I-80 Gold Corp · TSX:IAU
I-80 Gold — Investor Presentation (November 2025)
44 slides from I-80 Gold's investor presentation, November 2025
Slide 1: Creating a Nevada-Focused, Mid-Tier Gold Producer
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 NYSE AMERICAN: IAUX | TSX : IAU November 2025
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 statements or information regarding: statements r
Slide 3: Opportunity in a Tier 1 Mining Jurisdiction
COMPANY OVERVIEW OPPORTUNITY IN A TIER 1 MINING JURISDICTION GRANITE CREEK - Granite Creek Underground - Granite Creek Open Pit ✓ Industry-leading pipeline of Nevada-based gold projects LONE TREE ✓ Fourth largest mineral resource holder in Nevada with all AUTOCLAVE** deposits open for expansion ✓ We
Slide 4: Strong Resource Base with All Deposits Open for Expansion
COMPANY OVERVIEW STRONG RESOURCE BASE WITH ALL DEPOSITS OPEN FOR EXPANSION Completed, ongoing, and planned infill drill programs over the next 24 months aim to convert Inferred mineral resources to the Measured and Indicated category and to expand the total resource base. TOTAL GOLD MINERAL RESOURCE
Slide 5: Establishing a Scalable Multi-Asset Mid-Tier Gold Producer
COMPANY OVERVIEW ESTABLISHING A SCALABLE MULTI-ASSET MID-TIER GOLD PRODUCER ANTICIPATED AVERAGE ANNUAL GOLD PRODUCTION(3)(4) PHASE 3 700 600koz+(3) 600 500 Gold Production (koz) PHASE 2 400 300koz – 400koz(3) 300 200 PHASE 1 150koz – 200koz(3) 100 0 2028E – 2029E 2030E – 2031E 2032E+ Granite Creek U
Slide 6: Significant Value Embedded Across i-80 Gold's Asset Portfolio
COMPANY OVERVIEW SIGNIFICANT VALUE EMBEDDED ACROSS i-80 GOLD’S ASSET PORTFOLIO Average Annual Project After-tax NPV(5%)(1) IRR Gold Production Production $2,175/oz Au $3,000/oz Au $2,175/oz Au $3,000/oz Au Target Start Year (following ramp up) Granite Creek Ramp up • PEA economics expected to $155M
Slide 7: Multi-Deposit Portfolio with Near-Term Production Growth
COMPANY OVERVIEW MULTI-DEPOSIT PORTFOLIO WITH NEAR-TERM PRODUCTION GROWTH ANTICIPATED ANNUAL GOLD PRODUCTION*(3)(4) 900 Granite Creek Underground • Active infill drill programs aim to 800 Gold Equivalent Ounces (thousands) Archimedes Underground convert resources, and extend mine 700 life to sustain
Slide 8: Three Phase Development Plan: Achievable and Advancing
COMPANY OVERVIEW THREE PHASE DEVELOPMENT PLAN: ACHIEVABLE AND ADVANCING Latest & Upcoming 2025 2026 2027 2028 2029 2030 2031 2032 Economic Studies Granite Creek Toll Milling Q1 2025 – PEA (update from 2021) PRODUCTION Underground Q1 2026 – Feasibility Study Phase 1 Archimedes Refractory Q1 202
Slide 9: Building Momentum with Recent Achievements
COMPANY OVERVIEW BUILDING MOMENTUM ON WITH RECENT ACHIEVEMENTS Established a staged path advancing all five assets targeting New Development Plan ~600,000 oz in gold output in the early 2030s Completed PEAs For Filed Preliminary Economic Assessments defining total portfolio NPV(5) All Five Projects
Slide 10: Executing on Our Recapitalization Plan
EXECUTING ON OUR RECAPITALIZATION PLAN 1 STRENGTHENED THE BALANCE SHEET TO FUND NEAR-TERM GROWTH 2 ADDRESS FURTHER RECAPITALIZATION PRIORITIES AND FUND LONG-TERM GROWTH • ~$200M raised through bought-deal and private • Targeting $350M - $400M in financing placements in 2025 • Repay upcoming converti
Slide 11: Near-Term Catalysts
TECHNICAL STUDIES NEAR-TERM CATALYSTS ❑ Lone Tree refurbishment feasibility-level engineering study – Q4 2025 12 -18 MONTHS ❑ Granite Creek underground (FS) – Q1 2026 ❑ Cove underground (FS) – Q1 2026 ❑ Granite Creek open pit (PSF/FS) – Timeline under review ❑ Archimedes underground (FS) – Q1 2027 ❑
