From 50K to 700K Ounces: i-80 Gold Plans Aggressive Growth

• i-80 Gold holds 14 million ounces of Measured, Indicated & Inferred gold resources, plus 200+ million ounces of silver across four past-producing Nevada properties, making it one of Nevada's largest resource holders.
• The Company targeting dramatic production increase from current sub-50,000 ounces annually to 600-700,000 ounces within 5-6 years through three-phase development plan.
• Raised $175M equity in Q2/25, with potential of an additional $125M from warrants, targeting $400M senior debt facility and asset sales to fund $800M development through 2030.
• All 4 properties are past producers with existing infrastructure and permits, significantly reducing capital intensity and execution risk compared to greenfield projects.
• Phase 1 targets 150-200K ounces by 2028 generating $200-250M cash flow to self-fund Phase 2, reaching 300-400K ounces by 2030, with flagship Mineral Point project in Phase 3

i-80 Gold is pursuing a noteworthy transformation story as the company positions itself to become Nevada's next significant gold producer. With 14 million ounces of gold resources and over 200 million ounces of silver across four past-producing properties, i-80 Gold is executing an ambitious plan to scale from minimal production to 600-700,000 ounces annually within six years.

The company's strategic approach centers on restarting proven assets rather than developing greenfield projects, leveraging Nevada's favorable geology and existing infrastructure to minimize execution risk while maximizing returns. Under Young's leadership, backed by a seasoned team with extensive Nevada mining experience, i-80 Gold has completed its equity raise and is now focused on debt financing to execute its three-phase development plan.

Management Pedigree & Strategic Vision

President and CEO Richard Young brings substantial credibility to i-80 Gold's ambitious plans, having joined Barrick Gold in 1991 when it had just 25 employees and working across all departments for nearly 15 years. His subsequent collaboration with Alan Hill, who built Barrick's mines over a 20-year period, included successfully taking Teranga Gold from a small producer to a mid-tier operation producing 500,000 ounces annually before its sale to Endeavour Mining.

"It's not very often that any management group has the opportunity to work with tier one assets, in a tier one jurisdiction to create a new mid-tier gold producer. Those opportunities are few and far between."

The management team represents a reunion of proven operators, with eight or nine professionals who have worked together previously, now based in Toronto. The final key hire was Chief Operating Officer Paul Chawrun , who joined in April. Young describes Chawrun as "one of the strongest mining engineers technically that I've ever worked with," emphasizing the technical competence required for the complex underground operations ahead.

Asset Portfolio: Nevada's Geological Advantages

i-80 Gold's competitive advantage stems from Nevada's unique geological characteristics and the past-producing nature of its assets. The company holds four properties that have previously operated, meaning permits exist and infrastructure remains in place, significantly reducing both timeline and capital requirements compared to greenfield developments.

"The geology in Nevada is very homogeneous. So when you look at our resource, we don't have anything actually in reserves today, but we've got infill drill programs underway that will bring that resource into reserves. And what we're seeing is essentially a one-to-one move from a resource to a reserve."

The portfolio includes three underground mines with refractory ore requiring autoclave or roaster processing, collectively holding 3-4 million ounces of gold resources. These operations are expected to deliver approximately 250,000 ounces annually over a 10-year mine life once fully operational. The fourth asset is Mineral Point, the flagship open-pit project that will anchor Phase 3 of development.

Phase 1: Underground Operations Restart

The company is currently ramping up its first underground mine at Granite Creek while preparing to begin development of the second underground operation on September 1st. These portal developments require approximately $40 million each, with $25 million for portal construction and $15 million for initial development - significantly lower capital intensity than shaft-based operations.

"At that first mine, we are outperforming the reserve model. And we expect as we move further to depth within that deposit, the deposit's going to get better."

Through 2027, production will utilize third-party toll milling arrangements, though this approach costs $1,000-$1,300 per ounce in lost margins. The refurbishment of i-80 Gold's own autoclave facility, scheduled for completion by end-2027, will recapture these margins and enable processing of the refractory ore in-house.

Interview with President & CEO, Richard Young

Technical Execution

The transition from Preliminary Economic Assessments (PEAs) to bankable feasibility studies represents a critical milestone for i-80 Gold. The company has completed infill drilling for one underground mine and expects an updated resource statement shortly, with five drill rigs currently operating on the second underground project.

"By the first quarter two of the three underground mines will have the feasibility studies that is the highest level of study that you can do for a mining operation. And we would describe these as bankable."

