a soil grid sampling program that identified a large "bullseye" of elevated gold grade in the soils. AGI tested the Geochemical Target area further during their exploration drilling campaigns conducted between 2012 and 2013, and in 2015. Gold intercepts, although discontinuous, were encountered during these campaigns to depths of 300'.

The Geochemical Target drill program conclusions, as presented by Brook (2015), support that AGI was primarily focused on exploring for a "gold shell" around a porphyry-style system. The discovery of a low-grade gold halo around a zone of greater fracturing and vein density with moderately higher gold grades, was not AGI's primary objective. The presence of disseminated pyrite in the gold-bearing units discouraged AGI, as this sulfide association was interpreted to support that the gold was bound by sulfides and therefore not be cyanide extractable. The QPs are unaware if AGI completed cyanide leach tests to assess gold extractability from the Geochemical Target area.

In 2022, Fortitude completed a preliminary mapping and limited rock chip sampling program in the Geochemical Target area. The Fortitude exploration geologist that completed this sampling program did not have access to the 2012 AGI soil program results or 2015 drilling gold results. As such, there were no preconceived notions overshadowing the Fortitude 2022 rock chip sampling program. When the results from the 2022 rock chip sampling program are superimposed on the soil results from the 2012 program, the areas with higher gold grade from each program overlay each other. This positive correlation in elevated gold concentrations is confirmation to the QPs that the gold results from the AGI soil survey are accurate.

Advancement of the Geochemical Target is proposed in two stages: 1) Completion of a tightly spaced soil grid and detailed structural mapping, draped on surface topography, for incorporation into a geological model; and 2) inclusion of the CLR hole series -17 to -23 into the geological model to compare low-grade and moderately higher-grade gold-bearing intervals relative to structurally complex zones that contain abundant silica veins. A positive correlation between the gold-bearing units and structurally affected areas that have increased silica vein abundances, may help to identify high priority drill target areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2.3  ***Newman Ridge*** 

Newman Ridge was drilled by FMC between 1986 and 1991. FMC intersected shallow gold-bearing intervals in RC holes N76 (25' to 40'), N110 (50' to 55'), and N115 (65' to 115'), with deeper gold intercepts at depths of around 300' in several other holes. An internal FMC report by Wulftange (1989) revealed that the FMC geology team believed in the gold potential of Newman Ridge since the discovery of the Paradise Peak mineral deposit in 1983.

In addition to the identified gold anomalies at the south end of Newman Ridge during rock and soil surveys, FMC geologists observed during surface mapping that the lithologies that form Newman Ridge are identical to those at Paradise Peak Mine, and that the rocks at Newman Ridge underwent the same

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

hydrothermal alteration processes as affected those at the Paradise Peak Mine. FMC geologists confirmed the gold prospectivity of Newman Ridge through the completion of 43 holes.

The Newman Ridge drilling programs identified that a halo of lower grade gold-bearing units is widely disbursed around areas with higher gold grades. Gold mineralized intervals are stratiform within the Gray Tuff unit and is most often strongly silicified and accompanied by weak to strong pervasive iron-staining. Wulftange (1989) postulated that the transport of gold-bearing fluids was aided by an inferred northwest-trending structural zone that connects dacite fissure to the central Newman Ridge area, as well as in the areas now known as the County Line main open pit, East Zone open pit, and Geochemical Target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Recommendations** 

The QPs recommend two additional work programs, both of which focus on the County Line main open pit area. The first phase will involve additional surface exploration and drilling, and the second phase will involve follow-up technical studies. This two-phased approach will assist Fortitude towards a development decision. The conceptualized plan being evaluated is open pit mining of the gold deposit and heap leaching/processing at the Isabella Pearl Mine Adsorption, Desorption, and Recovery (ADR) facility for final doré production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.1** **Phase 1 - Proposed Exploration Program** 

The drill program purpose is to test the areas that are classified as Inferred in this TRS, and to assess if there are intervals of gold mineralization between surface and the proposed mineralized intervals that were classified as Inferred. Also, a second phase of surface mapping / sampling to the south and southeast of the East Zone open pit is proposed to expand the positive gold assays obtained from the 2022 surface sampling program, as this area returned ~0.015 opt gold from surface samples and from AGI drilled intervals.

Table 1.3 lists the proposed exploration program expenditures. The estimated cost of this exploration program is $2,305,000. The proposed budget accounts for 26,250' of RC drilling and 3,500' of core drilling mainly for Mineral Resource expansion and exploration outside of the County Line main open pit area.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Table 1.3:<br>Phase 1 - Proposed Exploration Program Budget

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| | |
|:---|:---|
| **Description** | &nbsp;&nbsp;**Totals** |
| &nbsp;&nbsp;Salaries and Wages | &nbsp;&nbsp;**$42000**  |
| &nbsp;&nbsp;Health Insurance | &nbsp;&nbsp;**$3600**  |
| &nbsp;&nbsp;Payroll Taxes Employer | &nbsp;&nbsp;**$4800**  |
| &nbsp;&nbsp;Contractors Drilling (RC) - **26,250 ft** | &nbsp;&nbsp;**$787500**  |
| &nbsp;&nbsp;Contractors Drilling Core) - **3,500 ft** | &nbsp;&nbsp;**$227500**  |
| &nbsp;&nbsp;Contractors Services | &nbsp;&nbsp;**$654500**  |
| &nbsp;&nbsp;Material Used by Contractors | &nbsp;&nbsp;**$170000**  |
| &nbsp;&nbsp;Topographical Studies | &nbsp;&nbsp;**$2400**  |
| &nbsp;&nbsp;Laboratory Assays | &nbsp;&nbsp;**$193600**  |
| &nbsp;&nbsp;Environmental Studies | &nbsp;&nbsp;**$7500**  |
| &nbsp;&nbsp;Maintenance Vehicles | &nbsp;&nbsp;**$4800**  |
| &nbsp;&nbsp;Consulting Services | &nbsp;&nbsp;**$25000**  |
| &nbsp;&nbsp;Airfare, Lodging, Meals | &nbsp;&nbsp;**$21800**  |
| &nbsp;&nbsp;Auto Rental and Other Transport / Travel Expenses | &nbsp;&nbsp;**$7200**  |
| &nbsp;&nbsp;Gasoline, Diesel, Natural Gas | &nbsp;&nbsp;**$23200**  |
| &nbsp;&nbsp;Office & Field Supplies, Materials | &nbsp;&nbsp;**$20700**  |
| &nbsp;&nbsp;Land Right, Registration Fees and Charges | &nbsp;&nbsp;**$21900**  |
| &nbsp;&nbsp;Allocation of Labor Costs | &nbsp;&nbsp;**$87000**  |
| &nbsp;&nbsp;**County Line Property Exploration Total** | &nbsp;&nbsp;**$2305000**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.2** **Phase 2 - Proposed Technical Studies** 

Engineering, baseline, and background studies that include crushing facility layout, open-pit design, waste storage design, and diesel power are in process for the Property. Additional technical studies include metallurgical testing and geotechnical requirements for final pit slope angles to ensure that the most optimal pit slopes are utilized, and that proper setbacks are applied to the dump toes near the final pit crest, open pit, and waste dump designs. Proposed metallurgical test work will confirm viability of heap leach, carbon adsorption/desorption, and electrowinning gold recovery of oxide mineral resources in the County Line main open pit area. Waste rock characterization studies are also recommended to investigate the potential for development of Acid Rock Drainage and Metal Leaching (ARDML) due to oxidation of sulfide minerals that are unstable under atmospheric conditions. ARDML issues are not expected to occur, based on historic production information. Monitor well drilling is also included in the proposed budget.

Recommendations for engineering, geotechnical, metallurgical, baseline and background studies at County Line are shown in Table 1.4. The estimated cost of the recommendations total $160,000.

#### Table 1.4:<br>Phase 2 - Budget for Proposed Technical Studies

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | **Totals** |
| &nbsp;&nbsp;Metallurgical Tests | $55000 |
| &nbsp;&nbsp;Geotechnical Study | $30000 |
| &nbsp;&nbsp;Waste Rock Characterization | $25000 |
| &nbsp;&nbsp;Monitoring Well Drilling & Installation | $50000 |
| &nbsp;&nbsp;**Tota**l | **$160000** |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 **INTRODUCTION** 

This Initial Assessment Technical Report Summary (TRS) was prepared in accordance with Regulation S-K (Title 17, Part 229, Items 601(b)(96) and 1300 through 1305 of the Code of Federal Regulations) promulgated by the Securities and Exchange Commission (SEC). This TRS was prepared for Fortitude Gold Corp. (Fortitude).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Terms of Reference and Purpose** 

The quality of information, conclusions, and estimates contained herein is consistent with the level of effort by the qualified persons, based on 1) information available at the time of preparation, 2) data supplied by outside sources, and 3) the assumptions, conditions, and qualifications set forth in this report.

The purpose of this TRS is to fulfill the requirements of an Initial Assessment to report mineral resource estimates for the County Line Property (Property).

The effective date of this TRS is December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Sources of Information** 

Information reviewed for this report includes published public domain reports and unpublished third-party reports, in addition to geological maps, geochemical, and geophysical data. The QPs sourced information from referenced documents as cited in the text and listed in the References (Section 24) of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Details of Inspection** 

The qualified persons (QPs) that prepared this report are specialists in the fields of geology, exploration, and Mineral Resource estimation and classification. The QPs that authored this TRS are either consultants that are independent of Fortitude, or non-independent employees of Fortitude. The non-independent QPs that are employees of Fortitude include Mr. Barry Devlin, Ms. Joy Lester, and Mr. W. Allan Turner. Non-independent QPs have visited the Property on numerous occasions since 2018. Mr. Derek Loveday, who is the Geological Services Manager with Stantec, visited the Property and reviewed associated materials on December 16 and 17, 2022. The site investigation involved review of the County Line main open pit and verification of numerous drill collar locations from the 2022 drilling program. In addition, Mr. Loveday also visited the East Zone open pit.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Units of Measure** 

Imperial units are commonly used throughout the report. Gold values are stated in troy ounces per short ton (opt). For metric conversion, one troy ounce is equal to 31.1035 grams and a short ton is equal to 0.9072 metric tons or tonnes. One short ton is equal to 2,000 pounds and one metric ton is equal to 2,204.62 pounds. All distance measurements are in feet (ft) or miles, and all dollar values are in U.S. dollars.

Select historical exploration and drillhole intercept results, and metallurgical testing results, originally reported in either parts per million (ppm) or grams per metric ton (g/t) by previous operators, are not converted to imperial units from their original metric values.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 **PROPERTY DESCRIPTION AND LOCATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Property Location** 

The County Line Property is in the historic Fairplay Mining District, which locally is referred to as the Paradise Peak mining district (United States Geological Survey, 2022). The Property is on the eastern side of Gabbs Valley straddling the border of Mineral and Nye counties. The area is in the Mt. Annie SE, Nevada 7.5-minute, topographic quadrangle.

Table 3.1 shows the Townships, Ranges and Sections relative to the Mount Diablo Baseline and Meridian that the Property is in:

#### Table 3.1:<br>Property Location

---

| | |
|:---|:---|
| **Township** | &nbsp;&nbsp;**Section** |
| &nbsp;&nbsp;11N<br> &nbsp;&nbsp;35E | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;10N<br> &nbsp;&nbsp;35E | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;10N<br> &nbsp;&nbsp;36E | &nbsp;&nbsp;45789 |

---

The approximate center of the County Line main open pit is Latitude 38.759° North and Longitude 118.016° West (UTM 411,724 E, 4,290,523 N, Zone 11).

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 3-1 General Location Map of the County Line Property
![Graphic](ftco-20221231xex96d11002.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Mineral Titles** 

The Property is held by County Line Minerals Corp. (CLMC), County Line Holdings, Inc. (CLH), and GRC Nevada Inc. (GRCN), all of which are 100% owned subsidiaries of Fortitude. The Property includes 122 unpatented lode and placer mineral claims and encompasses 2,401 acres. Claims for the Property are shown on Figure 3-2 and summarized in Table 3.2, with a complete list of claims by claim name, BLM number, owner, and County being presented in Table 3.3. The mineral claim listings were renewed with Bureau of Land Management (BLM) and with either Nye or Mineral counties by September 1, 2022 and are valid until September 1, 2023.

An independent land due diligence review was completed at the time of the Property purchase; the findings were presented in a memorandum (Houston, 2017). The memorandum concluded that the unpatented lode claims were properly located and recorded with the BLM and counties (Nye and Mineral), and that no Wilderness Study Areas (WSAs) encroach on the Property.

The unpatented mineral claims are located on land owned by the U.S. government and administered by the BLM. There are no Tribal, State of Nevada, or U.S. Forest Service lands within the Property. Currently, annual claim maintenance fees are the only federal payments related to unpatented mineral claims. Annual maintenance fees of $20,130 were paid to the BLM during 2022 to hold the 122 unpatented lode and placer mineral claims. In addition, fees for filing a Notice of Intent totaling $1,836 were paid to Mineral and Nye counties to secure the claims for another year.

#### Table 3.2:<br>Summary List of County Line Property Claims

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Claim Count** | &nbsp;&nbsp;**Claim Name & Number** | &nbsp;&nbsp;**Claim Type** | &nbsp;&nbsp;**Claim Location Years** | &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;**Acquisition History** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;GOOSE 17, 19, 21, 116, 118 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2014 - 2015 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;GOOSE 1 – 15 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;EAST 15 – 19 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;MIN 4 - 9, 12 - 16, 18 – 28 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLMC | &nbsp;&nbsp;Acquired from Nevada Select |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;PP 1 – 63 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;GRCN | &nbsp;&nbsp;Staked By GRC Nevada |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;MIN 1 - 3, MIN 10 - 11, MIN 17 | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;2017 | &nbsp;&nbsp;CLH | &nbsp;&nbsp;Acquired from Nevada Select |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;NCC 1 – 6 | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;2018 - 2019 | &nbsp;&nbsp;CLH | &nbsp;&nbsp;Relocation of Nevada Select Acquired CC-1 - 6 |
| **122** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** | &nbsp;&nbsp;**Claim Total** |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

![Graphic](ftco-20221231xex96d11003.jpg)

#### Figure 3-2 County Line Property Claim Block

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Table 3.3:<br>List of County Line Property Unpatented Lode and Placer Mineral Claims

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Claim Name**<br><BORDER_TOP> | &nbsp;&nbsp;**Owner**<br><BORDER_TOP> | &nbsp;&nbsp;**Claim Type**<br><BORDER_TOP> | &nbsp;&nbsp;**Location Date**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM NMC #**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM MLRS #**<br><BORDER_TOP> | &nbsp;&nbsp;**First County**<br><BORDER_TOP> | &nbsp;&nbsp;**First County Claim #**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County Claim #**<br><BORDER_TOP> |
| &nbsp;&nbsp;PP 1 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166271<br> *amended* | &nbsp;&nbsp;NV101561233 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888031<br>892340 |  |  |
| &nbsp;&nbsp;PP 2 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166272 | &nbsp;&nbsp;NV101561234 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888032 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167913 |
| &nbsp;&nbsp;PP 3 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166273 | &nbsp;&nbsp;NV101561235 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888033 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167914 |
| &nbsp;&nbsp;PP 4 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017<br>5/2/2018 | &nbsp;&nbsp;NMC1166274<br> amended | &nbsp;&nbsp;NV101561236 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888034<br>892341 |  |  |
| &nbsp;&nbsp;PP 5 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017<br>5/2/2018 | &nbsp;&nbsp;NMC1166275<br> a*mended* | &nbsp;&nbsp;NV101561237 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888035<br>892342 |  |  |
| &nbsp;&nbsp;PP 6 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166276 | &nbsp;&nbsp;NV101561238 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888036 |  |  |
| &nbsp;&nbsp;PP 7 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166277 | &nbsp;&nbsp;NV101561239 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888037 |  |  |
| &nbsp;&nbsp;PP 8 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166278 | &nbsp;&nbsp;NV101561240 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888038 |  |  |
| &nbsp;&nbsp;PP 9 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166279 | &nbsp;&nbsp;NV101562022 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888039 |  |  |
| &nbsp;&nbsp;PP 10 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017<br>5/2/2018 | &nbsp;&nbsp;NMC1166280<br> *amended* | &nbsp;&nbsp;NV101562023 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888040<br>892343 |  |  |
| &nbsp;&nbsp;PP 11 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166281 | &nbsp;&nbsp;NV101562024 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888041 |  |  |
| &nbsp;&nbsp;PP 12 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166282 | &nbsp;&nbsp;NV101562025 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888042 |  |  |
| &nbsp;&nbsp;PP 13 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166283 | &nbsp;&nbsp;NV101562026 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888043 |  |  |
| &nbsp;&nbsp;PP 14 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166284 | &nbsp;&nbsp;NV101562027 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888044 |  |  |
| &nbsp;&nbsp;PP 15 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166285 | &nbsp;&nbsp;NV101562028 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888045 |  |  |
| &nbsp;&nbsp;PP 16 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166286 | &nbsp;&nbsp;NV101562029 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888046 |  |  |
| &nbsp;&nbsp;PP 17 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166287 | &nbsp;&nbsp;NV101562030 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888047 |  |  |
| &nbsp;&nbsp;PP 18 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166288 | &nbsp;&nbsp;NV101562031 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888048 |  |  |
| &nbsp;&nbsp;PP 19 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166289 | &nbsp;&nbsp;NV101562032 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888049 |  |  |
| &nbsp;&nbsp;PP 20 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166290 | &nbsp;&nbsp;NV101562033 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888050 |  |  |
| &nbsp;&nbsp;PP 21 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166291 | &nbsp;&nbsp;NV101562034 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888051 |  |  |
| &nbsp;&nbsp;PP 22 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/17/2017 | &nbsp;&nbsp;NMC1166292 | &nbsp;&nbsp;NV101562035 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888052 |  |  |
| &nbsp;&nbsp;PP 23 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166293 | &nbsp;&nbsp;NV101562036 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888053 |  |  |
| &nbsp;&nbsp;PP 24 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166294 | &nbsp;&nbsp;NV101562037 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888054 |  |  |
| &nbsp;&nbsp;PP 25 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166295 | &nbsp;&nbsp;NV101562038 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888055 |  |  |
| &nbsp;&nbsp;PP 26 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166296 | &nbsp;&nbsp;NV101562039 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888056 |  |  |
| &nbsp;&nbsp;PP 27 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166297 | &nbsp;&nbsp;NV101562040 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888057 |  |  |
| &nbsp;&nbsp;PP 28 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166298 | &nbsp;&nbsp;NV101562041 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888058 |  |  |
| &nbsp;&nbsp;PP 29 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166299 | &nbsp;&nbsp;NV101562042 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888059 |  |  |
| &nbsp;&nbsp;PP 30 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166300 | &nbsp;&nbsp;NV101562669 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888060 |  |  |

