Q3 2025 I-80 Gold Corp Earnings Call

November 13, 2025

We tried young president and Chief Executive Officer of I 80 gold.

Operator: Today's company presenters include Richard Young, President and Chief Executive Officer of i-80 Gold, Paul Chawrun, COO, and Ryan Snow, CFO. Before we continue, please note that some of today's comments may contain forward-looking statements which involve risks and uncertainties. Actual results could differ materially. I ask everyone to view slide two of the presentation, which is available on i-80 Gold's website, to view the cautionary notes regarding the forward-looking statements made on this call and the risk factors related to these statements. Following today's formal presentation, we will open up the call to do your questions. I will now hand the call over to Richard.

Paul Chawrun: Yeah. Yeah. In fact, we may spend a little more in 2027 because we're advancing the development quicker. For your model, I would use the PEA numbers. Even though we started a bit later, we're more or less on track.

Paul Chung C O L and rain snow CFO Biff.

Before we continue see so that's all of today's comments may contain forward looking statements, which involve risks and uncertainties.

Umit Singh: Thank you very much for that. That's all for me. Good luck with the rest of the quarter. Thank you.

Actual results could differ materially.

I asked everyone to view a slight two off the reservation, which is available on I 80, Gold's website to view the cautionary notes regarding forward looking statements made on this call and the risk factors related to this the statements.

Richard Young: Thanks, Don.

Operator: I'm showing no further questions at this time. I would like to turn it back to Richard Young for closing remarks.

Following today's formal presentation, we will open up the call to your questions I will now hand over.

Richard Young: I'd like to thank everyone. I know it's a busy morning for conference calls, as we close out the quarter, it was another solid quarter for us. A year ago, we announced the development plan, and we've made great progress over the last 12 months. We're very confident that we can execute on this plan, which will require the recapitalization, which is well underway. We do believe that as we move into 2026 and 2027, we will be able to unlock the value of this significant resource base. Thank you, everyone, for your time. If you've got further questions as you digest the materials that we've published yesterday, please give us a call. Thank you.

I'll now hand, the call over to Richard.

<unk>. Thank you very much and Hello, everyone and thank you for joining us today.

Richard Young: Ludy, thank you very much, and hello, everyone, and thank you for joining us today. Looking at slide 3, Q3 marked another solid quarter of execution, with visible progress toward the key milestones within our development plan that we launched 1 year ago today. We continue to advance towards our goal of creating a Nevada-focused mid-tier gold producer. At Granite Creek Underground, project ramp-up continues. Mine grades and tonnages continue to reconcile well against the model. Groundwater is being managed with greater control, thanks to the newly improved infrastructure installed in Q3. While we make progress on a permanent disposal solution, which is on track for the end of Q1 2026. As a result, we expect to meet our 2025 consolidated guidance of 30,000 to 40,000 ounces of gold.

Looking at slide three.

The third quarter marked another solid quarter of execution.

With visible progress toward the key milestones within our development plan that we launched one year ago today.

We continue to advance towards our goal of creating a Nevada focused mid tier gold producer.

At Granite Creek underground.

Project ramp up continues.

Mine grades and tonnages continue to reconcile well against the model.

And groundwater is being managed with greater control, thanks to the newly improved infrastructure and straw installed in Q3.

Operator: Thank you, presenters, and ladies and gentlemen. This concludes today's conference call. Thank you all for joining. You may now disconnect.

While we made progress on a permanent disposal solution.

Which is on track for the end of Q1 2026.

As a result.

We expect to meet our 2025 consolidated guidance of 30 to 40000 ounces of gold.

Importantly, gross profit continues to improve as we stabilize granite Creek.

Richard Young: Importantly, gross profit continues to improve as we stabilize Granite Creek, moving from a loss a year ago to a small profit. Still a long way to go. On the development front, in September, construction commenced at Archimedes, as planned, which is an important milestone marking the start of our second underground mine. Startup activities and decline development are tracking very well. The Lone Tree plant refurbishment study is substantially complete. At the same time, drilling programs, technical studies, and permitting activities also progressed across the portfolio during the quarter, keeping us on track towards our key project milestones. The prize here is to realize the net asset valuation of the five gold projects as outlined in the most recent PEAs, which indicate a total valuation of approximately $5 billion under a $3,000 gold price scenario. Looking at slide four.

Moving from a loss a year ago to a small profit.

Still a long way to go.

On the development front.

In September construction commenced Archimedes as planned which is an important milestone marking the start of our second underground mine.

<unk> activities and decline development are tracking very well.

The lone tree plant refurbishment study is substantially complete.

At the same time.

Drilling programs technical studies and.

And permitting activities also progressed across the portfolio during the quarter.

Keeping us on track towards our key project milestones.

The prize here is to realize the net asset valuation of the five gold projects.

As outlined in the most recent ppas, which indicate a total valuation of approximately $5 billion under a 3000 dollar gold price scenario.

Looking at slide four.

I believe that a company's success depends on its people and culture.

Richard Young: I believe that a company's success depends on its people and culture. In this quarter, we continue to strengthen both. Beyond geology, Nevada's skilled workforce is a key reason it remains one of the best mining jurisdictions in the world. We've hired quality talent over the past three months in key roles from engineering, geology, construction management, to permitting, and community engagement that will help drive project execution from the ground up. With our focus on long-term value creation, we continued with steps to further mature as a company. During the quarter, we advanced an initiative to refresh our mission, vision, and values, and establish a sustainability strategy with ERM, one of the leading sustainability firms in the field, based on our new development plan. We're in the process of expanding our focus on performance-based culture across the organization.

This quarter, we continued to strengthen both.

Beyond geology.

Nevada skilled workforce is a key reason it remains one of the best mining jurisdictions in the world.

Importantly, gross profit continues to improve as we stabilize granite Creek moving.

We've hired quality talent.

Over the past three months in key roles from engineering geology, construction management to permitting and community engagement.

Moving from a loss a year ago to a small profit.

Still a long way to go on.

On the development front.

That will help drive project execution from the ground up.

In September construction commenced Archimedes as planned which is an important milestone marking the start of our second underground mine.

With our focus on long term value creation.

We continued with steps to further mature as a company.

Startup activities and declined development are tracking very well.

During the quarter, we advanced an initiative to refresh our mission vision and values and.

The loan for a plant refurbishment study is substantially complete.

And establish a sustainability strategy strategy with RM one.

