Company Leadership Change - Matthew Gili, President & COO of i-80 Gold Corp., will step down from his role, continuing until a successor is appointed and for a transition period thereafter [1][2] - Richard Young, the current CEO, will assume the President role following Gili's departure, and a search for a new COO has commenced [3][4] Company Progress and Strategy - Since its inception in 2021, Gili has been instrumental in advancing i-80 Gold's development projects, including exploration, resource expansion, and bringing the Granite Creek Underground project into early-stage production [2] - i-80 Gold Corp. aims to build a mid-tier gold producer in Nevada, leveraging its high-quality asset portfolio and a fully permitted central processing facility [4] Market Position - i-80 Gold Corp. is the fourth largest gold mineral resource holder in Nevada, with a pipeline of high-grade development and production-stage projects located in prolific gold-producing trends [4]

The independent technical report in respect of the Granite Creek Projects (consisting of the Granite Creek Underground Project and the Granite Creek Open Pit Project) entitled "Preliminary Economic Assessment, NI 43-101 Technical Report, Granite Creek Mine Project, Humboldt County, Nevada, USA" is dated March 31, 2025, with an effective date of December 31, 2024, was prepared by Terre Lane, MMSA, SME, Dr. Todd Harvey, PhD, P.E., SME, Dr. Hamid Samari, PhD, MMSA, and Larry Breckenridge, P.E., of Global Resou ...

Financial Data and Key Metrics Changes - Gold sales totaled approximately 9,050 ounces for the fourth quarter and 21,500 ounces for the year, reflecting the impact of water issues at Granite Creek [38] - Total revenue from gold and silver sales was approximately $23 million for the fourth quarter and $50 million for the full year, slightly lower than the prior year due to lower volumes sold, partially offset by a higher average realized gold price [39] - The company concluded both the quarter and the full year in a net loss position due to ongoing development of projects, with growth expenditures primarily allocated towards infill drilling and pre-development activities [40] Business Line Data and Key Metrics Changes - At Granite Creek Underground, approximately 38,000 ounces of gold were mined, achieving 71% of the internal target, with production just above 16,000 ounces [20] - Production from heap leach operations exceeded internal targets, with approximately 6,200 ounces produced from Lone Tree and 3,700 ounces from Ruby Hill [24] - The company expects to produce between 30,000 and 40,000 ounces of gold in 2025, with Granite Creek Underground contributing 20,000 to 30,000 ounces [25] Market Data and Key Metrics Changes - The company filed four SK 1300s and four NI 43-101 reports under US and Canadian regulations, respectively, highlighting the potential value of its gold portfolio [7][8] - Life of mine valuations based on recent published PAs indicate a combined net present value of $1.6 billion at a gold price of $2,175 per ounce and $4.5 billion at $2,900 per ounce [11] Company Strategy and Development Direction - The company announced a new development plan for its portfolio of three underground and two open pit gold projects, aiming to produce half a million ounces of gold by the early 2030s [4][9] - A strategic change to the development plan includes the addition of the autoclave refurbishment, which is pivotal for the recapitalization plan [12][14] - The company is in active discussions regarding financing options, including a senior debt facility and royalty sales, to support its development plan [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the activities being manageable and staggered, with expectations for improved cash flow models as feasibility studies are released [10] - The anticipated capital spend for the autoclave refurbishment is included in the recapitalization plan, with a goal to secure new senior financing by the second quarter of 2026 [17] - Management highlighted the importance of advancing permitting activities and investing in feasibility studies as top priorities for growth expenditures [46] Other Important Information - The company transitioned from IFRS to US GAAP as of January 1, 2025, impacting the reporting of pre-development costs and resulting in several financial adjustments [34][36] - The company has maintained a clean environmental record, ending the fourth consecutive year without any environmental violation notices [19] Q&A Session Summary Question: What is the status of the recapitalization plan? - Management indicated that the recapitalization plan is well underway, with agreements in place with National Bank and Aramet, reflecting confidence in the quality of the technical reports filed [51]

NYSE:IAUX | TSX:IAU MADE IN THE U.S.A. CautionRegardingMineralResourceEstimates This presentation uses the terms measured mineral resources, indicated mineral resources, and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of mineral resources that are not mineralreserves has not been demonstrated. Mineralresource estimates may be materially affe ...

