Fortitude Gold Corp. · OTC:FTCO
Fortitude Gold — Investor Presentation (September 2025)
44 slides from Fortitude Gold's investor presentation, Sep 9, 2025
Slide 1: OTCQB: FTCO
OTCQB: FTCO September 9, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Summary: If you are risk-averse you should NOT buy shares in Fortitude Gold. Unexpected events happen and are likely to change forecasts and targets. This presentation is to be read in conjunction with the most current 10K & 10Q available at the Securities & Exchange Commi
Slide 3: Investment Thesis
Investment Thesis Exposure To Gold “Physical gold, and most mining equities, provide no yield. We counter 99% revenue from gold this criticism of gold by providing our shareholders with a monthly dividend and attractive yield. This differentiates Fortitude from our Yield peers and transcends gold eq
Slide 4: Experienced Management
Experienced Management Previous mining company success includes; Decade of gold production 10 consecutive years of profitability Generated over 1 billion dollars in revenue Distributed over $116,000,000 in dividends to shareholders Built 2 mining units and 4 mines (2 open-pit & 2 underground) Previo
Slide 5: Overview
Overview Unique Business Strategy Mining Co. garnering equity & yield valuations Experienced Management Extensive successful mining industry experience Premier Mining Jurisdiction Nevada, U.S.A. Walker Lane Mineral Belt Gold Producer Low-cost open pit heap leach operation High-Grade Targeting ~1 gra
Slide 6: Strategy
Strategy Target Projects with low operating costs, strong returns on capital and high margins Strategy Grow organically, remain debt-free and distribute substantial dividends Leverage An ultra tight capital structure from which to distribute dividends 6 OTC QB: FTCO
Slide 7: Dividend
Dividend $0.12 annually / $0.01 per month Dividend Policy* Returning as much cash to shareholders as soon as possible while balancing the capital needs of operations, reinvesting capital back into the business for organic growth and paying taxes. *Dividends are not guaranteed and may be initiated, m
Slide 8: Project Pipeline
Project Pipeline Production Isabella Pearl (IP) Development County Line Scarlet (IP) Golden Mile Delineation East Camp Mina Gold Exploration Dauntless Intrepid Ripper 8 OTC QB: FTCO
Slide 9: Revenue
Revenue ~1% 99% Gold dominate Silver credited against production cost Gold Silver 9 OTC QB: FTCO
Slide 10: Milestones
Milestones 2018 Received mine permit under Trump administration Project groundbreaking, heap leach construction 2019 Produced gold 10 months from groundbreaking 2020 Ramped up production 2021 ~40,000 oz Au production for 3 years Permit backlog (Biden administration) 2022 County Line Pr
Slide 11: Production
Production 46,000 41,000 40,000 38,000 2025 annual production target TBD 35,000 Dependent on permit and construction 30,000 timing of County Line GOLD oz 25,000 20,000 16,500 TBD TBD TBD TBD 15,000 10,000 5,000 0 2021 2022 2023 2024 2025 2026 2027 2028 RESERVES Isabella Pearl Residual Leach* & Biden
Slide 12: High-Grade Projects
High-Grade Projects All-in-Sustaining Cost / oz Isabella Pearl 2 2.00g/t Avg grade United States Gold Open Pit Mines $1,461 1.8 Golden Mile** (Au as primary metal) by Reserve Grade* 1,000 1.6 1.13g/t Resource grade 1.4 County Line** 500 0.97g/t Resource grade 1.2 1 0 FTCO 2025 H1 Avg 0.8 0.6 0.4 0.2
Slide 13: County Line
County Line Next targeted mine build – BLM approved Targeting mid-2026 production Trump signed executive order to expedite permits 13 OTC QB: FTCO
Slide 14: County Line
County Line High-grade open-pit gold Resource* Expansion Potential Measured and Indicated: 37,400 ounces @ 0.97 g/t Au County Line Pit Inferred: 12,200 ounces @ 0.87 g/t Au 16 miles to Isabella Pearl (IP) facility East Pit Mine as an aggregate Haul ore to IP for processing Expedited mining Expansion
Slide 15: Golden Mile
Golden Mile Mine permitting phase (BLM, NDEP) High-grade open-pit gold Resource* Indicated 2,160,000 tonnes @ 1.13g/t = 78,500 Au oz Inferred 2,400,000 tonnes @ 1.10g/t = 84,500 Au oz Modular processing equipment purchased & delivered Gold to carbon, truck carbon to IP for processing 85% gold recove
Slide 16: Golden Mile
