i-80 Gold (US:IAUX)2025-05-05 10:18Revenue and Sales Performance - Revenue for Q1 2025 was $14.0 million, a 66% increase from $8.4 million in Q1 2024, driven by higher gold ounces sold and a higher average realized gold price[89]. - Gold sales totaled 4,952 ounces at an average realized price of $2,825 per ounce, compared to 4,061 ounces at $2,063 per ounce in the prior year[91]. - Revenue for Q1 2025 was $14.0 million, a 67% increase from $8.4 million in Q1 2024, driven by higher gold ounces sold and a higher average realized gold price of $2,825 per ounce[135][136]. - Gold ounces sold in Q1 2025 totaled 4,952 ounces, compared to 4,061 ounces in Q1 2024, reflecting a significant increase in production[136]. - Average realized gold price per ounce sold rose to $2,825 in Q1 2025 from $2,063 in Q1 2024[183]. - The average spot price of gold in Q1 2025 was $2,862 per ounce, a 38% increase from $2,072 per ounce in Q1 2024[136]. Financial Performance - Net loss for the quarter was $41.2 million, compared to a net loss of $19.7 million in the prior year, with a loss per share of $0.10 versus $0.06[89]. - For Q1 2025, the company reported a net loss of $41.2 million, compared to a net loss of $19.7 million in Q1 2024[174]. - Adjusted loss for Q1 2025 was $23.6 million, slightly improved from an adjusted loss of $24.1 million in Q1 2024[184]. - Cash used in operating activities was $22.7 million, an improvement from $25.2 million in the prior year[91]. - Cash used in operating activities decreased to $22.7 million in Q1 2025 from $25.2 million in Q1 2024, primarily due to higher gross profit[175]. - Cash provided by financing activities increased to $18.3 million in Q1 2025, up from $17.3 million in Q1 2024, driven by an additional $2.5 million from the ATM program[176]. Production and Development - The company expects to extract between 30,000 to 40,000 ounces of gold in 2025, with Granite Creek underground contributing 20,000 to 30,000 ounces[99]. - Total mineralized material mined in Q1 2025 was 30,519 tonnes, a 140% increase from 12,702 tonnes in Q1 2024, with oxide and sulfide material grades at 11.89 g/t and 8.31 g/t respectively[115]. - The company processed 33,838 tonnes of mineralized material in Q1 2025, with 916 ounces sold from the Lone Tree heap leach facility[115][116]. - The company expects gold output to ramp up to steady-state during the second half of 2025, supported by additional dewatering infrastructure upgrades[115]. - The Lone Tree Autoclave refurbishment feasibility study is expected to be completed in Q4 2025, remaining central to the company's development plan[93]. - The Cove project is on track for permitting approvals by the end of 2027, with a draft plan submitted to the Bureau of Land Management[129]. Capital and Expenditures - Growth expenditures for 2025 are projected to be between $40 million to $50 million, focusing on permitting activities, feasibility studies, and development work[94]. - Capital expenditures for Q1 2025 were $378,000, a decrease from $461,000 in Q1 2024, focused on sustaining capital[135][137]. Agreements and Financing - A new Gold Prepay and Silver Purchase Agreement was entered into with National Bank for approximately 6,864 ounces of gold and 345,549 ounces of silver, with deliveries due by September 30, 2025[107]. - The company executed a working capital facility with Auramet International for $12 million, maturing in 12 months[92]. - The Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank on March 31, 2025, involving the sale of 6,864 ounces of gold and 345,549 ounces of silver[166]. - The Company issued 28.2 million common shares at a price of C$0.80 per share for gross proceeds of approximately $15.6 million on January 31, 2025[169]. - The company issued 4.3 million shares for gross proceeds of $2.5 million under the ATM program during the quarter[173]. - The company completed a private placement of 13.1 million shares at C$1.80 per share for gross proceeds of C$23.5 million in Q1 2024[173]. Assets and Liabilities - Cash and cash equivalents decreased by $5.5 million from $19.0 million at December 31, 2024 to $13.5 million as of March 31, 2025[145]. - Inventory increased to $24.0 million as of March 31, 2025 from $15.3 million at December 31, 2024, primarily due to the buildup of sulfide material[146]. - Total liabilities increased to $341.0 million as of March 31, 2025 from $315.0 million at December 31, 2024, driven by increases in the Gold Prepay and Silver Purchase Agreement derivative value[147]. - The Company’s total debt as of March 31, 2025 was $197.475 million, up from $191.397 million at December 31, 2024[153]. - As of March 31, 2025, the current portion of the Gold Prepay liability was $14.9 million and the embedded derivative was $17.9 million[162]. - The current portion of the Silver Purchase Agreement liability was $7.3 million with an embedded derivative of $15.5 million as of March 31, 2025[164]. - As of March 31, 2025, warrant liability increased to $6.6 million from $4.6 million as of December 31, 2024[172]. Risk and Credit Management - The trade receivable balance outstanding was $2.0 million as of March 31, 2025, down from $4.2 million on December 31, 2024, indicating a reduction in trade credit risk[196]. - The company has negligible credit risk associated with trade receivables due to a historical level of customer defaults being negligible[196]. - The company invests only in highly rated investment grade instruments with maturities of 90 days or less, ensuring negligible credit risk on cash and cash equivalents[196]. - The company has outstanding surety bonds amounting to $137.7 million for environmental reclamation and exploration permitting, secured by restricted cash[196]. Liquidity and Capital Needs - The Company plans to meet its liquidity requirements by deferring non-essential costs and will need to raise additional capital for both short-term and long-term needs[149].