i-80 Gold Corp.

Hello and thank you for joining us for IAD Gold's 2025 Fourth Quarter and Full Year Results Conference Call and Webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of IAD Gold, Paul Sharon, COO, and Ryan Snow, CFO. Before we continue, please note that today's comments may contain forward-looking statements, which involve risks and uncertainties. Actual results could differ materially. I ask everyone to refer to 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 the call to your questions. I will now hand the call over to Richard. Please go ahead.

Well, thank you, Joanna, and hello, and thank you for joining today, starting with slide three. In 2025, we made significant progress advancing our development plan and recapitalizing the company's balance sheet towards our goal of creating a mid-tier gold producer. From an operating standpoint, we achieved our 2025 production guidance with consolidated gold output of just under 32,000 ounces that would have been at the higher end of the range had we not had to build up an inventory at the end of the quarter, and Ron and Paul will talk about that in a few minutes. Our production does continue to ramp up as Granite Creek ramps up. In parallel, we advance drilling, technical studies, and permitting across our portfolio of projects during the year. keeping us on track towards delivering on key project milestones in our development plan. Real results, particularly at Granite Creek, were highly encouraging and support our decision to expand the infill and resource expansion programs in 2026. From a development perspective, we began construction of Archimedes, the company's second underground mine. We also capped off the year with the completion of the engineering study for the refurbishment of the lone tree process plant, which remains the cornerstone asset in our hub and spoke strategy to process material from our three underground mines. The board has approved the notice to proceed to Hatch Engineering for the full $400 million loan tree refurbishment. We also executed on a series of recapitalization initiatives and subsequent to year-end secured a financing package of up to $500 million. The recapitalization is transformational for us as it allows us to advance our development plan unencumbered by the balance sheet. Importantly, the capital that was raised was secured with top-tier financial partners, including Franco Nevada, National Bank of Canada, and Macquarie, who all share our long-term vision for the company and follow extensive due diligence. Their participation is a testament to the quality of our projects, our team, and our execution plan. And now I'd like to turn the call over to Paul for a detailed update on that development work. Paul.

