Fortitude Gold (FTCO) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	333-249533
Entity Registrant Name	Fortitude Gold Corporation
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	85-2602691
Entity Address, Address Line One	2886 Carriage Manor Point
Entity Address, City or Town	Colorado Springs
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80906
City Area Code	719
Local Phone Number	717 9825
Title of 12(b) Security	N/A
No Trading Symbol Flag	true
Security Exchange Name	NONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,173,209
Entity Central Index Key	0001828377
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 30,316	$ 48,678
Gold and silver rounds/bullion	1,960	1,532
Accounts receivable		42
Inventories	11,974	23,848
Prepaid taxes	387	355
Prepaid expenses and other current assets	805	811
Total current assets	45,442	75,266
Property, plant and mine development, net	26,815	25,365
Operating lease assets, net		631
Deferred tax assets	3,338	2,860
Leach pad inventories	51,164	30,533
Other non-current assets	386	344
Total assets	127,145	134,999
Current liabilities:
Accounts payable	2,832	3,881
Operating lease liabilities, current		631
Mining taxes payable	376	2,309
Other current liabilities	703	1,133
Total current liabilities	3,911	7,954
Asset retirement obligations	9,798	6,500
Total liabilities	13,709	14,454
Shareholders' equity:
Preferred stock - $0.01 par value, 20,000,000 shares authorized and nil outstanding at September 30, 2024 and December 31, 2023
Common stock - $0.01 par value, 200,000,000 shares authorized and 24,173,209 shares outstanding at September 30, 2024 and 24,084,542 shares outstanding at December 31, 2023	242	241
Additional paid-in capital	104,801	104,020
Retained earnings	8,393	16,284
Total shareholders' equity	113,436	120,545
Total liabilities and shareholders' equity	$ 127,145	$ 134,999

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, outstanding (in shares)	24,173,209	24,084,542

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Sales, net	$ 10,229	$ 21,268	$ 27,964	$ 62,027
Mine cost of sales:
Production costs	3,784	5,992	9,491	16,665
Depreciation and amortization	1,597	3,349	4,535	9,733
Reclamation and remediation	69	91	176	231
Total mine cost of sales	5,450	9,432	14,202	26,629
Mine gross profit	4,779	11,836	13,762	35,398
Costs and expenses:
General and administrative expenses	1,739	1,335	4,150	3,481
Exploration expenses	2,731	3,833	10,621	13,582
Other (income), net	(520)	(491)	(1,680)	(1,252)
Total costs and expenses	3,950	4,677	13,091	15,811
Income before income and mining taxes	829	7,159	671	19,587
Mining and income tax (benefit) expense	(117)	1,437	(135)	3,893
Net income	$ 946	$ 5,722	$ 806	$ 15,694
Net income per common share:
Net income per common share, Basic	$ 0.04	$ 0.24	$ 0.03	$ 0.65
Net income per common share, Diluted	$ 0.04	$ 0.24	$ 0.03	$ 0.65
Weighted average shares outstanding:
Weighted average shares outstanding, Basic	24,173,209	24,084,542	24,156,816	24,077,772
Weighted average shares outstanding, Diluted	24,261,954	24,212,436	24,242,708	24,217,420

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common shares	Additional Paid-in Capital	Retained Earnings	Total
Balance, at Beginning of period at Dec. 31, 2022	$ 240	$ 103,731	$ 11,788	$ 115,759
Balance, at Beginning of period (in shares) at Dec. 31, 2022	24,024,542
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		171		171
Dividends			(9,631)	(9,631)
Stock options exercised	$ 1	59		60
Stock options exercised (in shares)	60,000
Net income			15,694	15,694
Balance, at End of period at Sep. 30, 2023	$ 241	103,961	17,851	122,053
Balance, at End of period (in shares) at Sep. 30, 2023	24,084,542
Balance, at Beginning of period at Jun. 30, 2023	$ 241	103,893	15,019	119,153
Balance, at Beginning of period (in shares) at Jun. 30, 2023	24,084,542
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		68		68
Dividends			(2,890)	(2,890)
Net income			5,722	5,722
Balance, at End of period at Sep. 30, 2023	$ 241	103,961	17,851	122,053
Balance, at End of period (in shares) at Sep. 30, 2023	24,084,542
Balance, at Beginning of period at Dec. 31, 2023	$ 241	104,020	16,284	120,545
Balance, at Beginning of period (in shares) at Dec. 31, 2023	24,084,542
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		705		705
Dividends			(8,697)	(8,697)
Stock options exercised	$ 1	76		77
Stock options exercised (in shares)	76,667
Common stock issued for vested restricted stock units (in shares)	12,000
Net income			806	806
Balance, at End of period at Sep. 30, 2024	$ 242	104,801	8,393	113,436
Balance, at End of period (in shares) at Sep. 30, 2024	24,173,209
Balance, at Beginning of period at Jun. 30, 2024	$ 242	104,396	10,348	114,986
Balance, at Beginning of period (in shares) at Jun. 30, 2024	24,173,209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		405		405
Dividends			(2,901)	(2,901)
Net income			946	946
Balance, at End of period at Sep. 30, 2024	$ 242	$ 104,801	$ 8,393	$ 113,436
Balance, at End of period (in shares) at Sep. 30, 2024	24,173,209

