i-80 Gold Corp. Q3 2026 Call and Webcast - I-80 GOLD CORP

Explicit Guidance:

• 2026 Production: Expect production to fall in the lower half of the guidance range (30,000–40,000 ounces total implied) due to the decision to heap leach Archimedes oxide material in Q4 2026, with associated production recorded in Q1 2027.
• 2026 Operating Costs: Expected to be at or below the low end of the guidance range due to higher mix of lower-cost oxide material.
• 2026 Capital & Pre-development: Sustaining capital, growth capital, and pre-development expenses expected in the low half of guidance ranges; exploration expenses expected below guidance due to late rig delivery and labor shortages.
• 2027 Production Profile: Transition year to ramp up mining at Granite Creek and Archimedes, building refractory and oxide stockpiles to support the Lone Tree plant; target 1,500 tons per day mining rate at Archimedes by year-end 2027, up from a current 700–800 range.
• 2028+ Production Targets: Transition to a lower-cost producer targeting 150,000–200,000 ounces per year (up from 40,000–50,000 ounces) starting in 2028; medium-term target of 400,000–500,000 gold-equivalent ounces by the early 2030s; longer-term target of 500,000–600,000 ounces annually by the mid-2030s.
• 2027 Cost Dynamics: Operating costs expected to decline significantly once Lone Tree commisions due to reduced third-party processing fees ($350/ton dropping to ~$100/ton for sulfide).

Business-Segment Outlook:

• Granite Creek Underground: Feasibility Study published September 2026; first gold mining targeted Q4 2026; ventilation raise construction planned late 2026 into 2027; mining rates expected to improve in Q4 2026; stockpiling sulfide and oxide ore planned for 2027 ahead of Lone Tree commissioning to avoid third-party costs.
• Archimedes Underground: First gold mining expected Q4 2026 (15 months from construction decision); unit costs on budget with slightly higher capital costs due to infrastructure; oxide material placement on existing heap leach pad expected by year-end 2026; refractory material stockpiling planned for 2027 for processing at Lone Tree.
• Lone Tree Plant: Refurbishment on schedule and on budget ($430 million total estimate); first gold pour targeted Q4 2027; bulk demolition complete; procurement 74% awarded by value, 44% capital committed; labor costs 5–10% above original estimates but within contingency; commissioning and initial personnel placement during 2027.
• Mineral Point Open Pit: Next major development priority; drilling completed to convert inferred to indicated resources; Pre-Feasibility Study (PFS) expected H2 2027, subject to drilling completion; potential pit expansion to east and north; permitting focus on submitting "plan of operations" in 2027; Granite Creek Open Pit PFS expected H2 2026; Cove Underground resequenced to likely 2nd half of 2030s.

Market and Competitive Outlook:

• Cost Structure Transformation: Shift from a higher-cost producer (>$40/oz AISC implied) to a lower-cost producer (<$40/oz AISC) by 2028 via the hub-and-spoke platform reducing third-party processing reliance.
• Processing Economics: Significant cost savings anticipated by processing oxide material on Ruby Hill heap leach pad and sulfide at Lone Tree, reducing third-party processing costs from ~$350/ton to ~$100/ton.
• Resource Growth: Ongoing infill and step-out drilling at Granite Creek and Archimedes expected to convert resources and extend mine life beyond 2025 PEA assumptions; Archimedes drilling to support Feasibility Study H2 2027.

Macro / Industry Outlook:

• Commodity Prices: Higher realized gold prices cited as a driver for increased gross profit and strong balance sheet.
• Labor Market: Regional competition for skilled underground labor caused Q3 workforce turnover at Granite Creek; mitigation via competitive retention incentives; staffing now at steady state.
• Liquidity & Financing: Strong balance sheet ($411M cash) plus $350M additional liquidity potential via gold prepay accordion, warrant exercises, and stockpile facilities over next 18 months; discussions ongoing for a corporate credit facility for Mineral Point to avoid equity dilution.

Strategic Initiatives:

• Hub-and-Spoke Platform: Operationalizing Granite Creek and Archimedes feeding into Lone Tree plant; resequencing of Cove project to later in the pipeline to prioritize near-term cash flow.
• Stockpiling Strategy: Building up stockpiles of refractory and oxide material in 2027; target of at least 200,000 tons stockpiled ahead of Lone Tree commissioning to maximize cash flow efficiency.
• Project Execution: General Contractor for Lone Tree expected to be awarded in December 2026; major construction spend (Q2/Q3 2027); permitting advancement for Mineral Point and Granite Creek Open Pit in 2027.

Risks and Headwinds to Outlook:

• Execution Delays: Potential delay in Lone Tree payment completion extending into 2028 due to 4-month lag between commitment and invoicing (vs. 30-day budget assumption).
• Operational Constraints: Contractor workforce turnover and labor availability could impact mining rates; ground conditions and drilling productivity rates at Archimedes affecting Feasibility Study timeline.
• Technical Uncertainty: Need to define oxide boundaries at Granite Creek via additional drilling/LECO testing; potential for expanded pit at Mineral Point changing material balance.
• Capital Cost Variance: Labor costs running 5–10% above original estimates, though within contingency.

Management Tone on the Future:

• Confidence: High confidence in execution; "no surprises" in technical studies relative to PAs, though actual projects (Granite Creek, Archimedes, Mineral Point) likely to exceed PEA reserves and resources.
• Strategic Focus: Emphasis on delivering "consistent execution quarter after quarter" to move portfolio toward fair value in a "top mining jurisdiction."
• Capital Discipline: Confidence that current liquidity ($411M cash + $350M pipeline) is sufficient to fund Lone Tree commissioning and projects without equity dilution.

Miscellaneous:

• Accounting Changes: Transition to U.S. GAAP in 2024; pre-development costs at Granite Creek will begin capitalization in Q4 2026 following reserve declaration; costs at other projects remain expensed until respective technical reports complete.
• Inventory Status: ~9,000 ounces total gold inventory with third-party partner (6,200 recoverable ounces in process + 3,000 finished goods) at quarter-end.
• Community Relations: Ongoing discussions with Eureka community regarding workforce housing and infrastructure to support project growth at Archimedes and Mineral Point.