i-80 Gold Corp. Reports 67% Revenue Growth to $14.0 Million in Q1 2025

i-80 Gold Corp. reported significant financial results for the first quarter of 2025, with revenue reaching $14.0 million, a 67% increase from $8.4 million in the same period last year. This growth was primarily driven by higher gold sales, which totaled 4,952 ounces at an average realized price of $2,825 per ounce, compared to 4,061 ounces at $2,063 per ounce in the prior year. Despite the increase in revenue, the company recorded a net loss of $41.2 million, up from a loss of $19.7 million in the first quarter of 2024, largely attributed to revaluation losses from its gold prepay and silver purchase agreements.

The company's operational expenses also saw an uptick, with pre-development, evaluation, and exploration costs rising to $9.5 million from $7.3 million year-over-year. General and administrative expenses increased to $5.0 million, while property maintenance costs were slightly lower at $4.1 million. The overall loss from operations was reported at $15.8 million, a slight improvement from the $16.1 million loss in the previous year. The company’s cash used in operating activities decreased to $22.7 million from $25.2 million, reflecting improved gross profit margins.

Strategically, i-80 Gold has been active in enhancing its operational capabilities and financial flexibility. The company completed a prospectus offering of 28.2 million common shares, raising approximately $15.6 million, and executed an at-the-market equity program that generated an additional $2.5 million. Furthermore, the company entered into a new gold prepay and silver purchase agreement with National Bank of Canada, securing $31 million to support its recapitalization plan. This agreement allows for the delivery of 6,864 ounces of gold and 345,549 ounces of silver by September 30, 2025.

Operationally, i-80 Gold has made progress on several fronts, including the completion of preliminary economic assessments for its five gold projects and modifications to the pumping system at Granite Creek to improve water management. The company has also advanced its drilling programs at the Cove Project, completing approximately 15,000 feet of underground delineation drilling to enhance resource estimates. Looking ahead, i-80 Gold expects to extract between 30,000 to 40,000 ounces of gold in 2025, with a significant contribution anticipated from the Granite Creek underground project.

In summary, while i-80 Gold Corp. has demonstrated strong revenue growth and strategic advancements in its operations, it continues to face challenges related to net losses and the need for ongoing financing to support its development plans. The company remains focused on executing its recapitalization strategy and enhancing its operational efficiency to drive future growth.