Executive Summary

Q2 2025 revenue rose sharply to $27.8M (+287% YoY), driven by higher gold ounces sold and a higher realized gold price; reported loss per share improved to $0.05 from $0.11 YoY .
The quarter advanced the recapitalization plan (gross proceeds $185.5M from offerings and private placement) and increased cash to $133.7M, positioning the company to fund near-term development milestones .
Key timeline adjustments: Lone Tree autoclave feasibility moved to Q4 2025 (from Q3 2025), and Granite Creek and Cove feasibility now targeted for Q1 2026, indicating modest schedule slippage but continued execution on the three‑phase plan .
EPS missed S&P Global consensus: Primary EPS consensus was -$0.02 vs SPGI actual of -$0.07 (company-reported loss per share was -$0.05); consensus revenue was unavailable, limiting revenue beat/miss assessment. Values retrieved from S&P Global*.

What Went Well and What Went Wrong

What Went Well
- Revenue acceleration: $27.8M (+$20.7M YoY), gold ounces sold 8,400 (+144% YoY), and average realized gold price $3,301/oz (+41% YoY) .
- Granite Creek ramp-up: increased mining activity, delivered ~28,000 tonnes of sulfide material under new toll milling (expected 120-day processing), and initiated South Pacific Zone infill drilling .
- Recapitalization strengthened liquidity and funded development; combined net proceeds ~$175.2M with potential incremental ~$130M from warrants if exercised .
- CEO commentary: “The second quarter marked a major turning point… advance key development initiatives… Lone Tree autoclave… hub-and-spoke strategy” (Richard Young) .
- COO commentary: “Advance steadily with relatively low technical and permitting risk… focused on infill drill programs, permitting, and development activities” (Paul Chawrun) .
What Went Wrong
- Schedule slippage: Lone Tree autoclave feasibility pushed to Q4 2025; Granite Creek and Cove feasibility now Q1 2026, delaying the development plan timeline modestly .
- Ongoing groundwater inflows at Granite Creek require continued dewatering infrastructure investments (additional wells, expanded water treatment, piping/pumping systems) .
- Profitability still constrained: gross profit only $0.8M and operating loss -$18.8M as pre-development and G&A remain elevated; consolidated adjusted loss was -$40.2M for Q2 2025 .
- Estimates miss: SPGI Primary EPS actual -$0.07 vs consensus -$0.02; revenue consensus unavailable. Values retrieved from S&P Global*.
- Continued reliance on toll milling and leach pads pending autoclave refurbishment; mix of oxide vs. sulfide at Granite Creek diverging from March 2025 PEA expectations .

Financial Results

Quarterly progression and YoY comparison

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$23.228	$14.048	$27.836
Loss per Share ($USD)	$(0.04)	$(0.10)	$(0.05)
Gross Profit ($USD Millions)	$1.803	$2.906	$0.798
Gross Profit Margin %	7.8% (computed from $1.803/$23.228)	20.7% (computed from $2.906/$14.048)	2.9% (computed from $0.798/$27.836)
Gold Ounces Sold (oz)	9,053	4,952	8,400
Average Realized Gold Price ($/oz)	$2,560	$2,825	$3,301

Metric	Q2 2024	Q2 2025
Revenue ($USD Millions)	$7.184	$27.836
Loss per Share ($USD)	$(0.11)	$(0.05)
Gold Ounces Sold (oz)	3,445	8,400
Average Realized Gold Price ($/oz)	$2,337	$3,301

Estimates vs Actuals (S&P Global)

Metric	Q2 2025 Consensus	Q2 2025 Actual (SPGI)	Surprise
Primary EPS (USD)	-0.02*	-0.07*	-0.05 (miss)*
Revenue (USD Millions)	N/A*	27.836*	N/A*

Values retrieved from S&P Global*.

Segment breakdown (Q2 2025)

Segment	Revenue ($USD Millions)	Gold Ounces Sold (oz)	Avg Realized Gold Price ($/oz)
Lone Tree	$5.822	1,754	$3,307
Ruby Hill	$2.288	665	$3,311
Granite Creek	$19.726	5,981	$3,298
Total	$27.836	8,400	$3,301

KPIs (Granite Creek Operational – Q2 2025)

KPI	Q2 2025
Total Mineralized Material Mined (tonnes)	35,275 oxide + 11,201 sulfide = 46,476 total mineralized material; 16,173 low-grade; 31,947 waste; 83,395 total material mined
Processed Mineralized Material (tonnes)	7,014 sulphide; 18,750 leach; 25,764 total
Gold Ounces Sold (oz)	5,981
Mining Cost ($/t total material + waste)	$175
Processing Cost ($/t processed)	$133

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
2025 Production (Gold)	FY 2025	30,000–40,000 oz	Not re-stated in Q2 release; management continues to progress plan	Maintained (no update)
Growth Expenditures	FY 2025	$40–$50M	No explicit change; through mid-2026, ~$92M planned allocation across five projects incl. autoclave	Maintained/expanded multi-year plan
Lone Tree Autoclave Feasibility	Completion Target	Q3 2025	Q4 2025	Delayed 1 quarter
Granite Creek Underground Feasibility	Completion Target	2025 (original plan)	Q1 2026	Delayed ~1 quarter
Cove Underground Feasibility	Completion Target	2025 (original plan)	Q1 2026	Delayed ~1 quarter
Archimedes Underground Development Start	Q3 2025	Q3 2025	Q3 2025	Maintained

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in the document catalog; a call was held Aug 13, 2025 .

