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

• i-80 Gold holds 6.5 million ounces of measured and indicated resources plus 7.5 million ounces inferred across five Nevada projects, ranking as the state's fourth-largest resource holder among publicly traded companies.
• Preliminary economic assessments demonstrate consolidated after-tax NPV of $1.6 billion at $2,175/oz gold and $4.5 billion at current spot prices near $2,900/oz, with individual project IRRs ranging from 12% to 75%.
• Planned 2028 restart of the permitted Lone Tree autoclave facility will eliminate costly third-party toll milling and increase gold recovery from 60% to 92%, effectively doubling revenue per tonne.
• Clear pathway to scale from current 30-40koz annually to 500,000+ ounces by early 2030s through phased development of underground and open-pit operations.
• Recent $184 million recapitalization provides funding for near-term milestones including Archimedes Underground portal development and multiple 2026 feasibility studies.

Company Overview: Consolidating Nevada's Gold Potential

i-80 Gold Corp. has assembled a dominant land position across Nevada's most productive mining districts, controlling assets that span from the Getchell Trend in the north to the Eureka district in the central part of the state. The company's five core projects represent various stages of advancement from early production through permitting and technical studies. This geographic diversification within a single Tier-1 jurisdiction provides operational flexibility while mitigating concentration risk that typically affects single-asset developers.

The company's mineral resource base of 6.5 million ounces measured and indicated plus 7.5 million inferred positions i-80 as Nevada's fourth-largest resource holder. Significantly, approximately 1.0 million ounces of the measured and indicated resources grade 8.4 g/t gold in underground deposits, while 5.5 million ounces at 0.64 g/t comprise open-pit resources. This resource mix enables the company to pursue a phased development strategy that balances near-term cash generation from underground operations with longer-term, large-scale open-pit projects.

Management has demonstrated technical competence through the advancement of the Granite Creek Underground project, which entered production ramp-up in 2023. The team includes veterans from Teranga Gold, Barrick Gold, and Nevada Gold Mines who bring direct experience developing and operating Nevada gold projects. This operational track record distinguishes i-80 from pure exploration companies and provides investors with confidence in execution capabilities.

Strategic Development: The Autoclave Advantage

The planned refurbishment of i-80's wholly owned Lone Tree autoclave facility represents a transformative strategic initiative that fundamentally alters project economics across the refractory ore portfolio. Currently, refractory material from Granite Creek Underground is processed through third-party toll milling arrangements that result in payability factors of only 58-62%, meaning the company receives credit for less than two-thirds of contained gold. Upon autoclave commissioning targeted for 2028, recovery rates are projected to increase to approximately 92%.

Richard Young, President and Chief Executive Officer, i-80 Gold stated:

"The autoclave refurbishment represents a game-changing opportunity to unlock the full value of our high-grade underground deposits. By eliminating third-party toll milling and capturing 92% recovery rates versus current payability factors of 60%, we effectively double our revenue per tonne while significantly reducing all-in sustaining costs across our refractory ore portfolio."

The autoclave refurbishment study, scheduled for completion in Q4 2025, will define capital requirements and construction timelines for bringing the permitted facility back into operation. Historical infrastructure remains in place, including the pressure oxidation vessels, though key systems including the oxygen plant, mercury scrubber, tailings filtration, and water treatment require refurbishment or replacement. The facility eliminates the ongoing per-tonne toll milling charges that currently increase all-in sustaining costs by approximately $75-100 per ounce.

Beyond economics, autoclave ownership provides processing optionality that enhances the value of i-80's extensive land position. The company can evaluate additional refractory deposits knowing that metallurgical pathways exist in-house, while oxide material continues processing through conventional heap leach circuits. This hub-and-spoke model creates operational synergies and reduces project-level capital requirements since standalone processing infrastructure becomes unnecessary.

Project Portfolio: Phased Production Growth

i-80's development strategy envisions three distinct phases that sequentially scale annual gold production toward mid-tier status. Phase 1, spanning 2028-2029, targets 150,000 to 200,000 ounces annually from Granite Creek Underground, Archimedes Underground, and the restarted Lone Tree autoclave. Phase 2, covering 2030-2031, adds the Cove Underground and Granite Creek Open Pit projects to reach 300,000 to 400,000 ounces. Phase 3, beginning in 2032, incorporates the Mineral Point Open Pit to achieve 600,000+ ounces annually.

The Archimedes Underground project represents the near-term catalyst, with portal development expected to commence in Q3 2025 following receipt of key federal permits in Q1 2025. The preliminary economic assessment demonstrates compelling economics with after-tax NPV of $127 million at $2,175/oz gold and $581 million at spot prices, with an after-tax IRR of 23% and 75% respectively. Average annual production of approximately 102,000 ounces at all-in sustaining costs of $1,893/oz over a 10-year mine life positions Archimedes as a robust cash generator.

The Mineral Point Open Pit represents the portfolio's largest asset with 3.4 million ounces of indicated resources at 0.48 g/t gold and an additional 104.3 million ounces of silver at 15.0 g/t. The March 2025 PEA demonstrates after-tax NPV of $614 million at base case metal prices and $2.1 billion at current spot levels. The project envisions a 10,000 tonne-per-day carbon-in-leach processing facility producing an average 280,000 gold-equivalent ounces annually over a 17-year mine life.

Current Operational Status & Near-Term Milestones

Granite Creek Underground continues ramping toward steady-state production with Q1 2025 gold sales of approximately 5,000 ounces. Management has implemented infrastructure upgrades including additional pumping capacity and improved decline advancement rates that are expected to stabilize water management through H1 2026. The property hosts 261,000 ounces of measured and indicated resources at 10.5 g/t gold, with mineralization remaining open along strike and at depth.

