i-80 Gold Reports Second Quarter 2026 Results with 11,098 Ounces Produced and $464.6 Million Cash

• i-80 Gold produced 11,098 ounces of gold in the second quarter of 2026, with Granite Creek Underground contributing 8,634 ounces, up from 1,941 ounces in the second quarter of 2025.
• Cash and cash equivalents stood at $464.6 million on June 30, 2026, while the company used $49.6 million in operating activities and invested $21.5 million in capital expenditures (CAPEX)during the quarter.
• Archimedes Underground advanced on schedule, completing 899 metres of development, with first gold targeted for the fourth quarter of 2026.
• Lone Tree Plant refurbishment remained on schedule and on budget, with demolition underway, $110.1 million in construction commitments as of June 30, and major construction targeted to begin in the fourth quarter of 2026.
• Several key technical milestones are approaching, including Granite Creek and Cove Underground feasibility studies targeted for the third quarter of 2026, Archimedes' first gold in the fourth quarter of 2026, and Lone Tree's first gold targeted for the fourth quarter of 2027.

Company Overview

i-80 Gold Corp. (NYSE: IAUX | TSX: IAU) is a Nevada-focused mining company advancing a fully funded 3-phase development plan across a portfolio of high-grade, multi-stage gold projects. The Company is the 5th largest gold mineral resource holder in Nevada, with projects located in the state's most prolific gold-producing trends. i-80 Gold is advancing a hub-and-spoke regional mining and processing strategy centred on its Lone Tree Complex central processing facility, with operating and development assets including Granite Creek Underground, Archimedes Underground, Cove Underground, Granite Creek Open Pit and Mineral Point Open Pit.

Financial Results

i-80 Gold Corp. reported the second-quarter 2026 revenues of $24.3 million from 5,335 ounces of gold sold at an average realised gold price of $4,522 per ounce, compared to $27.8 million from 8,400 ounces at $3,301 per ounce in the second quarter of 2025. The decrease in revenues was driven by lower gold sold at Granite Creek due to delays at the third-party processing facility, partially offset by a higher average realised gold price. Gross profit increased to $8.6 million from $0.8 million in the second quarter of 2025.

Net loss was $52.5 million, compared to $30.2 million in the second quarter of 2025, driven primarily by higher pre-development, evaluation, and exploration costs of $29.3 million as the company advances multiple projects. Adjusted net loss was $41.2 million. Cash and cash equivalents as of June 30, 2026, were $464.6 million, with cash used in operating activities of $49.6 million and capital expenditures (CAPEX)of $21.5 million during the quarter.

President and Chief Executive Officer of i-80 Gold Corp., Richard Young, commented: 

"We delivered another solid quarter, with increased production from Granite Creek as the project continued to ramp up on plan, the advancement of Archimedes on schedule toward becoming our second underground mine, and the start of demolition at the Lone Tree Plant. Additionally, Archimedes' drilling results released during the quarter demonstrated the vast exploration potential and the ability to extend its mine life. Our success year-to-date demonstrates the Company's ability to advance multiple projects concurrently. We remain on track to commence gold mining at Archimedes and major construction at Lone Tree in the fourth quarter of this year, marking two important milestones by year-end as we execute our development plan to build a Nevada-focused mid-tier gold producer."

Granite Creek Underground

Gold production at Granite Creek increased to 8,634 ounces in the second quarter of 2026 from 1,941 ounces in the second quarter of 2025. Mining activities during the quarter were impacted by ground conditions in 2 of the mine's highest-grade headings, which temporarily restricted access to high-grade mineralized material and deferred a portion of planned high-grade tonnes. Remediation was completed and access re-established late in the quarter, with these areas targeted to contribute to production beginning in the third quarter of 2026. Year-to-date development footage exceeded plan, with the number of available high-grade headings increasing significantly throughout the quarter. The Company remains on track to meet full-year production guidance, with the Granite Creek Underground feasibility study (FS) targeted for completion in the third quarter of 2026, per the August 10, 2026 press release.

As of June 30, 2026, the company held in-process material containing over 5,300 recoverable ounces at its third-party processing facility, scheduled for processing in the third quarter of 2026. Work on an enhanced pumping system, including expanded sumps at lower levels and higher-capacity pumps, advanced during the quarter. The second water treatment plant commenced initial commissioning in late July 2026, with mechanical completion recently achieved mechanical completion, and is targeting a surface water treatment capacity of approximately 3,500 gallons per minute.

Archimedes Underground & Ruby Hill Property

Archimedes Underground advanced on schedule during the second quarter of 2026, with 899 metres of development completed. Pump testing was conducted on a recently completed dewatering well, and permitting activities for below the 5,100-foot level continued to advance. The planned start of mining above the 5,100-foot level is fully supported by existing permits and is not dependent on the timing or outcome of permitting activities below the 5,100-foot level. The first gold from Archimedes is targeted for the fourth quarter of 2026. 

The 2026 infill drill program in the lower 426 zone and Ruby Deeps zone commenced in the second quarter of 2026, targeting approximately 55,000 metres across 140 drill holes in support of the planned Archimedes FS. The drill program encountered slower-than-planned progress due to contractor and rig availability and is with the Archimedes FS, now anticipated to be completed in mid-year 2027. At the Mineral Point Open Pit, approximately 14,836 metres of core and reverse-circulation drilling were completed during the quarter. The drill program is now targeted for First Quarter 2027 due to drill rig and contractor staffing availability, with a pre-feasibility study (PFS) targeted at approximately mid-year 2027.

Lone Tree Plant Refurbishment

The Lone Tree Plant refurbishment advanced on schedule and on budget during the second quarter of 2026, with demolition of existing infrastructure commencing during the quarter. As of mid-July 2026, approximately 50% of procurement packages by value had been awarded, and approximately 40% of total capital had been committed. Project capital remains on budget with minimal contingency drawdown. Total construction commitments as of June 30, 2026, were $110.1 million, representing approximately 30% of the project cost.

Major construction is targeted to commence in the fourth quarter of 2026 upon receipt of the associated permits, with commissioning targeted for year-end 2027 and the first gold pour targeted for the fourth quarter of 2027. The company also continued to advance the Cove Underground FS, which is targeted for completion in the third quarter of 2026.

Next Steps

First gold mined at Archimedes Underground is targeted for the fourth quarter of 2026. Major construction at the Lone Tree Plant is targeted to commence in the fourth quarter of 2026, with the first gold pour targeted in the fourth quarter of 2027. FS for Granite Creek Underground and Cove Underground are targeted for the third quarter of 2026. The Archimedes FS and Mineral Point Open Pit PFS are both targeted for approximately mid-year 2027. 

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