i-80 Gold Reports Fourth Quarter and Full Year 2024 Operating and Financial Results
i-80 Gold Corp (NYSE: IAUX) reported its Q4 and full-year 2024 results, highlighting a strategic shift in development plans. The company recorded Q4 revenue of $23.2 million with gold sales of 9,053 ounces at an average price of $2,560/oz. Full-year 2024 revenue was $50.3 million with total gold sales of 21,527 ounces at $2,332/oz.
Key financial metrics include a Q4 loss of $0.04 per share, improved from $0.12 loss in Q4 2023, and a year-end cash balance of $19.0 million. The company faced operational challenges at Granite Creek Underground due to increased groundwater issues, impacting productivity.
Looking ahead, i-80 Gold projects 2025 production of 30,000-40,000 ounces of gold, with Granite Creek Underground contributing 20,000-30,000 ounces. The company entered a new gold and silver prepay agreement with National Bank of Canada for approximately 6,800 ounces of gold and 345,000 ounces of silver, deliverable by September 2025.
i-80 Gold Corp (NYSE: IAUX) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando un cambiamento strategico nei piani di sviluppo. L'azienda ha registrato un fatturato del quarto trimestre di $23,2 milioni con vendite di oro pari a 9.053 once a un prezzo medio di $2.560/oncia. Il fatturato per l'intero anno 2024 è stato di $50,3 milioni con vendite totali di oro di 21.527 once a $2.332/oncia.
I principali indicatori finanziari includono una perdita di $0,04 per azione nel quarto trimestre, migliorata rispetto alla perdita di $0,12 nel quarto trimestre del 2023, e un saldo di cassa a fine anno di $19,0 milioni. L'azienda ha affrontato sfide operative presso Granite Creek Underground a causa di problemi aumentati con le acque sotterranee, che hanno impattato la produttività.
Guardando al futuro, i-80 Gold prevede una produzione nel 2025 di 30.000-40.000 once d'oro, con Granite Creek Underground che contribuirà con 20.000-30.000 once. L'azienda ha stipulato un nuovo accordo di prepagamento per oro e argento con la National Bank of Canada per circa 6.800 once d'oro e 345.000 once d'argento, consegnabili entro settembre 2025.
i-80 Gold Corp (NYSE: IAUX) informó sus resultados del cuarto trimestre y del año completo 2024, destacando un cambio estratégico en los planes de desarrollo. La compañía registró ingresos del cuarto trimestre de $23.2 millones con ventas de oro de 9,053 onzas a un precio promedio de $2,560/onza. Los ingresos del año completo 2024 fueron de $50.3 millones con ventas totales de oro de 21,527 onzas a $2,332/onza.
Las métricas financieras clave incluyen una pérdida de $0.04 por acción en el cuarto trimestre, mejorando desde una pérdida de $0.12 en el cuarto trimestre de 2023, y un saldo de efectivo al final del año de $19.0 millones. La compañía enfrentó desafíos operativos en Granite Creek Underground debido a problemas aumentados de agua subterránea, lo que impactó la productividad.
De cara al futuro, i-80 Gold proyecta una producción en 2025 de 30,000-40,000 onzas de oro, con Granite Creek Underground contribuyendo con 20,000-30,000 onzas. La compañía firmó un nuevo acuerdo de prepago de oro y plata con el National Bank of Canada por aproximadamente 6,800 onzas de oro y 345,000 onzas de plata, que se entregarán antes de septiembre de 2025.
i-80 Gold Corp (NYSE: IAUX)는 2024년 4분기 및 연간 실적을 보고하며 개발 계획에 대한 전략적 전환을 강조했습니다. 회사는 4분기 매출이 $23.2 백만이며, 평균 가격 $2,560/온스에 9,053온스의 금 판매를 기록했습니다. 2024년 전체 연간 매출은 $50.3 백만으로, 총 금 판매량은 $2,332/온스에 21,527온스입니다.