Revenue and Sales Performance - Revenue for Q4 2024 was $23.2 million, down 10% from $25.8 million in Q4 2023, primarily due to lower volumes sold, partially offset by a higher average realized gold price of $2,560 per ounce compared to $1,989 per ounce in the prior year [638][641]. - Gold sales for the year totaled 21,527 ounces at an average realized gold price of $2,332 per ounce, resulting in revenue of $50.3 million, down from 29,370 ounces and $57.5 million in 2023 [641]. - Revenue for Q4 2024 was $23.2 million, a decrease of 10% from $25.8 million in Q4 2023, driven by lower gold ounces sold [695]. - Gold revenue for the year ended December 31, 2024, was $50,210,000, down from $57,452,000 in 2023, a decrease of 13% [1]. - The company reported a total revenue of $23,228,000 for Q4 2024, down from $25,837,000 in Q4 2023, a decline of 10% [1]. Financial Losses and Expenses - The net loss for the year ended December 31, 2024, was $121.5 million, an increase from a net loss of $89.7 million in 2023, with a loss per share of $0.34 compared to $0.33 in the previous year [638][641]. - The company's net loss for the year ended December 31, 2024, was $36,053,000, significantly reduced from $121,533,000 in 2023 [2]. - Interest expense for the year ended December 31, 2024 was $33.0 million, an increase of $5.6 million compared to $27.3 million in 2023 [713]. - Cash used in operating activities for the year was $82.5 million, an increase from $77.5 million in 2023, primarily due to lower production [641]. - Cash used in operating activities for Q4 2024 was $9.2 million, an increase of $4.3 million compared to $4.9 million in Q4 2023, primarily due to lower changes in non-cash working capital [742]. Production and Operational Plans - The company expects to produce between 30,000 to 40,000 ounces of gold in 2025, with extraction from Granite Creek underground projected to be 20,000 to 30,000 ounces [651]. - The company plans to advance permitting activities, feasibility studies, and development work at Archimedes underground, with growth expenditures expected to total between $40 million to $50 million in 2025 [651][652]. - The company completed approximately 110,000 feet of drilling with positive results to expand mineralization at various projects, including Granite Creek and Cove [641]. - The permitting process for the Archimedes underground project is ongoing, with state permits expected in Q2 2025 [683]. - The Cove Project's infill drill program is nearing completion, with a total of 78,776 feet drilled, and an additional 15,000 feet planned for Q1 2025 [689]. Capital and Financing Activities - The company initiated a recapitalization plan to reschedule current debt obligations and provide additional capital for its new development plan [645][652]. - In Q1 2024, the Company issued 13.1 million shares at C$1.80 per share, raising gross proceeds of $17.4 million, and completed a bought deal public offering of 69.7 million units at C$1.65 per unit for gross proceeds of $83.5 million [657]. - The Company finalized third-party processing agreements for toll milling and ore sales, effective through December 31, 2027, with refurbishment of the Lone Tree autoclave facility targeted for completion by the same date [670]. - The Company is finalizing a working capital facility with Auramet International, Inc. for up to $12 million, maturing in 12 months [654]. - The Company issued 4.3 million common shares under the ATM Program for total gross proceeds of $2.5 million after December 31, 2024 [667]. Inventory and Cash Management - Cash and cash equivalents increased by $2.7 million to $19.0 million as of December 31, 2024, from $16.3 million at the end of 2023 [714]. - Inventory rose to $15.3 million as of December 31, 2024, up from $11.4 million at the end of 2023, due to stockpiled mineralized material [715]. - Cash, cash equivalents, and restricted cash at the end of Q4 2024 totaled $59.3 million, a slight decrease from $60.8 million at the end of Q4 2023 [740]. - The company has satisfied minimum cash requirements through March 31, 2025, as part of the Waiver Agreements with Orion [735]. Debt and Liabilities - Total liabilities increased to $315.0 million as of December 31, 2024, compared to $309.0 million at the end of 2023, due to higher reclamation liabilities [717]. - As of December 31, 2024, total debt amounted to $191.4 million, a slight decrease from $194.1 million in 2023, with the Orion Convertible Loan increasing from $46.8 million to $57.1 million [723]. - The Convertible Debentures bear an interest rate of 8.0% per annum, with a total principal and accrued interest of $75.4 million as of December 31, 2024 [724]. Exploration and Development Activities - Exploration drilling at Ruby Hill was significantly reduced, with only 4,032 feet drilled in 2024 compared to 93,488 feet in 2023 [684]. - The company plans to complete an infill drilling program in 2025 to upgrade resources to a feasibility study level [677]. - A new development plan was announced, focusing on developing three underground mines and accelerating the permitting of two large oxide open pit deposits, aiming to create a mid-tier gold producer [642][649].

