i-80 Gold (IAU) Q4 2024 earnings summary

Executive summary

• Announced a new development plan in Q4 2024 to advance three underground and two open-pit gold projects, aiming for 400,000–500,000 ounces annual production by the early 2030s, with updated PEAs and technical reports filed under U.S. and Canadian regulations.

• Leadership changes led to a revised strategy emphasizing underground and open-pit projects, with a focus on ramping up Granite Creek Underground and strengthening the balance sheet.

• Safety performance improved in 2024, with a lost time injury frequency rate of 1.27 and no environmental violations for the fourth consecutive year.

Financial highlights

• Gold sales totaled approximately 9,050 ounces in Q4 and 21,500–21,527 ounces for the year, with total revenue of $23–$23.2 million for Q4 and $50–$50.3 million for the year, both down year-over-year due to lower volumes but partially offset by higher realized gold prices.

• Q4 net loss was $17.7 million and full-year net loss was $121.5 million, reflecting ongoing project development.

• Cash and cash equivalents at year-end were $19 million, with cash position expected to be approximately $25 million after Q1 2025.

• Cash used in operations increased to $9.2 million in Q4 and $82.5 million for the year.

Outlook and guidance

• 2025 gold production expected between 30,000 and 40,000 ounces, with Granite Creek Underground contributing 20,000–30,000 ounces and heap leach operations about 10,000 ounces.

• Growth expenditures for 2025 projected at $40–$50 million, focused on permitting, feasibility studies, and Archimedes Underground development.

• Recapitalization timeline extended to H2 2025, with senior financing targeted for Q2 2026.