i-80 Gold Corp. Q1 FY2026 earnings call

• Corporate Strategy & Recapitalization

• Completed a 12-month recapitalization process, securing over $1 billion in total committed funding to pay off all legacy debt, derisk the multi-phase development plan, and achieve full funding certainty for Phase 1 and Phase 2 development
• Core long-term strategy: advance the portfolio to become a mid-tier Nevada-based gold producer, with Phase 1 and Phase 2 expected to generate enough free cash flow to self-fund Phase 3 development of the large Mineral Point project

• Phase 1 Project Progress

• Granite Creek Underground: Gold production more than tripled year-over-year to nearly 8.9 thousand ounces, with 8.8 thousand ounces sold in the quarter. Water management issues are resolved, with the second long-term water treatment plant scheduled for commissioning in June. A main transformer failure caused 1 week of underground power loss in January, but permanent replacement was completed by quarter-end with minimal overall impact. Infill and step-out drilling continues, with a feasibility study and updated mineral resource estimate expected by the end of Q2 2026
• Archimedes Underground: Construction is ahead of schedule, with first gold production from Upper Archimedes targeted for Q4 2026 and ramp-up through 2027. Completed the planned infill drilling program, with new assay results confirming strong high-grade mineralization and potential expansion of the mineralized envelope beyond current PEA resource limits. The feasibility study for the full project remains on track for Q1 2027
• Lone Tree Processing Facility: Board approved the $430 million refurbishment project (including 12% contingency) following recapitalization. The project is on plan for first gold pour in 2027, with $31 million in project commitments completed as of quarter-end, targeting 50% commitment by mid-2026 and nearly 100% by fall 2026. The facility is the core of the company's hub-and-spoke development strategy

• Phase 2 & Phase 3 Project Progress

• Phase 2: Cove underground mine feasibility study is on track for completion in Q2 2026, with NEPA permitting activities underway. Technical optimization work and early pre-permitting is ongoing for the Granite Creek Open Pit project
• Phase 3 (Mineral Point): The company's largest asset, holding 3.3 million ounces of indicated gold and 2.1 million ounces of inferred gold. A 131 thousand meter drilling campaign (the largest in company history) was initiated in Q1 to support resource conversion and a 2027 prefeasibility study, with $50 million allocated from the Franco Nevada financing for 2026 work. Management is actively assessing opportunities to adjust the sequencing of Phase 2 and Phase 3 development to prioritize this high-value asset

• Financial Position

• Ended Q1 with a record cash balance of $514 million, the strongest balance sheet in company history. Capital expenditures have increased as the Lone Tree refurbishment and development activities get underway, with planned predevelopment and exploration costs aligned with expectations

i-80 Gold is a development-stage gold producer with no separate product-based operating segments. Company-wide aggregate performance for Q1 2026: total gold production of 10.8 thousand ounces (more than double 5.2 thousand ounces in Q1 2025), gold sales of 10.6 thousand ounces (up from 5.0 thousand ounces in the prior year period). Total revenue reached ~$52 million, up from $14 million in Q1 2025. Gross profit hit $16.1 million, more than 4x the prior year period. Net loss increased to $76 million ($0.09 per share), compared to a net loss of $41 million ($0.10 per share) in Q1 2025. Adjusted net loss increased to just under $29 million, up from $24 million in the prior year period. End-of-quarter cash balance was $514 million, following the completed recapitalization.

• Company-wide 2026 gold production guidance is maintained at ~50 thousand ounces, with production targeted to increase to 150 thousand to 200 thousand ounces per year by 2028 on track after Phase 1 completion • All key project milestones are maintained as scheduled: first gold from Archimedes in Q4 2026, first gold from Lone Tree in 2027, and feasibility studies for all three underground projects and prefeasibility studies for the two open pit projects completed by 2027 • Management reaffirmed that the company remains on track to deliver all 2026 milestones in line with prior guidance, with operational and financial performance trending as expected

• Forward-looking statements related to project completion, production growth, and future cash flow are inherently uncertain, and actual results may differ materially from current projections, as noted in the company's posted risk disclosures • Previously unresolved water inflow issues at Granite Creek Underground have now been mitigated, with long-term infrastructure coming online in Q2, and management expects water will no longer impede operations • A January 2026 main transformer failure at Granite Creek caused a 1-week full power outage and three weeks of limited development activity, though the issue was fully resolved by quarter-end with minimal overall impact to the full-year development schedule • The long lead time for third-party toll processing (up to 120 days) creates timing lags between mining activity, production recognition, and revenue recognition

No investor or analyst questions were submitted during the Q&A portion of the call. Management closed the call by reaffirming continued execution of the previously announced 3-phase development plan, noting the largest drill program in company history is underway to expand identified resources, and expressed confidence in the underlying value of the company's Nevada asset portfolio.