---

------

2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Claim Name**<br><BORDER_TOP> | &nbsp;&nbsp;**Owner**<br><BORDER_TOP> | &nbsp;&nbsp;**Claim Type**<br><BORDER_TOP> | &nbsp;&nbsp;**Location Date**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM NMC #**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM MLRS #**<br><BORDER_TOP> | &nbsp;&nbsp;**First County**<br><BORDER_TOP> | &nbsp;&nbsp;**First County Claim #**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County Claim #**<br><BORDER_TOP> |
| &nbsp;&nbsp;PP 31 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166301 | &nbsp;&nbsp;NV101562670 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888061 |  |  |
| &nbsp;&nbsp;PP 32 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166302 | &nbsp;&nbsp;NV101562671 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888062 |  |  |
| &nbsp;&nbsp;PP 33 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166303 | &nbsp;&nbsp;NV101562801 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888063 |  |  |
| &nbsp;&nbsp;PP 34 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166304 | &nbsp;&nbsp;NV101562802 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888064 |  |  |
| &nbsp;&nbsp;PP 35 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166305 | &nbsp;&nbsp;NV101562803 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888065 |  |  |
| &nbsp;&nbsp;PP 36 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166306 | &nbsp;&nbsp;NV101562804 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888066 |  |  |
| &nbsp;&nbsp;PP 37 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166307 | &nbsp;&nbsp;NV101562805 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888067 |  |  |
| &nbsp;&nbsp;PP 38 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166308 | &nbsp;&nbsp;NV101562806 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888068 |  |  |
| &nbsp;&nbsp;PP 39 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166309 | &nbsp;&nbsp;NV101562807 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888069 |  |  |
| &nbsp;&nbsp;PP 40 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/18/2017 | &nbsp;&nbsp;NMC1166310 | &nbsp;&nbsp;NV101562808 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888070 |  |  |
| &nbsp;&nbsp;PP 41 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166311 | &nbsp;&nbsp;NV101562809 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167915 |
| &nbsp;&nbsp;PP 42 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166312 | &nbsp;&nbsp;NV101562810 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167916 |
| &nbsp;&nbsp;PP 43 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166313 | &nbsp;&nbsp;NV101562811 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167917 |
| &nbsp;&nbsp;PP 44 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166314 | &nbsp;&nbsp;NV101562812 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167918 |
| &nbsp;&nbsp;PP 45 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166315 | &nbsp;&nbsp;NV101562813 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167919 |
| &nbsp;&nbsp;PP 46 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166316 | &nbsp;&nbsp;NV101562814 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167920 |
| &nbsp;&nbsp;PP 47 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166317 | &nbsp;&nbsp;NV101562815 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888071 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167921 |
| &nbsp;&nbsp;PP 48 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166318 | &nbsp;&nbsp;NV101562816 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888072 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167922 |
| &nbsp;&nbsp;PP 49 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166319 | &nbsp;&nbsp;NV101562817 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;888073 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167923 |
| &nbsp;&nbsp;PP 50 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166320 | &nbsp;&nbsp;NV101562818 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167924 |
| &nbsp;&nbsp;PP 51 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166321 | &nbsp;&nbsp;NV101883273 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167925 |
| &nbsp;&nbsp;PP 52 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166322 | &nbsp;&nbsp;NV101883274 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167926 |
| &nbsp;&nbsp;PP 53 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166323 | &nbsp;&nbsp;NV101883275 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167927 |
| &nbsp;&nbsp;PP 54 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166324 | &nbsp;&nbsp;NV101883276 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167928 |
| &nbsp;&nbsp;PP 55 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166325 | &nbsp;&nbsp;NV101883277 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167929 |
| &nbsp;&nbsp;PP 56 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166326 | &nbsp;&nbsp;NV101883278 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167930 |
| &nbsp;&nbsp;PP 57 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166327 | &nbsp;&nbsp;NV101883279 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167931 |
| &nbsp;&nbsp;PP 58 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166328 | &nbsp;&nbsp;NV101883280 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167932 |
| &nbsp;&nbsp;PP 59 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166329 | &nbsp;&nbsp;NV101883281 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167933 |
| &nbsp;&nbsp;PP 60 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166330 | &nbsp;&nbsp;NV101883282 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167934 |
| &nbsp;&nbsp;PP 61 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166331 | &nbsp;&nbsp;NV101883283 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167935 |
| &nbsp;&nbsp;PP 62 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166332 | &nbsp;&nbsp;NV101883284 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167936 |
| &nbsp;&nbsp;PP 63 | &nbsp;&nbsp;GRC Nevada Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;11/19/2017 | &nbsp;&nbsp;NMC1166333 | &nbsp;&nbsp;NV101883285 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;167937 |
| &nbsp;&nbsp;GOOSE 17 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/15/2014 | &nbsp;&nbsp;NMC1105690 | &nbsp;&nbsp;NV101487289 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;823902 |  |  |
| &nbsp;&nbsp;GOOSE 19 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;9/15/2014<br>6/29/2015 | &nbsp;&nbsp;NMC1105691<br> *amended* | &nbsp;&nbsp;NV101487290 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;823903<br>833672 |  |  |

---

------

2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Claim Name**<br><BORDER_TOP> | &nbsp;&nbsp;**Owner**<br><BORDER_TOP> | &nbsp;&nbsp;**Claim Type**<br><BORDER_TOP> | &nbsp;&nbsp;**Location Date**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM NMC #**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM MLRS #**<br><BORDER_TOP> | &nbsp;&nbsp;**First County**<br><BORDER_TOP> | &nbsp;&nbsp;**First County Claim #**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County Claim #**<br><BORDER_TOP> |
| &nbsp;&nbsp;GOOSE 21 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;9/15/2014<br>6/29/2015 | &nbsp;&nbsp;NMC1105692<br> *amended* | &nbsp;&nbsp;NV101487291 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;823904<br>833673 |  |  |
| &nbsp;&nbsp;GOOSE 116 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/15/2014 | &nbsp;&nbsp;NMC1105693 | &nbsp;&nbsp;NV101487292 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;823905 |  |  |
| &nbsp;&nbsp;GOOSE 118 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/15/2014 | &nbsp;&nbsp;NMC1105694 | &nbsp;&nbsp;NV101487293 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;823906 |  |  |
| &nbsp;&nbsp;MIN 4 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154012 | &nbsp;&nbsp;NV101472379 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882706 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166733 |
| &nbsp;&nbsp;MIN 5 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154013 | &nbsp;&nbsp;NV101472380 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882707 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166734 |
| &nbsp;&nbsp;MIN 6 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154014 | &nbsp;&nbsp;NV101472381 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882708 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166735 |
| &nbsp;&nbsp;MIN 7 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154015 | &nbsp;&nbsp;NV101472382 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882709 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166736 |
| &nbsp;&nbsp;MIN 8 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154016 | &nbsp;&nbsp;NV101472383 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166737 |
| &nbsp;&nbsp;MIN 9 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154017 | &nbsp;&nbsp;NV101472384 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882710 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166738 |
| &nbsp;&nbsp;MIN 12 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154020 | &nbsp;&nbsp;NV101473494 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882712 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166741 |
| &nbsp;&nbsp;MIN 13 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154021 | &nbsp;&nbsp;NV101473495 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166742 |
| &nbsp;&nbsp;MIN 14 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154022 | &nbsp;&nbsp;NV101473496 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882713 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166743 |
| &nbsp;&nbsp;MIN 15 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154023 | &nbsp;&nbsp;NV101473497 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166744 |
| &nbsp;&nbsp;MIN 16 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154024 | &nbsp;&nbsp;NV101473498 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882714 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166745 |
| &nbsp;&nbsp;MIN 18 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154026 | &nbsp;&nbsp;NV101473500 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882715 |  |  |
| &nbsp;&nbsp;MIN 19 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154027 | &nbsp;&nbsp;NV101473501 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882716 |  |  |
| &nbsp;&nbsp;MIN 20 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154028 | &nbsp;&nbsp;NV101473502 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882717 |  |  |
| &nbsp;&nbsp;MIN 21 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154029 | &nbsp;&nbsp;NV101473503 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882718 |  |  |
| &nbsp;&nbsp;MIN 22 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154030 | &nbsp;&nbsp;NV101473504 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882719 |  |  |
| &nbsp;&nbsp;MIN 23 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/12/2017 | &nbsp;&nbsp;NMC1154031 | &nbsp;&nbsp;NV101473505 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882720 |  |  |
| &nbsp;&nbsp;MIN 24 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/12/2017 | &nbsp;&nbsp;NMC1154032 | &nbsp;&nbsp;NV101473506 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882721 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166747 |
| &nbsp;&nbsp;MIN 25 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/12/2017 | &nbsp;&nbsp;NMC1154033 | &nbsp;&nbsp;NV101473507 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882722 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166748 |
| &nbsp;&nbsp;MIN 26 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/12/2017 | &nbsp;&nbsp;NMC1154034 | &nbsp;&nbsp;NV101473508 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882723 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166749 |
| &nbsp;&nbsp;MIN 27 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/12/2017 | &nbsp;&nbsp;NMC1154035 | &nbsp;&nbsp;NV101473509 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882724 |  |  |
| &nbsp;&nbsp;MIN 28 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/12/2017 | &nbsp;&nbsp;NMC1154036 | &nbsp;&nbsp;NV101473510 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882725 |  |  |
| &nbsp;&nbsp;GOO 1 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154037 | &nbsp;&nbsp;NV101473511 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882733 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166750 |
| &nbsp;&nbsp;GOO 2 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154038 | &nbsp;&nbsp;NV101473512 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166751 |
| &nbsp;&nbsp;GOO 3 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154039 | &nbsp;&nbsp;NV101473513 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882734 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166752 |
| &nbsp;&nbsp;GOO 4 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154040 | &nbsp;&nbsp;NV101474491 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882735 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166753 |
| &nbsp;&nbsp;GOO 5 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154041 | &nbsp;&nbsp;NV101474492 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882736 |  |  |
| &nbsp;&nbsp;GOO 6 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154042 | &nbsp;&nbsp;NV101474493 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882737 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166754 |
| &nbsp;&nbsp;GOO 7 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154043 | &nbsp;&nbsp;NV101474494 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882738 |  |  |
| &nbsp;&nbsp;GOO 8 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154044 | &nbsp;&nbsp;NV101474495 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882739 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166755 |
| &nbsp;&nbsp;GOO 9 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154045 | &nbsp;&nbsp;NV101474496 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882740 |  |  |
| &nbsp;&nbsp;GOO 10 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154046 | &nbsp;&nbsp;NV101474497 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882741 |  |  |
| &nbsp;&nbsp;GOO 11 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154047 | &nbsp;&nbsp;NV101474498 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882742 |  |  |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Claim Name**<br><BORDER_TOP> | &nbsp;&nbsp;**Owner**<br><BORDER_TOP> | &nbsp;&nbsp;**Claim Type**<br><BORDER_TOP> | &nbsp;&nbsp;**Location Date**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM NMC #**<br><BORDER_TOP> | &nbsp;&nbsp;**BLM MLRS #**<br><BORDER_TOP> | &nbsp;&nbsp;**First County**<br><BORDER_TOP> | &nbsp;&nbsp;**First County Claim #**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County**<br><BORDER_TOP> | &nbsp;&nbsp;**Second County Claim #**<br><BORDER_TOP> |
| &nbsp;&nbsp;GOO 12 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154048 | &nbsp;&nbsp;NV101474499 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166756 |
| &nbsp;&nbsp;GOO 13 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154049 | &nbsp;&nbsp;NV101474500 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882743 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166757 |
| &nbsp;&nbsp;GOO 14 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154050 | &nbsp;&nbsp;NV101474501 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882744 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166758 |
| &nbsp;&nbsp;GOO 15 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154051 | &nbsp;&nbsp;NV101474502 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882745 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166759 |
| &nbsp;&nbsp;EAST 15 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/13/2017 | &nbsp;&nbsp;NMC1154052 | &nbsp;&nbsp;NV101474503 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882728 |  |  |
| &nbsp;&nbsp;EAST 16 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/13/2017 | &nbsp;&nbsp;NMC1154053 | &nbsp;&nbsp;NV101474504 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882729 |  |  |
| &nbsp;&nbsp;EAST 17 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/13/2017 | &nbsp;&nbsp;NMC1154054 | &nbsp;&nbsp;NV101474505 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882730 |  |  |
| &nbsp;&nbsp;EAST 18 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/13/2017 | &nbsp;&nbsp;NMC1154055 | &nbsp;&nbsp;NV101474506 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882731 |  |  |
| &nbsp;&nbsp;EAST 19 | &nbsp;&nbsp;CL Minerals Corp | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;10/13/2017 | &nbsp;&nbsp;NMC1154056 | &nbsp;&nbsp;NV101474507 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882732 |  |  |
| &nbsp;&nbsp;MIN 1 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154009 | &nbsp;&nbsp;NV101472376 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166730 |
| &nbsp;&nbsp;MIN 2 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154010 | &nbsp;&nbsp;NV101472377 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166731 |
| &nbsp;&nbsp;MIN 3 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154011 | &nbsp;&nbsp;NV101472378 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166732 |
| &nbsp;&nbsp;MIN 10 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/01/2017 | &nbsp;&nbsp;NMC1154018 | &nbsp;&nbsp;NV101472385 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166739 |
| &nbsp;&nbsp;MIN 11 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154019 | &nbsp;&nbsp;NV101473493 | &nbsp;&nbsp;Nye | &nbsp;&nbsp;882711 | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166740 |
| &nbsp;&nbsp;MIN 17 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Lode | &nbsp;&nbsp;09/14/2017 | &nbsp;&nbsp;NMC1154025 | &nbsp;&nbsp;NV101473499 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;166746 |
| &nbsp;&nbsp;NCC 1 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;9/23/2018<br>4/30/2019 | &nbsp;&nbsp;NMC1179577<br> *amended* | &nbsp;&nbsp;NV101762621 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;169395<br>170581 |
| &nbsp;&nbsp;NCC 2 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;09/23/2018 | &nbsp;&nbsp;NMC1179578 | &nbsp;&nbsp;NV101763001 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;169396 |
| &nbsp;&nbsp;NCC 3 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;9/23/2018<br>4/30/2019 | &nbsp;&nbsp;NMC1179579<br> *amended* | &nbsp;&nbsp;NV101763002 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;169397<br>170582 |
| &nbsp;&nbsp;NCC 4 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;9/23/2018<br>4/30/2019 | &nbsp;&nbsp;NMC1179580<br> *amended* | &nbsp;&nbsp;NV101763003 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;169398<br>170583 |
| &nbsp;&nbsp;NCC 5 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;09/23/2018 | &nbsp;&nbsp;NMC1179581 | &nbsp;&nbsp;NV101763004 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;169399 |
| &nbsp;&nbsp;NCC 6 | &nbsp;&nbsp;CL Holdings, Inc. | &nbsp;&nbsp;Unpatented Placer | &nbsp;&nbsp;9/23/2018<br>4/30/2019 | &nbsp;&nbsp;NMC1179582<br> *amended* | &nbsp;&nbsp;NV101763005 |  |  | &nbsp;&nbsp;Mineral | &nbsp;&nbsp;169400<br>170584 |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Royalties, Agreements and Encumbrances** 

The 122-claim land position was amalgamated by Fortitude's subsidiaries during two phases. The first phase involved the purchase of 59 unpatented claims, of which 53 were lode claims and six were placer claims, in March 2018 from Nevada Select Royalty, Inc. (Nevada Select), which is now Gold Royalty Corp. (Gold Royalty). Relocation of the six unpatented placer mineral claims (CC 1 - 6) occurred in 2018 and 2019 that are named NCC 1 to NCC 6 (Table 3.2). After purchasing the claims from Nevada Select, 63 additional unpatented lode mineral claims were added to the Property by GRCN.

Fortitude obtained 100% interest in the 59 claims purchased by Nevada Select through a one-time cash compensation of $300,000 that was completed in March 2018, and allocation of a net smelter returns (NSR) royalty of 3% on the purchased claims and 63 additional claims that were staked by GRCN, as these claims are within the agreed upon area-of-interest. As part of the arrangement, 1% of this NSR can be purchased back from Nevada Select for US$1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Environmental Liabilities and Permitting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.1** **Environmental Liabilities** 

The Property was previously mined by Food Machinery & Chemical Corporation (FMC), through their subsidiary FMC Gold. As such, there are pre-existing open pits (County Line and East Zone), a leach pad and waste dump, access roads that are still open, berms around the County Line main open pit, a perimeter fence around the open pit and leach pad, and a locked gate at the main entrance. In 2006, the BLM completed reclamation activities at the County Line mine site. Mitigation included the construction of berms around the County Line main open pit, installation of a perimeter fence around the open pit and leach pad, and a locked gate at the main entrance of the historical mine. The State of Nevada's Environmental Protection Division accepted the mine closure plan and the remediation work done by the BLM.

Fortitude plans to not disturb the historic reclaimed heap leach pad. At the completion of operations, Fortitude will be required to reclaim the project site as specified in the approved reclamation and closure plans. Closure requirements will generally include reclamation for open pits, waste rock storage facilities, roads, removal of all facilities and debris, revegetation and monitoring of vegetation, and water quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.2** **Required Permits and Status** 

The Property location and the current land ownership position, which is all on non-patented mineral claims, means that permits and licenses are required with the associated counties, the state, and federal agencies. The lead permitting agencies will be Mineral and Nye counties, the State of Nevada, the U.S. Department of the Interior (USDOI), and the BLM Carson City District Office and Stillwater Field Office.

**3.4.2.1** **Exploration Notices**

During early phases of exploration, when surface disturbance is generally limited, authorization from the BLM is conditionally granted under a notice (40 CFR § 3890.21). A completed Notice-of-Intent (NOI) for the proposed activities must be submitted at least 15 calendar days before commencement of exploration

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

activities causing surface disturbance of five acres or less of public lands on which reclamation has not been completed. While the notice is a useful tool to quickly initiate exploration activities, the BLM specifically warns against segmenting a project area by filing a series of notices for the purpose of avoiding filing a plan of operations. Exploration may be conducted under a notice for a period of two years, though this can be extended by two-year increments with a formal request and update to the required financial guarantee, if warranted.

In February 2022, Fortitude submitted a NOI to complete drilling on the Property. This NOI was awarded through Record of Decision NVN-101163 in April 2022 from the Stillwater Field Office of the BLM. NVN-101163 allows for five acres of surface disturbance and has a reclamation surety of $15,089.

Permitting activities as of the effective date of this report include:

&nbsp;&nbsp;&nbsp;&nbsp;● Twenty-seven drill sites on previously disturbed areas in the County Line main open pit

&nbsp;&nbsp;&nbsp;&nbsp;● Five new drill sites requiring disturbance

&nbsp;&nbsp;&nbsp;&nbsp;● Construction of a permanent fence delimiting historic leach pad

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Other Significant Factors and Risks** 

Fortitude will complete biological, cultural, and archeological resource baseline studies. These studies are proposed to start in March 2023. Permitting timelines and findings of these baseline studies will dictate the project development timelines.

The QPs are not aware of any material risks that will materially affect the ability to perform work on the Property.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Topography, Elevation, and Vegetation** 

The Property is within the Basin and Range province, a major physiographic region of the western United States. The region is typified by north-northeast trending mountain ranges separated by broad, flat alluvium filled valleys. Locally, the mountain ranges trend northwesterly, making this area rather anomalous in relation to typical Nevada physiography.

The Property is in an area of low rolling hills and flat pediment areas at elevations that vary from 4,800' to 5,800'. The Property lies at the westernmost slope of the Paradise Range and coinciding southeastern margin of Gabbs Valley, northeast of Finger Rock Wash. There is only sparse desert vegetation comprised of low shrubs and grasses. Portions of the Property are alluvial and covered with the remainder of generally volcanic rock outcrop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Property Accessibility** 

Located 51 miles from the Property, the town of Hawthorne is the county seat of Mineral County, Nevada, and is the most populous town in the immediate area. From Hawthorne, the Property can be accessed via US Route 95 (also known as Veteran's Highway) to Luning, then northeast on Nevada State Route 361 (also known as Gabbs Valley Road) (Figure 4-1).

From Reno, the Property can be accessed by travelling east on Interstate 80 to Fernley. From there, travelling east on US Route 50 to Fallon, turning south at the intersection with Nevada State Route 361 at Middlegate, and then accessing the Property 11 miles past Gabbs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Climate** 

The Property, located in the Basin and Range province, is in a semi desert area (Britannica, 2022, para.4). According to US Climate Data, the area has an average annual high temperature of 70<sup>o</sup> F and an average annual low temperature of 41<sup>o</sup> F. There is a combined average annual precipitation of rain and snow of 17.05" (2023, para. 1).

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Infrastructure Availability and Sources** 

Water can be purchased from the municipalities of Gabbs or Mina. If permitted, water may be sourced from the Property through drilling a water well. Aquifers in the Basin and Range of Nevada are abundant (Robson and Banta, 1995, para. 1); however, a review of basin water allocation would be required, and a water extraction permit obtained. Due to the approach of only a crushing facility with no other process facilities, only limited water for dust suppression is expected to be needed.

Diesel generators on-site will provide power for operations.

The Property is located 19 miles north and east of Fortitude's Isabella Pearl Mine (Figure 4-1), which provides process facilities, infrastructure and expertise. Gabbs is the closest community to the Property and has an airport with two runways with dirt surfaces that can be used for emergency evacuations. Hawthorne is a 45-minute drive from the Property, and provides services, such as medical care, schooling, lodging (hotels and rental properties), grocery, fuel, and living supplies, as well as personnel. Fallon is a 90-minute drive from the Property, and provides the same amenities as Hawthorne, as well as access to mechanical repair shops and supplies. Reno is a 2.5-hour drive from the Property. It has the Reno-Tahoe International Airport, three full service medical centers, and the University of Nevada Reno (UNR), which can provide specialized engineering and geological personnel. Reno also has specialty mining and exploration suppliers.

Field operations can be conducted year-round on the Property.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 4-1<br>Access to County Line Property from Hawthorne, Nevada
![Graphic](ftco-20221231xex96d11004.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 **HISTORY** 

The Property is in the historic Fairplay Mining District, locally referred to as the Paradise Peak Mining District. This mining district contains gold and silver-bearing replacement-style high sulfidation epithermal deposits. The largest known deposit is Paradise Peak, which was discovered by FMC in 1983 and produced >1M ounces of gold. During the same period, FMC also discovered and mined other satellite deposits in the district, which included County Line, Ketchup Flats, Ketchup Knob, and East Zone (Sillitoe and Lorson, 1994).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Prior Ownership, Ownership Changes, Exploration, and Development** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** **Historical Timeline - Paradise Peak Mining District** 

The discovery history of County Line is associated with the exploration and development of the Paradise Peak Mine. A summary of the exploration and development activities in the vicinity of the County Line Property is presented below.

● 1982: William and Ardith Anell identified alteration in the area and contacted FMC to review in September 1982 and worked with FMC geologists to complete rock sampling over the area; many of the rocks contained anomalous gold. In November 1982, FMC initiated a large staking program and completed additional surface sampling, which included rock and soil (Thomason, 1986).

