I-80 Gold Corp · TSX:IAU
I-80 Gold — Q1 2025 Earnings Presentation
17 slides from I-80 Gold's earnings presentation, May 5, 2025
Slide 1: Creating a Nevada-Based, 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 - B A S E D , M I D -T I E R G O L D P RO D U C E R Q1 2025 Conference Call & Webcast May 5, 2025
Slide 2: Disclaimer
DISCLAIMER 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 statements or information regarding: statements regarding preliminary economic assessment results
Slide 3: Starting 2025 With a Clear Path Forward
STARTING 2025 WITH A CLEAR PATH FORWARD Project Pipeline Valuation Filed Preliminary Economic Assessments After-tax NPV(5%)(1) Average Annual Production For All Five Gold Projects in Q1 Gold Production Start Year (following ramp up) • Highlights the solid operating and financial $2,175/oz Au $2,900/
Slide 4: Advancing Our Recapitalization Plan
ADVANCING OUR RECAPITALIZATION PLAN Priority: Aligning i-80 Gold’s Financial Capacity With The Scale of Value and Opportunity Within Our Asset Pipeline Remain in active discussions with several parties to recapitalize through several financing options – Considering a royalty sale on Mineral Point
Slide 5: Granite Creek Underground: Development Pace Improves in Q1
GRANITE CREEK UNDERGROUND: DEVELOPMENT PACE IMPROVES IN Q1 Improved Mining Rates and Main Decline Advancement on Plan Three months ended Granite Creek March 31, • Water levels declining and water ingress rates are Operational Statistics 2025 2024 anticipated to continue decreasing in the near-term d
Slide 6: Archimedes Underground: Construction & Permitting Proceeds
ARCHIMEDES UNDERGROUND: CONSTRUCTION & PERMITTING PROCEEDS Preparation for Underground Construction Underway Ruby Hill (Archimedes Underground Project) • Construction activities commenced in Q4 2024 and Three months ended Ruby Hill continued through Q1 2025 March 31, Operational Statistics 2025 2024
Slide 7: Advancing Permitting and Feasibility Work Across Portfolio
ADVANCING PERMITTING AND FEASIBILITY WORK ACROSS PORTFOLIO 2025 Permitting Progresses at Remaining Properties Latest & Upcoming Economic Studies Timing Archimedes Underground Q1 2025 – PEA (update from 2021) Granite Creek Underground • Received the Decision Record from the U.S. Q4 2025 – Feasibili
Slide 8: 2025 Drill Program
2025 DRILL PROGRAM FOCUSED ON CONFIRMATORY DRILLING & ADVANCING TECHNICAL REPORTS Granite Creek Underground Cove Underground Ruby Hill Property • Underground drift completion expected • Completed ~15,000 feet of core drilling • Archimedes Underground: Completing infill in Q2, enabling infill drillin
Slide 9: Q1 Financial Highlights
Q1 FINANCIAL HIGHLIGHTS Three months ended • Q1 gold sales of ~ 5,000 ounces representing a modest March 31, increase over the same prior year period 2025 2024 • Gold sales lower than total ounces mined with a portion of the Revenue $000s 14,048 8,413 material stockpiled for third-party processing a
Slide 10: Enhancing Near-Term Liquidity
ENHANCING NEAR-TERM LIQUIDITY Entered Into Two Financial Arrangements To Improve Balance Sheet Flexibility Alongside Ongoing Efforts To Secure Capital Key Growth Expenditures Over The Next Three Years To Support Broader Development Strategy • New gold and silver prepay arrangement with National Bank
Slide 11: Q&A
Q&A Lone Tree Autoclave Complex i-80 GOLD CORP | 11
Slide 12: New Development Plan: Roadmap to 500Koz
NEW DEVELOPMENT PLAN: ROADMAP TO 500Koz STAGES OF DEVELOPMENT Latest & Upcoming 2025 2026 2027 2028 2029 2030 2031 2032 Economic Studies Granite Creek Q1 2025 – PEA (update from 2021) PRODUCTION Underground Q4 2025 – Feasibility Study Archimedes CONSTRUCTION PRODUCTION Q1 2025 – PEA Refractory
Slide 13: Appendix
APPENDIX
Slide 14: 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. This includes average Three months ended realized price
Slide 15: Mineral Resources
MINERAL RESOURCES(4,5,6,7,8,9,10) MINERAL RESOURCES Tonnes (kt) Au Grade (Au g/t) Ag Grade (Ag g/t) Au Ounces (Koz) Ag Ounces (Koz) Mineral Resources Attributable to Measured i-80 Gold Corp. Granite Creek – Open Pit 26,360 1.26 1066 Granite Creek – Underground 133 8.5 37 Lone Tree – Open Pit Cove –
Slide 16: Endnotes
ENDNOTES 1) For the Archimedes Underground Project, cash flow and NPV are calculated as of the start of construction, which is anticipated to commence in early in the second quarter 2025, subject to obtaining the necessary permits by March 31, 2025, as anticipated. After tax metrics for Archimedes U
Slide 17: Endnotes Continued
ENDNOTES CONTINUED 8) Cove Underground Project: Mineral resources have been estimated at a gold price of $2,175 per troy ounce and a silver price of $27.25 per troy ounce; Mineral resources have been estimated using gold metallurgical recoveries ranging from 73.2% to 93.3% for roasting and 78.5% to