주요 재무 지표에는 4분기 주당 손실이 $0.04로, 2023년 4분기 손실 $0.12에서 개선되었으며, 연말 현금 잔고는 $19.0 백만입니다. 회사는 Granite Creek Underground에서 지하수 문제로 인해 운영상의 어려움에 직면하여 생산성에 영향을 미쳤습니다.
앞으로 i-80 Gold는 2025년 30,000-40,000온스의 금 생산을 계획하고 있으며, Granite Creek Underground가 20,000-30,000온스를 기여할 것입니다. 회사는 National Bank of Canada와 약 6,800온스의 금과 345,000온스의 은에 대한 새로운 선불 계약을 체결했으며, 이는 2025년 9월까지 인도될 예정입니다.
i-80 Gold Corp (NYSE: IAUX) a publié ses résultats du quatrième trimestre et de l'année complète 2024, mettant en évidence un changement stratégique dans ses plans de développement. La société a enregistré un chiffre d'affaires de 23,2 millions de dollars pour le quatrième trimestre, avec des ventes d'or de 9 053 onces à un prix moyen de 2 560 $/once. Le chiffre d'affaires de l'année complète 2024 s'est élevé à 50,3 millions de dollars, avec des ventes totales d'or de 21 527 onces à 2 332 $/once.
Les principaux indicateurs financiers incluent une perte de 0,04 $ par action au quatrième trimestre, améliorée par rapport à une perte de 0,12 $ au quatrième trimestre 2023, et un solde de trésorerie de 19,0 millions de dollars à la fin de l'année. L'entreprise a rencontré des défis opérationnels à Granite Creek Underground en raison de problèmes accrus d'eau souterraine, impactant la productivité.
En regardant vers l'avenir, i-80 Gold prévoit une production de 30 000 à 40 000 onces d'or en 2025, avec Granite Creek Underground contribuant avec 20 000 à 30 000 onces. L'entreprise a conclu un nouvel accord de prépaiement pour l'or et l'argent avec la National Bank of Canada pour environ 6 800 onces d'or et 345 000 onces d'argent, livrables d'ici septembre 2025.
i-80 Gold Corp (NYSE: IAUX) hat ihre Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei einen strategischen Wandel in den Entwicklungsplänen hervorgehoben. Das Unternehmen erzielte im vierten Quartal einen Umsatz von $23,2 Millionen mit Goldverkäufen von 9.053 Unzen zu einem Durchschnittspreis von $2.560/Unze. Der Umsatz für das gesamte Jahr 2024 betrug $50,3 Millionen mit Gesamteinkäufen von Gold in Höhe von 21.527 Unzen zu $2.332/Unze.
Wichtige Finanzkennzahlen umfassen einen Verlust von $0,04 pro Aktie im vierten Quartal, der sich von einem Verlust von $0,12 im vierten Quartal 2023 verbessert hat, und einen Kassenbestand von $19,0 Millionen zum Jahresende. Das Unternehmen sah sich bei Granite Creek Underground aufgrund von erhöhten Grundwasserproblemen operativen Herausforderungen gegenüber, die die Produktivität beeinträchtigten.
Für die Zukunft plant i-80 Gold eine Produktion von 30.000-40.000 Unzen Gold im Jahr 2025, wobei Granite Creek Underground mit 20.000-30.000 Unzen beiträgt. Das Unternehmen hat eine neue Vorauszahlungsvereinbarung für Gold und Silber mit der National Bank of Canada über etwa 6.800 Unzen Gold und 345.000 Unzen Silber abgeschlossen, die bis September 2025 geliefert werden sollen.