● 1983: First rock samples were collected from Paradise Peak mineral deposit. Drilling of this area commenced in June 1983. The first hole encountered over 80' of 0.35 opt gold (Thomason, 1986).

● 1984: Drilling of 100' centers were completed by mid-1984. Mineral resource and reserve calculations were completed, and mine planning provided the basis for a favorable economic evaluation. Metallurgical testing and mill design were completed by late 1984 (Thomason, 1986).

● 1985: Commencement of mill construction at Paradise Peak Mine started in January 1985 and was completed in early 1986 (Thomason, 1986).

● 1986: First gold-silver doré bars poured from Paradise Peak Mine on April 24, 1986 (Thomason, 1986).

● 1989: **  FMC completed drilling and began heap leach operations at the County Line deposit (Thomas and Brook, 2014).

● 1993: FMC completed its mining at the Paradise Peak Mine and adjacent deposits in mid-1993, after producing 1.46 Moz of gold, 1,255 metric tons (38.9 Moz) of silver, and 457 metric tons of mercury (Sillitoe and Lorson, 1994).

● 1995: Arimetco Inc. (Arimetco) purchased all of FMC's holding on the Paradise Peak Property and completed a study to assess the remaining gold and silver in the FMC heap leach operations.

● 1997: Arimetco declared bankruptcy in early 1997.

● 2004: Public Land Order No. 7619 (69 FR 62286) withdrew the County Line area from mineral entry, and all existing claims were declared invalid.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

● 2006: the BLM used a $200,000 cash reclamation surety bond posted by Arimetco at the County Line site that included berm construction around the pit, perimeter fencing, and installing a locked gate. After this work the BLM considered the reclamation project closed.

● 2007: Altan Rio (US) Inc. (Altan Rio), a subsidiary of VLM Ventures Ltd. (VLM), acquired 204 unpatented lode claims (4,070 acres) that they named the Radar Property, which was a contiguous claim block to the south of the County Line main open pit.

● 2008: the U.S. Secretary of the Interior issued an Order that released the County Line main open pit and surrounding area from the previous withdrawal. The Order took effect on September <sup></sup> 3, 2008, at 9 a.m. A staking rush ensued on that day, in which both Paradise Peak Mining (PPM) and Desatoya Goldstrike (DG) LLC located overlapping claims in the County Line main open pit area.

● 2008 - 2011: Altan Rio completed mapping, sampling (rock and soil), and geophysical surveys on the Radar Property (Moran, 2011).

● 2009: Paradise Peak Mining completed a drill campaign that included holes north of the County Line main open pit in an area later named North Target.

● 2010 - 2011: Avidian Gold US Inc. (AGI) made agreements with both Paradise Peak Mining and Desatoya Goldstrike LLC for their claims.

● 2011: VLM contracted SRK Consulting to author a Technical Report on the Radar Property that was published in August 2011. In addition, VLM completed transactions that resulted in a name change to Altan Nevada Minerals Limited (Altan) in December 2011.

● 2012: AGI signed a lease agreement with Altan. Following this land consolidation, two drilling campaigns (sonic and core) were completed in Q2 and Q3 of 2012. The programs focused on drilling the leach pad and exploration properties.

● 2014: Gold Resource Corporation, by and through its subsidiary GRCN, signed mining lease and option to purchase agreements with Altan and Nevada Eagle LLC (NE) on their respective claims located south of the County Line main open pit. Core drilling was completed during their exploration campaign.

● 2016: GRCN terminated agreements with Altan and NE. AGI subsequently entered a joint venture with North Peak Mining (NPM), which focused on assessing NW oriented structural controls in the North Area. The agreement terminated that same year.

● 2017 - 2018: All claims held by third parties in the general area around the County Line main open pit and to the south were allowed to lapse. Nevada Select acquired the area now known as the County Line Property through a 2017 staking program. Later, in 2018, GRCN purchased 100% interest in the claims comprising the County Line Property from Nevada Select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** **Historical Exploration by Area within Current Lease Boundary** 

Mapping and sampling campaigns, in addition to drilling, were completed by other companies prior to Fortitude's acquisition of the Property. FMC completed several mapping and surface sampling campaigns while they were exploring and producing from the area; however, much of this data was not available to Fortitude. Data was available from the AGI's surface sampling and drill campaigns. Between 1983 and 2017 approximately 247 holes were drilled in Fortitude's current claim boundary (Fig. 5-1). Figure 5-1 also shows the drill hole locations, the company that completed the drilling, and identified areas where the

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

drilling occurred. Activities completed in each of these areas is listed in Table 5.1, and further shown on Figures 5-2 to 5-7. Table 5.1 uses the following abbreviations: "DD" is diamond drill (core) holes; "RC" is reverse circulation drill holes; "Sonic" is material retrieved through sonic-style core drilling.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-1<br>Areas and Historic Drill Holes in Current Claim Boundary
![Graphic](ftco-20221231xex96d11005.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Table 5.1:<br>Historical Exploration Activities and Select Drill Intercept Results

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| | | | |
|:---|:---|:---|:---|
| **Operation Years** | &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Program Summary** | &nbsp;&nbsp;**Select Drill Intercepts** |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-61: 130'-230' (anomalous Au) |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-89: 220'-320' (anomalous Au) |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-75: 380'-385' @ 0.037 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-76: 25'-40' @ 0.031 opt Au; 315'-320' @ 0.034 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-92: 115'-130' @ 0.064 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-93: 40'-50' @ 0.035 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-97: 325'-340' @ 0.035 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-110: 50'-55' @ 0.034 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-115: 65'-115' @ 0.033 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-116: 300'-305' @ 0.034 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;N-118: 230'-235' @ 0.035 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-1: 50'-80' @ 0.04 opt Au; 100'-110' @ 0.03 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-2: 90'-110' @ 0.04 opt Au; 115'-120' @ 0.025 opt Au; 150'-230' @ 0.08 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-4: 25'-80' @ 0.023 opt Au; 105'-180' @ 0.03 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-5: 100'-125' @ 0.08 opt Au; 140'-175' @ 0.06 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-6: 45'-60' @ 0.042 opt Au; 75'-85' @ 0.027 opt Au; 100'-105' @ 0.02 opt Au; 120'-125' 0.02 opt Au; 135'-140' @ 0.02 opt Au; 180'-245' @ 0.023 opt Au; 255'-265' @ 0.023 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-7: 27'-75' @ 0.025 opt Au; 110'-160' @ 0.021 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-8: 95'-100' @ 0.029 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-9: 110'-135' @ 0.025 opt Au; 250'-280' @ 0.023 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-10: 110'-120' 0.026 opt Au; 220'-255' @ 0.057 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-19: 420'-430' @ 0.05 opt Au; 480'-490' @ 0.03 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-46: 610'-650' @ 0.04 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-51: 165'-190' @ 0.057 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-52: 190'-200' @ 0.027 opt Au |
| &nbsp;&nbsp;1983 - 1991 | &nbsp;&nbsp;FMC | &nbsp;&nbsp;174 Holes (N, NC, & P), Gravity, Magnetic & Resistivity surveys | &nbsp;&nbsp;NC-53: 25'-75' @ 0.022 opt Au; 115'-145' @ 0.04 opt Au |
| &nbsp;&nbsp;1995 - 1997 | &nbsp;&nbsp;Arimetco | &nbsp;&nbsp;Heap Leach Study; 7 RC holes | &nbsp;&nbsp;Results from this drilling campaign are not presented in this report as subsequent drilling of County Line leach pad by AGI could not replicate the gold grades. |
| &nbsp;&nbsp;2008 - 2011 | &nbsp;&nbsp;Altan Rio | &nbsp;&nbsp;Soil & rock geochemistry, Gravity, Magnetic & Resistivity geophysics | &nbsp;&nbsp;No drilling |
| &nbsp;&nbsp;2009 | &nbsp;&nbsp;PPM | &nbsp;&nbsp;10 RC holes; IP geophysics | &nbsp;&nbsp;PPR6: 0'-110' @ 0.35 g/t Au (no other drill hole data from this program available)  |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

Table 5.1 (Cont'd)

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| | | | |
|:---|:---|:---|:---|
| **Operation Years** | &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Program Summary** | &nbsp;&nbsp;**Select Drill Intercepts** |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD1: 0'-30' @ 3.85 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD2: 0'-30' @ 3.84 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD3: 35'-85' @ 1.26 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD4: 0'-40' @ 0.42 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD6: 60'-85' @ 3.08 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD7: 0'-160' @ 0.31 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD8: 0'-240' @ 0.43 g/t Au (inc. 0'-110' @ 0.58 g/t Au) |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD9: 0'-250' @ 0.22 g/t Au (inc. 130'-250' @ 0.31 g/t Au) |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD10: 0'-40' @ 0.32 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD11: 5'-50' @ 0.20 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD12: 0'-45' @ 0.50 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD12P: 25'-65' @ 0.23 g/t Au; 200'-275' @ 0.94 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD13: no significant intervals |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD14P: 0'-25' @ 0.72 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD15P: 0'-25' @0.65 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD16: 0'-275' @ 0.15 g/t Au (inc. 0'-5' @ 1.78 g/t Au) |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD17: 0'-300' @ 0.40 g/t Au (inc. 0'-20' @ 0.55 g/t Au; 120'-300' @ 0.51 g/t Au with 260'-300' @ 0.96 g/t Au). Hole stopped @ 300' in 0.4 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD18: 0'-280' @ 0.34 g/t Au (inc. 0'-15' @ 0.40 g/t Au; 65'-90' @ 0.39 g/t Au; 150'-170' @ 0.47 g/t Au) |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD19 (assays started at 230'): 235'-335' @ 0.40 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD20: no significant intervals |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD21: 245'-250' @ 0.52 g/t Au |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD22: 5'-200' @ 0.35 g/t Au (inc. 65'-125' @ 0.52 g/t Au) |
| &nbsp;&nbsp;2012 – 2013 & 2015 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;24 RC holes (CLD Series) | &nbsp;&nbsp;CLD23: 5-75' @ 0.22 g/t Au (inc. 110'-115' @ 0.51 g/t Au)  |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL1: 0'-40' @ 0.10 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL2: 0'-100' @ 0.13 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL3: 0'-120' @ 0.17 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL4: 0'-120' @ 0.24 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL5: 0'-120' @ 0.23 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL6: 0'-100' @ 0.15 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL7: 0'-100' @ 0.21 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL8: 0'-105' @ 0.38 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL9: 0'-100' @ 0.19 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL10: 0'-100' @ 0.26 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL11: 0'-100' @ 0.14 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL12: 0'-80' @ 0.17 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL13: 0'-70' @ 0.21 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL14: 0'-70' @ 0.21 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL15: 0'-70' @ 0.28 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL16: 0'-60' @ 0.22 g/t Au |
| &nbsp;&nbsp;2012 - 2013 | &nbsp;&nbsp;AGI | &nbsp;&nbsp;17 Sonic holes (SL Series) | &nbsp;&nbsp;SL17: 0'-50' @ 0.12 g/t Au |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;Altan (GRCN Optionee) | &nbsp;&nbsp;Two core holes (RAD series), soil & rock geochemistry | &nbsp;&nbsp;RAD-15-005: 325'-334' @ 0.74 g/t Au |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;AGI (NPM Optionee) | &nbsp;&nbsp;13 RC holes (NP Series) | &nbsp;&nbsp;No significant grade intercepts identified during drilling. |
| &nbsp;&nbsp;**Total Drill Holes** | &nbsp;&nbsp;**Total Drill Holes** | &nbsp;&nbsp;**Total Drill Holes** | &nbsp;&nbsp;**247** |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

It is important to understand the limitations of the presented information, which are listed below:

● Drill collar and surface sample location accuracy: uncertainty exists in drill collar and sample locations, as there are differences in the coordinate system implemented by each company. Errors were potentially introduced when a company undertook projection to different coordinate systems over time. Fortitude has not attempted to validate the original sample and hole locations in the field: many of the original hole markers are assumed to not exist anymore.

● Sample interval accuracy from RC chip samples: there is uncertainty in the accuracy of the sample intervals from all of the presented holes on the included figures. Original assay certificates relative to sample collection depths were typically not available. The included intervals in this section are taken from internal reports from each company.

● Accuracy of gold grades: the gold grades were typically taken from historic company documents, as Fortitude does not have access to the original assay certificates from each program. In an attempt to reduce further transcription errors, the gold grades shown on the figures are those that were presented in the original reports of each company. As such, there is a mix of g/t and opt grade presented on the following figures.

The drilled areas, based on historic work, are reviewed in the following subsections and shown on Figure 5-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2.1  ***County Line and East Zone Open Pits, and Geochemical Target Area*** 

The County Line main open pit was first discovered during surface sampling and exploration drill programs that were completed by FMC in the mid-1980s (Figure 5-2). These early programs drilled concentrations of gold that became the County Line main pit and East Zone open pit (also known as Porphyry pit), both of which were mined by FMC in the late 1980s and early 1990s (Fig. 5-2; Table 5.1).

Arimetco purchased FMC's interest in the Paradise Peak area in the mid-1990's. Arimetco assessed the extractability of gold and silver from the County Line leach pad at varying cyanide leach concentrations. Arimetco drilled the County Line heap leach pad; however, results from individual holes were not available to the QPs (Table 5.1). Arimetco proposed in an internal memorandum that the heap leach pad contained elevated gold concentrations.

In 2012, AGI consolidated the County Line and East Zone open pit areas, as well as the contiguous areas to the north and south. In the following three years, AGI completed an Induced Polarization (IP) geophysical survey, rock chip sampling programs for the County Line main open pit and the East Zone open pit, and a soil grid study over a prospective area to the southwest of the East Zone open pit that they named the Geochemical Target. AGI followed up the surface geochemical and geophysical studies and completed drilling in the County Line main open pit and East Zone open pit between 2012 and 2013. The significant gold results for the surface and drilling programs are shown on Figures 5-3 to 5-5 and listed in Table 5.1.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-2<br>FMC Drill Holes in County Line and East Zone Areas
![Graphic](ftco-20221231xex96d11006.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-3<br>AGI Rock Chip Sample and Drill Results in County Line Main Open Pit
![Graphic](ftco-20221231xex96d11007.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-4<br>AGI Rock Chip Sample and Drill Results in East Zone Open Pit
![Graphic](ftco-20221231xex96d11008.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-5<br>AGI Soil Sample Grid Results in Geochemical Target Area
![Graphic](ftco-20221231xex96d11009.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

The Geochemical Target was drilled by AGI in October 2015. During this drill campaign, AGI completed five RC holes (CLD19 to CLD 23) with a cumulative footage of 2,220'. Samples were collected at 5' intervals and were fire assayed. The purpose of the drill program was to test if gold mineralization was associated with a "gold shell" of a porphyry system (Brook, 2015). Holes with significant gold-bearing intervals are shown on Figure 5-6. The results and conclusions of this drill program, as made by Brook (2015), are as follows:

● The Geochemical Target is a porphyry-style system where the gold is associated with pyrite in a widespread quartz-sericite-pyrite alteration assemblage.

● Widespread gold values of ~0.1 g/t that are contained in ubiquitous disseminated pyrite, surround higher grade gold mineralization (~0.3 g/t), which is associated with a zone of greater fracture-veinlet density.

● The higher-grade structurally hosted mineralization appears to be limited in size, based on the 2015 drill program; the potential for significant tonnage may be limited.

● The drilling did not show evidence that gold mineralization was associated with a "gold shell" of a porphyry system.

AGI also completed sonic drilling on the County Line leach pad. The collar locations of this 17 sonic drill hole program are shown on Figure 5-7. The average gold concentration in the County Line leach pad was assayed at ~0.2 g/t gold (Table 5.1). Although the assays returned anomalous gold, these values were deemed too low by AGI in 2015 to be a consideration for extraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2.2  ***North Target*** 

In total, 17 RC holes were drilled at the North Target by three different companies (Figure 5-8), which include:

● Paradise Peak Mining (hole PPR6),

● AGI (holes CLD 10 to CLD12),

● NPM through an option agreement with AGI (13 NP series holes).

The results of these drilling campaigns are listed in Table 5.1 and shown on Figure 5-8. In summary, hole PPR6 and holes CLD10 to CLD12 returned promising gold intercepts. NPM completed 13 RC holes in 2016. These NPM holes were drilled to the northwest of those drilled by AGI and PPM (Figure 5-8). The NPM campaign's first holes were drilled vertically to target a shallowly occurring crystal tuff unit with strong silicification and iron oxide alteration. A second group of holes were drilled to offset visually altered crystal tuff intersected in the first drill holes both as northwest step-outs and angle holes from various directions at existing drill sites and roads. The follow-up holes were limited to existing drill sites and roads to comply with the BLM Surface Management Notice (Figure 5-8). Most of the NP-series holes intersected various thicknesses of the targeted silicified tuff; assays returned weak anomalous gold. NPM terminated their option agreement with AGI after this campaign.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-6<br>Arimetco and AGI Drill Holes at County Line, East Zone, and Geochemical Target Areas
![Graphic](ftco-20221231xex96d11010.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-7<br>AGI Sonic Drill Hole Locations on County Line Leach Pad
![Graphic](ftco-20221231xex96d11011.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-8<br>Drill Holes in North Target Area
![Graphic](ftco-20221231xex96d11012.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2.3  ***Newman Ridge*** 

FMC explored the Newman Ridge area between ~1983 and 1991. In an internal FMC report by Wulftange (1989), it was stated that the Newman Ridge area interested FMC geologists since the discovery of the Paradise peak gold and silver deposit for three reasons:

● A gold anomaly was discovered at the southern end of the ridge during soil sampling at the time the area was staked. Further support for the area containing anomalous gold values was provided by the results of a follow-up rock-chip sampling in 1993.

● Detailed mapping of the area showed that the lithologies that form Newman Ridge are identical to those at Paradise Peak Mine.

● The units at Newman Ridge underwent the same hydrothermal alteration processes as affected the lithological units at the Paradise Peak Mine.

As a result, 43 holes were drilled by FMC to assess the prospectively of Newman Ridge. Mineralized intervals are listed in Table 5.1 and shown on Figure 5-9. Low grade gold mineralization was identified in widely disbursed areas that centered around the higher-grade zones in the central Newman Ridge area. Mineralized intervals were stratiform within the Gray Tuff unit and is most often strongly silicified and accompanied by weak to strong pervasive iron-staining. Wulftange (1989) postulated that mineralizing fluid transport was aided by an inferred northwest-trending structural zone that connects dacite fissure to mineralization in the Central Newman Ridge area and to the area now known to contain County Line, East Zone, and Geochemical Target.

GRCN, while under an option agreement with Altan, completed rock chip sampling in the Newman Ridge area. These rock chip samples returned encouraging results, which are shown on Figure 5-10. The QPs did not find records of exploration work completed in the Newman Ridge area following the departure of FMC from the area, with exception of GRCN, as stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2.4  ***Jackpot*** 

Directly to the south of Newman Ridge is the Jackpot area. Rock chip samples in areas returned elevated gold grades (Figure 5-10). Drilling was completed in the Jackpot area by FMC, and later by GRCN through the 2014-2015 Altan option agreement. FMC drilled two holes, N61 and N89, that returned anomalous gold over significant intervals (Table 5.1; Figure 5-11). GRCN while in an option agreement with Altan drilled hole RAD-15-005 that intersected gold between 325'-334' (ave. 0.74 g/t; Table 5.1; Figure 5-11).

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-9<br>FMC Drill Holes in Newman Ridge Area
![Graphic](ftco-20221231xex96d11013.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-10<br>Altan (GRCN Optionee) Rock Chip Samples in Newman Ridge and Jackpot Areas
![Graphic](ftco-20221231xex96d11014.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 5-11<br>FMC and Altan (GRCN Optionee) Drill Holes in Jackpot Area
![Graphic](ftco-20221231xex96d11015.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** **Historical Production** 

The Paradise Peak gold-silver deposits produced a total of 47 metric tons (1.46 Moz) of gold and 1,255 metric tons (38.9 Moz) of silver (Sillitoe & Lorson, 1994). This metal dominantly came from four high sulfidation epithermal deposits (Paradise Peak, Ketchup Flat, Ketchup Knob, and County Line), with a lesser amount of metal being extracted from the East Zone.

Tonnages and metal grades of the individual deposits are listed in Table 5.2, which is reproduced from Table 1 of Sillitoe and Lorson (1994).

