i-80 Gold TSE: IAU said its first-half performance marked a turning point following a first-quarter recapitalization, with management emphasizing progress on mine development, processing infrastructure and permitting as it works toward higher production over the next several years.
President and CEO Richard Young said the company has strengthened its balance sheet and remains focused on executing its development plan. The company is targeting annual gold output of approximately 150,000 to 200,000 ounces in 2028, compared with about 50,000 ounces expected in 2026. Longer term, i-80 Gold sees a pathway to more than 600,000 ounces of annual gold production by the early 2030s.
The company also began demolition work at its Lone Tree autoclave and carbon-in-leach processing plant ahead of construction expected to begin in the fourth quarter. Young said the planned transition from toll milling to owner-operated processing in 2028 is expected to improve cash margins by $1,000 to $1,500 per ounce.
Granite Creek Production and Development
Chief Operating Officer Paul Chawrun said Granite Creek Underground continued to advance, with approximately 750 meters of development completed year-to-date, more than double the development achieved in the first half of 2025. The mine’s main decline and lateral development are ahead of plan, he said, providing increased access to higher-grade mining areas.
Mining was temporarily affected during the second quarter by ground conditions that limited access to two high-grade areas. Chawrun said access has since been restored and those areas are contributing to third-quarter production. He added that the mine has about 15 to 16 available headings, above the 10 to 12 generally needed to provide flexibility in the mine plan.
Granite Creek mined about 72,000 tons during the quarter, including 13,600 tons of sulfide material grading 6.5 grams per ton gold and 12,000 tons of oxide material grading 7.4 grams per ton gold. Second-quarter production totaled approximately 8,600 ounces of gold, bringing first-half production to roughly 17,500 ounces. The company reiterated its 2026 production guidance of 30,000 to 40,000 ounces.
Third-party processing availability constrained processing volumes, with approximately 9,100 tons of sulfide material processed during the quarter. At quarter-end, i-80 Gold had 5,300 recoverable ounces of gold in process at a third-party facility and another 1,800 recoverable ounces in inventory at Granite Creek.
Chawrun said an updated Granite Creek Underground mineral resource estimate has been completed and will support a feasibility study expected in the third quarter of 2026. Management said the study is expected to use a lower cutoff grade than the prior preliminary economic assessment, resulting in more tons at lower grades but similar ounces.
Archimedes Study Delayed, Mine Ramp-Up Unchanged
At Archimedes, underground development remained on schedule and largely on budget, according to Chawrun. The company remains on track to mine first gold from the upper 426 zone in the fourth quarter of 2026.
However, the Archimedes feasibility study is now expected around mid-2027, rather than on the prior timeline, due to drill-rig availability and contractor staffing constraints affecting definition drilling. Chawrun characterized the delays as moderate and said they do not affect the mine ramp-up schedule or planned Lone Tree feed assumptions.
Management said drilling in the upper 426 zone confirmed grades and continuity in planned mining areas while identifying high-grade oxide mineralization that was not included in the mineral resource estimate underpinning the 2025 preliminary economic assessment. The company is evaluating processing options for that oxide material, including the existing Ruby heap-leach pad and the Lone Tree carbon-in-leach circuit.
Young said the completed upper 426 drilling program is expected to provide feed for several years regardless of the later feasibility-study timeline.
Lone Tree Work Continues on Schedule
The Lone Tree processing plant refurbishment remains on schedule for first gold by the end of 2027, Chawrun said. Estimated project capital remains on budget, with about 40% of capital committed as of mid-July and roughly half of procurement packages by value awarded.
Demolition began in June, while detailed engineering and permitting continued to advance. Third-quarter priorities include bringing detailed engineering to about 60%, substantially completing primary demolition and awarding civil and concrete contracts.
Management said it intends to build sulfide stockpiles from Granite Creek and Archimedes during 2027 to ensure sufficient material is available when Lone Tree begins operations. The company is also evaluating alternatives for high-grade oxide material, including processing through Lone Tree or leaching at Ruby.
Financial Results and Capital Outlook
Chief Financial Officer Ryan Snow said i-80 Gold ended the second quarter with approximately $465 million in cash, compared with $514 million at the end of the first quarter. The company also released about $17 million in restricted cash during the period.
- Quarterly gold production was approximately 11,100 ounces, while gold sales were about 5,300 ounces.
- Second-quarter revenue was just over $24 million, bringing first-half revenue to just under $77 million.
- Gross profit totaled $9 million in the quarter and $25 million year-to-date.
- Net loss was $53 million, or $0.06 per share, in the second quarter, and $131 million, or $0.15 per share, for the first half.
Snow said the net loss reflected non-cash fair-value revaluations of financial instruments, recapitalization-related financing costs and higher pre-development expenses. The company’s realized gold price for the first six months was nearly $4,800 per ounce, while higher production at Granite Creek also supported year-over-year revenue growth.
For 2026, i-80 Gold maintained its overall growth capital expenditure guidance of $150 million to $175 million on an accrual basis. Lone Tree refurbishment spending is expected at the bottom end of that range, while Archimedes underground growth capital is expected to be $10 million to $15 million higher because of changes to long-term surface infrastructure. Exploration expense is expected to be about $10 million lower, primarily because of delayed drill-rig deliveries and contractor staffing shortages.
At Mineral Point, the company completed approximately 15,800 meters of drilling during the first half. The broader 131,000-meter program is now expected to be completed late in the first quarter of 2027, pushing the planned pre-feasibility study to around mid-2027, subject to drilling progress.
About i-80 Gold (TSE:IAU)
i-80 Gold Corp. is a Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of four new open pit and underground mining operations that will ultimately process ore at the Company's central Lone Tree complex that includes an Autoclave. The Company's primary goal is to build a self-sustaining, mid-tier, mining company with a peer-best growth platform by employing a methodical, capital disciplined and staged approach to minimize risk while also assessing and monitoring for accretive growth opportunities.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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