i-80 Gold Reports Third Quarter 2026 Results; Archimedes Underground on Track to Begin Production Mining by Year-End

i-80 Gold Corp. reported third-quarter 2026 results for the three and nine months ended September 30, 2026. Revenue reached $32.7 million, compared to $32.0 million in the same period last year. The company sold 7,744 ounces of gold at an average price of $4,211 per ounce, versus 9,368 ounces at $3,412 per ounce in the prior-year quarter.

Gold production totaled 11,685 ounces, a 6.0% decline from 12,428 ounces in the prior-year quarter. For the first nine months of the year, production reached 33,649 ounces, up from 26,256 ounces. Gross profit increased to $5.0 million from $3.1 million. The net loss widened to $48.4 million from $41.9 million, while the adjusted net loss widened to $48.2 million from $34.3 million.

Cash used in operating activities rose to $32.5 million from $15.2 million. Cash and cash equivalents stood at $411.4 million at September 30, 2026, a decrease of $53.2 million from June 30, 2026.

At the Granite Creek project, an underground feasibility study declared maiden reserves of 2.20 million tonnes at 7.87 g/t Au, containing 556,500 ounces. Measured and indicated resources increased 229% to 3.73 million tonnes at 7.17 g/t Au, containing 859,500 ounces, while inferred resources fell 38% to 0.89 million tonnes at 7.06 g/t Au, containing 202,800 ounces.

Development at the Archimedes underground site advanced 760 meters during the quarter. First gold mining is expected in the fourth quarter of 2026, but oxide material will be heap-leached on the existing pad rather than sold under the ore purchase agreement, delaying recorded production from Q4 2026 to Q1 2027. Refractory material will be stockpiled for the Lone Tree facility.

Refurbishment of the Lone Tree Plant is underway, with bulk demolition complete and mobilization for initial construction scheduled for Q4 2026. The total capital estimate is $430 million, with approximately 44% of project capital committed and approximately 20% of contingency drawn. Commissioning is expected in Q4 2027.

The Mineral Point open pit is now prioritized as the next major development project following the underground hub-and-spoke platform. The company completed 25,865 meters of drilling in Q3 2026 and expects a pre-feasibility study in the second half of 2027. A feasibility study for the Cove underground project is expected in Q4 2026. The long-term target is 500,000 to 600,000 ounces of annual gold output in the early 2030s, with a near-term target of 150,000 to 200,000 ounces beginning in 2028.

For the 2026 outlook, gold production is expected in the lower half of the guidance range. Operating costs, sustaining capital, growth capital, and pre-development expenses are projected at the low end. Lone Tree 2026 capital expenditures are expected to be below guidance due to invoicing timing, and exploration expenses are anticipated to be below plan because of earlier drill-rig and staffing constraints.

i-80 Gold Corp. (IAU) reported a decline in third-quarter production of 6.0% year over year, with gold sales falling 17.3%. The company’s adjusted net loss widened by 40.6%, while operating cash burn more than doubled. Additionally, unit costs at the Granite Creek mine rose sharply.

Guidance is now explicitly set at the lower half of the 2026 range. Production recognition for the Archimedes oxide project has slipped from the fourth quarter of 2026 to the first quarter of 2027, a timing and mix shift that impacts fourth-quarter revenue and cash flow.

The company holds $411.4 million in cash and has achieved physical milestones at the Archimedes and Lone Tree projects, alongside maiden reserves at Granite Creek. While the release does not alter the 2028 production target, it softens the top end of the early-2030s target to 500,000–600,000 ounces.

The stock had weakened prior to the announcement, trading at $2.37 on August 10, 2026, $2.62 on September 22, 2026, and $1.94 on November 2, 2026. The market was positioned for a soft quarter, and the release validated that caution.

i-80 Gold Corp. (NYSE American and TSX: IAU) is a Nevada-focused gold producer and developer executing a hub-and-spoke strategy centered on two near-term underground mines, a central processing plant, and two large open-pit oxide projects. The company’s current production base is the Granite Creek underground mine in Humboldt County, Nevada, which is fully permitted, constructed, and operating as it ramps toward steady state.

Looking ahead, i-80 Gold is developing the Archimedes underground mine at Ruby Hill in Eureka County, with first gold mining targeted for the fourth quarter of 2026 and a feasibility study scheduled for the second half of 2027. These operations, along with future output from the Cove underground project, will be processed through the Lone Tree Plant. This autoclave and carbon-in-leach (CIL) facility is currently being refurbished at a cost of $430 million, with commissioning targeted for the fourth quarter of 2027.

Growth prospects include the Mineral Point open pit, a large low-grade oxide gold-silver deposit with a 17-year mine life estimated at roughly 280,000 ounces of gold equivalent per year, as well as the Granite Creek open pit oxide and the high-grade refractory Cove underground project.

The company is led by President and CEO Richard Young, Executive Vice President and COO Paul Chawrun, and Executive Vice President and CFO Ryan Snow. The management team brings prior experience from Teranga Gold, Argonaut Gold, Centerra Gold, and Tahoe Resources. i-80 Gold operates in Nevada, which ranked first globally for mining investment attractiveness in the Fraser Institute 2025 survey. While jurisdiction risk is considered low, permitting and labor competition remain significant operating constraints.