# EDGAR Filing Document

**Accession Number:** 0001828377
**File Stem:** 0001104659-26-058643
**Filing Date:** 2026-5
**Character Count:** 86601
**Document Hash:** abd868590c49caebd8014093e3ccdd0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-058643.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001104659-26-058643

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fortitude Gold Corp
- **CENTRAL INDEX KEY:** 0001828377
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 852602691
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-249533
- **FILM NUMBER:** 26963191

**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

?xml version='1.0' encoding='ASCII'? Fortitude Gold Corporation_March 31, 2026

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

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Mark One)** |
| ☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** |
| **EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended March 31, 2026**

**or**

---

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

---

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File Number: 333-249533**

## Fortitude Gold Corporation
**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Colorado** | **85-2602691** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

**723 South Cascade Avenue**

**Colorado Springs, CO 80903**

**(Address of Principal Executive Offices)**

**(719) 717 9825** 

**(Registrant's telephone number)**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Each Class** | &nbsp;&nbsp;**Trading symbol** | &nbsp;&nbsp;**Name of Exchange on which registered** |
| &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**N/A** |

---

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 ⌧&nbsp;&nbsp;&nbsp;&nbsp;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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

As of May 8, 2026 the registrant had 27,189,528 outstanding shares of common stock.

------

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

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**Part I**](#PARTIFINANCIALINFORMATION_735600) | [**Financial Information**](#PARTIFINANCIALINFORMATION_735600) |  |
| [Item 1.](#Item_1_Financials) | [Financial Statements](#Item_1_Financials) | 1 |
|  | [Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#BalanceSheet) | 1 |
|  | [Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)](#StatementOfOperation) | 2 |
|  | [Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2026 and 2025 (Unaudited)](#Equity) | 3 |
|  | [Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)](#CashFlow) | 4 |
|  | [Notes to Condensed Consolidated Financial Statements (Unaudited)](#NotesToFinState) | 5 |
| [Item 2.](#Item2_Management) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2_Management) | 12 |
| [Item 3.](#Item3_Quantitative) | [Quantitative and Qualitative Disclosures about Market Risk](#Item3_Quantitative) | 20 |
| [Item 4.](#Item4_ConPro) | [Controls and Procedures](#Item4_ConPro) | 20 |
| [**Part II**](#Part2) | [**Other Information**](#Part2) |  |
| [Item 1.](#Item1_Legal) | [Legal Proceedings](#Item1_Legal) | 21 |
| [Item 1A.](#Item1A_Risk_Factors) | [Risk Factors](#Item1A_Risk_Factors) | 21 |
| [Item 2.](#Item2_UnreSal) | [Unregistered Sales of Equity Securities and Use of Proceeds](#Item2_UnreSal) | 21 |
| [Item 4.](#Item4_MinSaf) | [Mine Safety Disclosures](#Item4_MinSaf) | 21 |
| [Item 5.](#Item5_Other_Information) | [Other Information](#Item5_Other_Information) | 21 |
| [Item 6.](#Item6_Exhibit) | [Exhibits](#Item6_Exhibit) | 22 |
| [Signatures](#Signatures) |  | 23 |

---

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

#### PART I – FINANCIAL INFORMATION

#### ITEM 1. Financial Statements

#### FORTITUDE GOLD CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
|  | ***(unaudited)*** |  |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $10025 | $4656 |
| &nbsp;&nbsp;Gold and silver rounds/bullion | 3524 | 3336 |
| &nbsp;&nbsp;Inventories | 26547 | 29312 |
| &nbsp;&nbsp;Prepaid taxes | 450 | 450 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 729 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 41275 | 38621 |
| Property, plant and mine development, net | 44452 | 46213 |
| Leach pad inventories | 59161 | 50291 |
| Other non-current assets | 1070 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $145958 | $136185 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $2563 | $1468 |
| &nbsp;&nbsp;Finance lease liabilities, current | 7220 | 7208 |
| &nbsp;&nbsp;Other current liabilities | 194 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 9977 | 9073 |
| Finance lease liabilities, net of current portion | 10174 | 11882 |
| Asset retirement obligations | 11290 | 10856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 31441 | 31811 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock - $0.01 par value, 20,000,000 shares authorized and nil outstanding at March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;Common stock - $0.01 par value, 200,000,000 shares authorized and 27,189,528 shares outstanding at March 31, 2026 and 24,375,209 shares outstanding at December 31, 2025 | 272 | 244 |
| &nbsp;&nbsp;Additional paid-in capital | 118901 | 106882 |
| &nbsp;&nbsp;Accumulated deficit | (5165) | (2752) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortitude shareholders' equity | 114008 | 104374 |
| &nbsp;&nbsp;Noncontrolling interest | 509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 114517 | 104374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $145958 | $136185 |

---

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

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

#### FORTITUDE GOLD CORPORATION Condensed Consolidated Statements of Operations (U.S. Dollars in thousands, except per share data) (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Sales, net | $3200 | $6536 |
| Mine cost of sales: |  |  |
| &nbsp;&nbsp;Production costs | 743 | 2263 |
| &nbsp;&nbsp;Depreciation and amortization | 245 | 887 |
| &nbsp;&nbsp;Reclamation and remediation | 24 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mine cost of sales | 1012 | 3201 |
| Mine gross profit | 2188 | 3335 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;General and administrative expenses | 2206 | 1276 |
| &nbsp;&nbsp;Exploration expenses | 1676 | 1382 |
| &nbsp;&nbsp;Facilities and mine construction | 183 |  |
| &nbsp;&nbsp;Other expense (income), net | 44 | (572) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 4109 | 2086 |
| (Loss) income before income and mining taxes | (1921) | 1249 |
| &nbsp;&nbsp;Mining and income tax expense |  |  |
| Net (loss) income | (1921) | 1249 |
| Net loss (income) attributable to noncontrolling interest | 291 |  |
| Net (loss) income attributable to Fortitude Shareholders | $(1630) | $1249 |
| Net (loss) income per common share attributable to Fortitude Shareholders: |  |  |
| &nbsp;&nbsp;Basic | $(0.06) | $0.05 |
| &nbsp;&nbsp;Diluted | $(0.06) | $0.05 |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 25832987 | 24173209 |
| &nbsp;&nbsp;Diluted | 25832987 | 24518364 |

