i-80 Gold & Second Quarter of 2026 Results: Granite Creek Ramps Up as Lone Tree Advances

• i-80 Gold Corp. reported second-quarter 2026 revenue of US$24.3 million from 5,335 ounces of gold sold at an average realized gold price of US$4,522 per ounce.
• Gold production increased to 11,098 ounces from 4,178 ounces in the second quarter of 2025 as Granite Creek underground continued its ramp-up.
• Cash and cash equivalents stood at US$464.6 million at June 30, 2026, while more than 5,300 recoverable ounces remained in process at the third-party processing facility at quarter-end.
• Archimedes Underground completed 899 meters of pre-development during the quarter, while contractor staffing constraints moved the Feasibility Study (FS) target to approximately mid-2027.
• Lone Tree demolition began in June, with approximately 50% of procurement packages by value awarded by mid-July and approximately 40% of project capital committed.

Second Quarter of 2026 Results Put Production Growth Ahead of Sales

i-80 Gold's (NYSE: IAUX | TSX: IAU) August 10, 2026, second-quarter results show that the operating ramp-up translated into higher gold production, although third-party processing availability constrained quarterly sales. Revenue was US$24.3 million from 5,335 ounces of gold sold at an average realized gold price of US$4,522 per ounce, compared with US$27.8 million from 8,400 ounces sold at US$3,301 per ounce in the second quarter of 2025. The higher realized price partially offset lower sales volumes, but could not fully compensate for the timing of third-party processing.

Production increased to 11,098 ounces from 4,178 ounces a year earlier, while gross profit increased to US$8.6 million from US$0.8 million. The company reported a net loss of US$52.5 million, compared with US$30.2 million in the prior-year quarter, as development, evaluation, and exploration spending increased to US$29.3 million from US$9 million.

The disconnect between production and sales was primarily a processing constraint. More than 5,300 recoverable ounces were contained in in-process material at the third-party facility, while approximately 1,800 ounces of gold were held in inventory. The company is targeting the processing of the in-process material during the third quarter of 2026.

Granite Creek Ramp-Up Continues Despite Processing Constraints

Granite Creek underground remains the immediate production driver, with underground development continuing as the operation advances toward its 2026 production guidance of 30,000 to 40,000 ounces. Mining activities were affected by ground conditions in two of the mine's highest-grade headings during the quarter, temporarily restricting access before remediation restored access late in the quarter.

Granite Creek produced 8,634 ounces during the quarter, compared with 1,941 ounces in the second quarter of 2025, while underground development increased to 360 meters from 211 meters. The higher production provides the operating base for the company's 2026 guidance, while the Granite Creek Underground Feasibility Study (FS) remains targeted for completion in the third quarter of 2026.

Water management remains an operating constraint because the existing underground pumping system is operating near capacity. An enhanced pumping system with expanded sumps and higher-capacity pumps is being installed, while commissioning of a second water treatment plant began in late July following mechanical completion. The additional facility is designed to increase surface water treatment capacity to approximately 3,500 gallons per minute.

Archimedes Advances, But Study Timing Moves to Mid-2027

Archimedes Underground completed 899 meters of pre-development during the second quarter, while work progressed on the ventilation raise and drilling continued in the Lower 426 and Ruby Deeps zones. The exploration drift was also completed during the quarter. First gold from the Upper Archimedes area above the 5,100-foot level remains targeted for the fourth quarter of 2026 under existing permits.

The FS schedule has moved to approximately mid-2027 because the approximately 55,000-meter infill drill program across 140 holes is progressing more slowly than planned due to contractor staffing availability. The timing change therefore relates to the pace of technical work required to support the study rather than a change to the stated first-gold target.

Capital expenditures (CAPEX) for Archimedes in the second quarter of 2026 were higher than previously guided because management prioritized longer-life infrastructure. The company is constructing a new worker change facility and additional offices rather than refurbishing existing surface structures, with the infrastructure intended to support both Archimedes and Mineral Point.

