i-80 Gold (IAU) Q2 2026 earnings summary

Executive summary

• Achieved successful recapitalization in Q1 2026, securing over $1.1B in funding and strengthening liquidity to $490M as of June 30, 2026.

• H1 2026 marked a turning point with recapitalization, advancing all major projects and supporting long-term production targets of 150,000–200,000 oz in 2028 and over 600,000 oz by early 2030s.

• Increased gold production in Q2 2026, driven by Granite Creek ramp-up and ongoing development at Archimedes and Lone Tree Plant.

• Key milestones on track for the next 12–18 months, including first gold from Archimedes in Q4 2026 and Lone Tree Plant construction commencement.

• High-grade drill results and resource expansion at Granite Creek and Archimedes support long-term growth.

Financial highlights

• Q2 2026 revenue was $24.3M from 5,335 gold ounces sold at an average realized price of $4,522/oz, down from $27.8M and 8,400 ounces at $3,301/oz in Q2 2025 due to lower sales volume but higher prices.

• Gross profit rose to $8.6M from $0.8M year-over-year, reflecting higher realized gold prices.

• Net loss increased to $53.1M ($0.06/share) in Q2 2026, mainly due to higher pre-development expenses and non-cash impacts.

• Adjusted net loss for Q2 was $41.8M, reflecting ramp-up in pre-development and exploration.

• Cash used in operations increased to $49.6M for Q2, mainly due to inventory buildup and increased development outflows.

Outlook and guidance

• On track to meet 2026 production guidance of 30,000–40,000 oz at Granite Creek, with Lone Tree Plant capex expected $30M below range and exploration expenses $10M lower due to personnel shortages.

• Growth capex for Lone Tree and Archimedes largely in line with guidance; Archimedes capex higher due to new infrastructure strategy.

• Key near-term catalysts: feasibility studies for Granite Creek and Cove (Q3 2026), first gold from Archimedes (Q4 2026), and Lone Tree Plant construction (Q4 2026).

• Transition from toll milling to owner processing at Lone Tree in 2028 is expected to improve cash margins by $1,000–$1,500/oz.