i-80 Gold: Nevada's Next Mid-Tier Producer

• i-80 Gold controls 14 million ounces of gold resources across five Nevada projects, with 6.5Moz in the Measured & Indicated category and 7.5Moz Inferred, ranking as Nevada's fourth-largest resource holder.
• The company targets production expansion from 20,000-30,000 ounces in 2025 to approximately 600,000 ounces annually by the early 2030s through a three-phase development plan.
• i-80 Gold owns one of only two autoclave processing facilities in Nevada, which will increase payability on refractory material from 55-60% to approximately 92% recovery when commissioned.
• The company raised approximately $200 million in 2025, with $92 million allocated to construction, drilling, permitting and technical studies through mid-2026.
• Five Preliminary Economic Assessments define combined after-tax NPV of $1.6 billion at $2,175/oz gold and $4.9 billion at $3,000/oz gold.

i-80 Gold Corp (NYSE American: IAUX, TSX: IAU) presents a case study in this category: a company advancing five brownfield gold projects in Nevada's prolific mining districts while ramping up its first underground operation and preparing to commission an autoclave processing facility that could unlock significant value across its refractory ore portfolio.

The company's November 2025 corporate presentation outlines a three-phase development plan designed to transform i-80 Gold from a junior producer generating approximately 25,000 ounces annually into a mid-tier operator targeting 600,000 ounces per year by the early 2030s. This growth trajectory relies on sequential project commissioning: Granite Creek Underground currently in ramp-up phase, Archimedes Underground under construction with production start expected in 2026, followed by Cove Underground and two large open-pit operations at Granite Creek and Mineral Point.

Against the backdrop of supportive precious metals prices and tightening global gold supply, i-80 Gold's Nevada-focused strategy addresses a fundamental market dynamic: investors seeking leverage to gold prices increasingly favor companies with jurisdictional stability, demonstrated resources, and clear pathways to production. Nevada's Tier 1 mining jurisdiction status, combined with i-80's 14 million-ounce resource base and experienced management team with Nevada operating backgrounds, positions the company to capture this investment thesis as it executes on near-term development milestones through 2026.

Company Overview

i-80 Gold Corp operates as a Nevada-focused gold development and production company with a portfolio of five projects located in the state's historically prolific Battle Mountain-Eureka and Carlin trends. The company's assets include three high-grade underground deposits (Granite Creek, Archimedes, and Cove) alongside two large oxide open-pit projects at Granite Creek and Mineral Point, plus the dormant Lone Tree autoclave processing facility.

The company's resource profile totals approximately 14 million ounces of gold: 6.5 million ounces in the Measured & Indicated category and 7.5 million ounces Inferred. Underground resources comprise 1.0 million ounces M&I at 8.4 g/t gold and 2.5 million ounces Inferred at 8.5 g/t, while open-pit resources contain 5.5 million ounces M&I at 0.64 g/t and 5.0 million ounces Inferred at 0.64 g/t. The Mineral Point deposit additionally hosts significant silver mineralization with 104.3 million ounces M&I @ 15.0 g/t silver and 91.5 million ounces Inferred @ 14.6 g/t silver.

i-80 Gold's operational footprint centers on the Granite Creek property in Humboldt County, located 10 kilometers from a major producing complex in the prolific Getchell gold trend. The company's Ruby Hill property in Eureka County contains the Archimedes Underground and Mineral Point Open Pit projects, while the Cove property in Lander County sits immediately south of a major copper-gold operation. This geographic positioning within established mining districts provides infrastructure access, permitting precedent, and geological continuity with some of Nevada's most productive gold systems.

Key Developments

i-80 Gold achieved several operational and financial milestones during 2025 that collectively de-risk its development timeline and strengthen its balance sheet. In Q3 2025, the company commenced construction at Archimedes Underground following completion of surface infrastructure for the external portal in Q2. Underground development advanced ahead of expectations under a sequential permitting approach that expedites mining through mid-2027.

"We established a staged path advancing all five assets targeting approximately 600,000 oz in gold output in the early 2030s. The new development plan, combined with completed PEAs for all five projects, provides a clear roadmap for building a scalable multi-asset mid-tier gold producer in Nevada."

At Granite Creek Underground, the company stabilized mining rates and main decline advancement following completion of dewatering infrastructure upgrades in early 2025. The operation produced 9,368 ounces in gold sales during Q3 2025 (nearly double the prior-year period), generating approximately $32 million in revenue at an average realized gold price of $3,412 per ounce. A second expanded water treatment plant remains on track for completion by end-Q1 2026 to prevent water from re-entering the underground workings.

On the financing front, i-80 Gold executed a comprehensive recapitalization plan through multiple transactions totaling approximately $200 million in 2025. The company closed a bought-deal public offering and concurrent private placement in May 2025, issuing 346 million units in the public offering and 22 million units in the private placement. Proceeds settled $42 million in gold and silver prepayments upon closing, with roughly $92 million allocated to fund construction activities, drilling, permitting and technical studies across five gold projects through mid-2026.

Strategic Significance

The Lone Tree autoclave processing facility represents i-80 Gold's most significant strategic asset and potential value catalyst. As one of only two autoclave processing facilities in Nevada, Lone Tree provides a competitive advantage in processing refractory gold ores (material where gold particles are locked within sulfide minerals and cannot be economically recovered through conventional milling or heap leaching without oxidation pre-treatment).

