i-80 Gold Corp.

Q2 gold production was approximately 11.1 thousand ounces and gold sales were approximately 5.3 thousand ounces, versus 4.2 thousand ounces produced and 8.4 thousand ounces sold in the prior-year quarter. First-half production was approximately 22 thousand ounces and sales were approximately 16 thousand ounces, compared with about 14.3 thousand ounces produced and 13.4 thousand ounces sold a year ago. Total revenue for Q2 was just over $24 million and year-to-date revenue was just under $77 million, versus $28 million and $42 million in the comparable prior-year periods. Gross profit was $9 million in Q2 and $25 million year to date. Net loss was $53 million, or $0.06 per share, for the quarter and $131 million, or $0.15 per share, year to date, versus a net loss of $30 million, or $0.05 per share, and $71 million, or $0.14 per share, respectively, in the prior-year periods. Cash used in operating activities was $50 million in Q2 and $95 million year to date, compared with $11 million and $34 million a year ago. On guidance, the company said it remains on track for 2026 targets, with growth capex expected in the $150 million to $175 million range on an accrual basis; Lone Tree growth capex is expected at the bottom end of that range on an accrual basis, with about $30 million of accruals making cash spend below the range; Archimedes growth capex is expected to be $10 million to $15 million higher; and exploration expense is expected to be about $10 million lower than planned due mainly to drill rig delays and staffing shortages.

Richard Young framed the first half of 2026 as a major inflection point after the recapitalization, saying the company is now focused on execution and has strengthened its balance sheet while advancing key projects. He emphasized de-risking across the portfolio, the move toward owner-processing in 2028, and a longer-term path from roughly 50 thousand ounces this year to 150 thousand to 200 thousand ounces in 2028 and over 600 thousand ounces by the early 2030s. His tone was constructive and upbeat, while staying focused on controllable execution rather than gold price volatility.

Ryan Snow said the quarter was supported by a strong cash position of approximately $465 million, down from approximately $514 million in Q1 but in line with expectations. He pointed to the release of about $17 million of restricted cash, 8.5 million warrant exercises during the quarter, and more than $1 billion of total proceeds funded and committed since May 2025. He also highlighted that the first full quarter of new financial instruments will create noncash income statement impacts from fair value remeasurement, and he noted remaining liquidity through the $100 million accordion and an additional $25 million from Franco-Nevada after the initial Mineral Point spend.

Analysts focused on Granite Creek mining access, the later Archimedes feasibility study, and Mineral Point drilling and permitting risk. Management said Granite Creek’s earlier ground-control issues were localized and have been addressed, with about 15 headings now available versus 10 to 12 typically needed, while the lower cutoff grade in the upcoming study should still be consistent with the higher-grade ore actually being mined. On Archimedes, management said the mid-2027 feasibility timing does not affect the mine ramp or Lone Tree feed assumptions, and on Mineral Point they said the main near-term milestones are continued drilling results, geotech work, and then prefeasibility/reserve declaration around mid-2027, while acknowledging contractor and rig availability will remain a challenge.