i-80 Gold Posts Wider Loss as Processing Delays Hit Sales
Gold production climbed 166% to 11,098 ounces despite processing constraints.
i-80 Gold Corp. (IAUX), the Nevada-focused gold producer, reported a wider second-quarter loss as third-party processing delays reduced gold sales and increased inventory.
The quarter underscored a widening gap between mine output and recognized sales. Gold ounces sold fell 36% to 5,335, leaving more than 5,300 recoverable ounces at a third-party processor and about 1,800 ounces in quarter-end inventory.
Revenue declined 13% to $24.3 million from $27.8 million a year earlier, as lower sales volumes more than offset a 37% increase in the average realized gold price to $4,522 an ounce. Gross profit rose to $8.6 million from $0.8 million, lifting gross margin to about 35% from roughly 3%.
The net loss widened to $52.5 million from $30.2 million, while the adjusted net loss increased to $41.2 million from $26.5 million. Pre-development, evaluation and exploration expense more than tripled to $29.3 million, driven largely by the Archimedes ramp-up at Ruby Hill.
Granite Creek produced 8,634 ounces, up from 1,941 ounces a year earlier, though sales fell to 2,052 ounces as processing capacity remained limited. Processing costs rose to $325 a tonne as sulfide ore handled at the third-party facility accounted for a greater share of material. Temporary ground problems also deferred high-grade tonnes, but remediation restored access late in the quarter and allowed those areas to begin contributing in the third quarter.
i-80 reiterated its overall 2026 guidance and expects growth capital spending to remain largely within its $150 million-to-$175 million range. Archimedes remains scheduled to produce first gold in the fourth quarter, while staffing shortages shifted its feasibility study to around mid-2027. Granite Creek and Cove feasibility studies remain scheduled for the third quarter after being moved from the second quarter in a June update.
Cash used in operations increased to $49.6 million from $11.3 million, and cash and equivalents declined $49.0 million sequentially to $464.6 million. Lone Tree moved into physical execution with demolition beginning in June, while the potential need for a federal Environmental Impact Statement placed the timing of Granite Creek’s open-pit pre-feasibility study under review.