i-80 Gold (US:IAUX) Prnewswireยท2025-04-01 01:58Core Viewpoint - i-80 Gold Corp. is focusing on ramping up its Granite Creek Underground Project, strengthening its balance sheet, and advancing its pipeline of projects towards feasibility, following a new development plan established in 2024 [3][10]. Financial Highlights - Total revenue for Q4 2024 was $23.2 million, down from $25.8 million in Q4 2023, attributed to lower volumes sold despite a higher average gold price of $2,560 per ounce compared to $1,989 per ounce in the prior year [7][9]. - For the full year 2024, total revenue was $50.3 million, a decrease from $54.9 million in 2023, with gold sales totaling 21,527 ounces at an average realized price of $2,332 per ounce [7][9]. - The company reported a net loss of $17.7 million for Q4 2024, an improvement from a loss of $36.1 million in Q4 2023, and a full-year net loss of $121.5 million compared to $89.7 million in 2023 [9][16]. Operational Updates - The company has adopted a new development plan to permit, construct, and ramp up five gold projects, aiming to produce approximately 400,000 to 500,000 ounces of gold annually [3][10]. - The Granite Creek Underground Project continues to be a focus, with significant drilling completed to expand mineralization [7][20]. - The company has initiated a recapitalization plan to reschedule current debt obligations and provide additional capital for its development strategy [10][13]. Project Development - The company is advancing its five gold projects, with updated Preliminary Economic Assessments (PEAs) filed in March 2025, outlining growth expenditures of $40 million to $50 million over the next three years [12][15]. - The Granite Creek project has seen increased mining of oxide and sulfide material, with a total of 29,517 tonnes mined in Q4 2024 [17][21]. - The company is also focusing on permitting and technical studies for the Archimedes Underground Project and Mineral Point Open Pit Project, with construction activities expected to begin in 2025 [29][30]. Recapitalization Efforts - A new gold and silver prepay agreement with National Bank of Canada was established, involving the sale of approximately 6,800 ounces of gold and 345,000 ounces of silver [15]. - The company is in discussions for various financing options, including a senior lending facility and asset sales, to support its recapitalization plan [13][15].