Slide 12: Granite Creek Property
GRANITE CREEK PROPERTY Turquoise Ridge Mine PROJECTS ON THE PROPERTY • Granite Creek Underground (ramp up phase) • Granite Creek Open Pit Turquoise Ridge Mine Located 10 km from Nevada Gold Mines’ prolific Turquoise Ridge Complex which currently hosts Summer Camp Project ~20Moz of gold resources(5)
Slide 13: Granite Creek Underground PEA Highlights
GRANITE CREEK UNDERGROUND PEA HIGHLIGHTS Measured & Indicated Resource(6) 261koz @ 10.5 g/t Au Inferred Resource(6) 326koz @ 13.0 g/t Au Mine Life ~8 years Average Annual Gold Production (following production ramp up) ~60koz @ AISC $1,597/oz $2,175/oz Gold Price Assumption After-Tax NPV(5%)(1) After
Slide 14: i-80 Gold's First Underground Gold Mine
GRANITE CREEK UNDERGROUND i-80 GOLD’S FIRST UNDERGROUND GOLD MINE Improved Mining Rates And Main Decline OGEE AND SOUTH PACIFIC ZONES Advancement On Plan Exploration results to-date suggest significant potential for resource growth • Strong resource reconciliation to model on tonnage and grade since
Slide 15: Potential for Expansion in the South Pacific Zone
GRANITE CREEK UNDERGROUND POTENTIAL FOR EXPANSION IN THE SOUTH PACIFIC ZONE Infill And Step-out Drilling In The Prospective South Pacific Zone • Drill program designed to upgrade the mineral resource and support the upcoming feasibility study • Completed 35 holes of the 40 planned holes for ~10,000
Slide 16: Production & Cash Flow Expected to Rise After Autoclave Restart
GRANITE CREEK UNDERGROUND PRODUCTION & CASH FLOW EXPECTED TO RISE AFTER AUTOCLAVE RESTART(4) KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS Life of Mine • Mineral resource estimate excludes 2023-2024 drilling data $2,175/oz gold price assumption Mine Life ~8 years • 2025 effects of underg
Slide 17: Granite Creek Open Pit PEA Highlights
GRANITE CREEK OPEN PIT PEA HIGHLIGHTS Measured & Indicated Resource(9) 1.4Moz @ 1.18 g/t Au Inferred Resource(9) 75koz @ 1.09 g/t Au Mine Life ~10 years Average Annual Gold Equivalent Production (following production ramp up) ~130koz @ AISC $1,225/oz $2,175/oz Gold Price Assumption After-Tax NPV(5%)
Slide 18: Ongoing Technical Trade Off Analyses to Optimize Economics
GRANITE CREEK OPEN PIT ONGOING TECHNICAL TRADE OFF ANALYSES TO OPTIMIZE ECONOMICS • Large high-grade, low-CAPEX open pit GRANITE CREEK OPEN PIT LAYOUT project • Former producing mine with substantial existing infrastructure • Significant oxide and transitional mineralization remains below and adjace
Slide 19: Open Pit Is Significantly Larger Than Previous 2021 Study
GRANITE CREEK OPEN PIT OPEN PIT IS SIGNIFICANTLY LARGER THAN PREVIOUS 2021 STUDY KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS $2,175/oz gold price assumption Life of Mine • Steady gold prices provided the opportunity to reassess the optimal processing stream Mine Life ~10 years Average
Slide 20: Ruby Hill Property
RUBY HILL PROPERTY PROJECTS ON THE PROPERTY • Archimedes Underground • Mineral Point Open Pit Dominant land position in the Eureka Mining District ~250 km to Lone Tree processing facility via road Host to both gold and base metal mineralization i-80 GOLD CORP | 20
Slide 21: Archimedes Underground PEA Highlights
ARCHIMEDES UNDERGROUND PEA HIGHLIGHTS Indicated Mineral Resource(10) 436koz @ 7.6 g/t Au Inferred Resource(10) 988koz @ 7.3 g/t Au Mine Life ~10 years Average Annual Gold Production (following production ramp up) ~100Koz @ AISC $1,893/oz $2,175/oz Gold Price Assumption After-Tax NPV(5%)(1) After-Tax
Slide 22: i-80's Second Planned Underground Mine
