Fortitude Gold Corp Announces \$40 Million Joint Venture to Accelerate East Camp Douglas Exploration

Major Investment to Fast-Track Gold Discovery and Potential Mine Development in Nevada

Colorado Springs, CO, March 2, 2026 — Fortitude Gold Corp. (OTCQB: FTCO) has entered into a transformative Joint Venture Agreement with Hawthorne Land & Minerals, LLC to expedite the exploration and development of Fortitude’s East Camp Douglas property in Mineral County, Nevada. This strategic move is backed by a substantial \$40 million investment from Hawthorne, aiming to unlock the property’s gold potential in an accelerated timeline.

Key Points of the Report

• Joint Venture Formation: Fortitude Gold and Hawthorne will form a new operating subsidiary, East Camp Douglas, LLC, to oversee the exploration and development of the property.
• Ownership Structure: Fortitude Gold will retain a 60% majority stake, with Hawthorne holding 40% in exchange for its \$40 million investment. Future expenditures will be funded pro rata according to ownership.
• Use of Funds: The capital will fund aggressive exploration programs, including drilling, geologic surveys, assaying, resource delineation, and modeling, as well as environmental and permitting studies necessary for mine development. The goal is to accelerate the discovery and advancement of gold deposits within 1 to 2 years.
• Management and Governance: Fortitude Gold will manage project development and future gold production, while also appointing 2 out of 3 JV board members, ensuring operational control.
• Permitting and Exploration: The company is advancing a Plan of Operations/Exploration Environmental Assessment (EA) and Nevada Reclamation Permit to allow up to 125 acres of exploration disturbance, with two active Notices (NOIs) currently supporting ongoing drilling.

Shareholder-Relevant Information & Potential Share Price Impact

• Significant Capital Injection: The \$40 million investment is a major financing event for Fortitude Gold, enabling a level of exploration intensity that the company could not achieve on its own. This could potentially lead to major gold discoveries, which are highly price-sensitive events for exploration-stage companies.
• Accelerated Timeline: The JV is designed to compress exploration and permitting to a 1-2 year window, versus the extended timeline if Fortitude had proceeded alone. Faster discovery and development increases the potential for near-term value creation.
• Operational Control and Ownership Retention: Fortitude maintains majority ownership and project control, a crucial factor for shareholders, especially compared with previous negotiations where potential partners demanded operational control and a path to majority ownership.
• Exposure to High-Grade Nevada Gold District: East Camp Douglas is located in the prolific Silver Star mining district, covering over 5,583 acres. Previous drilling has intercepted high-grade gold mineralization in both the northern and southern portions of the property, indicating strong discovery potential.
• Favorable Policy Environment: The company highlights a supportive Federal Administration and record high gold prices, both of which could accelerate permitting and boost project economics.
• Dividend and Growth Strategy: Fortitude Gold emphasizes its commitment to remain debt-free, grow organically, and distribute dividends. The JV aligns with these goals by leveraging outside capital while retaining significant upside.
• Upcoming Communications: The company will discuss this JV more fully in its upcoming year-end conference call, a potential catalyst for further news and market reaction.

Detailed Project and Company Background

East Camp Douglas Property: Located about 6 miles southwest of Mina, Nevada, the property consists of 293 unpatented lode claims, 24 unpatented placer claims, 12 patented claims, and three fee land parcels. The southern part hosts low-sulfidation gold mineralization in a silica lithocap, while the north contains high-sulfidation style gold. Multiple high-grade gold intercepts have been reported from previous Fortitude drilling.

Fortitude Gold Corp: A U.S.-based gold producer focusing on low-cost, high-margin projects with strong returns. The company owns 100% of eight Nevada properties (except East Camp Douglas, now 60% owned post-JV), with active production at Isabella Pearl, Scarlet South, and County Line mines.

Management Commentary

Jason Reid, President and CEO, emphasized the transformative nature of the JV: “This powerful East Camp Douglas JV positions stakeholders to explore and advance East Camp on an accelerated basis. If I had to pick one of our properties where we are positioned to make an impending major discovery, it’s East Camp Douglas. This JV puts us in a position to potentially make a significant discovery in the next one to two years under a mining-friendly Trump Administration. This aggressive exploration investment into East Camp Douglas is not something Fortitude could do alone, and we will happily share 40% of what we discover with Hawthorne Land & Minerals, LLC who is making this very aggressive exploration step-change possible.”

Reid also noted the advantage of retaining control: “We were previously approached by major mining companies interested in partnering on the property. One such negotiation stalled as they wanted full operational control, a path to majority stake ownership, and an exploration program that was not targeted to utilize an exploration EA and the ability to explore up to 125 acres compared to an NOI’s 5-acre limited disturbance area. This spectacular JV Agreement enables us to maintain controlling interest, and if we are fortunate enough to discover one or more deposits, Fortitude Gold gets to advance those deposits into production.”

Investor Takeaways

• This JV is a highly material event for Fortitude Gold, unlocking significant exploration funding and compressing the timeline to potential discovery and production.
• The structure allows Fortitude to retain majority control and a large share of potential upside, while leveraging Hawthorne’s financial strength.
• With gold prices at record highs and a supportive regulatory environment, successful exploration and permitting could have a significant positive impact on Fortitude’s future cash flows and share value.
• Shareholders should monitor upcoming communications, especially the year-end conference call, for further details on exploration plans and timelines.

Contact Information

For more information, investors can contact:
Greg Patterson
719-717-9825
[email protected]
www.Fortitudegold.com

Disclaimer

This article contains forward-looking statements based on current expectations and market conditions. Actual results may differ materially due to risks and uncertainties, including but not limited to exploration success, permitting, market factors, and regulatory changes. Investors should conduct their own due diligence and consult with a qualified financial advisor before making investment decisions. This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell securities.

View Fortitude Gold Corp Historical chart here