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 806	$ 15,694
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	4,668	9,804
Stock-based compensation	705	171
Deferred taxes	(478)	(607)
Reclamation and remediation accretion	176	231
Reclamation payments	(83)
Unrealized (gain) loss on gold and silver rounds/bullion	(428)	33
Other operating adjustments		(55)
Changes in operating assets and liabilities:
Accounts receivable	42
Inventories	(8,434)	(3,016)
Prepaid expenses and other current assets	6	(292)
Other non-current assets	(42)	(19)
Accounts payable and other accrued liabilities	(1,407)	347
Income and mining taxes payable	(1,965)	325
Net cash (used in) provided by operating activities	(6,434)	22,616
Cash flows from investing activities:
Capital expenditures	(3,305)	(5,047)
Purchase of gold and silver rounds/bullion		(978)
Net cash used in investing activities	(3,305)	(6,025)
Cash flows from financing activities:
Dividends paid	(8,697)	(9,631)
Proceeds from exercise of stock options	77	60
Repayment of loans payable	(3)	(30)
Repayment of capital leases		(9)
Net cash used in financing activities	(8,623)	(9,610)
Net (decrease) increase in cash and cash equivalents	(18,362)	6,981
Cash and cash equivalents at beginning of period	48,678	45,054
Cash and cash equivalents at end of period	30,316	52,035
Supplemental Cash Flow Information
Income and mining taxes paid	2,309	4,174
Non-cash investing and financing activities:
Change in capital expenditures in accounts payable	(69)	$ 15
Change in estimate for asset retirement costs	$ 2,937

Basis of Presentation of Financ

Basis of Presentation of Financial Statements	9 Months Ended
	Sep. 30, 2024
Basis of Presentation of Financial Statements
Basis of Presentation of Financial Statements	1. Basis of Presentation of Financial Statements These interim Condensed Consolidated Financial Statements (“interim financial statements”) of Fortitude Gold Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted as permitted by such rules, although the Company believes that the disclosures included are adequate to make the information presented not misleading. The interim financial statements included herein are expressed in United States dollars and in the opinion of management, include all adjustments (all of which are of a normal recurring nature) and disclosures necessary for a fair presentation. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s annual report on Form 10-K. The year-end balance sheet data were derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from the audited consolidated financial statements contained in the Company’s annual report on Form 10-K. All intercompany accounts and transactions have been eliminated in consolidation. Certain items in the prior period’s Condensed Consolidated Financial Statements have been reclassified to conform to the current presentation. Refer to Note 2 to the financial statements included in the Company’s 10-K report for the year ended December 31, 2023 for a description of our Significant Accounting Policies.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue
Revenue	2. Revenue The following table presents the Company’s net sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) ​ (in thousands) Sales, net ​ ​ ​ ​ ​ ​ ​ ​ Gold sales ​ $ 10,251 ​ $ 21,316 ​ $ 28,128 ​ $ 62,212 Less: Refining charges ​ (22) ​ (48) ​ (164) ​ (185) Total sales, net ​ $ 10,229 ​ $ 21,268 ​ $ 27,964 ​ $ 62,027 ​