#### Table 5.2<br>Historical Paradise Peak Area Production

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | &nbsp;&nbsp;**Size (t)** | &nbsp;&nbsp;**Au grade**<sup>1</sup> **(g/t)** | &nbsp;&nbsp;**Ag grade (g/t)** | &nbsp;&nbsp;**Au content (t)** | &nbsp;&nbsp;**Ag Content (t)** | &nbsp;&nbsp;**Ag/Au ratio** |
| **Paradise Peak** | &nbsp;&nbsp;9064220 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;125.90 | &nbsp;&nbsp;35.71 | &nbsp;&nbsp;1141.20 | &nbsp;&nbsp;32 |
| **Ketchup Flat**<sup>2</sup> | &nbsp;&nbsp;8239320 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;10.36 | &nbsp;&nbsp;8.49 | &nbsp;&nbsp;85.36 | &nbsp;&nbsp;10 |
| **Ketchup Knob** | &nbsp;&nbsp;156439 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;25.10 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;3.93 | &nbsp;&nbsp;24.4 |
| **Ketchup Hill**<sup>3</sup> | &nbsp;&nbsp;371916 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;30.38 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;11.30 | &nbsp;&nbsp;19.7 |
| **County Line**<sup>2</sup> | &nbsp;&nbsp;2376850 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;10.30 | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;24.48 | &nbsp;&nbsp;9.7 |
| **East Zone**<sup>2,4</sup> | &nbsp;&nbsp;393340 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;1.1 |
| **Paradise Peak District Total** | &nbsp;&nbsp;**20602085** |  |  | &nbsp;&nbsp;**47.68** | &nbsp;&nbsp;**1266.53** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Calculated using a cutoff grade of ~ 0.34 g/t Au<br><sup>2</sup> Mineable reserves only<br><sup>3</sup> Not mined because of sulfidic, refractory nature<br><sup>4</sup> Only about half of mineable resource extracted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Calculated using a cutoff grade of ~ 0.34 g/t Au<br><sup>2</sup> Mineable reserves only<br><sup>3</sup> Not mined because of sulfidic, refractory nature<br><sup>4</sup> Only about half of mineable resource extracted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Calculated using a cutoff grade of ~ 0.34 g/t Au<br><sup>2</sup> Mineable reserves only<br><sup>3</sup> Not mined because of sulfidic, refractory nature<br><sup>4</sup> Only about half of mineable resource extracted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Calculated using a cutoff grade of ~ 0.34 g/t Au<br><sup>2</sup> Mineable reserves only<br><sup>3</sup> Not mined because of sulfidic, refractory nature<br><sup>4</sup> Only about half of mineable resource extracted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Calculated using a cutoff grade of ~ 0.34 g/t Au<br><sup>2</sup> Mineable reserves only<br><sup>3</sup> Not mined because of sulfidic, refractory nature<br><sup>4</sup> Only about half of mineable resource extracted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Calculated using a cutoff grade of ~ 0.34 g/t Au<br><sup>2</sup> Mineable reserves only<br><sup>3</sup> Not mined because of sulfidic, refractory nature<br><sup>4</sup> Only about half of mineable resource extracted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Calculated using a cutoff grade of ~ 0.34 g/t Au<br><sup>2</sup> Mineable reserves only<br><sup>3</sup> Not mined because of sulfidic, refractory nature<br><sup>4</sup> Only about half of mineable resource extracted |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Regional Geology** 

The location of the County Line Property, as shown on Figure 6-1, is in the western extent of the Basin and Range Province in the Great Basin (Tingley, 1999). The Property is within the northeast portion of the Walker Lane structural corridor, a major northwest-aligned structurally deformed zone, and is characterized by a series of closely spaced dextral strike-slip faults that were active throughout the middle to late Cenozoic. The Walker Lane structural corridor is up to 186 miles wide and ~620 miles long and is positioned between the western boundary of the extensional Basin and Range Province and the Sierra Nevada microplate (Faulds and Henry, 2008). Translation along this boundary is calculated to accommodate approximately 20% of North American and Pacific plate translational motion (Ferranti et al., 2009; Carlson et al., 2013).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Local Geology** 

Extensive volcanism occurred locally, with a large and voluminous volcanic field centered west of the Paradise Range that was estimated to be more than 39 miles<sup>2</sup> in original extent (John, 1974). The volcanic units show compositional zonation, typically from intermediate to silicic, and are related to a relatively short duration of volcanism, share a relationship to an early structural extensional period, and are coincident with rapid and thick deposition on an angular unconformity or coarse sedimentary units (John, 1974). Figure 6-2, that is modified from Figure 6 of John (1974), shows the proposed source area, distribution, and estimated extent of Early Miocene volcanism in the Paradise Range. These volcanic units are commonly covered by Quaternary alluvium, which consisting of alluvial fans spreading from major drainages into adjacent valleys commonly cover the older rocks in the topographically lower regions.

The area was affected by multiple structural events and northwesterly oriented high angle faults that are generally associated with the Walker Lane right-lateral trans-extensional system. Figure 6-3 shows the County Line Property relative to major faults located in the central portion of Walker Lane Structural Corridor. North to northeast oriented high angle faults are attributed with Basin and Range extensional tectonics. Locally low angle detachment faults are present and often down drop and rotate the original volcanic stratigraphy into listric half-graben configurations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** **Lithological Units** 

The area is situated along the southwestern flank of the Paradise Range where it adjoins Gabbs Valley. Lithologically, the area is composed of older basement units and intrusives that were subsequently overlain by younger volcanic and sedimentary units. These units are reviewed in the following subsections.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 6-1<br>Generalized Geologic Map of Nevada showing County Line Property
![Graphic](ftco-20221231xex96d11016.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 6-2<br>Source Area, Distribution, & Extent of Early Miocene Volcanism in the Paradise Range
![Graphic](ftco-20221231xex96d11017.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 6-3<br>County Line Property relative to Central Portion of Walker Lane Structural Corridor
![Graphic](ftco-20221231xex96d11018.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1.1  ***Basement Rocks and Intrusives*** 

The Paradise Range is underlain by Paleozoic and Mesozoic metasedimentary, metavolcanic, and metaplutonic rocks that were intruded by younger granitic to dioritic plutons of Late Cretaceous age (Thomas and Brook, 2014). Exposures of the basement rocks in the area are commonly limited to the northern areas (Figure 6-4, modified after John et al., 1989).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1.2  ***Volcanics*** 

The Paleozoic to Cretaceous-aged basement rocks were unconformably overlain by late Oligocene to Miocene volcanic rocks that are part of an important extensive Tertiary volcanic field that originated to the west and covered a large part of the area. These volcanic rocks represent the dominant rock units in the area and are subdivided into three volcanic intervals described below.

**Younger Andesites (Tya):** Compositionally zoned units, composed of andesitic to dacitic lavas and subordinate volcaniclastic sandstones and siltstones, support that deposition was proximal to a central vent or volcano source (Sillitoe and Lorson, 1994). The younger andesite sequence is dated at 20 to 15.5 Ma (John et al., 1989). This range in ages is consistent with findings of Dobak (1988), which obtained ages of 17.1 Ma ± 0.5 Ma and 18.7 ± 0.6 Ma from volcanics. The younger andesites are cut locally by domes, plugs, and dikes of flow-foliated rhyolite dated at 19 to 16 Ma (John et al., 1989).

These units may correlate to volcanism of Mount Ferguson, which is a varied colored intermediate lava that ranges in composition from andesite to quartz latite; is cliff forming, commonly exceeding 1,000' in thickness, and shows craggy weathering. In addition, these units are commonly porphyritic and contain 10% to 15% phenocrysts of potassium feldspar, hornblende, and pyroxene, with rare quartz. K-Ar ages obtained from this unit range from 15 to 22 Ma (Ekrin and Byers, 1985).

**Middle Tuffs (Tmt):** Compositionally zoned series of rhyolitic ash-flow tuffs dated at 23 Ma (John et al., 1989). The ash-flow tuffs are likely outflow facies derived from several calderas, which accumulated in topographic depressions, including the Paradise Peak area.

This unit may correlate to a tuffaceous sequence observed in Gabbs Valley. This tuffaceous sequence, which occurs as a major cooling unit and several thin discontinuous units of highly differentiated quartz bearing rhyolite tuff, are proposed to have erupted from a volcanic center that underlies part of Gabbs Valley where a cauldron boundary has been mapped (Ekrin and Byers, 1985). The Gabbs Valley sequence is subdivided as follows:

● Unit 3 - Simple cooling unit of red densely welded tuff.

● Unit 2 - Compound cooling unit of alternating moderately and densely welded pinkish-gray and red devitrified tuff having a white partly welded zone at the base.

● Unit 1 - Simple cooling unit of red and reddish gray densely welded tuff characterized by abundant lithic fragments of rhyolite and interbedded lava and by a very thick (up to 100') black basal vitrophyre.

**Older Andesites (Toa):** This unit is composed of compositionally zoned volcanic flows of andesitic to rhyodacitic that are radiometrically dated between 26 Ma and 24 Ma (John et al., 1989). Lava can be

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

conspicuously porphyritic, having large (as much as 0.2") blocks of biotite and potassium feldspar up to 0.4" in length. The dacitic unit can be a mélange of blocks and fault slivers of various composition that record an important episode of tectonic activity; thickness exposed up to 100' (Ekrin and Byers, 1985).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1.3  ***Sediments*** 

Sedimentary rocks are limited to recent alluvium, lakes and drainages, minor talus, and locally derived boulders and other unconsolidated sediments. According to Ekrin and Byers (1985) important units include:

&nbsp;&nbsp;&nbsp;&nbsp;● Alluvial deposits are the dominant sedimentary unit on the Property. These alluvial deposits, which are interpreted to be Holocene to Pleistocene in age, are composed of unconsolidated silt, sand, gravel, and boulders in washes and alluvial fans, as well as talus shed from range fronts. Alluvial deposits range in thickness from 0' to greater than 330 <sup>'</sup> .

&nbsp;&nbsp;&nbsp;&nbsp;● Windblown sand, which is Holocene to Pleistocene in age, is composed of subaerial sand and silt interbedded with sheeted gravel. Thickness of this unit varies from 0' to greater than 100 <sup>'</sup> .

&nbsp;&nbsp;&nbsp;&nbsp;● Fan alluvium, which varies from Pleistocene to Pliocene age, occurs as angular cobbles and pebbles of Tertiary volcanic rocks in a loose to very slightly indurated matrix of sand, silt, and minor clay. Unit thickness varies from 0 to 1,000'.

&nbsp;&nbsp;&nbsp;&nbsp;● Esmeralda Formation, which is a yellow-gray and yellow tan unit that varies from thin and thick-bedded weakly indurated, tuffaceous fluviolacustrine siltstone, sandstone, and mudstone containing ubiquitous beds of tephra or ash-fall tuff (1.2" to 2.0" in thickness) and beds of pebble gravel or conglomerate, which consists of subrounded and rounded clasts of Tertiary volcanic rocks in a tuffaceous matrix. This unit weathers to a puffy "popcorn" appearance, due to the abundance of expandable clay. In addition, this unit locally contains thin subaqueous rhyolite lavas, and in places pebbly gravel beds of abundant apache tears; some apache tears that were collected near the base yielded an age of 15.6 ± 0.5 Ma.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

![Graphic](ftco-20221231xex96d11019.jpg)

#### Figure 6-4 <br>Local Geologic Map with Location of County Line & Paradise Peak Properties

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** **Structure in Paradise Peak Area** 

Most fault exposures of the area were recorded by FMC during mining of the Paradise Peak deposit and other deposits on their property in the late 1980s and early 1990s. As a results of these studies, as well as subsequent ones, four principal styles of faulting are documented (John et al., 1989; Sillitoe and Lorson; 1994; Thomas and Brook, 2014; Moran, 2011).

These fault styles include:

● northwest to west-northwest high angle faults

● north to northeast high angle and moderate low angle faults

● east-west high angle faults

● low angle detachment faults (without sympathetic orientation)

Sillitoe and Lorson (1994) proposed two periods of structural activity, which include an early Miocene (pre- and probably syn-mineral) structural event, and a later Miocene to Quaternary post-mineral structural event. The latter episode corresponds to extensional (horst and graben) Basin and Range activity. Steep normal faults striking mainly east-northeast and north to northeast represent these Basin and Range structures and they are estimated to be around 17-12 Ma (Sillitoe and Lorson, 1994).

Other faults with moderate dips as well as some of the steep faults, striking northwesterly (around 300°-330°) are attributed to association with Walker Lane trans-extensional faulting. The Walker Lane trend is documented to be at least as old as 28 Ma and deformation has varied over time, with initial extension in a north to north-northeast direction and is characterized by west-northwest to northwest-trending strike-slip faults.

Oligocene and early Miocene rocks in the Paradise Range show evidence for multiple generations of normal faults formed during a period of early Miocene faulting; the oldest faults now dip at low angles and are cut by younger normal and strike-slip faults (John, 1974). These faults may form as a series of listric extension or half graben and often root or join on a common very low angle base such as an unconformable surface. The bedding may be rooted to high angles on those upper plate faults. The origin of the low angle faults in the area remains unclear and some indications are that these faults do not penetrate the basement but rather flatten and coincide. Syn-extensional volcanic rocks in the Paradise Range may show gross overall compositional zonation from intermediate to more silicic compositions with decreasing age, and Early Miocene normal faulting and extension occurred during a hiatus in magmatic activity and prior to onset of large-volume intermediate volcanism of the later Miocene (John, 1974). Sillitoe and Lorson (1994) estimate the detachment faulting at Paradise Peak between 18 and 10 Ma.

Structures associated with mineralization at Paradise Peak are dominantly northwest trending high angle normal faults, however all faults may have been active during the hydrothermal system and acted as conduits for hydrothermal fluids. Hydrothermal breccias area abundant in many levels of the Paradise Peak deposit and these influence gold and silver mineralization (United States Geological Survey, 2022).

Figure 6-5 shows a conceptual structural model for faults controlling mineralization where gently-dipping, listric master faults may contain mineralized shoots within more steeply dipping inflections, jogs, and

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

near-surface dilatational splays, or along gently dipping basal detachment faults beneath overlying more steeply dipping veins (Rhys, 2020). Many of the north-northeast trending faults have post-mineralization movement (United States Geological Survey, 2022). Four steep, broadly northeast striking strike-slip faults in the County Line area were documented by Sillitoe and Lorson (1994); these faults were interpreted to be post-mineralization.

#### Figure 6-5<br>Conceptual Structural Model for Detachment Faulting
![Graphic](ftco-20221231xex96d11020.jpg)

A summary of proposed structural events in the area is presented below:

&nbsp;&nbsp;&nbsp;&nbsp;● 26 Ma: Initial development of the Walker Lane structural corridor (east-west alignments)

&nbsp;&nbsp;&nbsp;&nbsp;● 19 Ma: Further development of the Walker Lane structural corridor (northwesterly alignment of faults, with potential left-lateral movement)

&nbsp;&nbsp;&nbsp;&nbsp;● 17 - 12 Ma: Basin and Range extension and late tilting (N-NE trending structures)

&nbsp;&nbsp;&nbsp;&nbsp;● Post - 17 Ma possible left-lateral strike-slip faulting, reactivation of basement faults

&nbsp;&nbsp;&nbsp;&nbsp;● Estimated 18 - 10 Ma detachment faulting occurring post mineralization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** **Mineralization of Paradise Peak Area Deposits** 

Mineralization at the Paradise Peak deposits is associated with pervasively silicified and argillized ash-flow tuffs. These alteration associations, as documented by Sillitoe and Lorson (1994), are listed below:

● Silicification of tuff - siliceous bodies are stratabound in the tuff, containing up to 90% SiO <sub>2</sub> , with hematite and jarosite, zoning to

● Alunite - moderately to coarsely crystalline and generally white, but locally pink, considered hypogene, can be associated with cristobalite, zoning to

● Kaolinite - some considered hypogene and can be associated with pyrite, zones to

● Smectite - chlorite-broad halo

● Quartz - chalcedonic, opalite, localized and generally as late replacements

● Quartz/pyrite - a broad disseminated halo,

● Minor sericite, sericite + quartz, and quartz-pyrite, supergene gypsum

Supergene oxidation is a primary alteration feature observed and likely related to a paleo water table that defined a regular abrupt, subhorizontal datum. The age of supergene alteration is ~ 10 Ma that was obtained on alunite at Paradise Peak by Sillitoe and Lorson (1994). The original sulfide content and

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

mineralogy of gold-bearing siliceous rock, including hydrothermal breccia, are not well known because of the effects of wide-spread supergene oxidation in the weathering environment (Sillitoe and Lorson, 1994).

Precious metal mineralization in the area has a K/Ar date of 18 Ma, based on geochronological studies completed by Dobek (1988). Mineralization is typically composed of fine-grained sulfide, but subsequent supergene weathering oxidized much of the deposit. Precious metal-bearing minerals observed include native gold and silver minerals complexed with chloride, iodide, bromide, and sulfide (cerargyrite, embolite, acanthite, native silver, and iodyrite). Cinnabar was also observed in the vugs of silicified rocks.

Breccia also exhibits hydrothermal replacement texture. Six major episodes of hydrothermal activity are recognized to be associated with development of Paradise Peak mineralization (United States Geological Survey, 2022).

● early silica-sulfide alteration,

● early hydrothermal brecciation,

● early oxidation and leaching,

● black matrix hydrothermal alteration,

● opal-jarosite matrix hydrothermal brecciation, and

● late oxidation and leaching.

The hydrothermal breccias were also characterized as three main types:

● early white silica matrix breccias primarily developed in quartz-feldspar porphyry (typically barren of gold and silver)

● heterolithic black matrix breccia developed in the ore-hosting tuff. This unit typically has high grades, with gold up to 1.0 opt as well as notable silver. The matrix of black matrix breccias is composed of fine-grained sugary quartz, anatase, and locally fine-grained pyrite and marcasite; vugs are common and are filled by coarser-grained quartz, barite, sulfides ± visible gold.

● heterolithic opal-jarosite matrix breccias (typically barren of gold and silver)

Textures associated with the mineralization include:

● vuggy silica,

● replacement of the volcanic host rock with silica as massive and dense (mined as low-grade ore),

● residual to friable and powdery with jarosite-hematite (mined as high-grade ore), and

● and hydrothermal breccias.

In 1988, Dobek completed a study on 13 silica and barite fluid inclusion chips from the Paradise Peak deposit. Study results showed that homogenization temperatures range from 180 to 210°C, and NaCl salinities spanned from 1-3 wt. %. Fluid with these temperature and salinity ranges are conducive to gold transport. When pressurized, rising hydrothermal fluids may cause brecciation of the surrounding host rock; the rapid loss of pressure causes adiabatic boiling and potential gold deposition.

Lithogeochemical signatures from the five major deposits in Paradise Peak area are summarized in Table 6.1 (Table 3 of Sillitoe and Lorson, 1994). The deposits shared similar signatures, however, the Paradise Peak black breccia contained elevated Ag, Au, Bi, Hg, Pb, and Sb relative to unbrecciated densely silicified tuff. The average gold grades of the sulfidic ore are on the order > 10x than the oxide ore.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Table 6.1<br>Summary Table of Selected Ore Samples from Deposits in the Paradise Peak Area
![Graphic](ftco-20221231xex96d11021.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Property Geology and Mineralization** 

Following acquisition of the Property in 2018, Fortitude has only drilled the County Line main open pit area. As such, this section only addresses that portion of the Property. The reader is referred to Section 5 for a review of the geology and mineralization of the other potential exploration opportunities on the Property.

Figure 6-6, which is modified after Figure 2 of Sillitoe and Lorson (1994), shows the generalized geology of the Property and the location of cross-section Line A-A'. Figure 6-7 shows the stratigraphic column of the geology identified on the Property, and Figure 6-8 is a cross-sectional view (A-A') across the County Line and East Zone areas that shows the geology and intervals containing gold and silver prior to mining by FMC (reproduction of Figure 7D of Sillitoe and Lorson, 1994).

The County Line open pit host rocks are dominated by tuffaceous units that are underlain by andesite. FMC, as shown on Figure 6-8, and Fortitude, as shown on Figure 6-9, identified that gold mineralization is primarily stratabound in and surrounding the County Line main open pit, occurring in the tuffaceous unit above the andesite contact, and to a lesser extent within the andesite. The drilling completed in 2022 showed continuity in the distribution of the gold mineralization, as the gold is dominantly concentrated in the tuffaceous unit. Where mineralized, the tuff and andesites are moderately to intensely silicified. The character of the mineralization in County Line is oxidized, as gold is readily liberated from the tuffaceous and andesite units by cyanide leach extraction methods. The County Line deposit is consistent with a High-Sulfidation epithermal-style deposit type.

High angle faults oriented N60W are observed in the pit. Although these high angle faults are iron-stained, they do not appear to have displaced the gold mineralization, and therefore the QPs propose that minor displacement occurred along the faults, or alternatively these faults occurred pre-mineralization.

