i-80 Gold — Q2 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended June 30, 2026, was $24.3 million, a decrease from $27.8 million in the prior year period, driven by lower gold sold (5,335 oz vs. 8,400 oz) partially offset by a higher average realized gold price ($4,522/oz vs. $3,301/oz).
• Revenue for the six months ended June 30, 2026, was $76.7 million, an increase from $41.9 million in the prior year period.
• Gold production increased to 11,098 ounces in Q2 2026 from 4,178 ounces in Q2 2025; year-to-date production was 21,964 ounces compared to 14,326 ounces in the prior year period.
• Gross profit increased to $8.6 million in Q2 2026 from $0.8 million in Q2 2025, and to $24.7 million for the six months ended June 30, 2026, from $3.7 million in the prior year period.
• Net loss increased to $52.5 million in Q2 2026 from $30.2 million in Q2 2025, and to $131.1 million for the six months ended June 30, 2026, from $71.4 million in the prior year period, primarily due to higher pre-development, evaluation, and exploration costs.
• Net loss per share was $0.06 in Q2 2026 compared to $0.05 in Q2 2025, and $0.15 for the six months ended June 30, 2026, compared to $0.14 in the prior year period.
• Adjusted net loss increased to $41.2 million in Q2 2026 from $26.5 million in Q2 2025, and to $69.9 million for the six months ended June 30, 2026, from $50.1 million in the prior year period.
• Cash used in operating activities was $49.6 million in Q2 2026 compared to $11.3 million in Q2 2025, and $94.7 million for the six months ended June 30, 2026, compared to $34.0 million in the prior year period.
• Cash and cash equivalents were $464.6 million as of June 30, 2026, a decrease of $49.0 million from March 31, 2026.
• Pre-development, evaluation, and exploration expenses were $29.3 million in Q2 2026 compared to $9.0 million in Q2 2025, and $55.0 million for the six months ended June 30, 2026, compared to $18.6 million in the prior year period.

Guidance and Future Outlook

• The Company remains on track to meet its 2026 guidance as originally published in its 2025 Year End Annual Report on Form 10-K.
• Growth capital expenditures are expected to be largely in line with the $150 million to $175 million guidance.
• Lone Tree plant refurbishment capital expenditures are expected to be lower in 2026 than guided due to conservative initial estimates.
• Archimedes expenditures are expected to be higher reflecting a strategic pivot to construct new surface infrastructure (worker change facility and offices) rather than refurbishing existing facilities.
• Exploration expenses are expected to be approximately $10 million lower in 2026 due to personnel shortages at the Archimedes and Mineral Point projects and drill rig availability.

Business Segments and Product Lines

• Granite Creek: Underground development continued ahead of plan; production was impacted by ground conditions restricting access to high-grade headings, which were remediated late in the quarter. Approximately 5,300 recoverable ounces were in-process at a third-party facility as of June 30, 2026.
• Archimedes: Underground development advanced on schedule with 899 meters of development completed in Q2 2026; first gold mined is expected in Q4 2026. Drilling results confirmed high-grade mineralization and extended mine life.
• Lone Tree Plant: Refurbishment advanced on schedule and on budget; demolition commenced mid-June 2026. Major construction is expected to commence in Q4 2026. Approximately 50% of procurement packages by value were awarded as of mid-July 2026.
• Ruby Hill: Gold production from historic leach pads remained below expectation due to infiltration challenges.
• Drilling: Completed approximately 19,000 meters of drilling across three projects, including infill drilling at Archimedes and Mineral Point.
• Feasibility Studies: A feasibility study for Granite Creek underground and Cove underground is anticipated in Q3 2026; Archimedes feasibility study is expected mid-2027.

Market and Competitive Landscape

• i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant, the other being owned by Nevada Gold Mines Inc. (a joint venture between Barrick Mining Corporation and Newmont Corporation).
• The Company is executing a hub-and-spoke regional mining and processing model to transition from toll milling to owner-operated processing upon Lone Tree Plant refurbishment, which is expected to materially increase operating margins.

Risks and Challenges

• Granite Creek production was impacted by ground conditions restricting access to high-grade headings and delays at the third-party processing facility.
• Archimedes and Mineral Point drilling programs encountered slower progress due to contractor staffing availability and slower penetration rates in sanded dolomite units.
• Permitting for the Lone Tree Plant refurbishment remains outstanding for air quality, mercury control, water pollution control, and reclamation management, though the process is on track.
• Water inflow volumes at Granite Creek remain largely unchanged, with the current pumping system operating near capacity; an enhanced pumping system is being installed.
• Exploration expenses and capital expenditures are subject to risks related to labor shortages, equipment availability, and permitting timelines.

Management Commentary and Tone

• Richard Young, President & CEO, stated the Company delivered a "solid quarter" with increased production from Granite Creek as it ramped up on plan.
• Management highlighted the advancement of Archimedes on schedule and the start of demolition at the Lone Tree Plant as key milestones.
• The Company expressed confidence in its ability to advance multiple projects concurrently and remains on track to commence gold mining at Archimedes and major construction at Lone Tree in Q4 2026.
• The tone indicates a focus on executing a development plan to build a Nevada-focused mid-tier gold producer.

Analyst Questions and Answers

• No analyst questions and answers were included in the press release text.

Other Key Points

• The Company made a joint $300,000 donation with Franco-Nevada Corporation to support the development of the first licensed childcare facility in Eureka County.
• Stephen Gottesfeld was appointed to the Board at the annual general meeting, bringing nearly 30 years of global mining experience in environmental, sustainability, legal, and governance matters.
• Total construction commitments for the Lone Tree Plant were $110.1 million as of June 30, 2026, with approximately 30% of the project cost committed.
• The Company completed approximately 19,000 meters of drilling across three projects in Q2 2026.
• The feasibility study for Granite Creek underground is now expected to be completed in Q3 2026, and the Archimedes feasibility study is expected mid-2027.
• The Mineral Point pre-feasibility study is expected at approximately mid-year 2027, pending the completion of the drilling program in Q1 2027.