i-80 Gold Corp.

Hello, and thank you for joining us for IAD Gold's 2025 Third Quarter Conference Call and Webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of IAD Gold, Paul Chowran, COO, and Ryan Snow, CFO. Before we continue, please note that some of today's comments may contain foreign-looking statements, which involve risks and uncertainties. Actual results go deeper materially. I ask everyone to view slide two of the presentation, which is available on IAD Gold's website, to view the cautionary notes regarding the 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. I will now hand the call over to Richard.

Ludi, thank you very much, and hello, everyone, and thank you for joining us today. Looking at slide three, the third quarter marked another solid quarter of execution with visible progress toward the key milestones within our development plan that we launched one year ago today. We continue to advance towards our goal of creating a Nevada-focused mid-tier goal producer. At Granite Creek Underground, project ramp-up continues. mine grades and tonnages continue to reconcile well against the model. And groundwater is being managed with greater control thanks to the newly improved infrastructure installed in Q3, while we make progress on a permanent disposal solution, which is on track for the end of Q1 2026. As a result, We expect to meet our 2025 consolidated guidance of 30 to 40,000 ounces of gold. Importantly, gross profit continues to improve as we stabilize Granite Creek, moving from a loss a year ago to a small profit. Still a long way to go. On the development front, in September, construction commenced at Archimedes, as planned, which is an important milestone marking the start of our second underground mine. Startup activities and decline development are tracking very well. The lone tree plant refurbishment study is substantially complete. At the same time, drilling programs, technical studies, and permitting activities also progressed across the portfolio during the quarter, keeping us on track towards our key project milestones. The prize here is to realize the net asset valuation of the five gold projects as outlined in the most recent PAs, which indicate a total valuation of approximately $5 billion under a $3,000 gold price scenario. looking at slide four. I believe that a company's success depends on its people and culture. And this quarter, we continue to strengthen both. Beyond geology, Nevada's skilled workforce is a key reason it remains one of the best mining jurisdictions in the world. We've hired quality talent over the past three months in key roles from engineering, geology, construction management, to permitting and community engagement that will help drive project execution from the ground up. With our focus on long-term value creation, we continued with steps to further mature as a company. During the quarter, we advanced an initiative to refresh our mission, vision, and values, and establish a sustainability strategy with ERM, one of the leading sustainability firms in the field, based on our new development plan. In addition, we're in the process of expanding our focus on performance-based culture across the organization. All of these initiatives will be rolled out shortly, and they are very important as we look to attract and retain the best people in Nevada, to execute on our development plan. As IIT grows, we're building a company that reflects not only operational excellence, but the values that we stand for. We also continue to evaluate ways to accelerate value creation, such as the potential to bring forward a pre-fees or feasibility study on Mineral Point, our most valuable asset, to enable earlier permitting. That leads me to the recapitalization plan. We're engaged with a number of groups and remain confident that we'll secure a financing package by mid-2026 to support phase one and phase two of our development plan, as well as the engineering and permitting efforts required for phase three, which is Mineral Point. I'll now turn the call over to Paul to expand on the project updates. Paul?