- Year-end cash balance increased to $19.0 million, up $2.7 million from previous year
- Q4 loss per share improved to $0.04 from $0.12 in Q4 2023
- Higher average realized gold price of $2,560/oz in Q4 2024 vs $1,989/oz in Q4 2023
- Full-year revenue declined to $50.3 million from $54.9 million in 2023
- Gold sales decreased to 21,527 ounces in 2024 from 29,370 ounces in 2023
- Operating cash flow usage increased to $82.5 million from $77.5 million in 2023
- Net loss widened to $121.5 million in 2024 from $89.7 million in 2023
- Production impacted by groundwater issues at Granite Creek Underground
Insights
i-80 Gold's Q4 and full year 2024 results paint a mixed financial picture with continued operational challenges. Q4 revenue declined to
The company's cash position improved marginally to
Production guidance of 30,000-40,000 gold ounces for 2025 shows modest growth from 2024's 21,527 ounces, but ambitious growth capex requirements of
The operational challenges at Granite Creek Underground deserve close attention, as they reflect fundamental execution issues beyond financial metrics. The significant groundwater ingress has directly impaired production and development rates, highlighting the technical complexities of this asset. While management has implemented several mitigation measures including expanded pumping capacity, well deepening, and system reconfiguration, these reactive solutions suggest initial hydrogeological assessments were inadequate.
Gold extraction rates below plan and the delayed ramp-up to steady-state production until H2 2025 indicate a material setback to the company's near-term production profile. The
The pivot to processing lower-grade material through heap leaching demonstrates operational flexibility, but it's a lower-margin fallback strategy. The company's new development sequence for its five gold projects appears more realistic than previous plans, emphasizing underground operations while accelerating two oxide open pit deposits. However, the new groundwater model completed in early 2025 suggests ongoing dewatering will remain a significant operational constraint and cost center. Until these technical challenges are definitively addressed, production consistency and cost structure improvements will remain elusive.
Ongoing Focus on Granite Creek Underground Ramp-Up, Balance Sheet Strengthening, and Advancing Pipeline of Projects Towards Feasibility
Unless otherwise stated, all amounts referred to herein are in
"2024 ended with a pivotal shift as we established a new development plan and commenced the work to release updated Preliminary Economic Assessments ("PEA") for each of our five gold projects, which we released as planned in the first quarter of this year," stated Richard Young, Chief Executive Officer. "These PEAs represent solid base case scenarios, and we believe the economics will continue to improve as we advance each project toward feasibility. Our focus remains on the continued ramp up at our Granite Creek Underground Project, unlocking the full potential of our portfolio, and strengthening our balance sheet to support our growth strategy. To that end, we are very pleased to have entered into an agreement with National Bank to term out the Company's gold and silver prepays due in March, and we look forward to a continued partnership with them."
OPERATING AND FINANCIAL HIGHLIGHTS
Fourth Quarter 2024
- Total revenue totaled
for the quarter compared to$23.2 million in the comparative prior year period due to lower volumes sold partially offset by a higher gold price.$25.8 million - Gold sales1 totaled 9,053 ounces at an average realized gold price2 of
per ounce, resulting in revenue of$2,560 , compared to gold sales1 of 14,331 ounces at an average realized gold price2 of$23.2 million per ounce, resulting in revenue of$1,989 in the fourth quarter of 2023.$28.5 million - Loss per share of
per share for the quarter, a decrease from$0.04 loss per share in the comparative prior year period.$0.12 - Cash used in operating activities was
, an increase in cash used from the prior year period due to comparatively lower change in working capital.$9.2 million - Cash balance of
as at December 31, 2024, an increase of$19.0 million from the end of the third quarter due to proceeds from the at-the-market equity program partially offset by cash used in operations and exploration and development activities.$2.8 million - Adopted a new development plan, following a leadership change, to permit, construct, and ramp up five gold projects over the balance of the decade aiming to create a mid-tier gold producer capable of producing approximately 400,000 to 500,000 ounces of gold annually, starting with the development of three underground mines while accelerating two large open pit oxide deposits.
- Commenced the process of updating the Preliminary Economic Assessments for five gold projects, which were completed as planned in the first quarter of 2025.
- Continued to advance gold projects which are currently at various stages of redevelopment, with a focus on the continued ramp up at the Granite Creek Underground Project, strengthening the balance sheet, and ongoing permitting at all five projects.
- Initiated a recapitalization plan to reschedule current debt obligations and provide the additional capital required to execute the new development plan.
