i-80 Gold Corp.

standby. We're about to begin. Good day. My name is Jennifer and I will be your conference operator today. At this time, I'd like to welcome everyone to the I-80 Gold Corp Q4 and year-end 2021 Financial and Operations Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during that time, simply press star then the number one on your telephone keypad. If you'd like to withdraw your question from the queue, please press star 2. This call is being recorded. Mr. Goulet, you may begin your conference.

Thanks, Jennifer. And thanks, everybody, for joining us this morning. We're really excited to be here to talk to you about what our plans are for the company and to talk about what was 2021 for us. Now, it's hard to believe that it's been almost a year since we've been trading. April 13th will be the first day that I-80 made its first trade, and in that time, We made several key acquisitions. We've secured financing from several partners. What I think is very important is we've also secured a team to execute on our plan and on our growth profile in the state of Nevada. So very focused Nevada expertise within the company. And we'll get into that in the next few slides. So on the call with me today, on slide two, is Ewan Downey. As I'm sure most of you know, he's the chief executive officer of the company. Also with me here in the room is Matt Geely, President and Chief Operating Officer, Ryan Snow, our Chief Financial Officer, and then obviously myself will be on the call as well. Going on to slide three, I encourage everybody to read the disclaimer page. We will be making forward-looking statements about the company, and I encourage you to read this in detail. On to slide four. Who is I-80? I-80 has been able to grow into a company with an extensive gold and silver resource in the state of Nevada, the third largest resource endowment in the state of Nevada. It's a low-risk jurisdiction. We have permits on most of our projects, and I think increasingly more and more with events going on in the world, having mining companies in safer jurisdictions is going to become more and more important as we grow our business. We've been able to obtain projects that will give us the pure best growth profile. We have the goal of building four mines in three years, all being processed at a centralized auto milling facility that will allow us to both control our own destiny and reduce our costs as we continue to grow our business. Now, going on to slide five, I'm going to pass it off to Ryan Snow, our CFO.

Thanks, Matt, and good morning to those listening. Yesterday, the company reported our full year 2021 results, and our financial statements and MD&A can be found on CDAR and the company's website. On slide five of the presentation, our fourth quarter highlights include completion of the Lone Tree asset swap with Nevada Gold Mines, whereby we exchanged our 40% interest in South Arturo for Lone Tree. This exchange resulted in a one-time after-tax gain of $106.7 million, resulting in $0.60 basic earnings per share. During the quarter, the company also completed the acquisition of the Ruby Hill mine. In the fourth quarter, the company closed a private equity placement for gross proceeds of $81 million and completed the financing package with Orion and Sprott, adding an additional $60 million in cash to the company's balance sheet. In addition to these financial highlights, the company continued pre-development work at Granite Creek, including mine rehabilitation and ramp development. Moving to slide six, the company's full year highlights included completion of $228.9 million in financings, and a further $75 million will be funded imminently under the gold prepay and silver purchase and sale agreements with Orion. The company completed three transactions in the year, positioning the company to execute an aggressive growth plan in the near term. These transactions include the previously mentioned asset swap with Nevada Gold Mines, that includes an autoclave at the Lone Tree Complex, the Ruby Hill acquisition in October, and the Granite Creek acquisition in April. At Granite Creek, the exploration drill program in 2021 produced the discovery of the high-grade South Pacific Zone, and Ewan will walk through details of this zone later in the presentation. The company ended the year with a cash balance of $87.7 million and had an additional $30.8 million in restricted cash. As stated earlier, the company expects to fund the gold prepay and silver purchase and sale agreement eminently, adding $75 million to the cash balance. On slide seven, the 2021 financial results of the company were highlighted by the one-time non-cash gain on the Lone Tree asset swap of $106.7 million net of tax, resulting in net income of $88.2 million, or $0.60 per share. Included in the net income is $11.6 million, in income from discontinued operations related to South Arturo. As a result of the asset swap described earlier, we've accounted for our 40% interest in South Arturo as a discontinued operation. Net income for 2021 was driven primarily by the gain on the Lone Tree Asset Exchange, offset by increased exploration expenditures at Granite Creek and Ruby Hill, and the non-cash impact of revaluing the outstanding warrants of the company. During the year, the company used $22.5 million in cash flow relating to operating activities and continuing operations, and ended the year with $87.7 million in cash and $30.8 million in restricted cash. Looking forward, as I mentioned earlier, we completed $228.9 million of financings in 2021, and a further $75 million will be funded imminently with Orion Mine Finance. The financing package also includes the ability to access an additional $100 million via accordion features. With these financing initiatives completed, the company will be well-funded to advance our operating plans.