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 due to higher ounces sold and a higher average realized gold price of $3,412 per ounce [16] - 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 investments [17] - Gross profit swung from a loss in 2024 to a gain in 2025, marking a roughly $24 million increase, with the third quarter being the fourth consecutive quarter of gross profit [17] 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 20,000 tons of sulfide material at a grade of about 10.7 grams per ton were also mined [7] - Gold sold totaled 7,400 ounces for the quarter and 16,400 ounces for the nine-month period [7] - At Lone Tree and Ruby Hill, approximately 2,000 ounces were recovered and sold from existing leach pads in the third quarter [8] Market Data and Key Metrics Changes - The company continues to trade at a deep discount to comparable developers despite a significant resource base, indicating potential for market recognition of its value [22] Company Strategy and Development Direction - The company aims to create a Nevada-focused mid-tier gold producer, with ongoing projects at Granite Creek and Archimedes, and plans for a recapitalization to support phases I and II of its development plan [2][6] - A sustainability strategy is being established in collaboration with a leading firm, reflecting the company's focus on long-term value creation [4] - The company is evaluating ways to accelerate value creation, including a potential pre-feasibility study on Mineral Point [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the development plan and unlocking the value of its resource base as it moves into 2026 and 2027 [38] - The company is optimistic about achieving steady-state production at its first mine and commencing production at its second mine, Archimedes, while completing feasibility studies for multiple projects [21] Other Important Information - The company closed the quarter with a cash balance of approximately $103 million, a decrease from the previous quarter due to development spending [18] - A construction decision for the Lone Tree plant is anticipated in the second quarter of 2026, with commissioning targeted for the end of 2027 [15] Q&A Session Summary Question: Where is the company currently mining and when will it start mining from the longer levels in the South Pacific Zone? - The company is mostly in the OG Zone now and has started the upper zone of South Pacific, expecting to be around 60% South Pacific and 40% OG Zone next year [25] 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 once close to commissioning [28] Question: Regarding the recapitalization plan, is there a reconsideration of divesting the non-core FAD asset? - The company is aware of the high-grade resource but will not be able to develop it until the end of the 2030s or early 2040s, and is evaluating options for fair value [32] 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 about $175 million expected to be spent in 2026, and Archimedes' development is expected to be around $40 million [33]

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 due to higher ounces sold and a higher average realized gold price of $3,412 per ounce [16][17] - 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 investments [17] - Cash used in operating activities was approximately $15 million, a decrease from about $24 million in the prior year, attributed to higher gross profit and working capital [17][18] - The company closed the quarter with a cash balance of approximately $103 million, a decrease from the previous quarter due to development spending [18] 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 g per ton, and 20,000 tons of sulfide material at a grade of about 10.7 g per ton were also mined [7][8] - Gold sold totaled 7,400 ounces for the quarter and 16,400 ounces for the nine-month period [7] - The Lone Tree plant refurbishment study is substantially complete, with a construction decision anticipated in the second quarter of 2026 [15] Market Data and Key Metrics Changes - The company continues to trade at a deep discount to comparable developers despite a significant resource base, indicating potential for market recognition of its value [22] Company Strategy and Development Direction - The company aims to create a Nevada-focused mid-tier gold producer, with ongoing projects including Granite Creek and Archimedes [2][3] - A recapitalization plan is in progress, with expectations to secure a financing package by mid-2026 to support various phases of development [5][19] - The company is evaluating ways to accelerate value creation, including a potential pre-feasibility study on Mineral Point [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 they move into 2026 and 2027 [38] - The company is entering a transformational period with major milestones expected over the next 12-18 months, including steady-state production at the first mine and commencement of production at the second mine [21] Other Important Information - The company has made significant progress in hiring skilled talent across various roles to support project execution [4] - The installation of a second, larger water treatment plant is on track for completion at the end of Q1 2026 to support long-term groundwater management [8] 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 in the OG Zone now and expects to be around 60% in the South Pacific Zone next year, with more focus on South Pacific in the long term [25] Question: What steps are 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 they approach commissioning [28] Question: Regarding the recapitalization plan, is the company reconsidering the divestment of the non-core FAD asset? - The company is aware of the high-grade resource but will not be able to develop it until the end of the 2030s or early 2040s; they are evaluating all options for recapitalization [32] 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 about $175 million expected to be spent in 2026, and Archimedes' development is expected to be around $40 million [33]

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]

Operational Progress - Granite Creek underground development saw mined grades and tonnage reconcile well with the geological model, with improved groundwater management[16] - Archimedes underground construction commenced on time, marking the start of the company's second planned underground mine[16] - The company expects to meet its 2025 consolidated guidance of 30,000 to 40,000 ounces of gold[16] - Approximately 15,000 tonnes of oxide material at 9.8 g/t Au and approximately 15,000 tonnes of 2.95 g/t, along with approximately 20,000 tonnes of sulfide material at 10.7 g/t Au were mined at Granite Creek[23] - At Archimedes underground, development reached over 1,000 feet of drift advance as of early November[32] - Approximately 41,000 meters of infill drilling were completed at Cove underground across the Gap and Helen zones[35] Financial Highlights - Revenue reached $32.019 million for the three months ended September 30, 2025, compared to $11.509 million for the same period in 2024[45] - Gross profit was $3.118 million for the three months ended September 30, 2025, a significant improvement from a loss of $4.920 million in the same period of 2024[45] - The company reported a net loss of $41.867 million, or $0.05 per share, for the three months ended September 30, 2025[45] - The company's cash balance was approximately $103 million at the end of the quarter[46] Recapitalization and Future Plans - Approximately $200 million was raised through bought-deal and private placements in 2025[48] - The company is targeting $350 million - $400 million in financing[48]

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]

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]