Core Insights - i-80 Gold Corp. announced a mineral resource update for its FAD Project, confirming high-grade mineralization of gold, silver, lead, and zinc [1][4][5] - The FAD Project is located in a prolific mining area in northeastern Nevada and is considered a non-core asset, potentially available for sale to support the company's recapitalization objectives [4][5][19] Mineral Resource Update - The updated mineral resource estimate includes: - Indicated Mineral Resource: 594 kt at 4.51 g/t Au, 209.7 g/t Ag, 4.34% Pb, and 6.77% Zn, containing 86 koz Au, 4.0 Moz Ag, 57 Mlb Pb, and 89 Mlb Zn [5][6] - Inferred Mineral Resource: 2,736 kt at 5.07 g/t Au, 188.6 g/t Ag, 3.69% Pb, and 4.42% Zn, containing 446 koz Au, 16.6 Moz Ag, 223 Mlb Pb, and 267 Mlb Zn [5][6] - The total mineralized material at spot prices is approximately 7,360 kt, containing 895 koz Au, 31 Moz Ag, 408 Mlb Pb, and 680 Mlb Zn [17][18] Geological and Metallurgical Insights - The FAD deposit is characterized as a mid-Cretaceous gold-rich carbonate replacement deposit, primarily hosted by the Eldorado dolomite [27][28] - Preliminary metallurgical tests indicate the presence of critical metals such as gallium and indium in the zinc concentrate, with average grades of 126.0 g/t and 122.5 g/t, respectively [26][24] - The project has potential for additional drilling to further enhance resource estimates and validate historical data [4][5] Project Background and Acquisition - The FAD Project was acquired in 2023 through the purchase of Paycore Minerals Inc. for approximately US$88 million [5][19] - Historical exploration efforts have included significant drilling and development work, with the property consisting of 75 unpatented and 110 patented mining claims [22][20] Strategic Focus - The company is concentrating on advancing its five core gold projects and refurbishing the Lone Tree central processing facility, aiming to establish itself as a mid-tier gold producer in Nevada [4][31][35] - The FAD Project, while presenting significant upside potential, is not a primary focus and may be sold to support the company's broader strategic objectives [4][5]

Core Insights - i-80 Gold Corp. announced a mineral resource update for its FAD Project, confirming high-grade mineralization of gold, silver, lead, and zinc [1][4][5] - The FAD Project is located in a prolific mining area in northeastern Nevada and is considered a non-core asset, potentially available for sale to support the company's recapitalization objectives [1][4][5] Mineral Resource Update - The updated mineral resource estimate includes an Indicated Mineral Resource of 594,000 tonnes at grades of 4.51 g/t Au, 209.7 g/t Ag, 4.34% Pb, and 6.77% Zn, containing approximately 86,000 ounces of gold and 4.0 million ounces of silver [5][6] - An Inferred Mineral Resource of 2,736,000 tonnes at grades of 5.07 g/t Au, 188.6 g/t Ag, 3.69% Pb, and 4.42% Zn, containing approximately 446,000 ounces of gold and 16.6 million ounces of silver was also reported [5][6] - The total mineralized material at spot prices is approximately 7,360,000 tonnes, containing 895,000 ounces of gold and 31 million ounces of silver [5][17] Project Potential - The FAD Project has significant upside potential due to its high-grade nature and remains open at depth, with additional drilling expected to enhance resource estimates [4][5] - The project is situated in a tier-one mining jurisdiction, which could provide substantial exposure to high-grade polymetallic mineralization [4][5] Historical Context - The FAD Project was acquired in 2023 through the purchase of Paycore Minerals Inc. for approximately US$88 million [5][19] - Historical exploration has been conducted on the property since the mid-20th century, with significant work completed by Hecla Mining Company [20][21] Metallurgical Testing - Preliminary metallurgical tests indicate the presence of critical metals such as gallium, indium, antimony, and tin in the zinc concentrate, enhancing the project's value [5][26] - The average net smelter returns are approximately $430 per tonne for the indicated resource and $442 per tonne for the inferred resource [5][6] Company Strategy - The company is focused on advancing its portfolio of five core gold projects and refurbishing the Lone Tree central processing facility to establish itself as a mid-tier gold producer [4][5][35] - The FAD Project, while non-core, presents an opportunity for monetization through potential sales or further development [4][5]

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]

Financial Data and Key Metrics Changes - The company aims for over 500,000 ounces of gold in annual production by the early 2030s, with total resources of approximately 14 million ounces, including 6.5 million in measured and indicated categories [1][2] - The net present value (NPV) of projects at a gold price of $2,175 is $1.6 billion, which increases to $4.5 billion at a price of $2,900, indicating significant leverage to gold prices [5] Business Line Data and Key Metrics Changes - The company operates three high-grade underground operations with about 3.5 million ounces at an average grade of 8.5 grams per ton, and two open pit operations with significant resources at Granite Creek and Ruby Hill [2][3] - Phase one production is expected to yield 150,000 to 200,000 ounces annually from Granite Creek and Archimedes, while phase two will increase production to 300,000 to 400,000 ounces with the addition of Cove and Granite Creek open pit [4][5] Market Data and Key Metrics Changes - The company is positioned in a Tier 1 mining jurisdiction in Northern Nevada, being the fourth largest mineral resource holder in the state [1] - The focus on high-grade operations and a scalable multi-asset model positions the company favorably in the competitive gold mining market [4] Company Strategy and Development Direction - The company is establishing a phased approach to production, with a central processing facility at Lone Tree and plans for refurbishing an autoclave to enhance processing capabilities [2][18] - Future projects include significant drilling and feasibility studies, with a focus on optimizing resource extraction and expanding existing deposits [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of their projects, citing the need for additional drilling to improve project economics ahead of feasibility studies [6][10] - The company anticipates production starting in the second half of 2026 for the Archimedes project, with ongoing construction and exploration efforts [9][10] Other Important Information - The company has completed over 40,000 meters of infill drilling at Cove, with expectations of upgrading resources and further exploration [17] - The autoclave refurbishment is crucial for reducing reliance on third-party toll milling, significantly increasing payability from 55%-60% to around 92% [18] Q&A Session Summary Question: What is the timeline for production at the Archimedes project? - Production is expected to start in the second half of 2026, with construction currently underway [9] Question: How does the company plan to enhance its processing capabilities? - The refurbishment of the autoclave will allow the company to control its processing and increase payability significantly [18] Question: What are the expectations for resource upgrades at Cove? - The company anticipates successful upgrades from ongoing infill drilling and further exploration in the future [17]

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]