ARCHIMEDES UNDERGROUND i-80’S SECOND PLANNED UNDERGROUND MINE Construction Of Underground Development LONGITUDINAL SECTION OF MINERALIZED BODIES Commenced In Q3 2025 • Surface infrastructure for external portal completed in Q2 2025 • Underground development advancing above expectations • Sequential
Slide 23: High-Tonne, Low-Cost Operation
ARCHIMEDES UNDERGROUND HIGH-TONNE, LOW-COST OPERATION KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS $2,175/oz gold price assumption Life of Mine • Potential to achieve the highest underground mining rate Mine Life ~10 years among i-80 Gold’s underground operations Average Annual Producti
Slide 24: Mineral Point Open Pit PEA Highlights
MINERAL POINT OPEN PIT PEA HIGHLIGHTS Indicated Mineral Resource(11) 3.4Moz @ 0.48 g/t Au 104.3Moz @ 15.0 g/t Ag Inferred Resource(11) 2.1Moz @ 0.34 g/t Au 91.5Moz @ 14.6 g/t Ag Mine Life ~17 years Average Annual Gold Equivalent Production(2) (following production ramp up) ~280koz @ AISC $1,400/oz $
Slide 25: Potential to Become i-80's Largest Producing Asset
MINERAL POINT OPEN PIT POTENTIAL TO BECOME i-80’S LARGEST PRODUCING ASSET • Large oxide Au-Ag deposit – largest of two oxide projects in i-80 Gold’s portfolio • Potential to become one of Nevada’s largest open-pit truck-and-shovel mining operations and a key driver of future growth for i-80 • 2025 f
Slide 26: Mineral Point
MINERAL POINT KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS $2,175/oz Au price assumption; $27.25/oz Ag price assumption Life of Mine • Existing understanding of geology, hydrology and metallurgy substantially reduces execution risks Mine Life 16.5 years Average Annual Gold • Project fun
Slide 27: Cove Underground PEA Highlights
COVE UNDERGROUND PEA HIGHLIGHTS Indicated Gold Resource(12) 311koz @ 8.2 g/t Au Inferred Resource(12) 1.16Moz @ 8.9 g/t Au Mine Life ~8 years Average Annual Gold Production (following production ramp up) ~100koz @ AISC $1,303/oz $2,175/oz Gold Price Assumption After-Tax NPV(5%)(1) After-Tax IRR Afte
Slide 28: i-80's Third Planned Underground Gold Mine
COVE UNDERGROUND i-80’S THIRD PLANNED UNDERGROUND GOLD MINE CURRENT MINE PLAN INCLUDES HELEN & GAP DEPOSITS • High-grade, brownfield stage, gold deposits open for expansion down-plunge • Located immediately south of Nevada Gold Mines’ Phoenix Cu-Au Mine; ~85 km to Lone Tree autoclave • Additional me
Slide 29: Recent Two-Year Infill Drill Program Not Included in 2025 PEA
COVE UNDERGROUND RECENT TWO-YEAR INFILL DRILL PROGRAM NOT INCLUDED IN 2025 PEA KEY OPERATING & FINANCIAL METRICS PEA HIGHLIGHTS $2,175/oz gold price assumption Life of Mine • Low capital, high return on estimated invested capital Mine Life ~8 years • Ongoing infill drill program in Helen and Gap zon
Slide 30: Lone Tree Plant: Early Works Advancing on Schedule
LONE TREE PLANT EARLY WORKS ADVANCING ON SCHEDULE • Key to unlocking value of underground deposits ONE OF TWO NEVADA COMPANIES WITH AN AUTOCLAVE PROCESSING FACILITY • Eliminates reliance on costly third-party toll milling • Shift from toll-milling underground material to GRANITE CREEK owner-operated
Slide 31: Lone Tree Processing Facility Refurbishment Scope
Lone Tree Processing Facility ~% of Refurbishment Scope Budget General Plant (incl. Refinery) 25% Filtered Tails Autoclave 24% Tailings Filtrations & Treatment 24% Ore Processing 14% Carbon in Water Treatment RO Oxygen Plant 8% Leach Mercury Scrubber 6% A/C Boiler Mercury Scrubber A/C Oxygen Plant S
Slide 32: Appendix
APPENDIX oe — - . — Lone Tree Plant =
Slide 33: Capital Overview
