i-80 Gold (IAUX) Q3 2026 Earnings Call Transcript

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DATE

Tuesday, Nov. 3, 2026

CALL PARTICIPANTS

• President and Chief Executive Officer - Richard Young
• Chief Operating Officer - Paul Chawrun
• Chief Financial Officer - Ryan Snow
• Vice President, Investor Relations - Caterina De Rosa

TAKEAWAYS

• Q3 Gold Production -- 11,700 ounces, representing a decrease from 12,430 ounces in the third quarter of 2025 due to mining delays and the timing of third-party processing.
• Q3 Gold Sales -- 7,750 ounces, down from 9,370 ounces in the prior year period reflecting limited availability at third-party processing facilities.
• Cash Balance -- $411 million as of Sept. 30, 2026, which is a decrease from $465 million at the end of the second quarter driven by increased pre-development and evaluation outflows.
• Anticipated Liquidity -- approximately $350 million, potentially available over the next 18 months through gold prepayments, the exercise of warrants, and stockpile facilities to fund project development.
• Lone Tree Refurbishment Budget -- $430 million estimate, with management reporting that costs remain largely in line despite labor costs running 5% to 10% above original estimates.
• Lone Tree Capital Commitment -- 44% of total project capital committed as of Sept. 30, 2026, with 74% of procurement packages by value already awarded.
• Granite Creek Underground Production -- 9,100 ounces in the third quarter, with management expecting full-year production to reach the lower half of the 30,000 ounces to 40,000 ounces guidance range.
• Granite Creek Sulfide Mining -- 22,000 tons grading over 8 grams per ton, contributing to the 86,000 total tons mined during the quarter.
• Granite Creek Oxide Mining -- 12,400 tons grading over 9 grams per ton, which exceeded expectations for oxide material identified through delineation drilling.
• Granite Creek Unit Mining Costs -- higher year over year, reflecting increased contractor labor costs and lower mining rates during the period.
• Archimedes Development -- 2,300 meters of underground development completed in the 9-month period, which management reported was well in advance of the original plan.
• Archimedes Mining Rate Target -- 700 to 800 tons per day currently, with a target of reaching approximately 1,500 tons per day by the end of 2027.
• Third-Party Inventory -- 9,200 ounces of gold, consisting of 6,200 recoverable ounces in process and 3,000 ounces in finished goods inventory at the facility.
• Mineral Point Drilling -- 26,000 meters of core and reverse circulation drilling completed in the quarter, focused on converting inferred mineral resources into the indicated category.
• Dewatering Capacity -- 1,300 to 1,400 gallons per minute current inflow at Granite Creek, with capacity expected to reach 3,500 gallons per minute following the completion of two new dewatering wells.
• Stockpiling Cost Savings -- $100 per ton expected processing cost at the wholly owned Lone Tree plant, compared to approximately $350 per ton currently paid for third-party sulfide processing.
• Granite Creek Mine Life -- 8.5 years, as established by the feasibility study published in Sept. 2026 which outlined maiden mineral reserves.
• Ruby Hill Rig Count -- 16 active drill rigs, including nine at the Mineral Point project and seven at the Archimedes underground project, to support upcoming technical studies.
• Archimedes Infill Drilling -- 55,000 meters across 140 holes planned for the Ruby Deeps and Lower 426 zones to support a feasibility study expected in the second half of 2027.
• Stockpile Target -- 200,000 tons of material, which management intends to accumulate in 2027 in advance of the Lone Tree plant commissioning.

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RISKS

• Paul Chawrun stated, "material movement was reduced, which delayed access to some high-grade headings," due to a high volume of contractor workforce turnover during the third quarter.
• Paul Chawrun noted, "We also have... some challenges with the Eureka town, making sure that we have the proper accommodation," which may impact the pace of workforce ramp-up for the Archimedes underground project.

SUMMARY

i-80 Gold Corp. (NYSEMKT:IAUX) reported progress on its hub-and-spoke mining strategy, which centers on feeding refractory and oxide ore from its underground projects to the central Lone Tree processing facility. Management stated that 2027 will be a transition year focused on ramping up mining at Granite Creek and Archimedes while completing the Lone Tree plant refurbishment. The company maintains a target of reaching 150,000 ounces to 200,000 ounces of annual gold production by 2028. Financial results for the quarter reflected higher realized gold prices and increased pre-development expenses as the company advances multiple feasibility and pre-feasibility studies across its Nevada portfolio.

• CFO Ryan Snow reported that the company expects a four-month lag between procurement commitment and actual cash outflows for the Lone Tree refurbishment, which will extend some payments into 2028.
• COO Paul Chawrun stated that the company is investigating the potential for long-hole mining at the Ruby Deeps zone, which could be more productive and cost-effective than underhand cut and fill methods.
• The company resequenced the Cove underground project to later in the development pipeline, with production now likely targeted for the second half of the 2030s.
• Management implemented a competitive retention incentive program for contractors to stabilize the workforce after labor competition in the region impacted third-quarter mining rates.
• Metallurgical tests confirmed strong heap leach recoveries for oxide material at the Archimedes project, supporting the decision to process this material on the existing Ruby Hill leach pad.
• Management stated the company expects to be nearly fully committed on Lone Tree refurbishment capital by the end of 2026, with the award of a general contractor contract expected in Dec. 2026.

