Executive Summary

Q3 revenue rose to $32.0M with positive gross profit ($3.1M) as ounces sold increased to 9,368 and average realized price climbed to $3,412/oz; however, net loss remained elevated at $(41.9)M as pre‑development/exploration and financing-related items offset operational gains .
EPS missed S&P Global consensus: reported $(0.05) vs $(0.01) estimate*, driven by higher pre‑development/exploration expense ($20.1M), revaluation losses and interest expense despite improved operations at Granite Creek .
Development milestones advanced: Archimedes underground permitted and construction commenced; Lone Tree autoclave Class 3 study nearing completion (Q4’25); Granite Creek FS and Cove FS targeted for Q1’26 .
Management reiterated 2025 extraction outlook (30–40k oz; Granite Creek 20–30k oz; ~10k oz from residual heaps) and $40–$50M 2025 growth expenditures; recapitalization optionality includes debt facilities, royalty and potential FAD sale .

What Went Well and What Went Wrong

What Went Well
- Revenue and ounces accelerated: Q3 revenue $32.019M vs $11.509M YoY; ounces sold 9,368 vs 4,740; average realized price $3,412/oz vs $2,441/oz .
- Operational progress: “Operationally, the third quarter was strong. Results are on plan and we remain on track to achieve full year guidance…record advance rates in the decline and excellent resource reconciliation…Water management…on track for completion by end of Q1 2026.” – COO Paul Chawrun .
- Project execution: Archimedes construction started (304 ft development); Granite Creek near break-even gross profit; Lone Tree autoclave study nearing completion Q4’25 .
What Went Wrong
- Continued losses: Net loss $(41.867)M as higher pre‑development/exploration ($20.062M), G&A ($7.526M), and other expenses offset gross profit .
- Financing headwinds: Interest expense $7.095M; losses associated with Gold Prepay and Silver Purchase re-measurements pressured results .
- Cash sequentially lower to $102.867M (from $133.691M in Q2) on development spend and $11.918M principal repayment on Gold Prepay Agreement .

Financial Results

Sequential P&L (oldest → newest)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD)	$14.048M	$27.836M	$32.019M
Net Loss ($USD)	$(41.205)M	$(30.215)M	$(41.867)M
Loss per Share ($)	$(0.10)	$(0.05)	$(0.05)
Gross Profit ($USD)	$2.906M	$0.798M	$3.118M

YoY comparison

Metric	Q3 2024	Q3 2025
Revenue ($USD)	$11.509M	$32.019M
Net Loss ($USD)	$(43.099)M	$(41.867)M
Loss per Share ($)	$(0.11)	$(0.05)
Gold Ounces Sold (oz)	4,740	9,368
Avg Realized Gold Price ($/oz)	$2,441	$3,412

Segment revenue (trend)

Segment	Q2 2025	Q3 2025
Granite Creek	$19.726M	$24.857M
Ruby Hill	$2.288M	$2.520M
Lone Tree	$5.822M	$4.642M

KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Gold Ounces Sold (oz)	4,952	8,400	9,368
Avg Realized Gold Price ($/oz)	$2,825	$3,301	$3,412
Cash & Cash Equivalents (end)	$13.475M	$133.691M	$102.867M
Cash Used in Operating Activities	$(22.701)M	$(11.335)M	$(15.246)M

Non‑GAAP (Q3 2025)

Metric	Q3 2025
Adjusted Loss ($USD)	$(34.255)M
Adjusted Loss/Share ($)	$(0.04)
Adjustments (net)	$(7.612)M

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Gold extraction (total)	FY 2025	30,000–40,000 oz	30,000–40,000 oz	Maintained
Granite Creek contribution	FY 2025	20,000–30,000 oz	20,000–30,000 oz	Maintained
Residual heap leach	FY 2025	~10,000 oz	~10,000 oz	Maintained
Growth expenditures	FY 2025	$40–$50M	$40–$50M	Maintained
Lone Tree autoclave Class 3 study	Q4 2025	Q4 2025	Q4 2025 (nearing completion)	Maintained
Granite Creek FS	Q1 2026	Q1 2026	Q1 2026	Maintained
Cove FS	Q1 2026	Q1 2026	Q1 2026	Maintained
Archimedes FS	Q1 2027	Q1 2027	Q1 2027 (≈12 months earlier than PEA)	Maintained vs Q2; earlier vs PEA

