i-80 Gold secured over $1 billion in a recapitalization completed in Q1 2026, strengthening its balance sheet and providing funding certainty for ongoing development. The transaction increased the cash balance to approximately $514 million, significantly de-risking the company’s project pipeline and supporting near-term capital requirements.

The company achieved record quarterly revenue and gross profit after resolving persistent water issues at the Granite Creek project, leading to improved underground development rates. Gold production at Granite Creek more than tripled to nearly 8,900 ounces following the transition to sulfide processing and commissioning of a second water treatment plant.

A main transformer failure caused nearly one week of power loss and extended development delays by three weeks, weighing on operational momentum. The net loss increased to $76 million, driven by higher non-cash accounting charges and financing expenses, while cash used in operations rose to $45 million primarily from interest payments on legacy debt and a 57% payability factor on high-grade oxide material limited payable ounces.

Construction of the second underground mine remains on budget and on schedule, and the board has approved refurbishment of the Lone Tree processing plant. i-80 Gold launched its largest drill program ever to advance resource and reserve estimates, and ahead-of-schedule work at the Archimedes project targets production commencement in Q4 2026.