i-80 Gold (IAU) Q4 2025 earnings summary

Executive summary

• Achieved 2025 gold output guidance with 31,930 ounces, driven by Granite Creek ramp-up and portfolio-wide project advancement, including commencement of Archimedes underground construction and completion of Lone Tree refurbishment engineering.

• Advanced development plan and recapitalized balance sheet, supporting a hub-and-spoke processing strategy for three high-grade underground mines.

• Secured a transformative $500 million financing package, strengthening the balance sheet and enabling accelerated development across all major projects.

• Advanced drilling, technical studies, and permitting across the portfolio, with strengthened technical leadership and improved safety metrics (TRIFR 0.62).

Financial highlights

• Full-year revenue increased to $95.2 million from $50.3 million, with gold sales rising to 28,196 ounces at an average realized price of $3,368/oz.

• Gross profit improved to $11.5 million from a gross loss of $15.7 million, driven by positive results at Granite Creek.

• Net loss for the year was $198.8 million ($0.30/share), up from $121.5 million, mainly due to non-cash revaluations, write-downs, and higher pre-development expenses.

• Adjusted loss was $122.9 million, up from $111.2 million, reflecting increased project spending.

• Cash and cash equivalents at year-end were $63.2 million, reflecting inventory buildup, investments, and financing activities.

Outlook and guidance

• 2026 gold production guidance: 30,000–40,000 ounces from Granite Creek underground and 10,000 ounces from Archimedes and heap leach.

• Operating costs for 2026: $110–$120 million for Granite Creek, $25–$30 million for Archimedes; growth capital $140–$160 million.

• Feasibility studies for Cove and Granite Creek expected Q2 2026; Archimedes Q1 2027; Mineral Point PFS in next 12–18 months.

• Refurbishment of Lone Tree autoclave to be well advanced, with first gold pour targeted for December 2027.

• Annual production anticipated to rise to 300,000–400,000 ounces post-recapitalization.