Earnings Call Themes & Trends

Topic	Q1 2025 (prior)	Q2 2025 (prior)	Q3 2025 (current)	Trend
Granite Creek dewatering/ramp	Improved pumping; ramp to steady state H2’25	Added wells; water treatment expansion	Pumps improved efficiency; water plant on track by end Q1’26	Improving
Lone Tree autoclave	FS expected Q4’25	Class 3 engineering underway; Q4’25 target	Class 3 study nearing completion; permit submissions Q4’25	On schedule
Archimedes (Ruby Hill)	Portals DR received; construction Q3’25	Permitting above 5100’ near done; dev start Q3; infill Q4’25	Permits received; construction commenced; 304 ft developed	Advancing
Recapitalization	Exploring financing; $12M Auramet facility	$185.5M gross raise; seeking debt/royalty/FAD sale	Ongoing options; aim to complete by mid‑2026	Strengthened liquidity
Gold price/realization	$2,825/oz avg realized	$3,301/oz	$3,412/oz	Rising
FAD (non‑core)	—	—	High‑grade MRE; non‑core, potential sale	Monetization optionality

Note: No Q3’25 transcript was available as of this analysis; company hosted the call Nov 13, 2025 (details below) .

Management Commentary

“I am pleased to report the third quarter marked another period of solid execution in advancing our multi‑asset development strategy in Nevada…We remain on track to deliver on the key upcoming milestones within our development plan.” – Richard Young, President & CEO .
“Operationally, the third quarter was strong. Results are on plan and we remain on track to achieve full year guidance…record advance rates…excellent resource reconciliation…Water management…on track for completion by the end of the first quarter of 2026.” – Paul Chawrun, COO .
“Granite Creek achieved near break‑even gross profit and it is expected to be positive for the second half of 2025.” – Operations commentary .

Q&A Highlights

The company scheduled an earnings call for Nov 13, 2025 at 10:00 a.m. ET (webcast and dial‑in below). A transcript was not available at the time of this report; we will update when posted .
- Webcast: https://app.webinar.net/3V0yYz5xP4L
- North America: 1‑888‑699‑1199; Local/Int’l: 1‑416‑945‑7677

Estimates Context

EPS vs S&P Global consensus:
- Q3 2025: Actual $(0.05) vs Consensus $(0.01); Miss of $(0.04). Drivers: higher pre‑development/exploration, revaluation losses and interest expense despite operational improvements .
- Q2 2025: Actual $(0.07) vs Consensus $(0.02); Miss $(0.05) .
- Q1 2025: Actual $(0.10) vs Consensus $(0.02); Miss $(0.08) .
Revenue consensus was not available for these quarters via S&P Global; actuals are presented above .
Number of EPS estimates per quarter was limited (1 estimate each), implying low analyst coverage and higher estimate uncertainty.

Estimates marked with *: Values retrieved from S&P Global.

Key Takeaways for Investors

Near‑term production trajectory is intact: 2025 extraction 30–40k oz (Granite Creek 20–30k oz; ~10k oz residual heaps) with Granite Creek gross profit inflecting positive in H2’25, supported by improved water management .
Development cadence is a central catalyst: Lone Tree autoclave Class 3 study (Q4’25), Granite Creek FS and Cove FS (Q1’26), and ongoing Archimedes underground development de‑risk the path to the hub‑and‑spoke strategy .
Liquidity improved, but capital needs remain: $102.9M cash at Q3 end, with active work on debt/royalty/FAD sale to fund the plan; timing toward mid‑2026 aligns with Orion loan maturity .
Earnings volatility likely persists near‑term given non‑cash revaluation items and interest expense; watch adjusted metrics and operating cash trends as Granite Creek ramps .
Optionality from non‑core FAD: High‑grade polymetallic resource update and potential monetization could be a funding lever and reduce balance‑sheet risk .
Trading setup: Stock sensitivity to execution milestones (Lone Tree study, Archimedes development progress, Granite Creek FS) and any recapitalization announcements; beat/miss dynamics less informative given thin coverage and non‑cash P&L drivers .

Appendices

Additional Operational Detail (Q3 2025)

Granite Creek operational statistics (e.g., processed tonnes, grades), site costs, and pre‑development spend are disclosed in the 10‑Q; Granite Creek revenue $24.857M and near break‑even gross profit in Q3 .
Ruby Hill: 730 oz sold; Archimedes construction underway; pre‑development/exploration spend $4.4M in Q3 .
Lone Tree: 1,313 oz sold from leach pads; autoclave refurbishment Class 3 engineering study nearing completion in Q4’25 .

Sources

Q3 2025 8‑K/Press Release (Nov 12, 2025): Overall results, guidance, development updates .
Q3 2025 10‑Q (Nov 12, 2025): Financial statements, segment data, MD&A .
Q2 2025 8‑K/Press Release (Aug 13, 2025): Prior quarter metrics and catalysts .
Q1 2025 8‑K/Press Release (May 5, 2025): Prior quarter metrics and operational updates .
Other Q3’25 press releases: FAD mineral resource update (Nov 6, 2025) ; call logistics (Nov 3, 2025) ; board change (Oct 23, 2025) .

i-80 Gold Corp. (IAUX)·Q3 2025 Earnings Summary