At the same time drill.

Drilling programs technical studies.

One of the leading sustainability firms in the field.

And permitting activities also progressed across the portfolio during the quarter.

<unk> on our new development plan.

In addition.

We're in the process of expanding our focus.

Keeping us on track towards our key project milestones.

On a performance based culture.

Ross the organization.

All of these initial initiatives will be rolled out shortly.

The prize here is to realize the net asset valuation.

Richard Young: All of these initiatives will be rolled out shortly. They are very important as we look to attract and retain the best people in Nevada to execute on our development plan. As i-80 grows, we're building a company that reflects not only operational excellence, but the values that we stand for. We also continue to evaluate ways to accelerate value creation, such as the potential to bring forward a pre-feas or feasibility study on Mineral Point, our most valuable asset, to enable earlier permitting. That leads me to the recapitalization plan. We're engaged with a number of groups and remain confident that we'll secure a financing package by mid 2026 to support phase I and phase II of our development plan, as well as the engineering and permitting efforts required for phase III, which is Mineral Point.

And they are very important as we look to attract and retain the best people in Nevada to execute on our development plan.

Of the five gold projects as outlined in the most recent P A's, which indicate a total valuation of approximately $5 billion under a 3000 dollar gold price scenario.

As <unk> grows we are building a company that reflects not only operational excellence, but.

But the values that we stand for.

Looking at slide four.

We also continue to evaluate ways to accelerate value creation.

I believe that a company's success depends on its people and culture.

Such as the potential to bring forward.

And this quarter, we continued to strengthen both.

Pre fees, our feasibility study on mineral point.

Beyond geology.

Our most valuable asset to enable earlier permitting.

Nevada skilled workforce is a key reason it remains one of the best mining jurisdictions in the world.

That leads me to the recapitalization plan, we're engaged with a number of groups and remain confident that we will secure a financing package.

We have higher quality talent.

Over the past three months in key roles from engineering geology, construction management to permitting and community engagement that will help drive project execution from the ground up.

By mid 2026 to support.

<unk>, one and phase two of our development plan as well as the engineering and permitting efforts required for phase III, which is mineral point.

I'll now turn the call over to Paul to expand on the project updates Paul.

With our focus on long term value creation.

Richard Young: I'll now turn the call over to Paul to expand on the project updates. Paul?

We continued with steps to further mature as a company.

Thank you and Hello, everybody turning to slide five.

Paul Chawrun: Thank you, and hello, everybody. Turning to slide 5. Operations at Granite Creek and Archimedes have made good advances over the quarter. There are many moving parts across the portfolio, but we continue to execute and de-risk the plan with the necessary work underway. At Granite Creek Underground, mining activities continued to ramp up during the quarter, with increased access to mineralized material from ongoing stope development, assisted by improvements to the dewatering infrastructure installed during the quarter. September was a particularly strong month for advancement of the main decline, with record monthly development. Total mined ounces and tons continue to reconcile well on a level-by-level basis when compared to the current geological model. As we continue to ramp up operations, we continue to increase the drill density to improve ore control and the overall mining productivity.

During the quarter, we advanced initiatives to refresh our mission vision and values.

Operations at Granite Creek, and Eric <unk> have made good advances over the quarter.

There are many moving parts across the portfolio, but we continue to execute and Derisk plan with the necessary work underway.

Established a sustainability strategy strategy with E. R M.

One of the leading sustainability firms in the field.

At Granite Creek underground mining activities continue to ramp up during the quarter with increased access to mineralized material from ongoing stope development.

Based on our new development plan.

In addition, we're.

We're in the process of expanding our focus on performance based culture across the organization.

Assisted by improvements to the dewatering infrastructure installed during the quarter.

September was a particularly strong month for advancement of the main decline with record monthly development.

All of these initial initiatives will be rolled out shortly.

And they are very important as we look to attract and retain the best people in Nevada to execute on our development plan.

Total mined ounces and tonnes continue to reconcile well on a level by level basis, when compared to the current geological model.

As <unk> grows we're building a company that reflects not only operational excellence, but.

As we continue to ramp up operations, we continue to increase the drill density to improve our control and the overall mining productivity.

But the values that we stand for.

We also continue to evaluate ways to accelerate value creation.

In the quarter, we mined approximately 15000 tonnes of oxide mineralized material at a grade of about nine eight grams per tonne of gold.

Paul Chawrun: In the quarter, we mined approximately 15,000 tons of oxide mineralized material at a grade of about 9.8 grams per ton of gold. Note, we continue to encounter higher than anticipated high-grade oxide material at depth. We also mined approximately 20,000 tons of sulfide material at a grade of about 10.7 grams per ton, plus an additional 15,000 tons of incremental low-grade oxide material of just under 3 grams per ton of gold. Gold sold totaled 7,400 ounces and 16,400 ounces for the quarter and 9-month period, respectively. The stockpile of sulfide material, which is processed by a third-party autoclave, was normalized by quarter end. Regarding the dewatering program, we've made significant progress and are now able to remove this from the underground workings as needed.

Such as the potential to bring forward a pre fees or feasibility study on mineral point.

We continue to encounter higher than anticipated high grade oxide material at depth.

Our most valuable asset to enable earlier permitting.

We also mined approximately 20000 tons of sulfide material at a grade of about $10 seven grams per tonne.

That leads me to the recapitalization plan we're.

We're engaged with a number of groups and remain confident that we will secure a financing package.

Plus an additional 15000 tons of incremental low grade oxide material of just under three grams per tonne of gold.

By mid 'twenty twice extra support phase, one and phase two of our development plan as well as the engineering and permitting efforts required for phase III, which is mineral point.

Gold sold totaled 7400 ounces and 16400 ounces for the quarter and nine months period, respectively.

I'll now turn the call over to Paul to expand on the project updates Paul.

The stockpile of sulfide material, which is processed by a third party autoclave was normalized by quarter end.

Thank you and Hello, everybody.

Turning to slide five.

Operations at Granite Creek, and Archimedes It made good advances over the quarter.

Regarding the dewatering program, we've made significant progress and are now able to remove this from the underground workings as needed.

There are many moving parts across the portfolio, we continue to execute and Derisk the plan with the necessary work underway.

A more reliable pumping system was commissioned during the quarter enhancing operational efficiency and enabling more effective water management and the active mining areas.