Gold and Silver Rounds_Bullion

Gold and Silver Rounds/Bullion	9 Months Ended
	Sep. 30, 2024
Gold and Silver Rounds/Bullion
Gold and Silver Rounds/Bullion	3. Gold and Silver Rounds/Bullion The Company periodically purchases gold and silver rounds/bullion on the open market for treasury diversification and investment purposes. ​ At September 30, 2024 and December 31, 2023, the Company’s holdings of rounds/bullion, using quoted market prices, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 2023 ​ ​ Ounces ​ ​ Per Ounce ​ ​ Amount ​ Ounces ​ ​ Per Ounce ​ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ (in thousands) Gold ​ 628 ​ $ 2,629 ​ $ 1,652 ​ 628 ​ $ 2,062 ​ $ 1,296 Silver ​ 9,897 ​ $ 31.08 ​ $ 308 ​ 9,931 ​ $ 23.79 ​ $ 236 Total holdings ​ ​ ​ ​ ​ ​ $ 1,960 ​ ​ ​ ​ ​ ​ $ 1,532 ​

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventories
Inventories	4. Inventories On September 30, 2024 and December 31, 2023, current inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Stockpiles ​ $ 3,028 ​ $ 3,874 Leach pad ​ 8,562 ​ 19,579 Doré ​ 34 ​ 22 Subtotal - product inventories ​ 11,624 ​ 23,475 Materials and supplies ​ 350 ​ 373 Total ​ $ 11,974 ​ $ 23,848 ​ In addition to the inventories above, as of September 30, 2024 and December 31, 2023, the Company had $51.2 million and $30.5 million, respectively, of non-current leach pad inventory.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	5. Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC 740, “Income Taxes” (“ASC 740”), on a tax jurisdictional basis. The Company files a consolidated U.S. income tax return and at the federal level its income and losses are taxed at 21%. In addition, a 5% Net Proceeds of Minerals tax applies to the Company’s operations in Nevada, and such tax is recorded as an income tax. The Company recorded a mining and income tax benefit of $0.1 million for both the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, the Company recorded a mining and income tax expense of $1.4 million and $3.9 million, respectively. In accordance with ASC 740, the interim provision for taxes was calculated by using the annual effective tax rate. This rate is applied to the year-to-date income before income and mining taxes to determine the income tax expense for the period. The Company evaluates the evidence available to determine whether a valuation allowance is required on the deferred tax assets. The Company determined that its deferred tax assets were “more likely than not” to be realized as of September 30, 2024 and December 31, 2023, thus no valuation allowance was determined to be necessary. ​ As of September 30, 2024, the Company believes that it has no liability for uncertain tax positions.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	6. Prepaid Expenses and Other Current Assets At September 30, 2024 and December 31, 2023, prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Contractor advances ​ $ 25 ​ $ 100 Prepaid insurance ​ ​ 397 ​ ​ 208 Interest receivable ​ 214 ​ 355 Other current assets ​ 169 ​ 148 Total ​ $ 805 ​ $ 811 ​

Property, Plant and Mine Develo

Property, Plant and Mine Development, net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Mine Development, net
Property, Plant and Mine Development, net	7. Property, Plant and Mine Development, net At September 30, 2024 and December 31, 2023, property, plant and mine development consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Asset retirement costs ​ $ 8,425 ​ $ 5,488 Construction-in-progress ​ 14,739 ​ 13,615 Furniture and office equipment ​ 781 ​ 654 Leach pad and ponds ​ 3,732 ​ 3,732 Land ​ 71 ​ 41 Light vehicles and other mobile equipment ​ 558 ​ 558 Machinery and equipment ​ 17,119 ​ 16,547 Process facilities and infrastructure ​ 8,994 ​ 8,913 Mineral interests and mineral rights ​ 19,703 ​ 18,968 Mine development ​ 24,365 ​ 24,365 Software and licenses ​ 346 ​ 105 Subtotal (1) ​ 98,833 ​ 92,986 Accumulated depreciation and amortization ​ (72,018) ​ (67,621) Total ​ $ 26,815 ​ $ 25,365 (1) Includes capital expenditures in accounts payable of $0.7 million at September 30, 2024 and December 31, 2023. For the three months ended September 30, 2024 and 2023, the Company recorded depreciation and amortization expense of $1.7 million and $3.4 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded depreciation and amortization expense of $4.7 million and $9.8 million, respectively.

