i-80 Gold (IAU) Investor Day 2025 summary

Strategic vision and project portfolio

• Five core gold projects in Nevada are advancing to feasibility, with a combined NAV of $1.6B at $2,175/oz gold and $4.5B at $2,900/oz gold, and a roadmap to 500,000 ounces as projects ramp up.

• The hub-and-spoke model leverages a centralized autoclave at Lone Tree, optimizing capital and operational efficiency across three underground and two open-pit mines.

• The asset base includes over 13 million ounces of gold and nearly 200 million ounces of silver, with significant exploration upside at each site.

• Sequential project execution and permitting are designed to manage risk and ensure a steady ramp-up in production, targeting 400,000+ ounces/year by 2031.

• The team is focused on resource expansion, technical de-risking, and leveraging Nevada’s favorable mining environment.

Project updates and operational highlights

• Granite Creek Underground is producing ~60,000 oz/year with an eight-year mine life; feasibility study due end of year, with major dewatering and drilling programs underway.

• Granite Creek Open Pit has shifted to a CIL-only process, boosting recovery to 86.6% and annual output to ~127,000 oz over 10 years; permitting expected to take three years.

• Archimedes Underground (Ruby Hill) is under construction, targeting 100,000 oz/year for 10 years, with phased permitting and bulk mining methods to reduce costs.

• Mineral Point Open Pit is a large-scale, owner-operated project with 282,000 gold-equivalent oz/year over 16.5 years; construction decision expected by end of 2029.

• Cove Underground is advancing toward feasibility, with dewatering as the main challenge; production of 100,000 oz/year over eight years is planned.

Processing and infrastructure

• The Lone Tree autoclave is central to the strategy, with a 2,500 tpd capacity and flexibility to run both acid and alkaline processes, supporting all refractory ore.

• Refurbishment of the autoclave is prioritized, with a capital estimate of ~$320M after value engineering, and a dry stack tailings solution to meet modern standards.

• Toll processing agreements are being phased out in favor of in-house processing, improving payability from 58–62% to 92%.

• Power and water infrastructure are robust, with grid access and detailed dewatering plans at each site.

• All projects benefit from existing infrastructure, brownfield locations, and experienced Nevada-based management, reducing execution risk.