---

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

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

**FORTITUDE GOLD CORPORATIONCondensed Consolidated Statements of Shareholders' Equity***(U.S. Dollars in thousands) (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** |
|  | <br>**Number of** <br>**Common** <br>**Shares** | **Par** <br>**Value of** <br>**Common** <br>**Shares** | <br>**Additional Paid-** <br>**in Capital** | <br>**(Accumulated Deficit)**<br>**Retained** <br>**Earnings** | <br>**Noncontrolling**<br>**Interest** | <br>**Total** <br>**Shareholders'** <br>**Equity** |
| Balance, December 31, 2024 | 24173209 | $242 | $105207 | $2644 | $— | $108093 |
| &nbsp;&nbsp;Stock-based compensation |  |  | 396 |  |  | 396 |
| &nbsp;&nbsp;Dividends |  |  |  | (2901) |  | (2901) |
| &nbsp;&nbsp;Net income |  |  |  | 1249 |  | 1249 |
| Balance, March 31, 2025 | 24173209 | $242 | $105603 | $992 | $— | $106837 |
| Balance, December 31, 2025 | 24375209 | $244 | $106882 | $(2752) | $— | $104374 |
| &nbsp;&nbsp;Stock-based compensation | 150000 | 1 | 1191 |  |  | 1192 |
| &nbsp;&nbsp;Issuance of stock, net of issuance costs | 2520206 | 25 | 11630 |  |  | 11655 |
| &nbsp;&nbsp;Contribution to JV |  |  | (800) |  | 800 |  |
| &nbsp;&nbsp;Common stock issued for vested restricted stock units | 140000 | 1 | (1) |  |  |  |
| &nbsp;&nbsp;Dividends |  |  |  | (783) |  | (783) |
| &nbsp;&nbsp;Stock options exercised | 4113 | 1 | (1) |  |  |  |
| &nbsp;&nbsp;Net loss |  |  |  | (1630) | (291) | (1921) |
| Balance, March 31, 2026 | 27189528 | $272 | $118901 | $(5165) | $509 | $114517 |

---

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

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

#### FORTITUDE GOLD CORPORATION Condensed Consolidated Statements of Cash Flows (U.S. Dollars in thousands) (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net (loss) income | $(1921) | $1249 |
| &nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 306 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1192 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclamation and remediation accretion | 24 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation | 133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on gold and silver rounds/bullion | (188) | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating adjustments | 2 |  |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | (685) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (4131) | (3393) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 139 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | 1063 | (942) |
| &nbsp;&nbsp;Net cash used in operating activities | (3391) | (2371) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (512) | (390) |
| &nbsp;&nbsp;Net cash used in investing activities | (512) | (390) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (783) | (2901) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of stock, net of issuance costs | 11655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of finance leases | (1600) |  |
| &nbsp;&nbsp;Net cash provided by (used in) financing activities | 9272 | (2901) |
| Net increase (decrease) in cash and cash equivalents | 5369 | (5662) |
| Cash and cash equivalents at beginning of period | 4656 | 27082 |
| Cash and cash equivalents at end of period | $10025 | $21420 |
| **Supplemental Cash Flow Information** |  |  |
| &nbsp;&nbsp;Interest expense paid | $186 | $— |
| &nbsp;&nbsp;Income and mining taxes paid | $— | $— |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in capital expenditures in accounts payable | $(271) | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimate for asset retirement costs | $— | $— |

---

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

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

#### FORTITUDE GOLD CORPORATION Notes to Condensed Consolidated Financial Statements (Dollars in thousands, unless otherwise stated) (Unaudited)
**1. Basis of Presentation of Financial Statements**

These interim Condensed Consolidated Financial Statements ("interim financial statements") of Fortitude Gold Corporation and its subsidiaries (collectively, the "Company") are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles ("U.S. GAAP") have been condensed or omitted as permitted by such rules, although the Company believes that the disclosures included are adequate to make the information presented not misleading. The interim financial statements included herein are expressed in United States dollars and in the opinion of management, include all adjustments (all of which are of a normal recurring nature) and disclosures necessary for a fair presentation. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 included in the Company's annual report on Form 10-K. The year-end balance sheet data were derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from the audited consolidated financial statements contained in the Company's annual report on Form 10-K. All intercompany accounts and transactions have been eliminated in consolidation.

***Operating Segments and Related Disclosures***

We manage our company as one reportable operating segment, mining operations, which produces gold for sale to our customers. The segment information aligns with how the Company's Chief Operating Decision Maker ("CODM") reviews and manages our business. The Company's CODM is the Company's Chief Executive Officer.

Financial information and annual operating plans and forecasts are prepared and reviewed by the CODM at a consolidated level. The CODM assesses performance for the mining operations segment and decides how to better allocate resources based on consolidated net income that is reported on the Condensed Consolidated Statements of Operations. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. The accounting policies of our mining operations segment are the same as those described in the Summary of Significant Accounting Policies. Refer to Note 1 to the financial statements included in the Company's 10-K report for the year ended December 31, 2025 for a description of our Significant Accounting Policies.