The Cove Underground project advanced through Q1 2025 with completion of permitting baseline studies and continued underground definition drilling designed to upgrade the current 310,000 ounces of indicated resources at 8.2 g/t gold. Located immediately adjacent to Nevada Gold Mines' Phoenix copper-gold mine, Cove benefits from excellent infrastructure access and well-understood geology. The project's preliminary economic assessment demonstrates after-tax NPV of $271 million at $2,175/oz gold and $582 million at spot prices.

The Granite Creek Open Pit project recently received an updated PEA demonstrating 1.4 million ounces of indicated resources at 1.18 g/t gold. The study envisions a 10,000 tonne-per-day carbon-in-leach processing facility producing an average 129,000 ounces annually over a 10-year mine life, with after-tax NPV of $421 million at base case pricing. The project requires state and federal permits including an Environmental Impact Statement, with management targeting successful permitting within approximately three years.

Financial Position & Recapitalization Strategy

i-80 Gold completed a transformational $184 million financing in May 2025 comprising a $173 million bought-deal public offering and $11 million concurrent private placement. The transaction was significantly oversubscribed and attracted new long-term institutional investors. Proceeds were immediately deployed to settle $32 million in gold and silver prepayment obligations with National Bank of Canada. The company now holds approximately $187 million in cash against roughly $197 million in convertible debt obligations.

Management has articulated a multi-faceted recapitalization strategy designed to align financial capacity with the development timeline. Key elements include securing a new senior debt facility targeted for mid-2026 in the $300-350 million range, which would provide construction capital for Archimedes and Granite Creek Underground expansion. Additional non-dilutive financing options under evaluation include the sale of the non-core FAD property at Ruby Hill and the potential creation of a royalty on the Mineral Point Open Pit deposit.

Near-term capital deployment priorities focus on high-return investments that advance the most imminent production contributors. The company has allocated approximately $92 million over the next 12 months for growth initiatives including $35 million for Archimedes Underground portal development, $20 million for infill drilling across multiple projects, and $23 million for autoclave refurbishment engineering. An additional $48 million supports corporate working capital requirements.

Market Context: Gold Price Tailwinds Support Economics

The fundamental backdrop for gold investments has strengthened considerably through 2025, with spot prices advancing to approximately $2,900 per ounce from the $2,175 baseline assumptions used in i-80's economic assessments. This 33% price increase translates into dramatically improved project economics across the portfolio. At Mineral Point, after-tax NPV increases from $614 million to $2.1 billion, while after-tax IRR expands from 12% to 27% at current spot prices.

Industry analysts have revised gold price forecasts materially higher based on structural supply-demand dynamics. Central bank accumulation continues absorbing available supply at unprecedented rates. Simultaneously, gold-backed ETFs have returned to net accumulation after years of outflows, while mine supply remains constrained. One major investment bank recently established a $4,450 per ounce average price target for 2026 with potential upside toward $4,950.

The company's Nevada jurisdiction provides additional strategic value in an environment of heightened geopolitical risk. Nevada offers stable regulatory frameworks, established mining law, reliable infrastructure, and access to skilled labor. Major producers including Barrick Gold and Nevada Gold Mines continue to concentrate capital investment in Nevada, validating the jurisdiction's long-term attractiveness.

The Investment Thesis for i-80 Gold Corp.

• Nevada's Tier-1 mining infrastructure, permitting clarity, and political stability reduce execution risk compared to international peers with similar resource bases.
• With 14 million total ounces and fourth-largest Nevada resource position, i-80 offers significant exploration upside as all deposits remain open for expansion.
• Autoclave ownership eliminates $75-100/oz toll milling costs while increasing recovery from 60% to 92%, effectively doubling revenue per tonne.
• Clear pathway from current 30-40koz to 500koz+ annually by early 2030s provides 12-15x production growth with declining unit costs.
• Executive team with successful Nevada development experience at Teranga, Barrick, and Argonaut reduces key-person risk.
• Portfolio of five projects at different development stages enables capital allocation flexibility to accelerate best-returning projects.

i-80 Gold Corp. offers investors exposure to Nevada's premier gold mining jurisdiction through a diversified portfolio of five development projects at various stages of advancement. The company's 14 million ounces of total resources provide substantial inventory to support a multi-decade production profile, while the strategic autoclave ownership creates a sustainable competitive advantage in processing refractory ore. With preliminary economic assessments demonstrating aggregate NPV of $1.6 billion at conservative gold price assumptions, the technical foundation exists to support a build-out toward 500,000+ ounces of annual production. The recent $184 million recapitalization positions the company to fund near-term development milestones, while management's track record provides credibility around execution capabilities. Current valuation metrics suggest meaningful upside potential as technical de-risking progresses and production scaling becomes visible.

TL;DR

i-80 Gold controls a portfolio of five Nevada gold projects totaling 14 million ounces of resources, with production expected to scale from current levels to 500,000+ ounces annually by the early 2030s. The company's strategic advantage centers on its permitted autoclave processing facility and brownfield development sites that minimize execution risk. Recent PEAs demonstrate strong project economics with NPV ranging from $155M to $2.1B across individual assets at conservative gold price assumptions. With balance sheet restructuring complete and feasibility studies underway, i-80 offers exposure to Nevada's prolific mining jurisdiction through a diversified, low-risk development portfolio.

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