Business Description

Fortitude Gold Corporation was organized under the laws of the State of Colorado on August 11, 2020. In this report, “Company,” “our,” “us” and “we” refer to Fortitude Gold Corporation together with its subsidiaries, unless the context otherwise requires. We are a mining company which pursues gold and silver projects that are expected to have both low operating costs and high returns on capital. We are presently focused on mineral production from our Isabella Pearl Mine in Nevada. The ore mined at Isabella Pearl is processed on site at our processing facilities and sold to a refiner as doré, which contains precious metals of gold and silver. We also continue exploration and evaluation work on our portfolio of other precious metal properties in Nevada and continue to evaluate other properties for possible acquisition. We own 100% of seven properties in Nevada, totaling 2,491 claims, which include 2,385 unpatented lode and placer mineral claims, 95 mill site claims, 11 patented claims (10 owned and 1 leased), and ~80 acres of fee lands. The seven properties cover approximately 44,408 acres (17,971 ha), subject to the paramount title of the United States of America, under the administration of the Bureau of Land Management (“BLM”). Under the Mining Law of 1872, which governs the location of unpatented claims on federal lands, the owner (locator) has the right to explore, develop, and mine minerals on unpatented claims without payments of production royalties to the U.S. government, subject to the surface management regulations of the BLM. Currently, annual claim maintenance fees are the only federal payments related to unpatented claims. In 2025, we paid approximately $725,000 in annual claim maintenance fees to various counties and the BLM. Patented claims and fee lands unlike unpatented claims, pass title to the holder. The patented claims and fee lands are subject to payment of annual property taxes made to the county where they are located. Annual property taxes on our patented claims and fee lands have been paid through June 30, 2026. On February 27, 2026, the Company entered into a Joint Venture Agreement (the “JV Agreement”) with a third party to accelerate the exploration and development of its East Camp Douglas property located in Mineral County, Nevada. Pursuant to the JV Agreement, the parties formed an operating subsidiary, East Camp Douglas JV (the “JV”), in which the Company holds a 60% ownership interest and the third party holds the remaining 40% interest. East Camp Douglas is comprised of 293 unpatented lode mineral claims, 24 unpatented placer claims, 12 patented mining claims, and two fee land parcels, totaling 5,588 acres (2,261 ha) in Nevada. All our properties are in Nevada, seven are in the Walker Lane Mineral Belt which is known for its significant and high-grade gold and silver production and one in west-central Nevada. Activities at our properties in Nevada range from exploration at Intrepid, Dauntless and Ripper, mineral delineation at Mina Gold and East Camp Douglas, resource definition, engineering and permitting at County Line, Golden Mile, Scarlet South and Scarlet North, to production at Isabella Pearl. We believe that our Nevada properties have excellent potential for additional discoveries of both bulk tonnage replacement-type and bonanza-grade vein-type gold deposits, similar to other gold deposits historically mined by other companies in the Paradise Peak, Borealis, Bodie, Tonopah, Goldfield, and Rochester districts. Condition of Physical Assets and Insurance Our business is capital intensive and requires ongoing investment for the replacement, modernization or expansion of equipment and facilities. Insurance coverage against property loss at our Isabella Pearl mine is limited. Insuring certain facilities, including the open pit and the heap leach pad, from natural occurrences like earthquakes are currently cost prohibitive. Such insurance contains exclusions and limitations on coverage, particularly with respect to property loss, environmental liability, and political risk. There can be no assurance that claims would be paid under such insurance policies in connection with a particular loss. 4 Table of Contents Environmental Matters We conduct