TORONTO, ON, November 12, 2025 – i-80 GOLD CORP. (TSX:IAU) (NYSE American:IAUX) (“i-80 Gold” or the “Company”) reports its operating and financial results for the three and nine months ended September 30, 2025, highlighting key developments across its asset portfolio.
“I am pleased to report the third quarter marked another period of solid execution in advancing our multi-asset development strategy in Nevada,” stated Richard Young, President & Chief Executive Officer. “During the quarter, underground development advanced at Granite Creek, construction commenced at Archimedes underground, and technical studies and permitting advanced across the portfolio. We also continued to expand our team with high-quality local talent to support execution. With this progress, we remain on track to deliver on the key upcoming milestones within our development plan.”
Mr. Young added, “Our recapitalization strategy is also progressing well, and the support we continue to receive from lenders and other capital providers underscores the quality of our assets and the significant value-creation opportunity ahead for i-80 Gold.”
Q3 2025 OPERATING AND FINANCIAL OVERVIEW
Unless otherwise stated, all amounts referred to herein are in U.S. dollars.
Three months ended September 30, 2025
• Revenue increased to $32.0 million for the quarter compared to $11.5 million in the prior year period, primarily driven by higher gold ounces sold(1) at Granite Creek and a higher average realized gold price(2).
• Gold sales(1) for the quarter increased to 9,368 ounces at an average realized gold price(2) of $3,412 per ounce compared to gold sales(1) of 4,740 ounces at an average realized gold price(2) of $2,441 per ounce in the prior year period.
• Gross profit improved to $3.1 million from a gross loss of $4.9 million in the comparative period due to improved water management initiatives at Granite Creek resulting in higher operational efficiencies. Gross profit for Granite Creek was near break-even for the current quarter and is expected to be positive for the second half of 2025.
• Net loss decreased to $41.9 million compared to $43.1 million in the prior year period as higher gross profit was offset by higher pre-development, evaluation and exploration expenses as the Company advances the projects within its development plan. Upon declaration of mineral reserves certain pre-development, evaluation, and exploration expenditures currently expensed would be capitalized.
• Loss per share of $0.05 for the quarter compared to $0.11 loss per share in the prior year period improved primarily due to an increase in outstanding common shares following the equity raise in May 2025.
• Cash used in operating activities of $15.2 million improved compared to $23.5 million in the prior year period as a result of higher gross profit and higher working capital partially offset by increased pre-development, evaluation, and exploration expenses.
• Cash balance of $102.9 million as at September 30, 2025, a decrease of $30.8 million compared to June 30, 2025, primarily due to cash used in pre-development, evaluation, and exploration expenses and a $11.9 million principal repayment of the amended Orion Mine Finance (“Orion”) Gold Prepay Purchase and Sale Agreement (“Gold Prepay Agreement”).
• Completed approximately 53,000 feet of core drilling, including at Granite Creek underground to enhance mineral resource definition and support a planned feasibility study, technical drilling at Mineral Point open pit within the Ruby Hill property for baseline data to advance permitting and technical reports, and geotechnical drilling at Cove underground to also support the planned feasibility study.
• Received all required permits and commenced construction for the upper level of the Archimedes project – the Company’s second planned underground mine – marking a key milestone in phase one of its development plan.
• The Company remains on track to complete technical reports for its underground projects and the Lone Tree plant.
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