I-80 Gold Corp · TSX:IAU
I-80 Gold — Investor Presentation (April 2025)
39 slides from I-80 Gold's investor presentation, April 2025
Slide 1: Creating a Nevada-Based, Mid-Tier Gold Producer
MADE IN THE U.S.A. C R E AT I N G A N E V A D A - B A S E D , M I D -T I E R G O L D P RO D U C E R NYSE:IAUX | TSX:IAU April 2025
Slide 2: Cautionary Disclaimer Regarding Forward-Looking Statements
CAUTIONARY DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to statements or information regarding: statements r
Slide 3: Opportunity in a Tier 1 Mining Jurisdiction
OPPORTUNITY IN A TIER 1 JERRIT CANYON** TWIN CREEKS** MINING JURISDICTION TURQUOISE RIDGE MIDAS GRANITE CREEK (Underground + Open Pit) SOUTH ARTURO 100% NEVADA-BASED ASSET PORTFOLIO GOLDSTRIKE** WINNEMUCCA LEEVILLE • Strategic hub-and-spoke mining and processing CARLIN** strategy supported by: LONE
Slide 4: A New Strategy for a Stronger Tomorrow
COMPANY OVERVIEW A NEW STRATEGY FOR A STRONGER TOMORROW 1 NEW DEVELOPMENT PLAN 2 RECAPITALIZATION PLAN • Announced new asset development plan in Q4 2024 • Implementing a strategic recapitalization and financial for a clear path to cash flow generation restructuring plan to execute new development pl
Slide 5: Updated Mine Plans Highlight Capital Needs to Support Growth
COMPANY OVERVIEW UPDATED MINE PLANS HIGHLIGHT CAPITAL NEEDS TO SUPPORT GROWTH PROJECT PIPELINE VALUATION AT GOLD PRICES OF $2,175/oz AND $2,900/oz After-tax NPV(5%)(1) Average Annual Production • Expect PEA base case economic Gold Production Start Year (following ramp up) scenarios of all five proje
Slide 6: Multi-Deposit Portfolio with Near-Term Production Growth
COMPANY OVERVIEW MULTI-DEPOSIT PORTFOLIO WITH NEAR-TERM PRODUCTION GROWTH ANTICIPATED ANNUAL GOLD EQUIVALENT PRODUCTION*(3)(4) • High-grade resources 900 Granite Creek Underground with short development 800 Archimedes Underground timelines 700 Cove Underground Projected to achieve ~400K • Low initia
Slide 7: New Development Plan: Roadmap to 500Koz
COMPANY OVERVIEW NEW DEVELOPMENT PLAN: ROADMAP TO 500Koz STAGES OF DEVELOPMENT Latest & Upcoming 2025 2026 2027 2028 2029 2030 2031 2032 Economic Studies Granite Creek Q1 2025 – PEA (update from 2021) PRODUCTION Underground Q4 2025 – Feasibility Study Archimedes CONSTRUCTION PRODUCTION Q1 2025
Slide 8: High-Quality High-Potential Assets
COMPANY OVERVIEW HIGH-QUALITY HIGH-POTENTIAL ASSETS LOW JURISDICTION RISK LOW TECHNICAL RISK LOW CONCENTRATION RISK LOW INITIAL CAPITAL RISK All assets located 5 brownfield assets 5 assets; 4 assets are restarts within Nevada, multiple production headings a Tier-1 jurisdiction See Disclaimer for Not
Slide 9: Granite Creek Property
GRANITE CREEK PROPERTY PROJECTS ON THE PROPERTY • Granite Creek Underground • Granite Creek Open Pit Turquoise Ridge Mine (Nevada Gold Mines) Located 10 km from Nevada Gold Mines’ prolific Turquoise Ridge Complex which currently hosts ~20 Moz Summer Camp Project (Nevada Gold Mines) of gold resources
Slide 10: Granite Creek Underground
GRANITE CREEK UNDERGROUND Measured & Indicated Resource(6) 261Koz @ 10.9 g/t Au Inferred Resource(6) 326Koz @ 13.0 g/t Au Mine Life ~8 years Average Annual Gold Production (following production ramp up) ~60Koz $2,175/oz Gold Price Assumption After-Tax NPV(5%)(1) After-Tax IRR $155M 84% $2,900/oz Spo
