I-80 Gold Corp (IAUX) 2026 Q1 法說會逐字稿

Hello and thank you for joining I-80 Gold's 2026 First Quarter Results Conference Call and Webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of I-80 Gold, Paul Chawrun, COO, and Ryan Snow, CFO.

您好，感謝您參加 I-80 Gold 2026 年第一季業績電話會議與網路直播。今日公司出席簡報者包括 I-80 Gold 總裁兼執行長 Richard Young、營運長（COO）Paul Chawrun，以及財務長（CFO）Ryan Snow。

Before we continue, please note that today's comments may contain forward-looking statements, which involve risks and uncertainties. Actual results could differ materially. I ask everyone to refer to slide 2 of the presentation, which is available on I80 Gold's website to view the cautionary notes regarding the forward-looking statements made on this call and the risk factors related to these statements. All amounts are in US dollars unless otherwise stated. Following today's form of presentation, we will open the call to your questions.

在我們繼續之前，請注意今日的評論可能包含前瞻性陳述，涉及風險與不確定性。實際結果可能存在重大差異。請各位參閱簡報第 2 頁（可於 I80 Gold 官網取得），以查看本次電話會議所作前瞻性陳述的警示說明，以及與該等陳述相關的風險因素。除非另有說明，所有金額均以美元計。依照今日的簡報流程，我們將在簡報結束後開放提問。

I'll now hand the call over to Richard.

我現在把電話交給 Richard。

Well, thank you, Vincent, and hello, and thank you for joining today's call, starting with slide 3. We're off to a strong start in 2026, advancing our growth strategy to create a Nevada-based mid-tier gold producer. We are pleased to now have. The recapitalization behind us as we completed the recap in the first quarter, a task that took about 12 months to complete.

好的，謝謝你，Vincent。各位好，也感謝各位參加今天的電話會議；我們從第 3 頁開始。2026 年我們有一個強勁的開局，持續推進成長策略，打造一家以內華達州為基地的中型黃金生產商。我們很高興現在已經。完成了資本重整；我們在第一季完成重整，這項工作大約花了 12 個月才完成。

Through a series of financing transactions, we've secured over $1 billion, providing funding certainty, paying off legacy debt, and de-risking our development plan. With the recapitalization complete. We believe we are now fully funded to advance phase one and phase two of our development plan, which currently include the refurbishment and commissioning of our centralized Lone Tree processing facility, development of three underground projects to feed Lone Tree as part of our hub and spoke strategy, as well as developing one of our two large open pit oxide projects.

透過一系列融資交易，我們已籌得超過 10 億美元，提供資金確定性、清償歷史債務，並降低我們開發計畫的風險。隨著資本重整完成。我們相信目前已具備充足資金，可推進第一階段與第二階段的開發計畫；目前內容包括整修並啟用我們集中式的 Lone Tree 處理廠、開發三個地下專案以作為我們「樞紐—輻射（hub and spoke）」策略的一部分來供料給 Lone Tree，以及開發我們兩個大型露天氧化礦專案中的其中一個。

This growth pipeline is rare for a development company of our size. Phases 1 and 2 are expected to generate sufficient free cash flow to fund Phase 3, which currently includes the development of Mineral Point, a large oxide open pit, which is actually the largest project within our portfolio.

對於我們這種規模的開發公司而言，這樣的成長管線相當罕見。預期第一與第二階段將產生足夠的自由現金流以支應第三階段；第三階段目前包括 Mineral Point 的開發，這是一個大型氧化礦露天礦，實際上也是我們投資組合中最大的專案。

During the quarter. We made excellent progress advancing all three phases of our development plan. Achieved record quarterly revenue and gross profit as we finally put the water issue behind us at Granite Creek, and Paul will speak about that shortly.