***Noncontrolling Interests***

The Company has a 60% economic interest in East Camp Douglas, LLC ("ECD LLC") with the remaining interest held by Hawthorne Minerals, LLC ("HLM"). The Company consolidates ECD LLC, in its Consolidated Condensed Financial Statements as the primary beneficiary of ECD LLC, which is a variable interest entity. Under the terms of the agreement, 100% of income and expenses for ECD LLC are attributable to HLM until HLM contributes the required $40 million for exploration activities at the East Camp Douglas property. For the three months ended March 31, 2026 and 2025, the Company recognized losses of $291 and nil, respectively, within Net loss (income) attributable to non-controlling interests related to ECD, LLC.

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

2. New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),* which requires more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, depreciation, and amortization) included in certain expense captions in the Consolidated Statements of Operations. This update applies to all public business entities. The new standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this new standard.

3. Revenue

The following table presents the Company's net sales:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Sales, net |  |  |
| &nbsp;&nbsp;Gold sales | $3217 | $6684 |
| &nbsp;&nbsp;Less: Refining charges | (17) | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales, net | $3200 | $6536 |

---

4. Gold and Silver Rounds/Bullion

The Company periodically purchases gold and silver rounds/bullion on the open market for treasury diversification and investment purposes.

At March 31, 2026 and December 31, 2025, the Company's holdings of rounds/bullion, using quoted market prices, consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31,**  | **March 31,**  | **March 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Ounces** | **Per Ounce** | **Amount** | **Ounces** | **Per Ounce** | **Amount** |
|  |  |  | *(in thousands)* |  |  | *(in thousands)* |
| Gold | 611 | $4608 | $2815 | 611 | $4308 | $2632 |
| Silver | 9716 | $73 | $709 | 9776 | $72 | $704 |
| &nbsp;&nbsp;Total holdings |  |  | $3524 |  |  | $3336 |

---

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

5. Inventories

On March 31, 2026 and December 31, 2025, current inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
|  | *(in thousands)* | *(in thousands)* |
| Stockpiles | $855 | $2132 |
| Leach pad | 25417 | 26820 |
| Doré | 17 | 11 |
| &nbsp;&nbsp;Subtotal - product inventories | 26289 | 28963 |
| Materials and supplies | 258 | 349 |
| &nbsp;&nbsp;Total | $26547 | $29312 |

---

In addition to the inventories above, as of March 31, 2026 and December 31, 2025, the Company had $59.2 million and $50.3 million, respectively, of non-current leach pad inventory.

**6. Income Taxes**

The Company accounts for income taxes in accordance with the provisions of ASC 740, "Income Taxes" ("ASC 740"), on a tax jurisdictional basis. The Company files a consolidated U.S. income tax return and at the federal level its income is taxed at 21%. In addition, a 5% Net Proceeds of Minerals tax applies to the Company's operations in Nevada, and such tax is recorded as an income tax. For both the three months ended March 31, 2026 and 2025, the Company recorded mining and income tax benefit of nil. In accordance with ASC 740, the interim provision for taxes was calculated by using the annual effective tax rate. This rate is applied to the year-to-date income before income and mining taxes to determine the income tax expense for the period.

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 not "more likely than not" to be realized. As a result, the Company recorded a valuation allowance of $3.8 million as of December 31, 2025. At March 31, 2026, the Company maintains a full valuation allowance on its deferred tax assets.

As of March 31, 2026, the Company believes that it has no liability for uncertain tax positions. The Company includes taxes and interest in its income tax expense.

7. Prepaid Expenses and Other Current Assets

At March 31, 2026 and December 31, 2025, prepaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
|  | *(in thousands)* | *(in thousands)* |
| Contractor advances | $161 | $28 |
| Prepaid insurance | 437 | 730 |
| Interest receivable | 13 | 6 |
| Other current assets | 118 | 103 |
| &nbsp;&nbsp;Total | $729 | $867 |

---

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

8. Property, Plant and Mine Development, net

At March 31, 2026 and December 31, 2025, property, plant and mine development consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
|  | *(in thousands)* | *(in thousands)* |
| Asset retirement costs | $7665 | $7665 |
| Construction-in-progress | 6074 | 15282 |
| Furniture and office equipment | 908 | 865 |
| Leach pad and ponds | 3732 | 3732 |
| Land | 71 | 71 |
| Light vehicles and other mobile equipment | 523 | 523 |
| Machinery and equipment | 47016 | 37819 |
| Process facilities and infrastructure | 10875 | 10667 |
| Mineral interests and mineral rights | 19828 | 19828 |
| Mine development | 24364 | 24364 |
| Software and licenses | 346 | 346 |
| &nbsp;&nbsp;Subtotal <sup>(1)</sup> | 121402 | 121162 |
| Accumulated depreciation and amortization | (76950) | (74949) |
| &nbsp;&nbsp;Total | $44452 | $46213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes capital expenditures in accounts payable of $0.2 million and $0.5 million at March 31, 2026 and December 31, 2025, respectively.

For the three months ended March 31, 2026 and 2025, the Company recorded depreciation and amortization expense of $0.3 million and $0.9 million, respectively.

9. Other Current Liabilities

At March 31, 2026 and December 31, 2025, other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
|  | *(in thousands)* | *(in thousands)* |
| Accrued royalty payments | $106 | $45 |
| Accrued property taxes | 88 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $194 | $397 |

---

10. Asset Retirement Obligation

The following table presents the changes in the Company's asset retirement obligation for the three months ended March 31, 2026 and year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
|  | *(in thousands)* | *(in thousands)* |
| Asset retirement obligation – balance at beginning of period | $10856 | $9880 |
| Changes in estimate | 133 | (29) |
| Accretion | 301 | 1005 |
| &nbsp;&nbsp;Asset retirement obligation – balance at end of period | $11290 | $10856 |

---

As of March 31, 2026 and December 31, 2025, the Company had off-balance sheet arrangements for a surety bond for its Isabella Pearl Mine of $23.1 million. As of March 31, 2026 and December 31, 2025, the bond is offset by asset

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retirement obligations for future reclamation of $10.8 million and $10.5 million. The Company's asset retirement obligations were discounted using a credit adjusted risk-free rate of 11%.

