The PFS confirms Granite Creek as a viable underground operation with 556.5 koz reserves and an 8.5-year mine life, but the economics are highly sensitive to gold prices and the successful commissioning of the Lone Tree autoclave in late 2027. The first two years (2026-2027) show negative cash flow due to third-party toll milling costs and stockpiling, with cash flow turning positive in 2028 once Lone Tree processing begins. Monitor progress on Lone Tree refurbishment and commissioning timeline, as delays would extend the higher-cost toll milling period. Also watch exploration results from the CX Zone and other near-mine targets that could extend mine life.
Price Chart
Executive Summary
i-80 Gold Corp. filed an 8-K announcing a Pre-Feasibility Study (PFS) for its Granite Creek Underground Project, reporting initial mineral reserves of 2.20 Mt at 7.87 g/t Au (556.5 koz contained) and an updated exclusive underground resource of 1.81 Mt at 5.38 g/t Au (313.3 koz M&I). The PFS outlines an 8.5-year mine life with average annual production of 75.1 koz Au during steady-state (2028-2032), after-tax NPV(5%) of $118M at a $2,750/oz gold price, and all-in sustaining costs of $1,915/oz (excluding Lone Tree refurbishment capital). The project is fully permitted and currently ramping up production, with processing transitioning from third-party toll milling to the company's Lone Tree autoclave plant in late 2027.
Key Facts
- Initial underground mineral reserves: 2.20 Mt at 7.87 g/t Au for 556.5 koz contained gold (Proven + Probable)
- Exclusive underground M&I resource: 1.81 Mt at 5.38 g/t Au for 313.3 koz contained gold
- Open pit M&I resource: 51.27 Mt at 0.97 g/t Au for 1,591.4 koz contained gold
- After-tax NPV(5%) of $118M and after-tax cash flow of $153M at $2,750/oz gold price
- 8.5-year mine life with average annual gold production of 75.1 koz during 2028-2032 steady-state period
- LOM cash costs of $2,076/oz and AISC of $2,273/oz (excluding Lone Tree refurbishment capital)
- Total LOM capital costs of $144.9M including $49.3M Lone Tree autoclave refurbishment allocation
- Mine currently ramping up; expected to achieve commercial production in late 2026
- Processing to transition from third-party toll milling to Lone Tree autoclave plant in late 2027
- Metallurgical recoveries average 87% for autoclave processing (range 77.6%-93.4%)
- Mining method: underhand drift and fill with cemented waste rock backfill
- Exploration program ongoing with potential to extend mine life via CX Zone and other targets
Financial Impact
After-tax NPV(5%) of $118M and after-tax cash flow of $153M at $2,750/oz gold price. LOM total capital costs of $144.9M including $49.3M for Lone Tree autoclave refurbishment. LOM cash costs of $2,076/oz and AISC of $2,273/oz (excluding Lone Tree capital).
Risk Factors
- Execution risk on Lone Tree autoclave refurbishment and commissioning timeline (late 2027 target)
- Negative cash flow in 2026-2027 during third-party toll milling and stockpiling period
- Sensitivity to gold price declines given relatively high AISC of $2,273/oz (LOM)
- Geotechnical risks in fault zones and SPZ ore body requiring specialized ground support
- Water management and dewatering costs as mine progresses deeper
- Petroleum-contaminated soil remediation in CX Pit waste rock backfill (up to 1.17 million tons may need re-handling)
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-397337 |
| Document: d29391d8k.htm | 0001193125-26-397337 |
| Document: d29391dex234.htm | 0001193125-26-397337 |
| Document: d29391dex231.htm | 0001193125-26-397337 |
| Document: d29391dex233.htm | 0001193125-26-397337 |
| Document: d29391dex232.htm | 0001193125-26-397337 |
| Document: d29391dex235.htm | 0001193125-26-397337 |
| Document: d29391dex236.htm | 0001193125-26-397337 |
| Document: d29391dex237.htm | 0001193125-26-397337 |
| Document: 0001193125-26-397337-index-headers.html | 0001193125-26-397337 |
| Document: 0001193125-26-397337-index.html | 0001193125-26-397337 |
| Document: 0001193125-26-397337.txt | 0001193125-26-397337 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Press Release | $1.50 | awaiting T+60 | — | $1.47 (−2.00%) |
Oct 15, 2026 11d ago | 8-K | $1.53 | awaiting T+60 | — | $1.47 (−3.92%) |
Sep 22, 2026 4w ago | 8-K | $1.87 | awaiting T+60 | — | $1.47 (−21.39%) |
Sep 22, 2026 4w ago | 8-K | $1.87 | awaiting T+60 | — | $1.47 (−21.39%) |
Aug 20, 2026 9w ago | Insider Cluster | $1.81 | awaiting T+60 | — | $1.47 (−18.78%) |
Aug 10, 2026 11w ago | Press Release | $1.66 | awaiting T+60 | — | $1.47 (+11.45%) |
Jul 1, 2026 16w ago | 8-K | $1.45 $1.73 | ▲ +19.31% | ▲ +16.35% | $1.47 (+1.38%) |
Jun 24, 2026 17w ago | 8-K | $1.39 $1.79 | ▲ +28.78% | ▲ +25.05% | $1.47 (+5.76%) |
May 12, 2026 23w ago | 8-K | $0.9800 $0.9140 | ▼ −6.73% | ▼ −11.17% | $1.47 (+50.00%) |
Apr 14, 2026 27w ago | 8-K | — | awaiting T+60 | — | — |
US Market Status
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