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
Other Current Liabilities
Other Current Liabilities	8. Other Current Liabilities At September 30, 2024 and December 31, 2023, other current liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Accrued royalty payments ​ $ 317 ​ $ 333 Accrued property and excise taxes ​ 386 ​ 798 Other accrued expenses ​ ​ — ​ ​ 2 Total ​ $ 703 ​ $ 1,133 ​

Asset Retirement Obligation

Asset Retirement Obligation	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation
Asset Retirement Obligation	9. Asset Retirement Obligation The following table presents the changes in the Company’s asset retirement obligation for the nine months ended September 30, 2024 and year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Asset retirement obligation – balance at beginning of period ​ $ 6,500 ​ $ 5,863 Changes in estimate ​ 2,937 ​ 317 Payments ​ ​ (83) ​ ​ (194) Accretion ​ 444 ​ 514 Asset retirement obligation – balance at end of period ​ $ 9,798 ​ $ 6,500 ​ As of September 30, 2024, the Company had a $16.5 million off-balance sheet arrangement for a surety bond. This bond is offset by a $9.8 million asset retirement obligation for future reclamation at the Company’s Isabella Pearl Mine. As of December 31, 2023, the Company had a $12.5 million off-balance sheet arrangement for a surety bond. This bond was offset by a $6.5 million asset retirement obligation for future reclamation at the Company’s Isabella Pearl Mine. The Company’s asset retirement obligations were discounted using a credit adjusted risk-free rate of 11%.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases
Leases	10. Leases Operating Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases as incurred over the lease term. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from the non-lease components (e.g., common-area maintenance costs). The Company had an embedded lease in its Contract Mining Agreement with its previous mining contractor. In November 2022, the Company extended the Contract Mining Agreement for a twelve-month term resulting in the recognition of a $3.8 million right-of-use asset and corresponding $3.8 million operating lease liability. In December 2023, the Company extended the Contract Mining Agreement for a three-month term resulting in the recognition of a $0.6 million right-of-use asset and corresponding $0.6 million operating lease liability. In April 2024, the Company extended the Contract Mining Agreement for a three-month term resulting in the recognition of a $0.7 million right-of-use asset and corresponding $0.7 million operating lease liability. On June 1, 2024, the Company entered into the 2024 Contract Mining agreement for a term of three-months. On September 1, 2024, the 2024 Contract Mining agreement auto-renewed for a period of one-month and is therefore not recognized as an operating lease. Supplemental cash flow information related to the Company’s operating lease is as follows for the nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ September 30, ​ 2024 2023 ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,170 ​ $ 2,863 ​

Other (Income), Net

Other (Income), Net	9 Months Ended
	Sep. 30, 2024
Other (Income), Net
Other (Income), Net	11. Other (Income), Net For the three and nine months ended September 30, 2024 and 2023, other income, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ (in thousands) ​ (in thousands) ​ Interest (income) ​ $ (373) ​ $ (549) ​ $ (1,349) ​ $ (1,380) ​ Charitable contributions ​ ​ 14 ​ ​ 41 ​ ​ 60 ​ ​ 114 ​ Unrealized (gain) loss from gold and silver rounds/bullion (1) ​ ​ (204) ​ ​ 19 ​ ​ (428) ​ ​ 33 ​ Other expense (income) ​ ​ 43 ​ ​ (2) ​ ​ 37 ​ ​ (19) ​ Total other (income) ​ $ (520) ​ $ (491) ​ $ (1,680) ​ $ (1,252) ​ ​ (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 1 3.

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 2024
Net Income per Common Share
Net Income per Common Share	12. Net Income per Common Share Basic earnings per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. As of September 30, 2024 and 2023, potentially dilutive securities representing 100,000 shares and 66,000 shares, respectively, of common stock were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. Basic and diluted net income per common share is calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, ​ 2024 2023 ​ 2024 2023 Net income (in thousands) ​ $ 946 ​ $ 5,722 ​ $ 806 ​ $ 15,694 Basic weighted average shares of common stock outstanding ​ ​ 24,173,209 ​ ​ 24,084,542 ​ ​ 24,156,816 ​ ​ 24,077,772 Diluted effect of share-based awards ​ ​ 88,745 ​ ​ 127,894 ​ ​ 85,892 ​ ​ 139,648 Diluted weighted average common shares outstanding ​ ​ 24,261,954 ​ ​ 24,212,436 ​ ​ 24,242,708 ​ ​ 24,217,420 Net income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.04 ​ $ 0.24 ​ $ 0.03 ​ $ 0.65 Diluted ​ $ 0.04 ​ $ 0.24 ​ $ 0.03 ​ $ 0.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement
Fair Value Measurement	13. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2024 2023 Input Hierarchy Level ​ (in thousands) ​ Cash and cash equivalents ​ $ 30,316 ​ $ 48,678 ​ Level 1 Gold and silver rounds/bullion ​ ​ 1,960 ​ ​ 1,532 ​ Level 1 Accounts receivable ​ — ​ 42 ​ Level 2 ​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents consist primarily of cash deposits with an original maturity of 3 months or less and are valued at cost, which approximates fair value. Gold and silver rounds/bullion consist of precious metals used for investment purposes which are valued using quoted market prices. Please see Note 3 ​ Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s Condensed Consolidated Statements of Operations as shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ Statement of ​ ​ 2024 2023 ​ 2024 2023 ​ Operations Classification ​ ​ (in thousands) ​ (in thousands) ​ ​ Unrealized (gain) loss from gold and silver rounds/bullion ​ $ (204) ​ $ 19 ​ $ (428) ​ $ 33 ​ Other income, net ​

