Key Highlights

  • Revenue was USD 32.7 million versus USD 32.0 million, with mineralized material sales rising to USD 13.6 million.
  • Gross profit rose to USD 5.0 million, while pre-development and exploration spending rose to USD 33.4 million.
  • The operating loss widened to USD 43.3 million, and net loss was USD 48.4 million, or USD 0.06 per share.
  • Cash and cash equivalents were USD 411.4 million, and nine-month Revenue rose 48% to USD 109.5 million.

Quarter in Numbers

i-80 Gold Corp. (NYSE American:IAUX), a gold and silver producer and developer with operations in Nevada, reported third-quarter 2026 revenue of USD 32.7 million versus USD 32.0 million. Gold and silver sales fell to USD 19.2 million from USD 24.9 million, while sales of mineralized material rose to USD 13.6 million from USD 7.1 million. Cost of sales fell to USD 27.2 million from USD 28.4 million, depreciation, depletion and amortization was USD 0.6 million, and Gross Profit rose to USD 5.0 million from USD 3.1 million.

Pre-development, evaluation and exploration spending rose to USD 33.4 million from USD 20.1 million, general and administrative expense rose to USD 10.0 million from USD 7.5 million, and property maintenance rose to USD 4.9 million from USD 3.3 million. The loss from operations was USD 43.3 million versus USD 27.8 million.

Other income was USD 0.2 million, other expenses produced a gain of USD 3.7 million versus a loss of USD 7.6 million, and interest expense rose to USD 9.1 million from USD 7.1 million. The loss before income taxes was USD 48.6 million versus USD 41.9 million, and there was a small income tax benefit of USD 0.2 million. The net loss was USD 48.4 million, or USD 0.06 per share, versus USD 41.9 million, or USD 0.05, on about 866.4 million weighted-average shares versus 815.6 million.

Nine-Month Results and Recapitalization

For the nine months, revenue was USD 109.5 million versus USD 73.9 million, an increase of about 48%, with gold and silver sales of USD 80.8 million versus USD 50.8 million and gross profit of USD 29.7 million versus USD 6.8 million. Pre-development spending was USD 88.3 million versus USD 38.7 million, the loss from operations was USD 99.3 million versus USD 62.3 million, and the net loss was USD 179.5 million, or USD 0.21 per share, versus USD 113.3 million, or USD 0.18. Other expenses for the period were USD 80.4 million, and the loss on Loan extinguishment was USD 7.1 million, partly offset by other income of USD 35.4 million.

During the first quarter of 2026 the company completed a Recapitalization through a gold prepay agreement, a net smelter return Royalty agreement and the issuance of convertible debentures. Proceeds repaid its outstanding indebtedness, except for the Silver Purchase Agreement, which remains outstanding.

Customers and Cash

Three customers each represented more than 10% of revenue, with sales across Granite Creek, Ruby Hill and Lone Tree, and two customers made up 99% of trade receivables. Cash and cash equivalents were USD 411.4 million at September 30, 2026, a decrease of USD 53 million from the prior quarter and an increase of USD 348.1 million over the nine months. Cash therefore started the year at about USD 63 million by our calculation, so the balance has grown more than sixfold even as the company posted a nine-month net loss of USD 179.5 million.

Spending and Liquidity Indicators

Items to track include pre-development spending, which more than doubled over nine months, revenue mix between gold and silver and mineralized material, interest expense under the new structure and the cash balance after capital investment.