The 2022 drilling program determined that gold mineralization at the County Line main open pit extends to the northwest, west, and southeast; however, truncates to the south. The lateral extent of the gold-bearing units is not yet constrained, as additional drilling is required. Directly below the pit, mineralization extends to a depth of up to ~150'. Drilling on the periphery of the pit shows that mineralization, which is ~100' thick, dips at ~30°NE and extends down dip by ~350', as shown on Figure 6-9 cross-section Line B-B'.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

![Graphic](ftco-20221231xex96d11022.jpg)

#### Figure 6-6<br>General Geological Map of County Line, East Zone, Paradise Peak, & Ketchup Flats

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 6-7<br>Simplified Stratigraphic Chart
![Graphic](ftco-20221231xex96d11023.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 6-8<br>FMC Geologic Cross Section A-A' of County Line and East Zone Areas (looking northeast)
![Graphic](ftco-20221231xex96d11024.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 6-9<br>County Line SW to NE Cross-Section B-B' after 2022 Drilling (looking northwest)
![Graphic](ftco-20221231xex96d11025.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **DEPOSIT TYPE** 

The mineral deposit at County Line is defined as high-sulfidation epithermal epithermal-style deposit type. Figure 6-10, which is modified from Hedenquist (2017), highlights important features of high sulfidation systems. The basic characteristics include a favorable volcanic host rock and proximity to mineralizing fluids. Mineralogy, alteration, textural and structural features, fluid inclusion and stable isotope data indicate that the Paradise Peak deposit formed at very shallow depths (<650') and low temperatures (150-225°C) from acidic, low salinity, periodically boiling fluids (Dobek, 1988).

Figure 6-11 presents a schematic reconstruction of the Paradise Peak hydrothermal system (Figure 12 of Sillitoe and Lorson, 1994). At Paradise Peak it was concluded at least three stages of hypogene gold deposition formed as replacement ore zones that resulted in an elliptical shape about 650' by 1,500' in plan and elongated in a NW direction. The ore was deposited as replacement of favorable volcanic tuff in a shallow acid leaching environment which produced abundant secondary argillic alteration. The ore zones may be elongated in direction of primary feeder structures or laterally into adjacent horizons of volcanic rock. Similar associations are proposed to be associated with the County Line deposit style.

The secondary effects of supergene oxidation in the weathering environment have influenced gold grades of the ore types. Refractory quartz breccia and refractory sulfidic mineralization can host up to 90% by volume sulfides of unoxidized mineralization, and upon oxidation, produces a friable powdery ore.

#### Figure 6-10<br>High-sulfidation characteristics of County Line Mineralization
![Graphic](ftco-20221231xex96d11026.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 6-11<br>Schematic Reconstruction of the Paradise Peak Hydrothermal System
![Graphic](ftco-20221231xex96d11027.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0 **EXPLORATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Surface Exploration Work** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1** **2018 Surface Exploration** 

Fortitude commenced surface exploration activities in 2018 on the Property. These surface exploration activities included mapping and select sampling of the County Line main open pit, and drone flights over the Property to collect high-resolution imagery to aid in geological mapping. In 2018, six samples were collected in the County Line main open pit (Table 7.1; Figure 7-1).

#### Table 7.1:<br>2018 Surface Rock Assays

---

| | | |
|:---|:---|:---|
| **Sample Number** | &nbsp;&nbsp;**Au**<br>**(opt)** | &nbsp;&nbsp;**Ag**<br>**(opt)** |
| &nbsp;&nbsp;2976957 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.073 |
| &nbsp;&nbsp;2976958 | &nbsp;&nbsp;0.026 | &nbsp;&nbsp;0.265 |
| &nbsp;&nbsp;2976959 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.131 |
| &nbsp;&nbsp;2977331 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.006 |
| &nbsp;&nbsp;2977332 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.009 |
| &nbsp;&nbsp;2977338 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;0.015 |

---

The primary objective of the 2018 program was to collect a limited number of check surface rock chip samples in the County Line main open pit to determine if the obtained gold assay results were in alignment with those gold results returned from the 2012 AGI rock chip program (Figure 5-5). The 2022 surface rock chip samples were collected by a Fortitude geologist. Sample weights were approximately two to three pounds; sample locations were recorded by handheld GPS. Each sample was assigned a unique number, was geologically described, and each sample location was physically marked in the pit with a metal tag with the sample number scribed onto it. The number of surface rock samples, the spacing of the samples, and the sample density by area in this study is deemed by the QPs to not be representative of the entire County Line property.

There were two areas of the County Line main open pit that were sampled during this program: the upper bench on the south side of the pit, and a mid-level bench on the west side of the pit (Figure 7-1). Three rock samples were collected in the west side of the pit within approximately 20'of each other. In the south area of the pit, three samples were also collected; however, spacing between these samples increased, with one sample being taken ~100' from the other two samples (Figure 7-1).

The rock chip samples collected during the 2018 program are consistent with the AGI gold assay results shown on Figure 5-5. The QPs therefore propose that the AGI 2012 rock chip results from samples collected from the County Line main openpit are accurate and acceptable.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 7-1<br>Locations of Samples Collected from the County Line Main Open Pit in 2018
![Graphic](ftco-20221231xex96d11028.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2** **2022 Surface Exploration** 

In 2022, mapping and sampling was completed to the southeast of the County Line main open pit and the southwest of the East Zone open pit in the Geochemical Target area (Figure 7-1).

The primary objective of the 2022 program was to collect surface rock samples over an area showing surface alteration to the south of the County Line and East Zone open pits. The surface rock chip samples were collected by a Fortitude geologist over an area of 1,500' by 3,000'.

The rock material collected from each location weighed approximately two to three pounds, large enough to complete gold analyses on. The location of each rock sample was recorded by handheld GPS. Each sample was assigned a unique number, geologically described, and the location of each sample was physically marked in the field with a metal tag that had the sample number scribed on it. The number of surface rock samples, spacing of the samples, and the sample density in the study area is deemed to be representative and sufficient for the purpose of this preliminary study.

Fifty-one surface samples were collected during this program, which returned gold assays up to 0.015 opt; the highlights of these samples are shown in Table 7.2 and Figure 7-2.

#### Table 7.2:<br>2022 Surface Rock Assays ≥ 0.006 opt Au

---

| | | |
|:---|:---|:---|
| **Sample Number** | &nbsp;&nbsp;**Au (opt)** | &nbsp;&nbsp;**Ag (opt)** |
| &nbsp;&nbsp;3089009 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.009 |
| &nbsp;&nbsp;3089010 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;0.012 |
| &nbsp;&nbsp;3089011 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.015 |
| &nbsp;&nbsp;3089024 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.020 |
| &nbsp;&nbsp;3089025 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;0.009 |
| &nbsp;&nbsp;3094633 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;0.020 |
| &nbsp;&nbsp;3094635 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;0.035 |

---

The 2022 rock sampling program was unbiased as the AGI soil sampling grid program results were not provided to the field crews completing the rock sampling. The QPs interpret that the 2022 rock chip results from the Geochemical Target are sufficient and accurate to validate the gold results returned from the soil sampling program completed by AGI in 2012 (Figure 5-5).

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

![Graphic](ftco-20221231xex96d11029.jpg)

#### Figure 7-2<br>2022 Geochemical Target Sample Locations

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **2022 RC Drill Programs** 

Fortitude drilled 73 RC holes in and directly around the County Line main open pit over an area of ~900' by ~1,600' between April and October 2022. The cumulative footage completed during these drill programs was approximately 27,000'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.1** **Drilling Methodology** 

The RC drill program was completed using a track mounted buggy drill that was capable of drilling angled holes to 1,500'. The drill has an air compressor capable of delivering sufficient free air at high enough pressure for drilling with a dual-tube drill pipe. The setup was completed with cyclone assembly that was discharged through a rotary wet splitter. The drill bit size was typically 5.25". The drill pipe was 4" in diameter and was sectioned in 10' lengths. The method used double wall drill pipe, interchange hammer, and hammer bits to drill and sample the geologic formations. The samples were recovered through the center of the double walled pipe and the sample discharged via a cyclone. Fluid was injected into the airflow on an intermittent to continuous basis to assist with recovery of the sample through the wet rotating splitter. Numbered sample bags were provided by the geologist on site to the rig crew, who in turn collected, bagged, and tagged the samples, and filled the representative chip trays during the drilling under the supervision of the on-site geologist.

Following completion of each drill hole, a downhole deviation survey was completed by an on-site geologist, using a Reflex EZ-GYRO tool. Downhole surveys were taken at approximately 50' intervals as per industry standard. The data was reviewed by the database manager, and subsequently uploaded into the geological database managed by Fortitude.

After the downhole deviation survey was finished, the hole underwent completion with the top interval being cemented. Each hole was marked with a collar location by an aluminum 2½" survey monument, with the property name, company, and drill hole identifier. Each collar location was surveyed through use of a Trimble R12 Model 60 Row that uses Global Navigation Satellite System (GNSS) correction. The collar locations are therefore deemed by the QPs to be very accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2** **2022 Drilling Results** 

Figure 7-3 shows the hole collars and drill traces that were completed during this campaign. The primary goal of this drill program was to delineate gold mineralization beneath and adjacent to the County Line main open pit. Noteworthy results of the Fortitude RC drilling program are summarized in Table 7.3.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

![Graphic](ftco-20221231xex96d11030.jpg)

#### Figure 7-3<br>Location Map for RC Holes Drilled in 2022 on the County Line Property

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Table 7.3:<br>Select Results from the 2022 County Line Drill Campaign

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole Number** | &nbsp;&nbsp;**Angle** |  | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** | &nbsp;&nbsp;**Interval** | &nbsp;&nbsp;**Au** | &nbsp;&nbsp;**Hole #** | &nbsp;&nbsp;**Angle** |  | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** | &nbsp;&nbsp;**Interval** | &nbsp;&nbsp;**Au** |
| &nbsp;&nbsp;**Hole Number** | &nbsp;&nbsp;**deg** |  | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**opt** | &nbsp;&nbsp;**Hole #** | &nbsp;&nbsp;**deg** |  | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**opt** |
| &nbsp;&nbsp;**CLRC-001** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.043** | &nbsp;&nbsp;**CLRC-027** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**85** | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**0.031** |
| &nbsp;&nbsp;**CLRC-001** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**155** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.069** | &nbsp;&nbsp;**CLRC-027** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**110** | &nbsp;&nbsp;**115** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.046** |
| &nbsp;&nbsp;**CLRC-004** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.016** | &nbsp;&nbsp;**CLRC-028** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**100** | &nbsp;&nbsp;**170** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**0.048** |
| &nbsp;&nbsp;**CLRC-006** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.014** | &nbsp;&nbsp;**CLRC-028** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**100** | &nbsp;&nbsp;**170** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.122** |
| &nbsp;&nbsp;**CLRC-006** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**95** | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**0.026** | &nbsp;&nbsp;**CLRC-029** | &nbsp;&nbsp;**-60** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**0.224** |
| &nbsp;&nbsp;**CLRC-006** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**140** | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.052** | &nbsp;&nbsp;**CLRC-029** | &nbsp;&nbsp;**-60** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.443** |
| &nbsp;&nbsp;**CLRC-006** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**180** | &nbsp;&nbsp;**190** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.016** | &nbsp;&nbsp;**CLRC-030** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**0.121** |
| &nbsp;&nbsp;**CLRC-007** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.036** | &nbsp;&nbsp;**CLRC-030** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.229** |
| &nbsp;&nbsp;**CLRC-007** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.072** | &nbsp;&nbsp;**CLRC-030** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**105** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.014** |
| &nbsp;&nbsp;**CLRC-008** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.023** | &nbsp;&nbsp;**CLRC-031** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**0.114** |
| &nbsp;&nbsp;**CLRC-008** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.036** | &nbsp;&nbsp;**CLRC-031** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.255** |
| &nbsp;&nbsp;**CLRC-010** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**220** | &nbsp;&nbsp;**260** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**0.010** | &nbsp;&nbsp;**CLRC-031** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**100** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.028** |
| &nbsp;&nbsp;**CLRC-011** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**190** | &nbsp;&nbsp;**210** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.038** | &nbsp;&nbsp;**CLRC-031** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**85** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.066** |
| &nbsp;&nbsp;**CLRC-011** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**200** | &nbsp;&nbsp;**205** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.064** | &nbsp;&nbsp;**CLRC-032** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**0.015** |
| &nbsp;&nbsp;**CLRC-012** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**210** | &nbsp;&nbsp;**280** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**0.024** | &nbsp;&nbsp;**CLRC-032** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.029** |
| &nbsp;&nbsp;**CLRC-012** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**245** | &nbsp;&nbsp;**270** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.037** | &nbsp;&nbsp;**CLRC-033** | &nbsp;&nbsp;**-90** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.077** |
| &nbsp;&nbsp;**CLRC-013** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**180** | &nbsp;&nbsp;**190** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.024** | &nbsp;&nbsp;**CLRC-033** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.161** |
| &nbsp;&nbsp;**CLRC-013** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**185** | &nbsp;&nbsp;**190** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.036** | &nbsp;&nbsp;**CLRC-034** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.044** |
| &nbsp;&nbsp;**CLRC-014** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**130** | &nbsp;&nbsp;**155** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.011** | &nbsp;&nbsp;**CLRC-035** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**0.051** |
| &nbsp;&nbsp;**CLRC-014** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**215** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**0.033** | &nbsp;&nbsp;**CLRC-035** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.096** |
| &nbsp;&nbsp;**CLRC-014** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**215** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.065** | &nbsp;&nbsp;**CLRC-037** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**140** | &nbsp;&nbsp;**170** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.036** |
| &nbsp;&nbsp;**CLRC-016** | &nbsp;&nbsp;**-90** |  | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**0.033** | &nbsp;&nbsp;**CLRC-037** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**145** | &nbsp;&nbsp;**155** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.092** |
| &nbsp;&nbsp;**CLRC-016** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.063** | &nbsp;&nbsp;**CLRC-038** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.013** |
| &nbsp;&nbsp;**CLRC-017** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**0.044** | &nbsp;&nbsp;**CLRC-041** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**85** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**0.076** |
| &nbsp;&nbsp;**CLRC-017** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.095** | &nbsp;&nbsp;**CLRC-041** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.138** |
| &nbsp;&nbsp;**CLRC-018** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**0.034** | &nbsp;&nbsp;**CLRC-042** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.137** |
| &nbsp;&nbsp;**CLRC-018** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.065** | &nbsp;&nbsp;**CLRC-042** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.233** |
| &nbsp;&nbsp;**CLRC-018** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**140** | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.009** | &nbsp;&nbsp;**CLRC-043** | &nbsp;&nbsp;**-75** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**0.039** |
| &nbsp;&nbsp;**CLRC-019** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**0.028** | &nbsp;&nbsp;**CLRC-043** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.110** |
| &nbsp;&nbsp;**CLRC-019** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.040** | &nbsp;&nbsp;**CLRC-043** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.120** |
| &nbsp;&nbsp;**CLRC-020** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**85** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**0.072** | &nbsp;&nbsp;**CLRC-043** | &nbsp;&nbsp;**-75** |  | &nbsp;&nbsp;**125** | &nbsp;&nbsp;**130** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.011** |
| &nbsp;&nbsp;**CLRC-020** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.211** | &nbsp;&nbsp;**CLRC-044** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.025** |
| &nbsp;&nbsp;**CLRC-020** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**105** | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**0.010** | &nbsp;&nbsp;**CLRC-044** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.041** |
| &nbsp;&nbsp;**CLRC-021** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.016** | &nbsp;&nbsp;**CLRC-044** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.044** |
| &nbsp;&nbsp;**CLRC-021** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.032** | &nbsp;&nbsp;**CLRC-045** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.041** |
| &nbsp;&nbsp;**CLRC-021** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.011** | &nbsp;&nbsp;**CLRC-045** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.058** |
| &nbsp;&nbsp;**CLRC-022** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.023** | &nbsp;&nbsp;**CLRC-045** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**255** | &nbsp;&nbsp;**270** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.015** |
| &nbsp;&nbsp;**CLRC-022** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.048** | &nbsp;&nbsp;**CLRC-046** | &nbsp;&nbsp;**-60** |  | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.059** |
| &nbsp;&nbsp;**CLRC-022** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**115** | &nbsp;&nbsp;**120** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.017** | &nbsp;&nbsp;**CLRC-046** | &nbsp;&nbsp;**-60** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.108** |
| &nbsp;&nbsp;**CLRC-023** | &nbsp;&nbsp;**-90** |  | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.056** | &nbsp;&nbsp;**CLRC-047** | &nbsp;&nbsp;**-75** |  | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**0.086** |
| &nbsp;&nbsp;**CLRC-023** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.105** | &nbsp;&nbsp;**CLRC-047** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.134** |
| &nbsp;&nbsp;**CLRC-024** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**135** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**0.037** | &nbsp;&nbsp;**CLRC-047** | &nbsp;&nbsp;**-75** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**85** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.145** |
| &nbsp;&nbsp;**CLRC-024** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**95** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.069** | &nbsp;&nbsp;**CLRC-048** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**0.016** |
| &nbsp;&nbsp;**CLRC-024** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.015** | &nbsp;&nbsp;**CLRC-048** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.033** |
| &nbsp;&nbsp;**CLRC-025** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**0.047** | &nbsp;&nbsp;**CLRC-048** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**120** | &nbsp;&nbsp;**145** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.011** |
| &nbsp;&nbsp;**CLRC-025** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.088** | &nbsp;&nbsp;**CLRC-049** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.015** |
| &nbsp;&nbsp;**CLRC-025** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.093** | &nbsp;&nbsp;**CLRC-049** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**120** | &nbsp;&nbsp;**145** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.015** |
| &nbsp;&nbsp;**CLRC-026** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**95** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**0.121** | &nbsp;&nbsp;**CLRC-049** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**125** | &nbsp;&nbsp;**130** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.032** |
| &nbsp;&nbsp;**CLRC-026** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.290** | &nbsp;&nbsp;**CLRC-050** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**0.047** |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**CLRC-050** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.101** |

---

Table 7.3 (Cont'd)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole Number** | &nbsp;&nbsp;**Angle** |  | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** | &nbsp;&nbsp;**Interval** | &nbsp;&nbsp;**Au** |
| &nbsp;&nbsp;**Hole Number** | &nbsp;&nbsp;**deg** |  | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**ft** | &nbsp;&nbsp;**opt** |
| &nbsp;&nbsp;**CLRC-051** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**0.148** |
| &nbsp;&nbsp;**CLRC-051** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.313** |
| &nbsp;&nbsp;**CLRC-051** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**100** | &nbsp;&nbsp;**110** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.016** |
| &nbsp;&nbsp;**CLRC-051** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**155** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.014** |
| &nbsp;&nbsp;**CLRC-052** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**105** | &nbsp;&nbsp;**105** | &nbsp;&nbsp;**0.041** |
| &nbsp;&nbsp;**CLRC-052** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.094** |
| &nbsp;&nbsp;**CLRC-052** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.068** |
| &nbsp;&nbsp;**CLRC-052** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.087** |
| &nbsp;&nbsp;**CLRC-053** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**0.020** |
| &nbsp;&nbsp;**CLRC-053** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**35** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.039** |
| &nbsp;&nbsp;**CLRC-053** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.030** |
| &nbsp;&nbsp;**CLRC-054** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**85** | &nbsp;&nbsp;**180** | &nbsp;&nbsp;**95** | &nbsp;&nbsp;**0.015** |
| &nbsp;&nbsp;**CLRC-054** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**145** | &nbsp;&nbsp;**150** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.030** |
| &nbsp;&nbsp;**CLRC-055** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.021** |
| &nbsp;&nbsp;**CLRC-055** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.032** |
| &nbsp;&nbsp;**CLRC-057** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.020** |
| &nbsp;&nbsp;**CLRC-057** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**85** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.034** |
| &nbsp;&nbsp;**CLRC-058** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**115** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**0.012** |
| &nbsp;&nbsp;**CLRC-058** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**190** | &nbsp;&nbsp;**245** | &nbsp;&nbsp;**55** | &nbsp;&nbsp;**0.047** |
| &nbsp;&nbsp;**CLRC-058** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**220** | &nbsp;&nbsp;**240** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.091** |
| &nbsp;&nbsp;**CLRC-059** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.013** |
| &nbsp;&nbsp;**CLRC-059** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**190** | &nbsp;&nbsp;**260** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**0.015** |
| &nbsp;&nbsp;**CLRC-059** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**225** | &nbsp;&nbsp;**235** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.033** |
| &nbsp;&nbsp;**CLRC-060** | &nbsp;&nbsp;**-60** |  | &nbsp;&nbsp;**185** | &nbsp;&nbsp;**235** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**0.021** |
| &nbsp;&nbsp;**CLRC-060** | &nbsp;&nbsp;**-60** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**215** | &nbsp;&nbsp;**230** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.040** |
| &nbsp;&nbsp;**CLRC-061** | &nbsp;&nbsp;**-90** |  | &nbsp;&nbsp;**225** | &nbsp;&nbsp;**250** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.012** |
| &nbsp;&nbsp;**CLRC-062** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.067** |
| &nbsp;&nbsp;**CLRC-062** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.111** |
| &nbsp;&nbsp;**CLRC-062** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**275** | &nbsp;&nbsp;**290** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.051** |
| &nbsp;&nbsp;**CLRC-062** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**280** | &nbsp;&nbsp;**285** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.099** |
| &nbsp;&nbsp;**CLRC-063** | &nbsp;&nbsp;**-45** |  | &nbsp;&nbsp;**275** | &nbsp;&nbsp;**350** | &nbsp;&nbsp;**75** | &nbsp;&nbsp;**0.025** |
| &nbsp;&nbsp;**CLRC-063** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**300** | &nbsp;&nbsp;**325** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**0.053** |
| &nbsp;&nbsp;**CLRC-065** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**280** | &nbsp;&nbsp;**290** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.009** |
| &nbsp;&nbsp;**CLRC-066** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**90** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**0.033** |
| &nbsp;&nbsp;**CLRC-066** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.067** |
| &nbsp;&nbsp;**CLRC-066** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.070** |
| &nbsp;&nbsp;**CLRC-069** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.012** |
| &nbsp;&nbsp;**CLRC-069** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**250** | &nbsp;&nbsp;**270** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.029** |
| &nbsp;&nbsp;**CLRC-069** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**255** | &nbsp;&nbsp;**260** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.065** |
| &nbsp;&nbsp;**CLRC-069** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**415** | &nbsp;&nbsp;**435** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**0.011** |
| &nbsp;&nbsp;**CLRC-070** | &nbsp;&nbsp;**-50** |  | &nbsp;&nbsp;**205** | &nbsp;&nbsp;**270** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**0.040** |
| &nbsp;&nbsp;**CLRC-070** | &nbsp;&nbsp;**-50** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**205** | &nbsp;&nbsp;**215** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.096** |
| &nbsp;&nbsp;**CLRC-071** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**20** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**0.011** |
| &nbsp;&nbsp;**CLRC-071** | &nbsp;&nbsp;**-65** |  | &nbsp;&nbsp;**170** | &nbsp;&nbsp;**200** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**0.046** |
| &nbsp;&nbsp;**CLRC-071** | &nbsp;&nbsp;**-65** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**180** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.111** |
| &nbsp;&nbsp;**CLRC-073** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**265** | &nbsp;&nbsp;**315** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**0.029** |
| &nbsp;&nbsp;**CLRC-073** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**incl.** | &nbsp;&nbsp;**270** | &nbsp;&nbsp;**275** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**0.123** |
| &nbsp;&nbsp;**CLRC-073** | &nbsp;&nbsp;**-55** |  | &nbsp;&nbsp;**325** | &nbsp;&nbsp;**335** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0.017** |

---

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Interpretation** 

The QPs interpret that the results from the 2022 RC drilling program area are accurate and representative of the County Line main open pit area. As such, the surveyed collar locations, down hole lithological information, down hole deviation survey, and gold and silver assays from each of the 73 drill holes were used to complete the County Line S-K 1300 compliant Initial Assessment Mineral Resource estimate.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0 **SAMPLE PREPARATION, ANALYSES, AND SECURITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Procedures** 

Fortitude has internal quality control measures for sample collection, preparation, analyses, and security, which were implemented on this program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.1** **Sample Security Procedures** 

Sample security procedures implemented by Fortitude geologists include:

● Oversite of sample collection and verification of sample series completeness at the time of sample collection (surface samples and RC chip samples). Each sample bag was assigned a unique sample number and each number is written on the sample bag, with the corresponding sample tag being included in the sample bag to build in redundancy.

