"i-80 Gold is off to a strong start in 2026, advancing our growth strategy to create a Nevada based mid-tier gold producer while completing a transformational recapitalization during the first quarter that fully funds our current development plan,(1)" stated Richard Young, President & CEO. "The financing packages executed in the first quarter significantly strengthen i-80 Gold's balance sheet and materially derisk execution of the development plan. Following the recapitalization, we approved a key construction decision related to the autoclave refurbishment, a cornerstone asset within our planned hub and spoke plan to develop our underground deposits within phase one of our development plan, which is targeting 150,000 to 200,000 ounces of gold beginning in 2028(1). Further, we initiated the 2026 drill program, representing the largest program in the Company's history in terms of planned footage and budget, supporting resource and reserve development in preparation of pre-feasibility and feasibility studies. In parallel, the business delivered its highest quarterly gross profit to date, supported by higher gold output and a higher realized gold price. We also continued to attract quality talent across the Company and at the Board level, further strengthening our ability to execute on our business plan."
FIRST QUARTER FINANCIAL, OPERATING AND DEVELOPMENT HIGHLIGHTSThree months ended March 31, 2026 compared to three months ended March 31, 2025Unless otherwise stated, all amounts referred to herein are in U.S. dollars.
Revenue increased to $52.4 million, representing 10,590 ounces in gold sold(2) at an average realized gold price(3) of $4,941 per ounce, compared to $14.0 million represented by 4,952 ounces sold(2) at an average realized gold price(3) of $2,825 per ounce in the prior year period. The increase in revenue was primarily driven by higher gold sales at Granite Creek as a result of the finalization of the third-party toll processing agreement in March 2025 and a higher average realized gold price(3).
Gross profit increased to $16.1 million from $2.9 million in the prior year period due to increases in revenue.
Net loss increased to $78.6 million compared to $41.2 million in the prior year period, due primarily to higher non-cash fair value revaluations on derivative financial instruments of $48.4 million driven by stronger metal prices. Additional non-cash losses on extinguishment of the gold prepay agreement, convertible loan, and convertible debentures of $7.1 million also contributed to lower net earnings, as well as financing expenses incurred in the amount of $9.9 million. Higher pre-development, evaluation and exploration expenses were incurred as the Company advances multiple projects within its development plan, which were partially offset by higher gross profit. Upon declaration of mineral reserves, certain pre-development, evaluation and exploration expenditures currently expensed, will be capitalized.
Loss per share of $0.09 decreased from $0.10 loss per share in the prior year period primarily due to an increase in the number of outstanding common shares following the equity raise in May 2025.
Adjusted loss increased to $28.6 million compared to $23.6 million in the prior year period due to increased spending on pre-development, evaluation and exploration expenses, partially offset by higher gross profit.
Cash used in operating activities increased to $45.1 million compared to $22.7 million in the prior year period as a result of interest payments made on the extinguishment of legacy debt of $25.7 million.
Cash and cash equivalents were $513.5 million as of March 31, 2026, an increase of $450.3 million compared to December 31, 2025, primarily due to the net proceeds received from the financing transactions to complete the Company's recapitalization plan, offset by higher capital expenditures compared to the prior year period driven by the commencement of the Lone Tree Plant refurbishment project, as well as the settlement of legacy debt obligations.
The Company closed several financing transactions for a total amount of $787.5 million. Gross proceeds of $662.5 million and net proceeds of $637.2 million were received on closing. These financing arrangements completed the recapitalization plan ahead of the Company's mid-2026 target and established a fully funded development plan(1):
March 16, 2026: Completed a net smelter return royalty for $250 million (the "NSR Royalty") with Franco-Nevada U.S. Corporation ("Franco-Nevada") of which $225 million was received on closing, an additional $25.0 million is expected to be made available to advance Mineral Point, contingent upon satisfaction of specified project conditions.
March 16, 2026: Entered into a gold prepayment facility with National Bank of Canada ("NBC") and Macquarie Bank Limited ("Macquarie") for up to $250 million including a $100 million accordion option subject to customary conditions and lender approval (the "2026 Gold Prepay").
March 23, 2026: Completed an offering of 3.75% unsecured convertible senior notes due 2031 in the aggregate amount of $287.5 million (the "2026 Convertible Debentures").
Proceeds from the NSR Royalty were used to redeem the 2023 Convertible Debentures, Orion Gold Prepay, and the Orion convertible loan in the amount of $165.0 million.
Completed approximately 7,000 meters of drilling, initiating the largest 12-month drill program in Company history. First quarter activities included infill drilling at Upper Archimedes underground to enhance mineral resource definition ahead of mining, resource definition drilling at Granite Creek underground beyond a planned feasibility study, and infill drilling at Mineral Point open pit to upgrade resource classification for the planned pre-feasibility study.
Approved the construction decision to proceed with the Lone Tree Plant refurbishment during the first quarter of 2026 with capital commitments of $31.2 million at March 31, 2026, with approximately 50% of total project capital expected to be committed by mid-2026.
Three-phase development plan remains on track with 2026 development priorities, as well as full year production, operating and pre-development evaluation, and exploration cost guidance for 2026.
Strengthened the Board with the appointment of three new directors who bring highly relevant experience and proven track records in mining operations, mineral processing, finance, and capital markets.