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Stock-Based Compensation
Stock-Based Compensation	14. Stock-Based Compensation The Fortitude Gold Corporation 2020 Equity Incentive Plan (the “Incentive Plan”) allows for the issuance of up to 5 million shares of common stock in the form of incentive and non-qualified stock options, stock appreciation rights, restricted stock units (“RSUs”), stock grants, and stock units. The Company utilizes this Incentive Plan to attract, retain and incentivize staff. ​ During the nine months ended September 30, 2024, the Company granted RSUs of employees . During the nine months ended September 30, 2023, the Company granted RSUs of employees . ​ During the nine months ended September 30, 2024, a total of 12,000 RSUs vested, and shares were issued with an intrinsic value of $0.1 million, and a fair value of $0.1 million. No RSUs vested during the three months ended September 30, 2024. No RSUs vested during the three and nine months ended September 30, 2023. ​ During the nine months ended September 30, 2024, stock options to purchase an aggregate of 76,667 shares of the Company’s common stock were exercised at a weighted average exercise price of $ per share. During the nine months ended September 30, 2023, stock options to purchase an aggregate of of the Company’s common stock were exercised at a weighted average exercise price of $ per share. No stock options were exercised during the three months ended September 30, 2024 and 2023. ​ Stock-based compensation is included in general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. Stock-based compensation expense for stock options and RSUs is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2024 2023 2024 2023 ​ ​ ​ (in thousands) ​ (in thousands) ​ Stock options ​ $ 7 ​ $ 48 ​ $ 49 ​ $ 144 ​ Restricted stock units ​ ​ 398 ​ ​ 20 ​ ​ 656 ​ ​ 27 ​ Total ​ $ 405 ​ $ 68 ​ $ 705 ​ $ 171 ​ ​

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Shareholders' Equity
Shareholders' Equity	15. Shareholders’ Equity ​ During the three and nine months ended September 30, 2024, the Company declared and paid dividends of $2.9 million or $0.12 per share and $8.7 million or $0.36 per share, respectively. During the three and nine months ended September 30, 2023 the Company declared and paid dividends of $2.9 million or $0.12 per share and $9.6 million or $0.40 per share, respectively. ​ See Note 14 ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 946	$ 5,722	$ 806	$ 15,694

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue
Schedule of company's net sales disaggregated by source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) ​ (in thousands) Sales, net ​ ​ ​ ​ ​ ​ ​ ​ Gold sales ​ $ 10,251 ​ $ 21,316 ​ $ 28,128 ​ $ 62,212 Less: Refining charges ​ (22) ​ (48) ​ (164) ​ (185) Total sales, net ​ $ 10,229 ​ $ 21,268 ​ $ 27,964 ​ $ 62,027 ​

Gold and Silver Rounds_Bullion

Gold and Silver Rounds/Bullion (Tables)	9 Months Ended
	Sep. 30, 2024
Gold and Silver Rounds/Bullion
Summary of investment holdings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 2023 ​ ​ Ounces ​ ​ Per Ounce ​ ​ Amount ​ Ounces ​ ​ Per Ounce ​ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ (in thousands) Gold ​ 628 ​ $ 2,629 ​ $ 1,652 ​ 628 ​ $ 2,062 ​ $ 1,296 Silver ​ 9,897 ​ $ 31.08 ​ $ 308 ​ 9,931 ​ $ 23.79 ​ $ 236 Total holdings ​ ​ ​ ​ ​ ​ $ 1,960 ​ ​ ​ ​ ​ ​ $ 1,532 ​

