American Marconi Wireless News - Fortitude Gold Closes $12 Million Private Placement

The proceeds of the Private Placement are to be deployed to accelerate both development and exploration of the County Line and Scarlet South mines. Both new mines began operations in January of 2026, having recently received mine permits from the Bureau of Land Management. Initial exploration efforts target mineral and mine life expansion at both new mines.

"We are pleased with this funding that will help offset the delays from the Biden-era permit backlog, allow us to optimize the ongoing construction of our two new producing gold mines, and allow us to reinstate our exploration drill programs with the initial focus on mineral expansion at both new mines," stated Fortitude Gold CEO and President, Mr. Jason Reid. "Both County Line and Scarlet South pits have extensive expansion potential, along with the Scarlet North area located on the larger Isabella Pearl property. We previously terminated our drill programs as part of a larger cost cutting campaign in response to the Biden-era permit backlog. Without this recent funding, any new drill programs would have been delayed to the end of 2026 or early 2027. With this exceptional and unprecedented gold price environment, time is of the essence to capitalize on selling as much gold as possible. With these funds we target near-term increases in our production and expansion of our resources, both of which are potential catalysts for increased shareholder value."

Mr. Reid continued, "We are proud to still have one of the tightest capital structures for a producer in the mining space. In an industry where hundreds of millions of shares, if not billions of shares outstanding, is the norm, we proudly have just 26,895,415 outstanding shares of common stock after this private placement. On behalf of the Board, management, and the team here at Fortitude Gold, I would like to thank both current and new shareholders who participated in the placement. They join all shareholders of the Company as we move forward into this exceptional gold price environment, while overcoming the Biden-era hangover to maximize shareholder value."

About Fortitude Gold Corp.:

Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company's strategy is to grow organically, remain debt-free, and distribute dividends. The Company's Nevada Mining Unit consists of seven high-grade gold properties located in the Walker Lane Mineral Belt and an eighth high-grade gold property in west central Nevada. The Isabella Pearl, Scarlet South, and County Line Mines are currently in production in Mineral and Nye Counties, Nevada. Nevada, U.S.A. is among the world's premier mining friendly jurisdictions.

Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material are forward-looking statements. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release.

Contact:

Greg Patterson
719-717-9825
[email protected]
www.Fortitudegold.com

SOURCE: Fortitude Gold Corp.

View the original press release on ACCESS Newswire

F.Dubois--AMWN