i-80 Gold (IAU) Study Update summary

Project Overview and Strategic Importance

• Lone Tree Plant refurbishment is central to a hub-and-spoke strategy, enabling in-house processing of high-grade refractory and oxide gold from three nearby underground mines: Granite Creek, Archimedes, and Cove.

• The plant's autoclave and CIL circuits provide flexibility to process both refractory and oxide ores, with only one other comparable facility in Nevada.

• In-house processing is expected to increase operational control, margins by $1,000–$1,500 per ounce, and free cash flow, especially at Granite Creek and Archimedes.

• The plant's location and legacy infrastructure support efficient integration with current and future mining operations, providing significant brownfield upside.

• The project is a key step in reducing reliance on third-party toll milling and enhancing free cash flow.

Engineering Study, Technical Details, and Upgrades

• Engineering study by Hatch Ltd confirms a technically straightforward, low-risk refurbishment with standard upgrades and low construction intensity.

• About $13 million invested in engineering over two years; 30% of detailed engineering is complete, improving cost estimate accuracy.

• Upgrades include a modern POX circuit, mercury abatement, new oxygen plant, tailings filtration, and modern controls to improve efficiency and environmental compliance.

• Project requires 600,000 direct construction hours and a peak workforce of 400, much lower than typical greenfield projects.

• Team experience in autoclave and POX operations at major Nevada mines reduces execution risk and supports permitting.

Plant Capacity, Process, and Feed Strategy

• Autoclave designed for 2,268 metric tons/day (827,800 metric tons/year at 85% availability), matching historic performance.

• Plant can process refractory ore via POX/CIL and oxide ore via CIL, with potential throughput increase for oxides during autoclave maintenance.

• Acid-based POX process chosen for higher gold recovery, offsetting slightly higher operating costs.

• Feed will be managed for consistency, with blending of sulfide ores and stockpiling of oxides for processing during maintenance.

• No toll milling planned post-commissioning; all underground feed expected to be processed in-house.