i-80 GOLD CORP. (TSX: IAU) late last night posted its financial results for the second quarter of 2021. In the company’s first quarter as a publicly traded company, they posted revenue of $10.3 million, and a net loss of $7.1 million.
Revenues for the quarter of $10.3 million followed gold production of 4,972 ounces and the resulting sale of 5,745 ounces. i-80 has realized revenue of $23.8 million on a year-to-date basis, following the sale of a total of 13,724 gold ounces.
General and administrative expenses totaled roughly $2.5 million for the quarter, with another substantial expenditure listed as a Restructuring cost, which was recorded at $4.4 million. Exploration, evaluation, and pre-development expenses came to a little over $2.7 million dollars for the quarter, an increase from the reported $1 million dollars for the same period last year. The company made just under $1.9 million in share based payments in Q2.
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The company posted an operating income of $3.4 million for the quarter from its mining operations, while posting an overall net loss of $7.1 million for the three month period.
The company reported cash and cash equivalents at the end of the period of a $70.1 million, a result of a subscription receipt financing. The company also reported that it has no debt on its books.
The second quarter saw the company close the acquisition of the Granite Creek project and Christison land package, complete the spin-out from Premier Gold Mines, and also conclude the aforementioned subscription receipt financing.
i-80 GOLD CORP. last traded on the TSX at $2.52.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
