i-80 Gold (IAU) Q3 2025 earnings summary

Executive summary

• Achieved significant progress on Nevada-focused development plan, advancing Granite Creek, Archimedes, and Cove projects, with construction commenced at Archimedes and key milestones met.

• Gross profit turned positive, reversing a prior loss, as gold sales nearly doubled year-over-year.

• Strengthened operational team, initiated a new sustainability strategy, and advanced a performance-based culture.

• Recapitalization strategy progressing, with strong support from lenders and capital providers, targeting financing by mid-2026.

• Net asset value (NAV) rose 26.67% in Q3 2025, driven by a 16.36% increase in gold prices and higher share issuance.

Financial highlights

• Q3 2025 revenue rose to $32 million from $11.5 million year-over-year, driven by higher gold sales and prices.

• Gold sales increased to 9,400 ounces at an average realized price of $3,412/oz, up from 4,740 ounces at $2,441/oz.

• Gross profit improved to $3.1 million from a $4.9 million loss; net loss was $42 million ($0.05/share), reflecting ongoing development investments.

• Cash balance at quarter-end was $103 million, down due to development spending; cash used in operations was $15.2 million, improved from $23.5 million.

• NAV per share rose from $49.29 at December 31, 2024, to $72.08 at September 30, 2025.

Outlook and guidance

• On track to meet 2025 consolidated gold production guidance of 30,000–40,000 ounces, with Granite Creek contributing 20,000–30,000 ounces.

• Multiple feasibility studies and technical milestones expected in the next 12–18 months, including Granite Creek, Cove, and Archimedes underground.

• Anticipated construction decision for Lone Tree plant in Q2 2026, with commissioning by end of 2027.

• Growth expenditures for 2025 expected at $40M–$50M, mainly for pre-development, evaluation, and exploration.