Paul Chawrun: A more reliable pumping system was commissioned during the quarter, enhancing operational efficiency and enabling more effective water management in the active mining areas. Of the 2 additional surface groundwater wells planned, one is now complete. We are currently drilling the second. To support long-term groundwater management and future operating stability, installation of a second larger water treatment plant remains on track for completion at approximately the end of Q1 2026. This plant is designed to enable the ultimate discharge of water to prevent it from reentering into the underground workings. At Lone Tree and Ruby Hill, we continue recovering gold from the existing leach pads with a total of approximately 2,000 ounces recovered and sold in Q3. Moving to slide six. Drilling of the South Pacific Zone continues to progress well at Granite Creek Underground.

At Granite Creek underground mining activities continue to ramp up during the quarter with increased access to mineralized material from ongoing stope development.

Of the two additional surface groundwater wells planned one is now complete and we are currently drilling the second.

Assisted by improvements to the dewatering infrastructure installed during the quarter.

September was a particularly strong month for advancement of the main decline with record monthly development.

To support long term groundwater management and future operating stability installation of a second larger water treatment plant remains on track for completion at approximately the end of the first quarter of 2026.

Total mined ounces N times continue to reconcile well on a level by level basis, when compared to the current geological model.

This plant is designed to enable the ultimate discharge of water to presented from re entering into the underground workings.

As we continue to ramp up operations, we continue to increase the drill density to improve our control and the overall mining productivity.

At Lone tree and Ruby Hill, we continue recovering gold from the existing leach pads with a total of approximately 2000 ounces recovered and sold in the third quarter.

In the quarter, we mined approximately 15000 tonnes of oxide mineralized material at a grade of about 9.8 grams per tonne of gold.

No we continue to encounter higher than anticipated high grade oxide material at depth.

Moving to slide six.

Drilling of the sales specific zone continues to progress well at granite Creek underground.

We also mined approximately 20000 tons of sulfide material at a grade of about 10.7 grams per tonne.

Just under 10000 meters of core drilling was completed by the end of the quarter from 20 of the 40 planned holes as of today, we have completed 35 holes, but have added an additional seven holes to the program.

Paul Chawrun: Just under 10,000m of core drilling was completed by the end of the quarter from 20 of the 40 planned holes. As of today, we have completed 35 holes but have added an additional 7 holes to the program. As outlined in a press release in September, initial assay results from the first 6 holes confirm robust high-grade mineralization throughout the South Pacific Zone, with several strong intercepts that confirm continuity and the potential for expansion to the north and at depth. The deepest and furthest step-out hole intersected primary fault structures where expected and returned standout grades, including 33.6 grams per ton over 2.9m and 29.7 grams per ton over 3.6m. Overall, this intercept was over 21m at just over 10 grams per ton.

Plus an additional 15000 tons of incremental low grade oxide material or just under three grams per tonne of gold.

As outlined in our press release in September initial assay results from the first six holes confirm robust high grade mineralization throughout the South Pacific Zone, with several strong and SaaS that confirm continuity and the potential for expansion to the north and at depth there.

Gold sold totaled 7400 ounces and 16400 ounces for the quarter and nine months period, respectively.

The stockpile of sulfide material, which is processed by a third party autoclave was normalized by quarter at.

Regarding the dewatering program, we've made significant progress and are now able to remove this from the underground workings as needed.

The deepest and further step out hole intersected primary fault structures were expected and.

And returns standout grades, including 33, six grams per tonne over $2 nine meters and 29 seven grams per tonne over $3 six meters and overall. This <unk> was over 21 meters at just over 10 grams per tonne.

More reliable pumping system was commissioned during the quarter enhancing operational efficiency and enabling more effective water management and the active mining areas.

Of the two additional surface groundwater wells planned one is now complete and we are currently drilling the second.

A summary of the assay results are outlined in the September 10th press release available on our website.

Paul Chawrun: A summary of the assay results are outlined in the 10 September press release available on our website. Encouraged by these results, drilling advanced beyond the current structural boundary, opening a new untested area to potentially expand the known mineralized areas. The program remains on track for completion in December of this year, supporting a feasibility study with an updated mine plan targeted for completion late in Q1 2026. Overall, we're very excited with the turnaround progress and longer-term potential at Granite Creek. Turning to slide 7. Things are off to a great start at our Archimedes underground. In early September, we received permits to mine the upper level above the 5,100 foot elevation to initiate construction.

Encouraged by these results drilling advance beyond the current structural boundary opening a new untested area to potentially expand the known mineralized areas.

The program remains on track for completion in December of this year supporting a feasibility study with an updated mine plan targeted for completion late in the first quarter of 2026.

This plan is designed to enable the ultimate discharge of water to present it from re entering into the underground workings.

At Lone tree and Ruby Hill, we continue recovering gold from the existing leach pads with a total of approximately 2000 ounces recovered and sold in the third quarter.

Overall, we're very excited with the turnaround progress and longer term potential at granite Creek.

Turning to slide seven.

Moving to slide six.

Things are off to a great started archimedes underground in early September we received permits to the mine to.

Drilling of the South specifics one continues to progress well at granite Creek underground.

To mine the upper level above the 5100 foot elevation to initiate construction underground development is advancing above expectations, reaching approximately 300 feet at the end of the third quarter and over 1000 feet of drift advance as of early November work is underway on the geochemistry and hydro.

Just under 10000 meters of core drilling was completed by the end of the quarter from 20 of the 40 planned holes.

Paul Chawrun: Underground development is advancing above expectations, reaching approximately 300 feet at the end of Q3 and over 1,000 feet of drift advance as of early November. Work is underway on the geochemistry and hydrogeological technical studies required to secure permits below the 5,100 foot elevation. Beyond permitting and development, infill drilling commenced in the upper 426 Zone the first week of November as planned. Initiation of drilling in the lower Ruby Deep zone is scheduled for Q2 2026. In total, the program comprises of over 175 holes and 55,000 meters of core, forming the basis of a feasibility study targeted for Q1 2027. Next, let's turn to slide 8 to discuss the progress at the remaining projects.

As of today, we have completed 35 holes, but have added an additional seven holes to the program.

As outlined in our press release in September initial assay results from the first six holes confirm robust high grade mineralization throughout the South Pacific Zone with several strong intercepts that confirm continuity and the potential for expansion to the north and at depth.

Logical technical studies required to secure permits below the 5100 foot elevation.

