i-80 Gold (NYSEAM:IAUX) Q3 2025 Earnings Call November 13, 2025 10:00 AM ET Company ParticipantsRichard Young - CEORyan Snow - CFOPaul Chawrun - COOConference Call ParticipantsDon DeMarco - Equity Research AnalystOmeet Singh - AnalystOperatorHello, and thank you for joining us for i-80 Gold's 2025 third quarter conference call and webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of i-80 Gold, Paul Chawrun, COO, and Ryan Snow, CFO. Before we continue, please no ...

i-80 Gold (NYSEAM:IAUX) Q3 2025 Earnings Call November 13, 2025 10:00 AM ET Company ParticipantsRichard Young - CEORyan Snow - CFOPaul Chawrun - COOConference Call ParticipantsDon DeMarco - Equity Research AnalystOmeet Singh - AnalystOperatorHello, and thank you for joining us for i-80 Gold's 2025 third quarter conference call and webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of i-80 Gold, Paul Chawrun, COO, and Ryan Snow, CFO. Before we continue, please no ...

Financial Data and Key Metrics Changes - Third quarter gold sales nearly doubled over the prior year period to approximately 9,400 ounces, with total revenue from gold sales increasing to approximately $32 million for the quarter, driven by higher ounces sold and a higher average realized gold price of $3,412 per ounce [17][18] - The company reported a net loss of approximately $42 million or $0.05 per share, similar to the prior year period, reflecting the development stage and strategic investment [18] - Cash used in operating activities decreased to approximately $15 million compared to about $24 million in the prior year due to higher gross profit and working capital [18][19] Business Line Data and Key Metrics Changes - At Granite Creek Underground, approximately 15,000 tons of oxide mineralized material were mined at a grade of about 9.8 grams per ton, and approximately 20,000 tons of sulfide material at a grade of about 10.7 grams per ton were mined [8][9] - The stockpile of sulfide material processed by a third-party autoclave was normalized by quarter-end, and gold sold totaled 7,400 ounces for the quarter [8][9] Market Data and Key Metrics Changes - The company continues to recover gold from existing leach pads at Lone Tree and Ruby Hill, with approximately 2,000 ounces recovered and sold in the third quarter [9] Company Strategy and Development Direction - The company aims to create a Nevada-focused mid-tier gold producer, with significant progress made towards key milestones in its development plan [2][3] - A recapitalization plan is underway, with expectations to secure a financing package by mid-2026 to support various phases of the development plan [5][19] - The company is focused on long-term value creation and has initiated a sustainability strategy to attract and retain talent [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the development plan and unlocking the value of the resource base as the company moves into 2026 and 2027 [22][39] - The company believes it is trading at a deep discount compared to comparable developers, indicating potential for market recognition of its value [23] Other Important Information - The Lone Tree plant refurbishment study is substantially complete, with a construction decision anticipated in the second quarter of 2026 [16] - The company is evaluating ways to accelerate value creation, including a potential pre-feasibility study on Mineral Point [5] Q&A Session Summary Question: Where is the company currently mining and when will it start mining from longer levels in the South Pacific Zone? - The company is mostly mining in the OG Zone and has started the upper zone of the South Pacific. It expects to be around 60% in the South Pacific Zone next year [25][26] Question: What are the steps being taken to process oxide through the Lone Tree plant? - The autoclave can be bypassed with oxide ore, and the company is evaluating the potential for feeding that through as commissioning approaches [28] Question: Regarding the recapitalization plan, is the company reconsidering the disposition of the non-core FAD asset? - The company is evaluating all options for recapitalization, including the potential sale of the FAD asset, but will only proceed if a fair value can be obtained [32][33] Question: What is the expected CapEx for the refurbishment of the Lone Tree autoclave and Archimedes' development in 2026? - The refurbishment is estimated at $400 million, with approximately $175 million expected to be spent in 2026, and Archimedes' development is expected to be about $40 million [34][35]

MADE IN THE U.S.A. N YS E : I A U X | T S X : I A U C R E AT I N G A N E VA D A - F O C U S E D , MID -T I E R G O L D P R O D U C E R Q3 2025 Conference Call & Webcast November 13, 2025 CAUTIONARY DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to statements or information regarding: statements regarding preliminary econ ...

