i-80 Gold (NYSEAM:IAUX) 2025 Conference September 10, 2025 03:15 PM ET Company ParticipantsRyan Snow - CFORyan SnowHey Jill, thanks everyone for being here this afternoon. I'm excited to be here and share with you the growth story that is i-80 Gold. I'll give a broad overview of the company, and then we'll jump into some exploration and drilling details across our projects. Just a cautionary disclaimer: there will be forward-looking statements. I'd encourage you to visit our website for more information. Al ...

Core Insights - i-80 Gold Corp. has announced promising initial assay results from its Granite Creek Underground Project and updates on infill drilling at the Cove Underground Project, indicating high-grade resources and significant growth potential across its Nevada portfolio [1][2][3]. Granite Creek Underground - The infill drilling program at Granite Creek Underground has shown robust high-grade mineralization in the South Pacific Zone, suggesting potential for expansion both to the north and at depth [2][3]. - A total of 20 out of 40 planned drill holes have been completed, with the first six holes returning high-grade gold assays, including 33.6 g/t over 2.9 meters and 29.7 g/t over 3.6 meters [4][5]. - The feasibility study for Granite Creek Underground is expected to be completed in the first quarter of 2026, incorporating updated mineral resource estimates based on recent drilling results [5][6]. Cove Underground - Approximately 45,000 meters of infill drilling have been completed at Cove over the past two years, enhancing the geological model and understanding of gold mineralization [7][8]. - The upcoming feasibility study for Cove, planned for the first quarter of 2026, aims to convert inferred and indicated resources into higher confidence categories [8][9]. - The Cove project is characterized by a Carlin-style mineralized system, with 15% of the known mineralization being oxidized, which will be processed at the Lone Tree facility [7][8]. Overall Company Strategy - i-80 Gold Corp. is focused on building a mid-tier gold producer through a strategic development plan that leverages its high-quality asset portfolio in Nevada [14]. - The company aims to maximize efficiency and growth through a hub-and-spoke regional mining and processing strategy, following the refurbishment of its central processing facility [14].

Core Viewpoint - The receipt of environmental permits for the Archimedes underground mining project marks a significant milestone for i-80 Gold, enabling the company to advance its growth strategy in Nevada, with expectations to increase annual gold output significantly by 2028 [2][4]. Permitting - The current permitting phase allows mining activities above the 5100-foot elevation, consistent with previously approved permits, and is expected to facilitate development and production into the first half of 2028. Permitting activities below this elevation are underway, with completion anticipated in the first half of 2027 [4]. Development Work - Construction of surface infrastructure to support the Archimedes underground portal is complete, with utilities in place. Small Mine Development, L.L.C. has been contracted for further development, expected to be completed by mid-2027 [5]. Economic Assessment - The Preliminary Economic Assessment (PEA) estimates Archimedes will have an after-tax net present value of $644 million at a 5% discount rate, with an internal rate of return of 81% at a gold price of $3,000 per ounce. The initial mine life is projected at approximately 10 years, with an average annual gold output of around 100,000 ounces at an all-in sustaining cost of $1,877 per ounce [6][20]. Production Timeline - Material mined at Archimedes is expected to be processed at a third-party facility starting in Q4 2026, transitioning to the Lone Tree facility in early 2028. Initial operations will also include on-site heap leaching [7]. Resource Estimates - Archimedes hosts 436,000 ounces of gold in the Indicated category and 988,000 ounces in the Inferred category. Planned infill drilling aims to upgrade and expand these resources, potentially extending the mine life [8]. Feasibility Study - The feasibility study for Archimedes has been accelerated by approximately 12 months, with an increased drilling cost estimated between $10 million to $25 million due to longer drill holes from higher elevations. Infill drilling is scheduled to begin in Q4 2025 [9][10]. Next Steps - Future efforts will focus on resource drilling, permitting for mining below the 5100-foot elevation, and metallurgical testing to confirm recoveries under anticipated processing conditions [11].

Core Viewpoint - The second quarter of 2025 was a pivotal period for i-80 Gold, marked by a significant equity raise that strengthened the company's balance sheet and improved liquidity, enabling advancement in its development plans [5]. Financial Developments - The equity raise completed in May is a major step in the company's recapitalization plan [5]. - The financing will support advanced technical studies, including feasibility studies and a Class III engineering study for the Lone Tree autoclave processing facility [6]. - The funds will also facilitate underground development at the company's committees, initiate infill drill programs, and continue permitting work [6].

Financial Data and Key Metrics Changes - Gold sales totaled approximately 8,400 ounces for the quarter, an increase over the prior year period, with total revenue from gold sales rising to approximately CAD28 million, driven by higher ounces sold and a higher average realized gold price of CAD3,301 per ounce [21][22] - The company concluded the quarter with a net loss position of CAD0.05 per share, primarily due to the ramp-up and development stage of operations [21] - Cash position was approximately CAD134 million at the end of the second quarter, a significant increase from the previous quarter due to net proceeds from equity offerings [22] Business Line Data and Key Metrics Changes - At Granite Creek Underground, mining volumes during the second quarter were ahead of the prior year period, with approximately 24,000 tonnes of oxide material mined at a gold grade of 11.4 grams per tonne [12] - Company-wide, the expectation is to extract between 30,000 to 40,000 ounces of gold in 2025, including 20,000 to 30,000 ounces from Granite Creek and approximately 10,000 ounces from heap leach pads [14] Market Data and Key Metrics Changes - The company has a significant resource base with 6.5 million ounces of measured and indicated gold resources and 7.5 million ounces of inferred resources, along with approximately 100 million ounces of silver [10] Company Strategy and Development Direction - The company aims to establish itself as a Nevada-focused mid-tier gold producer, with a clear three-phase build-up in average annual target production to over 600,000 ounces of gold by the early 2030s [7][8] - The first phase focuses on high-grade underground projects, with expected production increasing from less than 50,000 ounces per year to a target of 150,000 to 200,000 ounces by 2028 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving steady-state production at the first mine and advancing infill drill programs to support upcoming feasibility studies, indicating a transformative period for the company in the next twelve to eighteen months [24] - The management highlighted the importance of the Lone Tree processing facility refurbishment, which is expected to significantly increase recovery rates and payability on refractory material [19] Other Important Information - The company raised gross proceeds of CAD186 million through a bought deal offering and private placement to strengthen its balance sheet and fund development plans [22] - The company is pursuing the sale of non-core assets and potential royalty sales to enhance liquidity [23] Q&A Session Summary Question: Expectations for tons and grades at Granite Creek - Management indicated that ore tonnes have not been affected by water issues and are on track for development [28][30] Question: Timeline for dewatering and waste development - Management stated that meaningful progress is expected once dewatering wells and water treatment facilities are in place, anticipated by the end of the year [30] Question: Autoclave refurbishment CapEx - The expected CapEx for the refurbishment is in the range of CAD350 million to CAD400 million, with final numbers to be confirmed soon [54] Question: Revenue expectations for Q3 and Q4 - Management expects total production for the year to be between 30,000 to 40,000 ounces, with a potential step change in production in the latter half of the year [46][47] Question: Recapitalization and liquidity - The recapitalization plan aims to address existing liabilities and fund the autoclave refurbishment, with potential liquidity from asset sales [48][49] Question: Updates on drilling results at Granite Creek - Early results from the South Pacific zone are consistent with expectations, with preliminary results anticipated in early September [59]