Slide 11: Ramping Up to Full Production; First Property to Be Redeveloped
GRANITE CREEK UNDEGROUND RAMPING UP TO FULL PRODUCTION; FIRST PROPERTY TO BE REDEVELOPED • Excellent resource reconciliation to model on OGEE AND SOUTH PACIFIC ZONES tonnage and grade since ramp-up start in 2023 Exploration results to-date suggest significant potential for resource growth • South Pa
Slide 12: Production & Cash Flow Expected to Rise After Autoclave Restart
GRANITE CREEK UNDEGROUND PRODUCTION & CASH FLOW EXPECTED TO RISE AFTER AUTOCLAVE RESTART(4) KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS Life of Mine • Mineral resource estimate does not yet include drilling conducted in 2023 $2,175/oz gold price assumption and 2024 Mine Life ~8 years A
Slide 13: Granite Creek Open Pit
GRANITE CREEK OPEN PIT Measured & Indicated Resource(9) 1.4Moz @ 1.18 g/t Au Inferred Resource(9) 75Koz @ 1.09 g/t Au Mine Life ~10 years Average Annual Gold Equivalent Production (following production ramp up) 127koz $2,175/oz Gold Price Assumption After-Tax NPV(5%)(1) After-Tax IRR $421M 30% $2,90
Slide 14: Large High-Grade, Open-Pit Carbon-in-Leach Development Project
GRANITE CREEK OPEN PIT LARGE HIGH-GRADE, OPEN-PIT CARBON-IN-LEACH DEVELOPMENT PROJECT • Key component to growing production profile GRANITE CREEK OPEN PIT LAYOUT towards mid-tier status • Low capital intensity project – former producing mine with a large portion of the necessary infrastructure in pl
Slide 15: Open Pit Is Significantly Larger Than Previous 2021 Study
GRANITE CREEK OPEN PIT OPEN PIT IS SIGNIFICANTLY LARGER THAN PREVIOUS 2021 STUDY KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS $2,175/oz gold price assumption Life of Mine • Steady gold price level has provided the opportunity to reassess the optimal processing stream Mine Life ~10 years
Slide 16: Ruby Hill Property
RUBY HILL PROPERTY PROJECTS ON THE PROPERTY • Archimedes Underground • Mineral Point Open Pit • FAD Dominant land position in the Eureka Mining District ~250 km to Lone Tree processing facility via road Host to both gold and base metal mineralization i-80 GOLD CORP | 16
Slide 17: Archimedes Underground
ARCHIMEDES UNDERGROUND Indicated Mineral Resource(10) 436Koz @ 7.6 g/t Au Inferred Resource(10) 988Koz @ 7.3 g/t Au Mine Life 10 years Average Annual Gold Production (following production ramp up) 102Koz $2,175/oz Gold Price Assumption After-Tax NPV(5%)(1) After-Tax IRR(1) $127M 23% $2,900/oz Gold P
Slide 18: Expected to Be i-80 Gold's Second Underground Gold Mine
ARCHIMEDES UNDERGROUND EXPECTED TO BE i-80’S GOLD’S SECOND UNDERGROUND GOLD MINE • High-grade underground gold project expected LONGITUDINAL SECTION OF MINERALIZED BODIES begin contributing to production late-2026/early- 2027 • Comprised of Ruby Deeps and 426 zone • 2025 focus: Advancing infrastruct
Slide 19: High-Tonne, Low-Cost Operation
ARCHIMEDES UNDERGROUND HIGH-TONNE, LOW-COST OPERATION KEY OPERATING & FINANCIAL METRICS FROM PEA PEA HIGHLIGHTS $2,175/oz gold price assumption Life of Mine • Potential to achieve the highest underground mining rate Mine Life ~10 years among i-80 Gold’s underground operations Average Annual Producti
