i-80 Gold Corp. Reports Revenue Surge to $52.4 Million, Expands Development Projects

i-80 Gold Corp. reported significant financial growth in its latest quarterly results, with revenue reaching $52.4 million for the three months ended March 31, 2026, compared to $14.0 million in the same period last year. This increase was driven by the sale of 10,590 ounces of gold at an average realized price of $4,941 per ounce, a substantial rise from 4,952 ounces sold at $2,825 per ounce in the prior year. The company's gross profit also saw a notable increase, climbing to $16.1 million from $2.9 million year-over-year. However, the net loss widened to $78.6 million, up from $41.2 million, primarily due to higher non-cash losses related to fair value revaluations on derivative financial instruments and extinguishment of debt.

The company's financial position has improved markedly, with cash and cash equivalents increasing to $513.5 million as of March 31, 2026, up from $63.2 million at the end of 2025. This boost in liquidity is attributed to a successful recapitalization plan that raised over $787.5 million through various financing transactions, including a $250 million net smelter return royalty agreement and a $287.5 million offering of convertible debentures. The recapitalization has positioned i-80 Gold to advance its development projects, including the refurbishment of the Lone Tree Plant, which is expected to enhance processing capabilities and operational margins.

Operationally, i-80 Gold has made significant strides in its development projects. The company completed approximately 7,000 meters of drilling, marking the largest drill program in its history. The refurbishment of the Lone Tree Plant is underway, with a capital commitment of $31.2 million, and is expected to be completed by the end of 2027. The company anticipates that the refurbished plant will facilitate a transition from third-party toll milling to owner-operated processing, which is expected to improve cash flow generation.

In terms of strategic developments, i-80 Gold has strengthened its board by appointing three new directors with extensive experience in mining operations and finance. The company is also advancing its three-phase development plan, which aims to establish it as a mid-tier gold producer in Nevada. The first phase focuses on ramping up production at the Granite Creek and Archimedes underground projects, while the second phase will bring additional projects into operation, including the Cove underground mine and the Granite Creek open pit.

Looking ahead, i-80 Gold is optimistic about its production and operational guidance for 2026, with expectations to produce between 30,000 to 40,000 ounces of gold from the Granite Creek underground project and an additional 10,000 ounces from the Archimedes project. The company is fully funded to advance its development plans and is focused on optimizing its project timelines and resource management to achieve its long-term production targets.