INDUSTRY GLOSSARY

• RIBs: Rapid Infiltration Basins used for the disposal of treated water into the ground to manage mine dewatering.
• EIS: Environmental Impact Statement, a regulatory document required for federal permitting of major mining projects in the United States.
• LECO test: A laboratory analysis technique used to determine the carbon and sulfur content in mineral samples to distinguish between oxide and sulfide ore.
• NSR: Net Smelter Return, a royalty based on the value of mineral production minus smelting and refining costs.
• CIL: Carbon-in-Leach, a gold recovery process where gold is adsorbed onto activated carbon within the same tanks where the ore is leached.
• TMF: Tailings Management Facility, a structure used for the permanent storage of byproduct material from the ore processing plant.
• PEA: Preliminary Economic Assessment, an early-stage study used to evaluate the potential economic viability of a mineral resource.

Full Conference Call Transcript

Operator: Hello, and welcome to i-80 Gold's third quarter 2026 results conference call and webcast. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If you wish to ask a question, please press star one. If at any time during this call you require immediate assistance, please press star zero for the operator. I will now turn the call over to Caterina De Rosa, Vice President, Investor Relations at i-80 Gold.

Caterina De Rosa: Thank you, operator, and hello, everyone. Thank you for joining us to review i-80 Gold's third quarter results. Today's company's presenters include Richard Young, President and CEO, Paul Chawrun, COO, and Ryan Snow, CFO. Before we begin, please note that today's discussion will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. So we ask you to refer to the cautionary notes regarding these forward-looking statements in yesterday's press release, as well as the company filings. Today's remarks should be reviewed together with the Form 10-Q for the quarter ended on September 30th, which is available at our website, SEDAR+, and EDGAR. I will now turn the call over to Richard.

Richard Young: Caterina, thank you, and hello, everyone. Turning to slide three. We made further progress during the quarter toward our goal of building a multi-asset mid-tier gold producer in Nevada. Each milestone strengthens our track record of execution and brings us a step closer to realizing the value of our portfolio. During the third quarter, we published the Granite Creek Underground Feasibility Study. The study establishes maiden mineral reserves and outlines robust project economics, a higher production rate, and a longer mine life compared with the March 2025 preliminary economic assessment. Paul will discuss the ongoing drilling campaign across the property, designed to support further resource growth and reserve conversion to further extend the mine life at Granite Creek.

At Archimedes Underground, development remains on track to achieve first gold mining by year-end, bringing our second high-grade underground project into production. Metallurgical test work completed during the quarter confirmed strong heap leach recoveries for the greater-than-anticipated oxide material identified earlier this year through infill drilling in the upper 426 Zone. Placing the material on the existing heap leach pad is expected to significantly reduce processing costs over the next few years of oxide mining compared with the Archimedes PEA mine plan. At the Lone Tree plant, the refurbishment is progressing on schedule and largely on budget, with first gold pour targeted for the fourth quarter of next year.

Lone Tree is where our production platform comes together, unlocking the operating efficiencies of our two underground projects, generating stronger margins that is expected to transform our cash flow profile. Our 2026 drill programs across our two underground projects and Mineral Point open pit have delivered strong results, highlighting the potential to expand mineral resources beyond those outlined in the 2025 PEAs. Permitting activities across the portfolio also progressed on track with our development plans.

We also continued discussions with our key stakeholders, particularly in Eureka, the neighboring community of our Ruby Hill property, to advance long-term planning for our workforce, housing, and infrastructure buildup to support planned project growth at Archimedes in the short term and Mineral Point in the medium term. Our team is advancing a clearly defined development plan to increase production and generate stronger free cash flows. Turning now to slide four. We updated our development plan after quarter end. Our near-term plans remain unchanged. This includes establishing our hub-and-spoke mining and processing platform with Granite Creek and Archimedes feeding through the Lone Tree process plant. 2027 will be a transition year for the company.

We plan to continue to ramp up mining at our two underground mines and complete the plant refurbishment to position i-80 Gold to grow from a higher-cost 40,000-50,000 oz per year producer into a lower-cost 150,000-200,000 oz per year producer beginning in 2028. Ahead of Lone Tree's commissioning, we plan on building up refractory and oxide stockpiles during 2027 to support the plant's ramp-up. We are currently evaluating when to begin stockpiling, along with the timing and expected throughput of commissioning next fall. Exploration upside at both Granite Creek and Archimedes supports the potential for longer-term feed base for Lone Tree.

