I-80 Gold Corp · TSX:IAU
I-80 Gold — Q4 2025 Earnings Presentation
20 slides from I-80 Gold's earnings presentation, Feb 20, 2026
Slide 1: Creating a Nevada-Focused, Mid-Tier Gold Producer
NYSE:IAUX | TSX:IAU MADE IN THE U.S.A. C R E AT I N G A N E V A D A - F O C U S E D , M I D -T I E R G O L D P RO D U C E R Q4 and Full Year 2025 Conference Call & Webcast February 20, 2026
Slide 2: Cautionary Disclaimer Regarding Forward-Looking Statements
CAUTIONARY DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to management’s assessment of the Company’s future p
Slide 3: Visible Progress on Key Development Milestones
2025 VISIBLE PROGRESS ON KEY DEVELOPMENT MILESTONES ✓ Achieved 2025 guidance with consolidated gold output of 31,930 ounces, reflecting YoY growth driven by the continued ramp-up at Granite Creek underground ✓ Lone Tree refurbishment engineering study complete Q3 ✓ Strengthened balance sheet with re
Slide 4: Granite Creek Underground Ramp-Up Driving Improved Performance
GRANITE CREEK UNDERGROUND RAMP-UP DRIVING IMPROVED PERFORMANCE Three months ended Year ended Granite Creek Property December 31, December 31, Operational Statistics 2025 2024 2025 2024 Mined More Material in Q4 and Full Year Oxide mineralized material mined tonnes 15,490 21,369 70,183 62,789 Period
Slide 5: South Pacific Zone at Granite Creek: 2025 Drilling Demonstrated Potential for Expansion
SOUTH PACIFIC ZONE AT GRANITE CREEK 2025 DRILLING DEMONSTRATED POTENTIAL FOR EXPANSION 2025 Drill Program • Designed to expand the mineralized envelope and support the upcoming feasibility study • 16,000 meters drilled over 46 holes completed + six additional infill holes to test and confirm the con
Slide 6: Archimedes Underground
ARCHIMEDES UNDERGROUND UNDERGROUND DEVELOPMENT ADVANCING AHEAD OF EXPECTATIONS Underground Development Reached ~680 Meters by Year-end • Advancing toward the exploration drift as soon as possible to support continued feasibility-level technical work • Initial mineralization expected to be intercepte
Slide 7: Mineral Point Open Pit
MINERAL POINT OPEN PIT POTENTIAL TO BECOME i-80’S LARGEST PRODUCING ASSET Recently Announced Financing Package Provides Financial Flexibility to Accelerate The Pre-feasibility/Feasibility Study And Permitting • ~ 8,600 meters of surface core drilling completed in 2025 to support geotechnical, metall
Slide 8: Cove Underground
COVE UNDERGROUND FEASIBILITY STUDY NEARING COMPLETION FOR Q2 2026 • Revising the mine plan and cut-off grade to new gold price estimates • Evaluating capital cost reduction opportunities with the dewatering program • ~41,000 meters of infill drilling completed on 30-meter spacing across the Gap and
Slide 9: Granite Creek Open Pit
GRANITE CREEK OPEN PIT ONGOING TECHNICAL TRADE OFF ANALYSES TO OPTIMIZE ECONOMICS GRANITE CREEK OPEN PIT LAYOUT Technical Baseline Work Underway to Advance the Project Toward a Pre-feasibility or Feasibility Study • Initial project narrative was provided to regulatory authorities in Q3 to initiate f
Slide 10: Lone Tree Plant
LONE TREE PLANT POSITIVE CONSTRUCTION DECISION GRANTED Refurbishment Engineering Study Completed Q4 2025 • Refurbishment and recommissioning unlocks transformational value through increased processing capacity and meaningful margin improvements per ounce of gold Plant Capacity Design Throughput ~2,2
Slide 11: 2026 Guidance
2026 Guidance 2026 GUIDANCE Production(1) Granite Creek underground oz Au 30,000 - 40,000 Archimedes underground and residual heap leach oz Au 10,000 • Largely in line with Preliminary Economic Assessments filed March 2025 Operating costs • Increased processing costs related to the new Granite Creek
Slide 12: 2025 Financial Highlights
2025 FINANCIAL HIGHLIGHTS • 28,196 ounces in gold sales1 due to advancements made at Three months ended Twelve months ended Granite Creek, slightly offset by a lag in the timing of third- December 31, December 31, party processing 2025 2024 2025 2024 • ~6,500 recovered ounces of sulfide stockpile du
Slide 13: Recapitalization Plan: Up to $500M Financing Package Secured
RECAPITALIZATION PLAN UP TO $500M FINANCING PACKAGE SECURED Secured Commitments February 11, 2026 $250M Franco-Nevada Royalty $250M Gold Prepayment Facility with National Bank & Macquarie • $225M available at closing • $150M initial draw at closing(18) • $50M to advance Mineral Point • To deliver 39
Slide 14: Recapitalization Plan Almost Complete
RECAPITALIZATION PLAN ALMOST COMPLETE Upon Completion of Recapitalization, Capital Strengthens Balance Sheet to Materially Advance Development Plan • Refurbish Lone Tree processing facility • Total Funding Secured to Date Exceeds ~$800M • Retire ~$175M of existing debt(3) • Secured financing package
Slide 15: Near-Term Catalysts
TECHNICAL STUDIES NEAR-TERM CATALYSTS ❑ Cove underground (Feasibility) — Q2 2026 ❑ Granite Creek underground (Feasibility) — Q2 2026 12 -18 MONTHS ❑ Archimedes underground (Feasibility) — Q1 2027 LONE TREE PLANT ✓ Positive construction decision — Granted early-Q1 2026 ❑ Commence demolition — Q2 2026
Slide 16: Q&A
Q&A
Slide 17: Appendix
APPENDIX
Slide 18: Non-GAAP Financial Performance Measures
NON-GAAP FINANCIAL PERFORMANCE MEASURES The Company has included certain terms or performance measures commonly used in the Average realized gold price per ounce of gold sold1 mining industry that are not defined under US GAAP in this document. These include adjusted Three months ended Year ended lo
Slide 19: Non-GAAP Financial Performance Measures Continued
NON-GAAP FINANCIAL PERFORMANCE MEASURES CONTINUED Definitions Adjusted loss1 "Adjusted loss” and “adjusted loss per share” are non-GAAP financial performance measures Adjusted loss and adjusted loss per share exclude a number of temporary or one-time items detailed in that the Company considers to b
Slide 20: Endnotes
ENDNOTES 1) Consolidated gold output estimates and average annual gold output gets are based on the most recent LOM output schedules disclosed in the latest technical studies filed for each respective project and related property: Granite Creek underground project, Archimedes underground project, Co