TORONTO, Aug. 10, 2026 /CNW/ -- i-80 GOLD CORP. (NYSE:IAUX) (TSX:IAU) ("i-80 Gold" or the "Company") reports its financial and operating results, as well as development highlights, for the three and six months ended June 30, 2026.
"We delivered another solid quarter, with increased production from Granite Creek as the project continued to ramp up on plan, the advancement of Archimedes on schedule toward becoming our second underground mine, and the start of demolition at the Lone Tree Plant," stated Richard Young, President & CEO. "Additionally, Archimedes drilling results released during the quarter demonstrated the vast exploration potential and the ability to extend its mine life. Our success year-to-date demonstrates the Company's ability to advance multiple projects concurrently. We remain on track to commence gold mining at Archimedes and major construction at Lone Tree in the fourth quarter of this year, marking two important milestones by year-end as we execute our development plan to build a Nevada-focused mid-tier gold producer."
SECOND QUARTER HIGHLIGHTS
Three months ended June 30, 2026 compared to three months ended June 30, 2025.
Unless otherwise stated, all amounts referred to herein are in U.S. dollars.
Development
-- Granite Creek underground development continued ahead of plan increasing
access to high-grade headings supporting the ongoing ramp up. The project
remains on track to achieve its full-year production guidance, with a
published feasibility study anticipated in the third quarter of 2026.
-- Archimedes underground advanced on schedule and largely on budget with
the main decline development on track, advancement of the exploration
drift, which has since been completed, and commencement of the
ventilation raise in preparation for first gold mined by year-end.
-- Lone Tree Plant refurbishment advanced on schedule and on budget as early
works and pre-construction readiness activities continued during the
quarter, and the commencement of demolition mid-June ahead of major
construction. Procurement activities remain on schedule, with
approximately 50% of procurement packages, by value, awarded as of
mid-July. Project capital remains on budget with minimal contingency
drawdown and approximately 40% of capital committed as of mid-July.
-- Completed approximately 19,000 meters of drilling across three projects,
including infill drilling at Archimedes underground and Mineral Point
open pit in support of planned 2027 technical studies for both projects,
as well as resource definition drilling at Granite Creek underground
beyond the area covered by the upcoming feasibility study.
-- Permitting largely on track across the development plan as permitting
actions continued to advance across the portfolio.
Financial and Operating
-- Revenues were $24.3 million, representing 5,335 ounces in gold sold(2) at
an average realized gold price(1) of $4,522 per ounce, compared to $27.8
million represented by 8,400 ounces at an average realized gold price(1)
of $3,301 per ounce in the prior year period. The decrease in revenues
was primarily driven by lower gold sold at Granite Creek as a result of
delays at the third-party processing facility, partially offset by a
higher average realized gold price(1). Revenues in the prior year quarter
were higher due to the finalization of the third-party toll processing
agreement in March 2025 and the processing of a higher volume of
stockpile material.
-- Gold production increased to 11,098 ounces from 4,178 ounces in the prior
year period. The Company remains on track to achieve its full year
production guidance range.
-- Gross profit increased to $8.6 million from $0.8 million in the prior
year period due to a higher realized gold price.
-- Net loss increased to $52.5 million compared to $30.2 million in the
prior year period, due primarily to higher pre-development, evaluation
and exploration costs incurred as the Company advances multiple projects
within its development plan. The higher costs were related to drilling
programs at the Ruby Hill property. Upon declaration of mineral reserves,
certain pre-development, evaluation and exploration expenditures that are
currently expensed will be capitalized.
-- Net loss per share increased to $0.06 compared to a $0.05 loss in the
prior year period, primarily due to a higher net loss, partially offset
by an increase in the weighted average number of common shares
outstanding following the equity financing in May 2025.
-- Adjusted net loss(1) increased to $41.2 million compared to $26.5 million
in the prior year period due to increased spending on pre-development,
evaluation and exploration expenses, partially offset by higher gross
profit.
-- Cash used in operating activities increased to $49.6 million compared to
$11.3 million in the prior year period as a result of comparative working
capital changes of $20.9 million primarily as a result of increased
inventory due to third-party processing availability and higher
pre-development, evaluation and exploration expenses which was partially
offset by higher gross profit.
-- Cash and cash equivalents were $464.6 million as of June 30, 2026, a
decrease of $49.0 million compared to March 31, 2026, primarily due to
cash used in operations of $49.6 million, capital expenditures of $21.5
million primarily driven by the start of the Lone Tree Plant
refurbishment project partially offset by a release of restricted cash of
$16.9 million and proceeds from warrant exercises.
Sustainability
-- Advanced community engagement across Northern Nevada by progressing
community development, workforce development, and grant funding
initiatives, including a joint $300,000 donation with Franco-Nevada
Corporation to support development of the first licensed childcare
facility in Eureka County, neighboring the Company's Ruby Hill property.
-- Strengthened Board with the appointment of Stephen Gottesfeld at the
annual general meeting, bringing nearly 30 years of global mining
experience in environmental, sustainability, legal and governance matters
across the mine lifecycle.
UPCOMING CATALYSTS
Over the next 18 months, the Company is targeting the following key catalysts while continuing to identify opportunities to optimize the development schedule:
Archimedes Underground
-- First gold mined -- Q4 2026
Lone Tree Plant
-- Commence construction -- Q4 2026 -- Completion of detailed engineering -- late Q1 2027 -- Filtration plant completion -- early Q4 2027 -- First gold pour -- Q4 2027
Technical Studies
-- Granite Creek underground (Feasibility) -- Q3 2026 -- Cove underground (Feasibility) -- Q3 2026 -- Archimedes Underground (Feasibility) -- approximately mid-2027 -- Mineral Point Open Pit) (Pre-Feasibility) -- approximately mid-2027 -- Granite Creek open pit (Pre-Feasibility) -- timing under review
OUTLOOK
The Company remains on track to meet its 2026 guidance as originally published in its 2025 Year End Annual Report on Form 10-K on February 19, 2026 subject to the following:
Growth capital expenditures are expected to be largely in line with the $150 million to $175 million guidance.
-- Lone Tree plant refurbishment capital expenditures are expected to be
lower in 2026 than guided, management was conservative in estimating
expenditures for Lone Tree during the recapitalization planning process
earlier in year to ensure that the Company raised sufficient capital.
-- Archimedes expenditures are expected to be higher reflecting a change in
strategy for long-term surface infrastructure. Based on positive drill
results, management is pivoting from refurbishment of certain existing
facilities on site to construction of a new worker change facility and
additional offices that are expected to improve operating effectiveness
both for Archimedes and Mineral Point.
-- Exploration expenses are expected to be approximately $10 million lower
in 2026 due to the personnel shortages at the Archimedes project and
drill rig availability as well as contractor personnel shortages at
Mineral Point project.
This outlook, including expected results and targets, is subject to various risks, uncertainties and assumptions, which may impact future performance and the Company's ability to achieve the results and targets discussed in this section. Please refer to "Forward-Looking Information" section. The Company may, but is under no obligation to, update this outlook depending on changes in metal prices and other factors.
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