Therefore, Cove Underground has been resequenced later in the development pipeline as an important future source of refractory feed, likely in the second half of the 2030s or later. Our Mineral Point open pit oxide project represents the next major development project, supporting our medium-term production target of 400,000-500,000 oz of gold equivalent production by the early 2030s. Once Mineral Point is operating, we plan to develop the Granite Creek open-pit oxide project, which supports our longer-term target of 500,000-600,000 oz of annual gold production by the mid-2030s. This growth is planned around assets we already own in a top mining jurisdiction we know well.

Our growing team brings proven mine building and operating experience and is focused on continuing to deliver consistent execution quarter after quarter as we build i-80 Gold into a Nevada-focused mid-tier gold producer. With that, I will turn the call over to Paul to walk through each project.

Paul Chawrun: Thanks, Richard. Starting with Granite Creek Underground on slide five. Underground development is on track with nearly 900 m completed year-to-date in the main decline and lateral development to access the ore. This allows for consistent access to approximately 12-15 ore and waste headings at any one time, supporting the mine plan through year-end and beyond. As outlined in the feasibility study, work on a main ventilation raise is planned to begin in late 2026 and carry into 2027 as part of our life-of-mine optimization. Mining continued in the Ogee, Upper South Pacific, and Otto zones, though the total ore tons and material mined were lower than the plan.

This was due to a high volume of contractor workforce turnover during the quarter because of increased competition for skilled underground labor in the region. As a result, material movement was reduced, which delayed access to some high-grade headings. We have since implemented a competitive retention incentive program, and contractor staffing has recovered to a steady state to support planned mining rates through the balance of 2026. We expect both mine grades and tons to improve in the fourth quarter as a result. The total tons mined were approximately 86,000 tons, including 22,000 tons of sulfide ore grading over 8 g per ton and 12,400 tons of oxide ore grading over 9 g per ton.

Approximately 18,400 tons of sulfide ore was processed during the quarter. Limited availability at the third-party facility meant processing lag mining, increasing quarter-end inventories. At the end of the quarter, approximately 6,200 recoverable ounces remain in process at our third party, plus an additional 3,000 oz in finished goods inventory at the facility. Gold production for the quarter totaled approximately 9,100 oz, similar to the prior year period, and higher ounces mined year-to-date. We expect the project to reach the lower half of full-year production guidance range of 30,000-40,000 oz. Unit mining costs were higher year-over-year, reflecting higher contractor and labor costs and lower mining rates. However, we expect to be on budget for the year.

Water management remains under control as the existing pumping infrastructure is able to maintain inflow rates, which remain at approximately 1,300-1,400 gal per minute. Construction of the second water treatment was completed in the quarter and is currently undergoing commissioning for water placement into the RIBs. With the completion of two new dewatering wells this quarter, we expect to reach treatment levels of up to 3,500 gal per minute, which will start to lower the groundwater table and eventually improve the long-term mining conditions of the life-of-mine plan. Moving to slide six. Infill and step-out drilling at Granite Creek Underground progressed to support resource conversion, mine planning, and continued resource expansion.

Since mining commenced, delineation drilling ahead of mining that targets a spacing of approximately 40 ft has consistently defined additional mineralization relative to the block model on individual mining levels. Under a multi-year drilling program expected to begin in 2027, further drilling is planned across five highly prospective focus areas for evaluation: the South Pacific, Range Front, Otto and Ogee zones, and the high-grade CX Zone beneath the historic pit. We believe these programs to grow the existing mineral resource and extend the mine life. The Granite Creek feasibility study published in September strengthened the mine plan through better geological definition with an optimized mine design and increased mining rates due to adjustments to the ore access plan.

Infill drilling improved continuity in the South Pacific zone and converted a significant portion of resources into higher confidence categories. This supported a larger mineable inventory and an eight-and-a-half-year mine life after accounting for more than a year of depletion since the PEA. The updated plan supports higher planned production with less waste development, backed by upgrades to dewatering and water treatment systems and less restrictive ventilation. The study also incorporates stockpiling sulfide and oxide ore in 2027 ahead of Lone Tree's commissioning, allowing more Granite Creek material to benefit from anticipated lower processing costs and reduced reliance on third-party processing. Turning to slide seven.

Progress at Archimedes Underground continues to demonstrate strong execution with unit costs largely on budget, with first gold mine expected in the fourth quarter of this year. This is a highly anticipated milestone that brings our second underground project into operation. Underground operating costs remain in line with the PEA, while capital costs are expected to be slightly higher, reflecting investment in surface and underground infrastructure to support long-term operations at the Ruby Hill property. Favorable ground conditions and contractor productivity supported approximately 2,300 m of development for the nine-month period, well in advance of the plan.

Development during the quarter focused on advancement of the main ramp, completion of lateral access for drilling platforms, and preparation for ore mining this quarter. In addition to the waste development and drilling in the exploration drift, focus for the quarter was on installation of key infrastructure, such as completion of the backfill plant, ventilation raises, and the surface infrastructure. Continued focus on infrastructure will be required in Q4 in preparation for the heap leach, additional ventilation raises, progress in the mine dry facility, and planning and engineering for installation of the main fan assembly area. Permitting activities for Lower Archimedes continue to advance as planned.

