What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-08-13 compared with 2025-05-05 · 402 added, 233 removed, 293 unchanged (68% of the section changed)

2 unchanged sentences

i-80 Gold Corp.

is a Nevada-focused growth-oriented gold and silver mining company engaged in the exploration and development, and extraction of gold and silver.

The Company is the fourth largest gold mineral resource holder in the state with a pipeline of projects strategically located on Nevada's most prolific gold-producing trends.

The Company's wholly owned principal assets, which are at various stages of permitting and development, include the Granite Creek property, the Ruby Hill property, the Lone Tree property, the Cove property, and the FAD property.

(the "Company", "i-80 Gold") is a Nevada-focused growth-oriented gold and silver mining company engaged in the exploration and extraction of gold and silver.

The Company is the fourth largest gold mineral resource holder in the state with a pipeline of three underground and two open pit projects strategically located on some of Nevada's most prolific gold-producing trends.

The Company's wholly owned principal assets, which are at various stages of permitting, construction, and technical studies, include the Granite Creek property, the Ruby Hill property, the Lone Tree property containing a processing facility, the Cove property, and the FAD property.

The Company was incorporated on November 10, 2020, under the laws of the province of British Columbia, Canada.

The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) under the symbol IAU and the NYSE American (“NYSE”) under the symbol IAUX.

The Company’s common shares and warrants are listed on the NYSE American under the symbols IAUX and IAUX.WS, respectively and on the TSX under the symbols IAU, IAU.WT and IAU.WT.U respectively.

The Company’s head office is located in Reno, Nevada, United States ("US").

The Company's corporate office is located in Toronto, Ontario, Canada.

The Company also has an executive office located in Toronto, Ontario, Canada.

Reference to $ or USD is to US dollars, reference to C$ or CAD is to Canadian dollars.

1 unchanged sentence

Three months ended

June 30, Six months ended

2025 2024 2025 2024

Revenue $000s 27,836 7,184 41,884 15,597

5 unchanged sentences

Cash and cash equivalents $000s 133,691 47,812 133,691 47,812

Exploration feet drilled

8,717 48,796 23,479 40,487

Gold ounces sold 1

1 unchanged sentence

Average realized gold price 2

First Quarter 2025

• Revenue totaled $14.0 million for the quarter compared to $8.4 million in the prior year period primarily driven by higher ounces sold at Granite Creek and a higher average realized gold price 1 .

• Gold sales 1 totaled 4,952 ounces at an average realized gold price 2 of $2,825 per ounce compared to gold sales 1 of 4,061 ounces at an average realized gold price 2 of $2,063 per ounce in the prior year period.

• Loss per share of $0.10 for the quarter compared to a $0.06 loss per share in the prior year period primarily due to revaluation losses from the gold prepay and silver purchase agreement.

• Cash used in operating activities was $22.7 million, compared to cash used in operating activities of $25.2 million in the prior year period.

• Cash balance of $13.5 million as at March 31, 2025, a decrease of $5.5 million during the quarter due to cash used in operating activities partially offset by cash provided by financing activities from a private placement and the Company's at-the-market equity program ("ATM Program").

• Filed preliminary economic assessments for all five gold projects as scheduled in support of the Company’s new development plan.

• Completed modifications to the pumping system at Granite Creek Underground leading to improving water levels and reduced mine interruptions.

• Received the Decision Record from the U.S.

Bureau of Land Management for the commencement of the underground portals at Archimedes Underground.

• Completed approximately 15,000 feet of underground delineation drilling at the Cove Project to enhance the certainty of the mineral resource estimate and support engineering analyses for an anticipated feasibility study.

3,301 2,337 3,124 2,188

Three months ended June 30, 2025

• Revenue totaled $27.8 million for the quarter compared to $7.2 million in the prior year period primarily driven by higher gold ounces sold 1 at Granite Creek and Lone Tree and a higher average realized gold price 2 .

• Gold sales 1 for the quarter totaled 8,400 ounces at an average realized gold price 2 of $3,301 per ounce compared to gold sales 1 of 3,445 ounces at an average realized gold price 2 of $2,337 per ounce in the prior year period.

• Loss per share of $0.05 for the quarter improved compared to $0.11 loss per share in the prior year quarter primarily due to an increase in gross profit of $13.1 million.

• Cash used in operating activities for the quarter was $11.3 million, compared to $24.6 million in the prior year period due to an increase in gross profit.

• Executed financing initiatives in support of the Company’s broader recapitalization plan, including a bought deal public offering to which the Company issued 345.8 million units for gross proceeds of $172.9 million (net proceeds of $162.7 million) and a private placement of 25.2 million units for gross proceeds of $12.6 million (net proceeds of $12.5 million).

• Cash balance of $133.7 million as at June 30, 2025, an increase of $120.2 million compared to March 31, 2025 primarily due to net proceeds received from the bought deal public offering and private placement, partially offset by the gold and silver deliveries under the prepay instruments of $31.0 million and $11.0 million, respectively.

• Completed 8,717 feet of core drilling during the three months ended June 30, 2025 at the Mineral Point open pit project on the Ruby Hill property and Granite Creek underground to enhance mineral resource definition and support future technical studies.

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2025 (2024 - 58%).

1 unchanged sentence

please see “Non-GAAP Measures” section.

• Executed several financing initiatives to enhance financial flexibility in support of the Company’s broader recapitalization plan, including a recently finalized working capital facility with Auramet International, Inc.

for $12 million, maturing in 12 months.

Six months ended June 30, 2025

• Revenue totaled $41.9 million compared to $15.6 million in the comparative prior year period due to higher gold ounces sold and a higher average realized gold price 2 .

• Gold sales 1 totaled 13,352 ounces for the year at an average realized gold price 2 of $3,124 per ounce, compared to gold sales of 7,506 ounces at an average realized gold price 2 of $2,188 per ounce in the prior year period.

• Cash used in operating activities was $34.0 million improved from the prior year period primarily due to higher gross profit.

• Loss per share of $0.14 per share improved from $0.18 loss per share in the comparative prior year period.

• As at June 30, 2025, cash balance was $133.7 million, an increase of $114.7 million from December 31, 2024 due to proceeds from the brokered and private placement, partially offset by cash used in operating activities and gold and silver deliveries under the prepay instruments of $31.0 million and $11.0 million, respectively.

• 23,479 feet of core and reverse circulation drilling completed with multiple positive results to expand mineralization further and improve resource definition at the Cove project, Granite Creek underground project, and the Mineral Point open pit project within the Ruby Hill property.

• Filed Preliminary Economic Assessments/Initial Assessments ("PEA"s) as Technical Reports for all five gold projects in support of the Company’s new development plan, which outlines a combined net present value of approximately $1.6 billion based on a $2,175 per ounce gold price.

Strategy Overview

On November 12, 2024 the Company announced a new development plan following a review of the strategic direction of the Company following the appointment of a new CEO and other key members to the management team.

The new development plan includes the development of three underground mines, but also includes accelerating, permitting, and the development of two large oxide open pit deposits, one at Granite Creek and the other, Mineral Point, within the Ruby Hill Project area.

The new development plan is viewed by the Company as the most effective strategy to generate free cash flow while progressing earlier stage projects to provide a pipeline of growth over the medium and long term.

The Company also confirmed the initiation of a recapitalization plan to strengthen its balance sheet to support the new development plan.

The Lone Tree Autoclave remains the centralized refractory mineral processing facility in the new development plan and management intends to continue its work towards completion of the Lone Tree Autoclave refurbishment feasibility study in the fourth quarter of 2025.

