Fortitude Gold Corp. completed a $12 million private placement on February 18, 2026, selling 2,520,206 unregistered shares of common stock at $4.75 per share and raising gross proceeds of $12 million, of which $316,266 were paid in placement fees.
The transaction expands the company’s capital base and provides liquidity to fund exploration, development, and operations across its Nevada gold portfolio, including the County Line and Scarlet South mines that began production in January 2026.
The placement is the first major capital raise since the company cut its monthly dividend from $0.04 to $0.01 per share in May 2025, a move aimed at preserving cash for growth and mitigating the impact of a Biden‑era permit backlog that has delayed project timelines.
"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 Jason Reid. "Without this recent funding, any new drill programs would have been delayed to the end of 2026 or early 2027." Reid also highlighted the company’s tight capital structure, noting that after the placement the outstanding shares total 26,895,415.
The financing allows Fortitude to capitalize on an exceptional gold price environment, enabling near‑term production increases and resource expansion that could drive shareholder value. The dilution effect is offset by the expected upside from the accelerated development of the Nevada portfolio.
"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," added Reid. "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."
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