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1. A growing gold producer, like a smaller, Nevada-focused Barrick Gold.

2. The 'Nevada gold specialist,' on a path to become a mid-tier producer similar to Agnico Eagle.

3. Like Newmont in its expansion phase, exclusively focused on high-potential gold assets in Nevada.

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• Gold: A precious metal extracted from its mining operations and sold on the market.
• Silver: A valuable metal often recovered as a byproduct alongside gold from its mineral deposits.

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i-80 Gold (symbol: IAUX) is a gold mining company focused on exploration, development, and production of gold projects primarily in Nevada, USA. As such, it sells its primary product, gold (typically in the form of doré bars or concentrate), primarily to other companies rather than directly to individuals.

The major customers for a gold mining company like i-80 Gold are typically:

• Gold Refiners: These companies process raw gold doré or concentrate from mines into high-purity gold bullion, which is then used for various industrial, jewelry, and investment purposes. They are a critical link in the global gold supply chain.
• Bullion Banks and Traders: These are large financial institutions or specialized trading firms that deal in significant quantities of precious metals. They purchase gold from miners, facilitate its refining, storage, and distribution, and also engage in hedging and trading activities in the global market.

While i-80 Gold sells to these types of entities, specific customer names are generally not disclosed by mining companies in their public filings due to commercial confidentiality and competitive reasons. Therefore, no specific public company symbols can be provided for their direct customers.

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Nevada Gold Mines LLC

Nevada Gold Mines LLC is a joint venture between:

• Barrick Gold Corporation (NYSE: GOLD)
• Newmont Corporation (NYSE: NEM)

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Richard Young, President, Chief Executive Officer & Director

Richard Young founded and served as CEO of Teranga Gold Corporation, which was acquired by Endeavour Mining PLC in 2021 for over C$2.5 billion. He also served as President and CEO of Argonaut Gold, which Alamos Gold Inc. acquired in July 2024. Young played a key role in transforming Teranga Gold from a single-asset producer into a successful low-cost, mid-tier gold producer. His career includes extensive experience in Nevada, with operational positions at Barrick Gold's Goldstrike Mine. He has been recognized for implementing award-winning sustainability programs, receiving the PDAC Sustainability Award in 2008 and 2017, and the UN Global Compact Canada SDG Accelerator Award in 2020.

Ryan Snow, Chief Financial Officer

Ryan Snow is a mining finance professional with over 15 years of experience in financial management and reporting, including IFRS and US GAAP, internal controls, M&A, risk management, and taxation. Prior to joining i-80 Gold, he was Vice-President of Finance for Nevada Copper, where he assisted in securing project financing and restructuring debt during the construction and ramp-up of the Pumpkin Hollow mine. As Vice-President, Finance and Controller for Tahoe Resources, he oversaw the implementation of Sarbanes-Oxley, managed two business acquisitions, and advanced the Escobal mine in Guatemala and the Shahuindo Mine in Peru through construction to commercial production.

Paul Chawrun, Chief Operating Officer

Paul Chawrun is an executive mining engineer with over 30 years of technical, operating, and corporate leadership experience, having started his career as an exploration geologist. He has a proven track record in permitting, building, and operating gold mines globally. Most recently, Chawrun served as COO and Executive Vice President at Centerra Gold. Before that, he was COO of Teranga Gold, where he was instrumental in transitioning the company from a single-asset to a multi-asset West African mid-tier gold producer. His experience also includes senior management roles at Fording Inc. and Suncor Energy, and technical and corporate development roles at various mine development companies, including overseeing the technical development of the Detour Lake Project for Detour Gold.

David Savarie, Senior Vice President, General Counsel, Corporate Affairs & People

David Savarie has spent the last 17 years working exclusively within the gold mining sector, contributing to the development, permitting, financing, and operations of projects across Eastern Europe, West Africa, and North America. He previously served as SVP, General Counsel, Corporate Affairs & People at Teranga Gold Corporation until its acquisition in 2021. Subsequently, he was SVP, General Counsel at Argonaut Gold Inc. until its acquisition in July 2024.

John Seaman, Director

John Seaman is a mining executive with over 25 years of experience in the industry, covering exploration, development, and production. He previously held the position of Lead Director for Premier Gold Mines and served as Chief Financial Officer for Premier Gold Mines, Wolfden Resources, Pediment Gold Corp, and Tembo Gold. Throughout his career, Mr. Seaman has served as a director for various small and mid-tier companies.

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The key risks to i-80 Gold (symbol: IAUX) primarily revolve around its financial stability and operational execution of its development plans:

1. Funding and Dilution Risk: i-80 Gold has a history of significant cash burn, leading to substantial losses and a reliance on further financing to execute its multi-phase development strategy. The company has undertaken recapitalization efforts and issued millions of new shares, resulting in considerable shareholder dilution. There is an ongoing need for substantial debt financing (estimated between $350 million and $400 million) to fund future phases of development and eliminate existing gold and silver prepay obligations, with uncertainty regarding the successful securing of these funds without further equity dilution.
2. Operational Execution and Processing Facility Dependence: A critical component of i-80 Gold's strategy to improve margins is the refurbishment and commissioning of its Lone Tree autoclave processing facility. Until this facility is fully operational (targeted for before the end of 2027), the company remains heavily reliant on costly third-party toll-milling agreements, which significantly weigh on its cost of sales and overall profitability. Delays in bringing the Lone Tree autoclave online, or challenges in ramping up production at its various mines (e.g., Granite Creek, Archimedes, Cove) to targeted levels, pose substantial risks to achieving its production and financial goals. The company has encountered elevated levels of oxide mineralized material at Granite Creek, which is processed via heap leach, further highlighting operational complexities.
3. Cash Burn and Financial Stability: The company has experienced high cash outflows from operating activities and significant quarterly losses. While recent capital raises have improved its cash position, the sustained high cash burn rate necessitates careful management and successful execution of its financing and operational plans to avoid future liquidity concerns and potential material uncertainties regarding its "going concern" status.