Beyond permitting and development infill drilling commenced in the upper <unk> zone. The first week of November as planned initiation of drilling in the lower Ruby Deep zone is scheduled for the second quarter of 2026.

The deepest and further step out hole intersected primary fault structures were expected and returns standout grades, including 33.6 grams per tonne over 2.9 meters and 29.7 grams per tonne over 3.6 meters and overall this intercept was over 21 meters at.

In total the program comprises of over 175 holes and 55000 meters of core forming the basis of a feasibility study targeted for the first quarter of 2027.

Just over 10 grams per tonne.

Next let's turn to slide eight to discuss the progress at the remaining projects at Kohl's over 40000 meters of infill drilling was completed on a 30 meter spacing across the gap and Helen zones.

A summary of the assay results are outlined in the September 10th press release available on our website.

Encouraged by these results drilling advance beyond the current structural boundary opening a new untested area to potentially expand the known mineralized areas.

Paul Chawrun: At Cove, over 40,000 meters of infill drilling was completed on a 30-meter spacing across the Gap and Helen Zone. The results of this work delivered meaningful advances for the Co-Cove Project, which significantly strengthened our geological understanding to improve confidence in continuity and grade, improved understanding of the metallurgical response to optimized feed and gold recovery in the autoclave. Positions Cove for a strong resource conversion from inferred resources to higher confidence categories. The feasibility study is progressing as planned, with completion expected in Q1 2026. Major permit applications are also underway in anticipation of an EIS process. Moving to slide nine. At Mineral Point, engineering work continues to progress to support permitting and define the timing of a pre-feasibility or feasibility level study.

The results of this work delivered meaningful advances for the Cove project, which significantly strengthened our geological understanding to improve confidence in continuity and grade improved understanding of the metallurgical response to optimize feed and gold recover in the autoclave and positions cold for a strong resource can.

The program remains on track for completion in December of this year supporting a feasibility study with an updated mine plan targeted for completion late in the first quarter of 2026.

Overall, we're very excited with the turnaround progress and longer term potential at granite Creek.

And version from inferred resources to higher confidence categories.

Turning to slide seven.

The feasibility study is progressing as planned with completion expected in the first quarter of 2026 <unk>.

Things are off to a great start at Archimedes underground in early September we received permits to the mine to.

Major permit applications are also underway in anticipation of any EIS process.

To mine the upper level above the 5100 foot elevation to initiate construction underground development is advancing above expectations, reaching approximately 300 feet at the end of the third quarter and over 1000 feet of drift advance as I've already November work is underway on the geochemistry and hydrogen.

Moving to slide nine.

At mineral point engineering work continues to progress to support permitting and define the timing of our pre feasibility or feasibility level study.

Given the projects strong economics and potential valuation uplift a review of the completed technical work is underway to assess opportunities to accelerate drilling and the timing of studies subject to available capital.

Rheological technical studies required to secure permits below the 5100 foot elevation.

Paul Chawrun: Given the project's strong economics and potential valuation uplift, a review of the completed technical work is underway to assess opportunities to accelerate drilling and the timing of studies subject to available capital. Moving to slide 10. At Granite Creek Open Pit, the technical baseline work to advance the project towards pre-feasibility or feasibility study continues. An initial project narrative was provided to the regulatory authorities in the quarter to initiate field studies, and we anticipate an EIS process will be required. Geotechnical drilling and other field studies have been deferred into next year due to ongoing updates to the Granite Creek underground operating permits, which are a priority. As a result, we are currently reviewing new timing for study completion with the lens to optimize future growth plans.

Beyond permitting and development infill drilling commenced in the upper four to six zone. The first week of November as planned initiation of drilling in the lower Ruby Deep zone is scheduled for the second quarter of 2026.

Moving to slide 10 at.

At Granite Creek open pit the technical baseline work to advance the project towards pre feasibility our feasibility study continues.

In total the program comprises of over 175 holes and 55000 meters of core forming the basis of a feasibility study targeted for the first quarter of 2027.

An initial project narrative was provided to the regulatory authorities in the quarter to initiate field studies and we anticipate any EIS process will be required.

Geotechnical drilling and other field studies have been deferred into next year due to ongoing updates to the granite Creek underground operating permits which are a priority.

Next let's turn to slide eight to discuss the progress at the remaining projects at Kohl's over 40000 meters of infill drilling was completed on a 30 meter spacing across the gap and Helen zones.

As a result, we are currently reviewing new timing for study completion with a lens to optimize future growth plans granite Creek open pit remains a phase II opportunity with the potential to contribute to company wide production towards the end of the decade.

Paul Chawrun: Granite Creek Open Pit remains a Phase 2 opportunity with the potential to contribute to company-wide production towards the end of the decade. Turning to slide 11 for an update on the refurbishment of our Lone Tree plant. Early works progress is on track, and the updated Class 3 engineering study is substantially complete. The study updates an internal feasibility study that was completed in 2023 with design optimization and value engineering initiatives, includes a filtered tails system, updates cost estimates with significant detail as there are approximately 14,000 lines for the project controls, and a detailed execution plan completed jointly with our owner's team leadership. Overall, the results are largely in line with our expectations, and once finalized, we expect to share these results in the coming weeks.

Turning to slide 11 for an update on the refurbishment of our lone tree plant.

Early works progress is on track and the updated class III Engineering study is substantially complete the study updates an internal feasibility study that was completed in 2023 with design optimization and value engineering initiatives includes a filter tail system updates cost estimates.

Inversion from inferred resources to higher confidence categories.

The feasibility study is progressing as planned with completion expected in the first quarter of 2026.

Major permit applications are also underway in anticipation of any I S process.

With significant detail as they are approximately 14000 lines for the project controls.

Moving to slide nine.

At mineral point engineering work continues to progress to support permitting and defined the timing of a pre feasibility or feasibility level study.

And a detailed execution plan completed jointly with our owners team leadership.

Overall the results are largely in line with our expectations and once finalized we expect to share. These results in the coming weeks.

Given the projects strong economics and potential valuation uplift a review of the complete the technical work is underway to assess opportunities to accelerate drilling and the timing of studies subject to available capital.

In the meantime, the board approved a limited notice to proceed in the third quarter, allowing detailed engineering to begin and enabled to procurement of long lead equipment, which is progressing this quarter.