Three months ended
March 31,
2026
2025
Revenue
$000s
52,390
14,048
Gross profit
$000s
16,078
2,906
Net loss
$000s
(78,601)
(41,205)
Loss per share
$/share
(0.09)
(0.10)
Adjusted loss1
$000s
(28,599)
(23,596)
Adjusted loss per share1
$/share
(0.03)
(0.05)
Cash flow used in operating activities
$000s
(45,080)
(22,701)
Cash and cash equivalents
$000s
513,506
13,475
Drilling
meters
6,937
4,499
Gold produced
oz
10,825
5,240
Gold ounces sold1
oz
10,590
4,952
Average realized gold price2
$/oz
4,941
2,825
Notes to table above:
1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2026 (2025 - 59%).
2 This is a Non-GAAP Measure; please see "Non-GAAP and Supplementary Financial Performance Measures" section.
RECAPITALIZATION PLAN COMPLETE
Over the past 12 months, i-80 Gold executed on several financing initiatives that have led to the successful completion of its recapitalization plan. Most recently during the first quarter of 2026, the Company completed several key transactions including the NSR Royalty with Franco-Nevada for up to $250 million, the 2026 Gold Prepay with National Bank and Macquarie Bank for up to $250 million, and the issuance of the 2026 Convertible Debentures in the aggregate principal amount of $287.5 million. These financings completed the Company's broader recapitalization plan ahead of its mid-2026 target and align with the projected capital requirements and cash flows of the project development plan.
Overall, the recapitalization secured over $1 billion(4) in raised and available capital from early 2025 through the first quarter of 2026, materially strengthening the Company's balance sheet, providing funding certainty, and de-risking the development plan.
With the recapitalization complete, the Company believes it is now fully funded to advance Phase 1 and Phase 2 of the development plan. Phase 1 and Phase 2 currently include advancing three underground projects (Granite Creek, Archimedes and Cove) and one open pit oxide project (Granite Creek open pit), as well as the refurbishment and commissioning of the Company's centralized Lone Tree Plant. The anticipated increase in annual gold output from approximately 50,000 ounces in 2026 to a range of 300,000 to 400,000 ounces upon completion of Phase 2 is expected to generate sufficient operating cash flow to fund Phase 3, which currently includes the development of the Mineral Point open pit oxide project and an anticipated average annual gold output of 600,000 ounces.(1) The Company now has the financial flexibility to bring forward infill drilling, engineering, and technical studies in support of the pre-feasibility study and future permitting actions for Mineral Point ahead of Phase 3. With several feasibility and pre-feasibility studies currently in progress, the Company continues to identify opportunities to optimize the development schedule for Phase 2 and Phase 3.
Following the successful completion of the recapitalization plan, the Company has discontinued the sale process for its non-core FAD property.
UPCOMING CATALYSTS
Over the next 12 to 18 months, the Company is targeting to deliver the following key catalysts across its gold portfolio while also identifying opportunities to optimize the development schedule:
Technical Studies
Cove underground (Feasibility), Q2 2026
Granite Creek underground (Feasibility), Q2 2026
Archimedes underground (Feasibility), Late-Q1 2027
Mineral Point open pit (Pre-Feasibility), 2027 Timing under review
Granite Creek open pit (Pre-Feasibility), Timing under review
Lone Tree Plant
Commence demolition, Q2 2026
Commence construction, H2 2026
Plant commissioning, Q4 2027
Archimedes Underground
Initiate infill drilling of Lower Archimedes, Q2 2026
First gold from Upper Archimedes, Q4 2026
2026 Guidance
The Company remains on track to meet its 2026 guidance as originally published in its 2025 Year End Annual Report on Form 10K published on February 19, 2026.
OPERATIONAL AND FINANCIAL OVERVIEW
Three months endedMarch 31,
(in thousands of USD)
2026
2025
Revenue
52,390
14,048
Cost of sales
(35,829)
(10,766)
Depletion, depreciation and amortization
(483)
(376)
Gross profit
16,078
2,906
Expenses
Pre-development, evaluation and exploration
25,699
9,545
General and administrative
7,632
4,990
Property maintenance
4,565
4,147
Loss from operations
(21,818)
(15,776)
Other income and expenses, net
(42,279)
(17,225)
Interest expense
(6,184)
(8,204)
Loss on loan extinguishment
(7,110)
—
Loss before income taxes
(77,391)
(41,205)
Current tax expense
(1,210)
—
Net loss
(78,601)
(41,205)
Paul Chawrun, Chief Operating Officer, commented: "We are very pleased with the development progress achieved during the first quarter at our two underground projects. At Granite Creek, progress on the main decline and waste development remains on plan, and gold output has reached a steady operating rate, while water ingress continues to be effectively managed with existing infrastructure. Commissioning of a second, larger water treatment plant is on track for next month, which is expected to further simplify day-to-day operations for the long term. At Archimedes, both the development ramp and exploration drift are advancing ahead of plan, supported by favorable ground conditions and strong execution by our team and contractors. This work remains a priority to support infill drilling and technical work for the feasibility study, targeting for completion late in the first quarter of 2027, pending the potential expansion of the current drill program.
Drill results released in the first quarter at both Granite Creek South Pacific Zone and Upper Archimedes at Ruby Hill continued to return consistent and positive results, highlighting high-grade intercepts, continuity of mineralization, and further expansion potential at both deposits. At Mineral Point, we initiated a significant drill program to support a pre-feasibility study anticipated for completion in 2027.
The Lone Tree Plant refurbishment timeline and costs remain on track. We look forward to commencing demolition and site early works activities this quarter with the mobilization of Hatch's construction team, while in parallel, procurement and detailed engineering remain on track for first gold pour in December 2027."
Granite Creek Property
The Granite Creek property includes the Granite Creek underground project, a fully permitted, constructed and operating mine, and the Granite Creek open pit oxide deposit adjacent to the underground project. Granite Creek underground is the Company's first brownfield project to be redeveloped and is currently ramping up towards steady-state gold output.
