i-80 Gold (IAU) Q4 2024 earnings summary

Executive summary

• Announced a new development plan for three underground and two open-pit gold projects, with updated PEAs filed under U.S. and Canadian regulations, aiming for 400,000–500,000 oz annual production over the decade.

• Leadership change led to a revised strategy emphasizing ramping up Granite Creek Underground and strengthening the balance sheet.

• Combined NPV of projects estimated at $1.6 billion at $2,175/oz gold and $4.5 billion at $2,900/oz.

• Entered a new gold and silver prepay agreement with National Bank of Canada and initiated a recapitalization plan to support growth.

Financial highlights

• Q4 2024 revenue was $23.2M, down from $25.8M in Q4 2023, with full-year 2024 revenue at $50.3M, down from $54.9M in 2023, due to lower volumes sold but higher gold prices.

• Q4 gold sales: 9,053 oz at $2,560/oz; full-year gold sales: 21,527 oz at $2,332/oz.

• Q4 net loss was $17.7M ($0.04/share), improved from $36.1M in Q4 2023; full-year net loss was $121.5M ($0.34/share), up from $89.7M in 2023.

• Cash used in operations increased to $9.2M in Q4 and $82.5M for the year, with year-end cash balance at $19.0M, up $2.7M from 2023.

• Cash position expected to be approximately $25 million after Q1 2025.

Outlook and guidance

• 2025 gold production expected between 30,000 and 40,000 ounces, with Granite Creek Underground contributing 20,000–30,000 ounces and heap leach operations about 10,000 ounces.

• Growth expenditures for 2025 projected at $40–$50 million, focused on permitting, feasibility studies, and Archimedes Underground development.

• Recapitalization plan includes new prepay agreements, working capital facility, and potential asset sales to support development.

• Targeting new senior financing by Q2 2026.