Current toll-milling arrangements with third-party processors impose payability factors of 55-60% on refractory concentrate, meaning i-80 Gold receives payment for only about half the contained gold in material shipped for processing. Commissioning the Lone Tree autoclave would increase recovery to approximately 92%, effectively doubling the payable gold from underground operations while eliminating trucking costs and processing fees paid to toll-milling partners. The company's updated Preliminary Economic Assessments incorporate this economic shift, projecting significantly improved cash flows and net present values from 2028 onward when autoclave processing commences.

The autoclave refurbishment scope encompasses six major areas: general plant and refinery (25% of budget), autoclave vessel and associated systems (24%), tailings filtration and treatment (24%), ore processing circuits (14%), oxygen plant (8%), and mercury scrubber (6%). A feasibility-level Class 3 engineering study targeted for completion in Q4 2025 evaluates trade-off scenarios comparing full autoclave refurbishment to alternative toll-milling and ore purchase agreement options. Subject to study results and Board approval, construction could commence in Q2 2026 with commissioning targeted for 2028.

Current Activities

i-80 Gold's near-term catalyst schedule through 2026 centers on technical studies, permitting milestones, and drilling programs designed to advance each project toward construction decisions. The Lone Tree autoclave refurbishment feasibility study targeted for Q4 2025 delivery represents the most significant upcoming catalyst, as favorable economics could trigger Board approval for full-scale refurbishment and unlock the processing bottleneck constraining underground project values.

Infill drilling programs currently underway at multiple projects aim to convert Inferred resources to Measured and Indicated categories (a critical step for reserve estimation and mine planning in subsequent feasibility studies). At Granite Creek Underground, the South Pacific Zone drill program completed 35 of 40 planned holes totaling approximately 10,000 meters, with seven additional holes added to the program. Results continue to demonstrate high-grade mineralization and expansion potential to the north and at depth. At Mineral Point, a 50,000-meter drilling program commenced in June 2025 designed to support an updated resource estimate and feasibility study.

The company's Q3 2025 financial results reflect ongoing development-stage investments balanced against production from Granite Creek Underground. Gold sales of 9,368 ounces generated $32 million in revenue at an average realized price of $3,412 per ounce (a 178% increase over the prior-year period). Gross profit reached $3.1 million, a 139% improvement over the prior year resulting from improved water management initiatives. Cash and cash equivalents totaled approximately $103 million at quarter-end, providing sufficient runway to fund planned activities through mid-2026.

The Investment Thesis for i-80 Gold Development

• Nevada's established regulatory framework reduces permitting timelines and capital intensity; favor Nevada-focused producers as geopolitical risks elevate elsewhere.
• Autoclave commissioning in 2028 could double payable gold from underground operations while eliminating $75-100/oz toll-milling costs.
• Ongoing drilling targets conversion of 7.5Moz Inferred resources; successful conversion historically correlates with 15-25% share price re-ratings in development-stage miners.
• Production growth from 25,000 oz currently to 600,000 oz by early 2030s provides operational leverage; each $100/oz increase adds approximately $60M annual cash flow at steady-state.
• Companies transitioning from development to production historically re-rate 40-60% as first production milestones approach and execution risk diminishes.
• Leadership team brings proven Nevada operating experience and track record of developing mining operations to production across multiple jurisdictions.

i-80 Gold presents a development-stage investment thesis predicated on sequential project commissioning within Nevada's Tier 1 mining jurisdiction, supported by a substantial 14-million-ounce resource base and upcoming autoclave processing capability that could materially improve project economics. The company's three-phase development plan provides a roadmap from current production levels near 25,000 ounces annually toward mid-tier status exceeding 600,000 ounces by the early 2030s.

Near-term catalysts through 2026 include the Q4 2025 Lone Tree autoclave refurbishment study, multiple feasibility study deliveries in Q1 2026 for underground projects, and ongoing drilling programs targeting resource conversion at Granite Creek and Mineral Point. The recent $200 million recapitalization provides balance sheet capacity to fund planned activities through mid-2026, though additional financing will be required to fully fund the autoclave refurbishment (estimated at $350-400 million) and larger open-pit developments.

Risks include execution on underground mine development and autoclave refurbishment timelines, permitting delays, and capital cost inflation. The company's current debt obligations include $60 million in convertible loans due December 2025 and $65 million due February 2027, creating near-term refinancing requirements. However, for investors seeking leveraged exposure to Nevada gold development with established resources and a clear production growth trajectory, i-80 Gold's portfolio of five projects at varying development stages provides both near-term catalysts and longer-term production upside as gold prices remain supported above $4,000 per ounce.

TL;DR

i-80 Gold advances five Nevada gold projects with 14 million ounces of resources, targeting production growth from approximately 25,000 oz annually to 600,000 oz by the early 2030s. The company owns the Lone Tree autoclave (one of only two in Nevada), which could double payable gold from underground operations when refurbished in 2028. Recent $200M equity raise funds development through mid-2026, with Granite Creek Underground in production ramp-up and Archimedes Underground construction commenced Q3 2025. Near-term catalysts include Q4 2025 autoclave refurbishment study and Q1 2026 feasibility studies. Key risks include execution timelines, $125M convertible debt maturing 2025-2027, and future capital requirements for autoclave and open-pit projects.

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