Thank you and hello everybody. Turning to slide five. Operations at Granite Creek and Archimedes have made good advances over the quarter. There are many moving parts across the portfolio, but we continue to execute and de-risk the plan with the necessary work underway. At Granite Creek Underground, mining activities continued to ramp up during the quarter with increased access to mineralized material from ongoing stoke development, assisted by improvements to the dewatering infrastructure installed during the quarter. September was a particularly strong month for advancement of the main decline with record monthly development. Total mined ounces and tons continue to reconcile well on a level by level basis when compared to the current geological model. As we continue to ramp up operations, we continue to increase the drill density to improve ore control and the overall mining productivity. In the quarter, we mined approximately 15,000 tons of oxide mineralized material at a grade of about 9.8 grams per ton of gold. Note, we continue to encounter higher than anticipated high-grade oxide material at depth. We also mined approximately 20,000 tons of sulfide material at a grade of about 10.7 grams per ton plus an additional 15,000 tons of incremental low grade oxide material of just under three grams per ton of gold. Gold sold totaled 7,400 ounces and 16,400 ounces for the quarter and nine month period respectively. The stockpile of sulfide material, which is processed by a third party autoclave, was normalized by quarter end. Regarding the dewatering program, we've made significant progress and are now able to remove this from the underground workings as needed. A more reliable pumping system was commissioned during the quarter, enhancing operational efficiency and enabling more effective water management in the active mining areas. Of the two additional surface groundwater wells planned, one is now complete and we are currently drilling the second. To support long-term groundwater management and future operating stability, installation of a second, larger water treatment plant remains on track for completion at approximately the end of the first quarter of 2026. This plant is designed to enable the ultimate discharge of water to present it from re-entering into the underground workings. At Lone Tree and Ruby Hill, we continue recovering gold from the existing leach pads with a total of approximately 2,000 ounces recovered and sold in the third quarter. Moving to slide six. Drilling of the South Pacific Zone continues to progress well at Granite Creek Underground. Just under 10,000 meters of core drilling was completed by the end of the quarter from 20 of the 40 planned holes. As of today, we have completed 35 holes, but have added an additional seven holes to the program. As outlined in a press release in September, initial assay results from the first six holes confirm robust high-grade mineralization throughout the South Pacific Zone with several strong intercepts that confirm continuity and the potential for expansion to the north and at depth. The deepest and furthest step out hole intersected primary fault structures where expected and returned standout grades, including 33.6 grams per ton over 2.9 meters and 29.7 grams per ton over 3.6 meters. And overall, this intercept was over 21 meters at just over 10 grams per ton. A summary of the assay results are outlined in the September 10th press release available on our website. Encouraged by these results, drilling advanced beyond the current structural boundary, opening a new untested area to potentially expand the known mineralized areas. The program remains on track for completion in December of this year, supporting a feasibility study with an updated mine plan targeted for completion late in the first quarter of 2026. overall we're very excited with the turnaround progress and longer term potential at granite creek turning to slide seven things are off to a great start at archimedes underground in early september we received permits to the mine to mine the upper level above the 5100 foot elevation to initiate construction underground development is advancing above expectations reaching approximately 300 feet at the end of the third quarter and over 1,000 feet of drift advance as of early November. Work is underway on the geochemistry and hydrogeological technical studies required to secure permits below the 5,100-foot elevation. Beyond permitting and development, infill drilling commenced in the upper 426 zone the first week of November as planned. Initiation of drilling in the lower Ruby Deep Zone is scheduled for the second quarter of 2026. In total, the program comprises of over 175 holes and 55,000 meters of core, forming the basis of a feasibility study targeted for the first quarter of 2027. Next, let's turn to slide 8 to discuss the progress at the remaining projects. At Cove, over 40,000 meters of infill drilling was completed on a 30-meter spacing across the Gap and Helen zones. The results of this work delivered meaningful advances for the Cove project, which significantly strengthened our geological understanding to improve confidence and continuity in grade, improved understanding of the metallurgical response to optimize feed and gold recover in the autoclave, and positions Cove for a strong resource conversion from inferred resources to higher confidence categories. The feasibility study is progressing as planned with completion expected in the first quarter of 2026. Major permit applications are also underway in anticipation of an EIS process. Moving to slide nine. At Mineral Point, engineering work continues to progress to support permitting and define the timing of a pre-feasibility or feasibility-level study. Given the project's strong economics and potential valuation uplift, a review of the completed technical work is underway to assess opportunities to accelerate drilling and the timing of studies subject to available capital. Moving to slide 10. At Granite Creek open pit, the technical baseline work to advance the project towards pre-feasibility or feasibility study continues. An initial project narrative was provided to the regulatory authorities in the quarter to initiate field studies, and we anticipate an EIS process will be required. Geotechnical drilling and other field studies have been deferred into next year due to ongoing updates to the Granite Creek underground operating permits, which are a priority. As a result, we are currently reviewing new timing for study completion with a lens to optimize future growth plans. Granite Creek open pit remains a phase two opportunity with the potential to contribute to company-wide production towards the end of the decade. Turning to slide 11 for an update on the refurbishment of our lone tree plant. Early works progress is on track and the updated class three engineering study is substantially complete. The study updates an internal feasibility study that was completed in 2023 with design optimization and value engineering initiatives, includes a filtered TAILS system, updates cost estimates with significant detail as there are approximately 14,000 lines for the project controls, and a detailed execution plan completed jointly with our owner's team leadership. Overall, the results are largely in line with our expectations. and once finalized, we expect to share these results in the coming weeks. In the meantime, the Board approved a limited notice to proceed in the third quarter, allowing detailed engineering to begin and enable the procurement of long-lead equipment, which is progressing this quarter. The plant is permitted for the existing operational components in use. However, new and revised operating permits will be needed updated for the air, water, a new mercury abatement system, and revised closure plan that incorporates dry stack tails. The necessary environmental permit application are underway for the initiation of construction. A construction decision is anticipated in the second quarter of 2026, and a plant commissioning is targeting in the first goal port for the end of 2027. Restarting the lone tree autoclave is a cornerstone investment for the company, providing increased processing capacity, and higher anticipated margins for the high-grade material feed from our underground operations. And with that, I'll now pass it over to Ryan for a financial overview.