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Groundwater/Dewatering at Granite Creek	Pumping capacity upgrades; predictive groundwater model; dewatering wells	Additional dewatering wells, expanded water treatment, in-line piping/pumping system	Continued mitigation; operational improvement expected
Autoclave Refurbishment (Lone Tree)	Feasibility target Q3 2025	Class 3 study underway with Hatch; feasibility targeted Q4 2025	Modest schedule slip; plan intact
Permitting Progress (Archimedes/Cove)	BLM Decision Record for portals; Cove NEPA/EIS planning	Archimedes above 5100 ft approval expected shortly; Cove NEPA progressing toward EIS	Advancing; sequential permitting
Financing/Recapitalization	New prepay arrangements; working capital facility; bought deal planned	$185.5M raised; cash $133.7M; exploring debt/royalty/FAD sale	Liquidity strengthened; further financing options
Granite Creek Oxide vs Sulfide Mix	Elevated oxide in Q4/Q1	Continued elevated oxide vs March 2025 PEA; heap leach at Lone Tree	Persistent mix variance; operationally addressed via leach

Management Commentary

Richard Young, CEO: “The equity financing completed in May has enabled us to advance key development initiatives… and advance the Lone Tree autoclave refurbishment study which will be a key component of our hub‑and‑spoke mining and processing strategy...” .
Richard Young, CEO: “We anticipate several key catalysts over the next 12 to 18 months… initiating underground development at Archimedes… completing infill drill programs and technical work… completing the Lone Tree autoclave feasibility study…” .
Paul Chawrun, COO: “We continue to advance steadily with relatively low technical and permitting risk… focused on the infill drill programs… permitting, and development activities across all core assets…” .

Q&A Highlights

No transcript available for Q2 2025. Based on prepared remarks and releases:

Clarifications likely addressed: autoclave timeline (shift to Q4 2025) and feasibility timelines (Q1 2026 for Granite Creek/Cove) .
Granite Creek ramp-up cadence and dewatering impacts; toll milling timing (material expected to be processed within 120 days of delivery) .
Funding strategy to complete recapitalization by mid‑2026, including debt facilities, royalty sale, and potential sale of FAD (non-core) .

Estimates Context

EPS missed SPGI consensus for Q2 2025: Primary EPS consensus was -$0.02 vs SPGI actual -$0.07 (company-reported loss per share was -$0.05) — a negative surprise; consensus revenue was unavailable. Values retrieved from S&P Global*.
With stronger ounces sold and realized prices, Street models may need to reflect improved revenue trajectory but also ongoing operating losses and timeline adjustments; monitor updates post-feasibility milestones .

Key Takeaways for Investors

Liquidity improved significantly, enabling execution of near-term development milestones; further financing (debt/royalty/non-core asset sale) remains a near-term catalyst and risk mitigation .
Execution focus: Granite Creek ramp-up plus dewatering infrastructure investments; watch toll milling throughput over next 120–180 days and infill results in SPZ .
Autoclave feasibility delay to Q4 2025 is modest; the hub-and-spoke strategy remains central to unlocking refractory value across three underground mines .
Mix variance (higher oxide) persists at Granite Creek; heap-leach ounces at Lone Tree provide incremental cash, but margin uplift awaits autoclave commissioning .
Production guidance for 2025 (30–40k oz) previously issued; Q2 did not update guidance. Expect feasibility outcomes and permitting milestones to drive medium-term estimate revisions .
Near-term trading: watch newsflow on Archimedes underground start (Q3 2025), feasibility timelines, and any financing announcements; positive drilling/assay updates and permitting approvals likely stock catalysts .
Medium-term thesis: successful autoclave refurbishment and staged underground mine commissioning could re-rate the asset base; financing structure and execution risk remain key variables .

Additional Relevant Press Releases for the Quarter

Progress Update on New Development Plan (July 8, 2025): Drilling underway; feasibility timing updates; permitting momentum; autoclave optimization with Hatch .
Financing Closings (May 16 and May 26, 2025): Bought deal ($172.88M gross) and concurrent private placement ($11.12M gross) that underpinned Q2 liquidity .

Prior Two Quarters’ Earnings (for Trend)

Q1 2025: Revenue $14.0M; loss per share $0.10; Granite Creek mining rates improved; initial dewatering upgrades; cash used in operations $22.7M .
Q4 2024: Revenue $23.2M; loss per share $0.04; adopted new development plan; 2025 production guidance 30–40k oz; growth expenditures $40–$50M .

FINANCIALS AND OPERATIONAL DETAILS SOURCE: Q2 2025 8‑K and press release ; Q2 press release ; Q1 2025 8‑K ; Q4 2024 press release/8‑K .

i-80 Gold Corp. (IAUX)·Q2 2025 Earnings Summary