在本季期間。我們在推進開發計畫的三個階段方面都取得了極佳進展。在 Granite Creek 我們終於把水問題拋在腦後，創下單季營收與毛利新高；Paul 稍後會談到這點。

Advanced construction of our second underground mine on budget and on schedule. Received board approval for the lone tree plant refurbishment following completion of the recap. This all puts us on track to complete phase one of our development plan to increase gold production from about 50,000 ounces this year to between 150 and 200,000 ounces per year by 2028.

我們的第二座地下礦山建設持續推進，符合預算且按進度進行。在完成資本重整後，董事會已核准 Lone Tree 廠整修計畫。這些進展使我們有望如期完成第一階段開發計畫，將黃金產量由今年約 50,000 盎司提升至 2028 年每年 150,000 至 200,000 盎司。

We've also initiated the largest drill program in our company's history for resource and reserve development. In support of feasibility and pre-feasibility studies due next year. Our recapitalization repositions the company as the focus shifts now from a weak balance sheet to the value of our asset base and execution. I-80 is better positioned today than at any point in our company's history.

我們也啟動了公司史上最大規模的鑽探計畫，用於資源量與儲量開發。以支援預計於明年完成的可行性研究與預可行性研究。我們的資本重整使公司重新定位，焦點如今從疲弱的資產負債表轉向我們資產基礎的價值與執行力。I-80 目前的定位比公司歷史上任何時點都更佳。

I'll turn it now over to Paul. For a look at each project. Paul.

我現在把時間交給 Paul。請他帶各位看看各個專案。Paul。

Thanks, Richard, and hello, everybody. Let's begin with phase one projects, starting with Granite Creek Underground on slide 4. Overall, waste development is on plan with continually improved advancement rates and water issues now under control as long-term solutions are being implemented this quarter.

謝謝你，Richard，各位好。我們先從第一階段專案開始，請看第 4 頁的 Granite Creek 地下礦。整體而言，廢石掘進符合計畫，推進速度持續改善；水問題目前已受控，本季正在落實長期解決方案。

Total material mined increased year over year to approximately 31,400 tonnes. Including higher Sulfide tons mined at a gold grade of just over 6.2 grams per tonne, and slightly less oxide tons mined in a grade of about 8.9 grams per tonne, supporting stronger overall operating performance at Granite Creek.

採礦總物料量較去年同期增加至約 31,400 公噸。其中硫化礦採出量增加，金品位略高於每公噸 6.2 克；氧化礦採出量略減，品位約每公噸 8.9 克，支撐 Granite Creek 整體營運表現更強勁。

Gold production from granite more than tripled to nearly 8,900 ounces, driven by the transition to Sulfide processing from the Toll Mill Agreement established in March of 2025. And improved underground development rates.

Granite 的黃金產量增加逾三倍，接近 8,900 盎司，主要受惠於自 2025 年 3 月建立的代工磨礦（Toll Mill）協議後，轉為硫化礦處理。以及地下掘進速度的提升。

Due to the timing of third-party sales, approximately 8,800 ounces were sold, ending the quarter with a Sulfide stockpile of over 4,000 ounces of recoverable gold, which we expect to process in the second quarter. Development in the main decline and access ramps progressed according to plan during the first quarter, with recent rates in the past two months exceeding the plat.

由於第三方銷售時點的影響，本季約售出 8,800 盎司；季末硫化礦堆存中含有超過 4,000 盎司可回收黃金，我們預期將於第二季處理。第一季主斜坡道與進出巷道的掘進依計畫推進，且過去兩個月的近期速度已超過計畫。

The higher rates are expected to be maintained, resulting in the ability to continually improve access to the desired amount of active mining phases through Q2 and beyond, which is expected to result in continued improvement in the operations and production rates.

預期較高的推進速度可維持，使我們能在第二季及之後持續改善對目標數量之活躍採礦工作面的可達性，並預期將帶來營運與產量持續改善。

We feel confident that the water issue is largely behind us with mine water inflows being well managed and unchanged from the fourth quarter. Commissioning of the second water treatment plant remains on track for June, which is the long-term solution to eventually lower the water table below the underground workings. The team has done an excellent job managing water at Granite Creek since the first quarter of last year, and we don't expect this to be an impediment to our operations in the future.