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventories
Schedule of current inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Stockpiles ​ $ 3,028 ​ $ 3,874 Leach pad ​ 8,562 ​ 19,579 Doré ​ 34 ​ 22 Subtotal - product inventories ​ 11,624 ​ 23,475 Materials and supplies ​ 350 ​ 373 Total ​ $ 11,974 ​ $ 23,848

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Contractor advances ​ $ 25 ​ $ 100 Prepaid insurance ​ ​ 397 ​ ​ 208 Interest receivable ​ 214 ​ 355 Other current assets ​ 169 ​ 148 Total ​ $ 805 ​ $ 811 ​

Property, Plant and Mine Deve_2

Property, Plant and Mine Development, net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Mine Development, net
Schedule of property, plant and mine development	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Asset retirement costs ​ $ 8,425 ​ $ 5,488 Construction-in-progress ​ 14,739 ​ 13,615 Furniture and office equipment ​ 781 ​ 654 Leach pad and ponds ​ 3,732 ​ 3,732 Land ​ 71 ​ 41 Light vehicles and other mobile equipment ​ 558 ​ 558 Machinery and equipment ​ 17,119 ​ 16,547 Process facilities and infrastructure ​ 8,994 ​ 8,913 Mineral interests and mineral rights ​ 19,703 ​ 18,968 Mine development ​ 24,365 ​ 24,365 Software and licenses ​ 346 ​ 105 Subtotal (1) ​ 98,833 ​ 92,986 Accumulated depreciation and amortization ​ (72,018) ​ (67,621) Total ​ $ 26,815 ​ $ 25,365 (1) Includes capital expenditures in accounts payable of $0.7 million at September 30, 2024 and December 31, 2023.

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Other Current Liabilities
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Accrued royalty payments ​ $ 317 ​ $ 333 Accrued property and excise taxes ​ 386 ​ 798 Other accrued expenses ​ ​ — ​ ​ 2 Total ​ $ 703 ​ $ 1,133 ​

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation
Schedule of asset retirement obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 ​ (in thousands) Asset retirement obligation – balance at beginning of period ​ $ 6,500 ​ $ 5,863 Changes in estimate ​ 2,937 ​ 317 Payments ​ ​ (83) ​ ​ (194) Accretion ​ 444 ​ 514 Asset retirement obligation – balance at end of period ​ $ 9,798 ​ $ 6,500

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases
Schedule of supplemental cash flow information of leases.	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ September 30, ​ 2024 2023 ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,170 ​ $ 2,863 ​

Other (Income), Net (Tables)

Other (Income), Net (Tables)	9 Months Ended
	Sep. 30, 2024
Other (Income), Net
Schedule of other income, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ (in thousands) ​ (in thousands) ​ Interest (income) ​ $ (373) ​ $ (549) ​ $ (1,349) ​ $ (1,380) ​ Charitable contributions ​ ​ 14 ​ ​ 41 ​ ​ 60 ​ ​ 114 ​ Unrealized (gain) loss from gold and silver rounds/bullion (1) ​ ​ (204) ​ ​ 19 ​ ​ (428) ​ ​ 33 ​ Other expense (income) ​ ​ 43 ​ ​ (2) ​ ​ 37 ​ ​ (19) ​ Total other (income) ​ $ (520) ​ $ (491) ​ $ (1,680) ​ $ (1,252) ​ ​ (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 1 3.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Net Income per Common Share
Schedule of basic and diluted net income per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, ​ 2024 2023 ​ 2024 2023 Net income (in thousands) ​ $ 946 ​ $ 5,722 ​ $ 806 ​ $ 15,694 Basic weighted average shares of common stock outstanding ​ ​ 24,173,209 ​ ​ 24,084,542 ​ ​ 24,156,816 ​ ​ 24,077,772 Diluted effect of share-based awards ​ ​ 88,745 ​ ​ 127,894 ​ ​ 85,892 ​ ​ 139,648 Diluted weighted average common shares outstanding ​ ​ 24,261,954 ​ ​ 24,212,436 ​ ​ 24,242,708 ​ ​ 24,217,420 Net income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.04 ​ $ 0.24 ​ $ 0.03 ​ $ 0.65 Diluted ​ $ 0.04 ​ $ 0.24 ​ $ 0.03 ​ $ 0.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement
Schedule of assets and liabilities measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2024 2023 Input Hierarchy Level ​ (in thousands) ​ Cash and cash equivalents ​ $ 30,316 ​ $ 48,678 ​ Level 1 Gold and silver rounds/bullion ​ ​ 1,960 ​ ​ 1,532 ​ Level 1 Accounts receivable ​ — ​ 42 ​ Level 2
Schedule of gains and losses related to changes in the fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ Statement of ​ ​ 2024 2023 ​ 2024 2023 ​ Operations Classification ​ ​ (in thousands) ​ (in thousands) ​ ​ Unrealized (gain) loss from gold and silver rounds/bullion ​ $ (204) ​ $ 19 ​ $ (428) ​ $ 33 ​ Other income, net ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Stock-Based Compensation
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2024 2023 2024 2023 ​ ​ ​ (in thousands) ​ (in thousands) ​ Stock options ​ $ 7 ​ $ 48 ​ $ 49 ​ $ 144 ​ Restricted stock units ​ ​ 398 ​ ​ 20 ​ ​ 656 ​ ​ 27 ​ Total ​ $ 405 ​ $ 68 ​ $ 705 ​ $ 171 ​ ​