Golden Mile Surface & near surface gold Third party drill intercepts include Interval Grade From 6.10 m @ 46.53 g/t Au 18.29 meters 36.60 m @ 10.26 g/t Au 15.20 meters 7.62 m @ 9.34 g/t Au 51.82 meters 10.70 m @ 8.76 g/t Au 00.00 meters 10.67 m @ 8.35 g/t Au 51.82 meters 16.70 m @ 6.04 g/t Au 67.10
Slide 17: Exploration
Exploration Our exploration mission is to expand known deposits, delineate known mineralized zones and discover new deposits for production longevity. 17 OTC QB: FTCO
Slide 18: Nevada high-grade gold exploration properties
8 Nevada high-grade gold exploration properties Isabella Pearl Mina Gold 1 5 Surface & near surface high-grade gold 2 County Line Dauntless 2 1 6 5 8 3 7 4 6 Intrepid Golden Mile 3 7 East Camp Douglas Ripper 4 8 Walker Lane Mineral Belt (7 properties) Proximity 8 West Central Nevada (1 property) All
Slide 19: Isabella Pearl: 10Km Mineralized Trend
Isabella Pearl: 10Km Mineralized Trend Slab York Clavada Santa Fe Isabella Pearl Mine 300k oz au production to date +165k oz Au Wild Horse West Rabbit Springs Northwest Ridge Nevada-Juneau Corridor North Historic open pits on trend Pyrite Springs Additional open pit deposits likely Corridor Copper C
Slide 20: Isabella Pearl trend: Scarlet Target
Isabella Pearl trend: Scarlet Target Wild Horse West Rabbit Springs Northwest Ridge Nevada-Juneau Corridor North Pyrite Springs Corridor Copper Cliffs Prospect Mt Silica Knob The Wedge Elvira Company claims ~4,222 Hectares (10,434 acres) Gold deposit Mineralized target Scarlet is ~700 meters from Co
Slide 21: Scarlet North
Scarlet North Surface & near surface gold drill highlights include: Interval Grade From 21.34 m @ 1.14 g/t Au surface 18.29 m @ 1.20 g/t Au 35 meters 44.20 m @ 0.84 g/t Au surface 18.29 m @ 1.01 g/t Au surface 12.19 m @ 1.26 g/t Au surface 13.72 m @ 1.28 g/t Au 37 meters 50.29 m @ 0.86 g/t Au surfac
Slide 22: Scarlet North
Scarlet North Delineating high-grade gold mineralization Expansion potential to the northeast Preparing permit modification for a mine boundary expansion to Isabella Pearl (IP) Leverage IP infrastructure Mined as an aggregate Short haul distance Utilize IP’s waste storage and process Only permits an
Slide 23: East Camp Douglas
East Camp Douglas Large district size land position (6,078 acres) High-grade open pit potential Lithocap associated with high-grade Au Indicates proximity to intrusive center Potential to host significant deposit High-grade gold veins at north end Exploration EA in process Surface gold 23 OTC QB: FT
Slide 24: East Camp Douglas Lithocap
East Camp Douglas Lithocap Surface and near surface gold Drill highlights include: Interval Grade From Veins Veins 22.86 m @ 13.55 g/t Au 4.6 meters* 18.29 m @ 4.28 g/t Au 83.8 meters 13.72 m @ 2.88 g/t Au 13.0 meters* 7.62 m @ 2.86 g/t Au 3.0 meters* 6.10 m @ 4.23 g/t Au 2.2 meters 23.86 m @ 1.99 g
Slide 25: East Camp Douglas
East Camp Douglas Lithocap alteration size compared to other lithocap associated deposits globally. Base of D2 cliffs with strongly silicified “Mineralization in multiple directions, different styles of mineralization (sheeted veins, stockwork, tuffaceous units with steep southeast- and disseminated
Slide 26: Mina Gold
Mina Gold Surface & near surface gold High-grade gold intercepts: Interval Grade* From 15.24 m @ 3.34 g/t Au surface 12.19 m @ 2.98 g/t Au 6.1 m 19.81 m @ 1.47 g/t Au 3.1 m Open pit heap leach potential Metallurgical recovery 70% - 80%* Particle agglomeration heap leach Patented claims with known mi
Slide 27: Dauntless
Dauntless Historic high-grade gold mine Mineralization expansion potential Proximity to Isabella Pearl facilities Third Party drill highlights include: Interval Grade 16.5 m @ 3.36 g/t Au 15.2 m @ 3.11 g/t Au 6.1 m @ 7.46 g/t Au 3.0 m @ 2.79 g/t Au 27 OTC QB: FTCO
Slide 28: Intrepid
Intrepid July 27, 2024 High-grade gold discovery drill hole: 27.43 m @ 1.21 g/t Au including 6.10 m @ 2.01 g/t Au 28 OTC QB: FTCO
Slide 29: Ripper
Ripper High-grade gold: 8.44 g/t Au surface sample 6.52 g/t Au surface sample 6.30 g/t Au surface sample Open pit heap leach potential Multiple geologic settings Jasperoids Collapse breccias Veined & mudstones Silicified breccias 29 OTC QB: FTCO
Slide 30: Synergy
Synergy Isabella Pearl (IP) processing facility Mining Unit Synergy / Hub and Spoke (Shared ADR process plant and equipment) Direct ship ore to IP processing facility when possible Future processing plants built to take gold to carbon phase, truck carbon to IP for processing Shorten permit timing an