Revenue and Sales Performance - Revenue for Q3 2025 increased to $32.0 million, up 178% from $11.5 million in Q3 2024, driven by higher gold ounces sold and a higher average realized gold price [104][106]. - Gold sales for Q3 2025 reached 9,368 ounces at an average realized price of $3,412 per ounce, compared to 4,740 ounces at $2,441 per ounce in Q3 2024 [104][106]. - Revenue for the nine months ended September 30, 2025, was $73.9 million, an increase of 173% from $27.1 million in the prior year period [176]. - Gold ounces sold totaled 22,720 ounces at an average realized gold price of $3,243 per ounce, compared to 12,247 ounces at $2,422 per ounce during the same period of 2024 [176]. - Gold revenue for the nine months ended September 30, 2025, was $73,683,000, up from $29,667,000 in the same period of 2024, representing a growth of 148% [233]. Financial Performance - Net loss for Q3 2025 decreased to $41.9 million from $43.1 million in Q3 2024, despite increased pre-development and exploration expenses [104][106]. - The company incurred a net loss of $41.9 million in Q3 2025, compared to a net loss of $43.1 million in Q3 2024, indicating a slight improvement in financial performance [167]. - Adjusted loss for the three months ended September 30, 2025, was $34,255,000, compared to an adjusted loss of $31,603,000 in Q3 2024, indicating a deterioration in performance [234]. - Adjusted loss per share for the three months ended September 30, 2025, was $(0.04), compared to $(0.08) in Q3 2024, showing a reduction in loss per share [234]. - Total adjustments to net loss for Q3 2025 amounted to $7,612,000, compared to $11,496,000 in Q3 2024, indicating a decrease in one-time items affecting the loss [234]. Operational Efficiency - Gross profit improved to $3.1 million in Q3 2025 from a gross loss of $4.9 million in Q3 2024, attributed to enhanced operational efficiencies at Granite Creek [104][106]. - Cash used in operating activities improved to $15.2 million in Q3 2025 from $23.5 million in Q3 2024, reflecting higher gross profit [104][106]. - Gold ounces sold from Granite Creek increased to 7,325 ounces in Q3 2025, compared to 1,992 ounces in Q3 2024, reflecting a significant operational improvement [135]. Exploration and Development - The company completed approximately 53,000 feet of core drilling in Q3 2025 to enhance mineral resource definition [110]. - The Company plans to complete a feasibility study for Granite Creek Underground in Q1 2026, incorporating updated mineral resource estimates [142]. - The Ruby Hill property is expected to become the Company's second underground mine, with construction of the Archimedes project underway [145]. - The Granite Creek open pit project is advancing towards a pre-feasibility or feasibility level study, with permitting activities progressing as planned [144]. - The Cove project is expected to begin contributing to production by mid-2029, with a feasibility study planned for completion in Q1 2026 [155]. Cash and Capital Management - Cash balance as of September 30, 2025, was $102.9 million, a decrease of $30.8 million from June 30, 2025, primarily due to pre-development expenses [110]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $139.1 million, an increase from $74.6 million in the prior year, due to higher proceeds from equity issuances [225]. - The Company needs to raise additional capital to execute its three-phase development plan despite being in a solid position to meet short-term liquidity requirements [188]. Agreements and Liabilities - The Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank, selling approximately 6,864 ounces of gold and 345,549 ounces of silver, with full repayment completed in May 2025 [125]. - The Company entered into a Silver Purchase Agreement with Orion for $30.0 million, requiring delivery of 100% of silver production until 1.2 million ounces are delivered, then reducing to 50% until 2.5 million ounces, and finally to 10% from the Ruby Hill Project [202]. - As of September 30, 2025, the total liability related to the Silver Purchase Agreement is $17.9 million, with an embedded derivative valued at $12.4 million and 94,576 ounces remaining to be delivered [203]. - The Gold Prepay Agreement and Silver Purchase Agreement deliveries were deferred to March 31, 2025, with the issuance of five million common share purchase warrants to Orion priced at C$1.01 [204].