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Less: Refining charges	$ (22)	$ (48)	$ (164)	$ (185)
Sales, net	10,229	21,268	27,964	62,027
Gold sales
Revenue
Sales, net	$ 10,251	$ 21,316	$ 28,128	$ 62,212

Gold and Silver Rounds_Bullio_2

Gold and Silver Rounds/Bullion (Details) $ in Thousands	Sep. 30, 2024 USD ($) $ / oz oz	Dec. 31, 2023 USD ($) $ / oz oz
Gold and Silver Rounds/Bullion
Gold and silver rounds/bullion	$ 1,960	$ 1,532
Gold
Gold and Silver Rounds/Bullion
Investment owned balance in ounces | oz	628	628
Investment owned balance in per ounce | $ / oz	2,629	2,062
Gold and silver rounds/bullion	$ 1,652	$ 1,296
Silver
Gold and Silver Rounds/Bullion
Investment owned balance in ounces | oz	9,897	9,931
Investment owned balance in per ounce | $ / oz	31.08	23.79
Gold and silver rounds/bullion	$ 308	$ 236

Inventories - Current (Details)

Inventories - Current (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Stockpiles	$ 3,028	$ 3,874
Leach pad	8,562	19,579
Dore	34	22
Subtotal - product inventories	11,624	23,475
Materials and supplies	350	373
Total	$ 11,974	$ 23,848

Inventories - Non-current (Deta

Inventories - Non-current (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Leach pad	$ 51,164	$ 30,533

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Taxes
Federal tax rate			21%
Minerals tax rate			5%
Mining and income tax expense (benefit)	$ (117)	$ 1,437	$ (135)	$ 3,893
Valuation allowance	0		0		$ 0
Uncertain tax positions	$ 0		$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Contractor advances	$ 25	$ 100
Prepaid insurance	397	208
Interest receivable	214	355
Other current assets	169	148
Total	$ 805	$ 811

Property, Plant and Mine Deve_3

Property, Plant and Mine Development, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Mine Development, net
Subtotal	$ 98,833		$ 98,833		$ 92,986
Accumulated depreciation and amortization	(72,018)		(72,018)		(67,621)
Total	26,815		26,815		25,365
Capital expenditures included in accounts payable			700		700
Depreciation and amortization	1,700	$ 3,400	4,668	$ 9,804
Asset retirement costs
Property, Plant and Mine Development, net
Subtotal	8,425		8,425		5,488
Construction-in-progress
Property, Plant and Mine Development, net
Subtotal	14,739		14,739		13,615
Furniture and office equipment
Property, Plant and Mine Development, net
Subtotal	781		781		654
Leach pad and ponds
Property, Plant and Mine Development, net
Subtotal	3,732		3,732		3,732
Land
Property, Plant and Mine Development, net
Subtotal	71		71		41
Light vehicles and other mobile equipment
Property, Plant and Mine Development, net
Subtotal	558		558		558
Machinery and equipment
Property, Plant and Mine Development, net
Subtotal	17,119		17,119		16,547
Process facilities and infrastructure
Property, Plant and Mine Development, net
Subtotal	8,994		8,994		8,913
Mineral interests and mineral rights
Property, Plant and Mine Development, net
Subtotal	19,703		19,703		18,968
Mine development
Property, Plant and Mine Development, net
Subtotal	24,365		24,365		24,365
Software and licenses
Property, Plant and Mine Development, net
Subtotal	$ 346		$ 346		$ 105