Production and Development - i-80 Gold aims to become a multi-asset mid-tier gold producer, targeting average annual gold production of 300,000 - 400,000 ounces in Phase 1, 150,000 - 200,000 ounces in Phase 2, and over 600,000 ounces in Phase 3[20] - Granite Creek underground ramp-up is continuing in H2 2025, with a focus on reclassifying inferred mineral resources through a 2025 drill program involving >40 holes and ~46,000 feet of drilling[25,30] - Archimedes underground surface infrastructure is complete, with underground exploration drift development planned to commence in Q3, involving >175 holes and 197,000 feet of drilling[31,33] - Cove underground expects an updated mineral resource estimate in Q3, following a completed 144,000-foot infill drill campaign in Q1 2025[34,36] - The Lone Tree processing facility is undergoing a Class 3 engineering study for autoclave refurbishment in Q4 2025, aiming to increase payability on refractory material from 55%-60% to ~92% recovery[37,41] - Mineral Point open pit has commenced infill drilling of ~5,800 feet to initiate permitting and next-stage technical studies[42,44] Financial Performance and Recapitalization - Q2 2025 revenue was $27.836 million, compared to $7.184 million in Q2 2024, driven by higher ounces sold and a higher average realized gold price of $3,301 per ounce[45,46] - The company reported a net loss of $30.215 million in Q2 2025, and a cash balance of ~$134 million due to proceeds from equity financing[45,46] - Approximately $200 million was raised through bought-deal and private placements in 2025, with ~$92 million expected to be allocated to fund construction, drilling, permitting, and technical studies across five gold projects[47] - The company is targeting $350 million - $400 million in debt financing to repay upcoming convertible debt and eliminate gold and silver prepayment obligations[48]

[Company Overview & Q2 2025 Highlights](index=1&type=section&id=Company%20Overview%20%26%20Q2%202025%20Highlights) i-80 Gold's Q2 2025 marked a strategic turning point with significant financing, advancing key gold projects, and improving financial performance [CEO's Strategic Outlook](index=1&type=section&id=CEO's%20Strategic%20Outlook) CEO Richard Young emphasized Q2 2025 as a turning point, driven by financing to advance gold projects and target over 600,000 ounces annually by the early 2030s - Q2 2025 marked a major turning point, driven by equity financing to advance key development initiatives and the Lone Tree autoclave refurbishment study for a hub-and-spoke strategy[3](index=3&type=chunk) - Anticipated catalysts over 12-18 months include initiating underground development at Archimedes, completing infill drill programs and feasibility studies for four gold projects, and completing the Lone Tree autoclave feasibility study[3](index=3&type=chunk) - The company aims to secure the next phase of its recapitalization plan to achieve an average annual target of over **600,000 ounces of gold** by the early 2030s[3](index=3&type=chunk) [Operating and Financial Highlights (Q2 2025)](index=1&type=section&id=Operating%20and%20Financial%20Highlights%20(Q2%202025)) Q2 2025 saw revenue increase to **$27.8 million** and gold sales to **8,400 ounces**, with improved loss per share and a **$133.7 million** cash balance Key Operating and Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :-------- | :-------- | :----------- | | Revenue (millions of dollars) | $27.8 | $7.2 | +286.1% | | Gold Sales (ounces) | 8,400 | 3,445 | +143.8% | | Average Realized Gold Price (dollars per ounce) | $3,301 | $2,337 | +41.2% | | Loss per Share (dollars) | ($0.05) | ($0.11) | Improved | | Cash Used in Operating Activities (millions of dollars) | ($11.3) | ($24.6) | Decreased | - Executed financing initiatives, including a public offering and private placement, generated net proceeds of **$175.2 million**[4](index=4&type=chunk)[9](index=9&type=chunk) - Cash balance increased by **$120.2 million** to **$133.7 million** as of June 30, 2025, primarily due to financing proceeds[4](index=4&type=chunk) [Operational and Financial Overview](index=2&type=section&id=Operational%20and%20Financial%20Overview) This section details i-80 Gold's Q2 2025 consolidated financial results, recapitalization efforts, and outlines key upcoming development catalysts [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) For Q2 2025, i-80 Gold reported **$27.8 million** in revenue, a **$0.8 million** gross profit, and a **$30.2 million** net loss Consolidated Statement of Operations Summary | Metric (thousands of dollars) | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Revenue | 27,836 | 7,184 | 41,884 | 15,597 | | Cost of sales | (26,491) | (19,422) | (37,257) | (27,753) | | Depletion, depreciation and amortization | (547) | (74) | (923) | (451) | | Gross profit (loss) | 798 | (12,312) | 3,704 | (12,607) | | Loss from operations | (18,751) | (31,262) | (34,527) | (47,378) | | Net loss | (30,215) | (41,005) | (71,420) | (60,705) | - Gross profit significantly improved to **$0.8 million** in Q2 2025 from a loss of **$12.3 million** in Q2 2024, contributing to a reduced net loss[12](index=12&type=chunk) [Recapitalization Update](index=2&type=section&id=Recapitalization%20Update) The company raised **$175.2 million** net in May 2025, allocating funds for project development and actively seeking additional financing to complete its recapitalization plan May 2025 Financing Details | Financing Activity | Gross Proceeds (millions of dollars) | Net Proceeds (millions of dollars) | | :----------------- | :------------- | :----------- | | Bought Deal Public Offering | $172.9 | $162.7 | | Private Placement | $12.6 | $12.5 | | **Total May 2025 Financing** | **$185.5** | **$175.2** | - Warrants issued could provide up to an additional **$130 million** if fully exercised by November 16, 2027[9](index=9&type=chunk) - Proceeds allocation includes **$42.0 million** for prepay instruments and an expected **$92 million** for construction, drilling, permitting, and technical studies across five gold projects, including the Lone Tree autoclave processing facility[9](index=9&type=chunk) - The company is pursuing additional financing options, including debt facilities, a royalty sale, and the sale of its non-core FAD property, aiming to complete the recapitalization plan by mid-2026[10](index=10&type=chunk) [Upcoming Catalysts](index=2&type=section&id=Upcoming%20Catalysts) i-80 Gold outlined a three-phase development plan with catalysts including Archimedes underground development, infill drilling, and multiple feasibility studies by Q1 2027 - Archimedes Underground: Commence underground development (Q3 2025), initiate infill drilling (Q4 2025 - upper zone; Q1 2026 - lower zone)[11](index=11&type=chunk) - Feasibility Studies: Lone Tree autoclave refurbishment (Q4 2025), Granite Creek Underground (Q1 2026), Cove Underground (Q1 2026), Granite Creek Open Pit (Mid-2026), Archimedes Underground (Q1 2027)[14](index=14&type=chunk) - Recapitalization Plan: Advance debt financing options, sale of non-core asset (FAD property), royalty sale[14](index=14&type=chunk) [Project Development Updates](index=3&type=section&id=Project%20Development%20Updates) This section provides updates on the Granite Creek, Ruby Hill, Cove, and Lone Tree projects, detailing operational progress and future development plans [Granite Creek Property](index=3&type=section&id=Granite%20Creek%20Property) The Granite Creek property saw increased mining activity in Q2 2025, with ongoing infrastructure improvements and infill drilling to support a Q1 2026 feasibility study Granite Creek Operating Metrics | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :------------------------------------ | :------ | :------ | :----------- | | Total oxide and sulfide mineralized material mined (tonnes) | 35,275 | 19,510 | +80.8% | | Gold ounces sold (ounces) | 5,981 | 1,809 | +230.6% | | Mining cost (total mineralized material and waste) (dollars per tonne) | 175 | 113 | +54.9% | | Processing cost (processed mineralized material) (dollars per tonne) | 133 | 88 | +51.1% | | Capital expenditure (thousands of dollars) | 1,114 | 278 | +300.7% | - Mining activities exceeded prior-year levels due to additional available faces and changes in sequencing[16](index=16&type=chunk) - Encountered elevated levels of lower-grade oxide mineralized material, suitable for heap leach at Lone Tree, with **1,554 ounces** sold from this material during the quarter[17](index=17&type=chunk) - Approximately **28,000 tonnes** of sulfide mineralized material are awaiting processing under a new toll milling agreement, expected within 120 days of delivery[18](index=18&type=chunk) - Infill drilling of the South Pacific Zone began in June 2025 with two rigs, with three more expected in Q3, aiming to support mineral resource definition and a feasibility study targeted for Q1 2026[20](index=20&type=chunk) [Granite Creek Underground](index=3&type=section&id=Granite%20Creek%20Underground) Mining activities at Granite Creek Underground significantly increased in Q2 2025, with infrastructure improvements and infill drilling supporting a Q1 2026 feasibility study - Mining activities in Q2 2025 exceeded prior-year levels due to additional faces available from stope development and sequencing changes[16](index=16&type=chunk) - Infrastructure improvements, including dewatering wells, an expanded water treatment facility, and a piping system, are underway to positively impact development rates[16](index=16&type=chunk) - Infill drilling for the South Pacific Zone commenced in June 2025, with a feasibility study targeted for completion in Q1 2026[20](index=20&type=chunk) [Granite Creek Open Pit](index=5&type=section&id=Granite%20Creek%20Open%20Pit) Technical work is advancing the Granite Creek Open Pit towards a pre-feasibility or feasibility study, with initial permitting underway for potential gold output by decade-end - Technical work is underway to advance the project towards a pre-feasibility or feasibility-level study, with simultaneous trade-off analyses for economic optimization[21](index=21&type=chunk) - Permitting is in initial stages and progressing as expected, with potential for company-wide gold output contribution by the end of the decade[21](index=21&type=chunk) [Ruby Hill Property](index=5&type=section&id=Ruby%20Hill%20Property) The Ruby Hill property is advancing with Archimedes underground development starting in Q3 2025 and a drill program at Mineral Point to support future studies - Ruby Hill property hosts Archimedes underground (second underground mine) and Mineral Point open pit (potential largest gold producing asset)[22](index=22&type=chunk) - **665 ounces** of gold were sold from Ruby Hill's historic leach pads during Q2 2025[25](index=25&type=chunk) [Archimedes