Paul Chawrun: In the meantime, the board approved a limited notice to proceed in the Q3, allowing detailed engineering to begin and enable the procurement of long lead equipment, which is progressing this quarter. The plant is permitted for the existing operational components in use. However, new and revised operating permits will be needed updated for the air, water, a new mercury abatement system, and revised closure plan that incorporates dry stack tailings. The necessary environmental permit application are underway for the initiation of construction. A construction decision is anticipated in the Q2 2026. A plant commissioning is targeting in the first gold pour for the end of 2027. Restarting the Lone Tree autoclave is a cornerstone investment for the company, providing increased processing capacity and higher anticipated margins for the high-grade material feed from our underground operations.

Moving to slide 10.

At Granite Creek open pit the technical baseline work to advance the project towards pre feasibility or a feasibility study continues.

The plant is permitted for the existing operational components and use however, new and revised operating permits will be need an updated for the air water, a new Mercury abatement system and revised closure plan that incorporates dry stack tails the.

And initial project narrative was provided to the regulatory authorities in the quarter to initiate field studies and we anticipate any I S process will be required.

The necessary environmental permit application are underway for the initiation of construction.

Geotechnical drilling and other field studies have been deferred into next year due to ongoing updates to the granite Creek underground operating permits which are a priority.

Our construction decision is anticipated in the second quarter of 2026, and our plant commissioning is targeting and the first gold pour for the end of 2027.

As a result, we are currently reviewing new timing for study completion with a lens to optimize future growth plans granite Creek open pit remains a phase two opportunity with the potential to contribute to company wide production towards the end of the decade.

Restarting the lone tree autoclave as a cornerstone investment for the company, providing increased processing capacity and higher anticipated margins for the high grade material feed from our underground operations.

Turning to slide 11 for an update on the refurbishment of our lone tree plant.

And with that I'll now pass it over to Ryan for a financial overview.

Paul Chawrun: With that, I'll now pass it over to Ryan for a financial overview.

Thank you Paul starting my review with Slide 12.

Ryan Snow: Thank you, Paul. Starting my review with slide 12. Q3 gold sales nearly doubled over the prior year period to approximately 9,400 ounces. In addition, the company had approximately 3,400 ounces of gold in finished goods inventory at quarter end due to the timing of sales. Total revenue from gold sales increased to approximately $32 million for the quarter, driven by higher ounces sold and a higher average realized gold price of $3,412 per ounce. Cost of sales for the quarter rose over the comparative prior year period, mainly due to higher processing fees from increased toll milling of sulfide material. As Richard highlighted, we have seen a swing in our year-to-date gross profit from a loss in 2024 to a gain in 2025, a roughly $24 million increase.

Third quarter gold sales nearly doubled over the prior year period to approximately 9400 ounces.

In addition, the company had approximately 3400 ounces of gold in finished goods inventory at quarter end due to the timing of sales.

With significant detail as there are approximately 14000 lines for their project controls.

Total revenue from gold sales increased to approximately $32 million for the quarter driven by higher ounces sold and a higher average realized gold price of $3412 per ounce.

And a detailed execution plan completed jointly with our owners team leadership.

Overall the results are largely in line with our expectations and once finalized we expect to share. These results in the coming weeks.

Cost of sales for the quarter rose over the comparative prior year period, mainly due to higher processing fees from increased toll milling of sulfide material.

As Richard highlighted we have seen a swing in our year to date gross profit from a loss in 2024 to a gain in 2025 roughly.

The plant is permitted for the existing operational components and use however, new and revised operating permits will be needed updating for the air water and new Mercury abatement system and revised closure plan that incorporates dry stack tails.

Roughly $24 million increase.

And Q3 marks our fourth consecutive quarter of gross profit.

Ryan Snow: Q3 marks our fourth consecutive quarter of gross profit. For the quarter, the company reported a net loss of approximately $42 million or $0.05 per share, which is similar to the prior year period. This net loss reflects the development stage of the company and our current period of strategic investment. Under US GAAP, which we transitioned to last year, pre-development, evaluation, and exploration costs are expensed until we declare mineral reserves. Cash used in operating activities of approximately $15 million compared to about $24 million in the prior year as a result of higher gross profit and higher working capital, partially offset by increased pre-development, evaluation, and exploration costs that were expensed.

For the quarter the company reported a net loss of approximately 42 million or <unk> <unk> per share, which is similar to the prior year period.

The necessary environmental permit application are underway for the initiation of construction.

This net loss reflects the development stage of the company and our current period of strategic investment.

Our construction decision is anticipated in the second quarter of 2026, and our plant commissioning is targeting and the first gold pour for the end of 2027.

Also under U S GAAP, which we transitioned to last year pre development evaluation and exploration costs are expensed until we declare mineral reserves.

Cash used in operating activities of approximately $15 million compared to about $24 million in the prior year as a result of higher gross profit and higher working capital.

And with that I'll now pass it over to Ryan for a financial overview.

Thank you Paul starting my review with Slide 12.

Third quarter gold sales nearly doubled over the prior year period to approximately 9400 ounces.

Partially offset by increased pre development evaluation and exploration costs that were expensed.

In addition, the company had approximately 3400 ounces of gold in finished goods inventory at quarter end due to the timing of sales.

We closed the quarter with a cash balance of approximately $103 million a decrease from the previous quarter due.

Ryan Snow: We closed the quarter with a cash balance of approximately $103 million, a decrease from the previous quarter due to development spending and continued investment in drilling programs to support our technical studies and development plan. This balance is in line with expectations in our recapitalization plan. Moving to slide 13. We're actively moving our recapitalization strategy forward. During the first half of the year, we secured sufficient capital to fund just over $90 million in construction activities, drilling

Due to development spending.

Total revenue from gold sales increased to approximately $32 million for the quarter driven by higher ounces sold and a higher average realized gold price of $3412 per ounce.

And continued investment in drilling programs to support our technical studies and development plan.

This balance is in line with expectations in our recapitalization plan.

Moving to slide 13.

Cost of sales for the quarter rose over the comparative prior year period, mainly due to higher processing fees from increased toll milling of sulfide material.

Actively moving our recapitalization strategy forward.

During the first half of the year, we secured sufficient capital to fund just over 90 million in construction activities drilling permitting and technical studies across all five gold projects as well as the lone tree plant.

As Richard highlighted we have seen a swing in our year to date gross profit from a loss in 2024 to a gain in 2025 roughly.

