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CLOSED · 05:35 ET
Market ClerkRecap
Sat Oct 31 · markets closed3 signals on Oct 30129 insider buys this week · $10BCIRO short report next: Nov 15The week ahead

FTCO

Fortitude Gold Corp
OTC · MATERIALS · GOLD AND SILVER ORES
4.50
−0.03 −0.62%
USD · close Oct 30
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Work order
7
FLAG · shorts 7
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $128.7MP/E —DIV YIELD 2.67%FCF YIELD -14.26%REV TTM $18.4M −40.7%NET INCOME −$2.7M −1493.4%NET CASH $13.4M52W 3.80 – 5.97SEC XBRL · TTM TO Invalid Date

How FTCO rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
80%
of sentences unchanged
Added
26
new sentences
Dropped
26
sentences removed
Length
+58
words, now 7,116

New in FY2025

  • During 2025, the price of gold, as measured by the London P.M. fix, fluctuated from a low of $2,633 per ounce to a high of $4,481 per ounce while the price of silver fluctuated from a low of $29.41 per ounce to a high of $74.84 per ounce.
  • As of March 2, 2026, gold and silver prices were $5,314 per ounce and $94.62 per ounce, respectively.
  • The volatility in gold and silver prices is illustrated by the following table, which sets forth for each of the past five calendar years, the high, low, and average annual market prices in U.S. dollars per ounce of gold and silver based on the daily London P.M. fix: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ 2022 ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 Gold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High ​ $ 1,943 ​ $ 2,039 ​ $ 2,078 ​ $ 2,778 ​ $ 4,481 Low ​ $ 1,684 ​ $ 1,629 ​ $ 1,811 ​ $ 1,985 ​ $ 2,633 Average ​ $ 1,799 ​ $ 1,800 ​ $ 1,941 ​ $ 2,386 ​ $ 3,439 Silver: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High ​ $ 29.58 ​ $ 26.18 ​ $ 26.03 ​ $ 34.51 ​ $ 74.84 Low ​ $ 21.52 ​ $ 17.77 ​ $ 20.09 ​ $ 22.09 ​ $ 29.41 Average ​ $ 25.04 ​ $ 21.71 ​ $ 23.35 ​ $ 28.26 ​ $ 40.03 ​ We may not continue to be profitable.
  • During the fiscal year ended December 31, 2025, we reported net income of $0.4 million.
  • We compete with other companies in our industry to hire qualified personnel when needed to successfully discover deposits, construct projects, and operate our mine and processing facility.
  • As of December 31, 2025 and 2024, we recorded a valuation allowance of $4.2 million and $3.8 million, respectively, for our net deferred tax assets.
  • Estimates of proven and probable reserves and measured and indicated resources are uncertain and the volume and grade of ore recovered may vary from our estimates.
  • There has been no material change to our proven and probable reserves from December 31, 2022 to December 31, 2025, other than the changes from mining in 2023, 2024 and 2025.
  • Estimates of proven and probable reserves and measured and indicated resources are subject to considerable uncertainty.
  • If we determine that certain of our estimated reserves or resources have become uneconomic, we may be forced to reduce our estimates.
  • Any material reductions in estimates of mineralization, or of our ability to obtain additional mine permits and/or extract gold or silver, could have a material adverse effect on our results of operations, financial condition, and stock price.
  • Future revenue from sales of gold and silver will be less than anticipated if the mined material’s ultimate metallurgic recovery of the run of mine (ROM) ore or crushed ore are different than lab results and estimates, or if the mined material does not contain the concentration of gold and silver predicted by our geological exploration, studies, models, and reports.
  • The success of gold exploration is determined in part by the following factors: ● The identification of potential gold mineralization based on surface and drill analysis; ● Availability of government-granted exploration and mine construction permits; ● The quality of our management and our geological and technical expertise; and ● The capital available for exploration and development.
  • Substantial expenditures are required to establish proven and probable reserves and measured and indicated resources through detailed drilling and analysis, to develop metallurgical processes to extract metal and to develop the mining and processing facilities and infrastructure at any site chosen for mining.
