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Get filing alertsi-80 Gold reports Q2 loss widened to $52.5M on higher development costs; production up
Filed August 10, 2026 · Period ending August 10, 2026 · ~2 min read
Key Changes
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Net loss widened to $52.5M from $30.2M in Q2 2025, driven by increased pre-development, evaluation and exploration spending as the company advances multiple projects. Revenue declined to $24.3M from $27.8M despite higher gold prices ($4,522 vs $3,301/oz) due to lower ounces sold (5,335 vs 8,400) from third-party processing delays.
Exhibit 99.1 view on EDGAR → -
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Archimedes feasibility study pushed to mid-2027 from earlier expectations due to slower-than-planned infill drilling progress caused by contractor staffing shortages. First gold from Archimedes remains on track for Q4 2026, with underground development advancing on schedule and largely on budget.
Exhibit 99.1 view on EDGAR → -
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Granite Creek production increased to 11,098 ounces from 4,178 ounces as the mine ramped up, though ground conditions temporarily restricted access to two high-grade headings during the quarter. Remediation completed late in Q2; affected areas will contribute to Q3 production. Feasibility study anticipated in Q3 2026.
Exhibit 99.1 view on EDGAR → -
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Lone Tree Plant refurbishment advanced on schedule and on budget, with 50% of procurement packages awarded and 40% of capital committed as of mid-July. Major construction expected to commence in Q4 2026, with first gold pour targeted for Q4 2027.
Exhibit 99.1 view on EDGAR → -
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Growth capital expenditures expected to remain largely in line with $150M-$175M guidance for 2026, though Lone Tree spending will be lower than guided and Archimedes higher due to pivot to new surface infrastructure. Exploration expenses expected approximately $10M lower due to personnel and drill rig shortages.
Exhibit 99.1 view on EDGAR →
Summary
i-80 Gold reported Q2 2026 results showing a widening net loss to $52.5 million from $30.2 million in the prior-year period, driven by increased spending on pre-development, evaluation and exploration as the company advances multiple projects.
Revenue declined to $24.3 million from $27.8 million despite a 37% increase in realized gold prices, as ounces sold fell to 5,335 from 8,400 due to third-party processing delays. Production increased significantly to 11,098 ounces from 4,178 ounces as Granite Creek ramped up, though ground conditions temporarily restricted access to two high-grade headings during the quarter before remediation was completed.
The company's development pipeline advanced with mixed execution. Archimedes underground development progressed on schedule and largely on budget, with first gold still expected in Q4 2026, but the feasibility study was pushed to mid-2027 from earlier expectations due to slower infill drilling caused by contractor staffing shortages. Lone Tree Plant refurbishment remained on schedule and on budget, with major construction expected to commence in Q4 2026. The company updated its 2026 guidance, expecting growth capital to remain largely in line with the $150 million to $175 million range, though with shifts between projects: Lone Tree spending will be lower than guided, Archimedes higher due to a pivot to new surface infrastructure, and exploration approximately $10 million lower due to personnel and equipment constraints.
Section-by-Section Diff
Event · Exhibit 99.1
i-80 Gold reports Q2 2026 results with increased production at Granite Creek, on-track development at Archimedes and Lone Tree Plant refurbishment.
Added in current filing · view on EDGAR →
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. ... Net loss increased 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.
Q2 2026 revenues declined to $24.3 million from $27.8 million in Q2 2025, driven by lower gold ounces sold (5,335 vs 8,400) due to third-party processing delays, partially offset by a higher realized gold price ($4,522 vs $3,301 per ounce). Net loss widened to $52.5 million from $30.2 million, primarily due to increased pre-development, evaluation and exploration spending as the company advances multiple projects. Gold production increased to 11,098 ounces from 4,178 ounces as Granite Creek ramped up.
Added in current filing · view on EDGAR →
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. ... 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.
Granite Creek underground development progressed ahead of plan, increasing access to high-grade headings and supporting the ongoing production ramp-up. The project remains on track for full-year production guidance and a feasibility study in Q3 2026. Ground conditions temporarily restricted access to two high-grade headings during the quarter, deferring some planned tonnes, but remediation was completed late in the quarter and those areas will contribute to Q3 production.
Added in current filing · view on EDGAR →
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. ... The Company continues to expect to achieve first gold from Archimedes in the fourth quarter of 2026. ... An infill drilling program largely within the lower portion of the 426 zone and Ruby Deeps zone commenced in the second quarter of 2026, targeting approximately 55,000 meters planned across 140 drill holes in support of the planned Archimedes Feasibility Study. The drill program is encountering slower than planned progress due to contractor staffing availability. As a result, the Archimedes feasibility study is now anticipated to be completed approximately mid-year 2027.
Archimedes underground development advanced on schedule and largely on budget, with the main decline on track, the exploration drift completed, and the ventilation raise commenced. The company expects first gold from Archimedes in Q4 2026. However, an infill drilling program targeting 55,000 meters across 140 drill holes is progressing slower than planned due to contractor staffing shortages, pushing the feasibility study completion from earlier expectations to approximately $24.3 million mid-2027.
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