● Sample transport to storage location that, in the case of RC drill samples, involve directly loading the samples into large storage bins that were flagged and labeled with the included hole(s).

● Completion of shipping manifests that list the holes and sample series being shipped for each bin, and chain-of-custody forms accompanied the shipments that is signed by both the transport company that is responsible for shipping the samples, and the receiver of the samples once the samples arrive at the assigned laboratory.

● Following the transport of each shipment, the signed chain-of-custody and sample shipment manifest are scanned and saved in Fortitude's project folders for verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2** **Sample Preparation, Assaying, and Analytical Procedures** 

RC samples were continuously collected at five-foot intervals from start to finish of each drill hole. In the case that a sample could not be collected due to poor recovery, a sample bag with the pre-assigned sample number was included in the shipment to avoid confusion at the laboratory. Samples were shipped to, prepared, and analyzed at Bureau Veritas, which is located at 605 Boxington Way Ste 101, Sparks, Nevada. Bureau Veritas is an independent accredited ISO/IEC 17025 laboratory facility.

All samples were pulverized and homogenized through splitting. A 30 g sample was analyzed by fire assay (FA) with an atomic absorption spectroscopy (AAS) finish for gold (Bureau Veritas code FA430). This technique assesses gold to a lower detection limit of 0.005 g/t and an upper detection limit of 10.00 g/t. Samples that contained gold concentrations > 10.00 g/t upper detection limit were subjected to secondary analyses, which involved analyses of another 30 g sample split and subsequent FA analysis with a gravimetric finish (Bureau Veritas code FA530). All assay samples were also analyzed using a 0.5 g sample with aqua regia for silver (Bureau Veritas code AQ-400). This technique has a silver lower detection limit of 0.1 g/t and a silver upper detection limit of 200 g/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.3** **Relationship of Laboratory to Fortitude** 

There is no affiliation between Fortitude and Bureau Veritas laboratories.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.4** **Quality Assurance/Quality Control Procedures** 

All Standard Reference Materials (SRM) used for the QA/QC program were obtained from MEG LLC., Lamoille, Nevada (Table 8.1). Lava Rock (pumice), purchased from Oxborrow Landscaping, Sparks, Nevada, was used as a blank.

#### Table 8.1:<br>2022 Standard Reference Material

---

| | | |
|:---|:---|:---|
| **Standard** | &nbsp;&nbsp;**Au**<br>**(g/t)** | &nbsp;&nbsp;**Standard Deviation (g/t)** |
| &nbsp;&nbsp;MEG-AU.17.08 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;MEG-Au.17.21 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;MEG-Au.19.05 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;MEG-Au.19.07 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;MEG-Au.19.09 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;MEG-Au.19.11 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;MEG-Au.21.01 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;MEG-Au.21.05 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;0.09 |

---

The variation from the SRM mean value defines the QA/QC variance and is used to determine acceptability of the standard sample assay. Approximately 60 g of sample material was submitted per QA/QC sample. The criteria that either triggered a warning or a failure include:

&nbsp;&nbsp;&nbsp;&nbsp;▪Assay result outside three times the SRM standard deviation: Warning

&nbsp;&nbsp;&nbsp;&nbsp;▪Assay result outside five times the SRM standard deviation: Failure

&nbsp;&nbsp;&nbsp;&nbsp;▪Blank value greater than five times the lower detection limit: Failure

For the RC drilling program, a total of 315 SRM standards and 318 blanks were inserted with the 6,354 samples collected. There were three failures and 34 warnings for the 315 SRM standards that were submitted. The cumulative warnings and failures account for approximately 10% of the total SRM samples analyzed.

Review of graphs of the SRM plots by standard show that three of the standards (MEG-Au.19.07, MEG-Au.21.01, and MEG-Au.21.05) consistently tested higher in gold values than what was proposed to be the typical gold value of the standard, as determined through round robin laboratory testing (Figs. 8-1, 8-2). Alternatively, SRM MEG-Au.19.11 showed a sporadic spread in analyses results, with gold values showing spread on either side of the SRM average mean value of 1.26 g/t gold (Figure 8-1). Analytical results for the remaining four standards (MEG-Au.19.05, MEG-Au.19.09, MEG-Au.17.08, MEG-Au.17.21) were typically close to that of the proposed gold value for each standard. As such, the identified 10% warnings and failures with the SME values, which are typically associated with elevated gold values in MEG-Au.19.07, MEG-Au.21.01, and MEG-Au.21.05, is proposed to be caused by heterogeneity in the standards (Figs. 8-1, 8-2). Blank material was also analysed during the testing process with Bureau Veritas. Out of the 318 inserted blanks, five samples returned gold values above a 0.015 g/t Au failure cut-off value, which resulted in an ~ 1.5% failure rate (Figure 8-3).

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 8-1<br>2022 SRM MEG-Au.19 Performance
![Graphic](ftco-20221231xex96d11031.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 8-2<br>2022 SRM MEG-Au.17 & 21 Performance
![Graphic](ftco-20221231xex96d11032.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 8-3<br>2022 Blank Material Performance
![Graphic](ftco-20221231xex96d11033.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.5** **Duplicate Sample Analyses** 

A total of 317 field duplicates were selected and analyzed at Bureau Veritas to assess sample reproducibility. Figure 8-4 shows the results of these duplicate analyses, which produced a linear regression of 0.8985. This graph supports a correlation between the primary and secondary assays; however, there are observed outliers that may be caused by nugget effect (Figure 8-4).

#### Figure 8-4<br>Field Duplicate Control Plot for Gold
![Graphic](ftco-20221231xex96d11034.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Opinion on Adequacy** 

The analyses of blank and duplicate samples are deemed to be with an acceptable analytical range in gold values by the QPs. The systematic elevated shift in gold values above the proposed average SRM gold values, as observed with MEG-Au.19.07, MEG-Au.21.01, and MEG-Au.21.05, which in part caused the 10% identified warnings and failures, support that select standard material may not be representative. This proposal is further supported by the consistency in laboratory analyses obtained from four of the other standard material types (MEG-Au.19.05, MEG-Au.19.09, MEG-Au.17.08, MEG-Au.17.21).

It is the opinion of the QPs that the procedures that were used to prepare the samples and ensure sample security prior to and during sample transport, as well as the analytical methods used by Bureau Veritas, were adequate to ensure sample integrity and accurate analytical results.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 **DATA VERIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Historic Property Evaluation and Data Verification** 

Analytical data presented in the History section of this report (Section 5) was compiled from available historic reports. As such, this information is deemed to be qualitative and is not used in this mineral resource estimation. This information is, however, useful to potentially identify areas to further explore in subsequent exploration campaigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Data Verification completed by Qualified Person** 

Select QPs involved in this report are Fortitude management, and therefore directly oversaw the daily activities involved in sample collection, maintaining security of the samples, and transport of the samples to Bureau Veritas laboratory in Sparks, Nevada.

Analytical laboratory data was reviewed by Fortitude geologists prior to and during upload to Fortitude's database. Functions within this database are used to perform several QA/QC checks to verify data accuracy, which include identification of issues such as duplicate sample numbers, duplicate sample interval depths, and cross-over intervals.

In addition to review of the analytical information and data duplication, the QPs were directly involved in identifying inconsistencies in the lithological assignments within individual holes. These lithological inconsistencies were identified by the QPs following review of the corresponding multi-element geochemical information, as well as during the robust review of the geological three-dimensional model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Opinion on Data Adequacy** 

It is the opinion of the QPs that the analytical and lithological datasets, which were subsequently used to build the geological model and mineral resource estimation, are adequate for the purposes described in this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.0 **MINERAL PROCESSING AND METALLURGICAL TESTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Historical Metallurgical Testing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.1** **Cyanide Bottle Roll Tests (AGI)** 

The earliest metallurgical information that is available was reported by AGI in 2015 on metallurgical testing performed on RC cuttings collected from Hole CLD-017 drilled into the former FMC leach pad at County Line. The objective was to determine cyanide solubility of gold from Hole CLD17. A 1,000 g sample was collected from both pulps and rejects for selected intervals of the drill hole and subjected to cyanide bottle roll tests at the American Assay Lab (AAL) in Reno. Gold recoveries ranged from 21% to 90% (average 45%) for pulps, and 0% to 64% (average 22%) for rejects (Table 10.1). The bottle roll tests run on RC cuttings from Hole CLD17 generally showed that low gold recoveries can be expected for cyanide leaching of the remaining leach pad material.

#### Table 10.1:<br>Cyanide Bottle Roll Tests from County Line Leach Pad Material

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample Number** | &nbsp;&nbsp;**Original pulp assay**  | &nbsp;&nbsp;**Original pulp assay (calculated)** | **Au in solution after 2-hour leach** | &nbsp;&nbsp;**Au in solution after 6-hour leach** | **Au in solution after 2-hour leach** | &nbsp;&nbsp;**Au in solution after 6-hour leach** | **Recovery** |
| **Sample Number** | &nbsp;&nbsp;**Original pulp assay**  | &nbsp;&nbsp;**Original pulp assay (calculated)** | **Au** | &nbsp;&nbsp;**Au** | **Au** | &nbsp;&nbsp;**Au** | **Recovery** |
| **Sample Number** | &nbsp;&nbsp;**Original pulp assay**  | &nbsp;&nbsp;**Original pulp assay (calculated)** | **AuCN30** | &nbsp;&nbsp;**AuCN30** | **AuCN60** | &nbsp;&nbsp;**AuCN60** | **Recovery** |
| **Sample Number** | &nbsp;&nbsp;**ppb** | &nbsp;&nbsp;**opt** | **opt** | &nbsp;&nbsp;**opt** | **opt** | &nbsp;&nbsp;**opt** | **Recovery** |
| &nbsp;&nbsp;**CLD17 10-15' Pulp** | &nbsp;&nbsp;647 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;0.017 |  |  | &nbsp;&nbsp;90% |
| &nbsp;&nbsp;**CLD17 210-215' Pulp** | &nbsp;&nbsp;326 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.002 |  |  | &nbsp;&nbsp;21% |
| &nbsp;&nbsp;**CLD17 280-285' Pulp** | &nbsp;&nbsp;1941 | &nbsp;&nbsp;0.057 | &nbsp;&nbsp;0.018 | &nbsp;&nbsp;0.023 |  |  | &nbsp;&nbsp;41% |
| &nbsp;&nbsp;**CLD17 285-290' Pulp** | &nbsp;&nbsp;595 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.005 |  |  | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;**CLD17 10-15' Reject** | &nbsp;&nbsp;647 | &nbsp;&nbsp;0.019 |  |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;64% |
| &nbsp;&nbsp;**CLD17 210-215' Reject** | &nbsp;&nbsp;326 | &nbsp;&nbsp;0.01 |  |  | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;-0.001 | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;**CLD17 280-285' Reject** | &nbsp;&nbsp;1941 | &nbsp;&nbsp;0.057 |  |  | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;14% |
| &nbsp;&nbsp;**CLD17 285-290' Reject** | &nbsp;&nbsp;595 | &nbsp;&nbsp;0.017 |  |  | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;12% |
| &nbsp;&nbsp;**STD - OxA89** |  |  | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;**BLANK** |  |  | &nbsp;&nbsp;-0.001 | &nbsp;&nbsp;-0.001 | &nbsp;&nbsp;-0.001 | &nbsp;&nbsp;-0.001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:<br>ppbParts Per Billion<br>optTroy Ounces per Short Ton (2,000 lbs); 1 ppb = 0.02917/1,000 opt)<br>AuCNGold Cyanide Extraction<br>STD-AALOxA89AAL generated standard material<br>BLANKAAL Laboratory Silica Blank |

---

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.2** **Bulk Sulfide Flotation Testing (AGI)** 

In 2015, AGI also submitted samples from CLD-017 to McClelland Laboratories, Inc. (McClelland), Sparks, Nevada, for bulk sulfide flotation testing (Olson, 2015). Head analyses showed that the samples contained 0.43 g/t Au, 0.5 g/t Ag and 2.63% sulfide sulfur. A conventional bulk sulfide rougher/cleaner flotation test was conducted on this sample at an 80%-75 µm feed size. Results showed that sample CLD 17 responded moderately well to flotation pretreatment at this feed size. Gold and silver recoveries to the rougher concentrate were 71.4% Au and 75.8% Ag. Due to the low-grade of the sample, concentrates grades were low. Gold and silver grades of the cleaner concentrate were only 0.60 g/t Au and 7.3 g/t Ag. The sulfide sulfur recovery flotation was very effective. Sulfide sulfur recovery to the rougher concentrate was 90.6%. Sulfide sulfur content of the silver concentrate was high (37.9%). McClelland recommended that additional testing be conducted to evaluate amenability to cyanidation treatment of the material represented by sample CLD17 as well as the associated flotation products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Metallurgical Testing by Fortitude** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1** **Cyanide Bottle Roll Tests (Fortitude)** 

In 2018, Fortitude conducted preliminary metallurgical testing on two check samples collected from outcropping gold-bearing exposures in the bottom of the County Line main open pit. The samples were submitted to the Bureau Veritas lab in Sparks, Nevada, for gold, silver, arsenic, antimony, and mercury analyses. Test results are presented in ppm in Table 10.2.

#### Table 10.2:<br>2018 Check Sample Assay Results from County Line Main Open Pit

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample Number** | &nbsp;&nbsp;**Sample Description** | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**FA430** | &nbsp;&nbsp;**AQ200** | &nbsp;&nbsp;**AQ200** | &nbsp;&nbsp;**AQ200** | &nbsp;&nbsp;**AQ200** |
| **Sample Number** | &nbsp;&nbsp;**Sample Description** | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Au** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;**As** | &nbsp;&nbsp;**Sb** | &nbsp;&nbsp;**Hg** |
| **Sample Number** | &nbsp;&nbsp;**Sample Description** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
| &nbsp;&nbsp;**2977879** | &nbsp;&nbsp;Silicified/brecciated tuff; strong limonite/hematite (~9 lbs sample) |  | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;167.1 | &nbsp;&nbsp;51.3 | &nbsp;&nbsp;3.92 |
| &nbsp;&nbsp;**2977880** | &nbsp;&nbsp;Silicified/brecciated tuff; strong limonite/hematite (5.41 kg sample) |  | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;160.9 | &nbsp;&nbsp;61.5 | &nbsp;&nbsp;4.68 |

---

Cyanide bottle roll tests were also completed on two check samples in 2018 that were collected from the bottom of the County Line main open pit. Samples were pulverized to p85 target size. The 96-hour cyanide bottle roll tests had positive leach recoveries for gold and silver, as shown in tables 10.3 to 10.5. Gold cyanide recoveries ranged from 93% to 96% and averaged 94% (tables 10.3, 10.4). Silver cyanide recoveries ranged from 88% to 95% and averaged 92% (tables 10.3, 10.5). Leach kinetics were relatively fast, achieving over 90% of the total gold recovery and over 80% of the total silver recovery in two hours (Table 10.4; figures 10-1, 10-2). Test results suggest that the County Line mineral deposit is amenable to either cyanide heap leach or agitated cyanide leach processing methods.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Table 10.3:<br>Summary of Cyanide Bottle Roll Test Recovery Results on Check Samples

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample Number** | &nbsp;&nbsp;**Au Assayed Head<br>(ppm)** | &nbsp;&nbsp;**Au Extracted<br>(ppm)** | &nbsp;&nbsp;**Au Extracted<br>(%)** | &nbsp;&nbsp;**Ag Assayed Head<br>(ppm)** | &nbsp;&nbsp;**Ag Extracted<br>(ppm)** | &nbsp;&nbsp;**Ag Extracted<br>(%)** |
| &nbsp;&nbsp;**2977879** | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;93 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;**2977880** | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;96 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;88 |

---

#### Table 10.4:<br>Detailed Gold Results of Cyanide Bottle Roll Tests on Check Samples

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** |
| &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Au_0h** | &nbsp;&nbsp;**Au _2h** | &nbsp;&nbsp;**Au_4h** | &nbsp;&nbsp;**Au_8h** | &nbsp;&nbsp;**Au_24h** | &nbsp;&nbsp;**Au_48h** | &nbsp;&nbsp;**Au_72h** | &nbsp;&nbsp;**Au_96h** |
| &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
| &nbsp;&nbsp;**2977879** |  | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;1.95 |
| &nbsp;&nbsp;**2977880** |  | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;2.26 |

---

#### Table 10.5:<br>Detailed Silver Results of Cyanide Bottle Roll Tests on Check Samples

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** | &nbsp;&nbsp;**CN41K_M** |
| &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ag_0h** | &nbsp;&nbsp;**Ag_2h** | &nbsp;&nbsp;**Ag_4h** | &nbsp;&nbsp;**Ag_8h** | &nbsp;&nbsp;**Ag_24h** | &nbsp;&nbsp;**Ag_48h** | &nbsp;&nbsp;**Ag_72h** | &nbsp;&nbsp;**Ag_96h** |
| &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
| &nbsp;&nbsp;**2977879** |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;**2977880** |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.44 |

---

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 10-1<br>Cyanide Bottle Roll Test Results from Check Sample <sup>#</sup>2977879
![Graphic](ftco-20221231xex96d11035.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 10-2<br>Cyanide Bottle Roll Test Results from Check Sample <sup>#</sup>2977880
![Graphic](ftco-20221231xex96d11036.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.0 **MINERAL RESOURCE ESTIMATES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Introduction** 

This mineral resource estimate covers the County Line main open pit area on the Property, which is located in Mineral and Nye counties, Nevada. In accordance with industry standards, the Qualified Person, Derek Loveday (P.Geo.). employed by Stantec Consulting Services Inc. (Stantec) completed a site inspection of the Property between December 15 and 17, 2022. The QP for this section of the TRS is independent of Fortitude.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Data Sources and Approach** 

In accordance with the SEC S-K 1300 Regulations, the Stantec QP validated the drill hole and sample data set and built a geologic model for the epithermal gold resource located on the Property. The model was created for the purpose of generating a gold mineral resource estimate. The geologic model described below was used as the basis for estimating mineral resources on the Property.

The following sources of information that were provided to Stantec from Fortitude:

● Surface digital elevation model (DEM) survey.

