I-80 Gold expects annual gold production to hit the lower end of its forecast range after worker turnover slowed mining in Nevada. The company’s stock dropped following the announcement.
Toronto-based I-80 maintained its 40,000–50,000 ounce outlook but cited delayed access to high-grade ore at Granite Creek. A processing change will also shift some gold from the Archimedes mine into early 2027. The company has since restored its contractor workforce.
I-80 shares fell 5.2% to $1.83 in Toronto, valuing the company at about C$1.6 billion ($1.1 billion). Its third-quarter net loss widened to $48.4 million, or 6 cents a share. Quarterly gold output dropped 6% from a year earlier to 11,685 ounces, though revenue increased to $32.7 million.
The company aims to increase annual gold output to 150,000–200,000 ounces starting in 2028, with Lone Tree as a central investment. First gold from Lone Tree is targeted for late 2027. The project budget is about $430 million, with labor costs running 5%–10% above initial estimates.
Granite Creek’s September study showed projected all-in sustaining costs rose 42% to $2,273 per ounce. Staffing at Granite Creek was previously around 100 employees, below a target of 120. Water management remains another challenge for the company.