i-80 Gold Corp.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Non-GAAP Financial Performance Measures
The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under US GAAP in this document. These include adjusted loss, adjusted loss per share, and average realized price per ounce. Non-GAAP financial performance measures do not have any standardized meaning prescribed under US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with US GAAP and should be read in conjunction with the Company's Financial Statements.
Definitions
"Average realized gold price” per ounce of gold sold is a non-GAAP measure and does not constitute a measure recognized by US GAAP Accounting Standards and does not have a standardized meaning defined by US GAAP Accounting Standards. It may not be comparable to information in other gold producers’ reports and filings. Management believes this non-GAAP measure improves the understanding of revenue.
"Adjusted loss” and “adjusted loss per share” are non-GAAP financial performance measures that the Company considers to better reflect normalized earnings because it eliminates temporary or non-recurring items such as: (loss) gain on warrants, (loss) gain on Convertible Loans, and loss on fair value measurement of Gold Prepay Agreement and Silver Purchase Agreement. Adjusted loss per share is calculated using the weighted average number of shares outstanding under the basic calculation of earnings per share.
Average realized gold price per ounce of gold sold 1
| Three months endedSeptember 30, | Nine months endedSeptember 30, | |||
|---|---|---|---|---|
| (in thousands of U.S. dollars, unless otherwise noted) | 2025 | 2024 | 2025 | 2024 |
| Consolidated | ||||
| Revenue | 32,019 | 11,509 | 73,903 | 27,107 |
| Processing costs recognized in revenue | — | 63 | — | 2,632 |
| Silver revenue | (51) | (1) | (220) | (72) |
| Gold revenue | 31,968 | 11,571 | 73,683 | 29,667 |
| Gold ounces sold¹ | 9,368 | 4,740 | 22,720 | 12,247 |
| Average realized gold price ($/oz) | 3,412 | 2,441 | 3,243 | 2,422 |
| Lone Tree | ||||
| Revenue | 4,642 | 4,522 | 14,426 | 11,506 |
| Silver revenue | (9) | (1) | (45) | (29) |
| Gold revenue | 4,633 | 4,521 | 14,381 | 11,477 |
| Gold ounces sold | 1,313 | 1,842 | 4,461 | 5,010 |
| Average realized gold price ($/oz) | 3,529 | 2,454 | 3,224 | 2,291 |
| Ruby Hill | ||||
| Revenue | 2,520 | 2,105 | 6,198 | 4,232 |
| Silver revenue | (42) | — | (175) | (43) |
| Gold revenue | 2,478 | 2,105 | 6,023 | 4,189 |
| Gold ounces sold | 730 | 906 | 1,847 | 1,861 |
| Average realized gold price ($/oz) | 3,395 | 2,323 | 3,261 | 2,251 |
| Granite Creek | ||||
| Revenue | 24,857 | 4,882 | 53,279 | 11,369 |
| Processing costs recognized in revenue | — | 63 | — | 2,632 |
| Gold revenue | 24,857 | 4,945 | 53,279 | 14,001 |
| Gold ounces sold1 | 7,325 | 1,992 | 16,412 | 5,376 |
| Average realized gold price ($/oz) | 3,393 | 2,482 | 3,246 | 2,604 |
Adjusted loss 1
Adjusted loss and adjusted loss per share exclude a number of temporary or one-time items detailed in the following table:
| Three months endedSeptember 30, | Nine months endedSeptember 30, | |||
|---|---|---|---|---|
| (in thousands of U.S. dollars, unless otherwise noted) | 2025 | 2024 | 2025 | 2024 |
| Net loss | $(41,867) | $(43,099) | $(113,287) | $(103,803) |
| Adjust for: | ||||
| (Loss) gain on fair value measurement of Convertible Loans | (863) | (721) | (1,536) | 8,424 |
| (Loss) gain on fair value measurement of warrant liability | (5,400) | (3,587) | (5,126) | 687 |
| Loss on Gold Prepay Agreement and embedded derivative | (4,209) | (5,912) | (14,883) | (11,888) |
| Gain (loss) on Silver Purchase Agreement and embedded derivative | 2,860 | (1,276) | (6,602) | (6,579) |
| Total adjustments | $(7,612) | $(11,496) | $(28,147) | $(9,356) |
| Adjusted loss | $(34,255) | $(31,603) | $(85,140) | $(94,447) |
| Weighted average shares | 815,610,094 | 386,474,070 | 619,780,680 | 350,581,065 |
| Adjusted loss per share | $(0.04) | $(0.08) | $(0.14) | $(0.27) |
Adjusted loss is higher in the three and nine months ended September 30, 2025 due to increased pre-development and exploration expenses partially offset by higher gross profit.
1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 58% in 2025 (2024 - 58%)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.