i-80 Gold Corp. reported its operating and financial results for the first quarter ended March 31, 2025, with revenue increasing to $14.048 million from $8.413 million in Q1 2024. Despite the revenue growth, the company's net loss widened to $41.205 million, compared to a $19.700 million loss in the prior-year period, resulting in a loss per share of $0.10.
The company made progress on its recapitalization strategy, finalizing a master purchase and sale agreement with Auramet International, Inc. on April 29, 2025, for the prepayment of sulfide material, totaling $12.0 million in gross proceeds ($11.6 million net proceeds). Management aims to complete the second phase of its refinancing plan by June 30, 2026, aligning with the maturity of the Orion Convertible Loan.
Operationally, i-80 Gold reported improved mining rates at Granite Creek Underground, with dewatering efforts progressing towards steady-state gold output in the second half of 2025. For the Ruby Hill property, the company received the Decision Record from the BLM for Archimedes underground portals, with state permits expected in Q2 2025, and portal blasting anticipated to commence once approved, leading to first production in approximately 14 months. Infill drilling was completed at Cove, supporting a feasibility study expected in 2025, and a feasibility study for the Lone Tree autoclave refurbishment is targeted for Q4 2025.
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