Fortitude Gold Corp. (FTCO)
OTHER OTC:FTCO
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Fortitude Gold Corp.
(OTC:FTCO)
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Rating:54Neutral
Price Target:
$5.00
▲(30.55% Upside)
Action:ReiteratedDate:03/04/26
The score is held down primarily by deteriorated financial performance and negative operating/free cash flow despite a still-adequate balance sheet. Technicals are supportive with an above-average uptrend, while valuation is mixed (positive yield but negative P/E). The earnings call adds moderate support due to permits, financing, and operational upgrades, offset by lack of 2026 guidance and meaningful execution/cost risks.
Positive Factors
Balance sheet strength
Fortitude retains a substantial equity base and historically low leverage, giving the company material financial headroom to fund permitting, restart activities and absorb near-term operating losses. This capitalization supports financing flexibility and reduces immediate solvency pressure while execution unfolds.
Negative Factors
Negative cash generation
Operating and free cash flow turned sharply negative across 2024–2025, eroding liquidity and forcing reliance on financing and JV funding. Persistent cash burn weakens the firm’s ability to self-fund exploration, sustain capital projects or absorb execution setbacks without further equity/dilutive financing or increased debt.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Fortitude retains a substantial equity base and historically low leverage, giving the company material financial headroom to fund permitting, restart activities and absorb near-term operating losses. This capitalization supports financing flexibility and reduces immediate solvency pressure while execution unfolds.
Read all positive factors
Fortitude Gold Corp. (FTCO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$131.93M
Dividend Yield6.14%
Average Volume (3M)44.28K
Price to Earnings (P/E)222.7
Beta (1Y)0.79
Revenue Growth-34.78%
EPS Growth-124.46%
CountryUS
Employees60
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.08
Shares Outstanding27,035,414
10 Day Avg. Volume40,497
30 Day Avg. Volume44,283
Financial Highlights & Ratios
PEG Ratio-1.85
Price to Book (P/B)0.90
Price to Sales (P/S)5.08
P/FCF Ratio-6.25
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue7.91
Enterprise Value/Gross Profit39.76
Enterprise Value/Ebitda90.71
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Fortitude Gold Corp. Business Overview & Revenue Model
Company Description
Fortitude Gold Corporation, a mining company, focuses on exploring gold and silver projects. Its principal property is the Isabella Pearl mine project covering an area of 9,777 acres located in the Mineral County, Nevada. The company was incorpora...
How the Company Makes Money
Fortitude Gold makes money primarily by producing and selling gold. Its revenue model is driven by (1) extracting ore from its mining operations, (2) processing that ore to recover gold (commonly resulting in gold doré), and (3) selling the produc...
Fortitude Gold Corp. Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call portrayed a company recovering from a highly disruptive 2025 (permit backlog, lowest-ever gold production, tight cash and a 75% dividend cut) but with several concrete near‑term catalysts that materially improve prospects: newly issued permits, a $40M JV that accelerates district exploration, a $12M private placement to restart programs, a major crusher upgrade and a strategic shift to an owner‑operator model. Operational and financial weaknesses remain (low production, minimal net income, elevated AISC, suspended drilling history and staffing/drill rig scarcity), so execution risk persists. Overall, the tone is cautiously optimistic — management emphasized recent wins and a path to re‑scale operations while acknowledging significant challenges that must be managed.Positive Updates
New Mine Permits Secured
Received County Line permits (Sept 2025) and Scarlet South permits (early 2026), plus an Isabella Pearl power grid permit — clears regulatory obstacles and enables ramp-up and restart of exploration/production activities.
Negative Updates
Lowest Gold Production in Company History
Produced only 5,236 ounces of gold in 2025 — company reported this as the least gold produced in its history, signaling material operational disruption during the year.
Read all updates
Q4-2025 Updates
Positive
Negative
New Mine Permits Secured
Received County Line permits (Sept 2025) and Scarlet South permits (early 2026), plus an Isabella Pearl power grid permit — clears regulatory obstacles and enables ramp-up and restart of exploration/production activities.
