i-80 Gold Corp. press release

i-80 Gold Reports Third Quarter 2026 Results; Archimedes Underground on Track to Begin Production Mining by Year-End

2026-11-02

TSX - Toronto Stock Exchange · Gold · Silver · United States · Corporate Finance

Canada NewsWire

TORONTO, Nov. 2, 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 nine months ended September 30, 2026.

"During the third quarter, we continued to advance i-80 Gold's hub-and-spoke mining and processing platform which is expected to improve our cost structure and cash generation, and increase annual production to a target of 150,000 to 200,000 ounces of gold in 2028(1)," said Richard Young, President & Chief Executive Officer. "Granite Creek underground announced maiden mineral reserves, Archimedes underground continued to advance on schedule from a September 2025 construction decision toward planned production mining before year-end 2026, and key milestones and cost to complete the Lone Tree Plant refurbishment continued to track the original engineering schedule and cost estimate. With Mineral Point open pit now prioritized as our next major development project, drilling and technical work are advancing toward a pre-feasibility study to support targeted annual gold equivalent production of 400,000 to 500,000 ounces in the early 2030s.(1)Together, these milestones build the foundation for i-80 Gold to deliver substantial long-term value for our shareholders."

THIRD QUARTER HIGHLIGHTS

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

Development

Published a feasibility study for Granite Creek underground declaring initial Mineral Reserves of 2.20 million tonnes grading 7.87 grams per tonne gold containing 556,500 ounces of gold. Measured and Indicated underground Mineral Resources increased by 229% to 3.73 million tonnes grading 7.17 grams per tonne gold containing 859,500 ounces of gold, compared to the 2025 preliminary economic assessment;(2)Inferred Mineral Resources decreased by 38% to 0.89 million tonnes grading 7.06 grams per tonne gold containing 202,800 ounces of gold as the infill program converted a portion of Inferred Mineral Resources into the higher classification categories.(3) Granite Creek underground development continued to expand access to high-grade headings, supporting the ongoing production ramp up. The project is expected to be within its full-year production guidance range. Archimedes underground advanced on schedule and largely on budget, with main decline development on track and construction of the second ventilation and escape raise underway. Surface and underground infrastructure required to support the start of production mining remains scheduled for completion in early November, ahead of the planned start of production mining by year-end. Lone Tree Plant refurbishment advanced on schedule and largely on budgetwith bulk demolition activities complete and mobilization underway for initial construction activities to commence in the fourth quarter of 2026, as planned. Project capital remains largely on budget with approximately 44% of project capital having been committed and approximately 20% of the contingency having been drawn. Completed approximately 36,000 meters of drilling for the quarterbringing the total to approximately 62,000 meters for the nine months ended September 30, 2026. Activities primarily focused on technical drilling at Mineral Point open pit and infill drilling at Archimedes underground to enhance resource definition in support of the planned 2027 technical studies, as well as resource definition drilling at Granite Creek underground beyond the area included in the September 2026 feasibility study.(2) Permitting remained largely on trackacross the development portfolio as associated actions continued to advance.

Financial and Operating

Revenues were $32.7 million, representing7,744 ounces in gold sold(4)at an average realized gold price(5)of $4,211 per ounce, compared to $32.0 million represented by 9,368 ounces at an average realized gold price(5)of $3,412 per ounce in the prior year period. Gold production was marginally lower at 11,685 ouncescompared with 12,428 ounces in the prior year period. Consolidated production is expected to be within the lower half of the guidance range. Gross profit increased to $5.0 millionfrom $3.1 million in the prior year period due to a higher realized gold price. Net loss increased to $48.4 millioncompared to $41.9 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 partially offset by lower revaluation expenses recorded within other expenses. In September 2026, the company issued the Granite Creek Feasibility Study(2)which declared initial mineral reserves. Accordingly, the Company will capitalize qualifying development expenditures at Granite Creek, which were previously expensed as pre-development, evaluation and exploration costs. Net loss per share of $0.06is comparable to the prior year period of $0.05. Adjusted net loss was $48.2 millioncompared to $34.3 million(5)in the prior year period due to higher pre-development, evaluation and exploration expenses. Cash used in operating activities increased to $32.5 millioncompared to $15.2 million in the prior year period as a result of higher pre-development, evaluation and exploration expenses which was partially offset by higher gross profit. Cash and cash equivalents were $411.4 millionas of September 30, 2026, a decrease of $53.2 million compared to June 30, 2026, primarily due to cash used in operations of $32.5 million and capital expenditures of $15.0 million primarily driven by the start of the Lone Tree Plant refurbishment project.

