i-80 Gold Corp. Reports Fourth Quarter and Full Year 2025 Results; Announces Major Recapitalization and Development Milestones

Significant Advances in Development Plan and Financing Package Set to Transform Company’s Growth Profile

Key Highlights for Investors

• Full-Year 2025 Revenue Surges: Revenue from gold sales jumped to \$95.2 million (28,196 ounces at \$3,377/oz average realized price), up from \$50.3 million in 2024, reflecting substantial production growth and higher realized gold prices.
• Q4 2025 Financials: Revenue for the quarter was \$21.3 million from 5,477 ounces at \$3,887/oz, compared to \$23.2 million from 9,053 ounces in Q4 2024, indicating a significant increase in gold prices but lower volume sold.
• Adjusted Loss Expands: Adjusted loss increased to \$122.9 million for 2025 (from \$111.2 million in 2024), primarily due to higher pre-development, evaluation, and exploration expenses as the Company advanced multiple projects. Q4 adjusted loss was \$37.8 million versus \$25.0 million in Q4 2024.
• Balance Sheet Recapitalization: Cash balance at year-end 2025 was \$63.2 million, up \$44.2 million from 2024, mainly due to a combination of equity raises and improved operating cash flow, partly offset by debt repayments.
• Major Financing Package Announced (“Financing Package”): In February 2026, i-80 Gold secured up to \$500 million in new funding, including:
• \$250 million royalty sale to Franco-Nevada Corporation
• \$150 million gold prepayment facility with National Bank of Canada and Macquarie Bank Limited, plus a \$100 million accordion feature (uncommitted)
• Financing Package Closing: The royalty sale is expected to close by March 17, 2026, with the prepayment facility to close by the end of Q1 2026, subject to customary closing conditions.
• Use of Proceeds: Funds to be used for refurbishing the Lone Tree Plant, resource expansion, infill drilling, development, technical and permitting work across the portfolio, and extinguishing approximately \$175 million of existing debt.
• Shareholder Recapitalization Actions: Company has issued a notice to redeem existing convertible debentures and is contemplating a non-core asset sale and/or further debt/equity issuance to complete the recapitalization—potentially price-sensitive and with dilution risk.
• Development Progress: Major technical and permitting work, exploration and infill drilling (approx. 37,000 meters in 2025), and completion of the Lone Tree refurbishment study underpinning the “hub and spoke” strategy for three high-grade underground mines.
• Capital Expenditure Guidance for 2026:
• Sustaining capital: \$6–8 million
• Growth capital: Lone Tree Plant and Mineral Point expected to total \$40–45 million, funded with Franco-Nevada proceeds
• 2026 production, operating, and pre-development, evaluation and exploration guidance provided, with caution about risks and forward-looking statements
• Upcoming Catalysts (Next 12–18 Months):
• Completion of Financing Package (Q1 2026)
• Replacement of existing convertible debentures with new instruments (Q1 2026)
• Potential non-core asset sale (ongoing)
• Feasibility studies and technical reports for Cove underground, Granite Creek underground, and Mineral Point open pit
• Initiation of infill drilling at Archimedes (Q2 2026); first gold from upper Archimedes (Q4 2026)
• Commencement of Cove underground construction (H2 2026)

Detailed Financial Review

Development & Operational Update

• 2025 saw accelerated technical and permitting work, exploration, and infill drilling across the company’s Nevada gold projects.
• Completed Lone Tree refurbishment study, crucial for the hub-and-spoke strategy to process ore from multiple high-grade underground mines.
• Significant increase in pre-development, evaluation, and exploration spending as the company advanced multiple projects, with some costs to be capitalized upon declaration of mineral reserves.
• Approximately 37,000 meters of drilling across the portfolio, including resource definition at Granite Creek, infill at Archimedes, and drilling at Cove to support feasibility studies.
• Write-down of property, plant, and equipment of \$26.2 million in 2025, highlighting asset rationalization as part of the recapitalization plan.

Strategic Initiatives and Potential Price-Sensitive Information

• Recapitalization and New Funding: The \$500 million Financing Package (with Franco-Nevada, National Bank of Canada, and Macquarie Bank) is transformative, expected to fully fund Phase I and II of the growth plan, and provide flexibility for future growth.
• Debt Actions: Redemption of existing convertible debentures and consideration of new debt/equity or asset sales may impact share structure and valuation—shareholder dilution, balance sheet de-risking, and asset rationalization are key watch points.
• Growth Capital: Targeted spend on Lone Tree and Mineral Point (\$40–45 million) to be funded through royalty proceeds, directly supporting production ramp and resource expansion.
• Catalysts and Milestones: Timely completion of the Financing Package, new technical studies, infill drilling, and commencement of construction at key assets are all significant share price movers over the next 12–18 months.
• Risks: The company notes that all projects are considered exploration stage under relevant US securities rules (S-K 1300); no mineral reserves have yet been declared, and all forward-looking statements are subject to risks (permitting, funding, technical studies, market conditions).

Conference Call and Webcast Details

Management will host a conference call and webcast to discuss these results and developments at 10:00 a.m. ET on February 20, 2026. Investors are encouraged to participate for further insights.

Conclusion

i-80 Gold Corp.’s Q4 and full-year 2025 results highlight a company in rapid transformation, with a significant increase in gold revenues, a strong funding package poised to underpin multi-phase development, and a clear focus on moving multiple high-grade assets toward production. The combination of improved liquidity, ongoing technical de-risking, and aggressive development timelines provide multiple near- and medium-term catalysts. However, investors should closely monitor the closing of the Financing Package, recapitalization actions (including potential dilution), and the execution of technical and permitting milestones, as these are likely to be highly price-sensitive.

Disclaimer: This article is for informational purposes only and is not investment advice. All forward-looking statements are subject to risks, uncertainties, and assumptions that may cause actual results to differ materially. Investors should consult the official filings and disclosures of i-80 Gold Corp. and speak to their financial advisor before making any investment decisions.

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