Read all positive updates
Company Guidance
Management's guidance focused on a permit-driven ramp-up and capital plan: 2025 results showed $18.4M net sales, $4.7M cash and $29.5M working capital at 12/31/25, $0.4M net income, $10M mine gross profit, $6.3M exploration spend, $5.8M dividends paid (dividend reduced 75%), production of 5,236 oz gold and 32,809 oz silver, 611 oz of gold rounds on hand, $1,104 total cash after by‑product credits per gold oz sold and $1,697/oz all‑in sustaining cost; post‑year actions include terminating the mine contract to become an owner‑operator, installing a new 800 t/hr crusher (up from 250 t/hr), pursuing heap‑leach expansion, obtaining County Line and Scarlet South permits and a power grid permit, raising $12M via a private placement of 2.5M shares at $4.75 (26.8M shares outstanding post‑deal), and signing a $40M JV on East Camp Douglas (Fortitude 60% operator, $40M to be deployed over ~2 years); management declined to provide 2026 production guidance while emphasizing immediate re‑engagement of drilling and plans to realize mining cost reductions and longer mine life (target ~10 years) through economies of scale from three operating mines.Fortitude Gold Corp. Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
66
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.41M | 37.33M | 73.07M | 74.38M | 82.11M |
| Gross Profit | 3.66M | 18.33M | 41.23M | 35.40M | 40.56M |
| EBITDA | 1.09M | 5.54M | 30.67M | 31.45M | 38.85M |
| Net Income | 420.00K | -2.04M | 17.02M | 14.68M | 17.87M |
Balance Sheet | |||||
| Total Assets | 136.19M | 122.11M | 135.00M | 131.16M | 122.43M |
| Cash, Cash Equivalents and Short-Term Investments | 7.99M | 28.99M | 50.21M | 45.05M | 40.02M |
| Total Debt | 19.09M | 0.00 | 631.00K | 3.83M | 618.00K |
| Total Liabilities | 31.81M | 14.01M | 14.45M | 15.40M | 10.08M |
| Stockholders Equity | 104.37M | 108.09M | 120.55M | 115.76M | 112.35M |
Cash Flow | |||||
| Free Cash Flow | -14.96M | -10.10M | 17.55M | 16.61M | 20.12M |
| Operating Cash Flow | -13.02M | -6.64M | 22.98M | 28.57M | 24.66M |
| Investing Cash Flow | -1.90M | -3.43M | -6.85M | -11.96M | -4.55M |
| Financing Cash Flow | -7.50M | -11.52M | -12.50M | -11.57M | -7.88M |
Fortitude Gold Corp. Technical Analysis
Negative
3.83
Price Trends
5.34
Negative
4.86
Positive
4.39
Positive
Market Momentum
-0.10
Positive
40.32
Neutral
55.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCO, the sentiment is Negative. The current price of 3.83 is below the 20-day moving average (MA) of 5.07, below the 50-day MA of 5.34, and below the 200-day MA of 4.39, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 40.32 is Neutral, neither overbought nor oversold. The STOCH value of 55.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FTCO.
Fortitude Gold Corp. Risk Analysis
Fortitude Gold Corp. disclosed 36 risk factors in its most recent earnings report. Fortitude Gold Corp. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
We may issue shares of preferred stock that may not be beneficial to the owners of our common stock. Q4, 2025
Fortitude Gold Corp. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | $131.93M | 222.67 | 0.40% | 6.14% | -34.78% | -124.46% | |
54 Neutral | $139.13M | -5.58 | -44.50% | ― | ― | -35.79% | |
51 Neutral | $128.83M | -15.74 | -72.69% | ― | ― | ― | |
46 Neutral | $205.56M | -17.60 | -22.72% | ― | -15.35% | 30.92% |
* Basic Materials Sector Average
FTCO
Fortitude Gold Corp.
4.88
0.04
0.78%
USAU
US Gold
14.75
4.73
47.21%
GORO
Gold Resource
1.27
0.84
192.63%
PZG
Paramount Gold Nevada
1.66
1.28
336.84%
NAMM
Namib Minerals
2.40
-8.33
-77.62%
BGL
Blue Gold
0.98
-10.49
-91.46%
Fortitude Gold Corp. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Fortitude Gold Forms Joint Venture for Nevada Exploration
Positive
Mar 2, 2026
On February 27, 2026, Fortitude Gold Corp. entered a joint venture with Hawthorne Land Minerals to advance exploration and development of the East Camp Douglas gold property in Mineral County, Nevada. The partners will form East Camp Douglas, LLC...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.