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Current Liabilities
Accrued royalty payments	$ 317	$ 333
Accrued property and excise taxes	386	798
Other accrued expenses		2
Total	$ 703	$ 1,133

Asset Retirement Obligation (De

Asset Retirement Obligation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Asset Retirement Obligation
Asset retirement obligation - balance at beginning of period	$ 6,500	$ 5,863
Changes in estimate	2,937	317
Payments	(83)	(194)
Accretion	444	514
Asset retirement obligation - balance at end of period	9,798	6,500
Off-balance sheet arrangement	$ 16,500	$ 12,500
Risk-free rate	11%

Leases - Operating Leases (Deta

Leases - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 01, 2024	Jun. 01, 2024	Apr. 30, 2024	Dec. 31, 2023	Nov. 30, 2022
Leases
Renewal Term					1 month		3 months	3 months	12 months
Right-of-use asset							$ 700	$ 631	$ 3,800
Operating lease liability							$ 700	$ 600	$ 3,800
Term of contract mining agreement						3 months
Inventory
Leases
Variable Lease Costs Capitalized	$ 0	$ 900	$ 900	$ 1,900

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases
Operating cash flows from operating leases	$ 1,170	$ 2,863

Other (Income), Net (Details)

Other (Income), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other (Income), Net
Interest (income)	$ (373)	$ (549)	$ (1,349)	$ (1,380)
Charitable contributions	14	41	60	114
Unrealized (gain) loss from gold and silver rounds/bullion	(204)	19	(428)	33
Other expense (income)	43	(2)	37	(19)
Total other (income)	$ (520)	$ (491)	$ (1,680)	$ (1,252)

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income per Common Share
Net income	$ 946	$ 5,722	$ 806	$ 15,694
Basic weighted average shares of common stock outstanding	24,173,209	24,084,542	24,156,816	24,077,772
Diluted effect of share-based awards	88,745	127,894	85,892	139,648
Diluted weighted average common shares outstanding	24,261,954	24,212,436	24,242,708	24,217,420
Net income per share:
Net income per share, basic	$ 0.04	$ 0.24	$ 0.03	$ 0.65
Net income per share, diluted	$ 0.04	$ 0.24	$ 0.03	$ 0.65
Anti-dilutive instruments outstanding			100,000	66,000

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Level 1
Fair Value Measurement
Cash and cash equivalents	$ 30,316	$ 48,678
Gold and silver rounds/bullion	$ 1,960	1,532
Level 2
Fair Value Measurement
Accounts receivable		$ 42

Fair Value Measurement - Change

Fair Value Measurement - Changes in the fair value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Measurement
Unrealized (gain) loss from gold and silver rounds/bullion	$ (204)	$ 19	$ (428)	$ 33

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock Units
Stock-Based Compensation
Granted RSU	0	0	1,100,000	36,000
Share-Based Payment Arrangement, Grantee Status [Extensible Enumeration]			us-gaap:ShareBasedPaymentArrangementEmployeeMember	us-gaap:ShareBasedPaymentArrangementEmployeeMember
Vesting period			3 years	3 years
Weighted average grant date fair value			$ 4.59	$ 7
Incentive Plan | Employee Stock Option
Stock-Based Compensation
Stock options exercised (in shares)	0	0	76,667	60,000
Options, exercised, weighted average exercise price			$ 1	$ 1
Incentive Plan | Restricted Stock Units
Stock-Based Compensation
Vested RSU	0	0	12,000	0
Intrinsic value			$ 0.1
Fair value of vested award			$ 0.1
Incentive Plan | Maximum
Stock-Based Compensation
Shares available for issuance	5,000,000		5,000,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation included in general and administrative expenses (Details) - General and administrative expenses - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation
Share based compensation expense	$ 405	$ 68	$ 705	$ 171
Employee Stock Option
Stock-Based Compensation
Share based compensation expense	7	48	49	144
Restricted Stock Units
Stock-Based Compensation
Share based compensation expense	$ 398	$ 20	$ 656	$ 27

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Shareholders' Equity
Dividends	$ 2,901	$ 2,890	$ 8,697	$ 9,631
Dividend per share	$ 0.12	$ 0.12	$ 0.36	$ 0.40