Preliminary Economic Assessments covering the Company’s five gold projects were filed in March 2025, and outline three areas of growth expenditure over the next three years to support the advancement of the Company’s development plan.

These growth expenditures which are discretionary and subject to available resources, ranked from highest priority are:

(i) advancing permitting activities, (ii) feasibility studies, and (iii) development work at Archimedes underground.

For 2025, the growth expenditures are expected to total between $40 million to $50 million.

The Lone Tree open pit project has a variety of financial, technical, environmental and social issues to be worked through.

It is expected that the project will likely remain deferred for another decade.

i-80 Gold is executing a new multi-asset development plan aimed at creating a mid-tier gold producer in Nevada.

The near-term focus is on developing the Company’s three high-grade underground mines and the refurbishment and eventual commissioning of the Lone Tree autoclave, which will serve as a central processing hub for underground refractory material.

Development of the Company’s two large, open pit oxide projects is expected to follow to support the target of a long-term production growth profile of more than 600,000 3 ounces of annual gold production.

All of the Company's properties are currently considered to be in exploration stage as no reserves have been established.

In support of the development plan, the Company released PEAs in the first quarter of 2025 for all five gold core projects.

These PEAs outlined a clear and phased path to production and cash flow growth.

Permitting, technical studies, and development work are actively being advanced across all five gold projects, as well as the Lone Tree processing facility, in support of upcoming feasibility studies.

Phase one of the development plan includes the current ramp up at i-80 Gold’s first underground mine, Granite Creek, as well as commencing extraction at Archimedes, the second planned underground mine.

A key milestone in this phase is the refurbishment and commissioning of the wholly owned Lone Tree autoclave to unlock the full value of the Company’s underground mines.

Once commissioned, Lone Tree enables processing of underground material to shift from third-party toll-milling to owner-operated processing in 2028.

Average annual gold production is expected to increase to a range of between 150,000 to 200,000 ounces of gold in phase one 3 .

Phase two of the development plan focuses on bringing two additional projects into operation:

Cove, the third planned underground mine, and Granite Creek open pit.

Mineralized material from Cove is expected to be processed at the Lone Tree facility beginning in 2029.

With four producing assets planned, average annual production is expected to increase to a range of between 300,000 to 400,000 ounces of gold in 203 1 3 , representing a significant step in i-80 Gold’s transition to a mid-tier producer.

Phase three is anchored by the target to start production at Mineral Point open pit, which is expected to become the Company’s largest producing asset and projected to help the Company achieve its target of average annual gold production beyond 600,000 ounces in the early 2030s 3 .

Recapitalization Plan

The Company also confirmed the initiation of a recapitalization plan to strengthen its balance sheet to support the new development plan.

The Company addressed the first phase of its recapitalization plan by entering into agreements to defer the December 2024 Gold Prepay and January 2025 Silver Purchase Agreement deliveries until March 31, 2025 and settled the deliveries on April 2, 2025 with Orion by entering into a new gold and silver prepay arrangement with National Bank of Canada with deliveries of 6,864 ounces of gold and 345,549 ounces of silver by September 30, 2025.

Management is advancing its recapitalization plan to support the Company’s development plan on several fronts, and is in active discussions with several parties regarding a number of financing options including a senior lending facility, royalty sales, non-core asset sales such as its FAD property as well as terming out the 2025 quarterly gold prepays

Management has been engaged in discussions with existing and potential new partners, and aims to complete the second phase of its refinancing plan by June 30, 2026, which coincides with the date of maturity of the Orion Convertible Loan.

Alongside the development plan, the Company continues to execute on a recapitalization strategy focused on strengthening the balance sheet and funding its growth plans.

On May 16, 2025, the Company closed a bought deal public offering of 345.8 million units of the Company at a price of $0.50 per unit for aggregate gross proceeds of $172.9 million and net proceeds of $162.7 million.

In addition to the offering, the Company closed a concurrent private placement of 25.2 million units to certain directors and officers of the Company at a price of $0.50 per unit for aggregate gross proceeds of $12.6 million and net proceeds of $12.5 million.

Each unit is comprised of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to purchase one common share at a price of $0.70 until November 16, 2027.

If fully exercised, the warrants could provide the Company with up to approximately $130 million in additional proceeds.

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2025 (2024 - 58%).

2 This is a Non-GAAP Measure;

please see “Non-GAAP Measures” section.

3 Consolidated production estimates and average annual production targets include the Cove Project, Archimedes Underground Project, Mineral Point Open Pit Project, Granite Creek Underground Project, and Granite Creek Open Pit Project and are based on the most recent life-of-mine production schedules disclosed in the latest technical studies filed for each respective project and related property.

These anticipated production figures are preliminary in nature and are based on mineral resources, which do not have demonstrated economic viability, and which are not mineral reserves.

In addition, each of the foregoing technical reports are preliminary economic assessments/initial assessments that are preliminary in nature and each include an economic analysis that is based, in part, on inferred mineral resources.

Inferred mineral resources are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves.

As such, there is no certainty that the production targets will be realized.

The production target is also pending the completion of the autoclave refurbishment class 3 engineering study (where a series of trade-off scenarios will be considered comparing full autoclave refurbishment to alternate toll milling and ore purchase agreement options that could potentially be available), Board approval, and the successful funding, development, and commissioning of the Company’s Lone Tree autoclave processing facility.

The production target presented herein is a Company goal and not a projection of results and should not be taken as production guidance.

The Company addressed the first phase of its recapitalization plan by entering into agreements to defer the December 2024 Gold Prepay Agreement and January 2025 Silver Purchase Agreement deliveries until March 31, 2025 and settled the deliveries on April 2, 2025 with Orion Mine Finance ("Orion") by entering into a New Gold Prepay and Silver Purchase Agreement with National Bank with deliveries of 6,864 ounces of gold and 345,549 ounces of silver by September 30, 2025.

This arrangement was settled in May with the proceeds from the equity raise.

Through to mid-2026, approximately $92 million is expected to be allocated to fund construction activities, drilling, permitting, and technical studies across all five core projects including the Lone Tree autoclave processing facility, all part of the development plan.

The Company is actively working to secure the balance of required capital to execute the development plan and is in discussions with several parties regarding additional financing options.

These potential options include debt facilities, as well as a royalty sale, and the sale of its FAD property, which is a non-core asset.

Management aims to complete the balance of its recapitalization plan by mid-2026, aligning with the date of maturity of the Orion Convertible Loan.

The Company expects to extract bet w een 30,000 to 40,000 ounces 1 of gold in 2025.

Granite Creek underground is expected to contribute between 20,000 to 30,000 ounces 1 of gold, and the Company’s two residual heap leach operations are expected to contribute approximately 10,000 ounces of gold in 2025.

To advance development plans, three areas of growth expenditures over the next three years were outlined in the PEAs filed for all five projects in March 2025.

These growth expenditures ranked from highest priority are:

(i) advancing permitting activities, (ii) feasibility studies, and (iii) development work at Archimedes underground.

For 2025, the growth expenditures are expected to total between $40 million to $50 million.

This outlook, including expected results and targets, is subject to various risks, uncertainties and assumptions, which may impact future performance and the Company’s ability to achieve the results and targets discussed in this section.

Please refer to "Cautionary Statements on Forward Looking Statements" section.

Please refer to "Forward Looking Statements" section.