● Fortitude-controlled claim boundaries.

● 73 RC drill holes collar survey, deviation survey, and chip log records.

● Multi-element assays from five-foot interval 5,400 RC-hole chip samples.

● Specific gravity pycnometer measurements from 149 RC chip samples.

● Gold assays from 58 surface samples.

● Surface structural readings including 108 dip and strike measurements.

● PDF-format assay certificates for cross-validation digital assay records.

● Internal company reports presenting surface mapping results.

● Historical FMC report prepared by Sillitoe (1990) on the geology and exploration of the Paradise Peak gold-silver district, Nevada.

● Sillitoe and Lorson (1994) Society of Economic Geology publication on epithermal gold-silver-mercury deposits in the Paradise Peak area, Nevada.

● Hulse et al. (2022) S-K 1300 Technical Report Summary on the Isabella Pearl Mine, Mineral County, Nevada.

The above information was used to further develop an understanding of the geology of the Property, and to build a three-dimensional (3D) block model (BM) of gold grade distributed within host formations extending below a surface mining pit. The Stantec QP personally inspected the pit, surrounding RC hole locations and RC drill chips between December 15 and 17, 2022. The purpose of the site inspection was to validate recent exploration activity and to gain insight into host mineralization geology.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Model** 

The geologic model used for reporting of gold mineral resources was developed using Hexagon Mining's geological modelling and mine planning software, MinePlan version 16.0.4. MinePlan is widely used throughout the mining industry for digital mineral resource model development. Hexagon Mining's suite of interpretive and modelling tools is well-suited to meet the mineral resource estimation requirements for the Property.

The geologic model is a three-dimensional block model (3DBM). The model limits and block size are listed in Table 11.1, and the plan view extent of the geologic model regional surface topography and the Property boundary are shown on Figure 11-1. The regional topography shown on Figure 11-1 was derived from the USGS national elevation data set (USGS.gov 10m DEM) and merged with Fortitude's DEM survey that covers the extent of the geologic model. The aerial imagery shown on Figure 11-1 was derived from ESRI community world imagery Maxar, Microsoft. Figure 11-2 shows the extent of the geologic model via a raster image of the detailed surface topography generated from Fortitude's DEM survey. The geologic model was developed using the Nevada State Plane West Zone NAD83 (WKID 6523) coordinate system and U.S. customary units.

#### Figure 11-1<br>County Line Property and Model Extent
![Graphic](ftco-20221231xex96d11037.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Table 11.1:<br>County Line Block Model Extent

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Coordinates** | &nbsp;&nbsp;**Nevada State Plane West NAD83 (ft)** | &nbsp;&nbsp;**Nevada State Plane West NAD83 (ft)** | &nbsp;&nbsp;**Nevada State Plane West NAD83 (ft)** | &nbsp;&nbsp;**Rotation** | &nbsp;&nbsp;**Block Size (ft)** |
| &nbsp;&nbsp;**Coordinates** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**Origin** | &nbsp;&nbsp;**Rotation** | &nbsp;&nbsp;**Block Size (ft)** |
| &nbsp;&nbsp;Easting | &nbsp;&nbsp;2785070.25 | &nbsp;&nbsp;2788347.25 | &nbsp;&nbsp;2787200 | &nbsp;&nbsp;Horizontal at -55º | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Northing | &nbsp;&nbsp;14581700.00 | &nbsp;&nbsp;14584830.00 | &nbsp;&nbsp;14581700 | &nbsp;&nbsp;Horizontal at -55º | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Elevation | &nbsp;&nbsp;4600.00 | &nbsp;&nbsp;5160.00 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Horizontal at -55º | &nbsp;&nbsp;10 |

---

#### Figure 11-2<br>County Line Model Extent and Surface Topography
![Graphic](ftco-20221231xex96d11038.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **Surface Topography and Weathering** 

Surface topography within the model extents is shown on Figure 11-2. Surface topography varies from a high of approximately 5,160' above mean sea level (amsl) in the north of the model extent to a low of approximately 4,750' amsl at the bottom of the existing pit. Surface topography shown on Figure 11-2 is a two-dimensional (2D) grid at the same block resolution and model extent as the 3DBM as outlined in Table 11.1. The surface topography 2D grid was generated from Fortitude's DEM survey.

Within the pit, there is no surface weathering with minor sloughing of material from the exposed face. Figure 11-3 illustrates the plan view extent of the exposed pit surface and extent of surface weathering beyond the pit shown in brown. Surface weathering as shown on Figure 11-3 is projected to extend to a depth of five feet from surface based on observations from drill hole records and the QP's experience working in similar environments.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 11-3<br>Existing Pit and Surface Weathering in Model
![Graphic](ftco-20221231xex96d11039.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Model Zones** 

Three main geologic zones (domains) are identified in the model from review of drill hole records, as well as from the district geology observations presented in Sillitoe (1990), and Sillitoe and Lorson (1994). The model zones, from top to bottom, include a surface weathering zone, a tuffaceous zone, and an andesitic zone. Surface weathering is limited to within five feet of the surface topography outside of the pit shell. Gold mineralization is contained within the tuffaceous zone that is exposed in the existing pit and the andesitic zone, which is below the tuffaceous zone in the immediate vicinity of the existing pit. Figure 11-4 shows the log traces from drill holes where tuffaceous and andesitic formations were recognized from logs of chips samples.

Figure 11-5 shows the three model domain solids together with drill holes log traces. The tuffaceous zone is mostly (90%) described as crystalline tuff in the drill hole records. The contact between the tuffaceous and andesitic zones contains abundant fault gauge, clay, and breccia that is interpreted to be part of a detachment fault system and described by Sillitoe and Lorson (1994). The andesitic zone below is primarily composed of andesite (84%), with the rest made up of fault gauge and mixed formations of granite, vitrophyre, and rhyodacite. A separated detachment fault zone could not be isolated as it was not easily identified from the chip logs. Rather, the detachment fault zone is viewed as a gradational feature between the tuff and andesite below.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 11-4<br>Drill Hole Tuffaceous and Andesitic Zones
![Graphic](ftco-20221231xex96d11040.jpg)

#### Figure 11-5<br>Model Zones
![Graphic](ftco-20221231xex96d11041.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** **Gold Mineralization** 

Disseminated epithermal oxide gold mineralization occurs in the tuffaceous zone and to a lesser extent in the deeper andesitic zone. Table 11.2 lists gold grade (ppm) statistics from drill hole samples at five-foot regular intervals from within the tuffaceous and andesitic zones. Gold grades were determined from 30 g fire assays (FA) with an atomic absorption (AAS) finish. Gold distribution for the tuffaceous zone is shown by the Figure 11-6 histogram, and for the andesitic zone in the Figure 11-7 histogram. Global gold grade semi-variogram (correlogram) for all gold grades, built using Hexagon's Sigma statistical analysis tool, is shown on Figure 11-8. Multi-directional semi-variograms created for each zone produced the relative grade trend anisotropy shown.

The multi-directional semi-variograms were generated using Hexagon's MineSight Data Analysis (MSDA) application.

#### Table 11.2:<br>Gold Grade (opt) Statistics

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Zone** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Standard Deviation** |
| &nbsp;&nbsp;Tuffaceous | &nbsp;&nbsp;3368 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.659 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;0.032 |
| &nbsp;&nbsp;Andesitic | &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.117 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.006 |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 11-6<br>Tuffaceous Zone Gold Grade (opt) Histogram
![Graphic](ftco-20221231xex96d11042.jpg)

#### Figure 11-7<br>Andesitic Zone Gold Grade (opt) Histogram
![Graphic](ftco-20221231xex96d11043.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 11-8<br>Gold Grade Semi-Variograms and Anisotropy
![Graphic](ftco-20221231xex96d11044.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** **Density** 

Drill hole density statistics from pycnometer measurements that were selected within the tuffaceous and andesitic zones chip samples are shown in Table 11.3.

#### Table 11.3:<br>Mineralized Zone Density Measurements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Zone** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Standard Deviation** |
| &nbsp;&nbsp;Tuffaceous | &nbsp;&nbsp;105 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;Andesitic | &nbsp;&nbsp;42 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;2.82 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;0.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8** **Model Build** 

The procedures followed in building the geologic and mineral resource model are outlined below.

Drill hole records were imported into a Hexagon SQL-server based Torque database program. Prior to building the Torque database, the drill hole records were checked for errata such as, but not limited to, overlapping intervals, inconsistencies between collar elevations and topography, and outliers in the assay database. Original assay certificates were also compared to digital assay records, and drill chip log descriptions were compared to the QP's observations of chip samples during a site inspection of the Property. No discrepancies were identified in assay records or hole locations. A few minor adjustments were made to chip log descriptions following review of chip samples stored at Fortitude's exploration facilities in Mina, Nevada. These adjustments were made to further refine the interpretation of the contact between the tuffaceous and andesitic zones.

Wireframe surfaces were generated from 2D model grids for surface topography, base of surface weathering beyond current pit, and the contact between tuffaceous zone and andesitic zone. Base of

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

weathering was set at a depth of five feet below the surface topography grid. The contact grid between the tuffaceous zone and andesitic zone was generated from drill logs and built as an unconformable surface grid using Hexagon's GeoLogic implicit modeling tool. Wireframe solids were subsequently built in MinePlan to represent a surface weathering zone, tuffaceous zone, and andesitic zone. The solids are shown on Figure 11-5.

The wireframe solids were coded into the three-dimensional block model (3DBM) by majority code and five-foot regular composites generated from the drill hole records. Drill hole gold assays presented as ppm (FA-AAS) in the composites were capped at 0.219 opt based on observations of grade distribution shown on Figure 11-6. Gold was estimated into the 3DBM using ordinary kriging for each of the tuffaceous and andesitic zones, respectively. Estimation parameters and search ranges are shown in Table 11.4. For model validation block solids coding and block grade estimates were visually compared against drill hole records. Alternate grade estimation algorithms (inverse distance squared and nearest neighbor) were also completed and compared to the kriging results. All three estimation algorithms produced similar average results.

#### Table 11.4:<br>Estimation Parameters

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Nugget** | &nbsp;&nbsp;**GSLIB Range (ft)** | &nbsp;&nbsp;**GSLIB Range (ft)** | &nbsp;&nbsp;**GSLIB Range (ft)** | &nbsp;&nbsp;**GSLIB Rotation (degrees)** | &nbsp;&nbsp;**GSLIB Rotation (degrees)** | &nbsp;&nbsp;**GSLIB Rotation (degrees)** | &nbsp;&nbsp;**Number Composites** | &nbsp;&nbsp;**Number Composites** |
| &nbsp;&nbsp;**Nugget** | &nbsp;&nbsp;**Axis 1** | &nbsp;&nbsp;**Axis 2** | &nbsp;&nbsp;**Axis 3** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Number Composites** | &nbsp;&nbsp;**Number Composites** |
| 0.42 | &nbsp;&nbsp;300.0 | &nbsp;&nbsp;180.0 | &nbsp;&nbsp;126.9 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;-21.2 | &nbsp;&nbsp;Minimum | &nbsp;&nbsp;3 |
| 0.25 | &nbsp;&nbsp;117.5 | &nbsp;&nbsp;300.0 | &nbsp;&nbsp;47.2 | &nbsp;&nbsp;227.2 | &nbsp;&nbsp;16.8 | &nbsp;&nbsp;16.2 | &nbsp;&nbsp;Maximum | &nbsp;&nbsp;9 |

---

The plan view distribution of gold grade in the block model within the extent of the defined mineral resource is shown on Figure 11-9. The maximum extent of the resource is determined to 120' from the nearest three drill hole composites with gold grade. Measured resources are determined to a maximum of 40' from the nearest three composites, Indicated resources to 80', and Inferred resources to 120'. Density for the mineralized zones were fixed at 12.6 (ft<sup>3</sup>/ton) (2.54 SG) for the tuffaceous zone and 12.3 (ft<sup>3</sup>/ton) (2.60 SG) for the andesitic zone. The fixed mineralized zone densities are the corresponding mean densities shown in Table 11.4. Density for the unconsolidated surface weathering zone was fixed 18.8 (ft<sup>3</sup>/ton) (1.7 SG).

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 11-9<br>Gold Grade Distribution in Block Model
![Graphic](ftco-20221231xex96d11045.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9** **Reasonable Prospects for Economic Extraction** 

A cutoff grade of 0.010 opt gold was determined from mining, processing, energy, administrative, and smelting / refining costs based on 2022 actuals costs from Fortitude's producing Isabella Pearl Mine. Metallurgical gold recovery assumption used was 81%, which reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine. A gold price of $1,750 per oz was assumed. These factors were used to build an economic pit shell of constant 45° pit slope. All mineral resources were reported within an economic pit shell that was driven using a Lerchs-Grossmann algorithm. Average stripping ratio in the pit shell is 3.86 t:t (tons waste to one ton of ore). Figure 11-10 illustrates the plan view extent of the economic pit shell and classified mineral resource blocks.

It is the QPs opinion that the distribution, density, and associated laboratory analyses from the Property are sufficient to indicate reasonable potential for economic extraction. Based on all available data, the mineral resource is classified as containing Measured, Indicated, and Inferred.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 11-10<br>Mineral Resource Extent and Economic Pit Shell
![Graphic](ftco-20221231xex96d11046.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10** **Mineral Resource Estimate** 

The gold mineral resource estimates for the Property are outlined in Table 11.5, which has an effective date of 31 December 2022.

#### Table 11.5:<br>County Line Mineral Resource Estimate<br> Effective 31 December 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Classification** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Au (opt)** | &nbsp;&nbsp;**Au (oz)** |
| &nbsp;&nbsp;Measured (M) | &nbsp;&nbsp;579500 | &nbsp;&nbsp;638800 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.030 | &nbsp;&nbsp;19500 |
| &nbsp;&nbsp;Indicated (I) | &nbsp;&nbsp;623000 | &nbsp;&nbsp;686700 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.026 | &nbsp;&nbsp;17900 |
| &nbsp;&nbsp;**M+I** | &nbsp;&nbsp;**1202500** | &nbsp;&nbsp;**1325500** | &nbsp;&nbsp;**0.97** | &nbsp;&nbsp;**0.028** | &nbsp;&nbsp;**37400** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;438000 | &nbsp;&nbsp;482800 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;12200 |
|  | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton.<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton.<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton.<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton.<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton.<br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11** **Potential Risks** 

The following potential risks are identified:

● There is potential for additional gold mineralization towards the north of the deposit; however, the projected depth of mineralization may preclude this potential mineral resource from being economically extractable using surface mining methods.

● Mineral resource limiting faults were not identified on the Property; however, there is potential for faulting to limit further expansion of the current mineral resource if identified from additional exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12** **Conclusions** 

Disseminated oxide gold mineralization was identified in tuffs and andesites on the Property. The gold mineralization is accessible on surface where the tuffs are exposed within an existing surface mining pit. At depth below the pit, the gold mineralization continues, though known as of today to a lesser extent into a predominately andesitic formation. Exploration on the Property is sufficient to define a mineral resource to Measured, Indicated, and Inferred levels of assurance. There is potential to increase the mineral resource with further exploration to the northwest, west and southeast of the Property.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.0 **MINERAL RESERVE ESTIMATES** 

Mineral Reserves were not prepared for this study.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.0 **MINING METHODS** 

No description of proposed mining methods for the County Line Property was prepared for this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.0 **PROCESSING AND RECOVERY METHODS** 

No description of proposed mineral processing and recovery methods for the County Line Property was prepared for this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.0 **INFRASTRUCTURE** 

No description of the required infrastructure for the County Line Property was prepared for this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.0 **MARKET STUDIES** 

No description of market studies for the products of the County Line Property was prepared for this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.0 **ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPARKET STUDIES** 

No description of the factors pertaining to environmental compliance, permitting, and local individuals or groups, which are related to the County Line Property, were prepared for this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.0 **CAPITAL AND OPERATING COSTS** 

No estimates of capital and operating costs for the County Line Property were prepared for this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0 **ECONOMIC ANALYSIS** 

No description of the key assumptions, parameters, and methods used to demonstrate economic viability, nor material assumptions including discount rates, exchange rates, commodity prices, and taxes, royalties, and other governmental levies or interests applicable to the County Line Property were prepared for this TRS.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.0 **ADJACENT PROPERTIES** 

As reviewed in the History and Geology sections of this report, the closest deposits are those of Paradise Peak and Ketchup Flats. Directly to the north of the Paradise Peak area is the Gabbs Property, which is held by P2 Gold Inc. (Stone et al., 2022).

The Gabbs Property is in the Fairplay Mining District, located 5.6 miles south-southwest of the Town of Gabbs in Nye County. The Gabbs Property contains three separate Au-Cu porphyry deposits, which are named Sullivan, Lucky Strike, and Gold Ledge, in addition to an epithermal gold deposit named Car Body. Mineralization in the Sullivan, Lucky Strike, and Gold Ledge south areas aligns with porphyry gold-copper style mineralization. Gold and copper mineralization is associated with felsic intrusive rocks, that range in composition from monzonite to quartz monzonite to quartz diorite. Gold and copper mineralization extends into adjacent gabbro and pyroxenite, and to a lesser extent into the Triassic volcano-sedimentary package. The low-sulfidation epithermal gold mineralization at Car Body is in brecciated intermediate and felsic volcanic rocks.

There are several other significant epithermal gold and silver deposits within a < 50-mile radius of County Line, the most significant of which include Isabella Pearl, Santa Fe, Paradise Peak, Rawhide, Candelaria, and Borealis. Figure 20-1 shows properties in the vicinity of the County Line Property; GRCN and WLMC properties are highlighted in light blue, while other owner/operator properties are highlighted in purple.

The Isabella Pearl Mine is relevant to the proposed County Line operations, as the expectation is that mineral resources extracted from the County Line Property would be shipped as aggregate and processed, leached, and refined to doré at the established Isabella Pearl Mine facilities (figures 4-1, 20-2). The geologic setting and mineralization, mineral resources and reserves, and mining operations of the Isabella Pearl Mine were summarized in a separate TRS (Hulse et al., 2022).

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

#### Figure 20-1<br>Map of the Properties in the Vicinity of the County Line Property
![Graphic](ftco-20221231xex96d11047.jpg)

#### Figure 20-2<br>Aerial Photo of Isabella Pearl Mine Facilities
![Graphic](ftco-20221231xex96d11048.jpg)

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0 **OTHER RELEVANT DATA AND INFORMATION** 

There is no other additional information or explanation necessary to provide a complete and balanced presentation of the value of the Property to the registrant.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.0 **INTERPRETATION AND CONCLUSIONS** 

The County Line Property is in the western portion of the Basin and Range Province, and is within the northeast portion of the Walker Lane structural corridor. The Property is composed of older basement units and intrusives that were subsequently overlain by younger volcanic and sedimentary units. Precious metal mineralization at the Property is associated with these volcanic sequences, and commonly occurs disseminated. Faulting also influenced mineralization through ground preparation and provided conduits for the mineralized fluids. The Property is characterized as a high-sulfidation replacement style epithermal deposit. The following subsections address the conclusions obtained from the County Line main open pit area, as well as additional opportunities identified within the claim block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **County Line Main Open Pit Area** 

Fortitude drilled 73 RC holes on the County Line Property between April and November 2022. The 2022 drill campaigns primarily focused on defining mineralization within and directly surrounding the County Line main open pit. All laboratory analyses, which included fire assay gold, a multi-element suite, and specific gravity testing, were completed by Bureau Veritas in Sparks, Nevada.

As part of the validation procedures required during preparation of the external mineral resource estimation, an independent geologist / resource modeler from Stantec visited the Property and reviewed the RC drill hole chip trays on December 16 and 17, 2022. Table 22.1 lists the mineral resource estimation for the County Line Property that has an effective date of December 31, 2022.

#### Table 22.1:<br> County Line Mineral Resource Estimate<br> Effective 31 December 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Au (opt)** | &nbsp;&nbsp;**Au (oz)** |
| &nbsp;&nbsp;Measured (M) | &nbsp;&nbsp;579500 | &nbsp;&nbsp;638800 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.030 | &nbsp;&nbsp;19500 |
| &nbsp;&nbsp;Indicated (I) | &nbsp;&nbsp;623000 | &nbsp;&nbsp;686700 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.026 | &nbsp;&nbsp;17900 |
| &nbsp;&nbsp;**M+I** | &nbsp;&nbsp;**1202500** | &nbsp;&nbsp;**1325500** | &nbsp;&nbsp;**0.97** | &nbsp;&nbsp;**0.028** | &nbsp;&nbsp;**37400** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;438000 | &nbsp;&nbsp;482800 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;12200 |
| &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton. <br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton. <br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton. <br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton. <br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton. <br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. | &nbsp;&nbsp;1.<br>Reported at a cutoff grade of 0.010 opt Au. <br>2.<br>Cutoff grade calculations used mining, processing, energy, administrative, and smelting / refining costs based on 2022 actual costs for Fortitude's producing Isabella Pearl Mine.<br>3.<br>Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl Mine.<br>4.<br>Whole block diluted estimates are reported within an optimized pit shell.<br>5.<br>Mineral resources have not demonstrated economic viability.<br>6.<br>Totals may not sum exactly due to rounding.<br>7.<br>"opt" = troy ounces per short ton (US); one short ton = 2,000 pounds (lbs).<br>8.<br>"g/t" = grams per metric ton ("tonne"); one short ton = 0.9072 metric ton. <br>9.<br>one troy ounce = 31.1035 grams.<br>10.<br>Gold price $1,750 per oz assumed. Gold price as reported on December 31, 2022 was $1,812 per oz. |

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

Conclusions of the independent geological modeling and mineral resource estimation are as follows:

● Verification that disseminated oxide gold mineralization was identified in tuffs and andesites on the Property.

