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The call conveys a predominantly positive operational and strategic outlook: the company completed a transformational recapitalization (> $1B), entered the quarter with strong liquidity (~$514M), delivered record revenue ($52M) and gross profit ($16.1M), materially increased production and sales (>100% growth in ounces sold/produced), and advanced multiple projects on schedule (Archimedes, Lone Tree refurbishment, large Mineral Point drill program). Near-term negatives include widening GAAP net losses driven by non-cash revaluations and financing costs, higher cash burn from operations, infrastructure hiccups (temporary power outage), payability constraints on oxide material (57% payability), and large near-term capital requirements and royalty obligations that will impact future cash flows. Overall, the positive operational progress, funding completeness, and clear project execution plans outweigh the near-term financial and operational headwinds.
The company’s guidance focuses on executing a multi‑phase development plan backed by more than $1.0 billion of funding (cash balance ≈ $514M) to grow from roughly 50,000 oz/year today to 150–200,000 oz/year by 2028, and it said it remains on track to achieve 2026 guidance; near‑term operational milestones include first gold from Archimedes in Q4 2026 (ramp through 2027), Lone Tree plant refurbishment targeted for first pour by 2027 with a December‑2025 capital estimate of $430M (including spares and a 12% contingency) and project commitments of ~$31M (50% committed by midyear, ~100% by fall), feasibility studies for three underground projects (Granite Creek FS expected late Q2 2026, Cove FS in Q2 2026, Archimedes FS Q1 2027), prefeasibility work on two open‑pit oxide projects and a 131,000 m Mineral Point drill program (4 rigs on site, 3 more starting) to support a 2027 PFS; Q1 2026 operating and financial metrics included company gold production/sales of ~10.8k/10.6k oz, Granite Creek mined ~31.4k tonnes (sulfide grade ~6.2 g/t, oxide ~8.9 g/t) with Granite gold production ~8.9k oz and a >4k oz sulfide stockpile, revenue just over $52M, gross profit $16.1M, net loss $76M ($0.09/share) and adjusted loss just under $29M, plus financing transactions such as a $250M Franco‑Nevada NSR ($225M received), a $150M draw on a $250M gold prepay facility and $287.5M of convertible notes, while 159M warrants remain outstanding.
Completed recapitalization with total funded and committed proceeds of over $1.0 billion since May 2025 (includes $250M NSR with Franco-Nevada, $150M funded on gold prepay, and $287.5M unsecured convertible notes). Ended the quarter with approximately $514M cash balance, used to retire ~ $167M of legacy debt and provide funding certainty for Phase 1 and Phase 2.
Total revenue increased to just over $52M from $14M in the prior year period (~+271%), driven by more than double the gold ounces sold and higher realized gold price (nearly $5,000/oz). Gross profit rose to $16.1M, a new company record and over 4x higher than prior year (~300%+ increase).
Company-wide gold production increased to ~10.8k ounces (from 5.2k; +107.7%) and gold sales to ~10.6k ounces (from 5.0k; +112%), reflecting improved mining/results and the finalized toll processing agreement. Granite Creek sulfide production more than tripled to ~8.9k ounces.
Archimedes underground development is ahead of schedule (~660 meters advanced in Q1; >20 ft/day, first gold expected Q4 with ramp through 2027). Lone Tree plant refurbishment received board approval, remains on plan for first gold pour by 2027, and cost tracking the December 2025 estimate of $430M including a 12% contingency.
Largest drill program in company history initiated: Mineral Point ~131k meters planned with 4 rigs on-site and 3 additional rigs imminent. Upper Archimedes completed >7.5k meters over 35 holes with high-grade intercepts and potential expansion of oxide opportunity.
Water inflows at Granite Creek are 'largely behind us' with long-term solutions (second water treatment plant) on track for June; team implemented solutions and development rates have improved with recent decline and ramp rates exceeding plan.
Expecting feasibility studies for three underground projects and prefeasibility studies for two large open pit oxide projects over this year and next, supporting planned production growth to ~150k–200k oz/year by 2028 (from ~50k oz guidance for current year).
Franco-Nevada NSR ($250M; $225M received at closing) and a gold prepay facility provide non-dilutive and near-term financing; convertible notes were well oversubscribed, demonstrating investor demand for the recapitalization.
Hello, and thank you for joining i-80 Gold's 2026 First Quarter Results Conference Call and Webcast. Today's company presenters include Richard S. Young, President and Chief Executive Officer of i-80 Gold Paul Chawrun, COO; and Ryan Snow, CFO. Before we continue, please note that today's comments may contain forward looking statements which involve risks and uncertainties. Actual results could differ materially. I will ask everyone to refer to Slide 2 of the presentation which is available on i-80 Gold's website to view the cautionary notes regarding the forward looking statements made on this call and the risk factors related to these statements. All amounts are in US dollars unless otherwise stated. Following today's formal presentation, we will open the call to your questions.
I will now hand the call over to Richard.
Well, thank you, Vincent, and hello. And thank you for joining today's call. Starting with slide 3. We are off to a strong start in 2026. Advancing our growth strategy to create a Nevada based mid tier gold producer. We are pleased to now have the recapitalization behind us as we complete the recap in the first quarter, A task that took about 12 months to complete through a series of financing transactions we have secured over $1 billion providing funding certainty paying off legacy debt, and derisking our development plan. With the recapitalization complete, we believe we are now fully funded to advance Phase 1 and Phase 2 of our development plan. Which currently include the refurbishment and commissioning of our centralized Lone Tree processing facility, ...