i-80 Gold Narrows 2026 Output to Lower Half of Range

The Tip Desk · November 10, 2026 · 4 min read

Third-quarter revenue was $32.7 million on 7,744 ounces sold at $4,211 an ounce, while the company said full-year gold production is expected in the lower half of its February range.

i-80 Gold Corp. (IAUX) reported third-quarter revenue of $32.7 million, up from $24.3 million in the June quarter, as gold sales recovered and the realized price held near $4,211 an ounce.

The Nevada gold developer said consolidated production for 2026 is expected in the lower half of the range it published on February 19, 2026, in part because Archimedes oxide material will be leached on the existing pad rather than sold under the ore purchase agreement, delaying recorded production from the fourth quarter of 2026 into the first quarter of 2027.

Gold production in the three months ended September 30, 2026, was 11,685 ounces, compared with 12,428 ounces a year earlier. Gross profit was $5.0 million, down from $8.6 million in the June quarter. Net loss widened to $48.4 million from $41.9 million a year earlier, which the company attributed primarily to higher pre-development, evaluation and exploration costs as it advances multiple projects, partly offset by lower revaluation expenses. Adjusted net loss was $48.2 million. Cash used in operating activities was $32.5 million. Cash and cash equivalents were $411.4 million at September 30, down $53.2 million from June 30, after $32.5 million of operating cash use and $15.0 million of capital spending tied largely to the start of the Lone Tree Plant refurbishment.

Granite Creek underground produced 9,064 ounces in the quarter. Mining cost rose to $188 a tonne from $134 a year earlier, and processing cost rose to $290 a tonne from $228, which the company tied to higher contractor costs, more labor, lower tonnes, and a higher share of sulfide sent to a third-party mill. Ruby Hill heap leach produced 265 ounces. Pre-development, evaluation and exploration expenses were $33.4 million, up from $20.1 million a year earlier, concentrated at Ruby Hill, where those costs were $26.9 million.

On September 21 the company published a feasibility study for Granite Creek underground that declared maiden mineral reserves of 2.20 million tonnes grading 7.87 grams per tonne, containing 556,500 ounces of gold. Qualifying development spending after that declaration will be capitalized rather than expensed. Measured and indicated underground mineral resources rose 229% to 3.73 million tonnes grading 7.17 grams per tonne, containing 859,500 ounces, versus the 2025 preliminary economic assessment. The company said the project is expected to remain within full-year production guidance.

Archimedes underground advanced on schedule and largely on budget, with surface and underground infrastructure for production mining scheduled for early November and first gold mined targeted in the fourth quarter of 2026. Lone Tree Plant refurbishment remained on schedule and largely on budget, with bulk demolition complete and initial construction mobilization planned for the fourth quarter; about 44% of project capital had been committed and about 20% of contingency drawn. Commissioning is expected in the fourth quarter of 2027.

On October 14 the company updated its development plan to prioritize Mineral Point open pit as the next major project, with Granite Creek open pit sequenced after Mineral Point is in operation and Cove underground later. The near-term hub-and-spoke platform—Granite Creek underground, Archimedes underground, and Lone Tree—remains on the original schedule and still targets 150,000 to 200,000 ounces of annual gold beginning in 2028. A large portion of refractory material from the two underground mines is expected to be stockpiled in 2027 for processing at Lone Tree rather than at a third-party facility.

The company said operating costs, sustaining capital, growth capital and pre-development expense for 2026 are expected at the low end of the February ranges, and that Lone Tree refurbishment capital for the year is expected to be lower than guidance, with refurbishment capital nearly fully committed by year-end. Exploration expenses are expected to be lower than planned after contractor personnel shortages and limited drill rigs; rigs have since arrived and staffing has increased. Together with remaining NSR royalty proceeds, a $100 million accordion under the 2026 Gold Prepay, warrant maturities in 2027 and 2028, and a proposed ore-stockpile facility, the company said those sources could provide up to about $350 million of additional liquidity over the next 18 months, subject to conditions.