i-80 Gold Reports Wider Q3 Loss as Revenue Misses Forecasts Despite Higher Gold Prices

i-80 Gold Corp. (AMEX:IAUX) reported third-quarter 2026 financial results below analyst expectations on Tuesday, as higher development and exploration expenses contributed to a wider net loss. The Nevada-focused gold producer also reported lower quarterly production and revenue below consensus estimates, sending its shares down 4.93% following the announcement.

For the quarter ended September 30, 2026, i-80 Gold recorded an adjusted loss of $0.06 per share, compared with the analyst consensus forecast of a $0.01 loss. Revenue reached $32.7 million, below expectations of $46.72 million, although it increased slightly from $32.0 million in the corresponding period last year.

The company continued investing in its Nevada mining operations, including the Archimedes underground project and the refurbishment of the Lone Tree processing plant, as part of its longer-term production expansion strategy.

Third-Quarter Revenue Falls Short of Analyst Estimates

i-80 Gold generated revenue of $32.7 million during the third quarter, representing a modest increase of approximately 2.2% from the previous year’s $32.0 million.

However, the result fell approximately $14.0 million below the analyst consensus estimate.

The company sold 7,744 ounces of gold during the quarter at an average realised price of $4,211 per ounce.

This compared with an average realised price of $3,412 per ounce in the third quarter of 2025, representing an increase of approximately 23.4%.

Higher gold prices helped support revenue despite lower production volumes.

Total gold production reached 11,685 ounces, compared with 12,428 ounces a year earlier, representing a decline of approximately 6%.

The difference between production and sales volumes also reflected the timing of the company’s mining and processing activities.

Higher Gold Prices Support Gross Profit Growth

Despite the earnings and revenue shortfalls, i-80 Gold reported an improvement in gross profitability.

Gross profit increased to $5.0 million from $3.1 million in the third quarter of 2025, representing growth of approximately 61%.

The improvement was primarily driven by higher realised gold prices, which helped offset the impact of lower production volumes.

The average selling price of $4,211 per ounce provided stronger revenue per ounce sold than in the previous year.

However, the increase in gross profit was insufficient to offset higher expenses associated with the company’s ongoing development and exploration programmes.

The results highlight the difference between profitability from current gold sales and the broader financial costs of expanding mining operations.

Net Loss Widens to $48.4 Million

i-80 Gold reported a third-quarter net loss of $48.4 million, compared with a loss of $41.9 million in the corresponding period last year.

The wider loss was primarily attributed to increased pre-development, evaluation and exploration expenses as the company advanced several mining projects.

Adjusted earnings also fell short of market expectations, with the company recording a loss of $0.06 per share against forecasts for a loss of $0.01.

The results reflected the financial demands of i-80 Gold’s development programme as it works towards expanding production capacity.

While higher gold prices supported gross profit, spending on future mining operations continued to weigh on overall profitability.

Production Guidance Expected in Lower Half of Forecast Range

i-80 Gold indicated that consolidated gold production for 2026 is expected to fall within the lower half of its previously announced guidance range.

The company attributed part of the anticipated outcome to a change in its approach to processing oxide material from the Archimedes project.

Rather than selling the material under an ore purchase agreement, i-80 Gold decided to process it through leaching on its existing leach pad.

This decision is expected to delay the recognition of some production from the fourth quarter of 2026 into the first quarter of 2027.

The change affects the timing of reported output but forms part of the company’s broader operating strategy.

The announcement did not provide a revised numerical production target.

Archimedes Underground Project Remains on Schedule

i-80 Gold continued advancing its Archimedes underground mining project during the third quarter.

The company stated that the project remains on track to begin production mining by the end of 2026.

Archimedes forms part of i-80 Gold’s planned integrated mining and processing network in Nevada.

The development is intended to contribute to future gold production as the company expands its operating platform.

Management also highlighted progress towards its longer-term production objectives.

“During the third quarter, we continued to advance i-80 Gold’s hub-and-spoke mining and processing platform which is expected to improve our cost structure and cash generation, and increase annual production to a target of 150,000 to 200,000 ounces of gold in 2028,” said Richard Young, President and Chief Executive Officer.

The production target represents a significant increase from the company’s current quarterly output levels and depends on the successful advancement of its development projects.

Lone Tree Plant Refurbishment Advances

Progress also continued on the refurbishment of the Lone Tree processing plant, a key component of i-80 Gold’s Nevada development strategy.

The company reported that the project remained on schedule at the end of the third quarter.

Approximately 44% of the project’s capital expenditure had been committed, while 20% of the available contingency had been drawn.

The refurbishment is intended to support the company’s hub-and-spoke operating model, which involves processing material from multiple mining operations through shared infrastructure.

This approach is expected to improve operating efficiency and support higher production volumes as additional projects enter operation.

The Lone Tree facility is therefore an important element of i-80 Gold’s plans to expand annual gold production.

Cash Balance Declines to $411.4 Million

i-80 Gold ended September 2026 with cash and cash equivalents of $411.4 million.

This represented a decrease of $53.2 million from the end of June.

The reduction was primarily attributed to $32.5 million of cash used in operating activities and $15.0 million in capital expenditures.

The figures reflect the company’s continued investment in mining development and the cash requirements associated with its existing operations.

Despite the quarterly decline, the company maintained a substantial cash balance to support its ongoing projects.

However, continued operating losses and capital expenditure requirements remain important considerations as i-80 Gold progresses towards its longer-term production objectives.

Outlook

i-80 Gold’s third-quarter results reflected the challenges of expanding its Nevada mining operations while maintaining current gold production.

Revenue increased slightly to $32.7 million, supported by higher realised gold prices, but remained below analyst expectations. Meanwhile, the company’s net loss widened to $48.4 million as development and exploration spending increased.

Gold production declined to 11,685 ounces, and management expects full-year output to fall within the lower half of its guidance range.

The decision to leach Archimedes oxide material rather than sell it under an ore purchase agreement is expected to shift some production recognition into early 2027.

Nevertheless, the Archimedes underground project remains on track to begin production mining by year-end, while refurbishment of the Lone Tree processing plant continues according to schedule.

Investors will be monitoring the company’s progress towards its 2028 annual production target of 150,000 to 200,000 ounces, alongside cash consumption, project expenditure and the timing of additional production.

The ability to translate its development investments into higher output and improved cash generation will remain central to i-80 Gold’s financial outlook.

More About i-80 Gold

i-80 Gold Corp. is a gold mining and development company focused on advancing a portfolio of mineral assets in Nevada, United States.

The company is developing an integrated hub-and-spoke mining and processing platform designed to support multiple gold deposits through shared infrastructure. Its principal development activities include the Archimedes underground project and the Lone Tree processing facility, with a longer-term objective of expanding annual gold production.

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