i-80 Gold Corp. WT

What they do

i-80 Gold explores and extracts gold and silver from wholly owned properties in Nevada, including the Granite Creek underground mine and open pit, the Ruby Hill property, the Cove property and the Lone Tree property, which hosts an autoclave and carbon-in-leach plant that is being refurbished. The company sells gold, including attributable gold from mineralized material sales at a 56% payable factor in 2026. It describes itself as one of the largest mineral resource holders in Nevada, with a pipeline of three underground and two open pit projects.

Revenue drivers

• Gold sales — Revenue comes from gold ounces sold; Q2 2026 revenue was $24.3 million on 5,335 ounces at an average realized price of $4,522 per ounce. Gold ounces sold include attributable gold from mineralized material sales at a 56% payable factor in 2026.
• Granite Creek — The Granite Creek underground mine is the producing asset in ramp-up; lower gold sold in Q2 2026 was driven by delays at a third-party processing facility, and the project remains on track to meet full-year production guidance.
• Ruby Hill / other projects — Ruby Hill, Cove and the FAD Project are exploration and development stage and generated no reported revenue; higher pre-development, evaluation and exploration costs were largely related to drilling programs at Ruby Hill.

Recent performance

Q2 2026 revenue was $24.3 million from 5,335 gold ounces sold at an average realized price of $4,522 per ounce, versus $27.8 million from 8,400 ounces at $3,301 per ounce in Q2 2025. Gold production rose to 11,098 ounces from 4,178 ounces, and gross profit increased to $8.6 million from $0.8 million. The net loss widened to $52.5 million from $30.2 million, and cash used in operating activities increased to $49.6 million from $11.3 million. For the six months ended June 30, 2026, revenue was $76.7 million and net loss was $131.1 million. Cash and cash equivalents were $464.6 million at June 30, 2026.

Strategy

Management is advancing a development plan across multiple Nevada projects, including the Granite Creek ramp-up, the Archimedes underground mine, the Lone Tree Plant refurbishment and the Ruby Hill property. The company targets first gold mined at Archimedes and the start of major construction at Lone Tree in Q4 2026, and expects the Lone Tree Plant to be commissioned by the end of 2027. It completed about 19,000 meters of drilling in Q2 2026 and anticipates a Granite Creek feasibility study in Q3 2026 and 2027 technical studies for Archimedes and Mineral Point. Management states it remains on track to achieve full-year production guidance.

Risks

• Operating hazards — Mining operations are inherently dangerous and subject to hazards such as rock bursts, cave-ins, flooding and pit wall failure that could cause a prolonged interruption of operations.
• Development and commercial mining risk — The company's exploration and development programs may not result in profitable commercial mining operations, and its projects require significant financial risk over a long period.
• Third-party processing dependence — Q2 2026 revenue was lower primarily due to delays at a third-party processing facility affecting gold sold at Granite Creek.
• Financing and refinancing risk — The company may need to access capital through asset sales, debt restructuring or additional equity, and its ability to refinance indebtedness depends on capital markets and its financial condition at the time.

Outlook

Management states it remains on track to achieve its full-year production guidance range and expects to commence gold mining at Archimedes and major construction at Lone Tree in Q4 2026. A Granite Creek feasibility study is anticipated in Q3 2026, with 2027 technical studies planned for Archimedes and Mineral Point. The Lone Tree Plant refurbishment is expected to be commissioned by the end of 2027, and the company is executing its plan to become a Nevada-focused mid-tier gold producer.