As a reminder, the project is permitted above the 5,100-ft level at Archimedes for the start of production mining, which is approximately several years ahead of mining. As part of our updated stockpiling strategy, refractory material from Archimedes is now expected to be stockpiled in 2027 for processing at our wholly owned Lone Tree plant, and once commissioned, rather than processing through a third-party facility. Mine plan optimization for 2027 is ongoing for this increased oxide resource in the upper zone. As Richard discussed, placement of the oxide material on the existing leach pad at Ruby Hill property is expected to begin by year-end. The emerging oxide opportunity at Archimedes has the potential to provide meaningful, low-cost near-term ounces.

Metallurgical test work has been completed for the oxide material, demonstrating excellent leach kinetics and gold recovery at a sizing conducive to the underground run-of-mine feed. We are pleased at how this project has progressed from a construction decision in September of 2025 to the expected first gold in only 15 months. Turning to slide eight. Recent drilling at Archimedes has reinforced the grades and continuity within the planned mining areas from the PEA and extended mineralization beyond the previous resource boundaries. The 2026 infill drilling campaign for the Lower 426 and Ruby Deeps Zones began during the second quarter, with an expected campaign of approximately 55,000 m across 140 holes.

Results of this program will support an updated resource estimate for a feasibility study expected in the second half of 2027. At present, seven drill rigs are operating underground, with drilling expected to be completed in the second half of 2027. The company expects to release ongoing results as this campaign progresses. Looking at slide nine for an update on the Lone Tree plant. We are pleased with the progress on the Lone Tree plant's refurbishment project, which remains on track for first gold pour in Q4 2027, consistent with the execution plan outlined in a December 2025 engineering study. Bulk demolition is complete, contractor mobilization is underway for initial construction, and we are initiating civil and concrete work.

Engineering and procurement continue to advance in line with the project schedule. Management is also preparing for operational readiness, the commissioning schedule, and initial placement of operating personnel during the course of 2027. Construction permits continue to be received ahead of schedule, and the remaining routine operating permits continue to advance in line with the construction schedule. Overall project cost remains largely in line with the $430 million capital estimate. By September end, 74% of procurement packages by value had been awarded, and 44% of total project capital was committed.

While 2026 cash expenditures are expected to be below the original guidance, we still expect refurbishment capital to be near fully committed by the end of the year, as we work towards securing a general contractor in December. Labor costs are running approximately 5%-10% above the original estimates. However, those increases remain within contingency at present. Approximately 20% of total contingency has been used at quarter end, which places us in a great position as we head into the critical phases of the project. Turning to slide 10. As Richard discussed, the Mineral Point open-pit oxide project is our next major development priority.

During the quarter, we completed approximately 26,000 m of core and reverse circulation drilling, focused on converting inferred mineral resources into the indicated category in preparation for a pre-feasibility study. Drilling rates reached steady state during the quarter, with productivity improving significantly as additional rigs arrived. Nine drill rigs are currently active at Mineral Point, bringing the total across the Ruby Hill property, including Archimedes Underground, to 16. Initial infill and step-out drill results to the east and north were encouraging, suggesting potential to extend mineralization beyond the 2025 PEA pit shell.

Of the initial 35 holes reported, 19 tested beyond the existing mineral resource, with all of them intersecting mineralization, and more than half showing gold and silver intercepts exceeding 150 m. 15 of these tested the eastern extension, three to the north, and one to the west. The eastern area shows the greatest expansion potential and has had only sparse historical drilling. Geotechnical drilling for pre-feasibility study is complete. The study is expected in the second half of 2027, subject to completion of the broader drilling program. Early-stage pre-permitting work for Mineral Point continued to advance. Formal permitting has not yet commenced. Turning to slide 11.

At Granite Creek Open Pit, preparation for a pre-feasibility study has commenced, and early-stage pre-permitting activities are ongoing. Technical site investigation and baseline environmental work is anticipated to commence in the first quarter of 2027, with subsequent engineering trade-off optimization studies, followed by completion of a pre-feasibility study technical report, expected in the second half of 2027. We are currently working through operational and permitting needs, followed by an expected EIS, which is currently projected to commence in 2027. Looking at Cove, during the quarter, we continued to advance technical and economic studies for the Cove Underground Project, with optimization of the dewatering capital and a revised mine plan. Federal and state Nevada permitting approvals continue to progress.

A feasibility study for Cove is expected to be completed in the fourth quarter of 2026. As mentioned, recent success at Granite Creek and Archimedes Underground Mines has allowed us to sequence Cove later in our development plan, likely into the 2030s. Now with that, I'll hand that over to Ryan.

