i-80 Gold (US:IAUX)2025-11-12 22:04Revenue and Sales Performance - Revenue for Q3 2025 increased to $32.0 million, up 178% from $11.5 million in Q3 2024, driven by higher gold ounces sold and a higher average realized gold price [104][106]. - Gold sales for Q3 2025 reached 9,368 ounces at an average realized price of $3,412 per ounce, compared to 4,740 ounces at $2,441 per ounce in Q3 2024 [104][106]. - Revenue for the nine months ended September 30, 2025, was $73.9 million, an increase of 173% from $27.1 million in the prior year period [176]. - Gold ounces sold totaled 22,720 ounces at an average realized gold price of $3,243 per ounce, compared to 12,247 ounces at $2,422 per ounce during the same period of 2024 [176]. - Gold revenue for the nine months ended September 30, 2025, was $73,683,000, up from $29,667,000 in the same period of 2024, representing a growth of 148% [233]. Financial Performance - Net loss for Q3 2025 decreased to $41.9 million from $43.1 million in Q3 2024, despite increased pre-development and exploration expenses [104][106]. - The company incurred a net loss of $41.9 million in Q3 2025, compared to a net loss of $43.1 million in Q3 2024, indicating a slight improvement in financial performance [167]. - Adjusted loss for the three months ended September 30, 2025, was $34,255,000, compared to an adjusted loss of $31,603,000 in Q3 2024, indicating a deterioration in performance [234]. - Adjusted loss per share for the three months ended September 30, 2025, was $(0.04), compared to $(0.08) in Q3 2024, showing a reduction in loss per share [234]. - Total adjustments to net loss for Q3 2025 amounted to $7,612,000, compared to $11,496,000 in Q3 2024, indicating a decrease in one-time items affecting the loss [234]. Operational Efficiency - Gross profit improved to $3.1 million in Q3 2025 from a gross loss of $4.9 million in Q3 2024, attributed to enhanced operational efficiencies at Granite Creek [104][106]. - Cash used in operating activities improved to $15.2 million in Q3 2025 from $23.5 million in Q3 2024, reflecting higher gross profit [104][106]. - Gold ounces sold from Granite Creek increased to 7,325 ounces in Q3 2025, compared to 1,992 ounces in Q3 2024, reflecting a significant operational improvement [135]. Exploration and Development - The company completed approximately 53,000 feet of core drilling in Q3 2025 to enhance mineral resource definition [110]. - The Company plans to complete a feasibility study for Granite Creek Underground in Q1 2026, incorporating updated mineral resource estimates [142]. - The Ruby Hill property is expected to become the Company's second underground mine, with construction of the Archimedes project underway [145]. - The Granite Creek open pit project is advancing towards a pre-feasibility or feasibility level study, with permitting activities progressing as planned [144]. - The Cove project is expected to begin contributing to production by mid-2029, with a feasibility study planned for completion in Q1 2026 [155]. Cash and Capital Management - Cash balance as of September 30, 2025, was $102.9 million, a decrease of $30.8 million from June 30, 2025, primarily due to pre-development expenses [110]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $139.1 million, an increase from $74.6 million in the prior year, due to higher proceeds from equity issuances [225]. - The Company needs to raise additional capital to execute its three-phase development plan despite being in a solid position to meet short-term liquidity requirements [188]. Agreements and Liabilities - The Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank, selling approximately 6,864 ounces of gold and 345,549 ounces of silver, with full repayment completed in May 2025 [125]. - The Company entered into a Silver Purchase Agreement with Orion for $30.0 million, requiring delivery of 100% of silver production until 1.2 million ounces are delivered, then reducing to 50% until 2.5 million ounces, and finally to 10% from the Ruby Hill Project [202]. - As of September 30, 2025, the total liability related to the Silver Purchase Agreement is $17.9 million, with an embedded derivative valued at $12.4 million and 94,576 ounces remaining to be delivered [203]. - The Gold Prepay Agreement and Silver Purchase Agreement deliveries were deferred to March 31, 2025, with the issuance of five million common share purchase warrants to Orion priced at C$1.01 [204].