Fortitude Gold Corp (NYSE American: FTCO) is a gold mining company that extracts and sells gold, with silver as a by-product, from operations in Nevada. Revenue comes entirely from spot-price sales of gold and silver, making financial results directly tied to prevailing metals prices. The company operates the Isabella Pearl Mine as its primary producing asset, with the County Line and Golden Mile properties at earlier stages of development. FTCO is incorporated in Colorado and filed its 10-K on 2026-03-03 covering fiscal year ended December 31, 2025. The business is capital-intensive, requires ongoing equipment investment, and had $10.9 million accrued for reclamation costs as of December 31, 2025. For FY2025, the company recorded net income of $0.4 million, compared to a net loss of $2.0 million in FY2024. Silver by-product credits totaled $1,271 thousand in FY2025 versus $1,695 thousand in FY2024, contributing $220 per gold ounce sold in FY2025 compared to $107 in FY2024.

Revenue model

Transactional sales of gold doré and silver at spot market prices. Gold is the primary revenue driver; silver is sold as a by-product and credited against costs. Revenue fluctuates directly with gold and silver market prices, which are outside the company's control.

Products and services

Gold doré produced via open-pit heap leach mining at the Isabella Pearl Mine in Nevada. Silver sold as a by-product. The Golden Mile property uses a modular process plant to advance gold to the carbon stage, with carbon hauled to the ADR facility at Isabella Pearl for final doré production. County Line is a mineral resource property at a development stage as of December 31, 2025.

Customers and end markets

End market is the global gold and silver commodity market. No specific customers or customer concentration data are disclosed in the filing excerpts.

Value-chain role

Integrated gold producer: mines ore via open-pit methods, processes through heap leach pads and ADR facilities to produce doré, and sells refined metal. Also conducts exploration activities, including surface mapping, sampling, and drilling, to identify and expand mineral resources proximal to existing operations.

Geographic exposure

All operations are located in Nevada, United States, as of the FY2025 10-K filed 2026-03-03.

Source: SEC 10-K, filed 2026-03-03

Industry: Gold and Silver Ores Peers: Comstock Inc Dakota Gold Corp Newmont Corporation Dynaresource Inc Gold Resource Corp Vista Gold Corp Hycroft Mining Holding Corporation