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The addressable market for i-80 Gold's main product, gold, can be assessed at both a global and North American regional level.

Global Market Size:

The global gold market was valued at approximately USD 291.68 billion in 2024. This market is projected to expand to USD 457.91 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 5.80% from 2024 to 2032. Another estimate for the global gold market size in 2024 is USD 5,103.47 billion, with a projected increase to USD 5,627.81 billion by 2033. The global gold bullion market specifically was valued at USD 53.1542 billion in 2024 and is expected to grow at a CAGR of 12.60% from 2024 to 2031.

North American Market Size:

The North American gold mining market was valued at USD 43.5 billion in 2024. This market is anticipated to reach USD 63 billion by 2035, with a CAGR of 3.42% from 2025 to 2035. North America is a significant contributor to the global gold market, accounting for an estimated 15% of the total global market share. More specifically, the U.S. gold market is expected to reach USD 20.31 billion in 2025. In the gold bullion market, North America held a major share of over 40% of the global revenue, with a market size of USD 21.26168 billion in 2024, and is projected to grow at a CAGR of 14.4% from 2024 to 2031.

i-80 Gold primarily operates in Nevada, United States, which is a leading gold-producing state. Nevada led the United States in gold production in 2021, producing 4,502,365 troy ounces, and in 2022 with 4,044,977 troy ounces, contributing approximately 72-74% of the total U.S. gold production and ranking 5th in world gold production. In 2022, gold and silver contributed over $7 billion to Nevada's mineral commodity value.

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1. Increased Gold Production from Project Development: i-80 Gold is aggressively advancing its portfolio of five key Nevada gold projects, including Granite Creek (underground and open pit), Archimedes (underground at Ruby Hill), Cove (underground), and Mineral Point (open pit at Ruby Hill). The company has a phased development plan targeting a significant increase in annual gold production, aiming for 150,000 to 200,000 ounces by 2028 and 300,000 to 400,000 ounces by 2030. This ramp-up in production from these projects is expected to be a primary driver of revenue growth.
2. Refurbishment and Utilization of the Lone Tree Autoclave: The refurbishment of the Lone Tree processing facility, particularly its autoclave, is a critical driver. This facility will enable i-80 Gold to process refractory (complex) ore from its various projects, which currently requires costly toll milling and trucking. Utilizing its own autoclave will improve gold recovery rates and reduce processing costs, thereby increasing net revenue from gold sales.
3. Favorable Gold Prices: Sustained or rising gold prices are expected to continue to contribute significantly to revenue growth. The company's Preliminary Economic Assessments (PEAs) indicate substantially higher Net Present Values (NPVs) for its projects at elevated gold prices, demonstrating the leverage to the commodity price. For example, in Q1 2025, higher average realized gold prices contributed to a substantial revenue increase.
4. Strategic Financing and Capital Investment: Successful execution of i-80 Gold's strategic financing initiatives, including recent equity raises and securing a new senior debt facility, is crucial for funding the substantial capital expenditures required to bring its development projects into production. Adequate funding will allow the company to advance permitting, complete feasibility studies, and construct necessary infrastructure, directly enabling the increased production that drives revenue.

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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, with net proceeds of $175.2 million. Warrants issued could provide up to an additional $130 million upon full exercise.
• During 2024, the company issued 69 million shares to raise $115 million, and an additional 11.5 million shares through an at-the-market equity program for gross proceeds of $13.1 million.
• In 2023, the company received $27.693 million from shares issued in equity financing and satisfied $12.75 million in contingent payment obligations by issuing 5,016,991 common shares.

Inbound Investments

• In 2022, i-80 Gold closed and funded gold prepay and silver purchase and sale agreements totaling $75 million, from which it received net proceeds of $71.6 million.
• As of March 2025, management is in active discussions for various financing options, including a senior lending facility, royalty sales, and non-core asset sales.
• The company expects to secure a new senior debt facility in the range of $350 million to $400 million by mid-2026 to fund development plans beyond that year.

Outbound Investments

• In 2023, i-80 Gold completed the acquisition of Paycore, involving contingent payments related to the Ruby Hill acquisition totaling $47 million, with approximately half paid in cash.
• In 2022, the company acquired the Argenta property for $3.7 million to secure water rights for the development and operation of the Cove open pit mine.
• During 2021, i-80 Gold acquired the Granite Creek Property, the Lone Tree complex (including an autoclave) from Nevada Gold Mines, and the Ruby Hill Mine Project from Waterton.

Capital Expenditures

• For 2025, i-80 Gold targets growth expenditures of $40 million to $50 million, focusing on permitting, feasibility studies, and development of Archimedes underground. Capital expenditures for the first six months of 2025 related to autoclave refurbishment were approximately $0.6 million.
• Through mid-2026, the company expects to allocate over $90 million to advance growth plans across its five gold projects and the Lone Tree processing facility.
• Capital expenditures on property, plant and equipment were $39.513 million in 2023 and $50.221 million in 2022, primarily focused on the refurbishment of the autoclave processing plant and mining equipment.