  • We may invest significant capital and resources in exploration activities and abandon such projects if we are unable to identify commercially exploitable mineral reserves or resources and/or obtain the necessary regulatory permits for production.
  • To the extent that we seek to expand our operations and increase our reserves through acquisitions, we may experience issues in executing acquisitions, permitting, mine development and construction or integrating acquired operations.
  • From time to time, we examine opportunities to make selective acquisitions in order to provide increased returns to our shareholders and to expand our operations and reported reserves and resources and, potentially, generate synergies.
  • Costs at any particular mining location are subject to fluctuation due to a number of factors, such as variable ore grade, changing metallurgy, and revisions to mine plans in response to the physical shape and location of the mineralization or ore body, as well as the age and utilization rates for the mining and processing related facilities and equipment.
  • Our operations are, and any future mining operations or construction we may conduct will be, subject to all the operating hazards and risks normally incident to exploring for and mining of mineral properties, such as, but not limited to: ● Fluctuation in production costs that make mining uneconomic; ● Labor availability and disputes; ● Unanticipated variations in grade and other geologic problems; ● Environmental hazards; ● Water conditions; ● Difficult surface or underground conditions; ● Industrial accidents; ● Metallurgic and other processing problems; ● Mechanical and equipment performance problems; ● Unusual or unexpected rock formations; ● Personal injury, fire, flooding, cave-ins and landslides; and ● Global pandemics such as the COVID-19 Coronavirus.
  • If we determine that capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur a write down of our investment in those interests.
  • When applicable, many factors could delay or prevent the start or completion of, or increase the costs of, future projects or ongoing construction projects at our mine and process facility, including: ● Design, engineering, and construction difficulties or delays; ● Cost overruns; ● Labor; ● Inflation; ● Our failure or delay in obtaining necessary legal, regulatory and other approvals and permits; ● Interruptions in the supply of the necessary equipment, or construction materials or labor or an increase in their price; ● Injuries to persons and property; ● Opposition of local and or non-governmental-organization interests; and ● Natural disasters, accidents, political unrest, or unforeseen events.
  • In addition to other risk factors identified and due to volatility associated with equity securities in general, our stock prices could decline due to the impact of numerous factors, including: ● Changes in the worldwide price for gold and/or silver; ● The permit backlog’s impact on mining and mine development caused by the Biden/Harris administration; ● Government freezes on issuing resource permits; ● Political and regulatory risk; ● Untimely permit issuances; ● Adverse results from our exploration, development, or production efforts; ● Producing at rates lower than those targeted; ● Weather conditions, including earthquakes or unusually heavy rains; ● Failure to meet our revenue or profit goals or operating budget; ● Decline in demand for our common stock; ● Downward revisions in securities analysts’ estimates or changes in general market conditions; ● Decrease or elimination of our shareholder dividend; ● Technological innovations by competitors or in competing technologies; ● Investor perception of our industry or our prospects; ● Lawsuits; ● Actions by government or central banks; and ● General economic trends.
  • As of March 2, 2026, there were 26,895,415 outstanding shares of common stock, 160,000 options issued and outstanding, no outstanding shares of preferred stock and no outstanding warrants.
  • The laws of Colorado provide that our directors will not be liable to us or our shareholders for monetary damages for most types of conduct as directors of the company.
  • We may issue shares of preferred stock that may not be beneficial to the owners of our common stock.
  • As of March 2, 2026, there was no preferred stock outstanding.