The Company may, but is under no obligation to, update this outlook depending on changes in metal prices and other factors.

Financing Overview (for the three months ended March 31, 2025)

Financing Overview

Three months ended June 30, 2025

Working Capital Facility

On April 29, 2025, the Company finalized a master purchase and sale agreement with Auramet International, Inc.

Under this agreement, the Company received the prepayment of 3,600 ounces of gold, for $12.0 million totaling $11.6 million in net proceeds.

As at June 30, 2025, the Company has delivered 1,454 ounces with 2,146 ounces remaining to be delivered in the amount of $7.1 million.

Bought Deal Offering and Private Placement

Each warrant entitles the holder to purchase one common share at a price of $0.70 until November 16, 2027.

Each unit is comprised of one common share and one-half of one common share purchase warrant.

New Gold Prepay and Silver Purchase Agreement

In May 2025, the Company fully repaid the New Gold Prepay and Silver Purchase Agreement with National Bank.

Six months ended June 30, 2025

Prospectus Offering of Common Shares

1 unchanged sentence

On February 28, 2025, in connection with the prospectus offering, the Company closed a private placement of an aggregate of 1.0 million common shares to certain directors and officers of the Company at a price of C$0.80 per share for gross proceeds of approximately $0.6 million (C$0.8 million).

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%).

Convertible Debentures

1 unchanged sentence

The amendments provided:

• the conversion price applicable to the a debenture holder’s right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to the volume weighted average price of i-80 Gold’s common shares on the TSX during the five trading days immediately preceding the date of the debenture holder’s election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date;

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2025 (2024 - 58%).

• the conversion price applicable to the debenture holder’s right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to the volume weighted average price of i-80 Gold’s common shares on the TSX during the five trading days immediately preceding the date of the debenture holder’s election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date;

• the conversion price applicable to the Company’s right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to the greater of (x) 85% of the average closing price of the i-80 Gold common shares as measured in US dollars on the NYSE during the 10 business days immediately preceding the date of the Company’s election notice, and (y) the volume weighted average price of i-80 Gold common shares on TSX during the five trading days immediately preceding the date of the Company’s election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date;

2 unchanged sentences

Orion Convertible Loan

On January 15, 2025, the Company completed the amendment and restatement of its convertible credit agreement ("A&R Convertible Credit Agreement") with an affiliate of Orion, as described herein.

On January 15, 2025, the Company completed the amendment and restatement of its convertible credit agreement ("Orion Convertible Loan") with an affiliate of Orion.

As a result, the conditions relating to the deferral of gold and silver deliveries, and the extension of the Orion Convertible Loan (collectively, the "Waiver Agreements") required to be completed to-date have been satisfied.

Further to the A&R Convertible Credit Agreement, Orion and i-80 Gold have extended the maturity date of the A&R Convertible Credit Agreement by six months from December 13, 2025, to June 30, 2026, and have put certain security in place to secure the Company’s obligations under the A&R Convertible Credit Agreement.

Additional security against the Company’s Ruby Hill and Granite Creek projects is required to be put in place by March 31, 2025.

In connection with the extension of the A&R Convertible Credit Agreement, the Company has issued to Orion 5 million common share purchase warrants (the “2025 Orion Warrants”) with an exercise price of C$1.01 and an expiry date of January 15, 2029.

In addition, i-80 Gold and Orion have agreed to enter into an offtake agreement (the “Offtake Agreement”).

Further to the Orion Convertible Loan, Orion and i-80 Gold have extended the maturity date by six months from December 13, 2025, to June 30, 2026, and certain security was put in place to secure the Company’s obligations under the Orion Convertible Loan.

Additional security against the Company’s Ruby Hill and Granite Creek projects was put in place on March 31, 2025.

In connection with the extension of the Orion Convertible Loan, the Company has issued to Orion 5 million common share purchase warrants (the “2025 Orion Warrants”) with an exercise price of C$1.01 and an expiry date of January 15, 2029.

In addition, in February 2025, i-80 Gold and Orion entered into an offtake agreement (the “Offtake Agreement”).

The Offtake Agreement has similar terms to the Company's existing offtake agreement and commences once the current offtake agreement with Deterra Royalties Limited expires at the end of December 2028.

During the quarter ended March 31, 2025, the Company issued 4.3 million common shares under the ATM Program for total gross proceeds o f $2.5 million .

As at March 27, 2025, the Company had issued a total of 26.7 million common shares under the ATM Program for total gross proceeds of $25.1 million.

During the first quarter of 2025, the Company issued 4.3 million common shares under the ATM Program for total gross proceeds o f $2.5 million .

Since inception the Company issued a total of 26.7 million common shares under the ATM Program for total gross proceeds of $25.1 million.

The ATM Program expired on March 31, 2025.

New Gold & Silver Prepay Agreement & Working Capital Facility

New Gold Prepay and Silver Purchase Agreement

On Ma rch 31, 2025 the Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank under which National Bank purchased approximately 6,864 ounces of gold and 345,549 ounces of silver from the Company for delivery to National Bank by September 30, 2025 or earlier, upon an infusion of capital in line with the recapitalization plan.

The proceeds of this new prepay arrangement was used to satisfy the March 31, 2025 gold and silver deliveries due to an affiliate of Orion Mine Finance under its respective Gold Prepay and Silver Purchase and sale agreements.

The obligations under the prepay arrangement with National Bank are secured by the FAD project.

This was funded on April 1, 2025.

Completed Preliminary Economic Assessments and Initial Assessments ("PEA") for Five Gold Projects

During the first quarter of 2025, the Company announced economic and operating highlights from preliminary economic assessments ("PEA") completed for five gold projects.

These updated PEAs demonstrate the significant value of the Company's portfolio and support an updated mineral resource estimate.

Technical reports for each project were filed in accordance with S-K 1300 and Item 601 of Regulation S-K in the United States and in accordance with National Instrument 43-101 Standards for Disclosure of Mineral Projects in Canada ("NI - 43-101").

The proceeds of this new prepay arrangement were used to satisfy the March 31, 2025 gold and silver deliveries due to an affiliate of Orion Mine Finance under its respective Gold Prepay Agreement and Silver Purchase Agreement.

The New Gold Prepay and Silver Purchase Agreement was fully repaid during May 2025.

Completed PEAs for Five Gold Projects

During the first quarter of 2025, the Company issued five press releases highlighting the economic and operating results from PEAs completed for five gold projects.

The updated PEAs, filed at the end of the first quarter, demonstrate the significant value of the Company's portfolio and support an updated mineral resource estimate and new development plan.

Technical reports for each project were filed in accordance with Subpart 1300 of Regulation S-K ("S-K 1300) and Item 601 of Regulation S-K in the United States and in accordance with National Instrument 43-101 Standards for Disclosure of Mineral Projects in Canada ("NI 43-101").

Third-party Processing Agreements

The Company finalized third-party processing agreements in respect of toll milling as well as ore sales for refractory and oxide material, respectively.

In March 2025, the Company finalized third-party processing agreements in respect of toll milling for refractory material as well as ore sales for oxide material.

The Agreements remain in effect through to December 31, 2027.

The Company is targeting to have the anticipated refurbishment of its Lone Tree autoclave facility complete by December 31, 2027, to allow for all material from the Company's underground mines to be processed at its autoclave facility.

Working Capital Facility

On April 29, 2025, the Company finalized a master purchase and sale agreement with Auramet International, Inc., for the prepayment of sulfide material, totaling $12.0 million and $11.6 million net proceeds.

