I-80 Gold Corp · TSX:IAU
I-80 Gold — Investor Presentation (June 2025)
44 slides from I-80 Gold's investor presentation, June 2025
Slide 1: Creating a Nevada-Based, Mid-Tier Gold Producer
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 NYSE:IAUX | TSX:IAU June 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 JERRIT CANYON** OPPORTUNITY IN A TIER 1 TWIN CREEKS** TURQUOISE RIDGE MIDAS MINING JURISDICTION GRANITE CREEK - Granite Creek Underground - Granite Creek Open Pit SOUTH ARTURO GOLDSTRIKE** LEEVILLE 100% Nevada-based assets CARLIN** LONE TREE GOLD QUARRY* Near-term growth AUTOCLAVE**
Slide 4: Establishing a Scalable Multi-Asset Mid-Tier Gold Producer
COMPANY OVERVIEW ESTABLISHING A SCALABLE MULTI-ASSET MID-TIER GOLD PRODUCER NEAR-TERM GROWTH: FUTURE GROWTH: UNDERGROUND OPEN PIT OPERATIONS OPERATIONS Refractory material from three Oxide material from two underground projects: large-scale, conventional open pit projects: Granite Creek Underground
Slide 5: Fourth Largest Resource Holder in Nevada
COMPANY OVERVIEW JERRIT CANYON** FOURTH LARGEST RESOURCE TWIN CREEKS** TURQUOISE RIDGE MIDAS HOLDER IN NEVADA GRANITE CREEK - Granite Creek Underground - Granite Creek Open Pit SOUTH ARTURO GOLDSTRIKE** TOTAL GOLD MINERAL RESOURCES LEEVILLE CARLIN** • 6.5 Moz M&I + 7.5 Moz Inferred LONE TREE GOLD QU
Slide 6: Building Momentum with Recent Achievements
COMPANY OVERVIEW BUILDING MOMENTUM WITH RECENT ACHIEVEMENTS Stabilize Granite Creek Advanced Completed PEAs For Added Depth Across Core New Development Plan Underground Development Recapitalization Plan to All Five Projects Management Roles & Gold Output Support Development Established a staged File
Slide 7: New Development Plan: The Path to Mid-Tier Production
COMPANY OVERVIEW NEW DEVELOPMENT PLAN: THE PATH TO MID-TIER PRODUCTION Latest & Upcoming 2025 2026 2027 2028 2029 2030 2031 2032 Economic Studies Granite Creek Q1 2025 – PEA (update from 2021) PRODUCTION Underground Q1 2026 – Feasibility Study Archimedes Q1 2025 – PEA CONSTRUCTION PRODUCTION U
Slide 8: Significant Value Embedded Across i-80 Gold's Asset Portfolio
COMPANY OVERVIEW SIGNIFICANT VALUE EMBEDDED ACROSS i-80 GOLD’S ASSET PORTFOLIO After-tax NPV(5%)(1) Average Annual Production Project Gold Production Target • PEA economics expected to $2,175/oz Au $2,900/oz Au (following ramp up) Start Year improve with drilling ahead of Granite Creek Underground $
Slide 9: Multi-Deposit Portfolio with Near-Term Production Growth
COMPANY OVERVIEW MULTI-DEPOSIT PORTFOLIO WITH NEAR-TERM PRODUCTION GROWTH ANNUAL GOLD PRODUCTION OF +500,000 OUNCES EXPECTED IN 2032 ANTICIPATED ANNUAL GOLD PRODUCTION*(3)(4) • High-grade resources 900 Granite Creek Underground with short development 800 Archimedes Underground timelines 700 8x incre
Slide 10: Upcoming Catalysts
COMPANY OVERVIEW UPCOMIING CATALYSTS ❑ Commence portal development at Archimedes Underground – Q3 2025 NEXT 12 MONTHS ❑ Lone Tree autoclave refurbishment study – Q4 2025 ❑ Archimedes Underground drilling – Q4 2025/Q1 2026 ❑ Feasibility studies • Cove Underground – Q4 2025 • Granite Creek Underground
Slide 11: High-Quality High-Potential Assets
COMPANY OVERVIEW HIGH-QUALITY HIGH-POTENTIAL ASSETS LOW JURISDICTION RISK LOW TECHNICAL RISK LOW CONCENTRATION RISK LOW INITIAL CAPITAL RISK All assets located 5 brownfield assets 5 assets; 4 assets are restarts within Nevada, multiple production headings a Tier-1 jurisdiction See Disclaimer for Not
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 ~20Moz Summer Camp Project 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 UNDEGROUND i-80 GOLD’S FIRST UNDERGROUND GOLD MINE • Excellent resource reconciliation to model on OGEE AND SOUTH PACIFIC ZONES tonnage and grade since ramp-up start in 2023 Exploration results to-date suggest significant potential for resource growth • South Pacific Zone remains open
Slide 15: Production & Cash Flow Expected to Rise After Autoclave Restart
GRANITE CREEK UNDEGROUND PRODUCTION & CASH FLOW EXPECTED TO RISE AFTER AUTOCLAVE RESTART(4) KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS Life of Mine • Mineral resource estimate has yet to incorporate 2023-2024 drilling data $2,175/oz gold price assumption Mine Life ~8 years • 2025 effe
Slide 16: 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 17: Large High-Grade, Low-Capex Open Pit Project
GRANITE CREEK OPEN PIT LARGE HIGH-GRADE, LOW-CAPEX OPEN PIT PROJECT • Key component to growing production profile GRANITE CREEK OPEN PIT LAYOUT towards mid-tier status • Former producing mine with substantial existing infrastructure • Significant oxide and transitional mineralization remains below a
Slide 18: 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 19: Ruby Hill Property
RUBY HILL PROPERTY PROJECTS ON THE PROPERTY • Archimedes Underground • Mineral Point Open Pit • FADΔ 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 Δ Non-core asset currently not included in the d
Slide 20: 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 21: Expected to Begin Contributing to Production Late-2026/Early-2027
