Fortitude Gold closes $12 million private placement

Fortitude Gold Corp. (OTCQB: FTCO) completed a $12 million private placement through the sale of 2.52 million unregistered common shares at $4.75 per share, according to a company statement. The Colorado Springs-based gold producer paid $316,266 in fees to placement agents.

The company plans to use proceeds to accelerate mine development and reinstate exploration programs at its County Line and Scarlet South mines, both of which began operations in January 2026 after receiving permits from the Bureau of Land Management. The funds will also support general corporate purposes.

"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," said CEO and President Jason Reid.

Reid noted that the company had previously terminated drill programs as part of cost-cutting measures. He stated that without the recent funding, new drill programs would have been delayed until the end of 2026 or early 2027.

Following the private placement, Fortitude Gold has 26,895,415 outstanding shares of common stock. The company operates gold properties in Nevada's Walker Lane Mineral Belt and maintains production at the Isabella Pearl, Scarlet South, and County Line mines in Mineral and Nye Counties.

The information is based on a company press release statement.

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