As of March 31, 2026 and December 31, 2025, the Company had off-balance sheet arrangements for a surety bond for its County Line property of $5 million. As of March 31, 2026 and December 31, 2025, the bond is offset by asset retirement obligations for future reclamation of $0.5 million and $0.4 million, respectively. The Company's asset retirement obligations were discounted using a credit adjusted risk-free rate of 11%.

11. 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. 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).

On June 1, 2024, the Company entered into the 2024 Contract Mining agreement for a term of three-months. On September 1, 2025, the 2024 Contract Mining agreement auto-renewed for a period of one-month. On October 1, 2025, the 2024 Contract Mining agreement was terminated, and Company personnel are now conducting mining operations at the Isabella Pearl mine.

**Finance Leases**

The Company has finance lease agreements for certain equipment. The leases bear annual imputed interest of 4.50% to 6.55% and require monthly principal, interest, and sales tax payments of $0.5 million. The weighted average discount rate for the Company's finance leases is 6.5%. Scheduled minimum annual payments as of March 31, 2026 are as follows *(in thousands):*

---

| | |
|:---|:---|
| **Year Ending December 31:** |  |
| &nbsp;&nbsp;2026 | $6178 |
| &nbsp;&nbsp;2027 | 7520 |
| &nbsp;&nbsp;2028 | 5005 |
| Total minimum obligations | 18703 |
| &nbsp;&nbsp;Less: interest portion | (1309) |
| Present value of minimum payments | 17394 |
| &nbsp;&nbsp;Less: current portion | (7220) |
| Long-term portion of minimum payments | $10174 |

---

The weighted average remaining lease term for the Company's finance leases as of March 31, 2026 is 2.4 years.

Supplemental cash flow information related to the Company's operating and finance leases is as follows for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;Financing cash flows from finance leases | $1600 | $— |

---

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**12. Other Expense (Income), Net**

For the three months ended March 31, 2026 and 2025, other expense (income), net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Interest expense (income), net | $230 | $(224) |
| Charitable contributions | 6 | 12 |
| Realized/unrealized gain from gold and silver rounds/bullion <sup>(1)</sup> | (190) | (358) |
| Other income | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense (income), net | $44 | $(572) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company's fair value measurements and investments, please see Note 14.

13. Net (Loss) Income per Common Share Attributable to Fortitude Shareholders:

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. Options to purchase 100,000 shares of common stock at weighted average prices of $5.84 and 792,000 restricted stock units ("RSUs") at a weighted average fair value of $4.65 were outstanding as of March 31, 2026 but had no dilutive effect due to the net loss. As of March 31, 2025, 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 (loss) income per common share attributable to Fortitude Shareholders is calculated as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Net (loss) income attributable to Fortitude Shareholders (in thousands) | $(1630) | $1249 |
| Basic weighted average shares of common stock outstanding | 25832987 | 24173209 |
| Diluted effect of share-based awards |  | 345155 |
| Diluted weighted average common shares outstanding | 25832987 | 24518364 |
| Net (loss) income per share attributable to Fortitude Shareholders: |  |  |
| Basic  | $(0.06) | $0.05 |
| Diluted | $(0.06) | $0.05 |

---

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14. 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

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 March 31, 2026 and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** | <br>**Input Hierarchy Level** |
|  | *(in thousands)* | *(in thousands)* |  |
| Cash and cash equivalents | $10025 | $4656 | Level 1 |
| Gold and silver rounds/bullion | 3524 | 3336 | Level 1 |

---

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

Cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices and are primarily overnight, interest-bearing deposit accounts and U.S. Treasury securities. Gold and silver rounds/bullion consist of precious metals used for investment purposes which are valued using quoted market prices. Please see **Note 4** for additional information.

Gains and losses related to changes in the fair value of these financial instruments were included in the Company's Condensed Consolidated Statements of Operations as shown in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  | |
|  | **March 31,**  | **March 31,**  | |
|  | **2026** | **2025** | <br>**Statement of Operations Classification** |
| Realized/unrealized gain from gold and silver rounds/bullion | $(190) | $(358) | Other income, net |

---

15. 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 ("RSUs"), stock grants, and stock units. The Company utilizes this Incentive Plan to attract, retain and incentivize staff.

During the three months ended March 31, 2026, the Company issued 150,000 shares of its common stock for consulting services. These shares immediately vested at a fair value of $5.17 per share.

During the three months ended March 31, 2026, previously vested shares of 140,000 were issued with an intrinsic value of $0.8 million, and a fair value of $0.6 million. No RSUs vested during the three months ended March 31, 2026 and 2025.

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During the three months ended March 31, 2026, 60,000 stock options at a weighted average exercise price of $4.62 were exercised on a net exercise basis, resulting in 4,113 shares being delivered. No stock options were exercised during the three months ended March 31, 2025.

Stock-based compensation is included in general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. Stock-based compensation expense for stock options and RSUs is as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
|  | *(in thousands)* | *(in thousands)* |
| Restricted stock units | $1192 | $391 |
| Stock options | - | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1192 | $396 |

---

**16. Shareholders' Equity**

During the three months ended March 31, 2026 and 2025, the Company declared and paid dividends of $0.8 million or $0.03 per share and $2.9 million or $0.12 per share, respectively.

