i-80 Gold Corp. reported its operating and financial results for the third quarter ended September 30, 2024, showing a revenue of $11.509 million, a 13% decrease from $13.215 million in Q3 2023. The company posted a net loss of $38.061 million, a significant increase from a $4.199 million loss in the prior-year period, resulting in a loss per share of $0.098 compared to $0.015 in Q3 2023.
The company announced a new multi-asset development plan, focusing on permitting and developing five gold deposits, including three underground mines and two large oxide open pit deposits at Granite Creek and Mineral Point. This strategic pivot aims to transform i-80 Gold into a mid-tier gold producer, with the Lone Tree Autoclave remaining a central processing facility. Concurrently, i-80 Gold initiated a two-step recapitalization plan to address its balance sheet constraints, including deferring short-term commitments and restructuring existing debt.
In a strategic shift, i-80 Gold elected to no longer proceed with a non-binding Letter of Intent for a base metal joint venture at its Ruby Hill project, choosing to prioritize more advanced-stage gold and silver projects. The company also announced organizational changes, promoting four senior technical personnel and hiring three new senior positions, including a Senior VP General Counsel, VP of Treasury, and VP of Corporate Development and Strategy, to support the new development plan. Operational challenges at Granite Creek, including groundwater ingress, negatively impacted mining rates and gold production during the quarter, with mitigation measures expected to be completed by the end of Q3 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.