i-80 Gold (TSX: IAU) reported Q3 2025 revenue was up 178% year over year to $32.0 million from $11.5 million as gold ounces sold nearly doubled and the average realized gold price rose.
Gold sales rose to 9,368 ounces from 4,740 ounces, a 98% increase, and the consolidated average realized gold price increased 40% to $3,412 per ounce from $2,441 per ounce. This moved gross profit to $3.1 million compared with a gross loss of $4.9 million in Q3 2024.
Despite this, operating expenses increased meaningfully. Pre development, evaluation and exploration spending jumped 77% year over year to $20.1 million in Q3 2025 from $11.3 million, reflecting the push to advance multiple projects in Nevada, while general and administrative expenses climbed to $7.5 million from $4.5 million.
This led to operating losses widening to $27.8 million from $24.2 million. Further down, net loss tightened to $41.9 million versus $43.1 million. This translated to $0.05 loss per diluted share, from $0.11.
After removing non cash items, adjusted loss was $34.3 million compared with $31.6 million a year earlier. However, adjusted loss per share improved to $0.04 from $0.08 as a result of the much larger share base.
Operating cash flow improved but remained negative at $15.2 million compared with $23.5 million in Q3 2024. Overall, cash, cash equivalents and restricted cash increased to $144.6 million ($41.7 million in restricted) at quarter-end, up from $59.3 million at the start of the year.
Looking at topline contribution per site, Granite Creek revenue surged to $24.9 million from $4.9 million as gold ounces sold increased to 7,325 from 1,992, while the average realized gold price rose to $3,393 per ounce from $2,482.
Lone Tree revenue was stable at $4.6 million versus $4.5 million in the prior year quarter as gold ounces sold declined to 1,313 from 1,842, but the average realized price increased to $3,529 per ounce from $2,454. Meanwhile, Ruby Hill revenue increased to $2.5 million from $2.1 million as gold ounces sold came in at 730 versus 906, while the average realized price rose to $3,395 per ounce from $2,323.
Silver revenue was minor and negative after adjustments, at negative $0.1 million for Lone Tree and Ruby Hill combined in Q3.
The company completed approximately 52,864 feet of core drilling in Q3 2025 versus 39,191 feet last year, a 35% increase, mainly at Granite Creek, Mineral Point in the Ruby Hill property, and Cove underground.
The company reiterated that it is on track to meet its 2025 production guidance of 30,000 to 40,000 ounces of gold. Granite Creek is expected to contribute 20,000 to 30,000 ounces, with the two residual heap leach operations expected to add about 10,000 ounces. With 22,720 ounces already sold in the first nine months, the guidance range implies a relatively modest production requirement in the fourth quarter.
To advance its development plans, i-80 Gold expects growth expenditures over the next three years to cover three main areas: permitting, feasibility studies and development at the Archimedes underground project. For 2025 alone, these growth expenditures are forecast at $40 million to $50 million, primarily recorded as pre development, evaluation, and exploration expenses.
i-80 Gold last traded at $1.39 on the TSX.
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