During the three months ended March 31, 2026, the Company completed a private placement of common stock, pursuant to which it issued 2,520,206 shares for gross proceeds of $12.0 million, resulting in net proceeds of $11.7 million after placement agent fees and offering expenses of $0.3 million. The shares are restricted securities with no registration rights.

See **Note 15** for information concerning shares and options granted pursuant to the Company's Equity Incentive Plan.

#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
We are a Colorado corporation and our subsidiaries are GRC Nevada Inc. ("GRCN"), Walker Lane Minerals Corp. ("WLMC"), County Line Holdings Inc. ("CLH"), County Line Minerals Corp. ("CLMC"), Golden Mile Minerals Corp. ("GMMC"), and East Camp Douglas, LLC ("ECD, LLC"). WLMC, CLH, CLMC and GMMC are wholly-owned subsidiaries of GRCN and ECD, LLC is a 60% owned joint venture. 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, including Scarlet South, and County Line Mine, all in Nevada. The ore mined at the Isabella Pearl and County Line mines are processed on site at our Isabella Pearl 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.

In February 2021, we began trading on the OTC Market "pink sheets" operated by the OTC Markets Group and subsequently up listed to the OTCQB on March 5, 2021 with a symbol change to "FTCO".

The following discussion summarizes our results of operations for the three months ended March 31, 2026 and 2025. It also analyzes our financial condition at March 31, 2026. This discussion should be read in conjunction with the management's discussion and analysis and the audited consolidated financial statements and footnotes for the year ended December 31, 2025 contained in our annual report on Form 10-K for the year ended December 31, 2025.

The discussion also presents certain financial measures that are not prepared in accordance with U.S. Generally Accepted Accounting Principles ("Non-GAAP") but which are important to management in its evaluation of our operating results and are used by management to compare our performance with what we perceive to be peer group mining companies and are relied on as part of management's decision-making process. Management believes these measures may also be important to investors in evaluating our performance. For a detailed description of each of the non-GAAP financial measures, please see the discussion below under **Non-GAAP Measures.**

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See **Forward-Looking Statements** at the end of this Item 2 for important information regarding statements contained herein.

#### First Quarter 2026 Financial Results and Highlights
● Commenced production at County Line and Isabella Pearl's Scarlet South

● Completed a $12.0 million Private Placement

● Entered into a 60% Joint Venture for the East Camp Douglas property

● $3.2 million net sales

● $10.0 million cash balance at March 31, 2026

● 688 gold ounces produced

● $31.3 million working capital at March 31, 2026

● $2.2 million mine gross profit

● $1.7 million exploration expenditures

● $1,017 total cash cost after by-product credits per gold ounce sold for the Isabella Pearl Mine

● $2,263 per ounce total all-in sustaining cost for the Isabella Pearl Mine

● $0.8 million dividends paid

● 611 ounces of gold rounds/bullion held at March 31, 2026

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

***Isabella Pearl***

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| **Ore mined** |  |  |
| &nbsp;&nbsp;Ore (tonnes) | 78334 | 53927 |
| &nbsp;&nbsp;Gold grade (g/t) | 0.65 | 0.52 |
| &nbsp;&nbsp;Waste (tonnes) | 518433 | 548069 |
| **Metal production (before payable metal deductions)**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Gold (ozs.) | 535 | 1780 |
| &nbsp;&nbsp;Silver (ozs.) | 3666 | 11407 |

---

***County Line***

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| **Ore mined** |  |  |
| &nbsp;&nbsp;Ore (tonnes) | 58616 |  |
| &nbsp;&nbsp;Gold grade (g/t) | 1.01 |  |
| &nbsp;&nbsp;Waste (tonnes) | 2862 |  |
| **Metal production (before payable metal deductions)**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Gold (ozs.) | 153 |  |
| &nbsp;&nbsp;Silver (ozs.) | 356 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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 for which we received payment 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 amounts of metals contained in doré produced and sold.

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During the three months ended March 31, 2026 and 2025, we produced a total of 688 and 1,780 ounces of gold, respectively. This decrease was primarily driven by lower leach pad recoveries, resulting from the timing of material placement on the pad and the start-up of operations from County Line and Isabella Pearl's Scarlet South.

***Isabella Pearl***

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| **Metal sold** |  |  |
| &nbsp;&nbsp;Gold (ozs.) | 533 | 2336 |
| &nbsp;&nbsp;Silver (ozs.) | 4113 | 15385 |
| **Average metal prices realized** <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Gold ($per oz.) | 4716 | 2861 |
| &nbsp;&nbsp;Silver ($per oz.) | 82.89 | 32.11 |
| **Precious metal gold equivalent ounces sold** |  |  |
| &nbsp;&nbsp;Gold Ounces | 533 | 2336 |
| &nbsp;&nbsp;Gold Equivalent Ounces from Silver | 72 | 173 |
|  | 605 | 2509 |
| Total cash cost before by-product credits per gold ounce sold | $1657 | $1244 |
| Total cash cost after by-product credits per gold ounce sold | $1017 | $1033 |
| Total all-in sustaining cost per gold ounce sold | $2263 | $1404 |

---

***County Line***

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| **Metal sold** |  |  |
| &nbsp;&nbsp;Gold (ozs.) | 148 |  |
| &nbsp;&nbsp;Silver (ozs.) | 82 |  |
| **Average metal prices realized** <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Gold ($per oz.) | 4750 |  |
| &nbsp;&nbsp;Silver ($per oz.) | 83.04 |  |
| **Precious metal gold equivalent ounces sold** |  |  |
| &nbsp;&nbsp;Gold Ounces | 148 |  |
| &nbsp;&nbsp;Gold Equivalent Ounces from Silver | 1 |  |
|  | 149 |  |
| Total cash cost before by-product credits per gold ounce sold | $1541 | $— |
| Total cash cost after by-product credits per gold ounce sold | $1494 | $— |
| Total all-in sustaining cost per gold ounce sold | $4170 | $— |

---

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

#### Consolidated Results of Operations – Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
*Sales, net.* For the three months ended March 31, 2026, consolidated sales, net were $3.2 million as compared to $6.5 million for the same period in 2025. The decrease is mainly attributable to lower sales volumes, partially offset by

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higher average sales price. First quarter 2026 gold sales volumes decreased 71%, while the average realized price for gold increased 65%, from the same period in 2025.

