i-80 Gold Corp. press release

i-80 Gold Reports Second Quarter 2026 Results; On Track to Achieve Full-Year Guidance as Granite Creek Ramps Up and Development Plan Advances

2026-08-10

TSX - Toronto Stock Exchange · Gold · Silver · United States · Production & Operations

Canada NewsWire

TORONTO, Aug. 10, 2026/CNW/ -- i-80 GOLD CORP. (NYSE:IAUX) (TSX:IAU)("i-80 Gold" or the "Company")reports its financial and operating results, as well as development highlights, for the three and six months ended June 30, 2026.

"We delivered another solid quarter, with increased production from Granite Creek as the project continued to ramp up on plan, the advancement of Archimedes on schedule toward becoming our second underground mine, and the start of demolition at the Lone Tree Plant," stated Richard Young, President & CEO. "Additionally, Archimedes drilling results released during the quarter demonstrated the vast exploration potential and the ability to extend its mine life. Our success year-to-date demonstrates the Company's ability to advance multiple projects concurrently. We remain on track to commence gold mining at Archimedes and major construction at Lone Tree in the fourth quarter of this year, marking two important milestones by year-end as we execute our development plan to build a Nevada-focused mid-tier gold producer."

SECOND QUARTER HIGHLIGHTS _Three months ended June 30, 2026 compared to three months ended June 30, 2025. Unless otherwise stated, all amounts referred to herein are in U.S. dollars_.

Development

Granite Creek underground development continued ahead of plan increasing access to high-grade headings supporting the ongoing ramp up. The project remains on track to achieve its full-year production guidance, with a published feasibility study anticipated in the third quarter of 2026.

Archimedes underground advanced on schedule and largely on budget with the main decline development on track, advancement of the exploration drift, which has since been completed, and commencement of the ventilation raise in preparation for first gold mined by year-end.

Lone Tree Plant refurbishment advanced on schedule and on budget as early works and pre-construction readiness activities continued during the quarter, and the commencement of demolition mid-June ahead of major construction. Procurement activities remain on schedule, with approximately 50% of procurement packages, by value, awarded as of mid-July. Project capital remains on budget with minimal contingency drawdown and approximately 40% of capital committed as of mid-July.

Completed approximately 19,000 meters of drilling across three projects,including infill drilling at Archimedes underground and Mineral Point open pit in support of planned 2027 technical studies for both projects, as well as resource definition drilling at Granite Creek underground beyond the area covered by the upcoming feasibility study.

Permitting largely on track across the development planas permitting actions continued to advance across the portfolio.

Financial and Operating

Revenues were $24.3 million, representing 5,335 ounces in gold sold(2)at an average realized gold price(1)of $4,522 per ounce, compared to $27.8 million represented by 8,400 ounces at an average realized gold price(1)of $3,301 per ounce in the prior year period. The decrease in revenues was primarily driven by lower gold sold at Granite Creek as a result of delays at the third-party processing facility, partially offset by a higher average realized gold price(1). Revenues in the prior year quarter were higher due to the finalization of the third-party toll processing agreement in March 2025 and the processing of a higher volume of stockpile material.

Gold productionincreased to 11,098 ounces from 4,178 ounces in the prior year period. The Company remains on track to achieve its full year production guidance range.

Gross profitincreased to $8.6 million from $0.8 million in the prior year period due to a higher realized gold price. Net lossincreased to $52.5 million compared to $30.2 million in the prior year period, due primarily to higher pre-development, evaluation and exploration costs incurred as the Company advances multiple projects within its development plan. The higher costs were related to drilling programs at the Ruby Hill property. Upon declaration of mineral reserves, certain pre-development, evaluation and exploration expenditures that are currently expensed will be capitalized.

Net loss per share increased to $0.06 compared to a $0.05 loss in the prior year period, primarily due to a higher net loss, partially offset by an increase in the weighted average number of common shares outstanding following the equity financing in May 2025.

Adjusted net loss(1)increased to $41.2 million compared to $26.5 million in the prior year period due to increased spending on pre-development, evaluation and exploration expenses, partially offset by higher gross profit.

Cash used in operating activitiesincreased to $49.6 million compared to $11.3 million in the prior year period as a result of comparative working capital changes of $20.9 million primarily as a result of increased inventory due to third-party processing availability and higher pre-development, evaluation and exploration expenses which was partially offset by higher gross profit.

Cash and cash equivalentswere $464.6 million as of June 30, 2026, a decrease of $49.0 million compared to March 31, 2026, primarily due to cash used in operations of $49.6 million, capital expenditures of $21.5 million primarily driven by the start of the Lone Tree Plant refurbishment project partially offset by a release of restricted cash of $16.9 million and proceeds from warrant exercises.