Core Insights - I-80 Gold has announced a new high-grade polymetallic resource at its FAD project in Nevada, aimed at enhancing the marketability of this non-core asset as part of its recapitalization plan [1][3] Resource Details - The FAD project contains 594,000 indicated tonnes with grades of 4.51 grams per tonne gold, 209.7 grams silver, 4.3% lead, and 6.8% zinc, equating to 86,000 ounces of gold, 4 million ounces of silver, 57 million pounds of lead, and 89 million pounds of zinc [2] - Additionally, there are 2.74 million inferred tonnes at 5 grams gold, 188.6 grams silver, 3.7% lead, and 4.4% zinc, which translates to 446,000 ounces of gold, 16.6 million ounces of silver, 223 million pounds of lead, and 267 million pounds of zinc [2] Strategic Plans - The company aims to raise $350–$400 million through financing, royalty sales, and the sale of the FAD deposit to support its core assets and multi-asset development strategy [3] - I-80 Gold is focused on becoming a mid-tier gold producer in Nevada, with key projects including Lone Tree, Granite Creek, Cove, and Ruby Hill [3] Market Performance - I-80 Gold's shares increased nearly 1% to C$1.29, although they have decreased by 12% over the past year, with a market capitalization of C$1 billion (approximately $712 million) [4] Additional Developments - Near-surface oxide gold has been confirmed at Gold Hill, which could be processed through the Ruby Hill heap-leach facility, showing an 85% gold recovery in preliminary tests [5] - The net smelter returns for the indicated and inferred resources are estimated at about $430 and $442 per tonne, respectively [6] Ongoing Projects - Recent infill drilling at Granite Creek Underground has yielded promising results, with significant gold grades reported [7] - Development and feasibility studies are ongoing at Ruby Hill and Granite Creek, with plans for advanced engineering at Lone Tree [8] - Key challenges include securing long-lead permits and completing the refurbishment of the autoclave at Lone Tree [10]

Accessibility StatementSkip Navigation Highlights "The FAD mineral resource update highlights the high-grade nature of the deposit and supports our geological understanding of the Project," stated Tyler Hill, Vice President of Geology. "This resource estimate only includes drill holes where quality control measures could be validated and excludes a significant number of historical drill holes where control measures could not be verified. Even with a limited number of drill holes completed to-date, we have s ...

Accessibility StatementSkip Navigation RENO, Nev., Nov. 6, 2025 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80 Gold" or the "Company")Â is pleased to announce the results of a mineral resource update prepared in accordance with National Instrument 43-101Â – Standards of Disclosure for Mineral Projects for its FAD Project ("FAD" or the "Project"), which confirms the presence of high-grade gold, silver, lead and zinc mineralization. The Project is a non-core asset located on the FAD Property (t ...

Core Viewpoint - i-80 Gold Corp. is set to release its financial and operational results for Q3 and the first nine months of 2025 on November 12, 2025, followed by a conference call on November 13, 2025, to discuss the results and project updates [1]. Group 1: Financial and Operational Updates - The quarterly report will include unaudited interim condensed consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations [1]. - The conference call will provide an opportunity for stakeholders to engage in a question-and-answer session after the results are discussed [1]. Group 2: 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 [2]. - The company is implementing a hub-and-spoke regional mining and processing strategy to enhance efficiency and growth, leveraging its central processing facility [2]. - i-80 Gold's shares are traded on both the Toronto Stock Exchange (TSX: IAU) and NYSE American (NYSE: IAUX) [2].

Core Points - Eva Bellissimo will step down from the Board of Directors of i-80 Gold Corp. effective October 31, 2025, to focus on her new role as National Practice Group Leader at McCarthy Tétrault LLP [1][2] - Bellissimo has been a director since the company's inception in 2021 and has served as Chair of the Corporate Governance and Nominating Committee [2] - The company plans to maintain a Board composition of at least seven members and will seek a replacement who can contribute to its development plan [3] 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 [4] - The company has a pipeline of high-grade development and production-stage projects located in Nevada's prolific gold-producing areas [4] - i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to enhance efficiency and growth, leveraging its central processing facility [4]