我們有信心水問題大致已成過去；礦坑湧水目前管理良好，且與第四季相比沒有變化。第二座水處理廠的試運轉仍按計畫於 6 月進行，這是長期解決方案，最終可將地下水位降低至地下作業面以下。自去年第一季以來，團隊在 Granite Creek 的水管理表現非常出色，我們不預期這會在未來成為營運的阻礙。

Operations were impacted by the failure of a main transformer, which resulted in nearly one week of power loss to the underground in January and impacted development rates for about three weeks due to limited power underground.

營運曾受到主變壓器故障影響，導致 1 月地下作業幾乎停電一週，並因地下供電受限使掘進速度約三週受到影響。

The team responded quickly by installing temporary infrastructure with permanent replacement infrastructure installed by the end of the quarter with minimal overall impact on the operations. Granite Creek Underground is now in a position where we can begin to execute on opportunities to optimize the mine plan.

團隊迅速反應，先行架設臨時設施，並在季末前完成永久替換設施的安裝，對整體營運的影響降至最低。Granite Creek 地下礦目前已具備條件，開始把握機會優化礦山計畫。

Moving to slide 5 for a brief look at Granite Creek drilling. Infill and step-out drilling continued, completing just over 1900 meters of core drilling across the property during the quarter. Assay results released on January 20th demonstrated high-grade mineralization throughout the South Pacific zone, supporting expansion potential to the north and at depth, while follow-up drilling advanced beyond the current structural boundaries into a new, untested area to potentially expand the mineralized envelope.

接著請看第 5 頁，簡要說明 Granite Creek 的鑽探情況。本季持續進行加密鑽探與延伸鑽探（step-out），全礦區完成略超過 1,900 公尺的岩心鑽探。1 月 20 日公布的化驗結果顯示 South Pacific 礦帶全區存在高品位礦化，支持向北及向深部擴張的潛力；同時，後續鑽探已推進至目前構造邊界之外、進入新的未測試區域，以期擴大礦化包絡。

The underground drill program remained focused on additional infill drilling to support resource conversion and mine planning, while surface drilling targeted northerly step-out holes on the South Pacific zone and the range front fault to test potential for resource expansion.

地下鑽探計畫仍聚焦於額外的加密鑽探，以支援資源量轉換與礦山規劃；地表鑽探則鎖定 South Pacific 礦帶及山前斷層（range front fault）向北的延伸孔位，以測試資源擴張潛力。

The feasibility study is expected to be completed late this quarter with an updated mineral resource estimate incorporating drilling data from the past three years. We remain encouraged by both near and long-term opportunities at Granite Creek underground.

可行性研究預計於本季末完成，並將發布更新後的礦產資源量估算，納入過去三年的鑽探資料。我們對 Granite Creek 地下礦的近期與長期機會仍感到鼓舞。

Turning now to slide 6, construction at Archimedes continues to advance ahead of schedule, with production expected to commence in Q4 and ramp up through 2027. During the first quarter, development progressed to approximately 660 metres. Or 2,165 feet, which translates to over 20 feet per day, supported by favourable ground conditions ahead of the PEA rate.

現在轉到第 6 張投影片，Archimedes 的建設持續超前進度推進，預計將於第四季開始生產，並一路爬坡至 2027 年。第一季期間，開發推進至約 660 公尺。或 2,165 英尺，換算為每天超過 20 英尺，並受惠於優於 PEA 速率假設的有利地質條件。

The expiration drift needed for feasibility study was initiated, and costs remain in line with budget and PEA expectations. Second quarter priorities include continued advancement of the exploration drift and mobilization of the underground drilling fleet for deeper drilling of Lower Archimedes in preparation for the feasibility study.

