i-80 Gold Reports First Quarter 2026 Results; Recapitalisation Complete, Development Plan Fully Funded

• i-80 Gold closed $787.5 million across three financing transactions in the first quarter of 2026, raising over $1 billion in total capital since early 2025 and retiring $165.0 million in prior debt obligations.
• The recapitalisation eliminated the going-concern emphasis noted in the company's year-end 2025 financials; i-80 Gold states it is fully funded to advance Phase 1 and Phase 2 of its development plan.
• First quarter 2026 revenue was $52.4 million with gross profit of $16.1 million; the adjusted loss was $28.6 million, with cash and cash equivalents of $513.5 million at quarter-end.
• The Board approved a construction decision for the Lone Tree autoclave refurbishment, with demolition commencing in the second quarter of 2026 and commissioning targeted for the fourth quarter of 2027.
• The development plan targets approximately 50,000 ounces of gold in 2026, scaling to 150,000 to 200,000 ounces at Phase 1 completion, beginning in 2028, and to an average of 600,000 ounces annually at Phase 3.

Company Overview

i-80 Gold (NYSE: IAUX | TSX: IAU) is a Nevada-focused gold development company building a multi-deposit production base through a phased underground mine development programme.

Recapitalisation Complete

I-80 Gold closed $787.5 million in financing transactions during the first quarter of 2026, completing a recapitalisation that the company states fully funds Phase 1 and Phase 2 of its development plan. Gross proceeds totalled $662.5 million, with net proceeds at closing of $637.2 million. Combined with capital raised since early 2025, total capital available exceeded $1 billion.

The three transactions comprised a $250 million net smelter return (NSR) royalty with Franco-Nevada US Corporation, with $225 million received at closing and $25 million contingent on Mineral Point project conditions; a gold prepayment facility of up to $250 million with National Bank of Canada and Macquarie Bank Limited, including a $100 million accordion option; and $287.5 million in 3.75% unsecured convertible senior notes due 2031. Proceeds from the NSR royalty were used to retire $165.0 million in prior obligations, covering the 2023 Convertible Debentures, the Orion Gold Prepay, and the Orion convertible loan. The sale process for the FAD Property was also discontinued, and three new directors were appointed to the Board.

President and Chief Executive Officer of i-80 Gold, Richard Young, addressed what the transaction achieves for the company's near-term execution: 

"The financing packages executed in the first quarter significantly strengthen i-80 Gold's balance sheet and materially derisk execution of the development plan."

First Quarter 2026 Financial Results

i-80 Gold reported revenue of $52.4 million for the first quarter of 2026, with gross profit of $16.1 million and cost of sales of $35.8 million. The net loss for the quarter was $78.6 million, or $0.09 per share, driven primarily by non-cash fair value revaluations of derivative financial instruments, along with losses on loan extinguishment and financing expenses associated with the recapitalisation. The adjusted loss was $28.6 million, or $0.03 per share, calculated on a weighted average of 837,103,078 shares.

Cash and cash equivalents as of March 2026 stood at $513.5 million, with cash used in operating activities of $45.1 million. Consolidated gold production for the quarter was 10,825 ounces, with 10,590 ounces sold at an average realised gold price of $4,941 per ounce.

Going Concern Resolved

The recapitalisation completed during the first quarter of 2026 directly resolved the going concern position disclosed in i-80 Gold's year-end 2025 financial statements. Following the close of the financing transactions, the substantial doubt about the company's ability to continue as a going concern no longer exists.

Lone Tree Plant Construction Decision

The Board approved a construction decision for the Lone Tree autoclave refurbishment during the first quarter of 2026. Demolition is scheduled to commence in the second quarter of 2026, with construction beginning in the second half of 2026 and commissioning targeted for the fourth quarter of 2027. 

Young placed the autoclave refurbishment within the context of Phase 1 delivery: 

"Following the recapitalisation, 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."

Granite Creek Operational Performance 

Granite Creek produced 8,857 ounces of gold in the first quarter of 2026, with 8,767 ounces sold. The operation processed 32,232 tonnes of mineralised material comprising 26,405 tonnes of sulfide and 5,827 tonnes of leach, at grades of 6.16 grams per tonne for sulfide material and 8.86 grams per tonne for oxide material, the latter exceeding levels anticipated in the March 2025 preliminary economic assessment (PEA). A surface electrical substation transformer fire in January 2026 temporarily affected operations, with permanent infrastructure replacement completed by mid-March.

A sulfide stockpile containing over 4,000 recoverable ounces of gold was held at quarter-end. 

Chief Operating Officer of i-80 Gold, Paul Chawrun, described the operating position heading into the second quarter:

"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."

Ruby Hill, Archimedes & Cove’s Development Pipeline

Ruby Hill produced 393 ounces of gold in the first quarter of 2026, with 383 ounces sold, and underground mine development advanced 660 metres during the quarter. Drilling at the Ruby Hill properties totalled 4,262 metres at Archimedes and 750 metres at Mineral Point. Consolidated drilling across all properties reached 6,937 metres for the quarter.

Development at Archimedes advanced ahead of schedule in the first quarter of 2026, with the first gold from Upper Archimedes targeted for the fourth quarter of 2026. 

Chawrun put the pace of advancement in direct terms: 

"At Archimedes, both the development ramp and exploration drift are advancing ahead of plan, supported by favourable 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 completion late in the first quarter of 2027, pending the potential expansion of the current drill program."

The Cove feasibility study is also targeted for the second quarter of 2026, following the submission of updated biological baseline studies and an amendment to the BLM Plan of Operations.

Production Growth Trajectory

i-80 Gold's development plan targets approximately 50,000 ounces of gold production in 2026, scaling to 150,000 to 200,000 ounces at Phase 1 completion beginning in 2028. Phase 2 targets 300,000 to 400,000 ounces upon completion, with Phase 3 targeting an average of 600,000 ounces annually. The company confirmed it remains on track to meet 2026 production, operating, and cost guidance as published in its 2025 year-end annual report.

Next Steps

The Granite Creek Underground feasibility study is expected in the second quarter of 2026, alongside commissioning of the second water treatment plant at Granite Creek in June 2026. The Cove feasibility study is also targeted for the second quarter of 2026, following the submission of updated biological baseline studies and an amendment to the BLM Plan of Operations.

At Archimedes, the first gold from Upper Archimedes is targeted for the fourth quarter of 2026, with the site feasibility study targeted for completion late in the first quarter of 2027, pending the potential expansion of the current drill programme. Lone Tree demolition commences in the second quarter of 2026, with construction beginning in the second half of 2026 and commissioning targeted for the fourth quarter of 2027. A pre-feasibility study for Mineral Point is targeted for 2027, though the company has noted that timing remains under review.

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