Sustainability

Advanced community engagement across Northern Nevadaby progressing community development, workforce development, and grant funding initiatives, including a joint $300,000 donation with Franco-Nevada Corporation to support development of the first licensed childcare facility in Eureka County, neighboring the Company's Ruby Hill property.

Strengthened Boardwith the appointment of Stephen Gottesfeld at the annual general meeting, bringing nearly 30 years of global mining experience in environmental, sustainability, legal and governance matters across the mine lifecycle.

UPCOMING CATALYSTS

Over the next 18 months, the Company is targeting the following key catalysts while continuing to identify opportunities to optimize the development schedule:

Archimedes Underground

First gold mined — Q4 2026

Lone Tree Plant

Commence construction_— _Q4 2026 Completion of detailed engineering — late Q1 2027 Filtration plant completion — early Q4 2027 First gold pour — Q4 2027

Technical Studies

Granite Creek underground (Feasibility) — Q3 2026 Cove underground (Feasibility) — Q3 2026 Archimedes Underground (Feasibility) — approximately mid-2027 Mineral Point Open Pit) (Pre-Feasibility) — approximately mid-2027 Granite Creek open pit (Pre-Feasibility) — timing under review

OUTLOOK

The Company remains on track to meet its 2026 guidance as originally published in its 2025 Year End Annual Report on Form 10-K on February 19, 2026 subject to the following: Growth capital expenditures are expected to be largely in line with the $150 million to $175 million guidance.

Lone Tree plant refurbishment capital expenditures are expected to be lower in 2026 than guided, management was conservative in estimating expenditures for Lone Tree during the recapitalization planning process earlier in year to ensure that the Company raised sufficient capital. Archimedes expenditures are expected to be higher reflecting a change in strategy for long-term surface infrastructure. Based on positive drill results, management is pivoting from refurbishment of certain existing facilities on site to construction of a new worker change facility and additional offices that are expected to improve operating effectiveness both for Archimedes and Mineral Point. Exploration expenses are expected to be approximately $10 million lower in 2026 due to the personnel shortages at the Archimedes project and drill rig availability as well as contractor personnel shortages at Mineral Point project.

This outlook, including expected results and targets, is subject to various risks, uncertainties and assumptions, which may impact future performance and the Company's ability to achieve the results and targets discussed in this section. Please refer to "Forward-Looking Information" section. The Company may, but is under no obligation to, update this outlook depending on changes in metal prices and other factors.

SUMMARY OF FINANCIAL AND OPERATING RESULTS

| | | Three months ended

June 30, | Six months ended

June 30, | | | | | | 2026 | 2025 | 2026 | 2025 | | Revenue | $000s | 24,348 | 27,836 | 76,738 | 41,884 | | Gross profit | $000s | 8,618 | 798 | 24,697 | 3,704 | | Net loss | $000s | (52,527) | (30,215) | (131,128) | (71,420) | | Net loss per share | $/share | (0.06) | (0.05) | (0.15) | (0.14) | | Adjusted net loss | $000s | (41,164) | (26,509) | (69,889) | (50,105) | | Adjusted net loss per share1 | $/share | (0.05) | (0.04) | (0.08) | (0.10) | | Cash used in operating activities | $000s | (49,584) | (11,335) | (94,664) | (34,036) | | Cash and cash equivalents | $000s | 464,555 | 133,691 | 464,555 | 133,691 | | Gold produced | oz | 11,098 | 4,178 | 21,964 | 14,326 | | Gold ounces sold2 | oz | 5,335 | 8,400 | 15,923 | 13,352 | | Average realized gold price1 | $/oz | 4,522 | 3,301 | 4,801 | 3,124 | | Pre-development, evaluation and exploration expenses | $000s | 29,264 | 9,045 | 54,962 | 18,590 | | Notes to table above:

1This is a Non-GAAP Measure; please see "Non-GAAP and Supplementary Financial Performance Measures" section. | | | | | | | 2Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 56% in 2026 (2025 - 59%). | | | | | |

Granite Creek Property

The Granite Creek property includes the Granite Creek underground project, a fully permitted, constructed and operating mine, and the Granite Creek open pit oxide deposit adjacent to the underground project. Granite Creek underground is the Company's first brownfield project to be redeveloped and is currently ramping up towards steady-state gold output.