可行性研究所需的延伸巷道（expiration drift）已啟動，成本仍符合預算與 PEA 預期。第二季的重點包括持續推進探勘巷道，並動員地下鑽探機隊，為可行性研究進行 Lower Archimedes 的更深部鑽探。

Completion of key infrastructure projects such as initial ventilation raises, power supply and preparation for gold production is ongoing in Q2 as well. These activities support our target to achieve first goal from Upper Archimedes by the end of this year. In support of permitting and the eventual mining of Lower Archimedes, we continue to advance groundwater and geochemical studies in the quarter.

第二季也持續進行關鍵基礎設施專案的完成工作，例如初期通風井（ventilation raises）、電力供應，以及黃金生產前置準備。這些活動支持我們在今年底前達成 Upper Archimedes 首批黃金產出目標。為支持許可申請以及未來 Lower Archimedes 的採礦，我們本季持續推進地下水與地球化學研究。

Turning to Slide 7. The planned program for drilling in Upper Archimedes was completed during the quarter on schedule. More than 7,500 meters across 35 holes of infill drilling was completed to better define the 426 zone to approximately 75 foot spacing.

轉到第 7 張投影片。Upper Archimedes 的計畫鑽探方案已於本季按期完成。已完成超過 7,500 公尺、共 35 孔的加密鑽探，以更清楚界定 426 礦帶，孔距約縮至 75 英尺。

Assay results released on April 8th returned strong high-grade intercepts, further increasing our confidence in the scale, continuity, and quality of mineralization within Upper Archimedes.

4 月 8 日公布的化驗結果顯示強勁的高品位見礦段，進一步提升我們對 Upper Archimedes 礦化規模、連續性與品質的信心。

Importantly, the mineralized envelope. Also appears to have expanded, supported by an improved understanding of the oxide-sulfide transition boundary and the potential to extend mineralization beyond the current PEA resource limits.

重要的是，礦化包絡體。也似乎有所擴大，這得益於我們對氧化—硫化物轉換邊界的理解提升，以及將礦化延伸至目前 PEA 資源界限之外的潛力。

This emerging oxide opportunity at Upper Archimedes has the potential to provide meaningful, low-cost, near-term ounces with the metallurgical test work and geological modelling of the oxide boundary currently underway. At the same time, an infill drilling program for additional resource delineation of lower Archimedes has begun, which will continue to ramp up with additional rigs throughout the quarter.

Upper Archimedes 這項新浮現的氧化礦機會，具備提供具意義、低成本、近期可實現盎司量的潛力；目前正進行氧化邊界的冶金測試工作與地質建模。同時，Lower Archimedes 的加密鑽探計畫已開始，以進一步圈定資源，並將在本季隨著新增鑽機而持續加速。

Together, these programs are expected to support an updated geological model and new mine plan for the Archimedes Underground Feasibility Study, which remains on track for completion in the first quarter of 2027. However, pending the potential expansion of the current drill program.

綜合而言，這些計畫預期將支持 Archimedes 地下可行性研究的更新地質模型與新礦山計畫；該研究仍按計畫於 2027 年第一季完成。然而，仍取決於目前鑽探計畫可能的擴大。

Looking at slide 8, the lone tree plant refurbishment is off to a good start following a positive construction decision in February. As we indicated previously, we were able to maintain the project schedule by providing Hatch with a limited notice last August to progress on critical path procurement and engineering.

看第 8 張投影片，Lone Tree 廠翻修在 2 月做出正向施工決策後已順利展開。如先前所述，我們在去年 8 月向 Hatch 發出有限通知（limited notice），推進關鍵路徑的採購與工程作業，因此得以維持專案時程。

The project is on plan for the first gold pour by the end of 2027, with costs tracking the December 2025 capital estimate of $430 million, including capital spares and 12% contingency. The owner's team is now fully staffed and continues to work closely with the Hatch project team.

