i-80 Gold

i-80 Gold Corp is a Nevada-focused gold mining company positioned as an emerging mid-tier producer with a diversified portfolio of five brownfield assets across the state's prolific mining districts. The company operates through a hub-and-spoke model centered around its Lone Tree autoclave processing facility, which serves three underground refractory gold projects: Granite Creek Underground (currently in ramp-up phase), Archimedes Underground, and Cove Underground. Additionally, the company holds two large-scale open-pit oxide projects: Granite Creek Open Pit and Mineral Point Open Pit.

The company's strategic positioning in Nevada provides significant advantages, including established infrastructure, favorable mining regulations, and proximity to skilled labor and suppliers. With 14 million ounces of total gold mineral resources (6.5 million ounces measured and indicated, 7.5 million ounces inferred), i-80 Gold ranks as the fourth-largest mineral resource holder in Nevada. The resource base includes both high-grade underground deposits averaging 8.4 g/t Au for measured and indicated resources, and substantial open-pit resources totaling 5.5 million ounces at 0.64 g/t Au.

The company's assets benefit from well-understood geology and metallurgy, with four of the five projects representing mine restarts rather than greenfield developments. This brownfield approach significantly reduces technical and execution risks while providing faster paths to production. All deposits remain open for expansion, offering substantial exploration upside potential.

i-80 Gold presents a compelling investment opportunity in the gold mining sector through its pathway to achieving 500,000+ ounces of annual gold production by the early 2030s. The company's development strategy unfolds in three distinct phases, beginning with 150,000-200,000 ounces annually by 2028-2029, progressing to 300,000-400,000 ounces by 2030-2031, and ultimately reaching 600,000+ ounces by 2032 and beyond.

Recent preliminary economic assessments across all five projects demonstrate substantial embedded value, with total after-tax NPV of approximately $1.6 billion at $2,175/oz gold and $4.5 billion at current spot prices of $2,900/oz gold. The Mineral Point Open Pit project alone contributes $614 million in after-tax NPV at base case assumptions, increasing to over $2 billion at spot prices, while maintaining a 17-year mine life and potential to become one of Nevada's largest open-pit operations.

The strategic refurbishment of the Lone Tree autoclave facility represents a key value catalyst, enabling higher recovery rates and eliminating reliance on costly third-party toll milling. Upon commissioning in 2028, the facility will increase gold recovery rates from the current 58-62% payability factor to 92% average recovery, significantly improving production economics and cash flow generation across the underground projects.

Nevada's position as a tier-one mining jurisdiction provides additional investment appeal, with stable regulatory frameworks, established infrastructure, and proximity to major mining operations. The state hosts numerous world-class deposits, and i-80 Gold's properties are strategically located near Nevada Gold Mines' prolific operations, including the 20-million-ounce Turquoise Ridge Complex located just 10 kilometers from the Granite Creek property.

i-80 Gold's management team brings extensive experience in mine development, operations, and value creation within the gold mining sector. CEO Richard Young previously led Teranga Gold Corporation through its growth and successful acquisition, demonstrating proven capability in developing mining operations and executing strategic initiatives. His track record includes recipient recognition through PDAC Sustainability Awards and prior leadership roles at Barrick Gold.

Chief Operating Officer Paul Chawrun contributes over 30 years of technical and operational expertise, with previous positions as COO at Centerra Gold and Teranga Gold, along with oversight of technical services at Detour Gold during the development of the Detour Lake Project. This operational experience proves particularly valuable given i-80 Gold's focus on development-stage assets requiring technical execution.

The broader management team reflects deep Nevada mining expertise through key personnel including VP Operations Tim George, VP Technical Services Todd Esplin, and VP Geology Tyler Hill. This Nevada-focused experience base provides significant advantages in navigating local regulatory environments, optimizing metallurgical processes, and executing development programs within the state's unique geological and operational context.

The board of directors includes seasoned mining executives with complementary expertise across operations, finance, and corporate governance. Chairman Ron Clayton brings 40+ years of experience spanning exploration through mine operations, while other directors contribute specialized knowledge in legal, environmental, and capital markets functions.

i-80 Gold's growth strategy centers on a phased development approach that prioritizes cash flow generation while advancing higher-return projects. Phase 1 focuses on optimizing Granite Creek Underground production and commencing Archimedes Underground development, supported by the refurbishment of the Lone Tree autoclave facility. This phase targets 150,000-200,000 ounces of annual production by 2028-2029.

