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

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.