i-80 Gold Corp. announces third-quarter financial results and update on development projects
i-80 Gold Corp. (TSX: IAU) (NYSE American: IAUX) has released its operational and financial results for the third quarter, concluding on September 30, 2025. The company, dedicated to advancing its multi-asset growth strategy across Nevada, enjoyed a solid quarter marked by operational successes and increased revenues. Richard Young, the President and CEO, expressed satisfaction with the ongoing development across the company's projects, noting substantial progress at Granite Creek and Archimedes, alongside continued work on technical studies and permitting processes throughout its asset portfolio.
In Q3 2025, i-80 Gold reported an increase in revenue to $32.0 million, a marked improvement from $11.5 million during the same period the previous year. This revenue growth was primarily attributed to a higher volume of gold sold at Granite Creek, alongside improved average realized prices, which reached $3,412 per ounce compared to $2,441 in Q3 2024. The company sold a total of 9,368 ounces of gold, compared to 4,740 ounces year-on-year.
Gross profit for the quarter climbed to $3.1 million, showcasing a turnaround from a gross loss of $4.9 million in the previous year. These financial gains were driven by enhanced operational efficiencies through improved water management initiatives at Granite Creek. The net loss for the quarter decreased to $41.9 million, down from $43.1 million in the prior year's third quarter. The loss per share improved to $0.05, compared to a loss of $0.11 in Q3 2024. Overall, cash used in operating activities decreased to $15.2 million from $23.5 million in the same quarter last year, reflecting higher operational efficiency despite increased pre-development costs.
Throughout the quarter, the company continued significant underground development at Granite Creek, marking record advance rates in September and achieving effective resource reconciliation within the Ogee Zone. Additionally, drilling in the South Pacific Zone yielded promising findings. The company also commenced construction at its second planned underground mine, Archimedes, which is progressing ahead of schedule.
A major highlight is the successful completion of 53,000 feet of core drilling, aimed at enhancing mineral resource definitions and supporting planned feasibility studies across various projects, including the Cove underground site.
The company's recapitalization strategy remains robust, with continued positive feedback from lenders underscoring the potential value in i-80 Gold’s asset portfolio. In early 2025, substantial equity raises were completed, ensuring the financial framework needed to support ongoing developments. i-80 Gold expects to maintain this trajectory moving forward to secure additional financing avenues, including potential debt facilities and asset sales.
In terms of production outlook, i-80 Gold anticipates total gold extraction between 30,000 to 40,000 ounces for 2025, with substantial contributions projected from its Granite Creek underground site.
The company aims to complete various technical reports for its projects, emphasizing its three-phase development plan designed to refine key underground properties and implement significant upgrades to the Lone Tree Plant's processing capabilities.
i-80 Gold’s operational and financial results for Q3 demonstrate a clear commitment to executing a comprehensive development plan, propelling both production capabilities and financial health. Investors and stakeholders can look forward to further updates as the company approaches critical milestones in the months ahead.
Financial Overview
In Q3 2025, i-80 Gold reported an increase in revenue to $32.0 million, a marked improvement from $11.5 million during the same period the previous year. This revenue growth was primarily attributed to a higher volume of gold sold at Granite Creek, alongside improved average realized prices, which reached $3,412 per ounce compared to $2,441 in Q3 2024. The company sold a total of 9,368 ounces of gold, compared to 4,740 ounces year-on-year.
Gross profit for the quarter climbed to $3.1 million, showcasing a turnaround from a gross loss of $4.9 million in the previous year. These financial gains were driven by enhanced operational efficiencies through improved water management initiatives at Granite Creek. The net loss for the quarter decreased to $41.9 million, down from $43.1 million in the prior year's third quarter. The loss per share improved to $0.05, compared to a loss of $0.11 in Q3 2024. Overall, cash used in operating activities decreased to $15.2 million from $23.5 million in the same quarter last year, reflecting higher operational efficiency despite increased pre-development costs.
Project Developments
Throughout the quarter, the company continued significant underground development at Granite Creek, marking record advance rates in September and achieving effective resource reconciliation within the Ogee Zone. Additionally, drilling in the South Pacific Zone yielded promising findings. The company also commenced construction at its second planned underground mine, Archimedes, which is progressing ahead of schedule.
A major highlight is the successful completion of 53,000 feet of core drilling, aimed at enhancing mineral resource definitions and supporting planned feasibility studies across various projects, including the Cove underground site.
Recapitalization and Future Strategies
The company's recapitalization strategy remains robust, with continued positive feedback from lenders underscoring the potential value in i-80 Gold’s asset portfolio. In early 2025, substantial equity raises were completed, ensuring the financial framework needed to support ongoing developments. i-80 Gold expects to maintain this trajectory moving forward to secure additional financing avenues, including potential debt facilities and asset sales.
In terms of production outlook, i-80 Gold anticipates total gold extraction between 30,000 to 40,000 ounces for 2025, with substantial contributions projected from its Granite Creek underground site.
Looking Ahead
The company aims to complete various technical reports for its projects, emphasizing its three-phase development plan designed to refine key underground properties and implement significant upgrades to the Lone Tree Plant's processing capabilities.
i-80 Gold’s operational and financial results for Q3 demonstrate a clear commitment to executing a comprehensive development plan, propelling both production capabilities and financial health. Investors and stakeholders can look forward to further updates as the company approaches critical milestones in the months ahead.
Topics General Business）
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