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I-80 Gold Reports Third Quarter 2025 Results and Project Development Progress
I-80 Gold Reports Third Quarter 2025 Results and Project Development
About this update from I-80 Gold Corp
i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) (' i-80 Gold ' or the 'Company') reports its operating and financial results for the three and nine months ended September 30, 2025 , highlighting key developments across its asset portfolio. 'I am pleased to report the third quarter marked another period of solid execution in advancing our multi-asset development strategy in Nevada ,' stated Richard Young , President & Chief Executive Officer. 'During the quarter, underground development advanced at Granite Creek , construction commenced at Archimedes underground, and technical studies and permitting advanced across the portfolio. We also continued to expand our team with high-quality local talent to support execution. With this progress, we remain on track to deliver on the key upcoming milestones within our development plan.' Mr. Young added, 'Our recapitalization strategy is also progressing well, and the support we continue to receive from lenders and other capital providers underscores the quality of our assets and the significant value-creation opportunity ahead for i-80 Gold .' Q3 2025 OPERATING AND FINANCIAL OVERVIEW Unless otherwise stated, all amounts referred to herein are in U.S. dollars. Three months ended September 30, 2025 Revenue increased to $32.0 million for the quarter compared to $11.5 million in the prior year period, primarily driven by higher gold ounces sold (1) at Granite Creek and a higher average realized gold price (2). Gold sales (1) for the quarter increased to 9,368 ounces at an average realized gold price (2) of $3,412 per ounce compared to gold sales (1) of 4,740 ounces at an average realized gold price (2) of $2,441 per ounce in the prior year period. Gross profit improved to $3.1 million from a gross loss of $4.9 million in the comparative period due to improved water management initiatives at Granite Creek resulting in higher operational efficiencies. Gross profit for Granite Creek was near break-even for the current quarter and is expected to be positive for the second half of 2025. Net loss decreased to $41.9 million compared to $43.1 million in the prior year period as higher gross profit was offset by higher predevelopment, evaluation and exploration expenses as the Company advances the projects within its development plan. Upon declaration of mineral reserves certain pre-development, evaluation, and exploration expenditures currently expensed would be capitalized. Loss per share of $0.05 for the quarter compared to $0.11 loss per share in the prior year period improved primarily due to an increase in outstanding common shares following the equity raise in May 2025 . Cash used in operating activities of $15.2 million improved compared to $23.5 million in the prior year period as a result of higher gross profit and higher working capital partially offset by increased pre-development, evaluation, and exploration expenses. Cash balance of $102.9 million as at September 30, 2025 , a decrease of $30.8 million compared to June 30, 2025 , primarily due to cash used in pre-development, evaluation, and exploration expenses and a $11.9 million principal repayment of the amended Orion Mine Finance ('Orion') Gold Prepay Purchase and Sale Agreement ('Gold Prepay Agreement'). Completed approximately 53,000 feet of core drilling, including at Granite Creek underground to enhance mineral resource definition and support a planned feasibility study, technical drilling at Mineral Point open pit within the Ruby Hill property for baseline data to advance permitting and technical reports, and geotechnical drilling at Cove underground to also support the planned feasibility study. Received all required permits and commenced construction for the upper level of the Archimedes project - the Company's second planned underground mine - marking a key milestone in phase one of its development plan. RECAPITALIZATION UPDATE In parallel with advancing the development plan, the Company continues to execute on a recapitalization strategy focused on strengthening the balance sheet and funding its development plan. During the first quarter, the Company entered into agreements to defer the December 2024 Orion Gold Prepay Agreement and January 2025 Silver Purchase Agreement deliveries, which were settled on April 2, 2025 , by entering into a gold prepay and silver purchase agreement bridge facility with National Bank with deliveries of 6,864 ounces of gold and 345,549 ounces of silver due by September 30, 2025 . The arrangement with National Bank was settled in May 2025 for $32.3 million with proceeds from the equity raise in the second quarter. During the second quarter of 2025, the Company closed a bought deal public offering of 345 million units at a price of $0.50 per unit for aggregate gross proceeds of $172.0 million . In addition to the offering, the Company closed a concurrent private placement of 25.2 million units to certain directors and officers of the Company at a price of $0.50 per unit for aggregate gross proceeds of $12.6 million and net proceeds of $12.5 million . Each unit was comprised of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.70 until November 16, 2027 . If fully exercised, the warrants could provide the Company with up to approximately $130 million in additional proceeds. The Company is actively working to secure the balance of required capital to execute the development plan and is currently in discussions with several parties regarding a combination of additional financing options. These potential options may include debt facilities, a royalty sale, and the potential sale of the Company's non-core FAD property. Management aims to complete the balance of its recapitalization plan by mid-2026, aligning with the date of maturity of the Orion Convertible Loan. As previously disclosed, approximately $92 million is expected to be allocated to fund construction activities, drilling, permitting, and technical studies across all five gold projects included in the development plan, as well as the Lone Tree Plant, from May 2025 through to mid-2026. CONFERENCE CALL AND WEBCAST Management will hold a conference call and audio webcast to discuss the third quarter's highlights followed by a question-and-answer session with participants. The details are as follows: Date: November 13, 2025 Time: 10:00 a.m. ET Webcast: https://app.webinar.net/3V0yYz5xP4L Telephone: 1-416-945-7677 Toll-free ( North America ): 1-888-699-1199 ABOUT i-80 GOLD CORP. i-80 Gold Corp. is a Nevada -focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality high-grade asset portfolio. The Company is the fourth largest mineral resource holder in the state with a pipeline of three underground and two open pit projects strategically located in some of Nevada's most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). CAUTIONARY STATEMENT ON FORWARD LOOKING INFORMATION Certain information set forth in this press release, including but not limited to management's assessment of the Company's future plans and operations, the perceived merit of projects or deposits, and the impact and anticipated timing of the Company's development plan and recapitalization plan, the perceived merit and anticipated timing of securing capital for the Company's development plan and recapitalization plan via debt facilities, royalty sales, or the sale of property, the intended use of proceeds from the bought deal equity offering and the concurrent private placement, outlook on gold output, the anticipated growth expenditures, the anticipated timing of permitting, production, project development or technical studies constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'continues', 'forecasts', 'projects', 'predicts', 'intends', 'anticipates' or 'believes', or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might' or 'will' be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company's ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates. Please see 'Risks Factors' in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law. Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. Contact: Leily Omoumi Tel: 1.866.525.6450 (C) 2025 Electronic News Publishing, source ENP Newswire