i-80 Gold Corp. reported a net loss of $121.5 million for the fiscal year ended December 31, 2024, compared to a net loss of $89.7 million in 2023. Revenue decreased to $50.3 million in 2024 from $54.9 million in 2023, primarily due to lower gold sales volumes, partially offset by a higher average realized gold price of $2,332 per ounce compared to $1,956 in 2023. The company sold 21,527 ounces of gold in 2024, down from 29,370 ounces in the previous year. Cash used in operating activities increased to $82.5 million in 2024 from $77.5 million in 2023.
Significant changes in 2024 included the appointment of Richard Young as Chief Executive Officer in September and the adoption of a new development plan in November. This plan focuses on developing three underground mines and accelerating the permitting and development of two large oxide open-pit deposits. The company also initiated a recapitalization plan to address balance sheet constraints and secure funding for the new development plan. This involved deferring certain gold and silver deliveries and issuing warrants. Further, a base metal focused joint venture on the Ruby Hill property was terminated due to balance sheet constraints.
Operational developments included the completion of approximately 110,000 feet of drilling across several projects. The company also finalized extensions to third-party processing agreements, extending them until December 31, 2027, while targeting completion of its Lone Tree autoclave refurbishment by the same date. The company's employee count was 109 as of the report's date. Several financing activities occurred, including a bought deal offering, a private placement, and an at-the-market equity program, raising significant capital.
The company's financial statements were restated retrospectively to reflect the transition from IFRS to US GAAP. Key adjustments included a capitalization reversal related to underground development, changes in reclamation liabilities and assets, and the derecognition of certain embedded derivatives. The company also recognized an additional deferred tax liability related to the 2023 Paycore acquisition.
Looking ahead, i-80 Gold Corp. projects gold production between 30,000 and 40,000 ounces in 2025, with anticipated growth expenditures between $40 million and $50 million. The company is actively pursuing its recapitalization plan, exploring various financing options to fund its development plan. The company acknowledges numerous risks and uncertainties, including commodity price volatility, access to capital, and operational challenges, as detailed in the "Risk Factors" section of the filing.
About i-80 Gold Corp.
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