Sustainability

Published the Company's 2025 and fourth annual sustainability report and data book which highlights key achievements in community partnerships, environmental stewardship, and governance in 2025, and reports on continued progress in expanding its sustainability strategy. Coordinated a roundtable with U.S. Senator Jacky Rosen, Eureka County leaders, and state and regional partners in Eureka, the neighboring community to the Ruby Hill property, which hosts the Archimedes and Mineral Point projects. Discussions focused on coordinated planning and long-term partnerships to address workforce readiness, housing, and infrastructure in anticipation of future project development.

UPDATED DEVELOPMENT STRATEGY

i-80 Gold is executing a multi-phase development plan aimed at creating a mid-tier gold producer in Nevada. The near-term focus is on developing two high-grade underground refractory gold projects (Granite Creek and Archimedes), and the refurbishment and commissioning of the Lone Tree Plant, which is expected to serve as a central processing hub for material from all underground projects. Development of the Company's two large, open pit oxide projects (Mineral Point and Granite Creek), as well as its third underground mine (Cove), are expected to follow to support a long-term target of 500,000 to 600,000(1)ounces of annual gold output. Permitting, technical studies, development work and ramp up are actively being advanced across the portfolio of five gold projects.

On October 14, 2026, the Company updated its development plan to better align plant feed and processing capacity, and optimize capital allocation. While the Company's operating and near-term development projects remain on their initial schedule, the sequence of medium-to-long term projects has been updated as follows:

1. Establish hub-and-spoke mining and processing platform: Ramp up production at Granite Creek underground, bring Archimedes underground into production, and refurbish and commission the Lone Tree Plant as a centralized processing facility — which remains consistent with previously forecasted plans. 2. Prioritize Mineral Point open pit as the next major development project: Add a large-scale open pit heap leach project. 3. _Advance remaining growth project_s: Develop and construct the Granite Creek open pit once the Mineral Point open pit project is in operation with the Cove underground project sequenced later as an important source of future refractory feed to the Lone Tree Plant when future mining rates decline at the first two underground mines.

This revised sequence of development projects provides an opportunity for the Company to prioritize the Mineral Point open pit project, which is the Company's largest and most valuable asset. Currently, the anticipated timing of Mineral Point development has not changed from its March 2025 PEA. The exploration program, early-stage pre-permitting activities, technical studies, metallurgical test work, and engineering are ongoing and continue to improve the Company's understanding of the deposit to support future project planning.

The development plan targets annual gold production of 150,000 to 200,000 ounces beginning in 2028, supported by the Lone Tree Plant processing material from Granite Creek underground and Archimedes underground.(1)Cove underground is expected to sustain this production level by supplying refractory feed to the Lone Tree Plant as production from Granite Creek underground and Archimedes underground declines.

In addition to the quarter end cash balance of $411 million, additional liquidity is available through: (i) the remaining $25 million from the committed net smelter return royalty financing arrangement (the "NSR Royalty"); (ii) the $100 million accordion feature under the 2026 Gold Prepay – each of which are subject to certain specified project and drawdown conditions; (iii) future anticipated proceeds from warrant exercises which are due to mature in 2027 and 2028; (iv) and a proposed ore stockpile financing facility which has been approved as an additional permitting financing facility under the 2026 Gold Prepay. Together, these sources could provide up to approximately $350 million of additional liquidity over the next 18 months. Other than the remaining $25 million under the NSR Royalty, each of these sources is subject to lender approval, the negotiation of definitive agreements or the exercise of outstanding warrants by their holders, as applicable. To support Mineral Point's development scope, the Company is in dialogue with its lead lenders to establish a corporate revolving credit facility for additional liquidity, if needed.

