i-80 Gold Corp.

Hello and thank you for joining us for IAD Gold's 2025 second quarter conference call and webcast. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press zero for the operator. This call is being recorded today on Wednesday, August 13th, 2025. Presenting on the call are Richard Young, President and Chief Executive Officer of I-80 Gold. Paul Chowron, Chief Operating Officer. And Ryan Snow, Chief Financial Officer. Before we continue, please note that some of today's comments may contain forward-looking statements which involve risks and uncertainties. Actual results could differ materially. I ask everyone to view slide two of the presentation, which is available on I-80 Gold's website, to view the cautionary notes regarding forward-looking statements made on this call. and the risk factors related to these statements. Following today's formal presentation, we will open up the call to your questions. Now, over to Richard.

Well, thank you, Michael, and good morning, and thank you for joining us today. Let's start with slide three. The second quarter was pivotal for the company. In May, we complete an equity raise that marked a major step in our recapitalization plan, strengthening our balance sheet, improving liquidity, and positioning the company to advance the development plan we announced last November. The financing allows us to, one, advance technical studies, including feasibility studies, and the Class III engineering study for the Lone Tree autoclave processing facility. Two, move forward with underground development at Archimedes. Three, initiate infill drill programs. And four, continue permitting work across all five goal projects in the portfolio. Also during the second quarter, Paul Chowron joined the team as our new chief operating officer. Paul has decades of operating experience and deep technical knowledge, a perfect fit for the technical work ahead. In just over three months, Paul has taken a key role in managing various work streams, identifying opportunities for improvement, and pinpointing areas needing additional focus and personnel as we grow. We have a lot going on across the board. The opportunities within this pipeline of assets provide a clear path to establishing I-80 as a Nevada-focused mid-tier gold producer. Turning to slide four. Slide four demonstrates a clear three-phase buildup in average annual target production to over 600,000 ounces of gold by the early 2030s. To get there, we are prioritizing the development of our high-grade underground projects during the first phase, starting with Granite Creek Underground and Archimedes, alongside the refurbishment of the Lone Tree autoclave to serve as a central processing hub. During this first phase, average annual gold production is expected to increase from less than 50,000 ounces per year to a target of 150 to 200,000 ounces by 2028. Shortly thereafter, phase two plans for the introduction of Cove Underground and Granite Creek Open Pit, which are expected to increase gold production to between three and 400,000 ounces of gold by 2030. Phase three marks the biggest step change when Mineral Point comes online driving production beyond a target of 600,000 ounces per year by 2032. Mineral Point Open Pit is a large heap leach project similar to a number of the large scale operating mines in Nevada. Achieving this scale of organic growth on our timeline is unique. We feel this is one of the best organic growth stories in the industry, and it's in Nevada. And now I'll turn the call over to Paul.

