i-80 Gold Reports Fourth Quarter and Full Year 2025 Results; Continues to Advance Development Plan

TORONTO, Feb. 19, 2026 /CNW/ – i-80 GOLD CORP. (TSX:IAU) (NYSE:IAUX) (“i-80 Gold” or the “Company”) reports its operating and financial results, as well as development highlights, for the fourth quarter and full year ended December 31, 2025.

“In 2025 we made significant progress in advancing our development plan and recapitalizing the Company’s balance sheet,” said Richard Young, President & CEO. We advanced technical and permitting work, as well as exploration and infill drilling programs across our gold projects in the development plan. We also completed the Lone Tree refurbishment study which underpins our hub and spoke processing strategy for our three high-grade underground mines. We are targeting to complete our recapitalization plan by the end of the first quarter, which is expected to fully fund phase one and two of our development plans while also providing flexibility and optionality for both our near-term and longer-term growth plans, at competitive costs.”

“As we enter 2026, we look forward to ramping up production at Granite Creek, beginning the refurbishment of our Lone Tree Plant, commencing mining at our second underground mine Archimedes, and continuing to advance our technical and permitting work on our remaining projects, in particular at Mineral Point, our large open pit heap leach project. We anticipate this year to be another transformational year for i-80 Gold,” added Mr. Young.

2025 FINANCIAL, OPERATING AND DEVELOPMENT HIGHLIGHTS
Three and twelve months ended December 31, 2025 compared to three and twelve months ended December 31, 2024
Unless otherwise stated, all amounts referred to herein are in U.S. dollars.

Fourth Quarter

• Revenue from gold sales for the quarter was $21.3 million, from 5,477 ounces⁽¹⁾ at an average realized gold price⁽²⁾ of $3,887 per ounce compared to revenues of $23.2 million from gold sales of 9,053 ounces⁽¹⁾ at an average realized gold price⁽²⁾ of $2,560 per ounce. The Company held a higher inventory balance during the fourth quarter due primarily to the timing of third-party processing. The stockpile balance was over 6,500 recovered ounces of gold which is expected to be processed during the first quarter of 2026.
  
  
• Gross profit increased to $4.7 million from $1.8 million compared to the year prior, due primarily to a stronger gold price. Granite Creek generated gross profit for the second half of 2025.
  
  
• Net loss increased to $85.6 million compared to $17.7 million due primarily to non-cash fair value revaluations on derivative financial instruments of $21.5 million driven by stronger metal prices and the Company’s increased share price. Additionally, a non-cash write-down of $26.2 million related to Lone Tree Plant assets that were identified as redundant following the completion of the related engineering study, and higher pre-development, evaluation and exploration expenses were incurred as the Company advances multiple projects. Upon declaration of mineral reserves, certain pre-development, evaluation, and exploration expenditures currently expensed will be capitalized.
  
  
• Adjusted loss increased to $37.8 million compared to $25.0 million due to increased spending on pre-development, evaluation and exploration expenses.
  
  
• Cash used in operating activities of $34.3 million increased compared to $9.2 million in the year prior as a result of increased pre-development, evaluation, and exploration expenses.
  
  
• Cash and cash equivalents of $63.2 million as at December 31, 2025, a decrease of $39.6 million compared to September 30, 2025, primarily due to cash used in pre-development, evaluation, and exploration expenses, capital expenditures on property, plant, and equipment primarily for the Lone Tree Plant study, the repayment of the Sprott Convertible Loan and a build up of finished goods and stockpile at year-end.
  
  
• Completed the Lone Tree Plant engineering study which confirmed plant design, processing capacity, and scope of work, resulting in a capital cost estimate of $412 million, inclusive of contingency, owner’s cost and first fills, plus $18 million in capital spares for a total of $430 million.

Year Ended December 31, 2025

• Revenue from gold sales increased to $95.2 million from $50.3 million in the prior year which represented 28,196 ounces⁽¹⁾ at an average realized gold price⁽²⁾ of $3,368 per ounce, compared to gold sales of 21,527 ounces at an average realized gold price⁽²⁾ of $2,332 per ounce as mining activity at Granite Creek increased.
  
