i-80 Gold’s quarterly loss widens to $48.350 million as development spending rises
Key Facts
i-80 Gold recorded a net loss of $48.350 million in the three months ended September 30, 2026, compared with a loss of $41.867 million in the year-earlier period. Loss per share was $0.06, versus $0.05 a year earlier. The company’s results showed revenue rose to $32.728 million from $32.019 million. But gold production fell to 11,685 ounces from 12,428 ounces in the third quarter of 2025. The company attributed the wider loss mainly to higher development, evaluation and exploration expenses.
Development, evaluation and exploration expenses totaled $33.355 million in the quarter, compared with $20.062 million in the year-earlier period. For the nine months ended September 30, those expenses rose to $88.317 million from $38.652 million. The company said the increase was mainly related to drilling programs at the Ruby Hill project. Lower revaluation expenses offset part of the impact of the higher costs, according to the quarterly report. The increase in expenses puts investment in development projects at the center of the company’s explanation for the wider quarterly loss.
For the first nine months of the year, the net loss was $179.478 million, compared with $113.287 million in the same period of 2025. Meanwhile, cumulative revenue rose to $109.466 million from $73.903 million. Gold production during the period totaled 33,649 ounces, compared with 26,256 ounces in the first nine months of last year. These figures show higher revenue and production for the cumulative period alongside increased losses and expenses. Cash and cash equivalents stood at $411.355 million on September 30, 2026, compared with $102.867 million on the same date in 2025.
The company used $32.541 million in operating activities during the third quarter, and the amount used totaled $127.206 million in the first nine months of the year. Cash used in operating activities was $15.246 million in the corresponding quarter of 2025 and $49.282 million in the corresponding nine-month period. Quarterly revenue was $32.728 million, while cash and cash equivalents at the end of September reached $411.355 million. Together, these figures show the cash used in operations and the liquidity recorded at period-end. Higher development, evaluation and exploration expenses contributed to the increased loss, the company said.
The company’s 2026 guidance includes production of between 30,000 and 40,000 ounces from the Granite Creek underground mine. It also includes 10,000 ounces from the Archimedes underground mine and residual leaching. The company said surface and underground infrastructure work required to begin production mining at Archimedes was on schedule. That infrastructure is due to be completed in early November, with mining targeted to begin before year-end. The company expects operating costs, sustaining capital, growth capital and pre-development expenses to be at the lower end of their ranges, and exploration spending to be below plan.
The company had set November 2, 2026, as the date to release its financial and operating results for the quarter and nine months ended September 30, after market close. It is scheduled to hold a call to discuss the results and operating activities on November 3 at 10:00 a.m. Eastern time. i-80 Gold lists its shares on the Toronto Stock Exchange under the symbol IAU and on the NYSE American under the symbol IAUX. The call is the next scheduled opportunity for management to discuss the results and operating activities. Company data indicated that the period’s results cover operating and financial performance through the end of September.