Underground](index=5&type=section&id=Archimedes%20Underground) Surface infrastructure for Archimedes Underground is complete, with initial underground development expected in Q3 2025 and infill drilling commencing in Q4 2025 - Surface infrastructure is complete, and initial underground exploration drift development is expected to commence in Q3 2025[23](index=23&type=chunk) - Permitting for mining above the 5100-foot level is nearing completion, with approval expected shortly, and permitting for lower sections to follow[24](index=24&type=chunk) - Infill drilling will begin in Q4 2025 for the upper zone and Q1 2026 for the lower zone[25](index=25&type=chunk) - First gold is anticipated approximately 14 months from the commencement of portal construction[25](index=25&type=chunk) [Mineral Point Open Pit](index=5&type=section&id=Mineral%20Point%20Open%20Pit) A Q2 2025 drill program at Mineral Point supported geotechnical and metallurgical studies, with strategic evaluations ongoing for future pre-feasibility or feasibility studies - A drill program completed approximately **5,800 feet** of surface core drilling in Q2 2025 to support geotechnical, metallurgical, and hydrogeology studies for permitting and technical reports[26](index=26&type=chunk) - Strategic evaluations are underway to determine the optimal timing for a pre-feasibility or feasibility-level study, following the Q1 2025 PEA[26](index=26&type=chunk) [Cove Project](index=6&type=section&id=Cove%20Project) NEPA permitting is underway for the Cove Project, with an infill drill program supporting a Q1 2026 feasibility study and an updated mineral resource estimate in Q3 2025 - NEPA permitting activities are underway with the BLM, anticipating an EIS, to align regulatory approvals with development timelines[27](index=27&type=chunk) - An infill drill program completed in Q1 2025 (totaling approximately **145,000 feet**) will inform a feasibility study targeted for Q1 2026 and an updated mineral resource estimate in Q3 2025[28](index=28&type=chunk) - Cove is expected to be the company's third underground mine and begin contributing to company-wide production in mid-2029[27](index=27&type=chunk) [Lone Tree Processing Facility](index=6&type=section&id=Lone%20Tree%20Processing%20Facility) The Lone Tree facility, a strategic asset, is undergoing an autoclave refurbishment study with an updated feasibility study targeted for Q4 2025, central to the hub-and-spoke strategy - Lone Tree is a strategic asset with one of Nevada's three autoclaves, central to the hub-and-spoke processing strategy for high-grade refractory material[29](index=29&type=chunk)[30](index=30&type=chunk) - A Class 3 engineering study for autoclave refurbishment is underway with Hatch Ltd., building on a 2023 internal study, with an updated feasibility study targeted for Q4 2025[30](index=30&type=chunk)[31](index=31&type=chunk) - Permitting modifications are required for air quality, mercury operating programs, Water Pollution Control, and Reclamation Permit[32](index=32&type=chunk) - The leaching of historic leach pads at Lone Tree continues to produce profitable gold, with **1,754 ounces** sold during Q2 2025[33](index=33&type=chunk) - Capital expenditures of approximately **$0.6 million** in Q2 2025 were related to technical work on the autoclave refurbishment[34](index=34&type=chunk) [Supplemental Information](index=7&type=section&id=Supplemental%20Information) This section provides additional context, including financial statement references, qualified persons, company overview, forward-looking statements, and non-GAAP measures [Financial Statements & Conference Call](index=7&type=section&id=Financial%20Statements%20%26%20Conference%20Call) Readers are directed to the Form 10-Q for detailed financial statements, and a conference call was held on August 13, 2025, to discuss Q2 results - Readers are directed to the Company's Quarterly Report on Form 10-Q for detailed financial statements and MD&A[35](index=35&type=chunk) - A conference call and audio webcast were held on August 13, 2025, to discuss the second quarter results[36](index=36&type=chunk) [Qualified Persons & Endnotes](index=7&type=section&id=Qualified%20Persons%20%26%20Endnotes) Scientific and technical information was verified by "Qualified Persons," with endnotes clarifying definitions and preliminary production estimates - Scientific and technical information was reviewed and verified by Paul Chawrun, P.Eng., and Tyler Hill, CPG., both "Qualified Persons"[36](index=36&type=chunk) - Endnotes clarify definitions for gold ounces sold (attributable gold at **57% payable factor** in 2025) and non-GAAP measures[37](index=37&type=chunk) - Consolidated production estimates are preliminary, based on mineral resources (not reserves), and subject to completion of the autoclave refurbishment study, Board approval, and successful funding/development[37](index=37&type=chunk) [About i-80 Gold Corp.](index=8&type=section&id=About%20i-80%20Gold%20Corp.) i-80 Gold Corp. is a Nevada-focused mining company aiming to become a mid-tier gold producer, leveraging its high-grade projects and hub-and-spoke strategy - i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer[38](index=38&type=chunk) - The company is the fourth largest gold mineral resource holder in Nevada, with strategically located high-grade projects[38](index=38&type=chunk) - i-80 Gold is executing a hub-and-spoke regional mining and processing strategy utilizing its central processing facility[38](index=38&type=chunk) [Cautionary Statement on Forward Looking Information](index=8&type=section&id=Cautionary%20Statement%20on%20Forward%20Looking%20Information) The document contains forward-looking statements subject to numerous risks and uncertainties, with no obligation to update except as required by law - The document contains forward-looking statements regarding future plans, operations, project merit, development, recapitalization, gold output, expenditures, and timing of activities[39](index=39&type=chunk) - Forward-looking statements are subject to numerous risks and uncertainties, including general economic conditions, commodity price volatility, capital access, currency fluctuations, and operational risks[39](index=39&type=chunk) - Readers are advised to review "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2024, for more information[39](index=39&type=chunk) [Non-GAAP Financial Performance Measures](index=9&type=section&id=Non-GAAP%20Financial%20Performance%20Measures) The company uses non-GAAP measures like "Adjusted loss" and "Average realized gold price" to provide additional insights into financial performance - Non-GAAP measures (Adjusted loss, Adjusted loss per share, Average realized gold price) are used to provide additional information not defined under US GAAP[41](index=41&type=chunk) - "Average realized gold price" improves understanding of revenue, while "Adjusted loss" and "Adjusted loss per share" aim to reflect normalized earnings by excluding temporary or non-recurring items[42](index=42&type=chunk)[43](index=43&type=chunk) Average Realized Gold Price by Segment | Segment | Q2 2025 (dollars per ounce) | Q2 2024 (dollars per ounce) | 6M 2025 (dollars per ounce) | 6M 2024 (dollars per ounce) | | :---------------- | :------ | :------ | :------ | :------ | | Consolidated | 3,301 | 2,337 | 3,124 | 2,188 | | Lone Tree | 3,307 | 2,374 | 3,096 | 2,196 | | Ruby Hill | 3,311 | 2,331 | 3,174 | 2,183 | | Granite Creek | 3,298 | 2,315 | 3,128 | 2,183 | Adjusted Loss Reconciliation | Metric (thousands of dollars, unless noted) | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Net loss | (30,215) | (41,005) | (71,420) | (60,705) | | Total adjustments | 9,949 | (1,187) | (7,660) | 3,203 | | Adjusted loss | (40,164) | (39,818) | (63,760) | (63,908) | | Adjusted loss per share | (0.07) | (0.11) | (0.12) | (0.19) |

[FORWARD-LOOKING INFORMATION](index=6&type=section&id=FORWARD-LOOKING%20INFORMATION) This section outlines forward-looking statements, their inherent risks, and the company's disclaimer regarding updates - Forward-looking statements cover future plans, operations, project merits, development timing, and financial outlook, including **gold output**, **growth expenditures**, and **permitting**[9](index=9&type=chunk) - Actual results may differ materially due to numerous risks and uncertainties, such as general economic conditions, commodity price volatility, title risks, capital access, currency fluctuations, and operational risks[9](index=9&type=chunk) - Readers are advised not to place undue reliance on forward-looking statements, and the Company disclaims any obligation to update them, except as required by law[9](index=9&type=chunk) [PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [ITEM 1. Financial Statements and Supplementary Data](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20and%20Supplementary%20Data) This item provides the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and changes in equity, along with detailed notes explaining significant accounting policies, inventory, debt, equity, revenue, expenses, and financial instruments [Condensed Consolidated Balance Sheets (unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(unaudited)) This section presents the company's unaudited condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheet Highlights (USD thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------- | :-------------- | :---------------- | :----- | | **ASSETS** | | | | | Cash and cash equivalents | $133,691 | $19,001 | +$114,690 | | Total current assets | $166,579 | $42,304 | +$124,275 | | Total non-current assets | $616,302 | $613,325 | +$2,977 | | **Total assets** | **$782,881** | **$655,629** | **+$127,252** | | **LIABILITIES** | | | | | Total current liabilities | $120,531 | $74,050 | +$46,481 | | Total non-current liabilities | $198,810 | $240,915 | -$42,105 | | **Total liabilities** | **$319,341** | **$314,965** | **+$4,376** | | **EQUITY** | | | | | Common