i-80 Gold Reports Second Quarter 2025 Results and Project Development Highlights

RENO, Nev., Aug. 13, 2025 /PRNewswire/ – i-80 GOLD CORP. (TSX:IAU) (NYSE:IAUX) (“i-80 Gold”, or the “Company”) reports its operating and financial results for the three and six months ended June 30, 2025, highlighting key developments across its asset portfolio. Unless otherwise stated, all amounts referred to herein are in U.S. dollars.

“The second quarter marked a major turning point at i-80 Gold,” stated Richard Young, President and Chief Executive Officer. “The equity financing completed in May has enabled us to advance key development initiatives across the five gold projects included in our development plan, and advance the Lone Tree autoclave refurbishment study which will be a key component of our hub-and-spoke mining and processing strategy for our high-grade underground projects.”

Mr. Young added, “In support of our three-phase development plan, we anticipate several key catalysts over the next 12 to 18 months. These include initiating underground development at Archimedes, completing infill drill programs and technical work to support upcoming feasibility studies at four of our gold projects, and completing the Lone Tree autoclave feasibility study. In parallel, permitting efforts are well underway across the portfolio as we recently expanded our permitting team and continue working collaboratively with regulators and local stakeholders. We are also actively working to secure the next phase of our recapitalization plan to continue laying the foundation to achieve our expected average annual target of more than 600,000 ounces of gold by the early 2030’s⁽³⁾.”

OPERATING AND FINANCIAL HIGHLIGHTS

Second Quarter 2025

Three months ended June 30, 2025

• Revenue totaled $27.8 million for the quarter compared to $7.2 million in the prior year period primarily driven by higher gold ounces sold⁽¹⁾ at Granite Creek and Lone Tree and a higher average realized gold price⁽²⁾.
  
  
• Gold sales⁽¹⁾ totaled 8,400 ounces at an average realized gold price⁽²⁾ of $3,301 per ounce compared to gold sales⁽¹⁾ of 3,445 ounces at an average realized gold price⁽²⁾ of $2,337 per ounce in the prior year period.
  
  
• Loss per share of $0.05 for the quarter improved compared to $0.11 loss per share in the prior year quarter primarily due to an increase in gross profit of $13.1 million.
  
  
• Cash used in operating activities for the quarter was $11.3 million, compared to $24.6 million in the prior year period due to an increase in gross profit.
  
  
• Executed financing initiatives in support of the Company’s broader recapitalization plan, including a bought deal public offering to which the Company issued 345.8 million units for gross proceeds of $172.9 million (net proceeds of $162.7 million) and a private placement of 25.2 million units for gross proceeds of $12.6 million (net proceeds of $12.5 million).
  
  
• Cash balance of $133.7 million as at June 30, 2025, an increase of $120.2 million compared to March 31, 2025 primarily due to net proceeds received from the bought deal public offering and private placement, partially offset by the gold and silver deliveries under the prepay instruments of $31.0 million and $11.0 million, respectively.
  
  
• Completed 8,717 feet of core drilling during the three months ended June 30, 2025 at the Mineral Point open pit project on the Ruby Hill property and Granite Creek underground to enhance mineral resource definition and support future technical studies.

“Given that i-80’s core assets are brownfield projects with a well understood and sizeable mineral resource base, we continue to advance steadily with relatively low technical and permitting risk due to their historical mining footprints and existing infrastructure,” stated Paul Chawrun, Chief Operating Officer. “The team remains focused on the infill drill programs in support of the upcoming feasibility studies, permitting, and development activities across all core assets as we progress toward achieving our staged production goals and continue to optimize the value and timing of each project within the broader development plan.”

RECAPITALIZATION UPDATE

The Company continues to execute a recapitalization strategy aimed at strengthening its balance sheet and funding its growth plans.

In May 2025, the Company raised gross proceeds of $185.5 million through a bought deal public offering and a concurrent private placement, with combined net proceeds of $175.2 million. If fully exercised, the warrants issued as part of the financing and expiring November 16, 2027, could provide the Company with up to approximately $130 million in additional proceeds. A portion of the proceeds of the offering were used to settle the first phase of the recapitalization plan totaling $42.0 million for gold and silver deliveries under the prepay instruments. Through to mid-2026, approximately $92 million is expected to be allocated to fund construction activities, drilling, permitting and technical studies across five gold projects including the Lone Tree autoclave processing facility, all part of the development plan.

The Company is actively working to secure the balance of required capital to execute the development plan and is in discussions with several parties regarding additional financing options. These potential options include debt facilities, as well as a royalty sale, and the sale of its FAD property, which is a non-core asset. Management aims to complete the balance of its recapitalization plan by mid-2026, aligning with the date of maturity of the Orion Convertible Loan.

UPCOMING CATALYSTS

The Company’s three-phase development plan prioritizes its high-grade underground refractory deposits and the refurbishment and commissioning of its Lone Tree autoclave to serve as a central processing hub, while also progressing permitting and technical work on its two large-scale open pit projects. In alignment with this strategy, the Company expects to achieve the following catalysts:

Archimedes Underground

• Commence underground development – Q3 2025
• Initiate infill drilling – Q4 2025 (upper zone)/Q1 2026 (lower zone)

Feasibility Studies

• Lone Tree autoclave refurbishment (Class 3 engineering study) – Q4 2025
• Granite Creek Underground – Q1 2026
• Cove Underground – Q1 2026
• Granite Creek Open Pit – Mid-2026
• Archimedes Underground – Q1 2027

Recapitalization Plan

• Advance debt financing options
• Sale of non-core asset (FAD property)
• Royalty sale

OPERATIONAL AND FINANCIAL OVERVIEW

Granite Creek

The Granite Creek property includes the Granite Creek underground project, a fully permitted, constructed and operating mine and the Granite Creek open pit oxide deposit adjacent to the underground project, currently in early-stage permitting. The Granite Creek underground is the Company’s first brownfield project to be redeveloped and is currently ramping up towards steady-state gold output.

Full story available on Benzinga.com