i-80 Gold Corp. Q2 FY2026 earnings call

Post-Recapitalization Strategic Progress

• First half of 2026 marked a turning point after successful Q1 2026 recapitalization, with management focused on executing the approved development plan.
• The company targets increasing annual gold production from ~50 thousand ounces in 2026 to 150-200 thousand ounces by 2028, with organic growth to over 600 thousand ounces annually by the early 2030s.
• The transition from third-party toll milling to owned processing at the refurbished Lone Tree plant in 2028 is expected to improve cash margins by $1,000 to $1,500 per ounce.

Granite Creek Underground Project

• Year-to-date 2026 development reached 750 meters, more than double the H1 2025 pace, with main decline and lateral development ahead of plan.
• Temporary ground condition issues restricted access to two high-grade areas in Q2, but access has been restored and these areas are now contributing to Q3 2026 production.
• 72 thousand total tonnes mined in Q2: 13.6 thousand tonnes of sulfide at 6.5 g/t gold, 12 thousand tonnes of oxide at 7.4 g/t gold.
• Processing volumes were lower than mining volumes due to third-party processing availability issues, creating a total inventory of 7.1 thousand recoverable ounces of gold (5.3 thousand ounces at the third-party facility, 1.8 thousand ounces on site).
• Unit mining costs were $178 per tonne, in line with plan, and long-term water management infrastructure is currently under commissioning.
• An updated mineral resource estimate is complete, and a feasibility study is expected to be completed in Q3 2026, with a lower cutoff grade that will increase economic mineral reserves while maintaining average reserve grades consistent with recent quarterly production.

Archimedes Project

• Underground development progresses on schedule and largely on budget, with the main advance ahead of plan and the required exploration drift completed ahead of schedule.
• First gold production from the upper 426 zone remains on track for Q4 2026.
• Recent infill drilling confirmed good grade continuity in planned mining areas and intersected new high-grade oxide mineralization outside the current resource estimate, creating potential near-term low-cost upside.
• The 2026 infill drilling campaign for the lower 426 and Ruby Deep zones has progressed slower than planned due to drill rig and staffing constraints, pushing the feasibility study completion to mid-2027.

Other Development Projects

• Cove Underground feasibility study remains on track for late Q3 2026, with permitting advancing as planned.
• Preparations for a Granite Creek open pit prefeasibility study have started, with early pre-permitting baseline studies planned for 2027.
• The Mineral Point open pit, the company's largest asset by value, is in Phase III of the development plan. A large 131 thousand meter infill drilling program started in Q1 2026, but has progressed slower than planned due to rig/staffing constraints and difficult ground conditions, pushing the prefeasibility study completion to mid-2027.

Lone Tree Plant Refurbishment

• The project remains on schedule for first gold production by the end of 2027, and capital spending remains on budget.
• 40% of total project capital has been committed as of mid-July 2026, 50% of procurement packages by value have been awarded, and demolition of outdated plant components is progressing on schedule.

Balance Sheet

• The recapitalization completed in Q1 2026 strengthened the balance sheet, with total proceeds exceeding $1 billion since May 2025.
• The company ended Q2 2026 with $465 million in cash; 8.5 million warrants were exercised during the quarter, leaving 152 million warrants outstanding.

i-80 Gold is a gold development and production company with production currently limited to its Granite Creek Underground project, while other assets are in pre-production or development stages. For Q2 2026, companywide total gold production was 11.1 thousand ounces, and gold sales were 5.3 thousand ounces. For the first half of 2026, total gold production was 22 thousand ounces and sales were 16 thousand ounces, compared to 14.3 thousand ounces production and 13.4 thousand ounces sales in the prior year first half. Total Q2 2026 revenue was ~$24 million, with year-to-date revenue at ~$77 million, compared to $28 million (Q2 prior year) and $42 million (H1 prior year). Gross profit was $9 million for Q2 2026 and $25 million year-to-date, both significantly higher than prior year levels. Net loss for Q2 2026 was $53 million ($0.06 per share), and $131 million ($0.15 per share) year-to-date, compared to a $30 million net loss ($0.05 per share) Q2 prior year and $71 million net loss ($0.14 per share) H1 prior year. Adjusted net loss was $41 million Q2 2026 and $70 million year-to-date, versus $27 million Q2 prior year and $50 million H1 prior year. As of quarter-end, the company held $465 million in cash, down from $514 million at the end of Q1 2026, in line with expectations. Cash used in operating activities was $50 million for Q2 2026 and $95 million year-to-date, up from $11 million Q2 prior year and $34 million H1 prior year, driven by increased predevelopment activity, inventory buildup and debt interest payments. Granite Creek Underground produced ~8.6 thousand ounces of gold in Q2 2026, bringing year-to-date production to ~17.5 thousand ounces, 100% of current 2026 production guidance.