Ongoing Focus on Granite Creek Underground Ramp-Up, Balance Sheet Strengthening, and Advancing Pipeline of Projects Towards Feasibility RENO, Nev., March 31, 2025 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold", or the "Company") reports its operating and financial results for the fourth quarter and full year ended December 31, 2024, and provides an update on recent recapitalization initiatives, including a new gold and silver prepay agreement entered into with National Bank of ...

Financial Performance - Total revenue for the three months ended September 30, 2024, was $11,509,000, a decrease of 13% compared to $13,215,000 for the same period in 2023[5] - Gross loss for the three months ended September 30, 2024, was $4,920,000, compared to a gross loss of $473,000 in the same period of 2023[5] - Net loss for the nine months ended September 30, 2024, was $103,803,000, significantly higher than the net loss of $53,601,000 for the same period in 2023[5] - The company reported a basic and diluted loss per share of $0.11 for the three months ended September 30, 2024, compared to $0.02 for the same period in 2023[5] - The company reported a net loss of $43.1 million for the three months ended September 30, 2024, compared to a net loss of $4.9 million for the same period in 2023[120] - Basic and diluted loss per share for the nine months ended September 30, 2024, was $0.30, compared to $0.20 for the same period in 2023[120] Assets and Liabilities - Total current assets increased to $46,269,000 as of September 30, 2024, from $39,813,000 as of December 31, 2023, representing a 16% increase[2] - Total liabilities decreased slightly to $308,208,000 as of September 30, 2024, from $308,987,000 as of December 31, 2023[2] - The company’s accumulated deficit increased to $267,088,000 as of September 30, 2024, from $163,285,000 as of December 31, 2023[2] - Long-term debt as of September 30, 2024, totaled $188.377 million, with significant components including $54.329 million from the Orion Convertible Loan and $71.694 million from Sprott Convertible Loan[52] - Total other liabilities increased to $30,770,000 as of September 30, 2024, compared to $23,022,000 at December 31, 2023, representing a 33.5% increase[79] Cash Flow and Operating Activities - Cash used in operating activities for the nine months ended September 30, 2024, was $73,277,000, compared to $72,545,000 for the same period in 2023[7] - Cash, cash equivalents, and restricted cash at the end of the period were $61,675,000, down from $81,710,000 at the end of the previous year[7] Share Issuance and Financing - The company issued 69,698,050 shares in a brokered placement, raising $74,644,000[10] - The Company reported total gross proceeds of approximately $83.5 million (C$115 million) from a bought deal public offering of 69.7 million units at a price of C$1.65 per unit[30] - The Company issued 11.5 million common shares under the ATM Program at a weighted average share price of $1.14 per common share, resulting in total gross proceeds of $13.1 million[29] - The Company closed a private placement offering of $65 million principal amount of secured convertible debentures with an interest rate of 8.00% per annum, maturing on February 22, 2027[60] - The Company completed a non-brokered private placement of 13.1 million common shares at C$1.80 per share, raising gross proceeds of $17.4 million (C$23.5 million) on February 20, 2024[102] Inventory and Expenses - Total inventory increased from $11.387 million as of December 31, 2023, to $15.895 million as of September 30, 2024, with inventory write-downs of $12.1 million recognized for the nine months ended September 30, 2024[47] - The total amount of inventory recognized as an expense in cost of sales for the nine months ended September 30, 2024, was $43.6 million, compared to $31.0 million for the same period in 2023[47] - Exploration and evaluation expenses for the three months ended September 30, 2024, were $5,384,000, a decrease of 37% from $8,553,000 in 2023[124] - Total interest expense for the three months ended September 30, 2024, was $8,214,000, an increase of 20% from $6,845,000 in 2023[126] Agreements and Commitments - The Company has a working capital deficit and current operating losses, indicating material uncertainties regarding its ability to continue as a going concern within one year[16] - The Company