| Granite Creek Property | | Three months ended June 30, | Six months ended June 30, | | | | Operational Statistics | | 2026 | 2025 | 2026 | 2025 | | Mining | | | | | | | Oxide mineralized material mined | tonnes | 12,039 | 24,074 | 23,752 | 39,397 | | Sulfide mineralized material mined | tonnes | 13,568 | 11,201 | 33,282 | 25,844 | | Low-grade mineralized material mined | tonnes | 9,338 | 16,173 | 22,375 | 39,019 | | Waste mined | tonnes | 37,405 | 31,947 | 77,762 | 59,409 | | Total material mined | tonnes | 72,350 | 83,395 | 157,171 | 163,669 | | | | | | | | | Oxide mineralized material grade | g/t | 7.44 | 11.38 | 8.14 | 11.74 | | Sulfide mineralized material grade | g/t | 6.49 | 7.43 | 6.29 | 7.93 | | Low-grade mineralized material grade | g/t | 3.13 | 3.03 | 2.97 | 2.88 | | | | | | | | | Processing | | | | | | | Processed mineralized material - sulfide | tonnes | 9,055 | 7,014 | 35,460 | 7,014 | | Processed mineralized material - heap leach | tonnes | — | 18,750 | 5,827 | 52,587 | | Total processed mineralized material | tonnes | 9,055 | 25,764 | 41,287 | 59,601 | | | | | | | | | Ore purchase agreement (high and low grade oxide) | | | | | | | Oxide mineralized material sold1 | tonnes | 15,505 | 16,317 | 32,681 | 28,798 | | | | | | | | | Total gold produced | oz | 8,634 | 1,941 | 17,532 | 9,392 | | Total gold sold1 | oz | 2,052 | 5,981 | 10,818 | 9,086 | | | | | | | | | Underground mine development (pre-development) | meters | 360 | 211 | 747 | 365 | | Drilling | meters | 1,211 | 586 | 3,135 | 586 | | | | | | | | | Financial Statistics | | 2026 | 2025 | 2026 | 2025 | | Mining cost (total mineralized material and waste) | $/t | 178 | 175 | 169 | 173 | | Processing cost (processed mineralized material) | $/t | 325 | 133 | 293 | 74 | | Site general and administrative ("G&A") (total mineralized material mined) | $/t | 57 | 34 | 50 | 32 | | Operating costs2 | $000s | 7,106 | 22,067 | 37,835 | 30,386 | | Royalties2 | $000s | 517 | 1,148 | 3,119 | 1,654 | | Sustaining capital expenditures3 | $000s | 1,672 | 778 | 4,268 | 201 | | Growth capital expenditures3 | $000s | 7,234 | 336 | 9,445 | 1,290 | | Capital expenditures | $000s | 8,906 | 1,114 | 13,713 | 1,491 | | Pre-development, evaluation and exploration expenses | $000s | 7,882 | 5,949 | 19,278 | 9,719 |

| Notes to table above: | | 1Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 56% in 2026 (2025 - 59%).

2Operating costs excluding depletion, depreciation, amortization, and royalties. Royalties exclude NSR royalty payments.

3This is a Non-GAAP and Supplementary Financial measure; please see "Non-GAAP and Supplementary Financial Performance Measures" section. |

Granite Creek Underground

Mining & Processing

Mineralized material mined at Granite Creek underground is processed as follows: (i) sulfide mineralized material is processed at a third-party processing facility and subject to a toll milling agreement entered into in March 2025, (ii) high-grade and low-grade oxide mineralized material is subject to an ore sales agreement. Low-grade oxide mineralized material was sold under the ore purchase beginning in the first quarter of 2026, and (iii) residual leaching of low-grade oxide material previously placed on a segregated section of the Company's Lone Tree heap leach facility continues with no additional mineralized material being placed after the first quarter of 2026.

During the quarter, mining activities at Granite Creek were impacted by ground conditions in two of the mine highest-grade headings, which temporarily restricted access to high-grade mineralized material and deferred a portion of planned high-grade tonnes during the quarter. Remediation of the affected headings was completed and access was re-established late in the quarter, allowing these areas to contribute to production beginning in the third quarter.

Throughout the quarter, advancement of the main decline as well as horizontal development continued to progress ahead of the mine plan, with year-to-date development footage exceeding plan. As a result, the number of available high grade mineralized material headings has increased significantly throughout the quarter. The Company remains on track to meet its full-year production guidance.

Water inflow volumes to the mine remained largely unchanged and continue to be managed well using the current underground pumping system, which presently operates near capacity. Work on an enhanced pumping system, that includes expanded sumps at lower levels and higher-capacity pumps, advanced during the quarter. Pumps were sized and ordered with installation continuing throughout the remainder of the year to increase overall water discharge capacity as the mine progresses at depth. Further, initial phases of commissioning a second water treatment plant began in late July, with mechanical completion having recently been completed. The second water treatment plant will increase surface water treatment capacity to approximately 3,500 gallons per minute to support the Company's long-term groundwater management objectives.

