The Granite Creek FS de-risks the project with initial reserves and a clear path to steady-state production via the Lone Tree plant refurbishment (targeted Q4 2027). The Mineral Point drill results suggest potential resource expansion eastward, supporting the mid-2027 PFS catalyst. Key execution risks to monitor: Lone Tree refurbishment timeline, water management at Granite Creek, and Mineral Point permitting progress.
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Executive Summary
i-80 Gold Corp. announced a positive feasibility study for its Granite Creek Underground gold project, reporting initial proven and probable mineral reserves of 556,500 oz Au at 7.87 g/t, an after-tax NPV(5%) of $118 million at a base case gold price of $2,750/oz, and an 8.5-year mine life. The company also released initial drill results from the Mineral Point open pit project, with step-out holes showing mineralization extending beyond the current resource shell, supporting a planned pre-feasibility study targeted for mid-2027.
Key Facts
- Initial proven and probable mineral reserves of 2.20 million tonnes grading 7.87 g/t Au containing 556,500 oz Au at Granite Creek Underground.
- After-tax NPV(5%) of $118 million at $2,750/oz Au base case; after-tax NPV(5%) of $598 million at $4,500/oz Au sensitivity.
- Measured and indicated mineral resources increased 229% to 3.73 Mt grading 7.17 g/t Au containing 859,500 oz Au vs. the March 2025 PEA.
- Mine life of approximately 8.5 years with annual gold production averaging 75,000 oz for 2028-2032.
- Estimated cash costs of $1,827/oz and AISC of $1,915/oz for the 2028-2032 steady-state period (excl. Lone Tree refurbishment capital).
- Total LOM capital costs of $144.9 million, including $82.9 million sustaining capital and $49.3 million Lone Tree Plant refurbishment allocation.
- Mineral Point drill results: step-out hole iMP26-07 returned 1.33 g/t Au and 39.2 g/t Ag over 225.6 m; hole iMP26-23 returned 1.70 g/t Au and 61.5 g/t Ag over 170.7 m.
- Mineral Point 2026/2027 exploration spend expected to total $40-$45 million, funded via Franco-Nevada royalty financing.
- Granite Creek is currently ramping up production, expected to produce 30,000-40,000 oz Au in 2026.
- Cove Underground project feasibility-level technical study expected in Q4 2026.
Financial Impact
Granite Creek FS shows after-tax NPV(5%) of $118M at base case $2,750/oz Au, with total undiscounted after-tax cash flow of $153M. At $4,500/oz Au, NPV rises to $598M and cash flow to $744M. Mineral Point PEA (Feb 2025) had after-tax NPV(5%) of $614M at $2,175/oz Au.
Risk Factors
- Lone Tree Plant refurbishment and commissioning may be delayed beyond Q4 2027, delaying the transition to lower processing costs.
- Water inflow management at Granite Creek requires expanded pumping and treatment capacity; residual passive inflow estimated at 2,500-2,700 gpm.
- Mineral Point is an early-stage project; the PFS is targeted for mid-2027 and results may differ from the 2025 PEA.
- Gold price sensitivity: at $2,500/oz Au, after-tax NPV drops to $41M, significantly reducing project economics.
- Third-party toll milling reliance through mid-2027 exposes the project to processing cost and availability risks.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-397273 |
| Document: d152188dex992.htm | 0001193125-26-397273 |
| Document: d152188d8k.htm | 0001193125-26-397273 |
| Document: 0001193125-26-397273-index-headers.html | 0001193125-26-397273 |
| Document: 0001193125-26-397273-index.html | 0001193125-26-397273 |
| Document: 0001193125-26-397273.txt | 0001193125-26-397273 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Press Release | $1.50 | awaiting T+60 | — | $1.48 (−1.67%) |
Oct 15, 2026 11d ago | 8-K | $1.53 | awaiting T+60 | — | $1.48 (−3.59%) |
Sep 22, 2026 4w ago | 8-K | $1.87 | awaiting T+60 | — | $1.48 (−21.12%) |
Sep 22, 2026 4w ago | 8-K | $1.87 | awaiting T+60 | — | $1.48 (−21.12%) |
Aug 20, 2026 9w ago | Insider Cluster | $1.81 | awaiting T+60 | — | $1.48 (−18.51%) |
Aug 10, 2026 10w ago | Press Release | $1.66 | awaiting T+60 | — | $1.48 (+11.14%) |
Jul 1, 2026 16w ago | 8-K | $1.45 $1.73 | ▲ +19.31% | ▲ +16.35% | $1.48 (+1.72%) |
Jun 24, 2026 17w ago | 8-K | $1.39 $1.79 | ▲ +28.78% | ▲ +25.05% | $1.48 (+6.12%) |
May 12, 2026 23w ago | 8-K | $0.9800 $0.9140 | ▼ −6.73% | ▼ −11.17% | $1.48 (+50.51%) |
Apr 14, 2026 27w ago | 8-K | — | awaiting T+60 | — | — |
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