shares | $790,183 | $606,505 | +$183,678 | | Accumulated deficit | $(356,238) | $(284,818) | -$71,420 | | **Total equity** | **$463,540** | **$340,664** | **+$122,876** | [Condensed Consolidated Statements of Operations (unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(unaudited)) This section presents the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Operations Highlights (USD thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Revenue | $27,836 | $7,184 | $41,884 | $15,597 | | Cost of sales | $(26,491) | $(19,422) | $(37,257) | $(27,753) | | Gross profit (loss) | $798 | $(12,312) | $3,704 | $(12,607) | | Loss from operations | $(18,751) | $(31,262) | $(34,527) | $(47,378) | | Net loss | $(30,215) | $(41,005) | $(71,420) | $(60,705) | | Basic and diluted loss per share | $(0.05) | $(0.11) | $(0.14) | $(0.18) | [Condensed Consolidated Statements of Cash Flows (unaudited)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) This section presents the unaudited condensed consolidated statements of cash flows for the three and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Cash Flows Highlights (USD thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Cash used in operating activities | $(11,335) | $(24,559) | $(34,036) | $(49,782) | | Cash used in investing activities | $(1,094) | $(96) | $(1,450) | $(798) | | Cash provided by financing activities | $132,695 | $59,379 | $151,011 | $76,696 | | Change in cash, cash equivalents and restricted cash | $120,266 | $34,724 | $115,525 | $26,116 | | Cash, cash equivalents and restricted cash, end of period | $175,003 | $87,263 | $175,003 | $87,263 | [Condensed Consolidated Statements of Changes in Equity (unaudited)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20(unaudited)) This section presents the unaudited condensed consolidated statements of changes in equity for the six months ended June 30, 2025 Condensed Consolidated Statements of Changes in Equity Highlights (USD thousands, except share count) | Metric | December 31, 2024 | June 30, 2025 | Change | | :--------------------------------- | :---------------- | :-------------- | :----- | | Number of shares issued and outstanding | 409,786,957 | 814,697,291 | +404,910,334 | | Common shares | $606,505 | $790,183 | +$183,678 | | Additional paid-in capital | $18,977 | $29,595 | +$10,618 | | Accumulated deficit | $(284,818) | $(356,238) | -$71,420 | | **Total equity** | **$340,664** | **$463,540** | **+$122,876** | [Notes to Condensed Consolidated Financial Statements (unaudited)](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) This section provides detailed notes to the unaudited condensed consolidated financial statements, explaining significant accounting policies and financial instrument details [NATURE OF OPERATIONS](index=11&type=section&id=NATURE%20OF%20OPERATIONS) This note describes I-80 Gold Corp.'s business as a Nevada-focused gold and silver mining company and its principal assets - I-80 Gold Corp. is a Nevada-focused, growth-oriented **gold and silver mining company**[18](index=18&type=chunk) - Principal assets include **Granite Creek, Ruby Hill, Cove, and Lone Tree properties**, all wholly-owned[18](index=18&type=chunk) - The Company's shares and warrants are listed on NYSE American (IAUX, IAUX WS) and TSX (IAU, IAU.WT.U)[19](index=19&type=chunk) [SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=11&type=section&id=SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the significant accounting policies, including revenue recognition, going concern assumptions, and future accounting standard adoptions - The Company's revenue and profitability are substantially dependent on **volatile gold and silver prices**, which could lead to material adverse effects or impairment charges[20](index=20&type=chunk) - Financial statements are prepared on a going concern basis, but material uncertainties exist regarding the Company's ability to obtain additional financing, which could impact asset valuations[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - The Company plans to adopt ASU 2023-09 "Income Taxes (Topic 720): Improvements to Income Tax Disclosures" for its Annual Report for the fiscal year ended **December 31, 2025**[26](index=26&type=chunk) [INVENTORY](index=12&type=section&id=INVENTORY) This note details the composition of inventory, including mineralized material, work-in-process, and materials, along with related cost of sales and write-downs Inventory Breakdown (USD thousands) | Category | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :---------------- | | Mineralized material in stockpiles and on leach pads | $16,432 | $9,634 | | Work-in-process | $3,549 | $2,133 | | Finished goods | $0 | $195 | | Materials and supplies | $1,830 | $3,369 | | **Total inventory** | **$21,811** | **$15,331** | - Inventory recognized in cost of sales was **$26.5 million for Q2 2025** and **$37.3 million for H1 2025**, compared to $19.4 million and $27.8 million in the respective 2024 periods[27](index=27&type=chunk) - Inventory write-downs were **$3.1 million for Q2 2025** and **$4.0 million for H1 2025**, primarily due to Granite Creek mineralized material stockpile, a decrease from $8.8 million in both 2024 periods[27](index=27&type=chunk) [PROPERTY, PLANT AND EQUIPMENT, NET](index=12&type=section&id=PROPERTY%2C%20PLANT%20AND%20EQUIPMENT%2C%20NET) This note provides a breakdown of property, plant, and equipment, net of accumulated depreciation, and details depreciation, depletion, and amortization expenses Property, Plant and Equipment, Net (USD thousands) | Category | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :---------------- | | Pre-development and exploration properties | $363,894 | $363,228 | | Buildings, plant and equipment | $204,278 | $203,137 | | Construction-in-progress | $25,671 | $24,448 | | Total | $593,843 | $590,813 | | Accumulated depreciation | $(19,965) | $(18,371) | | **Net carrying amounts** | **$573,878** | **$572,442** | Total Depreciation, Depletion and Amortization (USD thousands) | Period | 2025 | 2024 | | :--------------------------------- | :----- | :----- | | Three months ended June 30, | $951 | $693 | | Six months ended June 30, | $1,694 | $1,450 | [LONG-TERM DEBT](index=12&type=section&id=LONG-TERM%20DEBT) This note details the company's long-term debt, including convertible loans, debentures, and prepay agreements, along with key terms and deliveries Long-Term Debt Breakdown (USD thousands) | Debt Type | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :---------------- | | Orion Convertible Loan | $60,521 | $57,121 | | Sprott Convertible Loan | $5,909 | $5,459 | | Convertible Debentures | $76,643 | $73,450 | | Gold Prepay Agreement | $15,496 | $31,718 | | Silver Purchase Agreement | $16,904 | $23,574 | | Other | $339 | $75 | | **Total** | **$175,812** | **$191,397** | | Less current portion | $(77,594) | $(37,842) | | **Long-term portion** | **$98,218** | **$153,555** | - The Orion Convertible Loan maturity date was extended from December 13, 2025, to **June 30, 2026**, with additional security provided[32](index=32&type=chunk) - During Q2 2025, the Company delivered **9,630 ounces of gold** and **322,458 ounces of silver** to Orion under the respective prepay agreements[41](index=41&type=chunk)[44](index=44&type=chunk) [OTHER LIABILITIES](index=15&type=section&id=OTHER%20LIABILITIES) This note outlines other liabilities, including warrant and share-based payment liabilities, embedded derivatives, and deferred revenue, explaining changes and fair value gains Other Liabilities Breakdown (USD thousands) | Category | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :---------------- | | Warrant liability | $5,884 | $4,623 | | Share-based payment liability | $2,910 | $790 | | Orion - Conversion and change of controls rights | $1,032 | $336 | | Sprott - Conversion and change of controls rights | $10 | $33 | | Gold Prepay Agreement embedded derivative | $9,682 | $9,665 | | Silver Purchase Agreement embedded derivative | $15,245 | $7,999 | | Deferred revenue | $7,102 | $0 | | Lease liability | $1,128 | $685 | | **Total other liabilities** | **$42,993** | **$24,131** | - The increase in other liabilities is mainly due to the **Silver Purchase Agreement embedded derivative**, **warrant liability**, and **deferred revenue** from a new gold prepayment[49](index=49&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) - The Company recorded a fair value gain of **$0.7 million on warrant liability** and **$8.2 million on Gold Prepay Agreement embedded derivative** for Q2 2025[51](index=51&type=chunk)[57](index=57&type=chunk) [COMMON SHARES](index=18&type=section&id=COMMON%20SHARES) This note details common shares issued and outstanding, including changes from public offerings, private placements, and the ATM Program Common Shares Issued and Outstanding (USD thousands, except share count) | Metric | December 31, 2024 | June 30, 2025 | Change | | :--------------------------------- | :---------------- | :-------------- | :----- | | Number of shares issued and outstanding | 409,786,957 | 814,697,291 | +404,910,334 | | Amount | $606,505 | $790,183 | +$183,678 | - A bought deal public offering on May 16, 2025, issued **345.8 million units for $172.9 million gross proceeds**, and a concurrent private placement issued **25.2 million units for $12.6 million gross proceeds**[62](index=62&type=chunk) - The ATM Program expired on March 31, 2025, having issued **4.3 million common shares for $2.5 million gross proceeds** in Q1 2025[61](index=61&type=chunk) [BASIC AND DILUTED LOSS PER SHARE](index=19&type=section&id=BASIC%20AND%20DILUTED%20LOSS%20PER%20SHARE) This note presents the calculation of basic and diluted loss per share, including net loss and weighted average shares outstanding Basic and Diluted Loss Per Share (USD thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net loss | $(30,215) | $(41,005) | $(71,420) | $(60,705) | | Basic and diluted