Paul Chawrun: Permitting and technical studies across all five gold projects, as well as the Lone Tree plant from May 2025 through mid-2026. We continue to execute a strategy that is focused on funding phase one and phase two of our development plan, which could include a new senior debt facility in the range of $350 to $400 million, a royalty sale, and the potential sale of our non-core FAD Project. The positive response from lenders and capital providers to date reinforces the strength of our assets and the significant value creation opportunities we see ahead for i-80 Gold. With that, I will now turn the call back to Richard.

Roughly $24 million increase.

May 2025 through mid 2026.

And Q3 marks our fourth consecutive quarter of gross profit.

We continue to execute a strategy that is focused on funding phase one and phase two of our development plan.

For the quarter the company reported a net loss of approximately 42 million or <unk> five per share, which is similar to the prior year period.

Which could include a new senior debt facility in the range of $350 million to $400 million.

This net loss reflects the development stage of the company and our current period of strategic investment.

Our royalty sale and the potential sale of our noncore Fad project.

Also under U S GAAP, which we transitioned to last year pre development evaluation and exploration costs are expensed until we declare mineral reserves.

The positive response from lenders and capital providers to date reinforces the strength of our assets and the significant value creation opportunities. We see ahead for Ied gold.

With that I will now turn the call back to Richard.

Okay.

Cash used in operating activities of approximately $15 million compared to about $24 million in the prior year as a result of higher gross profit and higher working capital.

Thank you Ryan looking at Slide 14, you will see a number of catalysts on the horizon.

Richard Young: Well, thank you, Ryan. Looking at slide 14, you'll see a number of catalysts on the horizon. We're entering a transformational period with a clear line of sight to major milestones over the next 12 to 18 months. During this time, we expect to complete the recapitalization to fund phase 1 and phase 2 of our development plan, complete the engineering study for the Lone Tree plant and commence the refurbishment. Achieve steady state production at our first mine, commence production at our second mine, Archimedes, and ramp up. Lastly, complete feasibility studies for our 3 underground mines as well as the Granite Creek open pit, and possibly Mineral Point. These efforts will run in parallel with permitting and ongoing drill programs.

We're entering a transformational period with.

Partially offset by increased pre development evaluation and exploration costs that were expensed.

With a clear line of sight to major milestones over the next 12 to 18 months.

We closed the quarter with a cash balance of approximately $103 million a decrease from the previous quarter.

During this time, we expect to complete the recapitalization to fund phase one and.

Phase two of our development plan.

Due to development spending and continued investment in drilling programs to support our technical studies and development plan.

Complete the engineering study for the Lone tree plant.

And commenced the refurbishment.

This balance is in line with expectations in our recapitalization plan.

Achieve steady state production on our first mine.

Commenced production, our second mine, our communities and ramp up.

Moving to slide 13.

Actively moving our recapitalization strategy forward.

And lastly, complete feasibility studies for.

For our three underground mines as well as the granite Creek open pit.

And possibly mineral point.

These efforts will run in parallel with permitting and ongoing drill programs.

From a valuation perspective.

Our may 2025 through mid 2026.

Gold continues to trade.

Richard Young: From a valuation perspective, i-80 Gold continues to trade at a deep discount to comparable developers, despite a significant resource base with a growth profile that few can match, all within one of the world's best mining jurisdictions. At today's valuation, we think the market is only beginning to recognize the potential. That concludes my remarks. We'll now turn it over to Q&A. Ludy, please can you open the line for questions? Thank you very much.

At a deep discount to.

We continue to execute a strategy that is focused on funding phase one and phase two of our development plan.

To comparable developers despite.

Significant resource space.

With a growth profile that few can match.

Which could include a new senior debt facility in the range of $350 million to $400 million.

All within.

One of the worlds best mining jurisdictions.

Our royalty sale and the potential sale of our noncore Fad project.

And at today's valuation, we think the market is only beginning to recognize the potential.

The positive response from lenders and capital providers to date reinforces the strength of our assets and the significant value creation opportunities. We see ahead for Ied gold.

That concludes my remarks, we'll now turn it over to Q&A.

<unk>. Please can you open the line for questions. Thank you very much.

With that I will now turn the call back to Richard.

Thank you ladies and gentlemen, we will now begin the question and answer session to ask a question you May present star followed by the number one on your telephone keypad. Thank.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, you may press star followed by the number one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star followed by the number two. With that, our first question comes from the line of Omeet Singh with SCP Resource Finance. Please go ahead.

Well. Thank you Ryan looking at Slide 14, you'll see a number of catalysts on the horizon.

Speakerphone, please pick up your handset before pressing the key <unk>.

We're entering a transformational period with.

Your question. Please press star followed by the data.

With a clear line of sight to major milestones over the next 12 to 18 months.

First question comes from the line of Amit <unk> with SVP retail. Please go ahead.

During this time, we expect to complete the recapitalization to fund phase one and.

Hi, everyone and thanks for the update on the quarter and congrats I had two questions around granite Creek, specifically for the first was on.

Omeet Singh: Hi, everyone. First of all, thanks for the update on the quarter and congrats. I had two questions around Granite Creek specifically. The first was, where are you mining now, and when do you expect to be mining from some of the longer levels in the South Pacific zone? Maybe the follow-on to that would be, it seems like you continue to be finding oxides even as you go deeper. What is your thinking around that? Do you expect that to be, say, impacting plans for the autoclave at all?

Phase two of our development plan.

Complete the engineering study for the Lone tree plant.

Where are you mining now and when do you expect to be mining from some of the longer levels in the South Pacific Zone, and then maybe the follow on to that would be it seems like you continue to be finding oxide. Even as you go deeper. So what is your thinking around that or do you expect that to be say impacting planned for the autoclave at all.

And commenced the refurbishment.

Achieve steady state production at our first mine.

Commenced production, our second mine Archimedes and ramp up.

And lastly, complete feasibility studies for our three underground mines as well as the granite Creek open pit.

Yes. These are great questions. So first off we're mostly in what's called the <unk> zone now we have started the upper zones, South Pacific and then next year, we're well.

And possibly mineral point.

These efforts will run in parallel with permitting and ongoing drill programs.

Paul Chawrun: Yeah, these are great questions. First off, we're mostly in what's called the OG zone now. We have started the upper zone to South Pacific, next year we're probably around 60%, 60/40 South Pacific and then 40 on the OG zone. As time goes on, we'll be more and more on the South Pacific zone in the longer term plans. Regarding the oxidation, it's primarily in the OG zone. There's a little bit of oxidation in the South Pacific. Fundamentally what's happening is you get the surface water, the meteoric water, and it can oxidize some of the sulfide into oxide ore. Longer term, that represents an opportunity for us, as you point out, in the autoclave.