DISCUSSION OF OPERATIONAL RESULTS

1 unchanged sentence

The Company continued to advance its gold properties which are currently at various stages of redevelopment following successful exploration programs at each of the four properties.

Granite Creek

The Granite Creek property includes the Granite Creek Underground Project, a fully permitted, constructed and operating mine and the Granite Creek open pit oxide deposit adjacent to the underground project, currently in the permitting stage.

The Granite Creek Underground Project is the first company asset to be redeveloped and is currently ramping up towards steady-state of gold output.

Granite Creek Property

The Granite Creek property includes the Granite Creek underground project, a fully permitted, constructed and operating mine and the Granite Creek open pit oxide deposit adjacent to the underground project, currently in early-stage permitting.

The Granite Creek underground is the Company's first brownfield project to be redeveloped and is currently ramping up towards steady-state gold output.

Gold was initially discovered at Granite Creek in the mid to late 1930’s and includes the former Pinson mine.

2 unchanged sentences

The seven-square miles of land contain all areas of past gold production and the area of mineral resources (underground and open pit).

Granite Creek

Three months ended

Granite Creek Property Three months ended

June 30, Six months ended

Operational Statistics

3 unchanged sentences

Oxide mineralized material mined grade g/t

11.38 11.49 11.74 12.23

Sulfide mineralized material mined grade g/t

7.43 10.08 7.93 9.23

Low-grade mineralized material mined 1

1 unchanged sentence

Low-grade mineralized material grade 1

3.03 3.18 2.88 3.35

Waste mined tonnes 31,947 42,849 59,409 75,802

1 unchanged sentence

tonnes 83,395 76,392 163,669 133,762

Processed mineralized material 2

Processed mineralized material - sulphide

tonnes 7,014 4,702 7,014 4,702

Processed mineralized material - leach

tonnes 18,750 — 52,587 —

Total processed mineralized material

tonnes 25,764 4,702 59,601 4,702

Gold ounces sold 2

1 unchanged sentence

Underground mine development (pre-development)

ft 692 1,515 1,196 2,264

Drilling ft 2,978 34,414 2,978 18,479

Financial Statistics 2025 2024 2025 2024

Mining cost (total mineralized material and waste) $/t

175 113 173 125

Processing cost (processed mineralized material) $/t

133 88 74 147

Site general and administrative (“G&A”) (total mineralized material mined 3 )

Royalties $000s

1,148 321 1,654 1,555

Capital expenditure 4

1,114 278 1,491 739

Pre-development, evaluation and exploration expenses

5,949 7,634 9,719 12,115

1 Low-grade mineralized material extracted as part of the mining process that is below cut-off grade but incrementally economic.

2 Processed mineralized material consists of toll treated material and material placed under leach.

2 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2025 (2024 - 58%).

1 unchanged sentence

4 Capital expenditure based on accrual basis.

Mining rates during the first quarter, were higher than the prior year comparative period due to improved productivity and the pace of development.

In response to the increased water ingress, the Company improved the pumping system availability and capacity, as well as, modifications to reduce mine interruption.

Water levels are dropping throughout the mining area and water ingress rates are anticipated to continue to decrease in the near term.

Gold output is expected to ramp up to steady-state during the second half of 2025.

Additional dewatering infrastructure upgrades will be completed in 2025.

In early 2025 a predictive groundwater model was completed and the Company is utilizing this study to evaluate future dewatering needs.

The Company continues to encounter elevated levels of oxide mineralized material.

A substantial portion of this lower-grade mineralized material has been deemed suitable for processing via heap leach at the Company's Lone Tree heap leach facility.

During the quarter, 916 ounces were processed and sold from the Lone Tree heap leach facility.

As at March 31, 2025, sulfide mineralized material of approximately 26,613 tonnes were on the stockpile to be processed in the remainder of 2025.

Granite Creek Underground

Mineralized material mined at Granite Creek underground is processed as follows:

(i) sulfide mineralized material processed at third-party autoclave and subject to a tolling agreement entered into in March 2025, (ii) high-grade oxide mineralized material processed at third-party plant and subject to an ore sales agreement, and (iii) low-grade oxide material placed on the Company’s Lone Tree heap leach facility.

Mining activities during the current quarter exceeded levels reported in the comparative prior-year period, primarily driven by additional faces available to mine due to stope development and changes in sequencing of mining.

Management expects groundwater inflows to remain at or near the current ingress flow rates for the foreseeable future.

Improvements to the existing infrastructure are ongoing, including the installation of at least two additional dewatering wells, an expanded water treatment facility, and an in-line piping and pumping system for the removal of mine contact water from underground workings, which are expected to positively impact development rates.

The Company continues to encounter elevated levels of oxide mineralized material compared to levels anticipated in the March 2025 PEA at Granite Creek.

The lower-grade oxide mineralized material continues to be suitable for processing via heap leach at the Company's Lone Tree heap leach facility.

During the quarter, 1,554 ounces of low-grade oxide material from Granite Creek was leached and sold from the Lone Tree heap leach facility.

As at June 30, 2025, the Company has delivered approximately 28,000 tonnes of sulfide mineralized material, waiting to be processed under a new toll milling agreement with a third party.

Under the new toll milling agreement, the material is expected to be processed within 120 days of delivery to the process facilities.

Capital expenditures for the three months were for sustaining capital.

Pre-development, evaluation, and exploration expenses were primarily for underground development.

An infill drilling program is planned to be completed in 2025 for inclusion in a feasibility study.

Granite Creek open pit expansion baseline field studies associated with Federal National Environmental Policy Act ("NEPA") permitting activities were initiated during the first quarter of 2025.

The permitting process is anticipated to take approximately three years.

The development of an exploration drift at Granite Creek Underground began in the fourth quarter of 2024 and is expected to be completed by the end of the second quarter of 2025.

This drift will provide access for infill drilling from underground in the South Pacific Zone, which will begin immediately upon completion of the drift.

During the 1990’s, an ore body was discovered, which became the Archimedes pit.

Later discoveries included the Ruby Deeps sulfide deposit with the most recent discovery of the Hilltop zone.

For the three months ended June 30, 2025, $4.9 million was spent on pre-development expenses.

Pre-development, evaluation, and exploration expenses for the six months ended June 30, 2025 were primarily related to underground development of $7.8 million and infill drilling.

Infill drilling of the South Pacific Zone began in June 2025 with two active drill rigs – one operating from underground and one from surface.

Three additional rigs are expected to be mobilized in the third quarter, with one additional rig underground and two at surface.

These activities are expected to further support mineral resource definition and expansion.

The exploration drift was completed at the end of June to a shorter extent than initially planned.

The initial underground drill plan was modified to include additional surface drilling as part of the program.

The infill drill program aims to upgrade the mineral resource and form the basis for the upcoming feasibility study, which is targeted for completion in the first quarter of 2026.

Granite Creek Open Pit

Following the release of the Granite Creek open pit PEA, technical work is underway to advance the project toward either a pre-feasibility or a feasibility-level study.

Simultaneously, technical trade off analyses are being conducted to optimize the project economics.

Permitting work is in the initial stages and advancing as expected.

Granite Creek open pit has the potential to contribute to company-wide production by the end of the decade.

Ruby Hill Property

During the 1990’s, an ore body was discovered, which became the Archimedes open pit.

Later discoveries included the Ruby Deeps Carlin-style sulfide mineralized deposit with the most recent discovery of the Hilltop zone.