Mineral Point Drilling Extends the Technical Timeline

Mineral Point completed approximately 14,836 meters of core and reverse-circulation drilling during the quarter using up to five rigs. The program is designed to support resource conversion through infill drilling and provide the technical basis for the project's Pre-Feasibility Study (PFS).

Progress has been constrained by slower penetration through the sanded dolomite unit and drill-rig availability. Completion of the drill program has moved to the first quarter of 2027, while completion of the PFS is now targeted for approximately mid-2027.

The Preliminary Economic Assessment (PEA) outlines average annual production of approximately 282,000 gold-equivalent ounces following production ramp-up and an after-tax net present value of US$614 million. Those economics use a US$2,175 per ounce gold price and a US$27.25 per ounce silver price and remain at the PEA level rather than a current feasibility case.

Lone Tree Moves From Engineering Into Construction

Lone Tree is the infrastructure bridge between the current third-party processing model and i-80 Gold's planned owner-operated processing strategy. The total capital cost estimate is US$430 million, while the processing facility has a confirmed nameplate capacity of 827,806 tonnes per year. The refurbishment is intended to provide internal processing capacity for refractory material and reduce reliance on third-party facilities.

That distinction is relevant to the second-quarter results because the current processing model constrained the conversion of mined ounces into quarterly sales. Lone Tree is designed to change that processing architecture once refurbishment is completed, creating a direct link between the current production ramp-up and the longer-term processing strategy.

Demolition of redundant structures began in mid-June as scheduled. By mid-July, approximately 50% of procurement packages by value had been awarded, and approximately 40% of project capital had been committed, while the company reported minimal contingency drawdown. Major construction remains targeted for the fourth quarter of 2026.

President & Chief Executive Officer of i-80 Gold, Richard Young, described the potential cost implication of the owner-operated facility:

"With the commissioning of our Lone Tree facility, we would expect our all-in sustaining costs to drop under $2,000 an ounce."

The statement identifies lower all-in sustaining costs (AISC) as the intended economic benefit of the Lone Tree transition. The company's stated processing assumptions also include an average gold recovery of 92% through the i-80 Gold autoclave.

Balance Sheet Funds the Near-Term Buildout

Cash and cash equivalents were US$464.6 million at June 30, 2026, down US$49 million from US$513.5 million at March 31. The movement primarily reflected US$49.6 million of cash used in operations and US$21.5 million of capex, primarily related to the start of work at Lone Tree. These outflows were partially offset by a US$16.9 million release of restricted cash and proceeds from warrant exercises.

The company has raised more than US$1 billion in secured and available capital through its recapitalization. The funding structure supports the company's stated Phase 1 and Phase 2 development plans, while Mineral Point, identified as Phase 3, is planned to be funded from operating cash flow.

Young summarized the company's funding position:

"We are essentially fully funded for all three phases, with no further equity being required."

The current balance sheet therefore provides the capital base for ongoing construction and development, while execution remains dependent on the company's ability to maintain production, advance technical studies, and deliver the Lone Tree refurbishment within the stated capital framework.

Key Takeaway for Investors

i-80 Gold's second-quarter results shift the investment focus from financing the development plan to executing it. Granite Creek is producing more gold, but the availability of third-party processing is limiting the conversion of mined ounces into quarterly sales. Archimedes remains targeted for first gold in the fourth quarter of 2026, while its FS has been pushed to approximately mid-2027 due to contractor staffing constraints. Mineral Point faces similar drilling constraints, with its program now targeted for completion in the first quarter of 2027. At Lone Tree, demolition and procurement have moved the refurbishment into its construction phase, with approximately 40% of the capital committed by mid-July. The near-term investment case therefore turns on whether i-80 Gold can convert higher Granite Creek production into sales, maintain development rates at Archimedes and Mineral Point, and advance Lone Tree through construction within the stated capital framework.

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