i-80 Gold (IAU) Q1 2026 earnings summary

Executive summary

• Net asset value (NAV) increased 3.26% from $68.38B at December 31, 2025 to $70.61B at March 31, 2026, driven by a 6.97% rise in gold prices, partially offset by a decrease in outstanding shares.

• NAV per share rose 6.90% to $86.73, closely tracking the gold price increase.

• 23.65M shares were created and 52.4M shares redeemed during the quarter, resulting in a net decrease in shares outstanding.

Financial highlights

• Net increase in net assets from operations was $4.91B for Q1 2026, compared to $6.55B in Q1 2025.

• Net investment loss for Q1 2026 was $47.4M, up from $22.8M in Q1 2025, reflecting higher sponsor fees.

• Net realized and unrealized gains totaled $4.96B in Q1 2026, down from $6.57B in Q1 2025.

• Total assets at March 31, 2026 were $70.71B, with gold bullion at fair value of $70.62B.

Outlook and guidance

• The Trust remains a passive vehicle designed to track gold prices, with no active management or hedging strategies.

• No forward-looking changes to strategy or operations were indicated.