i-80 Gold (IAU) Q3 2026 earnings summary

Executive summary

• Nevada hub-and-spoke plan advanced, with Granite Creek and Archimedes intended to feed the refurbished Lone Tree plant; first gold pour is targeted for Q4 2027.

• Granite Creek’s September feasibility study established maiden reserves and an 8.5-year mine life; Archimedes remains on track for first gold mining in Q4 2026.

• Long-term targets include 150,000–200,000 oz/year from 2028, 400,000–500,000 oz gold equivalent by the early 2030s, and 500,000–600,000 oz/year by the mid-2030s.

Financial highlights

• Q3 revenue was $32.7M versus $32.0M YoY; gross profit rose to $5.0M from $3.1M, primarily on a higher realized gold price.

• Q3 net loss widened to $48.4M from $41.9M; adjusted net loss was $48.2M versus $34.3M, reflecting higher project development, evaluation and exploration expense.

• Nine-month revenue was $109.5M versus $73.9M; net loss was $179.5M versus $113.3M.

• Cash and equivalents were $411.4M at September 30, down $53.2M QoQ; management described the balance as in line with or slightly above expectations.

Outlook and guidance

• 2026 production is expected in the lower half of guidance; operating costs, sustaining and growth capital, and pre-development expense are expected at or below the low end of their ranges.

• Granite Creek expects 30,000–40,000 oz for FY 2026, in the lower half of its range; Q4 grades and tons are expected to improve as contractor staffing recovers.

• Lone Tree first gold pour remains targeted for Q4 2027; 2027 plans include stockpiling oxide and refractory material ahead of commissioning.

• Mineral Point pre-feasibility and Archimedes feasibility studies, plus Granite Creek Open Pit pre-feasibility work, are expected in H2 2027.

• 2027 guidance is expected with year-end results in February and is planned to cover tons, grades, ounces mined, stockpiling and production pathways.