From a valuation perspective, I think old continues to trade.

Probably around 60% 60, 40, South Pacific and then 40 on the <unk> zone.

At a deep discount to.

Comparable developers despite.

And then as time goes on we will be more and more in the South Pacific zone in the longer term plans and then regarding the oxidation. So it's primarily in the <unk> zone, and Theres, a little bit of oxidation and in the south Pacific, but fundamentally what's happening is you get the surface water. The meteoric water and then it can oxidize some of the sulphide in.

Our significant resource base.

With a growth profile that few can match.

All within.

One of the worlds best mining jurisdictions.

And at today's valuation, we think the market is only beginning to recognize the potential.

<unk> into oxide ore and longer term that represents an opportunity for us as you point out and the autoclave, but for the for the moment, we're feeding that off to our third party.

That concludes my remarks, we'll now turn it over to Q&A.

Louis Please can you open the line for questions. Thank you very much.

Paul Chawrun: For the moment, we're feeding that off to our third-party processors, and we get slightly lower margins depending on the grade as the sulfide. That's where we're at. Would we stockpile? I think your question was, would we stockpile this ahead of our autoclave? Perhaps, and that's something we're evaluating.

Processors, and we get slightly lower margins, depending on the grade.

Thank you ladies and gentlemen, we will now begin the question and answer session to ask a question you May press the star followed by the number one.

As the sulfide so that's where we're at and then would we stockpile I think your question was would we stockpile. This ahead of our ox, our autoclave, perhaps and that's something we're evaluating.

Keybanc.

A speakerphone please pick up your handset before pressing the keys to become.

Your question. Please press the star followed by dinner mix here that your first question comes from the line of Amit <unk>.

Can you tell us about the subsidy is taking to put the oxide through the lone tree plant yes.

Richard Young: Can you tell us about the steps you're taking to put the oxide through the Lone Tree plant?

S C. P V L T stop.

The autoclave.

Hi, everyone first of all thanks for the update on the quarter and congrats I had two questions around granite Creek, specifically so the first was on.

Paul Chawrun: Yes. The autoclave can be bypassed with oxide ore, and so we're evaluating, once we get close to commissioning of that plant, its potential for us to feed that through.

Can be bypassed with oxide ore and so we're evaluating once we get close to commissioning of that plant is potential for us to feed that through.

Where are you mining now and when do you expect to be mining from some of the longer levels in the South Pacific Zone, and then maybe the follow on to that would be it seems like you you you continue to be finding oxide even as you go deeper so what is your thinking around that.

I appreciate it. Thank you put on all three of the line.

Omeet Singh: Appreciate it. Thank you for the answers. I'll free up the line.

Thank you and once again, if you would like to ask a question. Thank you press star one on your telephone keypad.

Operator: Thank you. Once again, if you would like to ask a question, simply press star 1 on your telephone keypad. The next question comes from Don DeMarco with National Bank. Please go ahead.

Next question comes from Don Demarco with National Bank. Please go ahead.

<unk> that do the same packaging plants with autoclave at all.

Thank you operator, and good morning, Richard and team. Thank you for taking my question.

Yeah. These are great questions. So first off we're mostly in what's called the <unk> zone now we have started the upper zones, South Pacific and then next year we're.

Don DeMarco: Thank you, operator. Good morning, Richard and Dean. Thank you for taking my question. Looking at the recapitalization plan, you have a number of different options to increase liquidity. One of them is the potential disposition of the non-core FAD asset. We saw recently that the resource, the high-grade resource that was published. In light of this resource, are you reconsidering maybe not divesting this asset? Has your expectations in the event of monetizing it increased?

So looking at the Recapitalization plan do you have a number of different options.

To increase liquidity one of them is the potential disposition of the non core fad asset and.

Probably around 60% 60, 40, South Pacific and then 40 on the O G zone.

And we saw recently.

The research the high grade resource that was published but in light of this resource are you reconsidering maybe not.

And then as time goes on we will be more and more in the South Pacific Zone and in the longer term plans and then regarding the oxidation. So it's primarily in the Oh geez all in there's a little bit of oxidation and in the south Pacific, but fundamentally what's happening is you get the the surface water the meteoric water and then it can oxidize some of the salt.

Divesting this asset or has your expectations in the event of monetizing it has your expectations increased.

John that's a great question.

Richard Young: Don, that's a great question. We've always been aware that it's a high-grade resource. Unfortunately, when we look at the development plan, we will not be able to get to that until probably the end of 2030s, early 2040s. If there is an opportunity where we can get fair value for it, we will look at it as part of the recapitalization. Again, if we don't get a fair price. We paid $88 million for it 2 years ago in shares. It is a high-grade resource, both, you know, the polymetallic and the oxide at surface. So we're considerate, but we are evaluating all of our options with respect to the recapitalization, and that is one potential source of capital that minimizes dilution for shareholders.

We've always been aware that it's a high grade resource. Unfortunately, when we look at the development plan, we will not be able to get to that until probably the end of 'twenty <unk> early 'twenty forties and so if there is an opportunity where we can get fair value for it.

It into a into oxide ore and longer term that represents an opportunity for us as you point out and the autoclave, but for the for the moment, we're feeding that off to our third party.

Processors, and we get slightly lower margins, depending on the grade.

We will look at as part of the recapitalization, but again, if we don't get.

As as the sulfide. So that's that's where we're at and then would we stockpile I think your question was would we stockpiled. This ahead of our ox or autoclave, perhaps and that's something we're evaluating.

Fair price, we paid $88 million for two years <unk> shares it is a high grade <unk>.

Resource, both poly metallic and the oxides at surface.

Can you tell us about the substrate taking to put the oxide through the lone tree plant yes.

So we consider it but we are evaluating all of our options with respect to the recapitalization and that is one potential source of capital that minimizes dilution for shareholders.

The autoclave can be bypassed with oxide ore and so we're evaluating once we get close to commissioning of that plant is potential for us to feed that through.

Excellent okay. Thank you for that.

I appreciate it. Thank you for the answer is obviously up the line.

Then looking at the Lone tree Autoclave engineering stage pending release later this quarter of course, we're looking forward to a decision in Q2.