The Ruby Hill property is located within the Battle Mountain-Eureka trend, a northwest-trending geological belt located in north-central Nevada.

Ruby Hill includes the Archimedes Underground Project, the Mineral Point open pit heap leach project, as well as several base metal deposits.

The Archimedes Underground Project is expected to be the Company's second underground mine.

Mineral Point is a large oxide gold and silver deposit with the potential to become the Company’s largest gold producing asset.

The property contains gold, silver and base metal mineralization and exploration targets within the Archimedes underground project and Mineral Point open pit project.

The Archimedes underground project is expected to be the Company's second underground mine, while Mineral Point is a large oxide gold and silver deposit with the potential to become the Company’s largest gold producing asset.

Processing infrastructure at Ruby Hill includes a primary crushing plant, grinding mill, leach pad, and carbon-in-column circuit, as well as associated mining infrastructure.

Some of the existing facilities are expected to be utilized for Mineral Point, however new crushing, a Merrill Crowe plant and heal leach facilities will be required.

During the first quarter of 2025, the Company finalized a preliminary economic assessment on both the Archimedes Underground Project and Mineral Point open pit project.

Permitting for Archimedes underground continued in the first quarter of 2025.

During the quarter, the Company received the Decision Record from the U.S.

Bureau of Land Management for the commencement of the underground portals.

Associated state permits are still in process and responses are expected to be received in the second quarter of 2025.

The timeframe to first production is approximately 14 months in duration from the commencement of portal blasting which will commence once the state permit is approved.

In the meantime, the Company is leaching the historic leach pads, which provides minor amounts of gold extraction.

Construction of the surface facilities and associated infrastructure commenced in the fourth quarter of 2024 and will carry into the first half of 2025.

Underground construction activities are expected to begin in the third quarter of 2025.

The Mineral Point drill program is expected to begin in the third quarter of 2025 to support geotechnical, metallurgical and hydrogeology studies for baseline data to advance the permitting and technical reports for Mineral Point.

Three months ended

Some of the existing facilities are expected to be utilized for Mineral Point, however new crushing, a Merrill Crowe plant and heap leach facilities will be required.

During the first quarter of 2025, the Company finalized a PEA on both the Archimedes underground and Mineral Point open pit .

At Archimedes underground surface infrastructure has been completed, and the initial development of the underground exploration drift is anticipated to commence in the third quarter of 2025.

Permitting for mining above the 5100-foot level at Archimedes underground is nearing completion, with approval for advancement expected shortly.

This phase of permitting covers mining activities above the 5100-foot elevation, a threshold consistent with previously approved permits for open pit mining at Ruby Hill.

Permitting below the 5100-foot elevation is expected to begin immediately upon receipt of the first phase of permits.

This sequential approach to permitting expedites mining while simultaneously pursuing remaining permits for the lower section.

Infill drilling will be initiated in the fourth quarter of 2025 in the Archimedes upper zone and in the first quarter of 2026 for the Archimedes lower zone.

The timeframe for first gold is approximately 14 months in duration from the commencement of portal construction which is expected to commence in the third quarter.

In the meantime, the Company continues leaching the historic leach pads, which provides minor amounts of gold extraction.

A drill program for the Mineral Point open pit project commenced in June 2025 with two surface core drill rigs, completing approximately 5,800 feet of surface core drilling in the quarter to support geotechnical, metallurgical and hydrogeology studies for baseline data to advance permitting and technical reports.

Following the release of a PEA in the first quarter of 2025, strategic evaluations are underway to determine optimal timing of a pre-feasibility or a feasibility-level study.

Ruby Hill Property Three months ended

June 30, Six months ended

Operational Statistics 2025 2024 2025 2024

Gold ounces sold oz 665 510 1,117 954

Exploration drilling ft — 4,032

Drilling ft 5,739 — 5,739 4,032

Financial Statistics 2025 2024 2025 2024

3 unchanged sentences

Capital expenditure 1

$000s 719 68 911 118

Pre-development, evaluation and exploration expenses

2 unchanged sentences

In addition to permitting activities, the Company continued to recover ounces from the heap leach pads at Ruby Hill.

Pre-development expenditures this quarter at Ruby Hill were related to preparatory work related to portal development and other surface work.

Capital expenditures for the three and six months ended June 30, 2025 were primarily from the construction of a maintenance shop related to the underground access portal.

Pre-development, evaluation and exploration expenditures during the current three and six month period were related to preparatory work related to portal development and other surface work ($4.0 million) as well as costs associated with the infill drill program for Mineral Point open pit.

Modern exploration for copper and gold in the McCoy Mining District started in the 1960s.

The Cove Project is a high-grade underground development project and is expected to be the Company's third underground mine.

Cove is a high-grade underground development project and is expected to be the Company's third underground mine.

It covers 30,923 acres and is located 32 miles south of the town of Battle Mountain, in the Fish Creek Mountains of Lander County, Nevada, and lies within the McCoy Mining District.

The Cove Project is, for the most part, on land controlled by the U.S.

Cove is, for the most part, on land controlled by the U.S.

Department of Interior, Bureau of Land Management ("BLM") and patented mining claims and consists of 100%-owned unpatented claims and twelve leased patented claims.

The permitting process for Cove remains on track with approvals anticipated by the end of 2027.

The draft plan of operations has been submitted to the BLM and the baseline permitting work is largely in the process of being finalized.

Management is targeting the initiation of the Environmental Impact Statement process in the second half of 2025 pending some additional evaluation and possible discussion with the regulatory agencies due to the significant disturbance footprint and potential impact on water and air quality.

Three months ended

National Environmental Policy Act ("NEPA") permitting activities are underway with the BLM in anticipation of an Environmental Impact Statement ("EIS").

i-80 Gold is actively advancing major permit applications with the goal of aligning regulatory approvals with planned development timelines.

Cove is expected to be the Company's third underground mine and begin contributing to company-wide production in mid-2029.

Cove Project Three months ended

June 30, Six months ended

Operational Statistics 2025 2024 2025 2024

Exploration drilling ft 14,762 3,594

Drilling ft — 14,382 14,762 17,976

Financial Statistics 2025 2024 2025 2024

Pre-development, evaluation and exploration expenses

In addition to the permitting process, an infill drill program was completed during the first quarter of 2025 to increase confidence in the mineral resource and collect data for engineering work to complete a feasibility study expected in 2025.

Underground delineation drilling continued during the first quarter on the Helen and Gap deposits with two core rigs, completing approximately 15,000 feet of core drilled bringing total drilling over the course of the infill campaign to approximately 145,000 feet.

The 2023 through 2025 drill program results will be included in a planned updated feasibility study.

Lone Tree Project

The Lone Tree project is a historic producing mine that completed mining operations in 2006.

The development project is located within the Battle Mountain-Eureka Trend, midway between the Company's Granite Creek property and Cove underground project.

The property consists of the past-producing Lone Tree mine and processing facility, as well as the nearby Buffalo Mountain deposit and the Brooks open pit mine, which is currently on care and maintenance.

1,174 2,343 3,721 4,615

Underground delineation drilling was completed during the first quarter on the Helen and Gap deposits with two core rigs, completing approximately 15,000 feet of core drilled, bringing total drilling over the course of the infill campaign to approximately 145,000 feet.

All assay results have been received since the inception of the infill drilling campaign in 2023 and expected to provide an updated mineral resource estimate in the third quarter of 2025.

The geological model has been updated with these new drill results, and an updated resource estimate is in progress to be included in the feasibility study.