Phase 2 expands production through the addition of Cove Underground and Granite Creek Open Pit projects, increasing annual output to 300,000-400,000 ounces by 2030-2031. The sequencing allows cash flow from earlier projects to help fund subsequent developments, reducing external financing requirements and improving project economics.

Phase 3 incorporates the large-scale Mineral Point Open Pit project, which represents the company's largest resource base and potential production contributor. With 3.4 million ounces of indicated resources and significant silver by-product credits, this project could generate over 280,000 ounces of gold equivalent annually over a 17-year mine life.

The company's hub-and-spoke processing model creates operational synergies and cost efficiencies across the asset portfolio. The centralized Lone Tree autoclave facility serves all three underground projects, while the open-pit projects utilize conventional heap leach or carbon-in-leach processing appropriate for their oxide mineralization.

Near-term catalysts include feasibility studies across all five projects scheduled for completion by H1 2027, permitting advancement for the larger projects, and ongoing resource expansion drilling programs. The company expects to achieve steady-state production at Granite Creek Underground by H1 2026, providing operational cash flow to support broader development activities.

i-80 Gold completed a significant recapitalization in May 2025, raising $184 million through equity financing while settling existing prepayment obligations. The company maintains approximately $187 million in cash against $197 million in debt, providing adequate liquidity for near-term development activities. The debt structure includes convertible loans with favorable terms and conversion prices well above current market levels.

Current production levels remain modest at 30,000-40,000 ounces annually for 2025, primarily from Granite Creek Underground ramp-up activities and heap leach operations. However, the production profile demonstrates substantial growth potential, with anticipated increases as development projects advance through construction and commissioning phases.

Capital requirements for the next 12 months total approximately $140 million, including $92 million for growth capital across underground development, permitting, feasibility studies, autoclave refurbishment, and drilling programs. An additional $48 million covers working capital and prepayment settlements. The company's current cash position adequately covers these requirements.

Longer-term funding requirements will necessitate additional financing, likely including a senior debt facility targeting $300-350 million by mid-2026. Potential additional funding sources include non-core asset sales, royalty monetization on the Mineral Point project, and cash flow generation from operating assets as production scales.

The economic fundamentals across the project portfolio demonstrate strong margins and returns. All-in sustaining costs range from $1,225/oz for Granite Creek Open Pit to $1,893/oz for Archimedes Underground, providing substantial margins at current gold prices. Internal rates of return range from 12% to 84% at base case gold price assumptions, with significantly higher returns at current spot prices.

i-80 Gold Corp represents a compelling investment opportunity within the gold mining sector, combining substantial resource endowment with a clear pathway to mid-tier production status. The company's Nevada-focused strategy leverages one of the world's premier mining jurisdictions while benefiting from established infrastructure and favorable operating conditions. With 14 million ounces of total gold resources across five brownfield projects, the company provides significant production growth potential and exploration upside.

The management team's proven track record in mine development and operations, combined with deep Nevada expertise, positions the company well for successful execution of its development strategy. The phased approach to production growth allows for optimization of capital allocation while generating cash flow to support subsequent developments.

Recent preliminary economic assessments demonstrate substantial embedded value across the project portfolio, with total after-tax NPV exceeding $4 billion at current gold prices. The diversity of assets, ranging from high-grade underground deposits to large-scale open-pit operations, provides operational flexibility and risk mitigation while targeting multiple production streams.

The strategic refurbishment of the Lone Tree autoclave facility serves as a key value catalyst, enabling higher recovery rates and reduced processing costs across the underground projects. Combined with the substantial scale potential of the Mineral Point Open Pit project, this infrastructure investment supports the company's pathway to 500,000+ ounces of annual production.

While development-stage mining investments inherently carry execution and commodity price risks, i-80 Gold's brownfield asset base, experienced management team, and strategic Nevada positioning provide multiple risk mitigation factors. The recent recapitalization strengthens the balance sheet and provides adequate liquidity for near-term development activities, while the phased development approach allows for adaptive capital allocation based on market conditions and operational performance.

For investors seeking exposure to a growth-oriented gold producer with substantial resource endowment and clear production scaling potential, i-80 Gold Corp offers an attractive risk-adjusted investment opportunity within the precious metals sector.

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