Gone since FY2024

  • During 2024, the price of gold, as measured by the London P.M. fix, fluctuated from a low of $1,985 per ounce to a high of $2,778 per ounce while the price of silver fluctuated from a low of $22.09 per ounce to a high of $34.51 per ounce.
  • As of February 24, 2025, gold and silver prices were $2,932 per ounce and $32.51 per ounce, respectively.
  • The volatility in gold and silver prices is illustrated by the following table, which sets forth for each of the past five calendar years, the high, low, and average annual market prices in U.S. dollars per ounce of gold and silver based on the daily London P.M. fix: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 2023 2024 Gold: ​ ​ ​ ​ ​ High ​ $ 2,067 ​ $ 1,943 ​ $ 2,039 ​ $ 2,078 ​ $ 2,778 Low ​ $ 1,474 ​ $ 1,684 ​ $ 1,629 ​ $ 1,811 ​ $ 1,985 Average ​ $ 1,770 ​ $ 1,799 ​ $ 1,800 ​ $ 1,941 ​ $ 2,386 Silver: ​ ​ ​ ​ ​ High ​ $ 28.89 ​ $ 29.58 ​ $ 26.18 ​ $ 26.03 ​ $ 34.51 Low ​ $ 12.01 ​ $ 21.52 ​ $ 17.77 ​ $ 20.09 ​ $ 22.09 Average ​ $ 20.55 ​ $ 25.04 ​ $ 21.71 ​ $ 23.35 ​ $ 28.26 ​ We may not continue to be profitable.
  • During the fiscal year ended December 31, 2024, we reported a net loss of $2.0 million.
  • We compete with other companies in our industry to hire qualified personnel when needed to successfully discover deposits and operate our mine and processing facility.
  • As of December 31, 2024, we recorded a valuation allowance of $3.8 million for our net deferred tax assets.
  • Estimates of proven and probable reserves are uncertain and the volume and grade of ore recovered may vary from our estimates.
  • There has been no material change to our proven and probable reserves from December 31, 2022 to December 31, 2024, other than the changes from mining in 2023 and 2024.
  • Estimates of proven and probable reserves are subject to considerable uncertainty.
  • If we determine that certain of our estimated reserves have become uneconomic, we may be forced to reduce our estimates.
  • Any material reductions in estimates of mineralization, or of our ability obtain additional mine permits and/or extract gold or silver, could have a material adverse effect on our results of operations, financial condition, and stock price.
  • Future revenue from sales of gold and silver will be less than anticipated if the mined material’s ultimate metallurgic recovery of the run of mine (ROM) ore or crushed ore are different than lab results and estimates, or if the mined material does not contain the concentration of gold and silver predicted by our geological exploration, studies, and reports.
  • The success of gold exploration is determined in part by the following factors: ● The identification of potential gold mineralization based on surface and drill analysis; ● Availability of government-granted exploration and construction permits; ● The quality of our management and our geological and technical expertise; and ● The capital available for exploration and development.
  • Substantial expenditures are required to establish proven and probable reserves through detailed drilling and analysis, to develop metallurgical processes to extract metal and to develop the mining and processing facilities and infrastructure at any site chosen for mining.
  • We may invest significant capital and resources in exploration activities and abandon such projects if we are unable to identify commercially exploitable mineral reserves and/or obtain the necessary regulatory permits for production.
  • To the extent that we seek to expand our operations and increase our reserves through acquisitions, we may experience issues in executing acquisitions, permitting, or integrating acquired operations.
  • From time to time, we examine opportunities to make selective acquisitions in order to provide increased returns to our shareholders and to expand our operations and reported reserves and, potentially, generate synergies.
  • Costs at any particular mining location are subject to fluctuation due to a number of factors, such as variable ore grade, changing metallurgy, and revisions to mine plans in response to the physical shape and location of the ore body, as well as the age and utilization rates for the mining and processing related facilities and equipment.
  • Our operations are, and any future mining operations or construction we may conduct will be, subject to all the operating hazards and risks normally incident to exploring for and mining of mineral properties, such as, but not limited to: ● Fluctuation in production costs that make mining uneconomic; ● Labor disputes; ● Unanticipated variations in grade and other geologic problems; ● Environmental hazards; ● Water conditions; ● Difficult surface or underground conditions; ● Industrial accidents; ● Metallurgic and other processing problems; ● Mechanical and equipment performance problems; ● Unusual or unexpected rock formations; ● Personal injury, fire, flooding, cave-ins and landslides; and ● Global pandemics such as the COVID-19 Coronavirus.
  • If we determine that capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur a write down of our investment in those interests and losses with respect to past or future expenses.
  • When applicable, many factors could delay or prevent the start or completion of, or increase the costs of, future projects or ongoing construction projects at our mine and process facility, including: ● Design, engineering and construction difficulties or delays; ● Cost overruns; ● Inflation; ● Our failure or delay in obtaining necessary legal, regulatory and other approvals and permits; ● Interruptions in the supply of the necessary equipment, or construction materials or labor or an increase in their price; ● Injuries to persons and property; ● Opposition of local and or non-governmental-organization interests; and ● Natural disasters, accidents, political unrest, or unforeseen events.
  • In addition to other risk factors identified and due to volatility associated with equity securities in general, our stock prices could decline due to the impact of numerous factors, including: ● Changes in the worldwide price for gold and/or silver; ● The permit backlog’s impact on mining and mine development caused by the Biden administration; ● Government freezes on issuing resource permits; ● Political and regulatory risk; ● Untimely permit issuances; ● Adverse results from our exploration, development, or production efforts; ● Producing at rates lower than those targeted; ● Weather conditions, including earthquakes or unusually heavy rains; ● Failure to meet our revenue or profit goals or operating budget; ● Decline in demand for our common stock; ● Downward revisions in securities analysts’ estimates or changes in general market conditions; ● Decrease or elimination of our shareholder dividend; ● Technological innovations by competitors or in competing technologies; ● Investor perception of our industry or our prospects; ● Lawsuits; ● Actions by government or central banks; and ● General economic trends.
  • As of February 24, 2025, there were 24,173,209 outstanding shares of common stock, 172,000 options issued and outstanding, no outstanding shares of preferred stock and no outstanding warrants.
  • The laws of Colorado provide that our directors will not be liable to us or our shareholders for monetary damages for all but certain types of conduct as directors of the company.
  • We may issue shares of preferred stock that would have a liquidation preference to our common stock.
  • As of February 24, 2025, there was no preferred stock outstanding.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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