i-80 Gold (IAU) Q2 2025 earnings summary

Executive summary

• Major equity financing in May 2025 enabled advancement of five gold projects, Lone Tree autoclave refurbishment, and supported a hub-and-spoke mining strategy, with strengthened technical leadership and a new COO joining.

• Three-phase production growth plan targets over 600,000 ounces of gold annually by early 2030s, with phased ramp-up from high-grade underground projects to large-scale open pit and key catalysts expected in the next 12–18 months.

• Significant progress on technical studies, permitting, and infill drilling across all core assets, with a solid geological resource base and strong Nevada mining team.

• Net asset value (NAV) rose 9.77% in Q2 2025 to $46.7B, driven by a 5.53% increase in gold prices and higher share issuance.

• Outstanding shares grew from 723.9M to 753.4M during the quarter due to net creations.

Financial highlights

• Q2 2025 revenue rose to $28 million, up from $7.2 million in Q2 2024, driven by higher gold sales (8,400 ounces at $3,301/oz) and prices.

• Net loss for Q2 2025 was $30.2M, improved from $41.0M in Q2 2024; loss per share narrowed to $0.05, with adjusted loss per share at $0.07.

• Cash position at quarter-end was $134 million, up from $47.8 million a year earlier, boosted by equity financing.

• Net increase in net assets from operations was $2.31B for Q2 2025.

• NAV per share increased 5.46% to $61.98 at June 30, 2025.

Outlook and guidance

• 2025 gold extraction expected between 30,000-40,000 ounces, mainly from Granite Creek and heap leach pads, with production to rise to 150,000-200,000 ounces by 2028, 300,000-400,000 ounces by 2030, and over 600,000 ounces by 2032.

• Feasibility studies for three projects targeted by Q2 2026; Lone Tree autoclave study scheduled for Q4 2025; Granite Creek and Cove studies expected Q1 2026.

• Recapitalization plan ongoing, targeting $350-$400 million in debt financing by mid-2026, with additional financing options under review.

• The Trust does not provide forward-looking guidance but notes NAV will continue to track gold price movements, less expenses.

• Next 12-18 months expected to be transformative, with key project milestones and financial restructuring.