Ryan Snow: Thank you, Paul. Looking at slide 12, our balance sheet remains strong, supported by the completion of our recapitalization in the first quarter, stronger operations, and higher realized gold prices. We ended the quarter with a cash balance of approximately $411 million. This was a reduction from approximately $465 million at the end of the second quarter. Our cash balance remains in line with expectations, if not slightly better. Additional monies are expected under the Gold Prepay with the banks, the Franco-Nevada NSR, the anticipated exercise of warrants, and stockpile facilities.

Together, these sources could provide up to approximately $350 million of additional liquidity over the next 18 months to help fund the completion of the hub-and-spoke strategy and advance the other projects in the pipeline through permitting and technical studies. Other than the NSR, each of these sources is subject to lender approval, definitive agreements, or the exercise of outstanding warrants. The company is also advancing discussions related to a corporate credit facility that would provide additional liquidity if needed for development of Mineral Point, and that'll really be a function of gold price and other market factors, but we want to ensure that we can fund Mineral Point without further equity dilution. Moving to slide 13.

Company-wide gold production and sales for the quarter were approximately 11,700 oz and 7,750 oz respectively, compared to 12,430 and 9,370 oz in the prior year period. For the nine-month period, gold production and sales were approximately 33,650 oz and 23,670 oz respectively, compared to about 26,250 and 22,720 oz in the prior year period. The difference between gold produced and gold sold reflects the timing and availability of third-party processing. As Paul noted, the work-in-process inventory currently sits at over 6,200 recoverable ounces of gold, in addition to 3,000 oz in finished goods inventory. This brings total gold inventory with our third-party processing partner to just over 9,000 oz.

Total revenue increased for the quarter, mainly due to the increase in average realized gold price, and for the year-to-date, as a result of the increase in average realized gold price and higher ounces sold. These revenues drove a significant increase in gross profit for the quarter and year-to-date. Net loss increased for the quarter and nine months, and was primarily due to increased pre-development expenses as we advance the development plan, which we will begin to capitalize as we publish feasibility studies and declare commercial production, non-cash accounting impacts tied to the revaluation of our financial instruments, financing costs related to the recapitalization, all partially offset by higher gross profit.

Adjusted net loss for the quarter and year-to-date increased over the prior year periods. This was in line with our expectations, reflecting the continued ramp-up of our pre-development, evaluation, and exploration activities as we advance several development projects and will continue until we declare reserves at each of the projects. We declared our first mineral reserves at Granite Creek Underground, and as a result, beginning in Q4 of this year, we will be capitalizing qualifying costs associated with pre-development, evaluation, and exploration. As a reminder, under US GAAP, which we transitioned to in 2024, pre-development, evaluation, and exploration costs are expensed until we declare mineral reserves.

As such, pre-development, evaluation, and exploration costs associated with our other projects will continue to be expensed until their respective technical reports are completed. Cash used in operating activities for the quarter and year-to-date increased, mainly due to increased development, evaluation, and exploration outflows as we ramp up activities, interest paid on the repayment of legacy debt, all partially offset by our increased gross profit. Looking at 2026 guidance on slide 14, we expect production to be in the lower half of our guidance range, partly due to our decision to leach Archimedes' oxide material on our existing leach pad, rather than selling it under the ore purchase agreement.

As a result, production from material placed on the pad in Q4 of this year is expected to be recorded in Q1 of 2027. With production being in the lower half of the guidance range and more lower-cost oxide material from Granite Creek than planned, we expect operating costs to be at or below the low end of the guidance range. Overall, sustaining capital, growth capital, and pre-development expense are expected to be at the low end of the guidance range. While the Lone Tree plant refurbishment is on schedule, we are seeing a delay between commitment and invoicing or payment of around four months, rather than the 30 days used in the budgeting process.

Exploration expenses are expected to be below the guidance range, mainly due to fewer feet drilled than planned as a result of the late delivery of rigs to the Ruby Hill property and contractor personnel shortages discussed last quarter. These updates mainly reflect timing of spend, as the company remains on track to meet our development objectives. I'll now hand the call back over to Richard.

Richard Young: Well, thank you, Ryan. We will now open up the call, Joelle, to questions.

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your touchtone phone. I am sorry. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Justin Chan with SCP Resource Finance. Your line is now open.

Justin Chan: Hi, Richard, Paul, and team. Thanks for hosting the call. My first one is just on Archimedes. So, to just clarify, so heap leach ounces will start getting production in Q1. There will be some tons placed in Q4. Just curious to get a better sense of mining ramp-up rate. Will you be stoping in Q4, or is it mostly ore from development in that? Can you give us an early preview of kind of how next year looks in terms of how much stoping ramps up, or is ore mostly from development, and then the split between oxides and sulfides that you are expecting, stockpiled sulfides and—

Paul Chawrun: Okay.

Justin Chan: —heap leach oxides?