weighted average shares outstanding | 608,167,841 | 361,145,495 | 520,243,077 | 333,234,688 | | **Basic and diluted loss per share** | **$(0.05)** | **$(0.11)** | **$(0.14)** | **$(0.18)** | - Convertible Debentures, Convertible Loans, stock options, PSUs, and warrants were excluded from diluted EPS calculation as their effect would be anti-dilutive[67](index=67&type=chunk) [SUPPLEMENTAL CASH FLOW INFORMATION](index=19&type=section&id=SUPPLEMENTAL%20CASH%20FLOW%20INFORMATION) This note provides supplemental cash flow information, detailing net changes in operating assets and liabilities and non-cash items affecting other expense/income Net Change in Operating Assets and Liabilities (USD thousands) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Receivables | $(2,313) | $(1,638) | $(1,369) | $602 | | Prepaids and deposits | $(1,341) | $(1,069) | $(1,707) | $(242) | | Inventory | $2,152 | $4,645 | $(6,412) | $(1,820) | | Accounts payable and accrued liabilities | $(1,627) | $2,466 | $(3,472) | $(5,714) | | Deferred revenue | $7,103 | $0 | $7,103 | $0 | | **Net change in operating assets and liabilities** | **$3,974** | **$4,404** | **$(5,857)** | **$(7,174)** | Non-Cash Items in Other (Expense) Income (USD thousands) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gain on fair value measurement of warrant liability | $709 | $1,645 | $275 | $4,275 | | Gain (loss) on fair value measurement of Convertible Loans | $765 | $3,030 | $(673) | $9,145 | | Loss on Gold Prepay Agreement | $(2,412) | $(2,478) | $(10,674) | $(5,976) | | Loss on Silver Purchase Agreement | $(1,986) | $(4,445) | $(9,461) | $(5,302) | | Other | $(794) | $79 | $(749) | $94 | | **Total non-cash items included in other (expense) income** | **$(3,718)** | **$(2,169)** | **$(21,282)** | **$2,236** | [REVENUE](index=21&type=section&id=REVENUE) This note breaks down revenue by product, including gold, silver, and mineralized material, and identifies major customer concentrations Revenue by Product (USD thousands) | Product | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gold and silver | $18,071 | $3,896 | $25,931 | $9,111 | | Mineralized material | $9,765 | $3,288 | $15,953 | $6,486 | | **Total** | **$27,836** | **$7,184** | **$41,884** | **$15,597** | - In Q2 2025, one customer accounted for **98% of trade receivables**, and all revenues were generated in the United States[72](index=72&type=chunk) Sales to Major Customers (USD thousands) | Customer | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Customer 1 | $15,783 | $2,706 | $22,301 | $7,000 | | Customer 2 | $9,765 | $3,473 | $15,952 | $6,746 | | Customer 3 | $0 | $1,149 | $0 | $1,969 | [OTHER EXPENSE AND OTHER INCOME](index=22&type=section&id=OTHER%20EXPENSE%20AND%20OTHER%20INCOME) This note details other expenses and income, including losses/gains on prepay agreements, convertible loans, warrant liabilities, and foreign exchange Other Expense (USD thousands) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Loss on Gold Prepay Agreement | $(2,412) | $(2,478) | $(10,674) | $(5,976) | | Loss on Silver Purchase Agreement | $(1,986) | $(4,445) | $(9,461) | $(5,302) | | Loss on fair value measurement of Convertible Loans | $0 | $0 | $(673) | $0 | | Other | $(486) | $0 | $(316) | $0 | | **Total other expense** | **$(4,884)** | **$(6,923)** | **$(21,124)** | **$(11,278)** | Other Income (USD thousands) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gain on fair value measurement of warrant liability | $709 | $1,645 | $275 | $4,275 | | Gain on fair value measurement of Convertible Loans | $765 | $3,030 | $0 | $9,145 | | Gain on foreign exchange | $295 | $449 | $168 | $380 | | Interest income on restricted cash | $346 | $429 | $686 | $915 | | Other | $0 | $770 | $0 | $802 | | **Total other income** | **$2,115** | **$6,323** | **$1,129** | **$15,517** | [INTEREST EXPENSE](index=22&type=section&id=INTEREST%20EXPENSE) This note provides a breakdown of interest expense, including accretion on convertible loans, prepay agreements, debentures, and other finance costs Interest Expense Breakdown (USD thousands) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Interest accretion on Convertible Loans | $2,705 | $2,722 | $5,344 | $5,324 | | Interest accretion on Gold Prepay Agreement | $1,639 | $3,026 | $4,109 | $5,842 | | Interest accretion on Silver Purchase Agreement | $864 | $792 | $2,109 | $1,703 | | Interest accretion on Convertible Debentures | $1,564 | $1,415 | $3,068 | $2,802 | | Interest accretion on long-term debt | $727 | $0 | $727 | $0 | | Amortization of finance costs | $344 | $357 | $691 | $671 | | Finance expense | $521 | $0 | $521 | $0 | | Other interest expense | $331 | $445 | $329 | $451 | | **Total interest expense** | **$8,695** | **$8,757** | **$16,898** | **$16,793** | [SEGMENTED INFORMATION](index=22&type=section&id=SEGMENTED%20INFORMATION) This note presents financial information by operating segment, detailing revenue and adjusted loss from operations for each principal asset - The Company's four principal assets (**Granite Creek, Ruby Hill, Lone Tree, Cove**) are operating segments, all located in Nevada, US[76](index=76&type=chunk)[18](index=18&type=chunk) - The Chief Operating Decision Maker (CODM) uses **adjusted loss from operations** to evaluate each operation's financial performance[76](index=76&type=chunk) Segmented Revenue and Adjusted Loss from Operations (Six Months Ended June 30, 2025, USD thousands) | Segment | Revenue | Adjusted Loss from Operations | | :--------------------------------- | :-------------- | :---------------------------- | | Granite Creek | $28,422 | $(11,959) | | Ruby Hill | $3,678 | $(5,575) | | Lone Tree | $9,784 | $2,527 | | Cove | $0 | $(4,128) | | Corporate and other | $0 | $(384) | | **Total** | **$41,884** | **$(19,519)** | [INCOME TAXES](index=26&type=section&id=INCOME%20TAXES) This note details income tax expense and loss before income taxes by jurisdiction, noting the impact of new tax legislation Income Tax Expense (USD thousands) | Period | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Deferred tax expense (United States) | $0 | $(386) | $0 | $(773) | | **Total income tax expense** | **$0** | **$(386)** | **$0** | **$(773)** | Loss Before Income Taxes by Jurisdiction (USD thousands) | Jurisdiction | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | United States | $(13,941) | $(26,859) | $(25,937) | $(39,261) | | Canada | $(16,274) | $(13,760) | $(45,483) | $(20,671) | | **Loss before income taxes** | **$(30,215)** | **$(40,619)** | **$(71,420)** | **$(59,932)** | - The One Big Beautiful Bill Act (OBBBA) signed into U.S. law on **July 4, 2025**, is not expected to materially impact the Company's financial statements[80](index=80&type=chunk) [RELATED PARTY TRANSACTIONS](index=26&type=section&id=RELATED%20PARTY%20TRANSACTIONS) This note describes transactions with related parties, including convertible loans, prepay agreements, and warrants with Orion Mine Finance and Sprott Asset Management - The Company has Convertible Loans with **Orion Mine Finance** and **Sprott Asset Management USA, Inc.**[85](index=85&type=chunk) - The Company has Gold Prepay Agreement and Silver Purchase Agreement with Orion[85](index=85&type=chunk) - Warrants and an offtake agreement have been issued/entered into with Orion[82](index=82&type=chunk) [COMMITMENTS AND CONTINGENCIES](index=26&type=section&id=COMMITMENTS%20AND%20CONTINGENCIES) This note outlines the company's commitments and contingencies, including surety bonds, royalties, contingent consideration, and an offtake agreement - Outstanding surety bonds for environmental reclamation and exploration permits totaled **$137.7 million as of June 30, 2025**, secured by restricted cash[83](index=83&type=chunk) - Royalties include **1-5% NSR on Granite Creek**, **3% NSR on Ruby Hill**, and a **10% NPI on Granite Creek**, totaling $1.8 million in cost of gold sold for H1 2025[84](index=84&type=chunk) - Contingent consideration of **$13.8 million (C$20 million)** is payable to Victoria Gold Corporation for Cove Deposit production milestones[87](index=87&type=chunk) - An Offtake Agreement with Orion for **20% of refined gold and silver** from Granite Creek and Ruby Hill projects will begin in December 2028 and end December 2034[88](index=88&type=chunk) [FINANCIAL INSTRUMENTS](index=28&type=section&id=FINANCIAL%20INSTRUMENTS) This note categorizes financial instruments by fair value hierarchy and details changes in Level 3 instruments, highlighting management judgment on input variables - Financial instruments are categorized into a fair value hierarchy: **Level 1** (quoted prices in active markets), **Level 2** (observable inputs other than quoted prices), and **Level 3** (unobservable inputs)[90](index=90&type=chunk) Financial Instruments Measured at Fair Value (USD thousands) | Instrument | Level | June 30, 2025 Carrying Amount | December 31, 2024 Carrying Amount | | :--------------------------------- | :---- | :------------------------------ | :-------------------------------- | | Warrant liability (brokered placement) | 1 | $3,576 | $3,875 | | Warrant liability (other) | 2 | $2,308 | $748 | | Share-based payments | 2 | $2,910 | $790 | Changes in Level 3 Financial Instruments (USD thousands) | Instrument | December 31, 2024 Balance | June 30, 2025 Balance | | :--------------------------------- | :------------------------ | :-------------------- | | Orion conversion and change of control rights | $(336) | $(1,032) | | Sprott conversion and change of control rights | $(33) | $(10) | | Silver Purchase Agreement - silver price derivative | $(7,999) | $(15,245) | | Gold Prepay - gold price derivative | $(9,665) | $(9,682) | - Level 3 instruments (Convertible Loans, Gold Prepay, Silver Purchase embedded derivatives) require management judgment on input variables like **probability of change of control**, **metal prices**, **volatility**, and **risk-free rates**[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [ITEM 2. Management's Discussion of Analysis of Financial Condition and Results of Operations](index=31&type=section&id=ITEM%202.