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i-80 Gold Reports Q1 2024 Operating Results

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i-80 Gold Reports Q1 2024 Operating Results






i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) reports its operating and financial results for the three months ended March 31, 2024. i-80’s unaudited condensed consolidated interim financial statements as well as i-80’s Management’s Discussion and Analysis of Operations and Financial Condition for the three months ended March 31, 2024, are available on the Company’s website at, on SEDAR+ at, and on EDGAR at


Unless otherwise stated, all amounts referred to herein are in U.S. dollars (C$ represents Canadian dollars).



  • Gold sales of 2,486 ounces at a realized gold price of $2,083 per ounce sold1.
  • 10,167 tons of mineralized material sold for total revenues of $3.2 million.
  • Continued drilling of polymetallic mineralization at the Ruby Hill mine (4,032 feet).
  • Continued underground core drilling delineation of the CSD Gap and Helen zones at the McCoy-Cove project (3,594 feet).
  • Completed non-brokered private placement of common shares for aggregate gross proceeds of C$23.5 million.
  • March 31, 2024 cash balance of $13.1 million and $39.0 million in restricted cash.




Bought Deal Public Offering


On May 1, 2024, the Company completed a bought deal public offering of an aggregate of 69,698,050 units at a price of C$1.65 per Unit for aggregate gross proceeds to the Company of approximately C$115 million. Each unit consisted of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole Common Share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share for a period of 48 months from closing of the Offering at an exercise price of C$2.15 per share.  The Offering was completed pursuant to a short form prospectus dated April 25, 2024.


“The extension of the delivery requirements under the gold prepay and silver purchase agreements with Orion Mine Finance   coupled with the recently completed bought deal public Offering, significantly enhance our financial flexibility and positions the Company to continue to execute on its plans”, stated Ryan Snow, Chief Financial Officer of i-80. “We continue to advance exploration and definition drilling at Granite Creek and McCoy-Cove and permitting activities at our projects allowing the Company to advance our projects towards the ultimate goal of building a mid-tier Nevada focused producer.”


Three months ended
March 31,
(in thousands of U.S. dollars, unless otherwise noted) 2024 2023
Revenue 8,413 4,548
Cost of sales(1) (7,904) (6,542)
Depletion, depreciation and amortization(1) (377) (1,421)
Mine operating income (loss) 132 (3,415)
Exploration, evaluation, and pre-development 2,782 8,979
General and administrative 4,578 5,191
Property maintenance 3,405 2,449
Share-based payments 530 1,308
Operating loss (11,163) (21,342)
(1)       For the three months ended March 31, 2024, includes an inventory impairment of nil (2023 – $4.0 million)


Production and sales totaled 2,486 gold ounces for the quarter at a realized gold price of $2,083 per ounce sold1. Additionally, mineralized material sales totaled 10,167 tons for the quarter for proceeds of $3.2 million.


Exploration, evaluation, and pre-development costs were $2.8 million for the quarter. This expenditure mainly reflects the exploration and pre-development work at McCoy-Cove and Ruby Hill.


Granite Creek


Highlights for the three months ended March 31, 2024, include:

  • 10,167 tons of mineralized material sold under the Ore Sale Agreement for proceeds of $3.2 million.
  • 28,500 tons of mineralized material added to stockpile, bringing the total stockpile material to 37,907 tons before sales.
  • 3,178 feet of horizontal development.


Management of increased groundwater inflows into the underground workings continues to be a top priority. Dewatering Well #6 was completed and is in operation, and a second contact water discharge line was commissioned from the underground workings.




The Cove deposit and the McCoy-Cove Property is expected to be the core asset in the Company’s “hub and spoke” business plan and likely the highest-grade gold deposit in i-80’s portfolio. During the quarter the Company achieved high grade infill drilling results at Helen and Gap Zones with 3,594 feet of total drilling completed.


Ruby Hill


During the quarter drilling at Ruby Hill was focused on infill drilling of the Hilltop zones for metallurgical sampling in relation to the previously announced potential joint venture. 4,032 feet of core drilling was completed during the quarter, fully funded by the potential joint venture partner in order to complete due diligence during the exclusivity period. Drilling highlights for the quarter include:

  • 0.2% Zn, 6.3% Pb, 180.0 g/t Ag & 2.2 g/t Au Over 5.0 m in hole iRH24-01
  • 6.2% Zn, 5.6% Pb, 198.0 g/t Ag & 1.0 g/t Au Over 3.6 m and 13.4% Zn, 2.5% Pb, 93.7 g/t Ag, & 0.6 g/t Au over 5.5 m in hole iRH24-02
  • 13.7% Zn, 0.6% Cu, & 17.5 g/t Ag Over 57.8 m in hole iRH24-03


Residual leaching activities at Ruby Hill produced and sold 444 ounces of gold during the quarter at a realized gold price of $2,016 per ounce sold1. As the heap leach pad is nearing the end of its production cycle the Company continues to analyze the breakeven cost and anticipates that the heap leach pad will cease production in 2024.


Lone Tree


Lone Tree is expected to become the hub of i-80’s Nevada operations and the central processing facility for gold mineralization from the Granite Creek, McCoy-Cove and Ruby Hill underground gold deposits. Importantly, Lone Tree is host to infrastructure that, following successful refurbishment efforts, will position i-80 as one of only three companies in the United States capable of processing both oxide and refractory mineralization.


During the quarter the Company continued its review of the value engineering studies and total refurbishment costs for the autoclave.


Lone Tree produced and sold from its residual leaching activities 2,042 ounces of gold during the quarter at a realized gold price of $2,097 per ounce sold1.


Qualified Persons


Tyler Hill, CPG-12146, Chief Geologist, and Tim George, PE, Mining Operations Manager, at i-80 have reviewed this press release and are the Qualified Persons for the information contained herein and are a “Qualified Person” within the meaning of National Instrument 43-101.


About i-80 Gold Corp.


i-80 Gold Corp. is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the Company’s advanced-stage property portfolio with processing at i-80’s centralized milling facilities.



Posted May 14, 2024

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