ARCHIMEDES UNDERGROUND EXPECTED TO BEGIN CONTRIBUTING TO PRODUCTION LATE-2026/EARLY-2027 • High-grade underground gold project LONGITUDINAL SECTION OF MINERALIZED BODIES • Permitting process well underway – sequential approach expedites mining through mid-2027, while finalizing approvals for lower s
Slide 22: 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 23: 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 24: Potential to Become i-80's Largest Gold Producing Asset
MINERAL POINT OPEN PIT POTENTIAL TO BECOME i-80’S LARGEST GOLD 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 the Comp
Slide 25: Mineral Point Key Operating & Financial Metrics
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 Equivalent •
Slide 26: Cove Project PEA Highlights
COVE PROJECT 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 @ $1,303/oz $2,175/oz Gold Price Assumption After-Tax NPV(5%(1) After-Tax IRR(5%)(1) After-T
Slide 27: Cove Underground Project
COVE UNDERGROUND PROJECT • High-grade, brownfield stage, gold deposits CURRENT MINE PLAN INCLUDES HELEN & GAP DEPOSITS open for expansion down-plunge • Located immediately south of Nevada Gold Mines’ Phoenix Cu-Au Mine; ~85 km to Lone Tree autoclave • Underground definition drill program intended to
Slide 28: 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 29: Lone Tree Autoclave: Fully Permitted with Short Construction Timeline
LONE TREE AUTOCLAVE FULLY PERMITTED WITH SHORT CONSTRUCTION TIMELINE Autoclave refurbishment class 3 engineering study expected completion in Q4 2025 Key component to unlocking value of underground deposits One of two companies in Nevada with an PROPOSED DEVELOPMENT TIMELINE autoclave ore processing
Slide 30: Autoclave Has Capacity to Become the Hub for Nevada Operations
AUTOCLAVE HAS THE CAPACITY TO BECOME THE HUB FOR i-80 GOLD’S NEVADA OPERATIONS GRANITE CREEK UNDERGROUND Centrally located between i-80 Gold’s assets enabling hub-and-spoke mining and processing business model ARCHIMEDES UNDERGROUND LONE TREE (Ruby Hill Eliminates reliance on costly third-party AUTO
Slide 31: Autoclave Refurbishment Scope and Budget
Refurbishment Scope ~% of Budget General Plant (incl. Refinery) 25% Ore Processing 14% Filtered Tails Autoclave 24% Mercury Scrubber 6% Oxygen Plant 8% Carbon in Water Treatment RO Tailings Filtrations & Treatment 24% Leach A/C Boiler Mercury Scrubber A/C Oxygen Plant i-80 GOLD CORP | 31
Slide 32: Planned Growth Spend Over the Next 12 Months
FINANCIAL POSITION PLANNED GROWTH SPEND OVER THE NEXT 12 MONTHS Growth Capital 12-month Timing Amount Aligning i-80 Gold’s Financial Capacity With The Value and Underground Development Opportunity Within Our Asset Pipeline 2025 to mid-2026 $35M Archimedes Underground • Combined gross proceeds from t
Slide 33: Capital Overview
FINANCIAL POSITION CAPITAL OVERVIEW Ticker Symbols TSX:IAU $C NYSE:IAUX $US Research Coverage 52-Week Range $0.47 - $1.71 $0.34 - $1.26 Canaccord Genuity Corp. Peter Bell Share Price (as at June 6, 2025) $0.83 $0.60 Cormark Securities Richard Gray Average Daily Volume 690K 6.6M National Bank Don DeM
Slide 34: Appendix
APPENDIX
Slide 35: 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 as
Slide 36: 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 KATERINA DELUCA LEILY OMOUMI CINDY TSEO President & Chief Executive Chief Operating Officer Senior VP, General Counsel VP Treasury VP Corporate Development VP Finance Officer & D
Slide 37: 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 38: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS EVA BELLISSIMO CHRISTINA CASSANDRA RON CLAYTON RICHARD YOUNG JOHN BEGEMAN JOHN SEAMAN ARTHUR EINAV MCCARTHY JOSEPH Chairman President & Director Director Director Director Director Director Chief Executive Officer, Director 4 0 + year s 20+ year s leg al, 40+ year s o
Slide 39: 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 US GAAP in this document. This includes average realized price per ounce. Non-GAAP financial performance measures do not have any sta
Slide 40: Mineral Resources Attributable to i-80 Gold Corp.
MINERAL RESOURCES MINERAL RESOURCES Tonnes Au Grade Ag Grade Au Ounces Ag Ounces ATTRIBUTABLE TO Measured (kt) (Au g/t) (Ag g/t) (Koz) (Koz) i-80 GOLD CORP. Granite Creek – Open Pit(9) Granite Creek – Underground(6) 26,360 133 1.26 8.5 1066 37 Lone Tree – Open Pit(14) Cove – Underground(12) Ruby Hil
Slide 41: 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 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 10) Archimedes Underground: Underground Mineral Resources have been estimated at a gold price of $2,175 per troy ounce and a silver price of $27.25 per ounce (Section 19.1). Mineral Resources have been estimated using pressure oxidation gold metallurgical recoveries of 96.8% and 8
Slide 44: For Further Information, Please Contact
FOR FURTHER INFORMATION, PLEASE CONTACT: Leily Omoumi VP Corporate Development & Strategy 1.866.525.6450 info@i80gold.com www.i80gold.com