Lone Tree Processing Facility

The Lone Tree property is a historic producing mine that completed mining operations in 2006 and is located within the Battle Mountain-Eureka Trend, midway between the Company's Granite Creek property and Cove underground project.

The property consists of the past-producing Lone Tree open pit mine as well as a processing facility.

Processing infrastructure at Lone Tree includes an autoclave, carbon-in-leach mill, flotation mill, heap leach facility, assay lab and gold refinery, tailings dam, waste dumps and several buildings, including a warehouse, maintenance shop and administration building.

The Company anticipates these facilities will support the development of all its mining projects.

The focus at Lone Tree is a feasibility study to evaluate the refurbishment of the autoclave facility with the intention of processing sulfide ore from the three underground mines (Granite Creek, Archimedes and Cove) in support of the Company's regional hub-and-spoke mining and processing strategy.

Management continues to review the value engineering studies in preparation for the feasibility study which is expected to be completed in the fourth quarter of 2025.

The Lone Tree open pit is expected to remain in inventory into the 2030’s as the Company focuses ramp up, permitting and development of its three underground mines and two open pit oxide mines.

The continued leaching of the historic leach pad at Lone Tree is producing a reasonable amount of gold.

The Lone Tree processing facility has one of three autoclave facilities in Nevada and is a strategic asset in unlocking value from i-80 Gold’s three underground deposits by providing an owner-operated processing facility for the Company’s high-grade underground refractory material.

Currently, the Lone Tree autoclave refurbishment feasibility-level Class 3 engineering study is underway in collaboration with Hatch Ltd., an industry leader in autoclave technology, building on an internal feasibility study completed in 2023.

The autoclave is envisioned to process refractory mineralized material from the Company’s three underground mines, Granite Creek, Archimedes and Cove, creating a regional hub-and-spoke mining and processing strategy.

Concurrently, i-80 Gold is recruiting the owner’s team to oversee the engineering and execution of Lone Tree’s refurbishment, along with risk mitigation planning and opportunities to accelerate the development timeline.

The updated technical study for the facility’s refurbishment will incorporate value engineering initiatives and updated cost estimates to support an improved execution strategy.

Completion of the revised feasibility study is targeted for the fourth quarter of 2025.

Lone Tree’s processing facility is currently permitted for the operational components in use;

however, new and revised applications will need to be approved for air quality and mercury operating programs, in addition to, Water Pollution Control and Reclamation Permit modifications for the processing and environmental controls included in the refurbishment plan.

The Lone Tree open pit project is not currently included in the new development plan.

The leaching of the historic leach pad at Lone Tree continues to produce gold at profitable quantities.

The Company plans to continue to recover ounces from the Lone Tree leach pads as long as it is economical to do so.

Three months ended

June 30, Six months ended

Operational Statistics 2025 2024 2025 2024

4 unchanged sentences

Capital expenditure 1

597 93 661 507

1 Capital expenditure based on accrual basis.

Capital expenditures for the three months were related to general infrastructure in sustaining the operations and activities at Lone Tree.

Spending in 2024 was related to the technical work on the refurbishment of the autoclave processing plant.

Capital expenditures during the three and six months ended June 30, 2025 and in the comparative period were related to the technical work on the refurbishment of the autoclave processing plant.

DISCUSSION OF FINANCIAL RESULTS

Three months ended

June 30, Six months ended

(in thousands of USD) 2025 2024 2025 2024

27,836 7,184 41,884 15,597

Cost of sales (26,491) (19,422) (37,257) (27,753)

1 unchanged sentence

Gross profit (loss)

798 (12,312) 3,704 (12,607)

Pre-development, evaluation and exploration 9,045 10,436 18,590 17,710

9 unchanged sentences

Net loss (30,215) (41,005) (71,420) (60,705)

Financial results for the three months ended March 31, 2025

Revenue for the three months ended March 31, 2025 was $14.0 million, an increase of 67% from $8.4 million in the comparative prior year period.

During the three months ended March 31, 2025, gold ounces sold 1 totaled 4,952 ounces at an average realized gold price 2 of $2,825 per ounce, compared to 4,061 at an average realized gold price 2 of $2,063 per ounce during the same period of 2024.

The higher revenue was primarily driven by higher ounces sold at Granite Creek and a higher average realized gold price 1 .

Financial results for the three months ended June 30, 2025

Revenue for the three months ended June 30, 2025 was $27.8 million, an increase from $7.2 million in the comparative prior year period.

During the three months ended June 30, 2025, gold ounces sold 1 totaled 8,400 ounces at an average realized gold price 2 of $3,301 per ounce compared to gold ounces sold 1 of 3,445 at an average realized gold price 1 of $2,337 per ounce during the same period of 2024.

The increase in revenue was driven by both higher gold ounces sold and higher gold prices.

Three months ended

6 unchanged sentences

Cost of sales

Cost of sales for the three months ended March 31, 2025 was $10.8 million, which was an increase of 29% or $8.3 million in the comparative prior year period, largely related to higher production volumes.

Cost of sales for the three months ended June 30, 2025 was $26.5 million, which was an increase from $19.4 million in the comparative prior year quarter due to rise in gold ounces sold 1 partially offset by a lower inventory write-down of $3.1 million in the current quarter, compared to $8.8 million in the prior year period.

The current quarter write-down was due to higher processing costs associated with sulfide mineralized materials at Granite Creek under the new toll milling agreement.

Depreciation, depletion and amortization

Total depreciation, depletion, and amortization expense for the three months ended March 31, 2025 was comparable to the prior year period.

Depreciation, depletion, and amortization expense for the three months ended June 30, 2025 was $0.5 million compared to $0.1 million from the prior year period.

The higher expense in 2025 is due to leach pad depreciation associated with Granite Creek material which began leaching in the fourth quarter of 2024.

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2025 (2024 - 58%).

5 unchanged sentences

Granite Creek

Total pre-development, evaluation and exploration

For the three months ended June 30, 2025, the Company incurred $9.0 million of pre-development, evaluation and exploration expenses, 13% lower compared to the three month period ended June 30, 2024.

Granite Creek expenses were lower due primarily to lower drilling expenses.

Ruby Hill expenses were higher due to drilling at Mineral Point for hydrogeologic, geotechnical, and metallurgical purposes.

Cove pre-development, evaluation and exploration expenditures were lower in the current quarter compared to the prior year quarter as drilling was largely completed in the first quarter of 2025.

Other expense

Three months ended

(in thousands of USD) 2025 2024

Gain on fair value measurement on Convertible Loans

Gain on fair value measurement of warrant liabilities

Loss on Gold Prepay Agreement

(2,412) (2,478)

Loss on Silver Purchase Agreement (1,986) (4,445)

Interest income on restricted cash 346 429

Other (expense) income

Gain on foreign exchange

Total other expense

(2,769) (600)

Gains and losses on revaluation of the fair value of warrants and Convertible Loans derivatives were driven by changes in the Company’s share price during the period.

Loss on Gold Prepay Agreement and Silver Purchase Agreement are comprised of realized losses due to higher metal prices compared to agreement inception prices on settlement as well as unrealized fair value measurement gains and losses which are driven by changes in the gold and silver forward prices during the period.

