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Here are a few analogies to describe i-80 Gold (IAUX) to someone unfamiliar with it:

1. Imagine a smaller, fast-growing version of a major gold producer like Barrick Gold or Newmont, but solely focused on expanding its gold production and operations in Nevada.

2. Think of them as a specialized resource developer, similar to a regional real estate developer like Lennar or PulteGroup, but instead of building houses, they are developing and operating a portfolio of gold mines across Nevada.

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• Gold: i-80 Gold explores for, develops, and produces gold from its projects located primarily in Nevada, USA.

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i-80 Gold (IAUX) is a gold production and development company with assets in Nevada, USA. As a gold mining company, it extracts gold and processes it into a saleable form, typically doré bars or concentrate, which are then sold as a commodity.

i-80 Gold sells primarily to other companies within the global precious metals market, rather than directly to individuals. Its customers are generally:

• Precious Metals Refiners: Companies that further process the gold doré bars or concentrate into high-purity gold bullion. These refiners then often sell the bullion to mints, jewelers, industrial users, or investors.
• Bullion Banks and Dealers: Major financial institutions and specialized precious metals trading firms that purchase gold and distribute it into the global market.

Due to the nature of commodity sales, where gold is a highly liquid and fungible asset traded on a global market, gold mining companies like i-80 Gold do not typically disclose specific names of "major customers" in their public filings. Sales are often diversified among various refiners and dealers, and customer concentration is generally not a material factor. Therefore, specific customer company names are not publicly identified by i-80 Gold.

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• Nevada Gold Mines LLC (joint venture between Barrick Gold Corporation (NYSE: GOLD, TSX: ABX) and Newmont Corporation (NYSE: NEM, TSX: NGT))
• N.A. Degerstrom, Inc.

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The key risks to i-80 Gold's business include:

1. Execution and Development Risk: i-80 Gold is currently executing a multi-asset development strategy across several projects in Nevada, including Granite Creek, Archimedes, Cove, and the Lone Tree processing facility. There are significant inherent risks associated with bringing these mining projects into full production on schedule and within budget. These risks include potential delays in obtaining necessary permits, challenges during construction and infrastructure development, and the possibility that preliminary economic assessments (PEAs) may not fully translate into validated feasibility studies, impacting projected economics and timelines.
2. Financing and Dilution Risk: The company requires substantial capital to fund its ongoing exploration and development activities. Historically, i-80 Gold has resorted to issuing new shares to secure the necessary funding, leading to significant dilution for existing shareholders. While recent financing efforts have helped strengthen the balance sheet, the need for future capital to complete its ambitious development plans and potential future debt or equity raises continues to pose a risk of further dilution.
3. Commodity Price Risk: As a gold and silver producer, i-80 Gold's revenue, profitability, and the economic viability of its projects are highly sensitive to fluctuations in the market prices of gold and silver. A sustained decline in precious metal prices could negatively impact the company's financial performance, cash flow, and ability to fund its operations and development pipeline, regardless of operational efficiency.

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The main product of i-80 Gold (IAUX) is gold, with potential for silver and base metal mineralization from some of its properties. As a gold producer, the company's addressable market can be considered both global and regional.

The global gold market size was valued at US$ 354,004.4 million in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a CAGR of 4.70% during the forecast period. Another estimate puts the global gold market at USD 1308.43 billion in 2026, projected to reach USD 1878.48 billion by 2035, expanding at a CAGR of 4.1%.

For the North American region, the gold mining market size was estimated at USD 43.5 billion in 2024 and is projected to grow from USD 44.99 billion in 2025 to USD 63.0 billion by 2035, exhibiting a CAGR of 3.4%. North America holds approximately 20-25% of the global gold market. Specifically within North America, the U.S. gold mining market, where i-80 Gold primarily operates in Nevada, held a commanding 35.1% share in 2024, valued at approximately $12 billion.

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i-80 Gold (IAUX) is poised for future revenue growth over the next 2-3 years, driven primarily by increased gold production from its advanced Nevada-focused projects, the strategic refurbishment of its processing facility, and ongoing successful exploration efforts.

Here are the key drivers:

1. Increased Gold Production from Ramp-Up and New Mine Starts: i-80 Gold is actively ramping up production at its Granite Creek Underground mine. Crucially, the company anticipates "first gold" from its Archimedes underground mine in Q4 2026. The long-term development plan outlines a significant increase in annual gold output, targeting 150,000-200,000 ounces in the 2028-2029 timeframe (Phase 1) and scaling up to 300,000-400,000 ounces by 2030-2031 with additional projects like Cove and the Granite Creek Open Pit coming online.
2. Refurbishment and Strategic Utilization of the Lone Tree Processing Facility: The Lone Tree plant is central to i-80 Gold's processing strategy, particularly for Phase 2 and Phase 3 of its development. Refurbishment of the Lone Tree Plant is expected to commence in H2 2026. This refurbishment is critical as it will position i-80 Gold as one of only three companies in the United States capable of processing both oxide and refractory mineralization, which is vital for its high-grade underground mines.
3. Successful Exploration and Resource Expansion: The company has a strong focus on exploration to expand its mineral resources. In 2023, i-80 Gold completed extensive drilling (over 60,000 meters) to enhance the quality of its mineral resources and extend mineralization, achieving "significant success" in these programs. Recent assay results from the Granite Creek Underground Project continue to demonstrate resource expansion potential, and an updated mineral resource estimate for the FAD Project in October 2025 confirmed high-grade polymetallic mineralization.
4. Advancement of Additional Projects: Beyond Granite Creek and Archimedes, i-80 Gold is progressing other key projects. Preliminary Economic Assessments (PEAs) for five gold projects, including Cove Underground, Mineral Point Open Pit, and both Granite Creek projects, were released in Q1 2025. The development of Cove and Mineral Point is expected to contribute significantly to the targeted higher production levels in later phases of the company's plan.
5. Favorable Gold Prices: While not directly within the company's control, the prevailing price of gold is a significant revenue driver for a gold producer. Analyst reports highlight that i-80 Gold's project valuations are highly sensitive to gold prices, with a substantial increase in net present value (NPV) observed at higher gold price assumptions. For example, the combined after-tax NPV of its projects at $5,000/oz gold is estimated to be approximately double the $4.9 billion NPV at $3,000/oz.

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Share Issuance

• In May 2025, i-80 Gold raised gross proceeds of $185.5 million through a bought deal public offering and a concurrent private placement, resulting in net proceeds of $175.2 million.
• Warrants issued as part of the May 2025 financing could provide up to approximately $130 million in additional proceeds if fully exercised, with an expiry date of November 16, 2027.
• Proceeds from brokered and private placements contributed to an increase in the company's cash balance during 2025.

Inbound Investments

• i-80 Gold is actively pursuing various financing options as part of its recapitalization strategy to secure capital and fund its growth plans.
• The recapitalization strategy is progressing, with ongoing support from lenders and other capital providers.
• A significant raise has contributed to placing the company on a more stable financial footing.

Capital Expenditures

• Capital expenditures in Q4 2025 were $4.9 million, primarily for funding long-term assets and infrastructure.
• Approximately $92 million is expected to be allocated to fund construction activities, drilling, permitting, and technical studies across all five gold projects and the Lone Tree Plant from May 2025 through to mid-2026.
• Cash used for pre-development, evaluation, exploration expenses, and capital expenditures on property, plant, and equipment, including the Lone Tree Plant study, decreased cash and cash equivalents by $39.6 million from September 30, 2025, to December 31, 2025.