i-80 Gold (IAU) Q1 2025 earnings summary

Executive summary

• Announced a development plan to become a Nevada-based mid-tier gold producer, targeting 500,000 ounces of annual gold production by the early 2030s, supported by filed PEAs and technical studies for five gold projects.

• Revenue increased to $14.0M for Q1 2025, up from $8.4M year-over-year, driven by higher gold sales and prices at Granite Creek.

• Net loss widened to $41.2M ($0.10/share), mainly due to non-cash revaluation losses on gold/silver agreements.

• Recapitalization plan underway, including a $12M Auramet working capital facility, new gold/silver purchase agreements, and potential royalty and non-core asset sales.

• Leadership transition with Paul Chawrun appointed as COO, succeeding Matt Gili.

Financial highlights

• Q1 2025 revenue: $14.0M, up from $8.4M in Q1 2024, with gold sales totaling ~5,000 ounces at an average realized price of $2,825/oz.

• Ended Q1 with $13.5M in cash; pro forma cash balance increased to $25M after closing the $12M Auramet facility.

• Net loss for the quarter was $41.2M, primarily from non-cash revaluation losses on gold/silver agreements.

• Loss per share: $(0.10) vs. $(0.06) year-over-year.

• Cash flow used in operations: $(22.7)M.

Outlook and guidance

• Targeting 30,000–40,000 ounces of gold production in 2025, with 20,000–30,000 from Granite Creek Underground and ~10,000 from Ruby Hill and Lone Tree heap leach.

• Growth expenditures for 2025 projected at $40M–$50M, focused on permitting, feasibility studies, and development at Archimedes Underground.

• Granite Creek expected to reach steady-state production in H2 2025; Archimedes Underground to contribute by late 2026 or early 2027.

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