Thank you, Richard, and hello to everybody. So turning to slide five. During my first three months with I-80, I've had the chance to evaluate our operations and development projects. to determine their technical status, additional work required, and to identify opportunities to optimize execution, ramp up of personnel, and potentially accelerate timelines. Some initial observations stand out. We have a solid geological understanding of our assets, underpinned by high-grade resources with meaningful growth upside. The supporting technical work required is relatively low risk, positioning us well to advance our projects with confidence. We have a significant resource base with 6.5 million ounces of measured and indicated gold resources and 7.5 million ounces of inferred resources following prior years of extensive drilling. And as well, approximately 100 million ounces of silver in each of the two categories. The 2025 drill program is progressing well with a focus on infill drilling to advance technical studies. Next, we have access to a deep bench of experienced operating and technical mining talent. Our team brings decades of technical and operating experience from other major mining operations in Nevada. Recently, we have hired additional personnel in Reno and at the operations to execute on our growth plan. Next, we have industry-leading environmental health and safety systems and controls. And lastly, I-80 has an established presence in the local community and trusting relationships with regulatory agencies, creating pride and commitment within our workforce. Moving to slide six for a look at Granite Creek Underground. Mining volumes during the second quarter were ahead of the prior year period. We mined approximately 24,000 tons of oxide mineralized material at a gold grade of 11.4 grams per ton, and approximately 11,200 tons of sulfide material at a gold grade of 7.4 grams per ton, plus an additional 16,000 tons of incremental low-grade oxide material at a gold grade of 3 grams per ton. For the quarter, Just under 6,000 ounces of gold were sold, of which approximately a quarter of the ounces were leached and sold from the Lone Tree Heap Leach Facility. Approximately 28,000 tons or 7,000 ounces of sulfide mineralized material were stockpiled for processing at a third-party facility. We are encountering higher than expected levels of oxide mineralized material at Granite Creek Underground compared to our March 2025 On the dewatering program, the team has shifted to a more proactive long-term approach and continues to upgrade the infrastructure. These upgrades include the planned installation of two additional surface dewatering wells, which is one more than initially planned at the beginning of the year, based on the new predictive groundwater model. It includes expansion of the water treatment facility and upgrades to the existing underground water management infrastructure. We expect groundwater inflows to remain at or near the current ingress rates for the foreseeable future. However, by installing these mitigation measures, water inflows are not expected to impede our development planning for the long term. With the property watering infrastructure in place, continued drilling, further technical work over the next six to 12 months Granite Creek has the potential to be an excellent asset for us. At Lone Tree and Ruby Hill, we continue recovering gold from the existing leach pads with approximately 2,400 gold ounces recovered and sold in the second quarter. Company-wide, we expect to extract between 30,000 to 40,000 ounces of gold in 2025 in line with guidance. This includes 20,000 to 30,000 ounces of gold from Granite Creek and approximately 10,000 ounces from the heat bleach pads. At Granite Creek Underground, we completed the underground exploration drift, providing access for infill drilling in the prospective South Pacific Zone. We currently have a total of two rigs underground and three at surface, with more than 40 holes planned for a total of approximately 46,000 feet. The program is designed to upgrade the mineral resource and form the basis for the upcoming feasibility study planned to be completed for the first quarter of 2026. Next, let's turn to slide 7 for an update on our second planned underground mine. At Archimedes, the upper level permitting is nearly complete. which covers mining activities above the 5,100-foot level, while we focus on geochemistry and technical studies to support permitting needed for the lower levels. With surface infrastructure to support the portal now complete, development of the underground exploration drift is scheduled to commence in the next several weeks. Infill drilling of the upper zone is expected to start in the fourth quarter, followed by the lower zone in Ruby Deeps by the first quarter of 2026. In total, the program will comprise of over 175 holes and 197,000 feet, with results feeding into a feasibility study targeted for the first quarter of 2027. With Archimedes progressing well, let's turn to slide 8 for the status on Cove. At Cove, we're actively advancing major permit applications in anticipation of an EIS, which is planned for completion by the end of 2027. Following the completion of a 145,000 foot infill drilling campaign completed in the first quarter, we now plan to provide an updated mineral resource estimate this quarter, followed by a feasibility study target for the first quarter of 2026. It is important to note that the current mineral resource estimate for Cove does not yet include drilling completed in recent years. Results to date have been encouraging and are consistent with traditional Nevada Carlin-style mineralized systems, meaning generally high conversion rates of resources to reserves. Turning to slide nine for a look at our Lone Tree processing facility. Lone Tree's plant and autoclave refurbishment study is expected in Q4. The refurbishment is highly achievable due to the low amount of construction hours, minimal long lead equipment, and strong local contractors available in northern Nevada. In addition, engineering is being completed by Hatch, an industry leader in autoclave plant technology. Recruitment of the owner's team is also underway to oversee the engineering and execution, and we are reviewing the schedule for early works opportunities to accelerate the timeline. Commissioning the lone tree plant provides processing capacity of refractory material fed directly from our operations. It increases the payability on refractory material from a range of 55% to 60% up to approximately 92% recovery, which translates to a range of approximately an additional $1,000 per ounce versus toll milling, depending on the grades processed and the price of old. For this reason, Lone Tree is a cornerstone of our plan and is being prioritized. Now looking at slide 10. Drilling at Mineral Point Open Pit began in June with two surface core rigs completing approximately 5,800 feet to collect baseline technical data supporting initial permitting and the next phase of technical studies. Strategic reviews of the technical work completed to date are currently underway to determine the timing of a pre-feasibility or feasibility level study.