  
• Achieved 2025 guidance with 31,930 ounces of consolidated gold output, an increase from the prior year as mining activities continued to ramp up at Granite Creek underground.
  
  
• Gross profit improved to $11.5 million from a gross loss of $15.7 million due to increased revenue. Granite Creek generated gross profit for the second half of 2025.
  
  
• Net loss of $198.8 million compared to $121.5 million in the prior year was higher due to other expenses from non-cash fair value revaluation losses, a non-cash write-down, and higher pre-development, evaluation and exploration expense as the Company advances multiple projects within its development plan partially offset by higher gross profit.
  
  
• Adjusted loss increased to $122.9 million from $111.2 million due to increased spending on pre-development, evaluation, and exploration expenses as the Company advanced multiple projects within its development plan, partially offset by higher gross profit.
  
  
• Cash used in operating activities was $83.6 million, comparable to $82.5 million in the prior year.
  
  
• Cash balance of $63.2 million as at December 31, 2025, an increase of $44.2 million during the year due to proceeds from the brokered and private placements and higher gross profit, partially offset by a principal repayment on the Company’s Gold Prepay and Silver Purchase Agreement, along with the its convertible loan with Sprott Capital Partners.
  
  
• Completed approximately 37,000 meters of drilling across the portfolio, including mineral resource definition drilling at Granite Creek underground to support a planned feasibility study, technical drilling at Mineral Point open pit, infill drilling at Archimedes underground to enhance mineral resource definition ahead of mining, and resource definition and geotechnical drilling at Cove underground to support a planned feasibility study.
  
  
• Total Recordable Injury Frequency Rate improved to 0.62 compared to 1.27 in the year prior.
  
  
• Strengthened technical leadership with the appointment of a new Chief Operating Officer and added depth across core management roles in operations, technical services and permitting.
  
  
• Received all required permits and commenced construction for the upper level of the Archimedes underground project — the Company’s second underground mine — marking a key milestone in Phase one of its development plan.
  
  
• Commenced early works activities for the Lone Tree Plant refurbishment under a limited notice-to-proceed, followed by the completion of the engineering study of the refurbishment design and the capital costs.
  
  
• Stabilized groundwater inflow at Granite Creek underground — the Company’s first brownfield project to be redeveloped — through enhanced dewatering infrastructure and a predictive groundwater model, improving development and mining rates.

DEVELOPMENT PLAN AND RECAPITALIZATION

In 2025, i-80 Gold focused on advancing its three-phased development plan to create a mid-tier gold producer by the early 2030s. Phase one includes the ramp up of Granite Creek underground, the construction of the Archimedes underground mine, and the refurbishment of the Company’s Lone Tree Plant which will act as a central processing facility. This phase is expected to increase i-80 Gold’s production to between 150,000 to 200,000 ounces of gold⁽³⁾ from less than 50,000 ounces currently. Phase two involves the development of the Cove underground project and Granite Creek open pit, which is expected to increase companywide production to between 300,000 to 400,000 ounces of gold⁽³⁾. Phase three is expected to bring Mineral Point, a large open pit heap leach project, into operation increasing production levels to over 600,000 ounces of gold⁽³⁾.

During the year, the Company significantly strengthened its balance sheet through several financing initiatives which ultimately culminated in the significant financing package announced in February 2026. The financing package of up to $500 million consists of a royalty sale of $250 million with Franco-Nevada Corporation, and a gold prepayment facility with National Bank of Canada and Macquarie Bank Limited for an initial $150 million together with an uncommitted accordion feature for an additional $100 million⁽⁴⁾ (collectively, the “Financing Package”). The royalty sale is subject to customary closing conditions and is anticipated to be completed on or about March 17, 2026, and closing of the prepayment facility is subject to customary closing conditions, including but not limited to, an intercreditor arrangement and is anticipated to be completed by the end of the first quarter of 2026. The Company has issued a notice of redemption of its existing convertible debentures as part of the recapitalization plan to provide the required security under the Financing Package. The Company is also contemplating the potential sale of a non-core asset and the issuance of debt or equity, or a combination thereof, to complete the recapitalization plan, which once complete, is expected to fully fund Phase one and Phase two of the development plan^(3,6).