專案按計畫將於 2027 年底前完成首次倒金（first gold pour），成本走勢符合 2025 年 12 月的 4.30 億美元資本估算，其中包含備品資本（capital spares）及 12% 預備金（contingency）。業主團隊現已完成編制，並持續與 Hatch 專案團隊密切合作。

Projecting porter priorities are focused on mobilizing the hatch construction team and pre-construction readiness, followed by demolition and on-site early works, while continuing with detailed engineering and procurement. Project commitments totalled approximately $31 million at the end of the quarter, with plans to reach 50% committed by mid-year and near 100% by the fall when construction is expected to commence.

專案近期優先事項聚焦於動員 Hatch 施工團隊與施工前整備，接著進行拆除與現場前期工程，同時持續細部工程設計與採購。截至本季末，專案承諾金額約 3,100 萬美元；計畫於年中達到 50% 承諾，並在秋季、預期開工時接近 100% 承諾。

The Lone Tree autoclave and CIL processing facility is central to our hub and spoke strategy and is expected to unlock transformational value once recommissioned.

Lone Tree 高壓釜（autoclave）與 CIL（碳浸出）處理設施是我們「樞紐—輻射（hub and spoke）」策略的核心，預期在重新投運後將釋放具變革性的價值。

Moving to slide 9 to discuss phase two projects, which are advancing through various stages of technical study. [Pove] is currently our third planned underground mine and in the final stage of a feasibility study, which is expected to be completed in the second quarter.

接著看第 9 張投影片，討論第二階段專案；這些專案正處於不同的技術研究階段。[Pove] 目前是我們規劃中的第三座地下礦，正處於可行性研究的最後階段，預計於第二季完成。

Additional work is ongoing to revise the mine plan, sequence optimization, and cut off grades with updated gold price assumptions, and evaluate opportunities to optimize capital costs and engineering design options related to the dewatering program.

目前仍在進行額外工作，以在更新的金價假設下修訂礦山計畫、優化採礦順序與截止品位（cut-off grades），並評估與排水（dewatering）計畫相關的資本成本與工程設計選項之優化機會。

NEPA activities and permit submittals have been underway with the Bureau of Land Management in anticipation of an environmental impact statement. At Granite Creek Open Pit, the technical work and trade-off analyses are being conducted, aimed at optimizing project economics and advance the project towards pre-feasibility.

NEPA 相關作業與許可文件提交已與土地管理局（Bureau of Land Management）同步推進，以因應環境影響聲明（EIS）的需求。在 Granite Creek 露天礦方面，正進行技術工作與取捨分析，目標是優化專案經濟性並推進至預可行性階段。

Early stage pre-permitting activities and the development of the scope for a technical site investigation is ongoing, with baseline field studies planned to begin in 2027 in support of the NEPA process and in preparation for an EIS.

目前正進行早期的預先許可（pre-permitting）作業，以及技術性現地調查範疇（scope）的制定；基線野外研究預計於 2027 年開始，以支持 NEPA 流程並為 EIS 做準備。

Moving to the Mineral Point project on slide 10, which currently sits in phase three of the development plan. If you recall, the current mineral resource estimate is 3.3 million ounces of indicated gold and 2.1 million ounces of inferred gold, and 104 million ounces indicated as silver and 91 million ounces of inferred silver. This represents our largest value asset.

接著看第 10 張投影片的 Mineral Point 專案，目前位於開發計畫的第三階段。如各位所記得，目前的礦產資源量估算為：指示類黃金 330 萬盎司、推定類黃金 210 萬盎司；以及指示類白銀 1.04 億盎司、推定類白銀 9,100 萬盎司。這是我們價值最大的資產。

A substantial drilling campaign was initiated during the first quarter, targeting approximately 131,000 metres to support resource conversion and a pre-feasibility study planned for completion in 2027. Four drill rigs are currently on site, with three additional rigs expected to start this month.

第一季已啟動大規模鑽探活動，目標約 131,000 公尺，以支持資源量轉換與預可行性研究，該研究計畫於 2027 年完成。目前現場有 4 部鑽機，預計本月將再新增 3 部鑽機。

The drilling program is designed to infill the currently classified inferred resources to indicate its status. To test opportunities to add resources through step-out drilling beneath the existing heap leach pad, and to support geotechnical and metallurgical studies for the pre-feasibility study.