Slide 31: The Team
The Team Jason Reid Janet Turner Allan Turner Greg Patterson CEO | President | Director Chief Financial Officer VP Exploration VP Corp. Development | IR +18 years industry experience +11 years industry experience +27 years industry experience +14 years industry experience Full management bios in pre
Slide 32: The Board
The Board Bill Conrad Jason Reid Board Chairman CEO | President | Director Bill M. Conrad currently serves as Chairman of Fortitude Gold Corporation. He previously Jason Reid serves as CEO, President and Director of Fortitude Gold Corporation (FGC). FGC served on the Board of Directors of Gold Resou
Slide 33: Capital Structure
Capital Structure Shares Outstanding 24,375,209 Options Outstanding 172,000 Warrants Outstanding 0 RSU’s (3-year vest) 792,000 Shares Fully Diluted 25,339,209 Long Term Debt 0 Equipment Financing US$ 0 Hedging NA Net Cash (June 30, 2025) US$ 17M Market Cap (US$3.50/share) US$ 85M Average Daily Volum
Slide 34: Gold Catalysts
Gold Catalysts Safety Experience Permits Mine Construction Grade Nevada New Mine Production “How fast can Trump unwind Biden’s permit Dividends Open-pit backlog?” Low cost 34 OTC QB: FTCO
Slide 35: Fortitude Gold Corporation contact
Fortitude Gold Corporation P + 719-717-9825 723 S Cascade Avenue Email: [email protected] Colorado Springs, CO 80903 www.FORTITUDEGOLD.com U.S.A. 35 OTC QB: FTCO
Slide 36: FORTITUDE
FORTITUDE Strength of mind and courage in the face of adversity Fortitude Gold Corporation’s “Isabella Pearl” round is named after the Company’s flagship gold project in Nevada, U.S.A. The round design was conceptualized by management and commissioned and created by a leading American Medalist and s
Slide 37: Appendix
Appendix Management Bios Proven & Probable Reserves Mina Gold / Golden Mile District Golden Mile Exploration 37 OTC QB: FTCO
Slide 38: Management Bios
Management Bios Jason Reid Jason Reid serves as CEO, President and Director of Fortitude Gold Corporation (FGC). FGC was spun out of Gold Resource Corporation (GRC) (NYSE American: GORO) where Jason previously served for over 14 years including CEO, CEO | President | Director President and Director
Slide 39: Isabella Pearl Heap Leap Pad
Isabella Pearl Heap Leap Pad The Company estimates ~43,000 recoverable gold ounces on the Isabella Pearl heap leach pad at 12/31/2024. No 2024 reserve update was reported for the Isabella Pearl deposit. Mining of the deposit is projected to conclude in mid-2026 after the Pearl deep zone is mined. A
Slide 40: Golden Mile Resources
Golden Mile Resources September 30, 2021, Golden Mile Property Resource Summary Description Tonnes Au g/t Ag** g/t Au oz* Ag** oz Golden Mile Indicated 2,160,000 1.13 78,500 Inferred 2,400,000 1.10 84,500 1 Mineral Resource Inventory as of September 30, 2021 2 Reported at a cutoff of 0.34 g/t Au (0.
Slide 41: County Line Resources
County Line Resources December 31, 2022 County Line Property Resource Summary Description Tonnes Au g/t Ag g/t Au oz Ag oz Golden Mile Measured 579,500 1.04 19,500 Indicated 623,000 0.90 17,900 Inferred 438,000 0.87 12,200 1. Reported at a cutoff grade of 0.33 g/t Au. 2. Cutoff grade calculations us
Slide 42: Wilson-Independence
Grams per tonne (g/t) gold 0.000 0.200 0.400 0.600 0.800 1.000 1.200 1.400 ** Resource Grade Nevada Operations Atlanta Pine Grove *Source: S&P Market Intelligence GOLDEN MILE Talapoosa Gold Bar South Wilson-Independence County Line 1.13 g/t gold New Pass Golden Mile** McMahon Ridge Palmetto Sterling
Slide 43: Mina Gold and Golden Mile land position
Mina Gold Spring Golden Mile Mina Gold Golden Mile +8 Miles Mina Gold mineralization District size land position (100% owned) Two adjoining properties (Mina Gold & Golden Mile) Three known areas of mineralization Spring mineralization Surface and near surface gold Resource delineation phase Numerous
Slide 44: Golden Mile
Golden Mile High hydrothermal alteration coincident with mineralization Hydrothermal alteration Mineralization Spring mineralization Alteration associated mineralization Golden Mile mineralization Numerous targets Structural fault conduits Numerous additional targets 44 OTC QB: FTCO
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