Fortitude Gold Corp. Q2 2024 Financial Update

TL;DR

**Fortitude Gold Q2 2024: Financials released, showing retained earnings and paid-in capital changes.**

AI Summary

Fortitude Gold Corp. reported its financial results for the period ending June 30, 2024. The company's filing details its financial position, including retained earnings and additional paid-in capital as of various dates in 2023 and 2024. Specific financial figures for the second quarter of 2024 are presented, alongside comparative data from the prior year's second quarter.

Why It Matters

This filing provides investors with a snapshot of Fortitude Gold's financial health and performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a mining company, Fortitude Gold is subject to commodity price volatility and operational risks, which can significantly impact financial performance.

Key Numbers

• 2024-06-30 — End of Q2 2024 (Reporting period end date)
• 2023-06-30 — End of Q2 2023 (Comparative period end date)

Key Players & Entities

• Fortitude Gold Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240730 (date) — Filing date
• Colorado Springs, CO (location) — Company's business and mailing address

FAQ

Filing Documents

• ftco-20240630x10q.htm (10-Q) — 1252KB
• ftco-20240630xex10d11.htm (EX-10.11) — 49KB
• ftco-20240630xex31d1.htm (EX-31.1) — 15KB
• ftco-20240630xex31d2.htm (EX-31.2) — 15KB
• ftco-20240630xex32.htm (EX-32) — 12KB
• ftco-20240630xex95.htm (EX-95) — 25KB
• ftco-20240630xex10d11001.jpg (GRAPHIC) — 3KB
• 0001558370-24-010374.txt ( ) — 5182KB
• ftco-20240630.xsd (EX-101.SCH) — 35KB
• ftco-20240630_cal.xml (EX-101.CAL) — 45KB
• ftco-20240630_def.xml (EX-101.DEF) — 75KB
• ftco-20240630_lab.xml (EX-101.LAB) — 273KB
• ftco-20240630_pre.xml (EX-101.PRE) — 200KB
• ftco-20240630x10q_htm.xml (XML) — 871KB

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 21 Item 6. Exhibits 22

Signatures

Signatures 23 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements FORTITUDE GOLD CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars in thousands, except per share data) June 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 32,873 $ 48,678 Gold and silver rounds/bullion 1,756 1,532 Accounts receivable 527 42 Inventories 15,238 23,848 Prepaid taxes 672 355 Prepaid expenses and other current assets 1,078 811 Total current assets 52,144 75,266 Property, plant and mine development, net 23,883 25,365 Operating lease assets, net — 631 Deferred tax assets 2,768 2,860 Leach pad inventories 46,334 30,533 Other non-current assets 386 344 Total assets $ 125,515 $ 134,999 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,010 $ 3,881 Operating lease liabilities, current — 631 Mining taxes payable 207 2,309 Other current liabilities 516 1,133 Total current liabilities 3,733 7,954 Asset retirement obligations 6,796 6,500 Total liabilities 10,529 14,454 Shareholders' equity: Preferred stock - $ 0.01 par value, 20,000,000 shares authorized and nil outstanding at June 30, 2024 and December 31, 2023 — — Common stock - $ 0.01 par value, 200,000,000 shares authorized and 24,173,209 shares outstanding at June 30, 2024 and 24,084,542 shares outstanding at December 31, 2023 242 241 Additional paid-in capital 104,396 104,020 Retained earnings 10,348 16,284 Total shareholders' equity 114,986 120,545 Total liabilities and shareholders' equity $ 125,515 $ 134,999 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents FORTITUDE GOLD CORPORATION Condensed Consolidated Statements of Operations (U.S. Dollars in thousands, except per share data) (Unaudited) Three months ended Six months ended June 30, June 30, 2024 2023 2

View Full Filing

View this 10-Q filing on SEC EDGAR