is required to transition to U.S. GAAP reporting by January 1, 2025, and is currently evaluating the impact of new accounting standards on its financial statements[18][22] - The Company has entered into a second amending agreement with Orion Mine Finance to extend the deadline for gold deliveries until May 10, 2024, under the Gold Prepay Agreement[34] - The Gold Prepay Agreement requires the Company to deliver 30,400 troy ounces of gold to Orion, with an initial payment of $41.9 million[63] - The Silver Purchase Agreement mandates the delivery of 1.2 million ounces of silver, with an ongoing cash purchase price equal to 20% of the prevailing silver price[71] Fair Value and Derivatives - The company recognized a fair value loss of $0.6 million and a gain of $7.3 million related to embedded derivatives for the three and nine months ended September 30, 2024, respectively[53] - The company recorded a fair value loss of $3,000,000 related to the Gold Prepay Agreement embedded derivative for the three months ended September 30, 2024[90] - The company recognized a fair value loss of $1,300,000 related to the Silver Purchase Agreement embedded derivative for the three months ended September 30, 2024[91] - The Gold Prepay Agreement's gold price derivative had a fair value of $(9,589) thousand as of September 30, 2024, with a potential change in fair value of $4,402 thousand for a +/- 10% change in forecast gold price[144] - The Silver Purchase Agreement's silver price derivative had a fair value of $(4,681) thousand as of September 30, 2024, with a potential change in fair value of $2,606 thousand for a +/- 10% change in forecast silver price[144] Share-Based Payments and Options - The company recognized a share-based payment liability of $1,401,000 at September 30, 2024, up from $1,184,000 at December 31, 2023, indicating a 18.3% increase[88] - The total fair value of vested and unvested RSUs and DSUs at September 30, 2024, was C$5.8 million, up from C$2.4 million at December 31, 2023[117] - The Company recorded share-based payment expenses of $1.9 million for the nine months ended September 30, 2024, compared to $2.5 million for the same period in 2023[119] - The Company had 10.7 million stock options outstanding as of September 30, 2024, with a weighted average exercise price of C$2.43[112] - The weighted average share price at the date of exercise for stock options for the nine months ended September 30, 2024, was C$1.85, down from C$3.17 in 2023[111] Acquisitions - The acquisition of Paycore Minerals Inc. was completed for a total consideration of $88.416 million, including $66.037 million in share consideration[42] - The fair value of net assets acquired from Paycore was $88.416 million, including cash of $10.027 million and mineral properties valued at $92.081 million[45] - The Company issued 5.0 million common shares to Waterton in connection with the Paycore acquisition, and acquired 100% of Paycore's shares, issuing 25.5 million common shares to Paycore shareholders[107] - The company issued 5,016,991 common shares to Waterton, valued at $12.75 million, based on a share price of C$3.46 on the acquisition date[44] Other Information - The company had outstanding surety bonds totaling $132.8 million for environmental reclamation and exploration permitting as of September 30, 2024[134] - Capital expenditures for the nine months ended September 30, 2024, were $1,775,000, compared to $109,508,000 in the same period of 2023[130] - As of September 30, 2024, total assets were $655,127,000, compared to $654,283,000 as of December 31, 2023[130] - The company had one customer that made up trade receivables as of September 30, 2024, indicating a diversified customer base for its products[122] - The balance of Convertible Loans as of September 30, 2024, was $(1,777) thousand, reflecting fair value adjustments of $7,251 thousand during the period[144] - Sprott converted C$3.6 million in principal and C$0.9 million in interest of the Sprott Convertible Loan into 2.1 million common shares[59] - On October 31, 2024, the company issued 2.1 million common shares for the conversion of $3.6 million in principal and $0.9 million in interest under the Sprott Convertible Loan[145] - The company issued 6.2 million common shares under the ATM Program for total gross proceeds of $7.0 million after the period ended September 30, 2024[146]