該鑽探計畫旨在將目前分類為推定資源的部分進行加密鑽探，以提升至指示類別。同時透過在既有堆浸墊（heap leach pad）下方的延伸鑽探（step-out drilling）測試新增資源機會，並支援預可行性研究所需的岩土與冶金研究。

Under the Franco-Nevada royalty financing completed in the first quarter, $50 million has been allocated to advanced resource expansion, infill drilling, and technical work, and early-stage permitting activities at Mineral Point this year. Given the value proposition of Mineral Point, we continue to assess opportunities to optimize the sequencing of projects within Phase 2 and Phase 3 of the development plan.

在第一季完成的 Franco-Nevada 權利金融資架構下，今年已配置 5,000 萬美元用於 Mineral Point 的進階資源擴張、加密鑽探與技術工作，以及早期許可推進活動。鑑於 Mineral Point 的價值主張，我們持續評估在開發計畫第二階段與第三階段內，優化各專案推進順序的機會。

And with that, I will now turn the call over to Ryan for a financial review.

接下來，我將把電話會議交給 Ryan 進行財務回顧。

Thank you, Paul. Turning to slide 11, I'm pleased to report that our balance sheet is the strongest it has ever been. This is supported by the successful completion of our recapitalization, stronger operations. And higher realized gold prices.

謝謝你，Paul。轉到第 11 張投影片，我很高興報告，我們的資產負債表已達到歷來最強水準。這得益於我們成功完成資本重整、更強勁的營運表現。以及更高的已實現金價。

In March, we completed several financing transactions in support of the recapitalization plan for total proceeds funded and committed of over $1 billion since May of 2025. This included a net smelter return royalty for $250 million with Franco-Nevada, of which $225 million was received on closing, with the remaining $25 million expected later this year.

3 月，我們完成了多項融資交易以支持資本重整計畫；自 2025 年 5 月以來，已到位與承諾的總募資金額超過 10 億美元。其中包括與 Franco-Nevada 達成 2.50 億美元的冶煉淨回報權利金（NSR）交易；交割時已收取 2.25 億美元，其餘 2,500 萬美元預計於今年稍晚收取。

A gold prepayment facility with National Bank and Macquarie Bank for up to $250 million, of which $150 million was funded on closing and includes a $100 million accordion option we anticipate drawing in the first half of 2027.

與加拿大國家銀行（National Bank）及麥格理銀行（Macquarie Bank）簽訂最高達2.5億美元的黃金預付款融資安排，其中1.5億美元已於交割時撥付，並包含一項1億美元的增額（accordion）選擇權，我們預期將於2027年上半年動用。

Finally, an offering of 3.75% unsecured convertible senior notes due 2031, which was well oversubscribed and closed for an upsized aggregate amount of $287.5 million. Proceeds from the Franco-Nevada royalty were used to redeem our legacy debt obligations, such as convertible debentures, the Orion Gold Prepay and the Orion Convertible in the amount of approximately $167 million.

最後，發行2031年到期、票面利率3.75%的無擔保可轉換優先票據，認購反應非常熱烈且大幅超額認購，並以擴大後的總額2.875億美元完成交割。Franco-Nevada權利金交易的所得款項用於贖回我們的既有債務義務，例如可轉換公司債、Orion黃金預付款以及Orion可轉換工具，金額約為1.67億美元。

We ended the quarter with a significantly higher cash balance of approximately $514 million as a result of the recapitalization when compared to the prior-year period. This was partially offset by higher capital expenditures compared to the prior year period related to the start of the Lone Tree Plant refurbishment, as well as the settlement of the legacy debt.

由於資本重整，相較於去年同期，我們在本季末的現金餘額顯著提高，約為5.14億美元。不過，這部分被較去年同期更高的資本支出所部分抵銷，資本支出主要與Lone Tree選礦廠翻修工程啟動，以及既有債務的清償有關。

Further, we continue receiving some of the anticipated cash proceeds from the November 2027 warrants, with 13.6 million warrants exercised during the quarter. At quarter end, a total of 159 million warrants were outstanding of the original 185.5 million.

