i-80 Gold secures $787.5M financing, Q1 revenue up to $52.4M
IAUX•i-80 Gold posted Q1 revenue of $52.4M on sales of 10,590 ounces at $4,941/oz, delivering $16.1M gross profit and ending March with $513.5M cash. The company closed $787.5M in financing to fund autoclave refurbishment, launch a record 7,000-meter drill program and advance phase-one development to target 150–200k ounces by 2028.
1. First Quarter Financial Highlights
i-80 Gold generated $52.4M in Q1 revenue from 10,590 ounces sold at a $4,941 average realized price, yielding $16.1M gross profit. Net loss widened to $78.6M due to non-cash fair value revaluations and financing costs, while cash and equivalents rose to $513.5M by March 31.
2. Recapitalization and Financing Transactions
The company closed $787.5M of financing including a $250M NSR royalty, a $250M gold prepayment facility and $287.5M in convertible notes. Net proceeds of $637.2M financed redemption of legacy debt and fully funded the current development plan ahead of the mid-2026 target.
3. Fully Funded Development Plan
Following recapitalization, i-80 Gold approved construction on its autoclave refurbishment, a central asset for the hub-and-spoke strategy. Phase one aims to produce 150,000–200,000 ounces annually starting in 2028 by developing underground deposits and processing through the refurbished plant.
4. Operational and Exploration Progress
The company initiated the largest drilling campaign in its history, completing approximately 7,000 meters of infill and exploration drilling. This program supports resource growth and underpins upcoming pre-feasibility and feasibility studies across multiple project sites.