Parallel to the updated development plan, the Company has optimized its processing strategy where a large portion of refractory material from the Granite Creek and Archimedes underground projects is expected to be stockpiled in 2027 for processing at the Company's wholly owned Lone Tree Plant once commissioned, rather than processed through a third-party facility. Commissioning is expected in the fourth quarter of 2027.

UPCOMING CATALYSTS

Archimedes Underground

First gold mined — Q4 2026

Lone Tree Plant

Commence construction — Q4 2026 Filtration plant completion — Early Q4 2027 First gold pour — Q4 2027

Technical Studies(2)

Cove underground (Feasibility) — Q4 2026 Archimedes underground (Feasibility) — H2 2027 Mineral Point open pit (Pre-Feasibility) — H2 2027 Granite Creek open pit (Pre-Feasibility) — H2 2028

OUTLOOK

The Company expects to be largely within its guidance ranges published in its Annual Report on Form 10-K for the year ended December 31, 2025, on February 19, 2026. The Company's expectations for 2026 have changed from that guidance as follows:

Gold production is expected to be in the lower half of the guidance range. This is in part due to the decision to leach Archimedes oxide material on our existing leach pad rather than selling it under the ore purchase agreement, which is expected to delay recording production from the fourth quarter of 2026 to the first quarter of 2027. Operating costs are expected to be at the low end of the range due to gold production being in the lower half of the range and the mining of more oxide material than planned, at lower processing costs, from Granite Creek. Sustaining capital, growth capital and pre-development expense are all anticipated to be at the low end of the guidance range. The Lone Tree Plant refurbishment is on schedule, however, capital expenditures for 2026 are expected to be lower than guidance. Management was conservative in estimating these expenditures during the recapitalization process earlier in year to ensure the Company raised sufficient capital. The original guidance assumed a gap between commitment and invoicing/payment of 30 days, in practice, the Company is experiencing between four to five months for this timing difference. The Company continues to expect the refurbishment capital to be nearly fully committed by year-end. Exploration expenses are expected to be lower than planned for 2026, reflecting fewer meters drilled due to previously reported contractor personnel shortages and limited drill rig availability at Archimedes and Mineral Point. During the third quarter, drill rigs have since arrived on site and staffing levels have increased, addressing these constraints.

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

September 30, | Nine months ended

September 30, | | | | | | 2026 | 2025 | 2026 | 2025 | | Revenue | $000s | 32,728 | 32,019 | 109,466 | 73,903 | | Gross profit | $000s | 4,954 | 3,118 | 29,651 | 6,822 | | Net loss | $000s | (48,350) | (41,867) | (179,478) | (113,287) | | Net loss per share | $/share | (0.06) | (0.05) | (0.21) | (0.18) | | Adjusted net loss | $000s | (48,151) | (34,255) | (118,034) | (85,140) | | Adjusted net loss per share1 | $/share | (0.06) | (0.04) | (0.14) | (0.14) | | Cash used in operating activities | $000s | (32,541) | (15,246) | (127,206) | (49,282) | | Cash and cash equivalents | $000s | 411,355 | 102,867 | 411,355 | 102,867 | | Gold produced | oz | 11,685 | 12,428 | 33,649 | 26,256 | | Gold ounces sold2 | oz | 7,744 | 9,368 | 23,668 | 22,720 | | Average realized gold price1 | $/oz | 4,211 | 3,412 | 4,608 | 3,243 | | Pre-development, evaluation and exploration expenses | $000s | 33,355 | 20,062 | 88,317 | 38,652 | | 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 ore sales at a payable factor of 59% in 2026 (2025 - 58%). | | | | | |

Paul Chawrun, Executive Vice President & Chief Operating Officer, added: "Our team continued to translate drilling results and geological data into optimized mine plans. At Archimedes underground, development exceeded planned daily advancement rates and unit operating costs were in line with budget. We are optimizing the 2027 mine plan to reflect the higher than anticipated oxide material, with heap leaching planned to commence by year-end.

At Granite Creek underground, increased competition for skilled underground labor in the region led to a high volume of contractor workforce turnover during the quarter, which resulted in reduced material movement and delayed access to high-grade headings. The contractor workforce has since been restored to previous staffing levels to support planned mining rates following an adjustment to contractor compensation structure. Attracting and retaining a skilled workforce within a positive, supportive company culture is a key focus for us.