Paul Chawrun: Yeah. Okay. So first of all, it's virtually no ore coming from development, and we're already accessing it right now today, so we can even touch the ore. So what we're doing is we're prudently placing it on the pad. As I mentioned, it'll be run of mine, and we've done quite a lot of work on the heap leaching just to make sure that we're getting the good recovery, because this is good grade stuff. In terms of proportion of sulfide to oxide, our focus is on the oxide, but just due to the way the nature of the ore body works, we will be mining through some of the sulfide. That'll be placed in stockpile.

Then by about mid-year, we'll be starting to haul that over to Lone Tree, just based on our stockpile capacity in 2027. In terms of mining rates, we're going to be ramping up. Towards the end of the year, we're going to be looking at somewhere in the range of 1,500 tons per day. That's the goal. We'll continue that even higher into 2028. We just need to be prudent with our expectation on the mining rates as we start to build up the contractor workforce. We also have, as we've outlined, some challenges with the Eureka town, making sure that we have the proper accommodation. So we don't want to be excessive on our expectations there.

But hopefully that answers your questions.

Justin Chan: No, that's great. Maybe just a follow-up on the rates. 1,500 by the end of 2027. What's a good kind of entry level rate for entering 2027?

Paul Chawrun: Yeah, probably 700-800 range is what we're at now. We won't really know till we get going because we're also focused on development. So I'm just trying to give you roughly how much will be in the ore.

Justin Chan: Gotcha. Thanks. My second one might be more aimed at Ryan, but on the CapEx timing, I guess cash versus accruing, for Q4, will you still be accruing more than your cash outgoing, or does that time delay start to mean that the two numbers are the same even if there's a delay? Just trying to get a sense of when the two will match up better. Is that Q4, or is it sometime next year?

Ryan Snow: Justin, that will be sometime next year. We will definitely continue to see the delay in Q4, going through most of 2027, we expect. Ultimately, we do expect some cash outflows related to the refurbishment to go into 2028, as we catch up on that timing difference.

Justin Chan: Okay. Thanks very much. All right, perfect. I will free up the line for now, and if we have any more, we will jump back in. Thanks very much.

Richard Young: Thanks, Justin.

Operator: Your next question comes from Don DeMarco with National Bank. Your line is now open.

Don DeMarco: Thank you, operator, and good morning, Richard and team. At Granite Creek, I see that horizontal development remains on track. The ventilation raise was just pushed into early 2027, or maybe even late this year. Does that timing adjustment on the ventilation raise affect production flexibility? Also regarding the contractor turnover, should we regard that as wholly addressed at this point?

Paul Chawrun: Yeah. Okay, first on the ventilation. No, it's not going to affect the mine plan. What the team did is, we had a number of options for the feasibility study. One of the options that we had to stick with, because we needed to get the report out, was going straight to surface through the alluvial. But in order to avoid that, we needed to do a little bit more work and then install the main ventilation raise going close to surface, and then the outlet is through one of the adits. It's significantly cheaper. No, we've done all the vent models, and we won't be affected by ventilation. The other question is on the contractor workforce.

We're at steady state now, and in fact, we're ramping up through for production rates into 2027. That was a relatively short-term impact, but it's also why we were lower on our material movement for Q3.

Don DeMarco: Okay, great. Looking ahead to 2027 guidance, what do you plan to include in that guidance release? Will it simply be production and cost? Cost might be a new item to include, or will you also include things like ounces mined, processed, and so on?

Richard Young: Don, we're working through that, and we'll give as much guidance as possible. We'll certainly give tons, ounces, tons grade, and ounces mined from both properties, and as well as what the stockpiling strategy is and what we think the production profile looks like, both Archimedes, heap leaching, what gets put through third-party processing, and then ultimately what we think will be unprocessed at our own facility, Lone Tree, in Q4. But it is going to be a complex year. We're working through all that, and we will give you guidance on all those aspects with our year-end reporting in February.

Don DeMarco: Okay, thank you. As a final question, looking to the Mineral Point PFS, I heard that it's targeted for the second half of next year, subject to drilling. Should we expect largely a de-risked version of the 2025 PEA mine plan, or do you anticipate any material changes like a larger production profile, stage build, maybe lower initial CapEx, or anything else?

Paul Chawrun: I would say that we're looking at more or less verifying a lot of the assumptions in the PEA. There is some aspects that we're working with internally, though. As we mentioned, there is potential for expansion of the pit to the east and to the north. There may be some thought that we would take a little longer, drill that out, and then include an expanded pit, but then that changes some of the material balance. We're working through that internally. But I would say, for now, more or less consistent with what we have in the PEA.

Don DeMarco: Okay.

Richard Young: I mean, Don, the key focus, sorry, on that one is to define the project parameters so that we can submit the project description, is what we call it in Canada. In the States, it's—

Paul Chawrun: Plan of operations.

Richard Young: —plan of operations, to be able to commence that permitting as soon as possible next year. So, that's going to be a real focus of the team.

Don DeMarco: Okay. Thank you for taking my questions, and good luck with the rest of the quarter.

Richard Young: Thanks, Don.

Operator: Your next question comes from Harrison Reynolds with RBC. Your line is now open.

