Northwire Canada EditionWednesday, November 11, 2026
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Earnings

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

By The Northwire Desk — AI Analysis Feb 19, 2026 · 18:02 IAU · 2.66 i-80 Gold Corp.
IAU · Price

Executive Summary

  • i‑80 Gold reported FY 2025 revenue of $95.2 M (up from $50.3 M) but a net loss of $198.8 M, driven by non‑cash fair‑value losses on derivatives and a $26.2 M write‑down of Lone Tree Plant assets.
  • The company completed the Lone Tree Plant engineering study (capital estimate $430 M) and advanced construction permits for Archimedes underground, Granite Creek underground ramp‑up, and early work at Mineral Point.
  • A financing package of up to $500 M (royalty sale with Franco‑Nevada and a gold pre‑payment facility) is slated to close in Q1 2026 to fund Phase 1/2 of the development plan and retire ~$175 M of existing debt.

Key Details

  • Financial Highlights – FY 2025 vs 2024
  • Revenue: $95,193 k vs $50,335 k.
  • Gross profit: $11,506 k (vs a loss of $15,723 k).
  • Net loss: $(198,847) k (vs $(121,533) k).
  • Adjusted loss: $(122,920) k (vs $(111,221) k).
  • Cash & cash equivalents year‑end: $63.2 M (up from $19.0 M).

  • Pre‑development, evaluation & exploration expense: $38.1 M (↑ 57% YoY).

  • Quarterly Highlights – Q4 2025

  • Gold sales: 5,477 oz at $3,887/oz → revenue $21.3 M.
  • Gross profit Q4: $4.7 M (up from $1.8 M).

  • Net loss Q4: $(85.6) M (vs $(17.7) M).

  • Operating Metrics

  • Total gold produced FY 2025: 31,930 oz (↑ 21%).
  • Stockpile at period end: >6,500 oz of recovered gold awaiting processing Q1 2026.

  • Drilling completed FY 2025: ~37,000 m across all projects (Granite Creek underground, Mineral Point open pit, Archimedes underground, Cove underground).

  • Development Milestones

  • Completed Lone Tree Plant refurbishment engineering study; capital cost estimate $412 M (plus $18 M spares) = $430 M total.
  • Received all required permits and began construction of the upper level of Archimedes underground mine.
  • Commenced early works on Lone Tree Plant refurbishment under limited notice‑to‑proceed.

  • Stabilized groundwater inflow at Granite Creek via upgraded dewatering infrastructure.

  • Financing Package (up to $500 M)

  • $250 M royalty sale to Franco‑Nevada Corp. (closing ~17 Mar 2026).
  • Gold pre‑payment facility: initial $150 M from National Bank of Canada & Macquarie Bank, with optional $100 M accordion feature (closing Q1 2026).

  • Proceeds earmarked for Lone Tree Plant refurbishment, resource expansion drilling, development work across all projects, working capital, and repayment of ~$175 M existing debt (including convertible debentures & gold pre‑pay loan).

  • Outlook & Guidance – 2026

  • Production guidance: Granite Creek underground 30–40 k oz; Archimedes underground + residual heap leach ≈ 10 oz.
  • Operating cost guidance: Granite Creek $110–$120 M; Archimedes $25–$30 M.

  • Capital spend: Lone Tree Plant refurbishment $140–$160 M; growth capital for other projects $40–$50 M.

  • Upcoming Catalysts (2026‑2027)

  • Completion of financing package Q1 2026.
  • Positive construction decision for Lone Tree Plant early Q1 2026; demolition Q2 2026; construction H2 2026.
  • Feasibility studies: Granite Creek Q2 2026, Archimedes Q1 2027, Cove Q2 2026.
  • First gold from upper Archimedes expected Q4 2026.

Notable Quotes

  • “In 2025 we made significant progress in advancing our development plan and recapitalizing the Company’s balance sheet,” – Richard Young, President & CEO.
  • “Operations are on plan at Granite Creek underground, with upgrades to water management that will improve development rates in 2026,” – Paul Chawrun, COO.
Read the original news release →

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Nov 02, 2026 · 17:53

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Earnings Oct 14, 2026 · 06:00

i-80 reaffirms its schedule and prioritizes the Mineral Point deposit while exploration study delays continue to linger.

Production / Operations Sep 22, 2026 · 06:00

i-80’s Mineral Point infill confirms the bulk oxide model while east step-outs hint at a one-kilometre strike length.

Drill Results Sep 21, 2026 · 18:48

i-80’s Granite Creek FS confirms an 8.5-year mine life and $1.9k AISC, validating the project’s development path.

Technical Study Aug 10, 2026 · 18:16

i-80’s development plan remains funded with milestones largely on track despite feasibility study delays impacting credibility.

Earnings Jul 28, 2026 · 06:00

i-80’s Lone Tree refurbishment remains on track but faces two years to gold production, with near-term cash burn and feasibility delays weighing on the project.

Production / Operations