Core Insights - i-80 Gold Corp has finalized two third-party processing agreements for toll milling and ore sales, effective until December 31, 2027, which are crucial for advancing the development of its underground gold mines [1][3] - The refurbishment of the Lone Tree autoclave facility is targeted for completion by December 31, 2027, allowing for processing of all material from the company's underground gold mines [1][6] - A class III engineering study on the autoclave refurbishment is expected to be completed by the end of Q3 2025 [4] Company Overview - i-80 Gold Corp is focused on becoming a mid-tier gold producer in Nevada, holding the fourth largest gold mineral resource in the state, with a portfolio of high-grade development and production-stage projects [5] - The company is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth, leveraging its fully permitted central processing facility [5]

Core Viewpoint - The Granite Creek Open Pit project in Nevada is highlighted as a top-tier open pit oxide project with strong economic potential, contributing significantly to the company's production profile and growth strategy [1][4]. Project Economics - The project has a pre-tax NPV (5%) of $581.3 million and an after-tax NPV (5%) of $421.2 million, with an internal rate of return (IRR) of 30% based on a gold price of $2,175 per ounce [3][4]. - Estimated after-tax cash flows total $660.9 million over the mine's life, which is approximately 10 years, with an average annual gold production of 130,000 ounces following ramp-up [4][28]. - The project anticipates cash costs of $1,185 per ounce and all-in sustaining costs of $1,225 per ounce [4][29]. Mineral Resource Estimates - The updated mineral resource estimate indicates a total measured and indicated gold resource of 1.44 million ounces at a grade of 1.18 grams per tonne (g/t) [4][7]. - Inferred mineral resources are estimated at 0.08 million ounces at a grade of 1.09 g/t [4][8]. Mining and Processing - The project will utilize a conventional open pit mining method with a carbon-in-leach (CIL) processing facility, which is expected to enhance gold recovery compared to heap leaching [5][20]. - The CIL plant is designed to process approximately 3.5 million tonnes of mineralized material per year, achieving an average gold recovery rate of 86.6% [4][23]. Capital and Operating Costs - Total capital costs for the project are estimated at $292.4 million, including construction, sustaining capital, and reclamation costs [27][28]. - The project requires significant pre-production stripping, with costs associated with capitalized stripping estimated at $33.9 million [4][27]. Permitting and Environmental Considerations - The project has existing permits for ongoing underground mining operations, but additional state and federal permits will be required for the open pit operations [30][31]. - The permitting process is expected to take approximately three years, with a focus on environmental impact assessments [31][32]. Next Steps - A feasibility study is planned for completion in Q4 2025, which will include an updated mineral resource estimate and further technical disclosures [35][36].

Core Viewpoint - i-80 Gold Corp has completed amendments to its $65 million convertible debenture indenture and closed a concurrent private placement, enhancing its liquidity and refinancing flexibility as part of its recapitalization plan [1][2]. Group 1: Convertible Debenture Amendments - The company finalized a first supplemental indenture to amend the terms of the convertible debenture indenture, as previously disclosed [3]. - The amendments include revised definitions for conversion prices related to accrued and unpaid interest on the convertible debentures, with specific pricing mechanisms based on market performance [6][7]. - The company has a redemption right allowing it to redeem all outstanding convertible debentures at a 104% premium of the principal amount, plus accrued interest [7]. Group 2: Concurrent Private Placement - The company closed a concurrent private placement of 997,871 common shares at a price of C$0.80 per share, generating gross proceeds of approximately C$798,297 [9]. - All participants in the private placement were insiders, and the transaction is exempt from certain formal valuation and minority shareholder requirements [10]. - The net proceeds from the private placement are intended for working capital and general corporate purposes, reflecting the confidence of directors and officers in the company's strategic direction [12]. Group 3: Company Overview - i-80 Gold Corp is focused on mining in Nevada and holds the fourth largest gold mineral resources in the state, aiming to become a mid-tier gold producer [14].