Nevada Miner i-80 Gold Targets 12x Production Growth to 600,000 Ounces Within Six Years

• i-80 Gold is executing a three-phase development plan to increase production from under 50,000 ounces annually to over 600,000 ounces within six years, all from Nevada-based brownfield projects
• The company delivered five preliminary economic assessments in Q1 2025 and raised approximately $300 million of a targeted $900 million to $1 billion recapitalisation, with balance sheet restructuring expected by end of Q1 2026
• Autoclave refurbishment at the Lone Tree facility will cost approximately $430 million and is scheduled for completion by end of 2027, positioning the company to produce 200,000 ounces annually and generate $200-400 million in EBITDA
• At $3,000 gold, the net asset value of the five projects was approximately $5 billion versus current market cap of $1.3 billion fully diluted, with NAV now estimated between $8-10 billion at current gold prices
• The company has strengthened its technical team significantly, receiving positive feedback from five lenders conducting due diligence, and is advancing feasibility studies while maintaining focus on thorough execution over artificial timelines

i-80 Gold is advancing an ambitious development program that could transform the company into a mid-tier gold producer within six years. With all production coming from Nevada–widely regarded as the world's premier mining jurisdiction the company is leveraging brownfield projects with established infrastructure and permits to minimise execution risk. As CEO Richard Young outlined in a recent discussion, the company is focused on methodical execution of its three-phase plan while navigating a critical recapitalisation of its balance sheet. For investors, the opportunity centers on significant production growth, attractive project economics, and substantial upside potential at current gold prices.

Strategic Development Plan

i-80 Gold's development strategy revolves around five gold projects in Nevada, all historic mines with existing permits and infrastructure. The plan calls for production to increase from less than 50,000 ounces in 2025 to over 600,000 ounces annually within six years. This growth trajectory is built on brownfield development, which provides several advantages over greenfield projects. As Young explained, 

"They're historic mines that have been in operation. They've produced a lot of gold. So the repermitting is easier than a greenfields project because both the federal and state authorities already permitted this. We're just repermitting it."

The company delivered five preliminary economic assessments in the first quarter of 2025, establishing the baseline economics for its development plan. These assessments were prepared at a conservative $2,175 gold price assumption, yet demonstrated compelling returns. Young noted that "the NAV of the five gold projects at $3,000 gold was about $5 billion US," and at current prices, "the number is probably somewhere between 8 and 10" billion, compared to the company's market capitalisation of approximately $1.3 billion on a fully diluted basis.

Recapitalisation and Balance Sheet Restructuring

The most immediate priority for i-80 Gold is completing its balance sheet recapitalisation, which is essential to funding the development plan. The company has $200 million of existing debt that requires restructuring, and management estimates needing between $800-850 million to execute through phases one and two. In Q2 2025, the company raised approximately $300 million including warrants, representing the first step in a planned $900 million to $1 billion capital raise.

The recapitalisation includes three components: equity, royalty financing, and senior debt. The company received five term sheets for senior debt facilities and is currently working with three different groups to finalise terms. Young emphasised that the board's mandate prioritised "certainty over cost," focusing on securing reliable counterparties and clear drawdown conditions rather than minimising interest rates. 

"The additional cost of these facilities versus what it would be if we had permits and fees for all of phase one is not really material in the big scheme of things." 

Management expects to complete the recapitalisation by the end of the first quarter or early second quarter of 2026. This timeline is critical because it will allow the board to greenlight the full refurbishment of the Lone Tree autoclave facility, which is currently proceeding under a limited notice to proceed covering $25 million of initial work through the end of Q1.

Autoclave Refurbishment

The refurbishment of i-80 Gold's Lone Tree processing facility represents a cornerstone of the development plan. The facility includes both an autoclave and conventional CIL processing, making i-80 Gold one of only two companies operating an autoclave in Nevada, alongside Nevada Gold Mines. In December 2025, the company announced a feasibility study for the refurbishment with a capital cost of slightly over $400 million, plus capital spares bringing the total to approximately $430 million.

The higher cost compared to earlier guidance of $400 million reflects modifications to the design that provide additional processing capacity for future phases. The autoclave refurbishment is scheduled for completion by the end of 2027, at which point production is expected to reach approximately 200,000 ounces annually. At current gold prices, this production level would generate EBITDA between $200-400 million, depending on the specific gold price realisation.

Interview with Richard Young, CEO, i-80 Gold

Underground Mine Development

i-80 Gold is advancing development of multiple underground mines as part of its phased approach. The company commenced construction of its second underground mine, Archimedes, in Q3 2025, with work proceeding on schedule. A significant $30 million drill program is underway at Archimedes to expand the resource and optimise mine planning.

At Granite Creek Underground, the company completed a successful 2025 drill program and plans a similar or larger program for 2026. Young noted that infill drilling is demonstrating "a real opportunity to expand the mineralised envelope of each of these projects." The company is also advancing feasibility studies for its underground projects, with two expected in the first half of 2026.

One challenge that emerged during development was at Granite Creek, where the company lacked a complete water model. Young acknowledged that "there will be additional costs at Granite Creek related to that," though he emphasised this was one of the few areas where costs have increased materially from preliminary assessments.

Mineral Point: The Flagship Asset

Mineral Point represents i-80 Gold's most valuable asset, though it is further out in the development timeline. The preliminary economic assessment outlined a project producing roughly 300,000 ounces of gold equivalent over a 17-year mine life at all-in sustaining costs of approximately $1,400 per ounce. However, the project requires approximately $1 billion in capital, including initial stripping costs.