Lower sales volumes during the three months ended March 31, 2026, were the result of decreased production which was primarily due to lower leach pad recoveries due to overall lower-grade ore mined at Isabella Pearl. This was partially offset with new higher-grade ore from County Line.

*Mine cost of sales.* For the three months ended March 31, 2026, mine cost of sales totaled $1.0 million compared to $3.2 million for the same period in 2025. 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 three months ended March 31, 2026, we recorded $2.2 million mine gross profit compared to $3.3 million mine gross profit for the same period in 2025. The decrease is primarily attributable to lower sales, as discussed above, and increased cost per ounce due to lower-grade ore mined.

*General and administrative*. For the three months ended March 31, 2026, general and administrative expenses were $2.2 million as compared to $1.3 million in the same period in 2025. The increase is primarily attributable to placement agent fees and offering expenses for the Private Placement and an increase in stock compensation.

*Exploration expenses*. For the three months ending March 31, 2026, property exploration expenses of $1.7 million as compared to $1.4 million for the same period of 2025. The increase is primarily due to commencement of drilling programs at Isabella Pearl and County Line.

 *Other expense (income), net*. For the three months ending March 31, 2026, we recorded other expense of $0.04 million compared to other income of $0.6 million from the same period of 2025. The change is primarily attributable to less interest income due to lower cash balances and higher interest expense for our finance leases for our mining equipment.

*Net (loss) income attributable to Fortitude Shareholders*. For the three months ended March 31, 2026, we recorded a net loss of $1.6 million as compared to net income of $1.2 million in the corresponding period for 2025. The change 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 World Gold Institute to provide a uniform standard for comparison purposes. AISC is calculated based on the current guidance from the World Gold Council.

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Total cash cost before by-product credits includes all direct and indirect production costs related to our production of metals (including mining, crushing and conveying 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 allocated general and administrative 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 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*:*

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| &nbsp;&nbsp;Cash cost after by-product credits | $763 | $2411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less intercompany eliminations | (3) | - |
| &nbsp;&nbsp;Total cash cost after by-product credits | 760 | 2411 |
| &nbsp;&nbsp;Treatment and refining charges | (17) | (148) |
| &nbsp;&nbsp;Depreciation and amortization | 245 | 887 |
| &nbsp;&nbsp;Reclamation and remediation | 24 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated mine cost of sales | $1012 | $3201 |

---

The following tables present the non-GAAP measures of total cash cost and AISC for the Isabella Pearl and County Line Mine:

***Isabella Pearl***

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Total cash cost before by-product credits <sup>(1)</sup> | $883 | $2905 |
| By-product credits <sup>(2)</sup> | (341) | (494) |
| &nbsp;&nbsp;Total cash cost after by-product credits | $542 | $2411 |
| Sustaining capital expenditures  | 261 | 490 |
| Sustaining exploration expenses | 403 | 376 |
| &nbsp;&nbsp;Total all-in sustaining cost | $1206 | $3277 |
| Gold ounces sold | 533 | 2336 |
| Total cash cost before by-product credits per gold ounce sold | $1657 | $1244 |
| By-product credits per gold ounce sold <sup>(2)</sup> | (640) | (211) |
| &nbsp;&nbsp;Total cash cost after by-product credits per gold ounce sold | 1017 | 1033 |
| Other sustaining expenditures per gold ounce sold <sup>(3)</sup> | 1246 | 371 |
| &nbsp;&nbsp;Total all-in sustaining cost per gold ounce sold | $2263 | $1404 |

---

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***County Line***

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Total cash cost before by-product credits <sup>(1)</sup> | $228 | $- |
| By-product credits <sup>(2)</sup> | (7) | - |
| &nbsp;&nbsp;Total cash cost after by-product credits | $221 | $- |
| Sustaining capital expenditures  | 6 | - |
| Sustaining exploration expenses | 390 | - |
| &nbsp;&nbsp;Total all-in sustaining cost | $617 | $- |
| Gold ounces sold | 148 | - |
| Total cash cost before by-product credits per gold ounce sold | $1541 | $- |
| By-product credits per gold ounce sold <sup>(2)</sup> | (47) | - |
| &nbsp;&nbsp;Total cash cost after by-product credits per gold ounce sold | 1494 | - |
| Other sustaining expenditures per gold ounce sold <sup>(3)</sup> | 2676 | - |
| &nbsp;&nbsp;Total all-in sustaining cost per gold ounce sold | $4170 | $- |

---

&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 precious metal 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 gold ounce sold for the Isabella Pearl and County Line Mines:

***Isabella Pearl***

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| By-product credits by dollar value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver sales | $341 | $494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales from by-products | $341 | $494 |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| By-product credits per gold ounce sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver sales | $640 | $211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total by-product credits per gold ounce sold | $640 | $211 |

---

#### County Line

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| By-product credits by dollar value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver sales | $7 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales from by-products | $7 | $- |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| By-product credits per gold ounce sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver sales | $47 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total by-product credits per gold ounce sold | $47 | $- |

---

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#### Liquidity and Capital Resources
As of March 31, 2026, we had a cash position of $10.0 million compared to $4.7 million at December 31, 2025. The change is primarily due to cash received for the Private Placement which was partially offset by decreased cash from operations, exploration spending and dividends paid.

