i-80 Gold (NYSEAM:IAUX) Conference Transcript

i-80 Gold Conference Call Summary Company Overview - Company: i-80 Gold (NYSEAM:IAUX) - Focus: Nevada-based mining company aiming to become a mid-tier gold producer through the development of four new mining operations [1] Key Points Production and Growth Plans - Current production is approximately 50,000 ounces of gold per year, with a growth plan to increase production to over 600,000 ounces within five years [2] - i-80 Gold holds the fourth-largest mineral resource in Nevada, with 6.5 million ounces of measured and indicated gold and 7.5 million ounces of inferred gold, along with 100 million ounces of measured and indicated silver [2] Project Development - The company is transitioning from Preliminary Assessments (PAs) to feasibility studies, expecting a one-to-one conversion of inferred to measured and indicated resources [3] - The development plan consists of three phases, each expected to double production [3] - The NAV (Net Asset Value) for five projects is estimated at $5 billion at a gold price of $3,000 [4] Mining Operations - Three high-grade underground mines are expected to produce between 150,000 to 250,000 ounces annually, with two having a mine life of over 10 years [4] - The flagship operation, Granite Creek, has a mine life of 17 years based on current resources [4] Financing and Capital - The company has raised approximately $800 million towards a target of $1 billion for the development plan, including a recent $500 million financing package [6] - Plans to call existing convertible debentures totaling $175 million and replace them with a new convertible debenture of a similar amount [7] Future Plans and Feasibility Studies - Two feasibility studies for Granite Creek and Cove are expected to be filed in the second quarter, with Archimedes' study anticipated in the first quarter of the following year [8] - The refurbishment of the Lone Tree project is budgeted at $400 million, with completion expected by the end of 2027 [9] Market Position and Valuation - Current market capitalization is approximately $2 billion on a fully diluted basis [9] - The NAV at a 5% discount rate is projected to be $5 billion at $3,000 gold, potentially doubling at current gold prices [10] Additional Insights Permitting and Regulatory Environment - i-80 Gold benefits from operating brownfield projects that have previously received regulatory approval, indicating a supportive permitting environment [15] - The company anticipates needing additional permits but is optimistic about the mining-friendly conditions in the U.S. [16] Workforce and Construction Challenges - The company has successfully hired experienced technical personnel to advance its development plans, indicating no current issues with contractor availability [19] - The industry in Nevada has shrunk over the past 30 years, leading to a pool of highly skilled labor available for projects [19] This summary encapsulates the key aspects of i-80 Gold's conference call, highlighting its production goals, project developments, financial strategies, and market positioning within the mining industry.