i-80 Gold (IAU) Investor Day 2025 summary

Strategic Vision and Portfolio Overview

• 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.

• 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.

• Over 13 million ounces of gold and nearly 200 million ounces of silver resources are identified, with significant exploration upside at each site.

• The Nevada-based team brings deep local expertise, supporting rapid, cost-effective project advancement and reducing execution risk.

• All deposits remain open for expansion, with significant upside potential identified at depth and along strike.

Project Development and Operational Updates

• Granite Creek Underground is a producing mine with an eight-year life, targeting 60,000 oz/year, and is advancing a feasibility study with extensive new drilling.

• Granite Creek Open Pit has shifted to a CIL-only processing plan, boosting recovery to 86.6% and extending mine life to 10 years at 127,000 oz/year.

• Archimedes Underground at Ruby Hill is under construction, with phased permitting and bulk mining methods expected to deliver 100,000 oz/year over 10 years.

• Mineral Point Open Pit is a large-scale, owner-operated project with 282,000 gold-equivalent oz/year, significant silver output, and a 16.5-year mine life, pending further drilling and permitting.

• Cove Underground is advancing toward feasibility, with 100,000 oz/year over eight years, and major capital allocated to dewatering and permitting.

Processing and Infrastructure Strategy

• The Lone Tree autoclave is central to the hub-and-spoke model, with a 2,500 tpd nameplate and flexibility for acid or alkaline processing, supporting higher recoveries.

• Refurbishment costs for the autoclave are estimated at $320–380M, including a new dry stack tailings facility and mercury scrubber, with value engineering underway.

• Lone Tree autoclave refurbishment is a key enabler, with a class 3 engineering study due Q3 2025 and commissioning targeted for 2028.

• The company is committed to minimizing third-party toll processing, aiming for 92% payability versus 58–62% with current contracts.

• All projects benefit from existing infrastructure and brownfield locations.