Fortitude Gold Corp (OTCMKTS: FTCO) will be boosting its rate of gold production in a state that produces over three quarters of the country’s supply.
On Monday, the junior gold producer revealed that it has obtained approval from Nevada authorities for a second open pit at its Isabella Pearl property. It will be situated half a kilometre from Fortitude’s operational mine at the project and its associated processing infrastructure. Although the news is positive, Fortitude is yet to release a resource estimate for the Scarlet South deposit.
The news follows the company obtaining Bureau of Land Management and Nevada Division of Environmental protection approval for its County Line project in late September. It sits 16 miles northeast of Isabella Pearl in Nye County.
“With Scarlet South and County Line permits now in hand, we expect to be mining from three different mining locations in the first quarter of 2026,” said chief executive Jason Reid in the press release announcement, “with all mineralization trucked and processed at our Isabella Pearl facility.”
Reid has explained that Fortitude will also be pursuing permitting for a third open pit at Isabella Pearl, Scarlet North, in the near future. It will be adjacent or possibly connected to Scarlet South. Isabella Pearl’s active mining operation has produced over 165,000 gold ounces since 2019.
The Isabella Pearl Mine. Photo credit: Fortitude Gold
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Production declined significantly in Q3
Gold production fell sharply year-over-year during the third quarter of 2025. Fortitude produced 4,220 ounces in Q3 of 2024 and only 1,384 during the three-month period last year. The sequential drop in Q3 was minimal, declining by only 116 ounces to 1,384 ounces. Between Q1 and Q2, production dropped by 280 ounces. The average realized price in Q3 was US$3,444 per ounce.
These numbers reflect the ongoing operational transition at the Isabella Pearl mine, which is shifting from active mining to intensive waste stripping for access to deeper mineralization. This process limited fresh ore placement throughout the quarter and in the months leading up to it. Much of the gold output in Q3 was derived from residual leaching on the heap leach pad.
For financials, the company reported net sales of US$4.7 million, down sharply from US$10.2 million in Q3, 2024. Net income fell to US$0.2 million (US$0.01 per share) compared to US$0.9 million in the prior year’s third quarter.
Mine gross profit stood at US$2.5 million while the cash balance remained solid at US$11.7 million, supported by US$28.5 million in working capital. Fortitude also benefitted from selling 7,968 ounces of byproduct silver at the current premium pricing.
On another positive financial note, exploration expenses decreased to US$1.6 million from US$2.7 million year-over-year.
Fortitude declared a monthly dividend of US$0.01 per common share on Dec. 3.
Read more: NevGold expands high-grade antimony discovery at Nevada’s Limousine Butte Project
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