i-80 Gold (NYSEAM:IAUX) 2025 Conference Transcript

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]