i-80 Gold Corp. (NYSE:IAUX) Q2 2024 Results Conference Call August 13, 2024 10:00 AM ET

Company Participants

Ryan Snow - CFO
Ewan Downie - CEO and Director
Matt Gili - President and Chief Operating Officer

Conference Call Participants

Don DeMarco - National Bank Financial
Justin Chan - SCP Resource Finance

Operator

Good morning. My name is Matthew, and I will be your conference operator today. At this time, I would like to welcome everyone to the i-80 Gold Corp Second Quarter 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session [Operator Instructions]. Mr. Snow, you may begin your conference.

Ryan Snow

Thank you, operator. Good morning, everybody. And welcome to our second quarter 2024 results webcast and conference call. I'd like to remind everybody that today we will be making forward-looking statements and to please read our disclaimer slide in the presentation. I want to start with a couple of comments about production for the quarter. Production for the quarter -- yesterday, we did publish the results of our MD&A and financial statements for the three and six months ended June 30, 2024, and they can be found on SEDAR+, EDGAR and our Web site. Production for the quarter was from the residual leaching activities at both Ruby Hill and Lone Tree and it was 1,636 ounces. In addition, in the second quarter, we sold 9,361 tons of oxide mineralized material from Granite Creek for revenue of $5.9 million, as this material is sold under an ore purchase agreement, i-80 does not report the ounces. For the year, the company has sold 19,528 tons of mineralized material that has generated $9.1 million in revenue and 4,122 ounces of gold. Revenue for the quarter was $7.2 million, bringing year-to-date revenue to 15.6 million. Production from Granite Creek has been primarily oxide and sold under the ore purchase agreement so far in 2024, and we will provide more details on this later in the call.

The company reported a net loss for the quarter of $36.8 million or $0.10 per share when adjusted for the impact of mark to market losses on the company's convertible debt, outstanding warrants, gold prepay and silver purchase and sale agreement, the loss was $25.8 million or $0.07 per share. During the quarter, the company continued to invest in exploration, evaluation and pre-development, with $5.1 million invested, bringing the 2024 total to $7.9 million. This investment is focused on definition drilling at our projects that will allow us to advance the technical studies to feasibility level. The definition drill program continues to produce many great assay results, a summary of which were provided in our press release yesterday and will be touched on later in this call. The first six months of 2024 have seen the company invest $15 million into the development of Granite Creek, and Matt Gili will provide additional details on the development progress later in this call. The company ended the quarter with $47 million in cash and $39 million in restricted cash. Yesterday, the company also announced the establishment of an at the market equity program. This program is a tool in the company's toolkit to provide financial flexibility over the next 24 months with up to $50 million of additional liquidity. With that, I'll turn the call over to Ewan Downie.