TORONTO, Nov. 2, 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 nine months ended September 30, 2026.
"During the third quarter, we continued to advance i-80 Gold's hub-and-spoke mining and processing platform which is expected to improve our cost structure and cash generation, and increase annual production to a target of 150,000 to 200,000 ounces of gold in 2028(1) , " said Richard Young, President & Chief Executive Officer. "Granite Creek underground announced maiden mineral reserves, Archimedes underground continued to advance on schedule from a September 2025 construction decision toward planned production mining before year-end 2026, and key milestones and cost to complete the Lone Tree Plant refurbishment continued to track the original engineering schedule and cost estimate. With Mineral Point open pit now prioritized as our next major development project, drilling and technical work are advancing toward a pre-feasibility study to support targeted annual gold equivalent production of 400,000 to 500,000 ounces in the early 2030s.(1) Together, these milestones build the foundation for i-80 Gold to deliver substantial long-term value for our shareholders."
THIRD QUARTER HIGHLIGHTS
Three months ended September 30, 2026 compared to three months ended September 30, 2025.
Unless otherwise stated, all amounts referred to herein are in U.S. dollars.
Development
-- Published a feasibility study for Granite Creek underground declaring
initial Mineral Reserves of 2.20 million tonnes grading 7.87 grams per
tonne gold containing 556,500 ounces of gold. Measured and Indicated
underground Mineral Resources increased by 229% to 3.73 million tonnes
grading 7.17 grams per tonne gold containing 859,500 ounces of gold,
compared to the 2025 preliminary economic assessment;(2)Inferred Mineral
Resources decreased by 38% to 0.89 million tonnes grading 7.06 grams per
tonne gold containing 202,800 ounces of gold as the infill program
converted a portion of Inferred Mineral Resources into the higher
classification categories.(3)
-- Granite Creek underground development continued to expand access to
high-grade headings, supporting the ongoing production ramp up. The
project is expected to be within its full-year production guidance range.
-- Archimedes underground advanced on schedule and largely on budget, with
main decline development on track and construction of the second
ventilation and escape raise underway. Surface and underground
infrastructure required to support the start of production mining remains
scheduled for completion in early November, ahead of the planned start of
production mining by year-end.
-- Lone Tree Plant refurbishment advanced on schedule and largely on
budget with bulk demolition activities complete and mobilization underway
for initial construction activities to commence in the fourth quarter of
2026, as planned. Project capital remains largely on budget with
approximately 44% of project capital having been committed and
approximately 20% of the contingency having been drawn.
-- Completed approximately 36,000 meters of drilling for the
quarter bringing the total to approximately 62,000 meters for the nine
months ended September 30, 2026. Activities primarily focused on
technical drilling at Mineral Point open pit and infill drilling at
Archimedes underground to enhance resource definition in support of the
planned 2027 technical studies, as well as resource definition drilling
at Granite Creek underground beyond the area included in the September
2026 feasibility study.(2)
-- Permitting remained largely on track across the development portfolio as
associated actions continued to advance.
Financial and Operating
-- Revenues were $32.7 million, representing 7,744 ounces in gold sold(4) at
an average realized gold price(5) of $4,211 per ounce, compared to $32.0
million represented by 9,368 ounces at an average realized gold
price(5) of $3,412 per ounce in the prior year period.
-- Gold production was marginally lower at 11,685 ounces compared with
12,428 ounces in the prior year period. Consolidated production is
expected to be within the lower half of the guidance range.
-- Gross profit increased to $5.0 million from $3.1 million in the prior
year period due to a higher realized gold price.
-- Net loss increased to $48.4 million compared to $41.9 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 partially offset by lower revaluation
expenses recorded within other expenses. In September 2026, the company
issued the Granite Creek Feasibility Study(2) which declared initial
mineral reserves. Accordingly, the Company will capitalize qualifying
development expenditures at Granite Creek, which were previously expensed
as pre-development, evaluation and exploration costs.
-- Net loss per share of $0.06 is comparable to the prior year period of
$0.05.
-- Adjusted net loss was $48.2 million compared to $34.3 million(5) in the
prior year period due to higher pre-development, evaluation and
exploration expenses.
-- Cash used in operating activities increased to $32.5 million compared to
$15.2 million in the prior year period as a result of higher
pre-development, evaluation and exploration expenses which was partially
offset by higher gross profit.
-- Cash and cash equivalents were $411.4 million as of September 30, 2026, a
decrease of $53.2 million compared to June 30, 2026, primarily due to
cash used in operations of $32.5 million and capital expenditures of
$15.0 million primarily driven by the start of the Lone Tree Plant
refurbishment project.
Sustainability
-- Published the Company's 2025 and fourth annual sustainability report and
data book which highlights key achievements in community partnerships,
environmental stewardship, and governance in 2025, and reports on
continued progress in expanding its sustainability strategy.
-- Coordinated a roundtable with U.S. Senator Jacky Rosen, Eureka County
leaders, and state and regional partners in Eureka, the neighboring
community to the Ruby Hill property, which hosts the Archimedes and
Mineral Point projects. Discussions focused on coordinated planning and
long-term partnerships to address workforce readiness, housing, and
infrastructure in anticipation of future project development.
UPDATED DEVELOPMENT STRATEGY
i-80 Gold is executing a multi-phase development plan aimed at creating a mid-tier gold producer in Nevada. The near-term focus is on developing two high-grade underground refractory gold projects (Granite Creek and Archimedes), and the refurbishment and commissioning of the Lone Tree Plant, which is expected to serve as a central processing hub for material from all underground projects. Development of the Company's two large, open pit oxide projects (Mineral Point and Granite Creek), as well as its third underground mine (Cove), are expected to follow to support a long-term target of 500,000 to 600,000(1) ounces of annual gold output. Permitting, technical studies, development work and ramp up are actively being advanced across the portfolio of five gold projects.
On October 14, 2026, the Company updated its development plan to better align plant feed and processing capacity, and optimize capital allocation. While the Company's operating and near-term development projects remain on their initial schedule, the sequence of medium-to-long term projects has been updated as follows:
1. Establish hub-and-spoke mining and processing platform: Ramp up
production at Granite Creek underground, bring Archimedes underground
into production, and refurbish and commission the Lone Tree Plant as a
centralized processing facility -- which remains consistent with
previously forecasted plans.
2. Prioritize Mineral Point open pit as the next major development project:
Add a large-scale open pit heap leach project.
3. Advance remaining growth projects: Develop and construct the Granite
Creek open pit once the Mineral Point open pit project is in operation
with the Cove underground project sequenced later as an important source
of future refractory feed to the Lone Tree Plant when future mining rates
decline at the first two underground mines.
This revised sequence of development projects provides an opportunity for the Company to prioritize the Mineral Point open pit project, which is the Company's largest and most valuable asset. Currently, the anticipated timing of Mineral Point development has not changed from its March 2025 PEA. The exploration program, early-stage pre-permitting activities, technical studies, metallurgical test work, and engineering are ongoing and continue to improve the Company's understanding of the deposit to support future project planning.
The development plan targets annual gold production of 150,000 to 200,000 ounces beginning in 2028, supported by the Lone Tree Plant processing material from Granite Creek underground and Archimedes underground.(1) Cove underground is expected to sustain this production level by supplying refractory feed to the Lone Tree Plant as production from Granite Creek underground and Archimedes underground declines.
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