• Overall 2026 production guidance is maintained at 30 thousand to 40 thousand ounces from Granite Creek, which remains on track. • Overall 2026 growth capital expenditure guidance is maintained at the $150 million to $175 million range on an accrual basis. • Lone Tree refurbishment 2026 capital spending is expected to come in at the bottom end of the guidance range, with $30 million in expected accruals pushing 2026 cash spending below the guidance range, due to conservative earlier estimates. • Archimedes underground 2026 growth capital expenditures are expected to be $10 million to $15 million higher than originally guided, reflecting a strategy change for long-term surface infrastructure. • 2026 exploration expenses are expected to be $10 million lower than originally guided, due to late drill rig deliveries and contractor personnel shortages. • All guidance changes reflect timing shifts and capital reallocation, not changes to core development objectives.

• Ground conditions at Granite Creek Underground can cause temporary access restrictions to high-grade mining areas and require regulatory clearance for rehabilitation, delaying production. • Drill rig availability and contractor staffing constraints are causing slower than planned drilling progress at both Archimedes and Mineral Point, leading to delays in feasibility and prefeasibility study completion. • Difficult geological conditions (softer sand at Dolomite) at Mineral Point are also slowing drilling progress. • Third-party processing facility availability constraints can lead to inventory buildup and delayed gold sales/sales timing mismatches. • Non-cash fair value revaluations of the company's new post-recapitalization financial instruments will continue to create volatility in reported net income on a quarterly basis.

Q: Can you provide more detail on the ground control issues at Granite Creek, and confirm development progress heading into Q3 2026? / A: The Q2 2026 delays were caused by ventilation installation work in the OG zone (not South Pacific zone) and a small rib drift failure that required MSHA approval to re-enter. Both areas are now accessible and actively being mined. Current development has reached 15 available headings, well above the 5-6 headings available previously, giving significant flexibility for the ramp-up and keeping development ahead of plan for the rest of 2026.

Q: Why is the feasibility study for Archimedes delayed to mid-2027, and will this impact production ramp-up or Lone Tree plant feed plans? / A: The delay only impacts completion of the full feasibility study technical work, and does not change the scheduled production ramp-up. First gold from Archimedes upper 426 zone remains on track for Q4 2026, and the already completed upper zone drilling provides enough feed for the first several years of production. The company is building stockpiled ore in parallel to support Lone Tree feed targets.

Q: What key derisking milestones should investors expect for Mineral Point ahead of its mid-2027 prefeasibility study? / A: The company will release periodic drilling results from the ongoing 131 thousand meter campaign through 2026, which includes infill drilling, expansion testing beneath the existing heap leach pad, and thorough geotechnical analysis. Multiple trade-off studies will be completed to optimize pit design, gold and silver recovery, and processing options, and early baseline work for the NEPA permitting process will progress. Community engagement for facility layout is already complete, with local support secured.

Q: Will the company build sulfide and oxide ore stockpiles in 2027 for the 2028 Lone Tree plant launch, and what is the processing plan for new high-grade Archimedes oxide? / A: Yes, the company will build sulfide stockpiles from both Granite Creek and Archimedes in 2027 to ensure sufficient feed for the Lone Tree plant when it launches, which the balance sheet can support. The company is evaluating whether processing the high-grade Archimedes oxide at the Lone Tree CIL plant or leaching it on-site at the existing Ruby heap leach pad will deliver higher economic returns, and will stockpile this oxide regardless of the final decision.