____________________________ |
1Gold ounces sold include attributable gold from mineralized material sales at a payable factor of |
2This is a Non-GAAP Measure; please see "Non-GAAP Measures" section. |
Year ended December 31, 2024
- Total revenue totaled
compared to$50.3 million in the comparative prior year period due to lower volumes sold partially offset by a higher gold price.$54.9 million - Gold sales1 totaled 21,527 ounces for the year at an average realized gold price2 of
per ounce, resulting in revenue of$2,332 , compared to gold sales1 of 29,370 ounces at an average realized gold price2 of$50.2 million per ounce, resulting in revenue of$1,956 in 2023.$57.5 million - Cash used in operating activities was
, an increase from the prior year primarily due to lower production from the Company's projects, partially offset by higher average realized gold price.$82.5 million - Loss per share of
per share was an increase from$0.34 loss per share in the prior year.$0.33 - Year-end cash balance of
, an increase of$19.0 million during the year due to cash provided by financing activities, partially offset by cash used in operations and exploration and pre-development expenditures.$2.7 million - Approximately 110,000 feet of core and reverse circulation drilling completed with multiple positive results to expand mineralization further at the Granite Creek Underground Project, the Archimedes Underground Project within the Ruby Hill property, and the Cove Project.
- Published its second annual sustainability report which is accessible on the Company's website.
Three months ended December 31, | Year ended December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||
Revenue | 23,228 | 25,837 | 50,335 | 54,910 | |
Net loss | (17,730) | (36,053) | (121,533) | (89,654) | |
Loss per share | $/share | (0.04) | (0.12) | (0.34) | |
Cash flow used in operating activities | (9,223) | (4,919) | (82,501) | (77,465) | |
Cash and cash equivalents | 19,001 | 16,277 | 19,001 | 16,277 | |
Exploration feet drilled | ft | 26,533 | 38,354 | 106,221 | 182,030 |
Gold ounces sold1 | oz | 9,053 | 14,331 | 21,527 | 29,370 |
Average realized gold price2 | $/oz | 2,560 | 1,989 | 2,332 | 1,956 |
1.Gold ounces sold include attributable gold from mineralized material sales at a payable factor of | |||||
2. This is a Non-GAAP Measure; please see "Non-GAAP Measures" section. |
STRATEGY OVERVIEW
Following a leadership change, the Company adopted a new development plan in the fourth quarter which presents a new view on the most effective strategy to generate free cash flow, while progressing earlier stage projects to provide a pipeline of growth over the medium and long-term. Management is now focused on permitting and developing its portfolio of assets through the balance of the decade. Consistent with i-80 Gold's focus since inception, this plan includes the development of the three underground mines but also includes accelerating, permitting, and the development of two large oxide open pit deposits, one at Granite Creek and the other at Mineral Point, within the Ruby Hill Project area. The Lone Tree Autoclave remains as the centralized refractory mineral processing facility in the new development plan in support of i-80 Gold's hub-and-spoke regional mining and processing strategy. Management intends to continue its work towards completion of the refurbishment feasibility study planned in 2025. In support of the new development plan, the Company has initiated a recapitalization plan of its balance sheet.
OUTLOOK AND RECAPITALIZATION UPDATE
The Company expects to produce between 30,000 to 40,000 ounces1 of gold in 2025. Production from Granite Creek underground is expected to range between 20,000 to 30,000 ounces1 of gold, and the Company's two residual heap leach operations are expected to contribute approximately 10,000 ounces of gold in 2025.
The PEAs covering the Company's five gold projects were filed in March 2025, and outline three areas of growth expenditure over the next three years to support the advancement of the Company's development plan. These growth expenditures which are discretionary and subject to available resources, ranked from highest priority are: (i) advancing permitting activities, (ii) feasibility studies, and (iii) development work at Archimedes underground. For 2025, the growth expenditures are expected to total between
Management is advancing its recapitalization plan to support the Company's development plan on several fronts, and is in active discussions with several parties regarding a number of financing options including a senior lending facility, royalty sales, non-core asset sales (such as its FAD property), a working capital facility, as well as terming out the 2025 quarterly gold prepays. Further to the recapitalization plan, the Company restructured its March 31, 2025, gold prepay and silver deliveries and entered into a working capital facility, as described herein.