● The gold mineralization is accessible on surface where the tuffs are exposed within an existing surface mining pit.

● At depth below the pit, the gold mineralization continues, though known as of today to a lesser extent into a predominately andesitic formation.

● Exploration on the Property is sufficient to define a mineral resource to Measured, Indicated, and Inferred levels of assurance.

● There is potential to increase the mineral resource with further exploration to the northwest, west, and southeast of the Property.

Significant risks and uncertainties include:

● Delineated gold mineralization that was drilled to the north of the deposit may be too deep to extract the mineralization economically through surface mining methods.

● There is potential that mineral resource limiting faults may be encountered that will limit further expansion of the current mineral resource if identified from additional exploration.

● Geotechnical studies may cause modification to the currently proposed pit slope angles.

● Additional metallurgical studies may show different recovery percentages of the extractable gold.

It is the QPs opinion that the distribution, density, and associated laboratory analyses from the Property are sufficient to indicate reasonable potential for economic extraction. Based on all available data, the mineral resource is classified as containing Measured, Indicated, and Inferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Significant Exploration Opportunities** 

Historic work completed on the claim block identified three highly prospective areas, which are the East Zone open pit, Geochemical Target, and Newman Ridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2.1** **East Zone Open Pit** 

The East Zone open pit area was drilled by FMC between 1986 and 1991. FMC encountered mineralized intervals to depths of 265' (Figure 5-2). AGI confirmed the presence of mineralization from the base of the East Zone open pit to ~110' below the pit that is recorded to have assayed at an average of 0.58 g/t gold (Figure 5-6). The presence below the current pit depth is further supported by Table 1 of Sillitoe and Lorson (1994), which is reproduced in Table 5.2 in this report, and states that "only about half of mineable resource (was) extracted (from East Zone)". This statement is deemed to be credible, as Lorson held a senior position in FMC at the time of the paper's publication. The AGI 2012 confirmatory drilling at the East Zone area further supported this statement as the assay results from this drill program showed gold mineralization below the base of the current East Zone open pit.

Fortitude believes that the East Zone area warrants further investigation through completing geological mapping to further constrain potential mineralized structures by unit type. This mapping will assist with targeting optimal drill locations to test the depth of gold mineralization and ability to extract the gold mineralization by cyanide solution.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2.2** **Geochemical Target** 

The Geochemical Target is an area with high exploration potential. Figure 5-5 shows the results of the soil sampling program that was completed by AGI. The results from this program show a large "bullseye" of elevated gold grade in the soils. AGI further tested the Geochemical Target during the 2012-13 campaign and during the 2015 campaign. Figure 5-6 shows select drill holes completed by AGI that all encountered gold at surface. Gold intercepts, although discontinuous, were encountered during this campaign to depths of 300' (Figure 5-6).

The conclusions about the Geochemical Target drill program, as presented by Brook (2015), support that AGI was primarily focused on exploring for a "gold shell" around a porphyry-style system. The discovery of a low-grade gold halo around a zone of greater fracturing and vein density with moderately higher gold grades, was not their primary target. Also, the presence of disseminated pyrite discouraged AGI, as this was interpreted to support that the gold may be bound by sulfides and therefore not be cyanide extractable.

In 2022, Fortitude completed a preliminary mapping and limited rock chip sampling program in the Geochemical Target area. The Fortitude exploration geologists that completed this sampling program did not have access to the 2012 AGI soil program results or 2015 drilling gold results. As such, there were no preconceived notions overshadowing the Fortitude 2022 rock chip sampling program; the gold values from this surface program are shown on Figure 7-2. When the results from the 2022 rock chip sampling program are superimposed on the soil results from the 2012 program, the areas with higher gold grade from each program overlay each other. This positive correlation is believed by the QPs to be confirmation that the gold results from the AGI soil survey are accurate.

Advancement of the Geochemical Target is proposed in two stages: 1) Completion of a tightly spaced soil grid and detailed structural mapping, that will be draped on surface topography for incorporation into a geological model; and 2) inclusion of the CLR hole series -17 to -23 into the geological model to assist with defining the low-grade and moderately higher-grade structurally complex area that contains abundant veins. If these results from this desktop study are encouraging, then subsequent drilling is encouraged. As AGI proposed that the gold is associated with sulfides, cyanide leachability tests are required.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2.3** **Newman Ridge** 

Newman Ridge was drilled by FMC between 1986 and 1991 (Figure 5-9). Drilling by FMC encountered gold at shallow intervals in holes N76 (25' to 40'), N110 (50' to 55'), and N115 (65' to 115'), with deeper gold intercepts returning gold at depths of around 300' in several other holes (Figure 5-9). As previously mentioned in Section 5, an internal FMC report by Wulftange (1989) addressed that the FMC geology team believed in the potential of Newman Ridge since the discovery of the Paradise Peak ore body in 1983. In addition to the identified gold anomalies at the south end of Newman Ridge during rock and soil surveys, FMC geologists observed, during surface mapping, that the lithologies that form Newman Ridge are identical to those at Paradise Peak Mine, and that the units at Newman Ridge underwent the same hydrothermal alteration processes as affected the lithological units at the Paradise Peak Mine. FMC geologists confirmed the prospectivity of Newman Ridge through the completion of 43 holes. Mineralized intervals are listed in Table 5.1 and shown on Figure 5-9.

The Newman Ridge drilling programs identified that a halo of lower grade gold mineralization was widely disbursed around areas that returned higher gold grades. Gold mineralized intervals were stratiform within the Gray Tuff unit and is most often strongly silicified and accompanied by weak to strong pervasive iron-staining. Wulftange (1989) postulated that mineralizing fluid transport was aided by an inferred northwest-trending structural zone that connects dacite fissure to mineralization in the Central Newman Ridge area and to the area now known to contain County Line, East Zone, and Geochemical Target.

This area is considered by Fortitude to be a high potential target and warrants detailed mapping and follow-up drilling to further define the structures that contain the gold mineralization, and to assess the continuity of gold mineralization as well as the extractability of this gold by cyanide leach.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.0 **RECOMMENDATIONS** 

The QPs that prepared this TRS recommend that additional work be completed through two programs, both of which focus on the County Line main open pit area. The first phase will involve additional surface exploration and drilling, and the second phase will involve follow-up technical studies. This two-phased approach will assist Fortitude towards a development decision. The conceptualized plan being evaluated is open pit mining of the gold deposit and heap leaching/processing at the Isabella Pearl Mine Adsorption, Desorption, and Recovery (ADR) facility for final doré production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Phase 1 - Proposed County Line Exploration Program** 

The drill program purpose is to test the areas that were classified as Inferred in this TRS, and to assess if there are intervals of gold mineralization between surface and the proposed mineralized intervals that were classified as Inferred. Also, a second phase of surface mapping / sampling to the south and southeast of the East Zone is proposed to expand on the positive gold assays obtained from the 2022 surface sampling program, as this area returned ~0.015 opt gold from surface samples and from AGI drilled intervals.

The proposed exploration program expenditures are detailed in Table 23.1. The estimated cost of the recommended exploration program is $2,305,000. The proposed budget includes 26,250' of RC drilling and 3,500' of core drilling mainly for Mineral Resource expansion and exploration outside of the Main County Line main open pit area.

#### Table 23.1<br>Phase 1 - Proposed Exploration Program Budget

---

| | |
|:---|:---|
| **Description** | &nbsp;&nbsp;**Totals** |
| &nbsp;&nbsp;Salaries and Wages | &nbsp;&nbsp;**$42000**  |
| &nbsp;&nbsp;Health Insurance | &nbsp;&nbsp;**$3600**  |
| &nbsp;&nbsp;Payroll Taxes Employer | &nbsp;&nbsp;**$4800**  |
| &nbsp;&nbsp;Contractors Drilling (RC) - **26,250 ft** | &nbsp;&nbsp;**$787500**  |
| &nbsp;&nbsp;Contractors Drilling Core) - **3,500 ft** | &nbsp;&nbsp;**$227500**  |
| &nbsp;&nbsp;Contractors Services | &nbsp;&nbsp;**$654500**  |
| &nbsp;&nbsp;Material Used by Contractors | &nbsp;&nbsp;**$170000**  |
| &nbsp;&nbsp;Topographical Studies | &nbsp;&nbsp;**$2400**  |
| &nbsp;&nbsp;Laboratory Assays | &nbsp;&nbsp;**$193600**  |
| &nbsp;&nbsp;Environmental Studies | &nbsp;&nbsp;**$7500**  |
| &nbsp;&nbsp;Maintenance Vehicles | &nbsp;&nbsp;**$4800**  |
| &nbsp;&nbsp;Consulting Services | &nbsp;&nbsp;**$25000**  |
| &nbsp;&nbsp;Airfare, Lodging, Meals | &nbsp;&nbsp;**$21800**  |
| &nbsp;&nbsp;Auto Rental and Other Transport / Travel Expenses | &nbsp;&nbsp;**$7200**  |
| &nbsp;&nbsp;Gasoline, Diesel, Natural Gas | &nbsp;&nbsp;**$23200**  |
| &nbsp;&nbsp;Office & Field Supplies, Materials | &nbsp;&nbsp;**$20700**  |
| &nbsp;&nbsp;Land Right, Registration Fees and Charges | &nbsp;&nbsp;**$21900**  |
| &nbsp;&nbsp;Allocation of Labor Costs | &nbsp;&nbsp;**$87000**  |
| **County Line Property Exploration Total** | &nbsp;&nbsp;**$2305000**  |

---

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** **Phase 2 - Proposed County Line Technical Studies** 

Engineering, baseline, and background studies that include crushing facility layout, open-pit design, waste storage design, and diesel power generation are currently in process for the Property. Additional technical studies to be included are metallurgical testing and geotechnical requirements for final pit slope angles to ensure that the most optimal pit slopes are utilized, and that proper setbacks are applied to the dump toes near the final pit crest, open pit, and waste dump designs. Proposed metallurgical test work will confirm viability of heap leach, carbon adsorption/desorption, and electrowinning gold recovery of oxide mineral resources in the County Line deposit. Waste rock characterization studies are also recommended. These studies will investigate the potential for development of Acid Rock Drainage and Metal Leaching (ARDML) due to oxidation of sulfide minerals that are unstable under atmospheric conditions. Due to historic production from the County Line main open pit these issues are not expected to occur. Monitor well drilling is also included in the proposed budget.

Recommendations for engineering, geotechnical, metallurgical, base line, and background studies at County Line are shown in Table 23.2. The estimated cost of the recommendations total $160,000.

#### Table 23.2:<br>Phase 2 - Budget for Proposed Technical Studies

---

| | |
|:---|:---|
| **Description** | **Totals** |
| &nbsp;&nbsp;Metallurgical Tests | $55000 |
| &nbsp;&nbsp;Geotechnical Study | $30000 |
| &nbsp;&nbsp;Waste Rock Characterization | $25000 |
| &nbsp;&nbsp;Monitoring Well Drilling & Installation | $50000 |
| **Tota**l | **$160000** |

---

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.0 **REFERENCES** 

Britannica. (2020, January 22). *Basin and Range Province*. *Encyclopedia Britannica*. https://www.britannica.com/place/Basin-and-Range-Province

Brook, K. (2015). *Summary of 2015 Drill Hole Assays for CLD-19 – CLD-23 on the RAD claims, County Line Project in Mineral County, Nevada. Oct 28, 2015*. Alton Rio (internal memorandum).

Carlson, C. W., Pluhar, C. J., Glen, J. M. G., and Farner, M. J. (2013). Kinematics of the west-central Walker Lane: Spatially and temporally variable rotations evident in the Late Miocene Stanislaus Group. *Geosphere,9 (6): 1530–1551.*https://doi.org/10.1130/GES00955.1

Dobak, P. J. (1988). *Alteration and Paragenesis of the Paradise Peak Gold/Silver Deposit*. [Master's Thesis; Colorado State University, Fort Collins, Colorado].

Ekrin, E. B. and Byers, F.M. Jr. (1985). *Geologic Map of the Mount Annie NE, Mount Annie, Ramsey Spring, and Mount Annie SE Quadrangles, Mineral and Nye Counties, Nevada*. USGS.

Faulds, J. E. and Henry C. D. (2008). Tectonic Influences on the Spatial and Temporal Evolution of the Walker Lane: An Incipient Transform Fault Along the Evolving Pacific-North American Plate Boundary. *Arizona Geological Digest 22*. p. 189-213.

Ferranti, L., Oldow, J. S., Geissman, J. W., and Nell, M. M. (2009). Flattening strain during coordinated slip on a curved fault array, Rhodes Salt Marsh extensional basin, central Walker Lane, west-central Nevada. J.S. Oldlow and P.H. Cashman (Eds.) *Late Cenozoic structure and evolution of Great Basin-Sierra Nevada transition.* Geological Society of America, 447. https://doi.org/10.1130/2009.2447(11)

Hedenquist, J.W. (2017). *Report to GRC Nevada Exploration for Lithocap-hosted Epithermal Deposits.* (internal report).

Houston, W.G. (2017). *Land Due Diligence Review, Nevada Select Royalty, Inc. – Newman Ridge Project 54 Unpatented Claims (53 GOOSE, MIN, GOO, and EAST lodes and 1 CC placer) located in: Sections 5 - 9, T10N R36E; and Section 1, T10N R35E, MDM, Mineral and Nye Counties*, *Nevada*. Gold Resource Corporation. (internal report).

Hulse D.E., Emanual C.E., and Crundwell I.H. (2022). *S-K 1300 Technical Report Summary, Isabella Pearl Mine, Mineral County, NV.* Gustavson Associates.

John, D.A. (1974). Stratigraphy, regional distribution, and reconnaissance geochemistry of Oligocene and Miocene volcanic rocks in the Paradise range and northern Pactolus Hills, Nye County, Nevada: *U.S. Geological Survey Bulletin 64*. https://doi.org/10.3133/b1974

John, D.A., Thomason, R.G., and McKee, E. H. (1989). Geology and K-Ar geochronology of the Paradise Peak Mine and the relationship of pre-Basin and Range extension to early Miocene precious-metal mineralization in west-central Nevada: *Economic Geology, 84(3)*. 631-649. https://doi.org/10.2113/gsecongeo.84.3.631

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

Moran, A.V. (2011). *NI 43-101 Technical Report, Radar Gold Exploration Project Mineral and Nye Counties, Nevada.* SRK Consulting, Tucson, Arizona.

Olson, J. R. (2015). *Report on Head Analysis and Bulk Sulfide Flotation Testing MLI Job No. 3991*. Avidian Gold US Inc.

Rhys, D. (2020). Structural Controls on Ore Localization in Epithermal Gold-Silver Deposits: A Mineral Systems Approach. In J.D. Rowland and D.A. Rhys (Eds.), *Applied Structural Geology of Ore-Forming Hydrothermal Systems, SEG Reviews 21*. 83-145. https://doi.org/10.5382/rev.21.03

Sillitoe R.H. (1990). *Geology and Epoxidation of the Paradise Peak Gold-Silver District, Nevada*. FMC Gold Company, Reno.

Sillitoe R.H. and Lorson R.C. (1994). Epithermal Gold-Silver-Mercury Deposits at Paradise Peak, Nevada: Ore Controls, Porphyry Gold Association, Detachment Faulting, and Supergene Oxidation. *Economic Geology 89(6)*. 1228–1248. https://doi.org/10.2113/gsecongeo.89.6.1228

Stone, W., Puritch, E., Barry. J., Burga. D., and Easton. C. L. (2022). *Technical Report and Updated Mineral Resource Estimate of the Gabbs Gold-Copper Property, Fairplay Mining District, Nye County, Nevada, USA.* P&E Mining Consultants Inc.

Thomas, R.D. and Brook, K.D. (2014). *Technical Report on the County Line Project, Nye and Mineral Counties, Nevada, NI 43-101.* Avidian Gold US Inc.

Thomason, R.E. (1986). Geology of the Paradise Peak gold/silver deposit, Nye County, Nevada. p. 17 – 32. In G. Slavik, T. Carr, and R. Buffa (Eds.), *Geological Society of Nevada 1986 Fall Field Trip Road Log. Special Publication #5*. p. 17-32.

Tingley, S. L. (1999). *Generalized geologic map of Nevada, Nevada Bureau of Mines and Geology Map 57, Million-Scale, Education Series 30, small print map E30*. Nevada Bureau of Mines.

Robson, S.G and Banta, E.R. (1995). *Ground Water Atlas of the United States: Arizona, Colorado, New Mexico, Utah – HA 730-C.* United States Geological Survey.

US Climate Data. (2023). *Mina weather averages.* https://www.usclimatedata.com/climate/mina/nevada/united-states/usnv0061

United States Geological Survey. (2022). *Paradise Peak Mine*. https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10310352

Wulftange, W.H. (1989). *Newman Ridge Project (B662) 1988 Interim Report, Nye and Mineral Counties, Nevada (Tonopah and Walker Lake AMS Sheet).* FMC Gold Company.

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2023 TECHNICAL REPORT SUMMARY FOR THE COUNTY LINE PROPERTY, NEVADA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.0 **Reliance on information provided by the registranT** 

Preparation of this technical report has relied on information provided by the registrant for the following:

● Mineral Claim Information

● Technical studies provided by third party consultants

● Historical Exploration and Production Information

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## Exhibit 96.12

Exhibit 96.12

Derek Loveday (PGeo, QP), Geologic Services Manager

Stantec Consulting Services Inc.

2890 East Cottonwood Parkway, Suite 300

Salt Lake City, Utah

84121-7283

**CONSENT OF QUALIFIED PERSON**

I, Derek Loveday, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled Initial Assessment Technical Report Summary for the County Line Property Mineral and Nye Counties, Nevada with an effective date of 31 December 2022 as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Salt Lake City, Utah, USA this 23 February 2023.

<u>/s/ Derek Loveday</u><br>**Signature of Qualified Person**

P. Geo. #159394

------

## Exhibit 96.13

Exhibit 96.13

William Allan Turner, Exploration Manager

Fortitude Gold Corporation<br>2886 Carriage Manor Point, Colorado Springs, CO 80906 U.S.A

**CONSENT OF QUALIFIED PERSON**

I, William Allan Turner, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary Initial Assessment Technical Report Summary for the County Line Property Mineral and Nye Counties, Nevada with an effective date of 31 December 2022 as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Mina, Nevada, USA this 23 of February 2023.

<u>/s/ William Allan Turner</u><br>**Signature of Qualified Person**

58136 P. Geol.

------

## Exhibit 96.14

Exhibit 96.14

Joy L. Lester, Chief Geologist<br>Fortitude Gold Corporation<br>2886 Carriage Manor Point, Colorado Springs, CO 80906

**CONSENT OF QUALIFIED PERSON**

I, Joy L. Lester, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled Initial Assessment Technical Report Summary for the County Line Property Mineral and Nye Counties, Nevada with an effective date of 31 December 2022 as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Rapid City, SD, USA this 20 of February 2023.

<u>/s/ Joy Lester</u> <br>**Signature of Qualified Person**

SME-RM #4119722RM

------

## Exhibit 96.15

Exhibit 96.15

Barry D. Devlin, Vice President, Exploration<br>Fortitude Gold Corporation<br>2886 Carriage Manor Point, Colorado Springs, CO 80906 U.S.A

**CONSENT OF QUALIFIED PERSON**

I, Barry David Devlin, state that I am responsible for preparing or supervising the preparation of all or part of the technical report summary titled Initial Assessment Technical Report Summary for the County Line Property, Mineral and Nye Counties, Nevada with an effective date of 31 December 2022 as signed and certified by me (the "Technical Report Summary").

Furthermore, I state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I consent to the public filing of the Technical Report Summary by Fortitude Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The document that the Technical Report Summary supports is 10-K Annual Report (the "Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I consent to the use of my name in the Document, to any quotation from or summarization in the Document of the parts of the Technical Report Summary for which I am responsible, and to the filing of the Technical Report Summary as an exhibit to the Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the parts of the Technical Report Summary for which I am responsible.

Dated at Denver, Colorado, USA this 21<sup>st</sup> day of February 2023.

<u>/s/ Barry D. Devlin</u><br>**Signature of Qualified Person**

Registered with Engineers and Geoscientists of British Columbia as a Professional Geoscientist

P. Geo. #109658

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