i-80 Gold (NYSEAM:IAUX) 2025 Conference September 10, 2025 03:15 PM ET Company ParticipantsRyan Snow - CFORyan SnowHey Jill, thanks everyone for being here this afternoon. I'm excited to be here and share with you the growth story that is i-80 Gold. I'll give a broad overview of the company, and then we'll jump into some exploration and drilling details across our projects. Just a cautionary disclaimer: there will be forward-looking statements. I'd encourage you to visit our website for more information. Al ...

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].

Company Overview - Aris Mining Corporation was founded in September 2022 with a focus on becoming a leading gold mining company in Latin America, emphasizing production, cash flow generation, and transformational growth through asset expansions and exploration projects [3] - The company operates two underground gold mines in Colombia: Segovia Operations and Marmato Complex, which produced a total of 210,955 ounces of gold in 2024 [4] Recent Developments - The successful commissioning of a second mill at Segovia Operations in June 2025 has increased processing capacity by 50%, from 2,000 tonnes per day (tpd) to 3,000 tpd [7] - Milling rates have significantly increased, averaging 2,415 tpd in July and August 2025, compared to 1,971 tpd in the first half of 2025 [7] - Year-to-date gold production at Segovia as of August 31, 2025, totals 141,893 ounces, with 42,817 ounces produced in July and August [7] Production Goals - Aris Mining is on track to meet its full-year 2025 production guidance of 230,000 to 275,000 ounces of gold [2] - The company aims for an annual production rate exceeding 500,000 ounces of gold following the ramp-up of the second mill and the construction of the Bulk Mining Zone at the Marmato Complex, expected to start production in H2 2026 [4] Strategic Initiatives - Aris Mining is actively pursuing partnerships with Colombia's small-scale mining sector to promote safe, legal, and environmentally responsible operations that benefit local communities [5] - The company operates a 51% owned joint venture at Soto Norte, which has completed a Preliminary Feasibility Study (PFS) confirming it as a high-quality, long-life project with strong economics [4]

Core Insights - Aris Mining Corporation (ARMN) has commissioned a second processing mill at its Segovia Operations in Colombia, increasing processing capacity by 50% to 3,000 tons per day, positioning the company to meet its 2025 production target of 230,000-275,000 ounces [1][7] Production Performance - Segovia Operations experienced a 12% year-over-year increase in production, reaching 99,076 ounces in the first half of 2025, contributing to a total gold production of 113,415 ounces for ARMN, which is a 13% increase year-over-year [2][7] - The production for 2025 is expected to be weighted towards the second half, reflecting the ramp-up of the expanded Segovia mill [3] Industry Comparison - B2Gold Corp. (BTG) reported a consolidated gold production of 192,752 ounces for the first quarter of 2025, down approximately 10% year-over-year, while AngloGold Ashanti plc (AU) saw a 22% year-over-year increase in gold production to 720,000 ounces [4][5] Stock Performance and Valuation - ARMN's shares have surged 110.3% year-to-date, outperforming the Zacks Mining – Gold industry's rise of 57.3% [6][7] - The forward 12-month earnings multiple for ARMN is 4.2, which is about a 66.7% discount to the industry average of 12.63X, indicating strong valuation potential [10] Earnings Estimates - The Zacks Consensus Estimate for ARMN's earnings in 2025 and 2026 suggests a year-over-year increase of 264.7% and 73.8%, respectively, with EPS estimates trending higher over the past 60 days [9]