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 update this outlook depending on changes in metal prices and other factors.
New Gold & Silver Prepay Agreement & Working Capital Facility
On March 31, 2025 the Company entered into a new gold and silver prepay arrangement with National Bank of Canada ("National Bank") under which National Bank purchased approximately 6,800 ounces of gold and 345,000 ounces of silver from the Company for delivery to National Bank by September 30, 2025 or earlier, upon an infusion of capital in line with the recapitalization plan. The proceeds of this new prepay arrangement will be used to satisfy the March 31, 2025 gold and silver deliveries due to an affiliate of Orion Mine Finance under its respective Gold Prepay and Silver Purchase and sale agreements. The obligations under the prepay arrangement with National Bank are secured by the FAD project. In addition, the Company is finalizing a working capital facility with Auramet International, Inc. for up to
1Gold ounces sold include attributable gold from mineralized material sales at a payable factor of |
OPERATIONAL AND FINANCIAL OVERVIEW
Three months ended | Year ended | |||
(in thousands of USD) | 2024 | 2023 | 2024 | 2023 |
Revenue | 23,228 | 25,837 | 50,335 | 54,910 |
Cost of sales | (20,939) | (21,878) | (64,569) | (52,852) |
Depletion, depreciation and amortization | (486) | (1,613) | (1,489) | (7,202) |
Gross profit (loss) | 1,803 | 2,346 | (15,723) | (5,144) |
Expenses | ||||
Exploration, evaluation and pre-development | 9,406 | 14,319 | 38,430 | 61,091 |
General and administrative | 6,346 | 5,459 | 20,773 | 21,638 |
Property maintenance | 3,592 | 3,012 | 14,161 | 13,080 |
Loss from operations | (17,541) | (20,444) | (89,087) | (100,953) |
Other income and expenses, net | 12,195 | (2,487) | 24,000 | 41,022 |
Interest expense | (7,944) | (8,051) | (32,951) | (27,336) |
Loss before income taxes | (17,391) | (36,906) | (120,035) | (92,868) |
Current tax expense | — | (228) | — | (228) |
Deferred tax (expense) recovery | (339) | 1,081 | (1,498) | 3,442 |
Net loss for the period | (17,730) | (36,053) | (121,533) | (89,654) |
Granite Creek Underground
Three months ended | Year ended | ||||
Operational Statistics | 2024 | 2023 | 2024 | 2023 | |
Oxide mineralized material mined | tonnes | 21,369 | 20,839 | 62,789 | 48,573 |
Sulfide mineralized material mined | tonnes | 8,148 | 12,192 | 27,338 | 30,185 |
Total oxide and sulfide mineralized material mined | tonnes | 29,517 | 33,031 | 90,127 | 78,758 |
Oxide mineralized material mined grade | g/t | 13.02 | 10.88 | 11.60 | 12.28 |
Sulfide mineralized material mined grade | g/t | 9.77 | 8.59 | 8.21 | 10.48 |
Low-grade mineralized material mined1 | tonnes | 29,305 | 19,492 | 72,111 | 46,260 |
Low-grade mineralized material grade1 | g/t | 3.08 | 3.11 | 3.03 | 3.06 |
Waste mined | tonnes | 65,668 | 42,045 | 164,010 | 106,830 |
Total material mined | tonnes | 124,489 | 94,568 | 326,248 | 231,848 |
Processed mineralized material2 | tonnes | 76,594 | 21,400 | 115,769 | 42,537 |
Gold ounces sold3 | oz | 5,583 | 11,382 | 10,961 | 16,502 |
Underground mine development (pre-development) | ft | 691 | 959 | 3,762 | 3,194 |
Exploration drilling | ft | — | 6,448 | 23,413 | 27,392 |
Financial Statistics | 2024 | 2023 | 2024 | 2023 | |
Mining cost (total mineralized material and waste) | $/t | 99 | 100 | 126 | 124 |
Processing cost (processed mineralized material) | $/t | 31 | 23 | 33 | 51 |
Site general and administrative ("G&A") (total mineralized material mined4) | $/t | 21 | 13 | 33 | 22 |
Royalties | 593 | 430 | 2,507 | 905 | |
Capital expenditure5 | 60 | 918 | 1,138 | 3,933 | |
Pre-development expenditures | 5,001 | 5,494 | 19,577 | 16,712 | |
Exploration expenditures | 490 | 1,533 | 4,851 | 3,694 |
1Low-grade mineralized material extracted as part of the mining process that is below cut-off grade but incrementally economic. |
2Processed mineralized material consists of toll treated material and material placed under leach. |