The autoclave refurbishment, budgeted at $350-400 million, will be managed by Hatch Engineering, which has handled all autoclave and roaster work in Nevada for 40 years. Only two companies in Nevada operate autoclaves: Nevada Gold Mines and i-80 Gold, highlighting the specialized nature of this processing capability.

Financial Structure

i-80 Gold raised $175 million in equity during Q2/25, with additional warrant exercises potentially bringing total equity to approximately $300 million. Combined with restricted cash expected to become available by 2027-2028 and earlier warrant exercises, the company projects access to roughly $400 million in equity funding.

The financing plan targets $800 million in total funding through the end of the decade, requiring an additional $400 million senior debt facility. Additional funding sources include potential sale of the non-core FAD property and a possible gold royalty on Mineral Point. This structure aims to limit further equity dilution while providing adequate capital for the three-phase development plan.

"We think the equity dilution component is now behind us. So ultimately with all of those warrants being exercised, we'll move from a little bit over 800 million shares outstanding to about a billion fifty million shares, which is a lot of shares outstanding, but there is a lot of value in the asset base."

Production Scaling & Cash Flow Generation

Phase 1 targets 150-200,000 ounces annually by 2028, generating $200-250 million in cash flow that will self-fund Phase 2 development. This approach reduces external financing requirements and demonstrates the project's inherent economics at current gold prices.

Phase 2 incorporates the third underground mine and first oxide open-pit operation, targeting 300-400,000 ounces annually by 2030. The phased approach allows each stage to validate assumptions and generate cash flow before committing capital to subsequent phases.

Phase 3 centers on Mineral Point, the flagship asset with a PEA indicating 282,000 gold equivalent ounces over 17 years. Young expects the feasibility study to improve these metrics to 350,000 ounces over approximately 20 years, requiring $900 million to $1 billion in capital over three years for stripping, mobile equipment, and leach pad construction.

Path Forward

Young acknowledges the disconnect between current market valuation and the company's internal assessments. At $2,175 gold, the PEAs indicated net asset value of $1.6 billion, rising to $4.5 billion at $2,900 gold. The company's internal target following infill drilling and feasibility studies reaches $6 billion US.

"How we move from our current market cap of $500 or $600 million to $6 billion, I don't know. But what I can tell you is that, over the course of the next 12 to 18 months, we're going to have a feasibility study for the Autoclave and we'll start moving that into construction."

The company expects quarterly progress in de-risking the balance sheet, completing recapitalization, and advancing feasibility studies to gradually build market confidence in execution capability.

The Investment Thesis for i-80 Gold

• Proven Asset Base: Four past-producing Nevada properties with 14M oz gold and 200M+ oz silver resources eliminate greenfield development risks
• Experienced Management: Seasoned team with proven track record of building and operating Nevada mines, including successful mid-tier producer development
• Self-Funding Growth Model: Phased approach generates cash flow from early stages to fund subsequent development, reducing external financing dependence
• Low Capital Intensity: Underground portal developments at $40M each versus traditional shaft operations significantly reduce capital requirements
• Nevada Premium: Operations in tier-one jurisdiction with favorable geology, established infrastructure, and existing permits minimize execution risk
• Processing Advantage: One of only two autoclave operators in Nevada provides competitive moat for refractory ore processing
• Scalable Production Profile: Clear path from sub-50K oz to 600-700K oz annual production over six years through systematic asset development
• Financial Flexibility: $800M funding plan largely in place with equity raise completed and debt facility being arranged
• Flagship Asset Optionality: Mineral Point provides long-term growth platform with 20-year mine life potential
• Margin Recovery: Transition from toll milling to owned processing recaptures $1,000-$1,300 per ounce in lost margins

Nevada's resurgence as a premier gold mining jurisdiction reflects the state's unique geological advantages and established infrastructure. The combination of homogeneous geology, favorable regulatory environment, and existing skilled workforce creates compelling conditions for asset development. i-80 Gold's strategy capitalizes on these macro factors while addressing the industry's challenge of replacing depleted reserves through systematic restart of proven deposits.

The current gold price environment enhances project economics, but i-80 Gold's focus on past-producing assets with known metallurgy and existing infrastructure provides downside protection compared to speculative exploration plays. Nevada's track record of successful mining operations, combined with available contract mining expertise, reduces technical execution risk in an environment where cost overruns have plagued greenfield developments globally.