Thank you and hello everybody. Turning to slide four. Operations and development work progressed well over the quarter with mining at Granite Creek and advancement rates at Archimedes performing better than planned. We continue to increase our bench strength by hiring talented personnel in the key areas essential to execute on our growth plan, such as geology, mining and metallurgical engineering, as well as supply chain, community relations, and the Lone Tree Project owners team. I'm also pleased to report we achieved our safety performance targets, finishing the year with an improved TRIFR of 0.62, including an incident-free fourth quarter. At Granite Creek Underground, mining activities continued to ramp up due to reduced water-related impacts to mine operations, adjustments to the mine sequencing, and the delineation of additional high-grade areas through short-term drilling that were not included in the original resource model. As a result, we mined more mineralized material for the fourth quarter and the full year period year over year. In the fourth quarter, we mined just over 41,000 tons of high-grade mineralized material, including approximately 15,000 tons of high-grade oxide material at a grade of 11.19 grams per ton gold, approximately 26,000 tons of high-grade sulfide material at just over 9 grams per ton gold, plus an additional 19,000 tons of incremental low-grade oxide material at just over 3 grams per ton gold. For the year, we mined approximately 142,000 tons of high-grade mineralized material, including just over 70,000 tons of oxide mineralized material at over 11 grams per ton gold, close to 72,000 tons of sulfide material at 9.08 grams per ton gold, plus an additional 73,500 tons of incremental low-grade oxide material of just below 3 grams per ton gold. Total gold production was 3,600 ounces and 23,000 ounces for the quarter and full year period respectively. And this refers to the gold available for sale at the third-party processing facility which contributes to the total gold sold of approximately 5,200 ounces and 21,600 ounces for the quarter and full year period. Due to timing delays with the third-party processing, the sulfide stockpile was higher than expected at an estimated 6,500 ounces of recovered gold. We expect to process this material in the first quarter of 2026. Water inflows remain stable during the quarter. The upgraded pumping system that was commissioned in the third quarter facilitated effective water mitigation in active mining areas, and as a result, we expect to exceed waste development this year as the main decline rate increases. Construction of a second, larger water treatment plant commenced in December and is tracking to begin operating by the end of the second quarter of 2026. This plant is designed to facilitate the ultimate discharge of water away from the underground workings as currently the water removed is recirculating back into the system. Overall, I am pleased with the operational improvements at Granite Creek and this is a credit to the operating team at site. Moving to exploration on slide five. We completed the infill drilling program in the South Pacific Zone along with seven target tests in December, which included approximately 16,000 meters of core drilling over 46 holes, and an additional six infill holes to test and confirm the continuity of mineralization. Assay results outlined in the January 20th press release demonstrated robust high-grade mineralization throughout the South Pacific zone, suggesting the potential for expansion to the north and at depth. Encouraged by what we are seeing, drilling advanced beyond the current structural boundaries, opening a new untested area to potentially expand the mineralized envelope. As we continue to drill, we are focused on an initial spacing to about 140 feet for the overall deposit and progressively narrow that spacing to increase our understanding as we move closer to planned mining areas. We have since established a preliminary resource estimate to support the Granite Creek Underground feasibility study. Due to additional work required on the mine plan, such as optimization of sequencing with the new resource model, incorporation of ongoing productivity improvements based on current performance, and the incorporation of geotechnical engineering work, the feasibility study for Granite Creek Underground is now planned for completion in the second quarter. Results from the 2025 drill program will be combined with infill drilling data from 2023 and 2024 to produce an updated mineral resource estimate using three years of additional data. A $10 million dollar exploration drill program is planned in 2026 to test high potential targets and to further delineate resources. Overall, we remain encouraged by the longer term potential at Granite Creek Underground. Turning to the Ruby Hill property on slide 6. Construction of Archimedes commenced in early September. Underground development is advancing ahead of expectations, reaching approximately 680 meters by year-end. Beyond permitting and development, a key focus over the coming months is advancing towards the expiration drift to support continued feasibility-level technical work with initial mineralization expected to be intercepted by the third quarter. Infill drilling commenced in the upper 426 zone in Archimedes during the fourth quarter. A substantial $25 to $30 million drilling program is planned for Archimedes in 2026, comprised of over 175 holes and over 60,000 meters. This work will form the basis of a feasibility study planned for completion in the first quarter of 2027, which is earlier than indicated in the PEA by approximately one year. Moving to the Mineral Point Open Pit project on slide seven, which also sits on the Ruby Hill property. Engineering and technical work continues to support permitting and define the timing of a pre-feasibility or feasibility level study. In 2025, Approximately 8,600 meters of surface core drilling was completed to support the geotechnical, metallurgical, and hydrogeology studies for baseline data to advance permitting and engineering work. A substantial $40 to $45 million drilling campaign is also planned for Mineral Point in 2026, targeting approximately 131,000 meters, plus an additional $5 million for permitting and technical work. Mineral Point currently hosts the company's largest gold and silver mineral resources with the potential to become the company's largest gold producing asset. It currently sits within phase three of development plan. However, we now have the financial flexibility to accelerate the feasibility study and permitting thanks to the recent financing package. Turning to slide eight. Cove is an advanced stage exploration project and the company's third planned underground mine. Over the last two years, roughly 41,000 meters of infill drilling was completed on 30-meter spacing across the gap in Helen Zones. The results of this work delivered meaningful advances for the Cove project, which significantly strengthened our geological understanding and improved our confidence in continuity and grade. It also improved our understanding of the metallurgical response to optimize feed and gold recovery in the autoclave. The co-feasibility study is nearly complete. However, additional work is required to revise the mine plan and cut off grades to the new gold price estimates and to further evaluate the capital cost reduction and design optimization opportunities with the dewatering program, which has pushed completion into early Q2. In parallel, permit applications are also underway as part of an ongoing EIS process. Moving to slide nine. At Granite Creek Open Pit, work to advance the project continues. Technical work has been underway to advance the project towards either a pre-feasibility or feasibility level study, and trade-off analyses are being conducted to optimize the project economics. Geotechnical drilling in support of baseline site investigation engineering was deferred in 2025 due to ongoing operating permit updates for Granite Creek Underground located on the same property, pushing the start of drilling into 2026, resulting in a timeline that is under review. Early stage permitting activities will continue in 2026, followed by commencement of baseline field studies in 2027, in preparation of an EIS. Turning to slide 10 for a look at the Lone Tree plant. During the fourth quarter, we completed a class three engineering study for the Lone Tree plant refurbishment, as Richard mentioned. We recently received a positive construction decision from the board. Lone Tree is a cornerstone asset central to IED Gold's hub and spoke mining and processing strategy designed to process high-grade refractory feed from our three underground gold projects, Granite Creek, Archimedes and Cove. The autoclave is designed to process up to 2,268 metric tons per day, delivering a total annual throughput of approximately 820,000 metric tons, assuming an 85% plant availability. The processing circuit will incorporate an integrated pressure oxidation and carbon-enleashed circuit capable of processing both refractory and non-refractory mineralized material. Work is progressing as planned with hatch engineering, such as advancing long-lead engineering packages, further optimization of the execution plan, operating permit-related engineering, and the progression of detailed engineering to support a first gold pour in December of 2027. The submission of the necessary permit applications for the primary environmental permits are on track and are planned to be completed in the first quarter of 2026. The plan is permitted for the existing operational components in use. However, the approval of new and revised permit applications pertaining to the air quality, water pollution, mercury emissions, and reclamation management for the new plant design requires updating. Restarting the autoclave will mark a major turning point in advancing the company's development plan by providing increased processing capacity, meaningful improvements to our margins per ounce of gold, and translate into stronger free cash flow generation. Slide 11 outlines the company's 2026 guidance. Overall, The 2026 guidance is largely in line with the preliminary economic assessments published in the first quarter of 2025 with the following exceptions. At Granite Creek, as previously disclosed, the impact of groundwater was not reflected in the PEA. Key aspects of the 2026 mine plan, when accounting for the water ingress impacts from 2025, are an increased development rate compared to the PEA to recover lost development time, higher growth capital due to the additional dewatering infrastructure, and higher recovery rates and increased processing costs associated with the Toll Milling Agreement entered into after the PEA was completed. As a result for 2026, when compared to the most recent Granite Creek PEA, Approximately 20% more material is expected to be mined. Mining, G&A, development and sustaining costs are in line. And the infill and stuff out drill programs have expanded to the successful outcome of the 2025 program. At Archimedes, tons and grade mined and development costs are largely in line with the most recent Archimedes PEA. The exception is production and processing costs related to the new toll milling agreement entered into after the PEA was finalized. And the feasibility study related costs have been brought forward to 2026 from 2028. The cost to bring forward the Archimedes infill drill program is approximately $10 million higher so that an expiration drift can be constructed and cover the additional costs of drilling longer holes earlier than was planned from the upper levels. For Mineral Point, technical and permitting work was brought forward from 2028 to 2026, where an overall infill and step-out drilling, technical work, and early permitting activities are expected to total approximately $50 million, the costs of which are covered under the new Franco-Nevada royalty. Other permitting, technical work, and holding costs are largely in line with the PEAs. And with that, I will now turn over the call to Ryan for the financial review.