COLORADO SPRINGS, CO / ACCESSWIRE / March 1, 2022 / Fortitude Gold Corporation (OTCQB:FTCO) (the "Company") today reported its year-end 2021 results including record gold production, net income of $17.9 million, or $0.75 per share, and a strong balance sheet including $40 million cash and no debt. The Company confirmed both its previously announced 2021 annual production of 46,459 gold ounces, which exceeded the initial 2021 gold production target by 16%, and its 2022 Production Outlook targeting 40,000 ounces of gold (a range of 36,000 to 40,000 ounces). The Production Outlook assumes no disruptions from the COVID-19 global pandemic or unforeseen operational challenges. The Company also filed its year-end 2021 S-K 1300 Technical Report Summary of Isabella Pearl Mine Reserves and Resources. In addition to the updated Reserves and Resources, the Company disclosed an estimated 30,755 recoverable gold ounces on the heap leach pad at December 31, 2021. Reconciliation of ore tonnes mined to date has shown higher grades of gold in the Isabella Pearl Mine compared to the reserve model which has resulted in an increased mine life now of over 3 years at the current 40,000 annual gold ounce run rate. The Company is also aggressively moving its Golden Mile property forward towards a development decision that could extend the Company's gold production an additional 3 1/3 years for a combined 7-year mine life through 2028. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and dividend yield.

2021 ANNUAL HIGHLIGHTS

$0.75 net income per share;$17.9 million net income;$40.0 million cash balance at December 31, 2021;$82.1 million net sales;46,459 annual gold production;3.76 grams per tonne average gold grade mined;$76.0 million working capital;$40.6 million mine gross profit;$24.7 million cash flows from operating activities;$705 total all-in sustaining cost per ounce;Updated 2021 Reserves and Resources; andInitial Golden Mile mineral resource added to Company's gold ounces"Management of Fortitude Gold delivered strong operational results beating our increased annual gold outlook with record production, delivered strong financial results increasing cash to $40 million and delivered strong shareholder value distributing monthly dividends and outperforming our market peers," stated Fortitude Gold CEO and President, Mr. Jason Reid. "The Company exceeded its initial 2021 gold production guidance by 16% while boosting year-over-year gold production by more than 56%. Operations delivered over 46,000 gold ounces a low all-in sustaining cost of $705 per ounce. With $82.1 million in net sales, $17.9 million in net income, and a cash balance increase of $12.2 million to $40 million, the Company is in a very strong financial position with no debt. In April we initiated a monthly dividend and subsequently increased the dividend twice to its current $0.48 per share paid monthly at $0.04 per share. Our Isabella Pearl open pit mine overperformed with a mined average gold grade of 3.76 grams per tonne gold."

Mr. Reid stated, "In January of 2021 we estimated the Isabella Pearl Mine would be depleted by mid-2024; however, between the higher grades coming from the tonnes mine to date, the updated Reserve and Resources, and 30,755 gold ounces awaiting recovery on the heap leach pad, we have extended our mine life estimate at the current run rate of 40,000 gold ounces beyond the end of full year 2024. We also target the same production profile and to be able to continue at least the same dividend per share from a second mine at Golden Mile, that we are aggressively moving forwards towards a development decision and eventual production."