i-80 Gold (US:IAUX)2026-02-19 22:22Revenue and Sales Performance - Revenue for Q4 2025 was $21.3 million, down from $23.2 million in Q4 2024, with gold ounces sold decreasing to 5,477 ounces at an average realized price of $3,887 per ounce compared to 9,053 ounces at $2,560 per ounce in the prior year [707][709]. - For the year ended December 31, 2025, revenue rose to $95.2 million from $50.3 million in 2024, with gold sales increasing to 28,196 ounces at an average realized price of $3,368 per ounce [707][712]. - Revenue for the year ended December 31, 2025, was $95.2 million, an increase of 89% from $50.3 million in the prior year [788]. - Gold ounces sold during the year totaled 28,196 ounces at an average realized gold price of $3,368 per ounce, compared to 21,527 ounces at $2,332 per ounce in 2024 [788]. - The company reported gold sold of 28,196 ounces in 2025, an increase from 21,527 ounces in 2024, reflecting improved operational performance [846]. Profit and Loss - Gross profit increased to $4.7 million in Q4 2025 from $1.8 million in Q4 2024, attributed to higher gold prices and improved performance at Granite Creek [707][709]. - Net loss for Q4 2025 was $85.6 million, significantly higher than the $17.7 million loss in Q4 2024, primarily due to non-cash fair value revaluations and a write-down of $26.2 million related to the Lone Tree Plant [707][709]. - Adjusted loss for the year was $122.9 million, up from $111.2 million in the prior year, driven by increased spending on pre-development and exploration expenses [712]. - The company reported a net loss of $198.8 million for the year ended December 31, 2025, compared to a net loss of $121.5 million in 2024, reflecting an increase in cash used in operating activities [833]. - Net loss for the year ended December 31, 2025, increased to $198,847,000 from $121,533,000 in 2024 [847]. Cash Flow and Financing - Cash used in operating activities for the year was $83.6 million, comparable to $82.5 million in 2024, with cash and cash equivalents at $63.2 million as of December 31, 2025 [712]. - Cash provided by financing activities for the year ended December 31, 2025, was $139.0 million, up from $82.7 million in 2024, due to higher proceeds from equity issuances [839]. - The company issued 417.4 million shares in 2025, raising total gross proceeds of $193.4 million, compared to 111.3 million shares and $117.2 million in 2024 [821]. - A bought deal public offering raised gross proceeds of $172.9 million from 345.8 million units at $0.50 per unit, with net proceeds of $162.5 million [742]. - The Company secured a financing package of up to $500 million, which includes a royalty sale and a gold pre-payment facility, to fund development and refurbishment activities [717]. Production and Operational Highlights - In 2025, the Company achieved gold output of 31,930 ounces, meeting its guidance of 30,000 to 40,000 ounces, with Granite Creek underground contributing 22,977 ounces [720]. - The Company plans to increase annual gold production to approximately 300,000 – 400,000 ounces from less than 50,000 ounces currently, supported by three underground mines and one oxide open pit operation [719]. - The 2026 production guidance includes 30,000 - 40,000 ounces from Granite Creek underground and 10,000 ounces from Archimedes underground and residual heap leach operations [722]. - The Granite Creek property produced 22,977 ounces of gold in 2025, a 40% increase from 16,382 ounces in 2024, with total material mined reaching 355,372 tonnes [748]. - Gold produced at the Lone Tree Plant for the year was 6,427 ounces, an increase from 6,209 ounces in 2024 [777]. Exploration and Development - The company completed approximately 37,000 meters of drilling across its projects in 2025, enhancing mineral resource definitions and supporting feasibility studies [712]. - The Company plans to complete a feasibility study for the Granite Creek underground project by Q2 2026, supported by infill drilling results confirming high-grade mineralization [755]. - The Mineral Point open pit project is advancing with a drill program that completed 5,532 meters in 2025, aimed at supporting pre-feasibility and feasibility studies [764]. - The Company completed updated Preliminary Economic Assessments (PEAs) for five gold projects, supporting an updated mineral resource estimate and new development plan [739]. - The Cove Project has completed approximately 32,992 meters of infill drilling, enhancing the geological model and confidence in future resource delineation [770]. Costs and Expenses - Cost of sales for the year was $82.0 million, up from $64.6 million in the prior year, driven by increased gold ounces sold [789]. - Pre-development, evaluation, and exploration expenses totaled $38.0 million for 2025, primarily for underground mine development and infill drilling [753]. - Total pre-development, evaluation, and exploration expenses for the year ended December 31, 2025, were $66.1 million, an increase of 72.5% from $38.4 million in 2024 [792]. - The mining cost per tonne increased to $156 in 2025 from $126 in 2024, while processing costs rose to $136 per tonne from $33 [748]. - Operating costs for Granite Creek underground are projected to be between $110 million and $120 million, while growth capital for the Lone Tree Plant is estimated at $140 million to $160 million [722]. Liabilities and Financial Position - Total liabilities as of December 31, 2025, were $356.6 million, up from $315.0 million as of December 31, 2024, reflecting an increase of 13.5% [798]. - The Company’s working capital deficit increased to $37.9 million as of December 31, 2025, from $31.7 million in 2024 [799]. - The Convertible Debentures outstanding as of December 31, 2025, amounted to $80.3 million, an increase from $73.5 million in 2024 [804]. - The total liability for the Gold Prepay Agreement as of December 31, 2025, was $8.2 million, with 4,440 ounces of gold remaining to be delivered [813]. - The total liability for the Silver Purchase Agreement as of December 31, 2025, was $18.8 million, with 94,158 ounces remaining to be delivered under the 2025 annual minimum delivery amount [815].