3Gold ounces sold include attributable gold from mineralized material sales at a payable factor of |
4Total mineralized material mined consists of sulfide, oxide, and low-grade mineralized material. |
5Capital expenditure based on accrual basis. |
Mining rates and gold extraction for the year 2024 were below the anticipated levels due to an escalation in groundwater ingress into the underground working areas. This development adversely affected productivity and the pace of development. In response to the increased water ingress, the mine expanded pumping capacity, deepened an existing dewatering well, drilled a new dewatering well, and reconfigured the dewatering system to enhance the flow capacity to the water treatment facility. Water levels are dropping throughout the mining area and water ingress rates are anticipated to decrease in the near term. extraction rates are expected to ramp up to steady-state during the second half of 2025. Additional dewatering infrastructure upgrades will be completed in 2025. In early 2025 a predictive groundwater model was completed and the Company is utilizing this study to evaluate future dewatering needs.
The Company continues to encounter elevated levels of oxide mineralized material. A substantial portion of this lower-grade mineralized material has been deemed suitable for processing via heap leach at the Company's Lone Tree heap leach facility. During the quarter, 1,261 ounces were processed and sold from the Lone Tree heap leach facility. Additionally, during the three months ended in December 31, 2024, 30,911 tonnes of sulfide mineralized material were processed under the toll milling agreement. As at December 31, 2024, sulfide mineralized material of approximately 13,000 tonnes were on the stockpile to be processed in 2025.
Capital expenditures for the year were primarily related to mining equipment.
Pre-development expenditures are for underground development work, definition drilling and dewatering well costs.
During the fourth quarter, Management began a process to update the technical reports for both the Granite Creek underground and open pit projects which were completed during the first quarter of 2025. An infill drilling program is planned to be completed in 2025 to upgrade resources to a feasibility study level. Permitting activities associated with the Granite Creek open pit expansion are planned to begin in early 2025 with the initial focus on required baseline field studies. Federal National Environmental Policy Act ("NEPA") and
During the three months ended December 31, 2024, the Company paused its drilling program in favor of developing an underground exploration drift. The development of an exploration drift at Granite Creek Underground commenced in the fourth quarter of 2024. This drift will provide access for infill drilling from underground in the South Pacific Zone.
Ruby Hill (Archimedes Underground Project and Mineral Point Open Pit Project)
Three months ended | Year ended | ||||
Operational Statistics | 2024 | 2023 | 2024 | 2023 | |
Gold ounces sold | oz | 1,611 | 1,862 | 3,618 | 6,643 |
Exploration drilling | ft | — | 18,804 | 4,032 | 93,488 |
Financial Statistics | 2024 | 2023 | 2024 | 2023 | |
Mining cost | $/oz | — | — | — | 11 |
Processing cost (processed oz) | $/oz | 721 | 583 | 1,245 | 809 |
Site G&A (processed oz) | $/oz | 477 | 296 | 847 | 347 |
Royalties | 126 | 106 | 252 | 356 | |
Capital expenditure1 | 289 | 112 | 407 | 142 | |
Pre-development expenditures | 557 | 273 | 1,112 | 1,269 | |
Exploration expenditures | 134 | 1,766 | 684 | 15,794 |
1Capital expenditure based on accrual basis. |
During the three and twelve months ended December 31, 2024, the Company continued to recover ounces from the heap leach pads at Ruby Hill. The volume of ounces sold was lower than the prior year comparable periods due to the continued decline in leachable ounces. The Company will continue to recover ounces from the leach pads at Ruby Hill as long as it is economical to do so.
