i-80 Gold (IAU) Q1 2025 earnings summary

Executive summary

• Filed technical studies and Preliminary Economic Assessments (PEAs) for all five gold projects, supporting a staged development plan targeting 500,000 ounces of annual gold production by the early 2030s, with a combined after-tax NPV of $1.6B at $2,175/oz gold and $4.5B at $2,900/oz gold.

• Q1 2025 revenue increased to $14.0M from $8.4M year-over-year, driven by higher gold sales and prices at Granite Creek, with gold sales totaling approximately 5,000 ounces.

• Net loss widened to $41.2M ($0.10/share), mainly due to non-cash revaluation losses on gold prepay and silver purchase agreements, impacted by higher forward gold prices.

• Liquidity improved to $25M pro forma after securing a $12M working capital facility with Auramet, supporting ongoing development and permitting activities.

• Welcomed new COO Paul Chawrun and acknowledged outgoing COO Matt Gili.

Financial highlights

• Gold sales for Q1 2025 totaled 4,952–5,000 ounces at an average realized price of $2,825/oz, up from 4,061 ounces at $2,063/oz year-over-year.

• Total revenue was $14M, with a gross loss of $10.8M and operating loss of $15.8M for the quarter.

• Cash used in operations was $22.7M, with a quarter-end cash balance of $13.5M, increasing to $25M pro forma with new financing.

• Loss per share was $(0.10), compared to $(0.06) year-over-year.

Outlook and guidance

• Targeting production ramp-up to 500,000 ounces annually by early 2030s, with company-wide gold extraction expected between 30,000 and 40,000 ounces in 2025.

• Granite Creek Underground projected to contribute 20,000–30,000 ounces in 2025, with steady-state output expected in H2 2025; Ruby Hill and Lone Tree heap leach operations to add about 10,000 ounces.

• Growth expenditures for 2025 expected to range between $40M and $50M, focused on permitting, feasibility studies, and advancing Archimedes Underground.

• Feasibility studies for Cove and Lone Tree expected in 2025; permitting for Cove anticipated by end of 2027.