i-80 Gold Corp.

Good morning, my name is Ludi and I'll be your conference operator today. At this time, I would like to welcome everyone to the IAT Gold Corp. 4th Quarter and Full Year 2023 Financial and Operating 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 would like to ask a question during this time, simply press the star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, please press the star followed by the number two. Thank you. Mr. Downey, you may begin your conference.

Hi, and thank you for attending today's Q4 and year-end 2023 Financial and Operating Results presentation. On the second slide of the presentation, the people who are attending on behalf of the company are myself, the CEO, Matt Gilley, the present Chief Operating Officer, Ryan Snow, our CFO, and Matt Golat, Executive Vice President. At the end of the presentation, we will take a few questions. We've got another commitment shortly after it ends, so we will only be taking two or three, but as always, people can contact the company if they have any further questions. Slide three is our standard disclaimer statement. I urge everybody to read it. prior to or in conjunction with this presentation today. On slide four, 2023, despite the challenging market conditions, was the year that we realized numerous achievements. The Ruby Hill property was consolidated through the acquisition of Paycor that secured 100% of the high-grade FAD deposit. That is expected to be one of the highest grade polymetallic deposits, if not the highest grade polymetallic deposit in our portfolio once we bring it to 43-101 resource. We completed more than 60,000 meters of drilling to increase the quality of our mineral resources and also to expand mineralization, and we realized significant success in those exploration and expansion programs. We also completed nearly 4000 meters of underground development as we continue to do the test mining program at Granite Creek. And we also secured a long term dewatering strategy that included the installation of a new deeper well to enhance our dewatering capabilities there. that will allow us to progress to develop the south pacific zone that is expected to become the primary deposit in that at that project we also were able to secure in the difficult market sufficient capital to advance our strategy to become the second largest producer in the state of nevada the The realization of a joint venture, we announced during the year our intention to bring in a partner to assist in the advancement of the Ruby Hill project. That was done partially to assist with our financing capabilities and also a partner who can assist when it comes to polymetallic mineralization. That partnership agreements are actively being advanced and we expect that partnership to be announced during the second quarter of this year. The exploration success we had at all projects was, in my opinion, very significant. The reconciliation in the definition drilling both at McCoy Cove and at Granite Creek has been quite exceptional. We'll be touching on that in our upcoming slides. The delineation of the expansion in the Hilltop target at Ruby Hill that remains wide open saw some of the best results we released as a company to date. And we also demonstrated that both the FAD deposit and the Blackjack deposits are also wide open for expansion. and we get to Ruby Hill, I'll also talk about a single hole we drilled for the expansion of gold that intersected a very significant intercept. So with that, I'm going to hand over the next few slides to our Chief Financial Officer, Ryan Snow, to talk about the gold we did sell. We haven't yet declared commercial production. We are still doing additional drilling to firm up reserves. and with that we expect to ultimately deliver our first feasibility study on granite creek and also the the announcement of full production for that site so with that i'll hand it over to ryan thanks ewan yesterday after market closed the company reported our financial statements in mdna for the fourth quarter and full year of 2023 they can be found on cedar edgar and our website

On slide five of the presentation, we provide a graph of our production and sales by quarter for the year. This production is from residual leaching activities at both Ruby Hill and Lone Tree and the oxide material on leach from Granite Creek that we have produced and sold. In addition, in the fourth quarter, we sold 29,512 tons of sulfide mineralized material from Granite Creek containing approximately 7,700 ounces. Sales were 11,049 ounces for the quarter. and 22,312 ounces for the year, including the sulfide mineralized material. As discussed in the Q3 update, the company saw a significant increase in gold sales in Q4 related to the sale of the sulfide material. In addition to the gold ounces sold, the company sold 31,711 tons of mineralized material under the ore purchase agreement in the quarter, bringing the year-to-date total to 54,421 tons of mineralized material sold. These sales generated revenue of $6.5 million and $13.8 million respectively. Additional highlights on slide six of the presentation show our revenue for the quarter of $25.8 million, bringing year-to-date revenue to $54.9 million. The company generated mine operating income of $2.6 million for the fourth quarter, reducing the year-to-date mine operating loss to $5.1 million. The mine operating losses year-to-date were primarily the result of write-downs of leech pad inventory at both Ruby Hill and Lone Tree, totaling $9.9 million. The company reported a net loss for the quarter of $31.9 million, or $0.11 per share. When adjusted for the impact of mark-to-market losses on the company's convertible debt, outstanding warrants, gold prepay, and silver purchase and sale agreements, the loss was $21.5 million, or $0.07 per share. For the year, the company was in a loss position of $65.2 million or $0.24 per share, and when adjusted for the items previously mentioned, reported adjusted loss for the year of $86.9 million or $0.32 per share. During the quarter, the company continued to invest in exploration, evaluation, and pre-development, with $8.8 million invested, bringing the total 2023 investment to $38.9 million. This investment continued to produce many great assay results, a summary of which were provided in our press release yesterday and will be touched on later in this call. Slide 7 of the presentation highlights the company's liquidity position. In 2024, the company raised sufficient capital to advance our strategy. We made the first, second, third, and fourth contingent payments related to the acquisition of Ruby Hill, totaling $47 million, of which approximately half was cash. And we ended the year with $16.6 million in cash, $44 million in restricted cash, and had an inventory balance of 11.4 million. Finally, I'd like to point out that the subsequent to year end, the company completed a private placement of shares totaling approximately 23 million Canadian dollars.