Don DeMarco: Excellent. Okay, thank you for that. Then looking at the Lone Tree Autoclave engineering stage pending release later this quarter. Of course, we're looking forward to a decision in Q2. I guess for the sake of our modeling, how should we think about CapEx for the refurbishment and also for Archimedes development in 2026?

Thank you and once again, if you would like to ask a question. Thank you press star one on your account.

So I guess for the sake of our modeling.

One key pad.

Next question comes from Don Demarco with National Bank. Please go ahead.

How should we think about capex for the refurbishment.

And also for Archimedes development in 2026.

Thank you operator, and good morning, Richard and team. Thank you for taking my question.

So looking at the Recapitalization plan do you have a number of different options.

So.

Looking at the autoclave refurbishment of $400 to use a round number.

Richard Young: Looking at the autoclave refurbishment of $400 million, to use a round number, we believe that roughly $175 will be spent in 2026 and the balance in 2027. With respect to Archimedes, we would expect the development to be roughly about $40 million in line with the PEA, and then there will be some ongoing development. The way we see Archimedes today, Don, is very much in line with the PEA in terms of the spend. While we did commence construction later than as disclosed in the PEA, the team does appear to be making up that ground.

To increase liquidity one of them is the potential disposition of the non core fad assay and.

We believe that roughly 175 will be spent in 2006.

And we saw recently that.

The research the high grade resource that was published but in light of this resource are you reconsidering, maybe not divesting this asset or has your expectations in the event of monetizing. It has your expectation has increased.

And the balance in 2007.

And with respect to our communities.

We would expect the.

Development to be roughly about $40 million in line with the PPA and then there will be some ongoing development.

John that's a great question.

We've always been aware that it's a high grade resource. Unfortunately, when we look at the development plan, we will not be able to get to that until probably the end of 'twenty thirties early 'twenty forties and so if there is an opportunity where we can get fair value for it.

The way, we see our communities today Dawn is very much in line with the PAA in terms of the spend.

While we did commence construction.

<unk> later than as disclosed in the PDA. The team does appear to be making up that ground. Yes, yes. So in fact, if we may spend a little more in 2027, because we are advancing the development quicker.

We will look at as part of the recapitalization, but again, if we don't get.

A fair price, we paid $88 million for it two years ago and shares it is a high grade <unk>.

Paul Chawrun: Yeah. Yeah. In fact, if we may spend a little more in 2027 because we're advancing the development quicker. But I for your model, I would use the PEA numbers. Even though we started a bit later, we're more or less on track.

But for your model I would use the pega numbers were even though we started a bit later, we're more or less on track.

Resource both you know the poly metallic and the oxide at surface.

So we could consider it but we are evaluating all of our options with respect to the recapitalization and that is one potential source of capital that minimizes dilution for shareholders.

Okay. Thank you very much for that that's all for me and good luck with the rest of the quarter. Thank you. Thanks.

Don DeMarco: Okay. Thank you very much for that. That's all for me. Good luck with the rest of the quarter. Thank you.

Thanks, John.

Richard Young: Thanks, Don.

And I'm showing no further questions at this time I would like to turn it back to Richard Yang for closing remarks.

Operator: I'm showing no further questions at this time. I would like to turn it back to Richard Young for closing remarks.

Excellent okay. Thank you for that.

And then looking at the Lone tree Autoclave Engineering States paying released later this quarter of course, we're looking forward to a decision in Q2.

Wed like to thank everyone I know, it's a busy morning for conference calls but.

Richard Young: I'd like to thank everyone. I know it's a busy morning for conference calls, but, you know, as we close out the quarter, it was another solid quarter for us. A year ago, we announced the development plan, and we've made great progress over the last 12 months. We're very confident that we can execute on this plan, which will require the recapitalization, which is well underway. We do believe that as we move into 2026 and 2027, we will be able to unlock the value of this significant resource base. Thank you everyone for your time. If you've got further questions as you know, digest the materials that we've published yesterday, please give us a call. Thank you.

As we close out the quarter. It was another solid quarter for us and a year ago, We announced the development plan and we've made great progress over the last 12 months.

I guess for the sake of our modeling.

How should we think about capex for the refurbishment.

And also for Archimedes development in 2026.

And we're very confident that we can execute on this plan.

So.

Which will require the recapitalization, which is well under way so.

Looking at the autoclave refurbishment of 400 billion to use a round number we believe that roughly 175 will be spent in 'twenty six.

We do believe that as we move into 'twenty six 'twenty seven.

We will be able to unlock the value.

And the balance in 'twenty seven.

This significant resource space.

And with respect to our communities.

Well. Thank you everyone for your time and if you've got further questions.

We would expect the.

<unk>.

Digest the materials that we publish.

Development to be roughly about $40 million in line with the P. A.

Yesterday, please give us a call. Thank you.

And then there will be some ongoing development.

Thank you presenters, ladies and gentlemen. This concludes today's conference call. Thank you all for joining you may now disconnect.

The way, we see Archimedes today Dawn is very much in line with the P. A in terms of the spend.

Operator: Thank you, presenters and ladies and gentlemen. This concludes today's conference call. Thank you all for joining. You may now disconnect.

While we did commence construction later than as disclosed in the P. A the team does appear to be making up that ground. Yeah. Yeah. So in fact, if we may spend a little more in 2027, because we're advancing the development quicker.

But I I for your model I would use the pega numbers were even though we started a bit later, we're more or less on track.

Okay. Thank you very much for that that's all for me and good luck with the rest of the quarter. Thank you. Thanks.

Thanks, Tom.

And I'm showing no further questions at this time I would like to turn it back to Richard Young for closing remarks.

Wed like to thank everyone I know, it's a busy morning for conference calls but.

You know as we close out the quarter. It was another solid quarter for us and.

A year ago, we announced a development plan and we've made great progress over the last 12 months.

And we're very confident that we can execute on this plan.

Which will require the recapitalization, which is well underway. So we.

We do believe that as we move into 'twenty six 'twenty seven.

We will be able to unlock the value.

This significant resource space.

Well. Thank you everyone for your time and if you've got further questions as you.

You know digest the materials that we publish.

Yesterday, please give us a call. Thank you.

Thank you presenters, ladies and gentlemen. This concludes today's conference call. Thank you all for joining you may now disconnect.

Q3 2025 I-80 Gold Corp Earnings Call

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