i-80 Gold Corp. Q4 FY2025 earnings call

• 2025 saw significant progress in advancing development plan, achieving production guidance with Granite Creek ramping up. Drilling results at Granite Creek were encouraging, leading to expansion of infill and resource expansion programs in 2026. - Began construction of Archimedes, second underground mine. Completed engineering study for Lone Tree process plant refurbishment and received board approval to proceed with $400,000,000 refurbishment. - Executed recapitalization initiatives, secured up to $500,000,000 financing package with top-tier partners. - At Granite Creek, mining activities ramped up due to reduced water impact, better mine sequencing, and delineation of high-grade areas. - Completed infill drilling program in South Pacific zone at Granite Creek, with encouraging results suggesting potential expansion. - Construction of Archimedes ahead of expectations, with infill drilling commenced in Upper 426 zone. - Technical and permitting work advanced at Mineral Point, with substantial drilling program planned for 2026. - Cove feasibility study nearly complete but delayed to early Q2 2026 due to mine plan revisions and other work. - Work continued on Granite Creek open pit project, with technical work and permitting activities ongoing.

In 2025, i-80 Gold Corp. achieved consolidated gold output of just under 32,000 ounces, with Granite Creek ramping up production. In the fourth quarter, Granite Creek Underground mined just over 41,000 tonnes of mineralized material, producing 3,600 ounces of gold available for sale, and for the full year, it mined approximately 142,000 tonnes, producing 23,000 ounces. Construction of Archimedes commenced in early September 2025, with underground development reaching approximately 680 meters by year-end. In 2025, approximately 8,600 meters of surface core drilling was completed at Mineral Point for geotechnical, metallurgical, and hydrogeology studies. The Cove feasibility study is nearly complete but pushed to early Q2 2026. Construction of a second water treatment plant at Granite Creek commenced in December 2025. The board approved the notice to proceed to Hatch Engineering for the $400,000,000 Lone Tree refurbishment.

• 2026 guidance largely in line with preliminary economic assessments with exceptions. At Granite Creek, increased development rate due to groundwater impact, higher growth capital for dewatering infrastructure, and higher recovery rates and processing costs due to toll milling agreement. - At Archimedes, tonnes and grade mined and development costs largely in line with PEA except for production and processing costs related to new toll milling agreement and feasibility study-related costs brought forward to 2026. - At Mineral Point, technical and permitting work brought forward to 2026, with approximately $50,000,000 expected for infill and step-out drilling, technical work, and early-stage permitting activities.

• Forward-looking statements involve risks that actual results could differ materially. - Project progress could be impacted by permitting delays. - Costs of development projects, including Lone Tree refurbishment, could be higher than expected. - Market fluctuations in gold prices could affect financial performance. - Uncertainties in drilling results and resource estimation could impact development plans.

Q: Please describe the ancillary things that got changed or became obsolete in the Lone Tree autoclave project costing so much money.

A: Paul Chawrun responded that the autoclave vessel needs to be rebricked, the CIL circuit tanks need to be replaced, installation of off-gas vessels, upgrading of the filtration system to filtered tails and stacked facilities, and upgrading some instrumentation.

Q: On Mineral Point, by accelerating predevelopment work, does it provide potential to develop sooner than Phase Three?

A: Richard Young said that Mineral Point is the most valuable asset, and with higher gold prices and recapitalization, they have financial flexibility to advance drilling, technical work, and permitting, looking to accelerate permitting and development ahead of original schedule.

Q: Regarding production guidance, without details on toll milling contracts, how to model ounces and margin upside?

A: Don DeMarco was told that the sulfide toll milling charge is about $275 - $280 per ton, three times higher than eventual cost when using own facility, tech report on Granite Creek to be completed in Q2 with more cost detail, and they are a US registrant unable to disclose feasibility study results until tech report is filed.