08:33 AM EDT, 04/01/2025 (MT Newswires) -- i-80 Gold ( IAUX ) was up 9% in pre-market Nasdaq trading after the company overnight Monday said its fourth-quarter loss narrowed despite weaker revenue and that it plans five new mining projects to boost gold production to as much as 500,000 ounces annually by the end of the decade.

The Nevada miner said it lost US$17.73 million, or US$0.04 per share, in the quarter, compared with a year-prior loss of US$36.05 million, or US$0.12.

Revenue fell 10% to US$23.23 million from US$25.84 million, as gold sales in the quarter fell 37% to 9,053 ounces while its average gold price rose 29% to US$2,560 per ounce.

i-80 said it put a development plan in place to complete five new gold projects by the end of the decade, with a goal of producing 400,000 to 500,000 ounces annually when the new sites are complete. Its gold sales totaled 21,527 in 2024.

"2024 ended with a pivotal shift as we established a new development plan and commenced the work to release updated Preliminary Economic Assessments ("PEA") for each of our five gold projects, which we released as planned in the first quarter of this year. These PEAs represent solid base case scenarios, and we believe the economics will continue to improve as we advance each project toward feasibility," Chief Executive Richard Young said in a release.

The company said it expects to produce between 30,000 and 40,000 ounces of gold in 2025 from its Granite Creek underground mine and two heap-leach operations. Capital spending on growth project is seen at around US$45 million.

It also said it is in talks to recapitalize ahead of its growth projects. i-80 is in "active discussions with several parties regarding a number of financing options including a senior lending facility, royalty sales, non-core asset sales (such as its FAD property), a working capital facility, as well as terming out the 2025 quarterly gold prepays".

The company also agreed to a gold and silver prepay agreement that sees National Bank buying 6,800 ounces of gold and 345,000 ounces of silver for delivery by the end of September, 2025. Funds will be used to satisfy gold and silver deliveries owed to a unit of Orion Mine Finance.

The company's shares were last see up US$0.054 to US$0.64 premarket, They closed down $0.03 to $0.85 Monday on the Toronto Stock Exchange.