Slide 20: Mineral Point Open Pit
MINERAL POINT OPEN PIT Indicated Mineral Resource(11) 3.4Moz @ 0.48 g/t Au 104.3Moz @ 15.0 g/t Ag Inferred Resource(11) 2.1Moz @ 0.34 g/t Au 91.5Moz @ 14.6 g/t Ag Mine Life 16.5 years Average Annual Gold Equivalent Production(2) (following production ramp up) 282Koz $2,175/oz Gold Price After-Tax NP
Slide 21: Potential to Become i-80's Largest Gold Producing Asset
MINERAL POINT POTENTIAL TO BECOME i-80’S LARGEST GOLD PRODUCING ASSET • Large oxide Au-Ag deposit – largest of two oxide projects in i-80 Gold’s portfolio • Potential to become one of Nevada’s largest open-pit truck-and-shovel mining operations and a key driver of future growth for the Company • 202
Slide 22: Mineral Point PEA Highlights
MINERAL POINT PEA HIGHLIGHTS KEY OPERATING & FINANCIAL METRICS FROM PEA • Existing understanding of geology, hydrology and metallurgy $2,175/oz Au price assumption; substantially reduces execution risks $27.25/oz Ag price assumption Life of Mine Mine Life 16.5 years • Project funding is expected to
Slide 23: Cove Project
COVE PROJECT Indicated Gold Resource(12) 311Koz @ 8.2 g/t Au Inferred Resource(12) 1.16Moz @ 8.9 g/t Au Mine Life 8 years Average Annual Gold Production (following production ramp up) 100Koz $2,175/oz Gold Price Assumption After-Tax NPV(5%(1) After-Tax IRR(5%)(1) $271M 30% $2,900/oz Spot Gold Price
Slide 24: Cove Project Mine Plan Includes Helen & Gap Deposits
COVE PROJECT CURRENT MINE PLAN INCLUDES HELEN & GAP DEPOSITS High-grade, brownfield development stage, gold deposits open for expansion down-plunge Located immediately south of Nevada Gold Mines’ Phoenix Cu-Au Mine; ~ 85 km to Lone Tree autoclave Underground definition drilling program intended to c
Slide 25: Recent Two-Year Infill Drill Program Not Included in 2025 PEA
COVE RECENT TWO-YEAR INFILL DRILL PROGRAM NOT INCLUDED IN 2025 PEA KEY OPERATING & FINANCIAL METRICS PEA HIGHLIGHTS • Low capital, high return on estimated invested capital $2,175/oz gold price assumption Life of Mine Mine Life ~8 years • Ongoing infill drill program in Helen and Gap zones to be inc
Slide 26: Autoclave Has Capacity to Become Hub for Nevada Operations
AUTOCLAVE HAS THE CAPACITY TO BECOME THE HUB FOR i-80 GOLD’S NEVADA OPERATIONS GRANITE CREEK (Underground + Open Pit) Centrally located between i-80 Gold’s LONE TREE AUTOCLAVE** assets enabling hub-and-spoke mining and processing business model COVE UNDERGROUND Eliminates reliance on costly third-pa
Slide 27: Lone Tree Autoclave: Fully Permitted with Short Construction Timeline
LONE TREE AUTOCLAVE FULLY PERMITTED WITH SHORT CONSTRUCTION TIMELINE Autoclave refurbishment class 3 engineering study expected to be completed in Q3 2025 Key component to unlocking value of underground deposits One of two companies in Nevada with an PROPOSED DEVELOPMENT TIMELINE autoclave ore proce
Slide 28: Key Value Drivers for i-80 Gold
KEY VALUE DRIVERS FOR i-80 GOLD Proven Nevada High-Grade Organic Strategic Strategic Recapitalization Mining Expertise Growth Pipeline Hub-and-Spoke & Financial Minimizes Operating and & Resource Expansion Mining and Restructuring Plan Execution Risk Potential on Brownfield Sites Processing Model fo