Upon completion of the Financing Package, the proceeds will be used to refurbish the Lone Tree Plant, fund resource expansion and infill drilling, and advance development, technical and permitting activities across the Company’s portfolio of assets, as well as for working capital purposes. The proceeds will also be used to extinguish the Company’s existing debt obligations of approximately $175 million⁽⁵⁾. The Financing Package also provides flexibility to accelerate the feasibility study and permitting work for the Mineral Point open pit project. With several feasibility studies currently in progress, we continue to identify opportunities to optimize the development schedule for Phases two and Phase three.

Outlook

The Company achieved its 2025 guidance of 30,000 to 40,000 ounces, reporting 31,930 ounces of gold output, despite gold production being impacted by the timing of third-party processing. Granite Creek underground contributed 22,977 ounces within its expected range of between 20,000 to 30,000 ounces⁽³⁾. The Company’s two residual heap leach operations contributed 8,953 ounces of gold compared to the approximately 10,000 ounces expected in 2025. Had timing of processing by the Company’s third-party processor been in line with plan, production for the year would have been at the higher end of the guidance range, given as at the end of December 2025, over 6,500 recovered ounces of gold were stockpiled at the third-party processing facility. 

In 2025, the Company met its expected growth expenditures of between $40 million to $50 million that is primarily recognized in pre-development, evaluation and exploration expenditures.

2026 Outlook

The Company’s 2026 production, operating and pre-development, evaluation and exploration cost guidance is summarized below:

At Granite Creek, guidance is largely in line with the Preliminary Economic Assessment prepared in accordance with NI 43-101 and the corresponding Initial Assessment prepared under S-K 1300 each published in the first quarter of 2025 (collectively, the “PEA”), with some exceptions. As previously disclosed, the impact of underground water was not reflected in the PEA, resulting in (i) higher waste development rates required to catch up on development, (ii) additional capital required for dewatering infrastructure, (iii) lower grades processed in 2026 due to the delay in accessing the higher grade South Pacific Zone. Additionally, relative to the PEA, both recoveries and processing costs are higher due to the toll milling agreement entered into subsequent to the release of the PEA. Material mined is approximately 20% higher than the PEA, while mining, G&A and development and sustaining costs are in line. Step out and infill drilling budgets have been increased relative to the PEA due to the success of the 2025 program.

At Archimedes, tonnes and mined grade, and development costs are largely in line with the PEA. The exception is processing costs related to the new toll milling agreement entered into following the release of the PEA. Costs related to the Archimedes feasibility study have been brought forward to 2026 versus 2028 in the PEA. This includes infill drilling costs with an additional $10 million for an exploration drift and the cost of drilling longer holes.

Costs associated with pre-development activities at Mineral Point have been brought forward to 2026 from 2028. Resource expansion and infill drilling along with technical and early permitting activities are expected to total between $40 to $45 million and be funded through the portion of the proceeds from the Franco-Nevada Corporation royalty allocated to Mineral Point.

Other technical work, permitting activities, and holding costs are largely in line with estimates published in the respective PEAs.

This outlook, including expected results and targets, is subject to various risks, uncertainties and assumptions, which may impact future performance and the Company’s ability to achieve the results and targets discussed in this section. Please refer to the “Cautionary Statement on Forward-Looking Information” section. The Company may, but is under no obligation to, update this outlook depending on changes in metal prices and other factors.

Upcoming Catalysts

Over the next 12 to 18 months, the Company expects to deliver the following key catalysts across its gold portfolio while also identifying opportunities to optimize the development schedule:

Technical Studies

• Cove underground (Feasibility) — Q2 2026
• Granite Creek underground (Feasibility) — Q2 2026
• Archimedes underground (Feasibility) — Q1 2027
• Granite Creek open pit (Pre-feasibility/Feasibility) — Timeline under review
• Mineral Point open pit (Pre-feasibility/Feasibility) — Timeline under review

Lone Tree Plant

☑   Construction decision —  Positive construction decision granted by the Board early-Q1 2026

• Commence demolition — Q2 2026
• Commence construction — H2 2026

Archimedes Underground

• Initiate infill drilling of lower Archimedes — Q2 2026
• First gold from upper Archimedes — Q4 2026

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