i-80 Gold (US:IAUX)2025-08-13 14:00Production and Development - i-80 Gold aims to become a multi-asset mid-tier gold producer, targeting average annual gold production of 300,000 - 400,000 ounces in Phase 1, 150,000 - 200,000 ounces in Phase 2, and over 600,000 ounces in Phase 3[20] - Granite Creek underground ramp-up is continuing in H2 2025, with a focus on reclassifying inferred mineral resources through a 2025 drill program involving >40 holes and ~46,000 feet of drilling[25,30] - Archimedes underground surface infrastructure is complete, with underground exploration drift development planned to commence in Q3, involving >175 holes and 197,000 feet of drilling[31,33] - Cove underground expects an updated mineral resource estimate in Q3, following a completed 144,000-foot infill drill campaign in Q1 2025[34,36] - The Lone Tree processing facility is undergoing a Class 3 engineering study for autoclave refurbishment in Q4 2025, aiming to increase payability on refractory material from 55%-60% to ~92% recovery[37,41] - Mineral Point open pit has commenced infill drilling of ~5,800 feet to initiate permitting and next-stage technical studies[42,44] Financial Performance and Recapitalization - Q2 2025 revenue was $27.836 million, compared to $7.184 million in Q2 2024, driven by higher ounces sold and a higher average realized gold price of $3,301 per ounce[45,46] - The company reported a net loss of $30.215 million in Q2 2025, and a cash balance of ~$134 million due to proceeds from equity financing[45,46] - Approximately $200 million was raised through bought-deal and private placements in 2025, with ~$92 million expected to be allocated to fund construction, drilling, permitting, and technical studies across five gold projects[47] - The company is targeting $350 million - $400 million in debt financing to repay upcoming convertible debt and eliminate gold and silver prepayment obligations[48]