Interest Expense

Three months ended

(in thousands of USD) 2025 2024

Interest accretion on Convertible Loans 1,639 3,026

Interest accretion on Gold Prepay Agreement 2,705 2,722

Interest accretion on Silver Purchase Agreement 1,564 1,415

Interest accretion on long-term debt

Interest accretion on Convertible Debentures 864 792

Amortization of finance costs 344 357

Finance expense 521 —

Other interest expense

Total interest expense 8,695 8,757

Interest expense for the three months ended June 30, 2025 was $8.7 million, $0.1 million higher compared to the prior year quarter.

The increased interest expenses were related to the New Gold Prepay and Silver Purchase Agreement with National Bank, partially offset by lower interest accretion on the Gold Prepay Agreement as a result of gold deliveries during 2025.

Financial results for the six months ended June 30, 2025

Revenue for the six months ended June 30, 2025 was $41.9 million, an increase of 169% from $15.6 million in the comparative prior year period.

During the six months ended June 30, 2025, gold ounces sold 1 totaled 13,352 ounces at an average realized gold price 2 of $3,124 per ounce, compared to 7,506 at an average realized gold price 2 of $2,188 per ounce during the same period of 2024.

The higher revenue was equally driven by higher ounces sold at Granite Creek and higher average realized gold prices 2 .

Six months ended

Spot price per ounce of gold ($)

2025 2024 % Change

Average 3,077 2,204 40 %

Low 2,635 1,985 33 %

High 3,433 2,427 41 %

Average realized 3,124 2,188 43 %

Cost of sales

Cost of sales for the six months ended June 30, 2025 was $37.3 million, which was an increase from $27.8 million in the comparative prior year period, largely driven by an increase in gold ounces sold 1 , partially offset by lower inventory write-downs of $4.0 million compared to $8.8 million in the comparative period of 2024.

The current period write-down is mainly due to higher processing fees related to sulfide mineralized material and heap leach material at Granite Creek.

Depreciation, depletion and amortization

Total depreciation, depletion, and amortization expense for the six months ended June 30, 2025 was higher than the prior year period mainly due to higher leach pad depreciation related to Granite Creek material which began in the fourth quarter of 2024.

Pre-development, evaluation and exploration expenses

Six months ended

(in thousands of USD) 2025 2024

Granite Creek 9,719 12,115

Ruby Hill 5,089 713

1 unchanged sentence

Total pre-development, evaluation and exploration expenses

For the three months ended March 31, 2025, the Company incurred $9.5 million of pre-development, evaluation and exploration expenses compared to $7.3 million of expenses for three months ended March 31, 2024.

The higher pre-development, evaluation and exploration expenses for the three months ended March 31, 2025 was related to the Cove drilling program and Ruby Hill preparatory surface work related to the portal development.

18,590 17,710

For the six months ended June 30, 2025, the Company incurred $18.6 million of pre-development, evaluation and exploration expenses compared to $17.7 million of expenses for six months ended June 30, 2024.

The higher pre-development, evaluation and exploration expenses for the six months ended June 30, 2025 were related to the infill drilling and underground development at Granite Creek, the Cove drilling program, and Ruby Hill preparatory surface work related to the portal development.

Other (expense) income

Three months ended

Six months ended

(in thousands of USD) 2025 2024

(Loss) gain on Convertible Loan derivatives

(1,437) 6,115

(Loss) gain on warrants

Loss on Gold Prepay derivative

(8,263) (3,498)

Loss on Silver Purchase Agreement derivative

(Loss) gain on fair value measurement of Convertible Loans

Gain on fair value measurement of warrant liabilities

Loss on sales from Gold Prepay Agreement

(10,674) (5,976)

Loss on foreign exchange

Loss on Silver Purchase Agreement (9,461) (5,302)

Interest income on restricted cash 686 915

Other (expense) income

Gain on foreign exchange

Total other (expense) income

(19,995) 4,239

The loss on the valuation of the fair value of warrants and the convertible loan conversion option derivatives were driven by an changes in the Company’s share price at each reporting period.

The loss on the valuation of the derivatives of the Gold Prepay and Silver Purchase Agreements were driven by increasing gold and silver forward price.

The loss from Gold Prepay is as a result of increases to the realized gold price compared to the price at inception of the agreement.

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2025 (2024 - 58%).

2 This is a Non-GAAP Measure;

please see “Non-GAAP Measures” section.

The loss on the valuation of the fair value of warrants and the Convertible Loans conversion option derivatives were driven by changes in the Company’s share price at each reporting period.

The loss on the Gold Prepay Agreement and Silver Purchase Agreement were driven by increasing gold and silver forward price.

The lower loss on the fair value measurement of the Gold Prepay Agreement derivative is due to gold delivery settlements.

The realized loss from Gold Prepay Agreement is as a result of increases to the realized gold price compared to the price at inception of the agreement.

Interest Expense

Three months ended

Six months ended

(in thousands of USD) 2025 2024

Interest accretion on Convertible Loans 5,344 5,324

Interest accretion on Gold Prepay

Interest accretion on Gold Prepay Agreement 4,109 5,842

Interest accretion on Silver Purchase Agreement 2,109 1,703

Interest accretion on Convertible Debentures 3,068 2,802

Interest accretion on long-term debt

Amortization of finance costs 691 671

Interest paid — 7

Finance expense 521 —

Other interest expense

Total interest expense 16,898 16,793

Interest expense for the three months ended March 31, 2025 was comparable to the prior year comparative period.

Interest expense for the six months ended June 30, 2025 was higher compared to the prior year comparative period due to higher interest accretion related to the National Bank New Gold Prepay and Silver Purchase Agreement of $0.7 million and finance fees related to debt modification of $0.5 million, partially offset by lower interest accretion on Gold Prepay Agreement as a result of deliveries.

DISCUSSION OF FINANCIAL POSITION

Balance Sheet Review

Cash and cash equivalents decreased by $5.5 million from $19.0 million at December 31, 2024 to $13.5 million as at March 31, 2025.

Cash and cash equivalents increased by $114.7 million from $19.0 million at December 31, 2024 to $133.7 million as at June 30, 2025.

Refer to the Liquidity and Capital Resources section below for further details.

Inventory has increased to $24.0 million as at March 31, 2025 from $15.3 million as at December 31, 2024 due primarily to the buildup of sulfide material.

The sulfide material build up was due to the inability to transport and process sulfide material until a new third party processing agreement was finalized late in the first quarter of 2025.

The inventory balance at the end of the first quarter of 2025 is expected to decrease through the year.

Total liabilities as at March 31, 2025 was $341.0 million compared to $315.0 million as at December 31, 2024 due to an increase in the other liability balance as a result of increases in the Gold Prepay and Silver Purchase Agreement derivative value resulting from increases in the forward prices and the increase of long-term debt value from finance charges.

Inventory has increased to $21.8 million as at June 30, 2025 from $15.3 million as at December 31, 2024 primarily due to the buildup of stockpiled sulfide material for toll mill processing.

Total liabilities as at June 30, 2025 were $319.3 million compared to $315.0 million as at December 31, 2024.

The increase was due to increases in other liabilities related to the Silver Purchase Agreement derivative which increased due to forward prices.

Partially offsetting the increase to liabilities was a decrease in long-term debt due to the principal repayments of the Gold Prepay Agreement and Silver Purchase Agreement.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity Outlook

(in thousands of USD) March 31, 2025 December 31, 2024

(in thousands of USD) June 30, 2025 December 31, 2024

Cash and cash equivalents 133,691 19,001

1 unchanged sentence

Changes in cash and cash equivalents are discussed in the cash flow section.

Working capital has remained consistent from the prior comparative year end.