The company is now accelerating work on Mineral Point by approximately two years compared to the original plan. Management intends to advance an infill and step-out drill program along with a prefeasibility or feasibility study, leveraging the improved financial position that will result from the recapitalisation. Young explained the rationale: 

"Mineral Point is our flagship. If we can move that forward, we're going to do everything we can to do that."

The project economics have improved substantially with higher gold prices. At the original $2,175 gold assumption, the internal rate of return was approximately 13 percent, increasing to roughly 25% at $2,900 gold. At current prices above $4,600, the returns are significantly higher, making the billion-dollar capital requirement more manageable within the context of cash flow generation from earlier phases.

Operating in a Supportive Environment

i-80 Gold benefits from operating exclusively in Nevada, which offers several structural advantages. The state has exceptional geology, a skilled workforce, supportive regulatory environment, and extensive mining infrastructure. Young emphasised three key factors: 

"First is the geology. It's got the best geology globally. Second is the people are just plentiful. They're talented and skillful, whether it's your employees, contractors, or suppliers. And then the third element is really both the state and federal government being supportive."

The company has also benefited from favourable macroeconomic conditions. Unlike the gold price increase from $1,000 to $1,900 fifteen years ago, which was accompanied by severe cost inflation including oil prices reaching $150 per barrel, the current gold price environment features relatively stable input costs. As Young noted, 

"We're not seeing that inflation in the system. So what we're seeing as an industry is that the higher prices, other than the additional cost of royalties, are flowing through the bottom line."

Team and Execution Capability

Management has significantly strengthened the technical team since mid-2025, hiring approximately a dozen professionals with deep industry experience. Young expressed confidence in the quality of these additions: "every one of them is a superstar." The team includes personnel recruited from Nevada Gold Mines, Kinross, and other established operators.

The company's Chief Operating Officer, Paul Chawrun, was specifically highlighted as "the strongest technical person that I've ever worked with, including my nearly decade and a half at Barrick." This technical depth has been validated by the due diligence conducted by potential lenders, with Young noting that "the comments that they come back with on the quality of the group is impressive."

Execution philosophy emphasises thoroughness over meeting artificial deadlines. Young stated clearly: 

"We're not going to do a half-ass job to meet the schedule. We're going to make sure that we do a thorough job with these feas [Feasibility Studies] because if you do a thorough job on the feas, that sets you up for your execution." 

This approach has resulted in some feasibility studies being delayed by approximately one quarter, but management believes the additional work will support better outcomes during construction and operations.

Looking Ahead to 2026

The coming year represents a critical period for i-80 Gold as the company works to complete its recapitalisation and advance multiple work streams simultaneously. Key milestones include finalising the royalty sale and senior debt facility, completing feasibility studies for two underground projects in the first half of the year, continuing the autoclave refurbishment under the limited notice to proceed, and executing substantial drill programs at Granite Creek, Archimedes, and potentially Mineral Point.

Management expects that once the balance sheet is restructured, investor focus will shift from financing concerns to the quality and value of the underlying assets. The company's stock price increased approximately 50 percent in the two months following the November 2024 announcement of the development plan, suggesting growing market recognition of the opportunity.

The Investment Thesis for i-80 Gold

• Significant production growth: Clear path from under 50,000 to over 600,000 ounces annually within six years through phased brownfield development in Nevada
• Attractive project economics: Five projects with net asset value estimated at $8-10 billion at current gold prices versus $1.3 billion market cap; all-in sustaining costs averaging $1,400 per ounce
• Strong margin expansion potential: Higher gold prices flowing through to bottom line without corresponding cost inflation, unlike previous gold bull markets
• Reduced execution risk: All projects are brownfield developments with existing permits, infrastructure, and geological understanding from historical mining operations
• Near-term catalysts: Recapitalisation completion expected Q1/Q2 2026 will remove balance sheet uncertainty; feasibility studies for two underground projects due H1 2026
• Proven jurisdiction advantages: Nevada offers world-class geology, skilled workforce, supportive regulatory environment, and extensive infrastructure
• Accelerated flagship development: Mineral Point advancement pulled forward by two years; 300,000-ounce, 17-year mine life project with improving economics at higher gold prices
• Operational leverage: Autoclave refurbishment completion in 2027 positions company to generate $200-400 million annual EBITDA at current gold prices

Macro Thematic Analysis

The gold sector is experiencing a fundamental shift in economics compared to previous bull markets. Current prices above $4,600 per ounce are delivering genuine margin expansion as input cost inflation remains contained, with oil at $60 per barrel versus $150 during the last major gold price increase. This environment particularly benefits development-stage companies with brownfield assets in established jurisdictions. The new U.S. administration's pro-mining stance creates additional optionality for permitting acceleration and project advancement. 

Companies like i-80 Gold with multiple shovel-ready projects in Nevada are positioned to capture substantial value as higher gold prices translate directly to improved project economics and returns.

TL;DR

i-80 Gold offers compelling value with five Nevada brownfield projects valued at $8-10 billion versus a $1.3 billion market cap. The company is executing a three-phase plan to grow production from under 50,000 to over 600,000 ounces within six years at attractive all-in sustaining costs averaging $1,400 per ounce. Balance sheet recapitalisation expected Q1/Q2 2026 will remove financing uncertainty and enable full construction of the autoclave refurbishment, positioning the company to generate $200-400 million annual EBITDA by 2028.

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