i-80 Gold Corp delivered $8.2 million in revenue during its 3Q following a transformative quarter that saw the miner acquire the Ruby Hill Mine and swap its South Arturo operation for the Lone Tree Complex.
In September 2021, the mining company inked a series of agreements to acquire certain processing infrastructure, including an autoclave, and the Lone Tree and Buffalo Mountain gold deposits from Nevada Gold Mines LLC through an asset exchange in consideration for the company's 40% ownership in the South Arturo property.
Separately, i-80 Gold struck a definitive membership interest purchase agreement to acquire the Ruby Hill Mine, which includes multiple deposits that collectively have the potential to represent one of Nevada's largest gold, silver, and base metal endowments, from affiliates of Waterton Global Resource Management.
READ: i-80 Gold to acquire Lone Tree, processing facilities, Buffalo Mountain and Ruby Hill to create Nevada mining complex
"With the announcement of the Lone Tree and Ruby Hill transactions, we have leveraged our non-operating interest in South Arturo to provide the company with a foundation to become a mid-tier, stand alone, producer in the state of Nevada,” i-80 CEO Ewan Downie said in a statement.
"The recently acquired properties will provide near-term production to replace South Arturo.”
During 3Q, i-80 Gold produced 3,254 ounces from South Arturo and sold 4,575 gold ounces.
Revenue was down slightly from the $9.3 million figure it posted in the same year-ago quarter, as was the number of gold ounces produced and sold.
Net loss came in at $9.3 million for the quarter ended September 30, 2021.
The company closed the quarter with cash and equivalents of $51.6 million.
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