此外，我們持續收到部分預期來自2027年11月認股權證的現金收入，本季共有1,360萬份認股權證被行使。截至季末，原先1.855億份認股權證中，仍有1.59億份尚未行使。

Moving to Slide 12, company-wide gold production and gold sales for the quarter increased to approximately 10,800 and 10,600 ounces, respectively, compared to 5,200 and 5,000 ounces in the prior-year period.

接著看第12頁，本季全公司黃金產量與黃金銷量分別增加至約10,800盎司與10,600盎司，相較去年同期分別為5,200盎司與5,000盎司。

The sulfide stockpile currently sits at over 4,000 recovered ounces of mineralized material and inventory, which we expect to process in the second quarter. A reminder that when reconciling tons mined, gold produced, and gold sold, there are two factors to keep in mind.

目前硫化物堆存料包含已回收的礦化物料與庫存，合計超過4,000盎司，我們預期將於第二季進行處理。提醒一下，在對照開採噸數、黃金產量與黃金銷量時，有兩個因素需要留意。

First, there's often a timing lag between mining and production and sales recognition when using a third-party processor, and our agreement allows for up to 120 days for delivered material to be processed. Second, the high-grade oxide material is subject to a 57% payability factor, which impacts gold sold relative to contained ounces produced. We effectively forgo 43% of the contained ounces per ounce sold.

第一，使用第三方加工商時，採礦與生產及銷售認列之間通常會有時間落差，而我們的合約允許交付物料最長可在120天內完成加工。第二，高品位氧化礦物料適用57%的可支付比例（payability factor），這會影響黃金銷量相對於所產生的含金盎司數。也就是說，每售出1盎司，我們實際上放棄了該含金量中的43%。

Total revenue increased to just over $52 million for the first quarter, compared to $14 million in the prior-year period due to more than double the gold ounces sold. And this is mainly due to the fact that the toll processing agreement was finalized in March of 2025 and an increase in the realized gold price to nearly $5,000 per ounce. Higher revenues drove gross profit to $16.1 million, more than four times higher than the prior year period, which is a new record for the company.

第一季總營收增加至略高於5,200萬美元，去年同期為1,400萬美元，主要因為售出的黃金盎司數超過去年同期的兩倍。這主要是因為代工處理（toll processing）協議於2025年3月定案，以及實現金價上升至接近每盎司5,000美元。較高的營收帶動毛利達1,610萬美元，較去年同期增加逾四倍，創下公司新紀錄。

Net loss increased to $76 million or $0.09 per share compared to a net loss of $41 million or $0.10 per share in the prior year period, mainly due to higher non-cash accounting impacts tied to stronger metals prices, resulting in fair value revaluations on derivative instruments, financing costs related to the recapitalization, and increased expenses as we advanced the development plan.

淨損增加至7,600萬美元或每股0.09美元，去年同期淨損為4,100萬美元或每股0.10美元；主要原因是金屬價格走強帶來較高的非現金會計影響，導致衍生工具公允價值重估、與資本重整相關的融資成本，以及我們推進開發計畫所帶來的費用增加。

This was all partially offset by higher gross profit. Our adjusted loss increased to just below $29 million compared to $24 million in the prior year, which is in line with our expectations due to higher planned pre-development, evaluation and exploration activities as we continue to advance multiple projects under the development plan.

上述影響部分被較高的毛利所抵銷。我們的調整後虧損增加至略低於2,900萬美元，去年同期為2,400萬美元；這符合我們的預期，因為在持續推進開發計畫、同時推動多個專案之下，已規劃的前期開發、評估與勘探活動增加。

As a reminder, under US GAAP, which we transitioned to in 2024. Pre-development, evaluation, and exploration costs are expensed until we declare mineral reserves. Cash used in operating activities increased to $45 million from $23 million in the prior year period, mainly due to interest payments related to the settlement of legacy debt.