Slide 29: Appendix
APPENDIX
Slide 30: 2024 Q4 & Full Year Operations Update
2024 Q4 & FULL YEAR OPERATIONS UPDATE GRANITE CREEK UNDERGROUND GRANITE CREEK UNDERGROUND – First Redeveloped Project • Mined 38,000 oz of contained gold and produced 16,000 oz after factoring in year-end stockpiles and payability percentages – Mining rates and production impacted by higher than ant
Slide 31: 2025 Outlook
2025 OUTLOOK 2025 Consolidated Production Undertook Financing Initiatives To Provide Growth expenditures expected to Expected to Be 30,000 to 40,000 oz(7) Near-term Liquidity And Balance Sheet Flexibility total between $40M to $50M in Support of Recapitalization Plan in 2025 • Granite Creek Undergro
Slide 32: Successful History in Developing & Financing Mining Operations
TORONTO OFFICE SUCCESSFUL HISTORY IN DEVELOPING & FINANCING MINING OPERATIONS RICHARD YOUNG DAVIS SAVARIE KATERINA DELUCA LEILY OMOUMI CINDY TSEO Chief Executive Officer & Senior VP, General Counsel VP Treasury VP Corporate Development & VP Finance Director Strategy Former President & CEO of 20+ yea
Slide 33: A Team with Deep Nevada Mining Experience
RENO OFFICE A TEAM WITH DEEP NEVADA MINING EXPERIENCE MATT GILI RYAN SNOW TIM GEORGE TODD ESPLIN TYLER HILL MARK MILLER President & Chief Financial Officer VP Operations VP Technical Services VP Geology VP Environmental & Chief Operating Officer Permitting Previously held senior Former VP of Finance
Slide 34: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS RICHARD YOUNG EVA BELLISSIMO CHRISTINA CASSANDRA RON CLAYTON JOHN BEGEMAN JOHN SEAMAN ARTHUR EINAV MCCARTHY JOSEPH Chief Executive Chairman Director Director Director Director Director Director Officer & Director 4 0 + year s 2 0 + year s leg al, 4 0 + year s o p er at
Slide 35: Non-GAAP Financial Performance Measures
NON-GAAP FINANCIAL PERFORMANCE MEASURES The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under US GAAP in this document. This includes average realized price per ounce. Non-GAAP financial performance measures do not have any sta
Slide 36: Mineral Resources
MINERAL RESOURCES(6,9,10,11,12,13,14) MINERAL RESOURCES Tonnes (kt) Au Grade (Au g/t) Ag Grade (Ag g/t) Au Ounces (Koz) Ag Ounces (Koz) Mineral Resources Attributable to Measured i-80 Gold Corp. Granite Creek – Open Pit 26,360 1.26 1066 Granite Creek – Underground 133 8.5 37 Lone Tree – Open Pit Cov
Slide 37: Endnotes
ENDNOTES 1) For the Archimedes Underground Project, cash flow and NPV are calculated as of the start of construction, which is anticipated to commence in early in the second quarter 2025, subject to obtaining the necessary permits by March 31, 2025, as anticipated. After tax metrics for Archimedes U
Slide 38: Endnotes Continued
ENDNOTES CONTINUED 10) Archimedes Underground: Underground Mineral Resources have been estimated at a gold price of $2,175 per troy ounce and a silver price of $27.25 per ounce (Section 19.1). Mineral Resources have been estimated using pressure oxidation gold metallurgical recoveries of 96.8% and 8
Slide 39: For Further Information, Please Contact
FOR FURTHER INFORMATION, PLEASE CONTACT: Leily Omoumi VP Corporate Development & Strategy 1.866.525.6450 [email protected] www.i80gold.com