As of March 31, 2026, we had working capital of $31.3 million compared to $29.5 million at December 31, 2025. Our working capital balance fluctuates as we use cash to fund our operations, financing and investing activities, including exploration, mine development and income taxes. Based on our working capital balance as of December 31, 2025, and considering projected cash burn, the Company did not have sufficient liquidity and capital resources to fund its operating, exploration, capital expenditure, and corporate requirements for the next twelve months. Ongoing permitting delays at County Line and Scarlet extended the timeline for introducing fresh material to the processing facility, which increased cash burn during the period and contributed to the Company's liquidity constraints. These impacts were further compounded by the capital deployed for the waste stripping program at the Pearl Deep project in 2025, undertaken to access deeper gold mineralization targeted for 2026. Accordingly, in the first quarter of 2026, the Company completed a private placement of common stock, pursuant to which it issued 2,520,206 shares for gross proceeds of $12.0 million, resulting in net proceeds of $11.7 million after placement agent fees and offering expenses. The net proceeds from the private placement are expected to support ongoing operations and exploration activities and to address the Company's short-term liquidity needs.

Net cash used in operating activities for the three months ended March 31, 2026 was $3.4 million, compared to $2.4 million for three months ended March 31, 2025. The change is primarily due to increases in net loss, inventory, partially offset by decreases in and accounts payable.

Net cash used in investing activities for the three months ended March 31, 2026, was $0.5 million compared to $0.4 million during the same period in 2025. The increase is primarily due to increased capital expenditures.

Net cash provided by financing activities for the three months ended March 31, 2026 was $9.3 million, compared to a net cash use of $2.9 million during the same period in 2025. The increase was primarily attributable to proceeds from the Private Placement and lower dividend payments following the dividend reduction implemented in May 2025, partially offset by payments on finance leases.

**Development and Exploration Activities**

*Isabella Pearl Mine:* During the first quarter, operations continued at the Isabella Pearl Mine open-pit and heap leach operations. On January 2, 2026, the Bureau of Land Management ("BLM") and Nevada Division of Environmental Protection ("NDEP") Bureau of Mining Regulation and Reclamation ("BMRR") approved mining of the proposed Scarlet South pit. Additional baseline studies, including biology and archeology, were completed as part of the proposed Plan of Operation expansion project at Isabella Pearl. Mapping and sampling started in the Nevada Juneau area, which is located approximately five miles to the northwest of the Isabella Pearl Mine.

*County Line Mine*: Mining commenced in early January at the Main and East Zone pits. A drilling program started in March 2026 to expand the East Zone area and assess the Opalite Hill area. A resource estimation update for the County Line main pit area and East Zone pit area was completed in the first quarter.

*East Camp Douglas property*: The Exploration Plan of Operations/Nevada Reclamation Permit application is still in review with the BLM and NDEP BMRR. Supplemental baseline studies, which were requested by the BLM, were completed and submitted in first quarter. On February 27, 2026, the Company entered into a JV Agreement with a third party to accelerate the exploration and development of its East Camp Douglas property located in Mineral County, Nevada. Pursuant to the JV Agreement, the parties formed an operating subsidiary, East Camp Douglas JV, in which the Company holds a 60% ownership interest and the third party holds the remaining 40% interest in exchange for their $40 million investment.

*Golden Mile property:* Material characterization studies continued through the first quarter of 2026 to meet the requirements of NDEP. A five-hole air track drill program was completed that supplied additional volcanic materials for

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testing. In addition, interpretation of the hydrogeological results was advanced. The Golden Mile Project continues to be included on the FAST-41 Transparency Dashboard for a mine permit. The Fast-41 program increases transparency through the publication of project-estimated timetables with completion dates for federal authorizations and environmental reviews.

#### Accounting Developments
For a discussion of recently adopted and recently issued accounting pronouncements, please see **Note 2** to the **Condensed Consolidated Financial Statements**.

**Forward-Looking Statements**

This report contains or incorporates by reference "forward-looking statements," as that term is used in federal securities laws, about our financial condition, results of operations and business. These statements include, among others:

● statements about our future exploration, permitting, production, development, and plans for development of our properties

● statements concerning the benefits that we expect will result from our business activities and certain transactions that we contemplate or have completed, such as receipt of proceeds, decreased expenses and prevented expenses and expenditures

● statements of our expectations, beliefs, future plans and strategies, our targets, exploration activities, anticipated developments and other matters that are not historical facts

These statements may be made expressly in this document or may be incorporated by reference from other documents that we will file with the SEC. You can find many of these statements by looking for words such as "believes," "expects," "targets," "anticipates," "estimates," "proposes," or similar expressions used in this report or incorporated by reference in this report.

These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause our actual results to be materially different from any future results expressed or implied in those statements. Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied. We caution you not to put undue reliance on these statements, which speak only as of the date of this report. Further, the information contained in this document or incorporated herein by reference, is a statement of our present intention and is based on present facts and assumptions, which may change at any time and without notice, based on changes in such facts or assumptions.

**Risk Factors Impacting Forward-Looking Statements**

The important factors that could prevent us from achieving our stated goals and objectives include, but are not limited to, those set forth in other reports we have filed with the SEC, including our Form 10-K for the year ended December 31, 2025, and the following:

● Permit timing due to the Bureau of Land Management ("BLM") permit backlog caused by the Biden administration

● The BLM and Nevada Division of Environmental Protection staffing shortages

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

● 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

● Government shutdowns and freezes on issuing resource permits

● Political and regulatory risks

● Untimely permit issuance

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● Volatility in the equities markets

● Adverse results from our exploration or production efforts

● Producing at rates lower than those targeted

● Weather conditions, including unusually heavy rains

● Earthquakes or other 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

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Smaller Reporting Companies are not required to provide the information required by this item.

