Fortitude Gold (FTCO) Q2 2025 earnings summary

Executive summary

• Q2 2025 net sales were $4.9 million with net income of $0.8 million ($0.04 per share), 1,500 gold ounces produced, and $2.6 million mine gross profit.

• Maintained $17.1 million cash and $26.6 million working capital as of June 30, 2025.

• Paid $1.5 million in dividends during Q2 2025.

• Focused on bridging production between Isabella Pearl Deep and County Line, with ongoing permitting progress and operational flexibility.

• Secured permit to connect to the local power grid, expected to reduce energy costs and improve operational efficiency.

Financial highlights

• Q2 2025 net sales declined to $4.9 million from $9.6 million year-over-year, mainly due to lower sales volumes despite a 40% increase in average realized gold price.

• Net income for Q2 2025 was $0.8 million, compared to a net loss of $0.1 million in Q2 2024.

• Mine gross profit was $2.6 million; $1.3 million spent on exploration.

• Total cash cost after by-product credits was $1,131/oz; all-in sustaining cost was $1,452/oz.

• Average realized gold price increased to $3,287/oz from $2,341/oz year-over-year.

Outlook and guidance

• Anticipates accessing mineralized gold zones at Isabella Pearl Deep within months, with production bridging to County Line project.

• County Line permitting is nearing completion; production ramp-up expected to take at least six months post-permit.

• Liquidity and capital resources are considered adequate to fund operations, exploration, capital, and corporate activities for the next twelve months.

• No specific production forecasts provided until permits are secured.

• Awaiting final permit approval for County Line Project, expected to be the next mine build.