提醒一下，依據我們於2024年轉換採用的美國通用會計準則（US GAAP）。在我們宣告礦產儲量之前，前期開發、評估與勘探成本都會費用化。營運活動使用現金由去年同期的2,300萬美元增加至4,500萬美元，主要因為清償既有債務相關的利息支付。

Looking ahead, we continue to see results from across the business trend in line with our expectations for the year, and we remain on track to achieve our 2026 guidance.

展望未來，我們持續看到各項業務結果的趨勢符合我們對今年的預期，並且仍按計畫達成我們的2026年指引。

With that, I will now turn the call back to Richard to highlight some upcoming catalysts.

接下來，我把電話交回給Richard，請他說明一些即將到來的催化因素。

Well, thank you, Ryan. Now turning to Slide 13. We're entering a new phase in our company's evolution. The completion of the recapitalization shifts the focus to the quality of our Nevada asset base. The scale of the portfolio and our ability to create a mid-tier gold producer over the next five or six years, and the milestones within our development plan, which we expect to deliver on this year and next.

好的，謝謝你，Ryan。現在請看第13頁。我們正進入公司演進的新階段。資本重整的完成，將焦點轉向我們內華達資產基礎的品質。投資組合的規模、我們在未來五到六年打造一家中型黃金生產商的能力，以及我們開發計畫中的各項里程碑——我們預期今年與明年都能如期交付。

These include feasibility studies for all three of our underground projects, pre-feasibility studies for our two large open pit oxide projects. Bringing our second underground mine, Archimedes, online, and completing the refurbishment of the Lone Tree process plant.

這些包括我們三個地下專案的可行性研究、兩個大型露天氧化礦專案的預可行性研究。讓我們的第二座地下礦場Archimedes投產，以及完成Lone Tree選礦廠的翻修。

We continue to trade at a significant discount to the value of our asset base and our prospects. As we execute on our development plan, we believe there's a clearer opportunity to close that gap and create meaningful shareholder value.

我們目前的交易價格相較於資產基礎價值與成長前景仍有顯著折價。隨著我們執行開發計畫，我們相信將有更清晰的機會縮小這個差距，並創造具意義的股東價值。

We'll now turn this call back to the operator, Vincent, for questions.

接下來我們把電話交回給接線員Vincent，進行提問。

(Operator Instructions) We have no questions during this time. I'll turn the call back over to Richard.

(接線員指示) 目前沒有提問。我把電話交回給Richard。

Well, Vincent, thank you very much. And well, our first quarter was important to us, and we're thrilled that the progress we're making. There was other news in our sector earlier today, and I think we all here at I-80 wish both companies well on that merger.

好的，Vincent，非常感謝你。我們第一季對我們而言很重要，我們也很高興看到目前取得的進展。今天稍早我們產業內也有其他消息，我想I-80的所有同仁都祝福那兩家公司在這項合併案上一切順利。

And we are here to answer any questions that people have as the dust settles. But, I think I want to reiterate that, we put out a development plan 18 months ago, and we're executing on that plan. We believe there's a lot of value with our asset base. The goal ultimately is to find more gold than we disclosed in the PAs and in our resource statement, and that work is well underway with the biggest drill program we've ever had.

隨著塵埃落定，我們也在此回答大家的任何問題。不過我想再次強調，我們在18個月前提出了一份開發計畫，而我們正在執行該計畫。我們相信我們的資產基礎蘊含很大的價值。最終目標是找到比我們在初步評估（PA）與資源量聲明中所揭露更多的黃金；這項工作已在進行中，並且是我們歷來規模最大的鑽探計畫。

So we look forward to continuing to execute and tell our story. Everyone, have a wonderful day today.

因此，我們期待持續執行並講述我們的故事。各位，祝大家今天愉快。

Ladies and gentlemen, this concludes today's conference call.

各位女士、先生，今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝各位參與。您現在可以掛線。