i-80 Gold (IAUX) Q2 2025 Earnings Call August 13, 2025 10:00 AM ET Speaker0Hello, and thank you for joining us for IAD Gold's twenty twenty five second quarter conference call and webcast. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded today on Wednesday, 08/13/2025.Presenting on the call are Richard Young, ...

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]

i-80 Gold Reports Second Quarter 2025 Results and Project Development Highlights RENO, NEVADA, August 13, 2025 – i-80 GOLD CORP. (TSX:IAU) (NYSE American:IAUX) ("i-80 Gold", or the "Company") reports its operating and financial results for the three and six months ended June 30, 2025, highlighting key developments across its asset portfolio. Unless otherwise stated, all amounts referred to herein are in U.S. dollars. "The second quarter marked a major turning point at i-80 Gold," stated Richard Young, Presi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____ to ____ Commission File Number: 001-41382 I-80 GOLD CORP. (Exact Name of Registrant as Specified in Its Charter) British Columbia N/A (State or Other Jurisdiction of ...

RENO, Nev., Aug. 13, 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 three and six months ended June 30, 2025, highlighting key developments across its asset portfolio. Unless otherwise stated, all amounts referred to herein are in U.S. dollars."The second quarter marked a major turning point at i-80 Gold," stated Richard Young, President and Chief Executive Officer. "The equity financing completed in Ma ...

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].

Revenue Performance - Revenue for Q1 2025 totaled $14.0 million, a 66% increase from $8.4 million in Q1 2024, driven by higher ounces sold and a higher average realized gold price[6] - Consolidated revenue rose to $14,048,000 in Q1 2025, up from $8,413,000 in Q1 2024, marking an increase of approximately 66.8%[40] - Gold sales reached 4,952 ounces at an average realized price of $2,825 per ounce, compared to 4,061 ounces at $2,063 per ounce in the prior year[6] - Ruby Hill's gold revenue increased to $1,343,000 in Q1 2025 from $895,000 in Q1 2024, representing a growth of approximately 50.1%[40] - Granite Creek's gold ounces sold increased to 3,106 oz in Q1 2025 from 1,575 oz in Q1 2024, reflecting an increase of about 97.1%[40] Financial Losses and Cash Flow - The net loss for the quarter was $41.2 million, compared to a loss of $19.7 million in Q1 2024, primarily due to revaluation losses[7] - Cash used in operating activities was $22.7 million, a decrease from $25.2 million in the prior year[6] - The company has a cash balance of $13.5 million as of March 31, 2025, down $5.5 million during the quarter[6] Cost Management - Processing cost per processed ounce improved to $551/oz in Q1 2025 from $573/oz in Q1 2024, a decrease of about 3.8%[31] - Site G&A costs per processed ounce significantly reduced to $154/oz in Q1 2025 from $436/oz in Q1 2024, a decline of approximately 64.7%[31] - Capital expenditures for Q1 2025 were $63,000, a substantial decrease from $415,000 in Q1 2024, indicating a reduction of about 84.8%[31] Project Developments - The Granite Creek Underground project is expected to ramp up to steady-state gold output in the second half of 2025[4] - The company plans to ramp up Granite Creek's gold output to a steady state during the second half of 2025[36] - Approximately 15,000 feet of underground delineation drilling was completed at the Cove Project to enhance mineral resource estimates[12] - The permitting process for the Cove Project is on track, with approvals anticipated by the end of 2027[27] Strategic Initiatives - The company is advancing its recapitalization plan, including a $12 million prepayment agreement with Auramet International, Inc.[9] - i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth[34] Gold Price Trends - Average realized gold price increased to $2,833/oz in Q1 2025 from $2,097/oz in Q1 2024, reflecting a growth of about 35.2%[40] - Gold ounces sold decreased to 1,394 oz in Q1 2025 from 2,042 oz in Q1 2024, representing a decline of approximately 31.8%[31] Asset Valuation - The combined after-tax net present value of the five gold assets is approximately $1.6 billion at a 5% discount rate and $2,175 per ounce gold price[4]