There was minimal spending on capital expenditures for the three and twelve months. During the fourth quarter, the Company prepared a preliminary economic assessment on the Archimedes Underground Project and Mineral Point open pit project which was finalized in the first quarter of 2025.
Exploration spending for the three and twelve months were related to metallurgical tests and drilling for metallurgical samples on the base metal deposits.
Permitting for Archimedes underground continued in the fourth quarter of 2024. During the first quarter of 2025 the Company received the record of decision from the
Permitting and technical study advancement of the base metal deposits at Ruby Hill including Hilltop and Blackjack have been suspended for the foreseeable future as the Company focuses on ramping up, permitting and developing the Company's three underground and two open pit oxide gold projects through the balance of the decade. As a result of the adoption of the new gold-focused strategy, the base metal joint venture, which the Company had been advancing previously, has been terminated.
Cove Project
The draft plan of operations has been submitted to the
Three months ended | Year ended | ||||
Operational Statistics | 2024 | 2023 | 2024 | 2023 | |
Exploration drilling | ft | 26,533 | 13,102 | 78,776 | 61,150 |
Financial Statistics | 2024 | 2023 | 2024 | 2023 | |
Pre-development expenditures | 444 | 2,443 | 2,991 | 6,470 | |
Exploration expenditures | 2,854 | 1,393 | 8,994 | 13,137 |
Underground delineation drilling continued during the fourth quarter on the Helen the CSD and Gap deposits with two core rigs, completing 26,533 feet of core drilled bringing total drilling over the course of the infill campaign to approximately 78,776 feet. A further 15,000 feet of drilling is planned into the first quarter of 2025 to complete the program. The 2024/2025 drill program will be included in a planned updated feasibility study.
Lone Tree
The focus at Lone Tree is a feasibility study to evaluate the refurbishment of the autoclave facility with the intention of processing sulfide ore from the three underground mines (Granite Creek, Archimedes and Cove) in support of the Company's regional hub-and-spoke mining and processing strategy. Management continues to review the value engineering studies in preparation for the feasibility study which is expected to be completed in the third quarter of 2025.
The Lone Tree open pit is expected to remain in inventory into the 2030's as the Company focuses ramp up, permitting and development of its three underground mines and two open pit oxide mines.
At the Company's Lone Tree property, the continued leaching of the historic leach pad is producing a reasonable amount of gold. The Company plans to continue to recover ounces from the Lone Tree leach pads as long as it is economical to do so.
Three months ended | Year ended | ||||
Operational Statistics | 2024 | 2023 | 2024 | 2023 | |
Gold ounces sold | oz | 1,859 | 1,087 | 6,948 | 6,225 |
Financial Statistics | 2024 | 2023 | 2024 | 2023 | |
Processing cost (processed oz) | $/oz | 504 | 1,134 | 663 | 875 |
Site G&A (processed oz) | $/oz | 118 | 211 | 189 | 231 |
Capital expenditure1 | 184 | 267 | 762 | 13,162 |
1Capital expenditure based on accrual basis. |
Capital expenditures for the three and twelve months were related to general infrastructure in sustaining the operations and activities at Lone Tree. Spending in 2023 was related to the technical work on the refurbishment of the autoclave processing plant.
FINANCIAL STATEMENTS
This press release should be read in conjunction with i-80 Gold's Annual Report on Form 10-K, including the audited consolidated financial statements and associated Management's Discussion and Analysis of Operations and Financial Condition for the three months and year ended December 31, 2024 included therein, which is available on the Company's website at www.i80gold.com, on EDGAR at www.sec.gov, and on SEDAR+ at www.sedarplus.ca.