CAPITAL OVERVIEW Rank Institution (as at November 14, 2025) S/O % Location 1 Condire Management 9.7 United States TSX: IAU NYSE American: IAUX Ticker Symbols CAD USD 3 Daniel Kaufman 7.0 Puerto Rico 2 Sprott Asset Management, L.P. 5.2 USA/Canada 4 Nokomis Capital, LLC 3.2 United States 52-Week Range
Slide 34: Q3 Financial Highlights
Q3 FINANCIAL HIGHLIGHTS • 9,368 ounces in gold sales, nearly doubled from the prior year period • ~3,400 ounces of gold in finished goods inventory at quarter end due to timing of sales • ~$32M in total revenue, an increase driven by – higher ounces sold – higher average realized gold price of $3,41
Slide 35: Proven Track Record in Developing and Financing Mining Operations
TORONTO OFFICE PROVEN TRACK RECORD IN DEVELOPING AND FINANCING MINING OPERATIONS RICHARD YOUNG PAUL CHAWRUN DAVIS SAVARIE LEILY OMOUMI KATERINA DELUCA CINDY TSEO President & Chief Operating Officer SVP, General Counsel SVP Corporate VP Treasury VP Finance Chief Executive Officer, Development & Strat
Slide 36: A Team with Deep Nevada Mining Experience
RENO OFFICE A TEAM WITH DEEP NEVADA MINING EXPERIENCE RYAN SNOW TIM GEORGE TODD ESPLIN TYLER HILL MARK MILLER CURTIS TURNER Chief Financial Officer VP Operations VP Technical Services VP Geology VP Environmental & VP Strategic Planning Permitting Former VP of Finance at Advanced career through Forme
Slide 37: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS CASSANDRA RON CLAYTON RICHARD YOUNG JOHN BEGEMAN JOHN SEAMAN ARTHUR EINAV JOSEPH Chairman President & Director Director Director Director Chief Executive Officer, Director 40+ years 20+ experi enc e i n 4 0 + ye a rs 3 0+ years operat i onal 25 years experi enc e G ene
Slide 38: Mineral Resources Attributable to i-80 Gold Corp.
MINERAL RESOURCES MINERAL RESOURCES ATTRIBUTABLE TO Tonnes Au Grade Ag Grade Au Ounces Ag Ounces (kt) (Au g/t) (Ag g/t) (koz) (koz) i-80 GOLD CORP. Measured Granite Creek – Open Pit(9) 26,360 1.26 1,066 Granite Creek – Underground(6) 133 8.5 37 Lone Tree – Open Pit(14) Cove – Underground(12) Ruby Hi
Slide 39: Mineral Resources Defined by Underground & Open Pit Deposits
MINERAL RESOURCES DEFINED BY UNDERGROUND & OPEN PIT DEPOSITS Underground Mineral Resources Open Pit Mineral Resources Au Ag Au Ag Tonnes Au Grade Ag Grade Tonnes Au Grade Ag Grade Ounces Ounces Ounces Ounces (kt) (g/t Au ) (g/t Ag) (koz) (koz) (kt) (g/t Au) (g/t Ag) (koz) (koz) Measured & Indicated
Slide 40: Executing on a Recapitalization Strategy
EXECUTING ON A RECAPITALIZATION STRATEGY PLANNED GROWTH SPEND MAY 2025 THROUGH TO MID-2026 Growth Capital 12-month Timing Amount Underground Development 2025 to mid-2026 $35M Archimedes Underground Permitting & Environmental 2025 $10M All 5 projects Feasibility Studies 2025 $3M All 5 projects Autocl
Slide 41: Non-GAAP Financial Performance Measures
NON-GAAP FINANCIAL PERFORMANCE MEASURES The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under Average realized gold price US GAAP in this document. These include adjusted loss, adjusted loss per share, and average realized pric
Slide 42: 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 43: Endnotes Continued
ENDNOTES CONTINUED 7) This outlook target, is subject to various risks, uncertainties and assumptions, which may impact future performance and the Company’s ability to achieve the results and targets discussed in this section. Please refer to “Cautionary Statement Regarding Forward-Looking Informati
Slide 44: For Further Information, Please Contact
NYSE AMERICAN: IAUX | TSX: IAU FOR FURTHER INFORMATION, PLEASE CONTACT: LEILY OMOUMI SVP CORPORATE DEVELOPMENT & STRATEGY 1.866.525.6450 INFO@I80GOLD.COM WWW.I80GOLD.COM