i-80 Gold (IAU) Q2 2026 earnings summary

Executive summary

• H1 2026 marked a turning point with a successful recapitalization, strengthening the balance sheet and advancing key development projects.

• Achieved increased gold production in Q2 2026, driven by Granite Creek ramp-up and ongoing development at Archimedes and Lone Tree Plant.

• Annual gold output targeted to rise from ~50,000 oz in 2026 to 150,000–200,000 oz by 2028, with a pathway to over 600,000 oz by early 2030s.

• Remain on track to meet full-year production and capital guidance, with key milestones expected in Q4 2026 including first gold from Archimedes and major construction at Lone Tree.

• Net asset value (NAV) decreased 14.89% in Q2 2026, primarily due to a 12.64% drop in gold prices and a reduction in outstanding shares from redemptions exceeding creations.

Financial highlights

• Ended Q2 with $465M in cash, down from $514M in Q1, in line with expectations.

• Q2 2026 revenue was $24.3M from 5,335 gold ounces sold at an average realized price of $4,522/oz.

• Q2 net loss was $53M ($0.06/share); YTD net loss $131M ($0.15/share), mainly due to non-cash revaluation of financial instruments and higher pre-development expenses.

• Adjusted net loss for Q2 was $41.2M; YTD $70M, reflecting ramp-up in pre-development and exploration.

• Cash used in operations increased to $50M for Q2 and $95M YTD, mainly due to inventory buildup and increased development outflows.

• Net assets at June 30, 2026: $60.09 billion, down from $68.38 billion at December 31, 2025.

Outlook and guidance

• On track to meet 2026 production guidance of 30,000–40,000 oz at Granite Creek.

• Growth capex expected within $150M–$175M range; Lone Tree refurbishment at low end of guidance.

• Archimedes capex to be $10M–$15M higher; exploration expenses $10M lower due to delays and shortages.

• Key near-term catalysts: Archimedes mine production, Lone Tree plant refurbishment, feasibility studies for three underground projects, and Mineral Point pre-feasibility.

• The Trust does not provide forward-looking guidance but notes that its performance will continue to reflect gold price movements, less expenses.