Transition to US Generally Accepted Accounting Principles ("US GAAP")
Historically, the Company has prepared its financial statements under International Financial Reporting Standards Accounting Standards as issued by the International Accounting Standards Board ("IFRS") permitted by security regulators in
CONFERENCE CALL AND WEBCAST
Management will hold a conference call and audio webcast to discuss the fourth quarter and full year results, as well as recent recapitalization efforts, followed by a question-and-answer session from participants. The details are as follows:
Date: April 1, 2025
Time: 9:00 a.m. ET
Webcast: https://app.webinar.net/AEMPpwJB0wv
Telephone: 1-416-945-7677
Toll-free (
QUALIFIED PERSONS
Tyler Hill, CPG-12146, VP Geology, and Tim George, PE, VP Operations, at i-80 Gold have reviewed this press release and are the Qualified Persons for the information contained herein and are a "Qualified Person" within the meaning of National Instrument
43-101 — Standards of Disclosure for Mineral Projects and S-K 1300.
ABOUT i-80 GOLD CORP.
i-80 Gold Corp. is a
FORWARD LOOKING INFORMATION
Certain information set forth in this press release including but not limited to management's assessment of the Company's future plans and operations, the perceived merit of projects or deposits, and the impact and anticipated timing of the Company's development plan and recapitalization plan, production guidance and outlook, the anticipated growth expenditures, the anticipated timing of permitting, production, project development or technical studies constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive there from. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, ability to access sufficient capital from internal and external sources, the Company may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company's ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates and stock market volatility. Please see "Risks Factors" in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the
Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar.
NON-GAAP FINANCIAL PERFORMANCE MEASURES
The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under US GAAP in this document. This includes average realized price per ounce. Non-GAAP financial performance measures do not have any standardized meaning prescribed under US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with US GAAP and should be read in conjunction with the Company's Financial Statements. For a more detailed breakdown on how this measure was calculated, please see the definition and table below.
Definitions
"Average realized gold price" per ounce of gold sold is a non-GAAP measure and does not constitute a measure recognized by US GAAP Accounting Standards and does not have a standardized meaning defined by US GAAP Accounting Standards. It may not be comparable to information in other gold producers' reports and filings.
Average realized gold price per ounce of gold sold
Three months ended December 31, | Year ended December 31, | |||
(in thousands of | 2024 | 2023 | 2024 | 2023 |
Revenue per financial statements | 23,228 | 25,837 | 50,335 | 54,910 |
Processing costs net in revenues | — | 2,797 | — | 2,797 |
Silver revenue | (53) | (124) | (125) | (255) |
Gold revenue | 23,175 | 28,509 | 50,210 | 57,452 |
Gold ounces sold1 | 9,053 | 14,331 | 21,527 | 29,370 |
Average realized gold price ($/oz) | 2,560 | 1,989 | 2,332 | 1,956 |
Lone Tree | ||||
Revenue | 5,028 | 2,233 | 16,534 | 12,324 |
Silver revenue | (53) | (32) | (82) | (51) |
Gold revenue | 4,975 | 2,201 | 16,452 | 12,273 |
Gold ounces sold | 1,859 | 1,087 | 6,948 | 6,225 |
Average realized gold price ($/oz) | 2,676 | 2,025 | 2,368 | 1,972 |
Ruby Hill | ||||
Revenue | 4,177 | 3,771 | 8,409 | 12,896 |
Silver revenue | — | (92) | (43) | (204) |
Gold revenue | 4,177 | 3,679 | 8,366 | 12,692 |
Gold ounces sold | 1,611 | 1,862 | 3,618 | 6,643 |
Average realized gold price ($/oz) | 2,593 | 1,976 | 2,312 | 1,911 |
Granite Creek | ||||
Revenue | 14,023 | 19,833 | 25,392 | 29,690 |
Processing costs net in revenues | — | 2,797 | — | 2,797 |
Gold revenue | 14,023 | 22,630 | 25,392 | 32,487 |
Gold ounces sold1 | 5,583 | 11,382 | 10,961 | 16,502 |
Average realized gold price ($/oz) | 2,512 | 1,988 | 2,317 | 1,969 |
1. Gold ounces sold include attributable gold from mineralized material sales at a payable factor of |
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SOURCE i-80 Gold Corp