i-80 Gold (IAUX) - 2024 Q4 - Annual Report

Revenue and Sales Performance - Revenue for Q4 2024 was $23.2 million, down 10$25.8 million in Q4 2023, primarily due to lower volumes sold, partially offset by a higher average realized gold price of $2,560 per ounce compared to$1,989 per ounce in the prior year [638][641]. - Gold sales for the year totaled 21,527 ounces at an average realized gold price of $2,332 per ounce, resulting in revenue of$50.3 million, down from 29,370 ounces and $57.5 million in 2023 [641]. - Revenue for Q4 2024 was$23.2 million, a decrease of 10% from $25.8 million in Q4 2023, driven by lower gold ounces sold [695]. - Gold revenue for the year ended December 31, 2024, was$50,210,000, down from $57,452,000 in 2023, a decrease of 13$23,228,000 for Q4 2024, down from $25,837,000 in Q4 2023, a decline of 10$121.5 million, an increase from a net loss of $89.7 million in 2023, with a loss per share of$0.34 compared to $0.33 in the previous year [638][641]. - The company's net loss for the year ended December 31, 2024, was$36,053,000, significantly reduced from $121,533,000 in 2023 [2]. - Interest expense for the year ended December 31, 2024 was$33.0 million, an increase of $5.6 million compared to$27.3 million in 2023 [713]. - Cash used in operating activities for the year was $82.5 million, an increase from$77.5 million in 2023, primarily due to lower production [641]. - Cash used in operating activities for Q4 2024 was $9.2 million, an increase of$4.3 million compared to $4.9 million in Q4 2023, primarily due to lower changes in non-cash working capital [742]. Production and Operational Plans - The company expects to produce between 30,000 to 40,000 ounces of gold in 2025, with extraction from Granite Creek underground projected to be 20,000 to 30,000 ounces [651]. - The company plans to advance permitting activities, feasibility studies, and development work at Archimedes underground, with growth expenditures expected to total between$40 million to $50 million in 2025 [651][652]. - The company completed approximately 110,000 feet of drilling with positive results to expand mineralization at various projects, including Granite Creek and Cove [641]. - The permitting process for the Archimedes underground project is ongoing, with state permits expected in Q2 2025 [683]. - The Cove Project's infill drill program is nearing completion, with a total of 78,776 feet drilled, and an additional 15,000 feet planned for Q1 2025 [689]. Capital and Financing Activities - The company initiated a recapitalization plan to reschedule current debt obligations and provide additional capital for its new development plan [645][652]. - In Q1 2024, the Company issued 13.1 million shares at C$1.80 per share, raising gross proceeds of $17.4 million, and completed a bought deal public offering of 69.7 million units at C$1.65 per unit for gross proceeds of $83.5 million [657]. - The Company finalized third-party processing agreements for toll milling and ore sales, effective through December 31, 2027, with refurbishment of the Lone Tree autoclave facility targeted for completion by the same date [670]. - The Company is finalizing a working capital facility with Auramet International, Inc. for up to$12 million, maturing in 12 months [654]. - The Company issued 4.3 million common shares under the ATM Program for total gross proceeds of $2.5 million after December 31, 2024 [667]. Inventory and Cash Management - Cash and cash equivalents increased by$2.7 million to $19.0 million as of December 31, 2024, from$16.3 million at the end of 2023 [714]. - Inventory rose to $15.3 million as of December 31, 2024, up from$11.4 million at the end of 2023, due to stockpiled mineralized material [715]. - Cash, cash equivalents, and restricted cash at the end of Q4 2024 totaled $59.3 million, a slight decrease from$60.8 million at the end of Q4 2023 [740]. - The company has satisfied minimum cash requirements through March 31, 2025, as part of the Waiver Agreements with Orion [735]. Debt and Liabilities - Total liabilities increased to $315.0 million as of December 31, 2024, compared to$309.0 million at the end of 2023, due to higher reclamation liabilities [717]. - As of December 31, 2024, total debt amounted to $191.4 million, a slight decrease from$194.1 million in 2023, with the Orion Convertible Loan increasing from $46.8 million to$57.1 million [723]. - The Convertible Debentures bear an interest rate of 8.0% per annum, with a total principal and accrued interest of $75.4 million as of December 31, 2024 [724]. Exploration and Development Activities - Exploration drilling at Ruby Hill was significantly reduced, with only 4,032 feet drilled in 2024 compared to 93,488 feet in 2023 [684]. - The company plans to complete an infill drilling program in 2025 to upgrade resources to a feasibility study level [677]. - A new development plan was announced, focusing on developing three underground mines and accelerating the permitting of two large oxide open pit deposits, aiming to create a mid-tier gold producer [642][649].