%20Management's%20Discussion%20of%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides a comprehensive discussion of I-80 Gold Corp.'s operational and financial performance for the three and six months ended June 30, 2025. It covers the Company's strategic development plan, recapitalization efforts, detailed operational results for its key properties, financial results, balance sheet review, liquidity, capital resources, and non-GAAP financial measures [Overview](index=31&type=section&id=Overview) This section provides an overview of the company's business, operational and financial highlights, strategic direction, recapitalization plan, and future outlook [Company Overview](index=31&type=section&id=Company%20Overview) This section introduces I-80 Gold Corp. as a Nevada-focused gold and silver mining company with key assets and stock exchange listings - I-80 Gold Corp. is a Nevada-focused, growth-oriented gold and silver mining company, ranking as the **fourth largest gold mineral resource holder** in the state[99](index=99&type=chunk) - The Company's principal assets include **Granite Creek, Ruby Hill, Lone Tree (with processing facility), Cove, and FAD properties**, all at various stages of permitting, construction, and technical studies[99](index=99&type=chunk) - The Company's common shares and warrants are listed on NYSE American (IAUX, IAUX.WS) and TSX (IAU, IAU.WT, IAU.WT.U)[100](index=100&type=chunk) [Operational and Financial Highlights](index=31&type=section&id=Operational%20and%20Financial%20Highlights) This section summarizes key operational and financial metrics, including revenue, net loss, cash flow, gold sales, and drilling activities Operational and Financial Highlights (USD thousands, except per share/ounce) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Revenue | $27,836 | $7,184 | $41,884 | $15,597 | | Net loss | $(30,215) | $(41,005) | $(71,420) | $(60,705) | | Loss per share | $(0.05) | $(0.11) | $(0.14) | $(0.18) | | Cash flow used in operating activities | $(11,335) | $(24,559) | $(34,036) | $(49,782) | | Gold ounces sold | 8,400 | 3,445 | 13,352 | 7,506 | | Average realized gold price ($/oz) | $3,301 | $2,337 | $3,124 | $2,188 | - Cash balance increased to **$133.7 million as of June 30, 2025**, primarily due to net proceeds from equity offerings[105](index=105&type=chunk) - Completed **8,717 feet of drilling in Q2 2025** and **23,479 feet in H1 2025** at Mineral Point and Granite Creek to enhance resource definition[105](index=105&type=chunk)[111](index=111&type=chunk) - Filed Preliminary Economic Assessments (PEAs) for all five gold projects, outlining a combined net present value of approximately **$1.6 billion** based on a $2,175/oz gold price[111](index=111&type=chunk) [Strategy Overview](index=33&type=section&id=Strategy%20Overview) This section outlines the company's long-term strategy to become a mid-tier gold producer in Nevada through phased development of its core projects - The Company aims to become a mid-tier gold producer in Nevada, targeting over **600,000 ounces of annual gold production by the early 2030s**[107](index=107&type=chunk)[108](index=108&type=chunk) - Phase one involves ramping up Granite Creek, commencing extraction at Archimedes, and refurbishing the Lone Tree autoclave for owner-operated processing by 2028, targeting **150,000-200,000 ounces annually**[108](index=108&type=chunk) - Phase two includes bringing Cove and Granite Creek open pit into operation, aiming for **300,000-400,000 ounces annually by 2031**. Phase three targets Mineral Point open pit to exceed **600,000 ounces**[108](index=108&type=chunk) - PEAs for all five gold core projects were released in Q1 2025, outlining a clear and phased path to production and cash flow growth[107](index=107&type=chunk) [Recapitalization Plan](index=33&type=section&id=Recapitalization%20Plan) This section details the company's recapitalization efforts, including equity offerings, potential warrant proceeds, and planned allocation of funds for project development - A bought deal public offering and concurrent private placement in May 2025 raised **$172.9 million (gross)** and **$12.6 million (gross)**, respectively, issuing 345.8 million and 25.2 million units[109](index=109&type=chunk) - Warrants issued in these offerings could provide up to approximately **$130 million in additional proceeds** if fully exercised[109](index=109&type=chunk) - Approximately **$92 million** is expected to be allocated to fund construction, drilling, permitting, and technical studies across all five core projects, including the Lone Tree autoclave, through mid-2026[112](index=112&type=chunk) - The Company is seeking additional financing (debt, royalty sale, FAD property sale) to complete its recapitalization plan by mid-2026, aligning with the Orion Convertible Loan maturity[113](index=113&type=chunk) [Outlook](index=34&type=section&id=Outlook) This section provides the company's outlook for 2025, including expected gold extraction, contributions from key properties, and planned growth expenditures - Expected gold extraction for 2025 is **30,000 to 40,000 ounces**[114](index=114&type=chunk) - Granite Creek underground is projected to contribute **20,000-30,000 ounces**, and residual heap leach operations approximately **10,000 ounces in 2025**[114](index=114&type=chunk) - Growth expenditures for 2025 are expected to total **$40 million to $50 million**, focusing on permitting, feasibility studies, and Archimedes underground development[114](index=114&type=chunk) [Financing Overview](index=34&type=section&id=Financing%20Overview) This section summarizes recent financing activities, including a working capital facility, equity offerings, and the extension of the Orion Convertible Loan - Finalized a working capital facility with Auramet International, Inc. on April 29, 2025, receiving a **$12.0 million prepayment for 3,600 ounces of gold**[116](index=116&type=chunk) - A bought deal public offering and private placement on May 16, 2025, raised **$172.9 million** and **$12.6 million in gross proceeds**, respectively[117](index=117&type=chunk) - The New Gold Prepay and Silver Purchase Agreement with National Bank, used to satisfy prior Orion deliveries, was fully repaid in May 2025[118](index=118&type=chunk)[126](index=126&type=chunk) - The Orion Convertible Loan maturity was extended to **June 30, 2026**, and 5 million common share purchase warrants were issued to Orion[123](index=123&type=chunk) - The ATM Program expired on March 31, 2025, having issued **4.3 million common shares for $2.5 million gross proceeds** in Q1 2025[125](index=125&type=chunk) [Discussion of Operational Results](index=37&type=section&id=Discussion%20of%20Operational%20Results) This section discusses the operational performance and development activities for the company's key properties, including Granite Creek, Ruby Hill, Cove, and Lone Tree [Granite Creek Property](index=37&type=section&id=Granite%20Creek%20Property) This section details operational progress at Granite Creek, including mining activities, gold ounces sold, exploration expenses, and future development plans - Granite Creek underground is ramping up towards steady-state gold output, with mining activities exceeding prior-year levels in Q2 2025[131](index=131&type=chunk)[135](index=135&type=chunk) Granite Creek Operational Statistics | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total oxide and sulfide mineralized material mined (tonnes) | 35,275 | 19,510 | 65,241 | 32,212 | | Gold ounces sold (oz) | 5,981 | 1,809 | 9,086 | 3,384 | | Pre-development, evaluation and exploration expenses ($000s) | $5,949 | $7,634 | $9,719 | $12,115 | - Infill drilling in the South Pacific Zone began in June 2025, with a feasibility study targeted for completion in **Q1 2026**[139](index=139&type=chunk) - As of June 30, 2025, approximately **28,000 tonnes of sulfide mineralized material** are awaiting processing under a new toll milling agreement[137](index=137&type=chunk) [Ruby Hill Property](index=40&type=section&id=Ruby%20Hill%20Property) This section describes the Ruby Hill property, its mineralization, and development plans for the Archimedes underground and Mineral Point open pit projects - Ruby Hill property contains gold, silver, and base metal mineralization within the **Archimedes underground project** and **Mineral Point open pit project**[141](index=141&type=chunk) - Initial development of the Archimedes underground exploration drift is anticipated to commence in **Q3 2025**, with permitting for mining above the 5100-foot level nearing completion[142](index=142&type=chunk)[143](index=143&type=chunk) Ruby Hill Operational Statistics | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gold ounces sold (oz) | 665 | 510 | 1,117 | 954 | | Drilling (ft) | 5,739 | 0 | 5,739 | 4,032 | | Pre-development, evaluation and exploration expenses ($000s) | $1,898 | $296 | $5,089 | $713 | - A drill program for the Mineral Point open pit project commenced in June 2025, completing approximately **5,800 feet of surface core drilling** to support geotechnical, metallurgical, and hydrogeology studies[145](index=145&type=chunk) [Cove Project](index=40&type=section&id=Cove%20Project) This section outlines the Cove project as a high-grade underground development, detailing permitting activities, drilling programs, and future resource estimates - Cove is a high-grade underground development project, expected to be the Company's third underground mine, contributing to production by **mid-2029**[148](index=148&type=chunk)[149](index=149&type=chunk) - NEPA permitting activities are underway with the BLM for regulatory approvals aligned with development timelines[149](index=149&type=chunk) Cove Project Operational Statistics | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Drilling (ft) | 0 | 14,382 | 14,762 | 17,976 | | Pre-development, evaluation and exploration expenses ($000s) | $1,174 | $2,343 | $3,721 | $4,615 | - An infill drill program was completed in Q1 2025, with an updated mineral resource estimate expected in **Q3 2025** and a feasibility study targeted for **Q1 2026**[150](index=150&type=chunk) [Lone Tree Processing Facility](index=42&type=section&id=Lone%20Tree%20Processing%20Facility) This section highlights the Lone Tree Processing Facility as a strategic asset for refractory material, detailing refurbishment studies and planned processing timelines - Lone Tree Processing Facility, with one of Nevada's three autoclaves, is a strategic asset for processing high-grade underground refractory material[151](index=151&type=chunk) - A refurbishment feasibility-level Class 3 engineering study is underway with Hatch Ltd., targeted for completion in **Q4 2025**[152](index=152&type=chunk)[153](index=153&type=chunk) - The autoclave is envisioned to process refractory material from Granite Creek, Archimedes, and Cove by **December 31, 2027**[152](index=152&type=chunk)[128](index=128&type=chunk) Lone Tree Operational Statistics | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gold ounces sold (oz) | 1,754 | 1,126 | 3,149 | 3,168 | | Capital expenditure ($000s) | $597 | $93 | $661 | $507 | [Discussion of Financial Results](index=43&type=section&id=Discussion%20of%20Financial%20Results) This section analyzes the company's financial performance for the three and six months ended June 30, 2025, focusing on revenue, gross profit, and key expenses [Financial results for the three months ended June 30, 2025](index=43&type=section&id=Financial%20results%20for%20the%20three%20months%20ended%20June%2030%2C%202025) This section reviews key financial results for Q2 2025, including revenue, gold sales, gross profit, and changes in cost of sales and depreciation Key Financial Results (Three Months Ended June 30, USD thousands, except per ounce) | Metric | 2025 | 2024 | % Change | | :--------------------------------- | :----- | :----- | :------- | | Revenue | $27,836 | $7,184 | +287.5% | | Gold ounces sold | 8,400 | 3,445 | +143.9% | | Average realized gold price ($/oz) | $3,301 | $2,337 | +41.2% | | Gross profit (loss) | $798 | $(12,312) | N/A | | Pre-development, evaluation and exploration expenses | $9,045 | $10,436 | -13.4% | | Other income and expenses, net | $(2,769) | $(600) | +361.5% | | Interest expense | $8,695 | $8,757 | -0.7% | - Cost of sales increased to **$26.5 million** (from $19.4 million) due to higher gold ounces sold, partially offset by lower inventory write-downs (**$3.1 million vs. $8.8 million**)[158](index=158&type=chunk) - Depreciation, depletion, and amortization expense increased to **$0.5 million** (from $0.1 million) due to leach pad depreciation associated with Granite Creek material[159](index=159&type=chunk) [Financial results for the six months ended June 30, 2025](index=45&type=section&id=Financial%20results%20for%20the%20six%20months%20ended%20June%2030%2C%202025) This section reviews key financial results for H1 2025, including revenue, gold sales, gross profit, and the impact of other expenses on net income Key Financial Results (Six Months Ended June 30, USD thousands, except per ounce) | Metric | 2025 | 2024 | % Change | | :--------------------------------- | :----- | :----- | :------- | | Revenue | $41,884 | $15,597 | +168.5% | | Gold ounces sold | 13,352 | 7,506 | +77.9% | | Average realized gold price ($/oz) | $3,124 | $2,188 | +42.8% | | Gross profit (loss) | $3,704 | $(12,607) | N/A | | Pre-development, evaluation and exploration expenses | $18,590 | $17,710 | +4.9% | | Other income and expenses, net | $(19,995) | $4,239 | N/A | | Interest expense | $16,898 | $16,793 | +0.6% | - Cost of sales increased to **$37.3 million** (from $27.8 million) due to higher gold ounces sold, partially offset by lower inventory write-downs (**$4.0 million vs. $8.8 million**)[165](index=165&type=chunk) - The significant increase in other expenses, net, was driven by losses on Gold Prepay Agreement and Silver Purchase Agreement due to increasing metal forward prices, and a loss on fair value measurement of Convertible Loans[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) [Discussion of Financial Position](index=47&type=section&id=Discussion%20of%20Financial%20Position) This section discusses the company's financial position, including changes in cash, inventory, and total liabilities as of June 30, 2025 [Balance Sheet Review](index=47&type=section&id=Balance%20Sheet%20Review) This section reviews key balance sheet changes, including increases in cash and inventory, and the slight increase in total liabilities - Cash and cash equivalents increased by **$114.7 million to $133.7 million** as of June 30, 2025, from $19.0 million at December 31, 2024[172](index=172&type=chunk) - Inventory increased to **$21.8 million from $15.3 million**, primarily due to the buildup of stockpiled sulfide material for toll mill processing[172](index=172&type=chunk) - Total liabilities increased slightly to **$319.3 million from $315.0 million**, driven by increases in other liabilities (Silver Purchase Agreement derivative) partially offset by a decrease in long-term debt[173](index=173&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's liquidity position and capital resources, including working capital, debt, equity, and cash flow activities [Liquidity Outlook](index=47&type=section&id=Liquidity%20Outlook) This section provides the liquidity outlook, highlighting the short-term position, need for additional long-term capital, and risks related to debt servicing Working Capital (USD thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $133,691 | $19,001 | | Working capital | $46,048 | $(31,746) | - The Company is in a solid short-term liquidity position but needs to raise additional capital for long-term requirements to execute its development plan[175](index=175&type=chunk) - Ability to service or refinance debt depends on future performance, capital markets, and compliance with covenants, with risks of default if unable to generate sufficient cash flow or secure financing[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) [Debt](index=49&type=section&id=Debt) This section details the company's debt structure, including convertible debentures, loans, and prepay agreements, along with key terms and repayment status Debt Breakdown (USD thousands) | Debt Type | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :---------------- | | Convertible Debentures | $76,643 | $73,450 | | Orion Convertible Loan | $60,521 | $57,121 | | Sprott Convertible Loan | $5,909 | $5,459 | | Gold Prepay Agreement | $15,496 | $31,718 | | Silver Purchase Agreement | $16,904 | $23,574 | | Other | $339 | $75 | | **Total** | **$175,812** | **$191,397** | - The Orion Convertible Loan maturity date was extended from December 13, 2025, to **June 30, 2026**, with additional security provided[183](index=183&type=chunk)[185](index=185&type=chunk) - The Gold Prepay Agreement liability was **$15.5 million with 8,760 ounces of gold** remaining to be delivered, and the Silver Purchase Agreement liability was **$16.9 million with 96,299 ounces of silver** remaining[189](index=189&type=chunk)[191](index=191&type=chunk) - The New Gold Prepay and Silver Purchase Agreement with National Bank, used to satisfy prior Orion deliveries, was fully repaid in May 2025[193](index=193&type=chunk) [Equity](index=52&type=section&id=Equity) This section provides an overview of the company's equity, including common shares, warrants, stock options, and other share-based instruments Outstanding Share Data (As of August 12, 2025) | Instrument | Count | | :--------------------------------- | :-------------- | | Common Shares | 816,047,291 | | Warrants | 233,749,025 | | Stock Options | 9,179,066 | | Restricted Share Units ("RSU") | 14,533,867 | | Performance Share Units ("PSU") | 3,339,000 | | Deferred Share Units ("DSU") | 2,005,172 | Shares Issued in H1 2025 (USD thousands, except share count) | Issuance Type | Number of Shares Issued | Amounts | | :--------------------------------- | :---------------------- | :-------- | | Shares issued in brokered placement | 345,760 | $153,158 | | Shares issued in private placement | 25,240 | $11,790 | | Shares issued in private placement (Jan 2025) | 29,210 | $16,015 | | ATM Program | 4,341 | $2,426 | | Exercise of stock options | 20 | $52 | | Shares issued from settlement of DSUs | 338 | $237 | | **Total** | **404,909** | **$183,678** | - Warrant liability was **$5.9 million as of June 30, 2025**, including 5 million warrants issued to Orion in January 2025[204](index=204&type=chunk) [Cash Flows](index=53&type=section&id=Cash%20Flows) This section summarizes cash flow activities from operations, investing, and financing, explaining the drivers of changes in cash and cash equivalents Cash Flow Summary (USD thousands) | Activity | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Cash used in operating activities | $(11,335) | $(24,559) | $(34,036) | $(49,782) | | Cash used in investing activities | $(1,094) | $(96) | $(1,450) | $(798) | | Cash provided by financing activities | $132,695 | $59,379 | $151,011 | $76,696 | | Change in cash, cash equivalents and restricted cash | $120,266 | $34,724 | $115,525 | $26,116 | - The increase in cash provided by financing activities was primarily due to higher proceeds from share issuances in brokered placements and equity offerings[208](index=208&type=chunk)[211](index=211&type=chunk) - Investing activities primarily involved capital expenditures for autoclave studies at Lone Tree and construction for an access portal at Ruby Hill[207](index=207&type=chunk)[210](index=210&type=chunk) [Non-GAAP Financial Performance Measures](index=54&type=section&id=Non-GAAP%20Financial%20Performance%20Measures) This section defines and reconciles non-GAAP financial measures, including average realized gold price and adjusted loss, used to assess performance - Non-GAAP measures include "**Average realized gold price**" and "**Adjusted loss**" (and "adjusted loss per share"), which are not defined under US GAAP[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - "**Average realized gold price**" is used to improve the understanding of revenue[216](index=216&type=chunk) - "**Adjusted loss**" excludes temporary or non-recurring items such as gains/losses on warrants, Convertible Loans, and fair value measurements of Gold Prepay and Silver Purchase Agreements[217](index=217&type=chunk) Adjusted Loss and Adjusted Loss Per Share (USD thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net loss | $(30,215) | $(41,005) | $(71,420) | $(60,705) | | Total adjustments | $9,949 | $(1,187) | $(7,660) | $3,203 | | **Adjusted loss** | **$(40,164)** | **$(39,818)** | **$(63,760)** | **$(63,908)** | | Weighted average shares | 608,167,841 | 361,145,495 | 520,243,077 | 333,234,688 | | **Adjusted loss per share** | **$(0.07)** | **$(0.11)** | **$(0.12)** | **$(0.19)** | [ITEM 3. Quantitative and Qualitative Disclosure about Market Risk](index=57&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) This section states that there are no applicable quantitative and qualitative disclosures about market risk for the Company - No quantitative and qualitative disclosures about market risk are applicable[219](index=219&type=chunk) [ITEM 4. Controls and Procedures](index=57&type=section&id=ITEM%204.