i-80 Gold (IAU) Q2 2024 earnings summary

Executive summary

• Q2 2024 production totaled 1,636 ounces from residual leaching at Ruby Hill and Lone Tree, with additional oxide ore sales from Granite Creek generating $5.9 million in revenue for the quarter.

• Year-to-date revenue reached $15.6 million, with 19,528 tons of mineralized material sold and 4,122 ounces of gold produced.

• Net loss for the quarter was $36.8 million ($0.10/share); adjusted net loss excluding mark-to-market items was $25.8 million ($0.07/share).

• $5.1 million invested in exploration and pre-development in Q2, totaling $7.9 million for 2024.

• Ended the quarter with $47 million in cash and $39 million in restricted cash; established an at-the-market equity program for up to $50 million in additional liquidity.

Financial highlights

• Q2 revenue was $7.2 million, primarily from ore sales at Granite Creek.

• Q2 mine operating loss of $12.2 million; Q2 operating loss of $25.4 million.

• Q2 net loss of $36.8 million, or $0.10 per share; adjusted net loss of $25.8 million, or $0.07 per share.

• $15 million invested in Granite Creek development in the first half of 2024.

• Q2 inventory impairment of $8.8 million.

Outlook and guidance

• Ramp-up in ore production at Granite Creek expected as more ore headings are accessed; June production was significantly higher than previous months.

• Transition from oxide to refractory ore at Granite Creek will shift sales from ore purchase agreements to toll milling with better terms.

• No formal production guidance provided until commercial production is declared.

• Ruby Hill joint venture expected to be finalized before year-end, with significant drilling campaigns planned post-agreement.

• McCoy-Cove to be a core asset in the "hub and spoke" plan; feasibility study underway.