Harrison Reynolds: Great. Thank you. Good morning, i-80 team, and congratulations on the continued progress in the quarter. On Archimedes, good to see the developments on track. Wanted to ask on the upcoming feasibility in 2027. Could you let us know what you're seeing in terms of the ongoing drilling, the oxide you're seeing, and how ground conditions are in the underground development, and what your expectations are for the feasibility study, and how it will compare to the prior technical report?

Paul Chawrun: Yeah. Great question, Harrison. Okay, so the upper zone in the 426 that we're heap leaching, we don't expect that to continue significantly beyond what we've drilled, maybe a little bit. Then in terms of the Ruby Deeps, which is where the bulk of the remaining drilling is going, we're just getting some of those results now. So, for the time being, we can just say we can expect to prove out what is inferred in the PEA to indicate it for the feasibility plan.

In terms of some of the technical work, we did increase significantly the amount of geotechnical holes, and the main reason for that is we do want to explore, and we think that there's reasonable potential for us to do long-hole mining, which is significantly cheaper and more productive than underhand cut and fill down in the Ruby Deeps Zone. That has taken longer. As well, we had some challenges with some of the contractor production rates for the drilling production rates. We are into the back half of 2027 to get this feasibility out, and I think stay tuned for us to show potential with the Ruby Deeps and some of those results.

We are just starting to get those back ourselves.

Harrison Reynolds: Thanks. That is great detail, Paul. Appreciate that. Secondly, while it is early days, how much material would you like to stockpile ahead of Lone Tree commissioning between Granite Creek and Archimedes, and does it make sense to stockpile as much as possible given the economic uplift you get post-Lone Tree? What are the puts and takes you are considering on the stockpile timing and sizing?

Richard Young: In a perfect world, we would stockpile at least 200,000 tons of material in advance of commissioning at Lone Tree, because we do have excess capacity at Lone Tree in 2028, as both Archimedes and Granite Creek ramp up. Just the cost benefit of We are currently paying about $350 a ton for that sulfide material through a third party, and that number drops to about $100 a ton. So, we are clearly incentivized to stockpile, particularly with the working capital facility that Ryan and the team have been able to negotiate for the stockpile, to be able to stockpile that and put it through our own facilities.

Harrison Reynolds: Got it. Thank you. That is everything on my end. Congratulations on the ongoing progress again.

Richard Young: Thanks, Harrison.

Operator: Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from John Tumazos with John Tumazos Very Independent Research. Your line is now open.

John Tumazos: Thank you, Rich. Could you explain a little more the very nice oxide grades, both at Granite Creek and Archimedes in the quarter? Some of the drilling for the resources was wider spaced. Can you identify and plan ahead all these simple metallurgy oxide extractions, or are they favorable surprises? Will they increase in the next quarter, et cetera?

Paul Chawrun: Okay. I will just have to unpack that a little bit, John. Over at Archimedes, the oxide, that was straight from drilling, so that is not mining. As we were drilling, prudently, we ran comprehensive LECO test work, so that as with each drill and we get the assays, we know what is oxide and what is sulfide pretty confidently. Over at Granite Creek, however, a lot of that drilling was not comprehensive enough with the LECO testing, so we are doing that with our delineation drilling. That would be, as you say, a bit of a pleasant surprise with that amount of oxide. That is why in the feasibility study, you do not see a lot of oxide.

It is because the LECO test work was not done sufficiently to be able to model that for QP. So, we will likely have more oxide in Granite than what we have in the mine plan. And as we've mentioned before, that is lower cost to process, either with heap leach over at Ruby, or we can process that bypassing the autoclave, as we mentioned on calls before, stockpiling that over at Lone Tree. So, it's not impacting our economics. In fact, it's favorable. But there's still technical work to be done ahead over at Granite to be able to understand where the oxide boundaries are.

And so, it basically carries through the structures, and then you end up getting the meteoric water, and then it gets oxidized, and that's how you create the oxidized zone. And that's essentially the identical mineralogy. It's just it's had time to oxidize. So, in terms of it being higher or lower grade, it's no different than the sulfide.

John Tumazos: I can ask another. When is the timing of the large CapEx outlays and cash draws? Basically, when do you have to write the big checks?

Paul Chawrun: Yeah. So, we're just ramping up construction now. We'll award the general contractor sometime in December. That's our goal. And then once we start to mobilize and then we continue on with construction, steel, concrete, and some of the other refurbishment, we'll be starting to get towards 300 people at site. And so, as you say, the big checks, they'll probably be in Q2 and Q3 of 2027.

John Tumazos: Thank you. It was great to see so much cash still on the books when there's so much work ahead.

Richard Young: Thanks, John. Ryan thinks about that every day.

Operator: There are no further questions on the phone. I will now turn the call over to Caterina De Rosa for questions via the webcast.

Caterina De Rosa: Thank you. Our first question online states, is the tender for Lone Tree completion imminent? If not, when in the fourth quarter will it be signed? And specifically, when do you plan for construction to commence?

