Crispr Therapeutics shares tumble after significant earnings miss
NEW YORK - i-80 Gold Corp. (NYSE:IAUX) reported fourth quarter results that fell short of analyst estimates on Tuesday.
Shares were down -0.169% in premarket trading following the release
The company continues to ramp up production at its Granite Creek underground mine in Nevada.
The gold miner posted a loss of $0.04 per share for Q4, worse than the $0.01 loss analysts were expecting. Revenue came in at $23.2 million, well below the consensus estimate of $37.7 million.
i-80 Gold shares edged down 0.17% in after-hours trading following the earnings release.
i-80 Gold said production at Granite Creek was impacted by increased groundwater ingress, which affected productivity and development rates. The company has expanded pumping capacity and reconfigured its dewatering system to address the issue.
"2024 ended with a pivotal shift as we established a new development plan and commenced the work to release updated Preliminary Economic Assessments for each of our five gold projects," said CEO Richard Young. "Our focus remains on the continued ramp up at our Granite Creek Underground Project, unlocking the full potential of our portfolio, and strengthening our balance sheet to support our growth strategy."
For 2025, i-80 Gold expects to produce between 30,000 to 40,000 ounces of gold, with 20,000 to 30,000 ounces coming from Granite Creek underground. The company said extraction rates at Granite Creek are expected to ramp up to steady-state during the second half of 2025.
The company is focused on developing a portfolio of gold projects in Nevada, aiming to become a mid-tier producer capable of 400,000 to 500,000 ounces of annual gold production by the end of the decade.
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