We completed approximately 62,000 meters of drilling year to date, strengthening resource definition and supporting future technical studies for Archimedes underground and Mineral Point, and overall mine planning. Results beyond existing resource boundaries continued to highlight the expansion potential of Granite Creek, Archimedes and Mineral Point.

At Lone Tree, procurement and engineering have advanced, and civil and concrete contractors are mobilizing. Our fourth quarter priorities include awarding the general contractor. We are also preparing to implement our stockpiling strategy for high grade sulfide material from Granite Creek and Archimedes underground projects through 2027 to maximize the cost benefits of processing at Lone Tree following commissioning."

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 September 30, | Nine months ended September 30, | | | | Operational Statistics | | 2026 | 2025 | 2026 | 2025 | | Mining | | | | | | | Oxide mineralized material mined | tonnes | 12,375 | 15,296 | 36,128 | 54,693 | | Sulfide mineralized material mined | tonnes | 21,994 | 20,083 | 55,276 | 45,928 | | Low-grade mineralized material mined | tonnes | 17,344 | 15,288 | 39,719 | 54,307 | | Waste mined | tonnes | 32,761 | 46,796 | 110,523 | 106,205 | | Total material mined | tonnes | 84,474 | 97,463 | 241,646 | 261,133 | | | | | | | | | Oxide mineralized material grade | g/t | 8.17 | 9.77 | 8.15 | 11.19 | | Sulfide mineralized material grade | g/t | 9.09 | 10.65 | 7.41 | 9.12 | | Low-grade mineralized material grade | g/t | 2.99 | 2.95 | 2.98 | 2.90 | | | | | | | | | Processing | | | | | | | Processed mineralized material - sulfide | tonnes | 18,382 | 35,731 | 53,842 | 42,746 | | Processed mineralized material - heap leach | tonnes | — | 14,674 | 5,827 | 67,261 | | Total processed mineralized material | tonnes | 18,382 | 50,405 | 59,669 | 110,007 | | | | | | | | | Ore purchase agreement (high and low grade oxide) | | | | | | | Oxide mineralized material sold1 | tonnes | 20,260 | 12,840 | 52,941 | 41,638 | | | | | | | | | Total gold produced | oz | 9,064 | 10,478 | 26,596 | 19,373 | | Total gold sold1 | oz | 6,164 | 7,325 | 16,982 | 16,412 | | | | | | | | | Underground mine development (pre-development) | meters | 144 | 394 | 891 | 759 | | Drilling | meters | 1,974 | 9,709 | 5,109 | 10,669 | | | | | | | | | Financial Statistics | | 2026 | 2025 | 2026 | 2025 | | Mining cost (total mineralized material and waste) | $/t | 188 | 134 | 175 | 158 | | Processing cost (processed mineralized material) | $/t | 290 | 228 | 280 | 144 | | Site general and administrative ("G&A") (total mineralized material mined) | $/t | 66 | 30 | 56 | 32 | | Operating costs2 | $000s | 22,822 | 23,446 | 60,656 | 53,831 | | Royalties2 | $000s | 1,536 | 1,488 | 4,655 | 3,143 | | Sustaining capital expenditures3 | $000s | 52 | 288 | 4,320 | 1,927 | | Growth capital expenditures3 | $000s | 4,818 | 611 | 14,263 | 464 | | Capital expenditures | $000s | 4,870 | 899 | 18,583 | 2,391 | | Pre-development, evaluation and exploration expenses | $000s | 5,505 | 12,864 | 24,782 | 22,583 |

| Notes to table above: | | 1Gold ounces sold include attributable gold from ore sales at a payable factor of 59% in 2026 (2025 - 58%). | | 2Operating costs excluding depletion, depreciation, amortization, and royalties. Royalties exclude Net Smelter Return royalty payments. | | 3This is a Non-GAAP and Supplementary Financial measure; please see "Non-GAAP and Supplementary Financial Performance Measures" section. |

Granite Creek Underground Project

Mining & Processing

Ore mined at Granite Creek underground is currently processed as follows: (i) sulfide ore 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 ore is subject to an ore purchase agreement. Low-grade oxide ore was sold under the ore purchase agreement 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 ore having been placed after the first quarter of 2026.