At June 30, 2026, the Company had in-process material containing over 5,300 recoverable ounces at its third-party processing facility. The Company expects the material to be processed during the third quarter of 2026. Approximately 1,800 ounces of gold was also held in inventory at June 30, 2026. Gold ounces sold were lower than the prior year periods due to availability at the third-party processing facility.

Processing cost per unit has increased compared to the prior year periods due to a higher proportion of sulfide material being processed at the third-party processing facility.

During the three months ended and six months ended June 30, 2026, growth capital expenditures were primarily related to the water treatment plant project. Sustaining capital expenditures were related primarily to the electrical substation replacement.

Pre-development, evaluation, and exploration expenses were $7.9 million for the three months ended June 30, 2026, which were related to underground mine development and infill drilling to upgrade mineral resources and step-out drilling.

Drill Program

During the quarter, the Company continued infill and step-out drilling at Granite Creek. The underground drill program remained focused on infill drilling to support resource conversion and mine planning. Drilling progressed slower than anticipated during the quarter due to water management, maintenance downtime, and rig relocation. The updated mineral resource estimate is near completion and under internal review. The feasibility study is now expected to be completed in the third quarter of 2026.

Granite Creek Open Pit

Preparation for a pre-feasibility trade-off study has commenced following the completion of the Granite Creek open pit preliminary economic assessment, prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the corresponding Initial Assessment prepared under Subpart 1300 of Regulation S-K ("S-K 1300"), each filed on March 31, 2025 ("PEA"). Simultaneously, technical trade-off analyses are being conducted to optimize project economics. Based on preliminary assessments of potential environmental impacts, the project may require preparation of an Environmental Impact Statement ("EIS") under the Bureau of Land Management ("BLM") process. Early-stage pre-permitting activities and technical studies are currently underway, followed by planned baseline field studies commencing in 2027 to support the National Environmental Policy Act ("NEPA") permitting process.

Ruby Hill Property

The Ruby Hill property includes the Archimedes underground project, the Company's second planned underground mine for which construction began during 2025, and Mineral Point open pit, which is a large oxide gold and silver deposit with the potential to become the Company's largest gold producing asset.

| Ruby Hill Property | | Three months ended June 30, | Six months ended June 30, | | | | Operational Statistics | | 2026 | 2025 | 2026 | 2025 | | Heap Leach | | | | | | | Gold produced | oz | 485 | 713 | 878 | 1,336 | | Gold sold | oz | 690 | 665 | 1,073 | 1,117 | | | | | | | | | Underground mine development (pre-development) | meters | 899 | — | 1,559 | — | | Archimedes drilling | meters | 3,124 | — | 7,386 | — | | Mineral Point drilling | meters | 14,836 | 1,749 | 15,586 | 1,749 | | | | | | | | | Financial Statistics | | 2026 | 2025 | 2026 | 2025 | | Processing cost (produced oz) | $/oz | 3,124 | 1,640 | 3,228 | 1,644 | | Site G&A (produced oz) | $/oz | 658 | 1,174 | 755 | 1,191 | | Operating costs | $000s | 2,639 | 1,726 | 3,552 | 2,808 | | Royalties1 | $000s | 92 | 66 | 145 | 103 | | Sustaining capital expenditures2 | $000s | 152 | 719 | 469 | 911 | | Growth capital expenditures2 | $000s | 2,422 | — | 3,170 | — | | Capital expenditures | $000s | 2,574 | 719 | 3,639 | 911 | | Pre-development, evaluation and exploration expenses | $000s | 20,083 | 1,898 | 32,466 | 5,089 |

| Notes to table above: | | | 1 | Royalties excludes Net Smelter Return royalty repayments | | 2 | This is a Non-GAAP and Supplementary Financial measure; please see "Non-GAAP and Supplementary Financial Performance Measures" section. |

The Company continues to leach the historic leach pads on the Ruby Hill property, recovering gold. Year-to-date gold production from the historic leach pad remained below expectation as infiltration on the pad remained challenging. Higher processing cost per ounce compared to the prior year periods was due to lower produced ounces. For the residual leaching process, management continues to focus on managing ponding, maximizing the area under leach, and optimizing cyanide application rates.

Archimedes Underground

During the quarter, underground development at the Archimedes project continued to advance on schedule, with 899 meters of development completed during the quarter, supported by favorable ground conditions and high productivity rates from contractors. Pump testing was conducted on a recently completed dewatering well, and permitting activities for below the 5,100-foot level continued to advance as planned. The planned start of mining above the 5,100-foot level is fully supported by existing permits and is not dependent on the timing or outcome of permitting activities below the 5,100-foot level. The Company continues to expect to achieve first gold from Archimedes in the fourth quarter of 2026.