Revenue and Sales Performance - Revenue for Q1 2025 was $14.0 million, a 66% increase from $8.4 million in Q1 2024, driven by higher gold ounces sold and a higher average realized gold price[89]. - Gold sales totaled 4,952 ounces at an average realized price of $2,825 per ounce, compared to 4,061 ounces at $2,063 per ounce in the prior year[91]. - Revenue for Q1 2025 was $14.0 million, a 67% increase from $8.4 million in Q1 2024, driven by higher gold ounces sold and a higher average realized gold price of $2,825 per ounce[135][136]. - Gold ounces sold in Q1 2025 totaled 4,952 ounces, compared to 4,061 ounces in Q1 2024, reflecting a significant increase in production[136]. - Average realized gold price per ounce sold rose to $2,825 in Q1 2025 from $2,063 in Q1 2024[183]. - The average spot price of gold in Q1 2025 was $2,862 per ounce, a 38% increase from $2,072 per ounce in Q1 2024[136]. Financial Performance - Net loss for the quarter was $41.2 million, compared to a net loss of $19.7 million in the prior year, with a loss per share of $0.10 versus $0.06[89]. - For Q1 2025, the company reported a net loss of $41.2 million, compared to a net loss of $19.7 million in Q1 2024[174]. - Adjusted loss for Q1 2025 was $23.6 million, slightly improved from an adjusted loss of $24.1 million in Q1 2024[184]. - Cash used in operating activities was $22.7 million, an improvement from $25.2 million in the prior year[91]. - Cash used in operating activities decreased to $22.7 million in Q1 2025 from $25.2 million in Q1 2024, primarily due to higher gross profit[175]. - Cash provided by financing activities increased to $18.3 million in Q1 2025, up from $17.3 million in Q1 2024, driven by an additional $2.5 million from the ATM program[176]. Production and Development - The company expects to extract between 30,000 to 40,000 ounces of gold in 2025, with Granite Creek underground contributing 20,000 to 30,000 ounces[99]. - Total mineralized material mined in Q1 2025 was 30,519 tonnes, a 140% increase from 12,702 tonnes in Q1 2024, with oxide and sulfide material grades at 11.89 g/t and 8.31 g/t respectively[115]. - The company processed 33,838 tonnes of mineralized material in Q1 2025, with 916 ounces sold from the Lone Tree heap leach facility[115][116]. - The company expects gold output to ramp up to steady-state during the second half of 2025, supported by additional dewatering infrastructure upgrades[115]. - The Lone Tree Autoclave refurbishment feasibility study is expected to be completed in Q4 2025, remaining central to the company's development plan[93]. - The Cove project is on track for permitting approvals by the end of 2027, with a draft plan submitted to the Bureau of Land Management[129]. Capital and Expenditures - Growth expenditures for 2025 are projected to be between $40 million to $50 million, focusing on permitting activities, feasibility studies, and development work[94]. - Capital expenditures for Q1 2025 were $378,000, a decrease from $461,000 in Q1 2024, focused on sustaining capital[135][137]. Agreements and Financing - A new Gold Prepay and Silver Purchase Agreement was entered into with National Bank for approximately 6,864 ounces of gold and 345,549 ounces of silver, with deliveries due by September 30, 2025[107]. - The company executed a working capital facility with Auramet International for $12 million, maturing in 12 months[92]. - The Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank on March 31, 2025, involving the sale of 6,864 ounces of gold and 345,549 ounces of silver[166]. - The Company issued 28.2 million common shares at a price of C$0.80 per share for gross proceeds of approximately $15.6 million on January 31, 2025[169]. - The company issued 4.3 million shares for gross proceeds of $2.5 million under the ATM program during the quarter[173]. - The company completed a private placement of 13.1 million shares at C$1.80 per share for gross proceeds of C$23.5 million in Q1 2024[173]. Assets and Liabilities - Cash and cash equivalents decreased by $5.5 million from $19.0 million at December 31, 2024 to $13.5 million as of March 31, 2025[145]. - Inventory increased to $24.0 million as of March 31, 2025 from $15.3 million at December 31, 2024, primarily due to the buildup of sulfide material[146]. - Total liabilities increased to $341.0 million as of March 31, 2025 from $315.0 million at December 31, 2024, driven by increases in the Gold Prepay and Silver Purchase Agreement derivative value[147]. - The Company’s total debt as of March 31, 2025 was $197.475 million, up from $191.397 million at December 31, 2024[153]. - As of March 31, 2025, the current portion of the Gold Prepay liability was $14.9 million and the embedded derivative was $17.9 million[162]. - The current portion of the Silver Purchase Agreement liability was $7.3 million with an embedded derivative of $15.5 million as of March 31, 2025[164]. - As of March 31, 2025, warrant liability increased to $6.6 million from $4.6 million as of December 31, 2024[172]. Risk and Credit Management - The trade receivable balance outstanding was $2.0 million as of March 31, 2025, down from $4.2 million on December 31, 2024, indicating a reduction in trade credit risk[196]. - The company has negligible credit risk associated with trade receivables due to a historical level of customer defaults being negligible[196]. - The company invests only in highly rated investment grade instruments with maturities of 90 days or less, ensuring negligible credit risk on cash and cash equivalents[196]. - The company has outstanding surety bonds amounting to $137.7 million for environmental reclamation and exploration permitting, secured by restricted cash[196]. Liquidity and Capital Needs - The Company plans to meet its liquidity requirements by deferring non-essential costs and will need to raise additional capital for both short-term and long-term needs[149].

Core Viewpoint - i-80 Gold Corp. has appointed Paul Chawrun as Chief Operating Officer, effective April 30, 2025, to enhance its leadership during a critical growth phase [1][2]. Company Overview - i-80 Gold Corp. is focused on becoming a mid-tier gold producer, leveraging its high-quality asset portfolio in Nevada, which is the fourth largest gold mineral resource holder in the state [5]. - The company is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth, utilizing a fully permitted central processing facility [5]. Leadership Appointment - Paul Chawrun brings over 30 years of experience in mining, with a strong background in gold mining operations, including roles at Centerra Gold and Teranga Gold [2][3]. - His previous achievements include overseeing safety and engineering improvements, operating cost reductions, and the successful transition of companies from single to multi-asset producers [2]. Strategic Vision - Chawrun expressed enthusiasm about i-80 Gold's project pipeline, highlighting its strategic location in a Tier-1 mining jurisdiction and the potential for significant growth [3]. - The company has already outlined substantial high-grade resources and aims to advance these assets through feasibility studies and into production [3]. Transition Details - Upon Chawrun's start date, Matthew Gili will resign as President and COO, with Richard Young assuming the role of President in addition to his current position as CEO [4].

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]