Richard Young: You take that.

Paul Chawrun: For Granite Creek, it is still a very valuable asset, but we do not really want to be—

Richard Young: No.

Paul Chawrun: —Sorry.

Richard Young: This is Lone Tree. This is the general contractor.

Paul Chawrun: Oh, I am sorry. Okay, so we expect to award that in December, and then we hope to mobilize early in the new year.

Richard Young: Just for the benefit of the group, there are about 600 man-hours required for this construction project, which is low. We have got contracts for the first 300,000. The general contractor is for the balance, about 300,000 hours, and it is the biggest contract. We had eight groups in the tender process, and we would expect to award that in December. So by year-end, we are going to have a good sense for where we stand in terms of our commitment. We should largely be committed with all procurement largely complete on the major contracts as we move into 2027.

Caterina De Rosa: Okay. The next online question. Is $411 million sufficient to get Lone Tree recommissioned without an equity raise? How confident are you that Archimedes will begin production mining before 2027? We have addressed some of these items.

Richard Young: Yeah, maybe I'll start off, and Ryan, you can jump in. We were conservative with the recap. All of our projects are on schedule and on budget, and we believe we've got significant liquidity as we move through 2027, so an equity raise will not be required. The one item that I would like to reinforce, it was a comment by Ryan. We originally, with the recap, were targeting 30-day payments after commitment. We're seeing about a four-month lag, which means that despite the fact that we would expect to commission Lone Tree in Q4 of next year, we probably won't be completing the payment for that project until 2028. Ryan, I'm not sure if you've got something to add.

Ryan Snow: The only thing I'd add to that, Richard, is that in addition to the $411 million in cash on the balance sheet, we've got access to about additional $350 million more through the accordion feature on the Gold Prepay instrument, the warrants that we expect to be exercised between now and November of next year, the additional monies that we have earmarked under the stockpile finance facilities that we've discussed in the call. So, the $411 million on the balance sheet is in addition to the $350 million we have available and should be sufficient to get us through everything we anticipate doing.

Richard Young: Yeah.

Caterina De Rosa: Okay. Thank you. The next question, this is from Adella Harding at Elko Daily Free Press. Will you use Ruby Hill Mine for leached ore?

Richard Young: Yes. The answer is yes. Archimedes oxides will be placed on the existing Ruby Hill pad.

Ryan Snow: Perfect.

Richard Young: Yes.

Caterina De Rosa: Covered some of these topics. The final question from web is, can you please provide some more color on the change in timing for the next few technical studies, specifically Archimedes, Mineral Point, and Granite Creek Open Pit? That was under review. What changed there?

Richard Young: Paul? [audio distortion].

Paul Chawrun: Okay. Well, one at a time. We talked a little bit about it, so I'll just The drilling at Mineral Point is taking a little longer. We also have some extended areas, and we also had a little bit more geotechnical work that we needed to get done. That's carrying into It's also approximately two months for us to receive the assays. When you back calculate that out, we're into the second half of 2027, really just solely to get the technical information we need to do the pre-feasibility for Mineral Point. Archimedes, very similar situation. We now have seven rigs running, but we weren't able to man up 24/7 all seven rigs.

Now these are getting into longer holes, so the production rate of the drills wasn't quite as planned. Now we don't expect to complete that till approximately Q2, which then again, we need to wait for assays and do the technical work to be able to do feasibility studies. Again, that's into the second half of 2027 as well. For Granite Creek, quite a bit more going on there. So we've been doing quite a bit of trade-off studies, quite a bit of work with the existing resource estimate. Most of that is already indicated. We do need to do a little bit of infill drilling.

But what we did do internally was work and spend quite a bit of time looking at the scope of all the work we need to do, to do all the proper trade-off studies with heap leach, with CIL, with where the TMF would ultimately be, all the components that we have on the surface infrastructure, the geotech site investigation work, so on and so on. We have a comprehensive scope that we hope to initiate in Q1, and then to be able to get all that work put together so that we can then put up the detailed work we need for a project description to start an EIS process.

Then lastly, as Richard mentioned, we hope to put that construction as we continue to advance the technical work on the back end of Mineral Point.

Caterina De Rosa: Okay. Thanks, Paul. There's no further questions online.

Richard Young: Well, thank you, everyone, for joining us today. I think in summary, we put out five PEAs in the first quarter of 2025, and other than Cove dewatering, which is coming in higher than what the PEA had allocated, we're not seeing any surprises. What we are seeing, though, is Granite Creek Underground, Archimedes, and Mineral Point will likely be larger than what was in the PEAs. We think as we move forward quarter after quarter in terms of executing, we'll start to move towards fair value. We think this is a very valuable portfolio in the number one mining jurisdiction globally. It'll take time, but we expect to move to fair value as we continue to execute.

So, happy to take any further calls as people review the materials that were published overnight. But thank you for attending the call today.

Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and now, please disconnect your line.

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