i-80 Gold Corp. Q3 2026 Call and Webcast - VITRIA TECHNOLOGY INC

Financial Performance:

• Q3 2026 gold production was approximately 11,700 ounces; sales were 7,750 ounces (Year-to-date production: 33,650 oz; sales: 23,670 oz).
• Revenue increased due to higher realized gold prices and increased ounces sold.
• Net loss increased driven by higher pre-development expenses and non-cash accounting impacts, though gross profit rose significantly.
• Adjusted net loss increased in line with expectations as the company ramps up pre-development and exploration activities.
• Cash balance ended the quarter at $411 million; total liquidity available over the next 18 months could reach ~$761 million (including $350 million from prepay, warrants, and stockpile facilities).
• Operating cash flow increased due to higher gross profit, partially offset by increased development, evaluation, and exploration outflows.
• Cash expenditures for the quarter were below original guidance, though a 4-month lag in payments for Lone Tree refurbishment is expected to extend into 2027.

Guidance and Future Outlook:

• 2026 production guidance remains at the lower half of the range (30,000–40,000 oz) due to oxide material leaching timing.
• 2027 is a transition year: ramping up underground mining and completing Lone Tree refurbishment; full-year guidance to be released in February 2027.
• Long-term targets: 150,000–200,000 oz/year production starting in 2028; 400,000–500,000 oz/year by early 2030s (supporting Mineral Point); 500,000–600,000 oz/year by mid-2030s (supporting Granite Creek Open Pit).
• Lone Tree plant first gold pour targeted for Q4 2027.
• Archimedes Underground first gold mining expected in Q4 2026; mining rates to ramp to ~1,500 t/d by year-end 2027.
• Management expects to fund projects without further equity dilution given current cash and available liquidity.

Business Segments and Product Lines:

• Granite Creek Underground: Feasibility Study published establishing maiden reserves; 8.5-year mine life; nearly 900m development completed YTD; ore grades >8g/t sulfide and >9g/t oxide; first gold expected in Q4 2026.
• Archimedes Underground: On track for first gold in Q4 2026; 2,300m development completed in first nine months; oxide heap leach placement expected to begin year-end; refractory sulfide to be stockpiled for Lone Tree processing in 2027.
• Lone Tree Plant: Refurbishment on schedule and budget ($430M estimate); 74% of procurement packages awarded; civil/concrete work initiated; General Contractor to be awarded in December.
• Mineral Point Open Pit: 26,000m drilling completed to convert resources; drilling rates steady with 9 rigs active; Pre-Feasibility Study (PFS) expected H2 2027.
• Granite Creek Open Pit: Pre-feasibility and pre-permitting activities initiated; PFS expected H2 2026; EIS projected to commence in 2027.
• Cove Underground: Feasibility Study expected Q4 2026; resequenced later in development plan (likely 2030s) to prioritize higher-margin projects.

Market and Competitive Landscape:

• Company positioning to transition from a $40–50k oz producer to a 150k–200k oz lower-cost producer in Nevada, a top-tier mining jurisdiction.
• Drilling results at Mineral Point and Archimedes show potential to expand beyond 2025 PEA boundaries, particularly in eastern and northern extensions.
• Management noted increased competition for skilled underground labor in the region, leading to temporary contractor turnover.
• Community engagement ongoing in Eureka regarding workforce housing and infrastructure to support project growth.

Risks and Challenges:

• Operational: Contractor workforce turnover in Q3 reduced ore mining rates and delayed access to high-grade headings; labor costs running 5–10% above original estimates.
• Logistical: Third-party processing bottlenecks caused a lag between mining and processing, resulting in ~9,000 ounces of inventory in-process/finished goods.
• Financial: Cash flow timing mismatch between Lone Tree project commitments and invoicing (4-month lag vs. 30-day budgeted).
• Technical/Exploration: Ongoing need for comprehensive metallurgical testing to define oxide boundaries at Granite Creek; extended drilling timelines at Mineral Point and Archimedes.
• Permitting: Formal permitting for Mineral Point has not yet commenced; pre-permitting work is advancing.

Management Commentary and Tone:

• Tone is confident and execution-focused, emphasizing the completion of feasibility studies, drilling milestones, and infrastructure progress.
• Management highlighted the "pleasant surprise" of higher-than-anticipated oxide grades, which offer lower-cost processing options.
• CEO emphasized the strategic value of the portfolio and the expectation to move toward fair value through consistent execution.
• CFO reinforced the sufficiency of the $411 million cash balance plus $350 million in liquidity facilities to fund the transition without equity dilution.

Analyst Questions and Answers:

• Archimedes Ramp-up: Confirmed no ore from development in Q4; focus on oxide leaching at Ruby Hill, with sulfide stockpiling for Lone Tree mid-2027; mining rates to reach 1,500 t/d by end of 2027.
• Capex Timing: Lone Tree project payments will lag cash outflows; significant capital outlays (the "big checks") expected in Q2/Q3 2027, with final payments potentially extending into 2028.
• Ventilation Raise: Delay of Granite Creek ventilation raise to late 2026/early 2027 does not affect mine plan or production flexibility.
• 2027 Guidance: Will include detailed breakdowns of tons mined, processed, stockpiling strategies, and production profiles for both underground and third-party processing.
• Mineral Point PFS: Expected to be largely consistent with 2025 PEA assumptions, though an expanded pit to the east/north is under review.
• Stockpiling Strategy: Incentivized to stockpile ~200,000 tons of sulfide/oxide material to benefit from cost reduction (processing cost drops from ~$350/ton to ~$100/ton) at Lone Tree.
• Study Timelines: Mineral Point and Archimedes Feasibility Studies delayed to H2 2027 due to extended drilling and geotechnical work; Granite Creek Open Pit PFS expected H2 2026.

Other Key Points:

• First mineral reserves declared at Granite Creek Underground, allowing capitalization of qualifying pre-development costs starting Q4 2026 under US GAAP.
• Refurbishment of Lone Tree plant is largely on budget, with only 20% of contingency utilized despite labor cost increases.
• The company plans to utilize the existing heap leach pad at Ruby Hill for Archimedes oxide material, reducing processing costs significantly.
• Total of 16 drill rigs are currently active across the Ruby Hill property (Granite Creek, Archimedes, and Mineral Point).
• Management aims to award the Lone Tree General Contractor contract in December, with mobilization expected early 2027.