i-80 Gold Corp. Reports Revenue Decline and Increased Net Loss in Latest 10-Q Filing

i-80 Gold Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated revenues of $24.3 million, a decrease from $27.8 million in the same quarter of the previous year. This decline was attributed to a reduction in gold sales, which totaled 5,335 ounces at an average realized price of $4,522 per ounce, compared to 8,400 ounces sold at $3,301 per ounce in the prior year. Despite the drop in revenue, gross profit increased to $8.6 million from $0.8 million, primarily due to higher gold prices.

The company's net loss for the quarter rose to $52.5 million, up from $30.2 million year-over-year, largely driven by increased pre-development, evaluation, and exploration expenses, which surged to $29.3 million from $9.0 million. This increase reflects the company's ongoing investment in multiple projects, particularly at the Ruby Hill property. The adjusted net loss also increased to $41.2 million from $26.5 million in the prior year, indicating a trend of rising operational costs as the company advances its development plans.

In terms of strategic developments, i-80 Gold has made significant progress on its Lone Tree Plant refurbishment, which is expected to transition the company from toll milling to owner-operated processing by early 2028. The refurbishment project is on schedule, with demolition activities already underway. The company has also completed several financing transactions, including a $250 million net smelter return royalty and a $287.5 million offering of convertible debentures, which have bolstered its liquidity position to $464.6 million as of June 30, 2026.

Operationally, i-80 Gold has reported increased gold production, with 11,098 ounces produced in the latest quarter compared to 4,178 ounces in the same period last year. The company is focused on ramping up production at its Granite Creek underground project and advancing the Archimedes underground project, with expectations of achieving first gold by the end of 2026. The company has also engaged in extensive drilling programs across its properties, with approximately 26,000 meters completed to support ongoing feasibility studies.

Looking ahead, i-80 Gold aims to achieve a production target of 30,000 to 40,000 ounces from the Granite Creek underground and 10,000 ounces from the Archimedes underground in 2026. The company remains committed to its multi-phase development plan, which includes the refurbishment of the Lone Tree Plant and the advancement of its other projects, with a long-term goal of reaching approximately 600,000 ounces of annual gold output. The company’s financial outlook remains contingent on market conditions and the successful execution of its development strategy.