%20Controls%20and%20Procedures) The CEO and CFO have concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025. There have been no material changes in internal control over financial reporting during the three months ended June 30, 2025 - The CEO and CFO concluded that disclosure controls and procedures were **effective as of June 30, 2025**[220](index=220&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2025[221](index=221&type=chunk) [PART II - OTHER INFORMATION](index=4&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This part contains other information not included in the financial statements, such as legal proceedings, risk factors, equity sales, and corporate governance updates [ITEM 1. Legal Proceedings](index=58&type=section&id=ITEM%201.%20Legal%20Proceedings) There are no legal proceedings material to the Company or its subsidiaries, nor are any contemplated, as of the date of this report - No material legal proceedings are ongoing or contemplated for the Company or its subsidiaries[222](index=222&type=chunk) [ITEM 1A. Risk Factors](index=58&type=section&id=ITEM%201A.%20Risk%20Factors) The Company's business, operations, and financial condition are subject to various risks and uncertainties inherent in the mining industry and exploration stage. There have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - The Company's business is subject to various risks and uncertainties inherent in the mining industry and exploration stage[223](index=223&type=chunk) - No material changes to the risk factors from the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, have occurred[223](index=223&type=chunk) [ITEM 2. Unregistered Sales Of Equity Securities And Use Of Proceeds](index=58&type=section&id=ITEM%202.%20Unregistered%20Sales%20Of%20Equity%20Securities%20And%20Use%20Of%20Proceeds) On June 17, 2025, the Company closed a private placement of 3,000,000 units for $1.5 million gross proceeds, with each unit comprising one common share and one-half warrant. The proceeds are intended for general working capital and corporate purposes. This private placement was exempt from registration under Section 4(a)(2) and Rule 506(b) of Regulation D - On June 17, 2025, the Company closed a private placement of **3,000,000 units at $0.50 per unit**, raising **$1.5 million in gross proceeds**[224](index=224&type=chunk) - Each unit consisted of one common share and one-half common share purchase warrant, exercisable at **$0.70 per share**[224](index=224&type=chunk) - The private placement was exempt from registration under Section 4(a)(2) and Rule 506(b) of Regulation D, with proceeds intended for general working capital and corporate purposes[224](index=224&type=chunk)[225](index=225&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=58&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities - There were no defaults upon senior securities[226](index=226&type=chunk) [ITEM 4. Mine Safety Disclosures](index=58&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety matters is reported in Exhibit 95.1, in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act - Mine safety disclosures are provided in Exhibit 95.1, as required by Section 1503(a) of the Dodd-Frank Act[227](index=227&type=chunk) [ITEM 5. Other Information](index=59&type=section&id=ITEM%205.%20Other%20Information) On June 17, 2025, shareholders approved changes to the director-nomination process by adopting an advance notice policy. This policy sets deadlines and requirements for shareholders to submit director nominations for annual or special meetings - Shareholders approved changes to the director-nomination process on **June 17, 2025**, by adopting an advance notice policy[228](index=228&type=chunk) - The policy sets deadlines for shareholders to submit director nominations, typically **30 days before an annual meeting** or **15 days after public announcement of a special meeting**[230](index=230&type=chunk) - The Chair of the meeting has the authority to determine if nominations comply with the policy and to declare non-compliant nominations ineligible[229](index=229&type=chunk) [ITEM 6. Exhibits](index=60&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Underwriting Agreement, Form of Warrant Indenture, Employment Agreement, various certifications (CEO, CFO), Mine Safety Disclosure, and Inline XBRL documents - Exhibits include the Underwriting Agreement, Form of Warrant Indenture, Employment Agreement, CEO/CFO certifications (Sarbanes-Oxley Act), Mine Safety Disclosure, and Inline XBRL documents[231](index=231&type=chunk) [Signatures](index=62&type=section&id=Signatures) The report is duly signed on August 12, 2025, by Richard Young, President and Chief Executive Officer, and Ryan Snow, Chief Financial Officer, certifying its submission pursuant to the Securities Exchange Act of 1934 - The report was signed on **August 12, 2025**, by Richard Young (President and CEO) and Ryan Snow (CFO)[234](index=234&type=chunk)

Core Insights - i-80 Gold Corp. reported significant operational and financial improvements in Q2 2025, with revenue reaching $27.8 million, a substantial increase from $7.2 million in the same period last year, driven by higher gold sales and prices [4][5][13] - The company is advancing its three-phase development plan, focusing on key projects and the refurbishment of the Lone Tree autoclave, which is essential for its hub-and-spoke mining strategy [2][12][34] Financial Performance - Revenue for the three months ended June 30, 2025, was $27.8 million, compared to $7.2 million in Q2 2024, primarily due to increased gold ounces sold and a higher average realized gold price of $3,301 per ounce [4][5][51] - The company reported a net loss of $30.2 million for Q2 2025, an improvement from a net loss of $41.0 million in Q2 2024, attributed to a gross profit increase of $13.1 million [6][13] - Cash used in operating activities decreased to $11.3 million from $24.6 million year-over-year, reflecting improved operational efficiency [5][6] Development Initiatives - The company is executing a recapitalization strategy, having raised $185.5 million in May 2025 through a public offering and private placement, with plans to allocate approximately $92 million for construction, drilling, and permitting activities across its projects [10][11] - Key upcoming catalysts include the initiation of underground development at Archimedes in Q3 2025, completion of feasibility studies, and refurbishment of the Lone Tree autoclave by Q4 2025 [12][28][34] Project Updates - The Granite Creek property is ramping up towards steady-state gold output, with significant increases in both oxide and sulfide mineralized material mined compared to the previous year [14][19] - The Archimedes underground project is set to commence initial development in Q3 2025, with permitting efforts progressing well [25][27] - The Lone Tree processing facility is undergoing a feasibility study for refurbishment, which is expected to enhance processing capabilities for the company's high-grade underground deposits [33][35]

Core Viewpoint - i-80 Gold Corp. has announced a bought deal offering of 270 million units at a price of US$0.50 per unit, aiming to raise gross proceeds of US$135 million to support its development plan in Nevada and for general corporate purposes [1][4]. Group 1: Offering Details - The offering consists of 270,000,000 units, each comprising one common share and one-half of a common share purchase warrant, with the warrant allowing the purchase of one common share at US$0.70 for 30 months post-closing [2]. - An over-allotment option has been granted to underwriters for an additional 15% of the base offering, potentially raising up to US$20.25 million if exercised [3]. - The expected closing date for the offering is around May 16, 2025, subject to necessary corporate and regulatory approvals [5]. Group 2: Use of Proceeds - The net proceeds from the offering, including any additional funds from the over-allotment option, will be allocated towards growth expenditures related to i-80's new development plan in Nevada and for general corporate purposes [4]. Group 3: Company Overview - i-80 Gold Corp. is focused on becoming a mid-tier gold producer in Nevada, holding significant gold mineral resources and advancing high-grade exploration projects [10]. - The company operates a fully permitted central processing facility and is implementing a hub-and-spoke mining and processing strategy to enhance efficiency and growth [10].