#### Item 4. Controls and Procedures

#### Disclosure Controls and Procedures
As required by Rule 15d-15 under the 1934 Act, as of March 31, 2026, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer). Based upon and as of the date of that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the 1934 Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

*Changes in Internal Control Over Financial Reporting*

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the 1934 Act) during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**Part II – OTHER INFORMATION**

**Item 1. Legal Proceedings**

None.

**Item 1A. Risk Factors**

Smaller Reporting Companies are not required to provide the information for this item.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Between February 3, 2026 and February 17, 2026 the Company sold 2,520,206 shares of its common stock at a price of $4.75 per share to thirty-two persons.

The Company relied upon the exemption provided by Rule 506 of the Securities and Exchange Commission in connection with issuance of the securities described above. The persons who acquired these securities were sophisticated investors and were provided full information regarding the Company's operations. There was no general solicitation in connection with the issuance of the securities described above. The persons who acquired these securities acquired them for their own account. The certificates representing these securities will bear a restricted legend providing that they cannot be sold except pursuant to an effective registration statement or an exemption from registration

#### 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 Quarterly Report.

**Item 5. Other Information**

None of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarterly period ending March 31, 2026.

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#### Item 6. Exhibits
The following exhibits are filed or furnished herewith.

---

| | |
|:---|:---|
| **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) |
| 10.3 | Reserved |
| 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) |
| 10.9 | [Employment Agreement with Allan Turner (4)](https://www.sec.gov/Archives/edgar/data/1828377/000155837024008862/ftco-20240603xex10d9.htm) |
| 10.10 | [Employment Agreement with Janet Turner (4)](https://www.sec.gov/Archives/edgar/data/1828377/000155837024008862/ftco-20240603xex10d10.htm) |
| 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/1828377/000110465926022879/ftco-20251231xex21.htm) |
| 31.1\* | [Certification of Chief Executive Officer Pursuant to Rule 13a-15(e) or Rule 15d-15(e)](ftco-20260331xex31d1.htm) |
| 31.2\* | [Certification of Chief Financial Officer Pursuant to Rule 13a-15(e) or Rule 15d-15(e)](ftco-20260331xex31d2.htm)  |
| 32\* | [Certification of Chief Executive Officer and Chief Financial Officer of Periodic Report Pursuant to 18 U.S.C. Section 1350](ftco-20260331xex32.htm) |
| 95\* | [Mine Safety Disclosures](ftco-20260331xex95.htm) |
| 101\* | Financial statements from the Quarterly Report on Form 10-Q of Fortitude Gold Corporation for the three months ended March 31, 2026, formatted in inline XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Changes in Shareholders' Equity, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) the Notes to the Condensed Consolidated Financial Statements. |
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) |

---

&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 same exhibit filed with the Company's 10-K report dated March 3, 2026 (File No. 333-249533).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Incorporated by reference to same exhibit filed with the Company's 8-K report dated June 3, 2024 (File No. 333-249533).

\*Filed with this Quarterly Report on Form 10-Q.

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**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 May 11, 2026.

---

| | |
|:---|:---|
| **FORTITUDE GOLD CORPORATION** | **FORTITUDE GOLD CORPORATION** |
| By: | /s/ Jason D. Reid |
| Name: | Jason D. Reid |
| Title: | Chief Executive Officer and President  |
| By: | /s/ Janet H.N. Turner |
| Name: | Janet H.N. Turner |
| Title: | Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

I, Jason D. Reid, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal controls 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 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer 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 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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: May 11, 2026

---

| | |
|:---|:---|
| By: | /s/ Jason D. Reid |
| Name: | Jason D. Reid  |
| Title: | Chief Executive Officer and President |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Janet H.N. Turner, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal controls 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 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer 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 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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: May 11, 2026

---

| | | |
|:---|:---|:---|
| J.<br>|  |  |
|  | By: | /s/ Janet H.N. Turner |
|  | Name: | Janet H.N. Turner |
|  | Title: | Chief Financial Officer |

---

------

## Ex-32

**Exhibit 32** 

**CERTIFICATION PURSUANT TO<br>18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Fortitude Gold Corporation (the "Company") on Form 10-Q for the three month period ended March 31, 2026 (the "Report"), as filed with the Securities and Exchange Commission on the date hereof, we, Jason D. Reid, Chief Executive Officer and President, and Janet H.N. Turner, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of our knowledge:

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

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

Date: May 11, 2026

---

| | |
|:---|:---|
| By: | /s/ Jason D. Reid |
| Name: | Jason D. Reid |
| Title: | Chief Executive Officer and President |
| By: | /s/ Janet H.N. Turner |
| Name: | Janet H.N. Turner |
| Title: | Chief Financial Officer |

---

------

## 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 three months ended March 31, 2026. The proposed assessments for the three months ended March 31, 2026 were taken from the MSHA data retrieval system as of May 5, 2026.

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.

------

---

| | | |
|:---|:---|:---|
|  | **Mine or Operation** <sup>(1)</sup> | **Mine or Operation** <sup>(1)</sup> |
|  | **Isabella Pearl Mine**<br>**MSHA ID #2602812** | **County Line Mine**<br>**MSHA ID #2602915** |
| Total # of "Significant and Substantial" Violations Under §104(a) | - | - |
| 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 | $781 | $- |
| Total # of Mining-Related Fatalities | - | - |
| Received Notice of Pattern of Violations under Section 104(e) | No | No |
| Received Notice of Potential to have Patterns under Section 104(e) | No | 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.

------