COLORADO SPRINGS – May 8, 2023 - Fortitude Gold Corporation (OTCQB: FTCO) (the “Company”) reported results for the first quarter ended March 31, 2023, including $21.5 million net sales, $6.4 million net income or $0.26 per share, and a $52.3 million cash balance at quarter end. The Company produced 11,487 ounces of gold during the first quarter and maintains its 2023 production outlook. 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.

Q1 2023 FINANCIAL RESULTS AND HIGHLIGHTS

$21.5 million net sales
$6.4 million net income or $0.26 per share
$52.3 million cash balance on March 31, 2023
11,487 gold ounces produced
3.83 grams per tonne average gold grade mined
$90.1 million working capital at March 31, 2023
$12.3 million mine gross profit
$499 total cash cost after by-product credits per gold ounce sold
$578 per ounce total all-in sustaining cost
$2.9 million dividends paid
Fortitude Gold sold 11,429 gold ounces at a total cash cost of $499 per ounce (after by-product credits) and an all-in-sustaining-cost per ounce of $578. Realized metal prices during the quarter averaged $1,889 per ounce gold*. The Company recorded net income of $6.4 million, or $0.26 per share and increased its cash and cash equivalents at quarter end by $7.2 million to $52.3 million. The Company produced 11,487 ounces of gold during the quarter and maintains its 2023 Annual Outlook, targeting 40,000 gold ounces (a range of 36,000 to 40,000 ounces).

“Our Isabella Pearl project had an exceptionally strong first quarter, with gold production ahead of budget, near record low all-in-sustaining-cost per ounce sold and coupled with an increasing gold price culminated in one of the best quarters we have had as a company,” stated Mr. Jason Reid, CEO and President of Fortitude Gold. “We continue to enjoy the benefits of processing high-grade gold while moving fewer waste tonnes from the Pearl deposit. During the quarter we invested in exploration, advanced our County Line and Golden Mile projects towards production, and continued our monthly dividend distributions to shareholders, all while still adding over $7 million to our cash treasury.”

Mr. Reid continued, “I am pleased to report that we expect to submit an Environmental Assessment (EA) shortly for our County Line project after obtaining permission from the Bureau of Land Management. We are also on track to submit an EA to the Bureau of Land Management for our Golden Mile project by mid-2023. Our strong cash flows, strong treasury and project capital expenditures to date totaling over ten million dollars, positions Fortitude to continue to fully fund our next two targeted mine builds at County Line and Golden Mile. Our business approach is expected to enable us to grow organically without shareholder dilution, add to mine life longevity, continue to explore our portfolio of properties, pay taxes as a profitable company, and distribute substantial dividends to shareholders with an attractive industry leading yield.”

The following Production Statistics table summarize certain information about our operations for the three months ended March 31, 2023 and 2022:
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https://www.fortitudegold.com/news/news-releases/fortitude-gold-reports-first-quarter-net-income-of-64-million-low-all-in-sustaining-cost-of-578-per-gold-ounce-sold-and-increases-cash-balance-to-523-million