The Company through its recapitalization plan discussed in the Strategic Overview continue to work toward a restructuring of the scheduled deliveries under the Gold Prepay and Silver Purchase Agreement in 2025, which will provide the necessary liquidity to execute on its recapitalization and refinancing plan.

In the short term the Company plans to meet its liquidity requirements by deferring non-essential costs until such time as additional capital is sourced to fund the development plan.

The Company will need to raise additional capital for both its short-term and long-term requirements.

The Company's ability to make scheduled payments of the principal of, to pay interest on or to refinance its indebtedness depends on the Company's future performance, which is subject to economic, financial, competitive and other factors, many of which are not under the control of the Company.

Working capital has increased since December 31, 2024 due to an increase in cash partially offset by current portion of long term liabilities increasing.

The Company, through its recapitalization plan discussed in the Overview section, continues to work towards providing the necessary liquidity to execute on its development plan.

In the short term, the Company is in a solid position to meet its liquidity requirements but the Company will need to raise additional capital for its long-term requirements.

The Company's ability to make scheduled payments on the principal of, to pay interest on or to refinance its indebtedness depends on the Company's future performance, which is subject to economic, financial, competitive and other factors, many of which are not under the control of the

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due, including, among others, debt repayments, interest payments and contractual commitments.

7 unchanged sentences

Furthermore, a failure to comply with such covenants could result in an event of default under any debt instruments, which may allow the lenders thereunder to accelerate repayment obligations or enforce security, if a ny.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Convertible Debentures 76,643 73,450

Orion Convertible Loan

1 unchanged sentence

Sprott Convertible Loan 5,909 5,459

Convertible Debentures 74,884 73,450

34,170 31,718

Gold Prepay Agreement 15,496 31,718

Silver Purchase Agreement 16,904 23,574

3 unchanged sentences

Outstanding amounts under the Convertible Debentures are convertible into common shares of the Company at any time prior to maturity at the option of the lender (a) in the case of the outstanding principal, $3.38 per common share, and (b) in the case of accrued and unpaid interest at the market price of the common shares at time of the conversion of such interest less a 15% discount.

As at March 31, 2025, total principal and accrued interest was $76.9 million.

On February 28, 2025, the Company entered into a supplemental indenture to effect certain amendments to the Indenture as described in the First Quarter Overview.

As at June 30, 2025, total principal and accrued interest was $78.4 million.

On February 28, 2025, the Company entered into a supplemental indenture to effect certain amendments to the Indenture as described in the Financing Overview section.

Orion Convertible Loan

The Orion Convertible Loan bears interest at a rate of 8.0% annually and had a previous maturity of December 13, 2025.

As at March 31, 2025, total principal and accrued interest was $65.2 million.

On January 15, 2025, the Company amended and restated its convertible credit agreement with Orion and entered into the A&R Convertible Credit Agreement.

The Orion Convertible Loan bears interest at a rate of 8.0% annually and has a maturity of date of June 30, 2026.

As at June 30, 2025, total principal and accrued interest was $66.5 million.

On January 15, 2025, the Company amended and restated its Orion Convertible Loan.

Further to the A&R Convertible Credit Agreement, Orion and i-80 Gold have extended the maturity date of the A&R Convertible Credit Agreement from December 13, 2025, to June 30, 2026, and have put certain security in place to secure the Company’s obligations under the A&R Convertible Credit Agreement.

Further to the amendment of the Orion Convertible Loan, Orion and i-80 Gold have extended the maturity date of the Orion Convertible Loan from December 13, 2025, to June 30, 2026, and have put certain security in place to secure the Company’s obligations.

Additional security against the Company’s Ruby Hill and Granite Creek projects was put in place on March 31, 2025.

2 unchanged sentences

The Sprott Convertible Loan bears interest at a rate of 8.0% annually and matures on December 9, 2025.

As at March 31, 2025, total principal and accrued interest is $6.0 million.

As at June 30, 2025, total principal and accrued interest is $6.1 million.

The Sprott Convertible Loan contains a change of control feature, a conversion feature, and a forced conversion feature.

The change of control feature and conversion feature are considered embedded derivatives by the Company and classified as derivative financial liabilities measured at fair value.

Gold Prepay Agreement

On December 13, 2021, the Company entered into a Gold Prepay Agreement with Orion.

In April 2022, the Gold Prepay was amended to adjust the quantity of the quarterly deliveries of gold, but not the aggregate amount of gold, to be delivered by the Company to Orion over the term of the Gold Prepay.

Under the terms of the amended Gold Prepay, in exchange for $41.9 million, the Company was required to deliver to Orion 3,100 ounces of gold for the quarter ending June 30, 2022, and thereafter, 2,100 ounces of gold per calendar quarter until September 30, 2025, for aggregate deliveries of 30,400 ounces of gold.

On September 20, 2023, the Company entered into the A&R Gold Prepay with Orion pursuant to which the Company received aggregate gross proceeds of $20.0 million (the "2023 Gold Prepay Accordion") structured as an additional accordion under the existing Gold Prepay.

In April 2022, the Gold Prepay Agreement was amended to adjust the quantity of the quarterly deliveries of gold, but not the aggregate amount of gold, to be delivered by the Company to Orion over the term of the Gold Prepay Agreement.

Under the terms of the amended Gold Prepay Agreement, in exchange for $41.9 million, the Company was required to deliver to Orion 3,100 ounces of gold for the quarter ending June 30, 2022, and thereafter, 2,100 ounces of gold per calendar quarter until September 30, 2025, for aggregate deliveries of 30,400 ounces of gold.

On September 20, 2023, the Company entered into the amended and restated Gold Prepay Agreement with Orion pursuant to which the Company received aggregate gross proceeds of $20.0 million (the "2023 Gold Prepay Accordion") structured as an additional accordion under the existing Gold Prepay Agreement.

The 2023 Gold Prepay Accordion will be repaid through the delivery by the Company to Orion of 13,333 ounces of gold over a period of 12 quarters, being 1,110 ounces of gold per quarter over the delivery period with the first delivery being 1,123 ounces of gold.

The first delivery will occurred on March 31, 2024, and the last delivery will occur on December 31, 2026.

The current portion of the liability is $14.9 million as of March 31, 2025 and the embedded derivative for the Gold Prepay agreement was $17.9 million as at March 31, 2025.

On April 2, 2025, the Company delivered 6,420 ounces of gold to Orion in full satisfaction of the December 31, 2024 and March 31, 2025 quarterly deliveries.

The first delivery occurred on March 31, 2024, and the last delivery will occur on December 31, 2026.

As at June 30, 2025, the total liability is $15.5 million and the embedded derivative for the Gold Prepay Agreement was $9.7 million with 8,760 ounces of gold remaining to be delivered under the agreement.

Silver Purchase Agreement

On December 13, 2021, in exchange for $30.0 million, the Company entered into a silver purchase and sale agreement with Orion ("Silver Purchase Agreement").

Under the Silver Purchase Agreement, commencing April 30, 2022, the Company will deliver to Orion 100% of the silver production from the Granite Creek and Ruby Hill projects until the delivery of 1.2 million ounces of silver, after which the delivery will be reduced to 50% until the delivery of an aggregate of 2.5 million ounces of silver, after which the delivery will be reduced to 10% of the silver production solely from Ruby Hill Project.

Pursuant to the terms of the Silver Purchase Agreement, which commenced as of April 30, 2022, the Company is to deliver to Orion 100% of the silver production from the Granite Creek and Ruby Hill projects until the delivery of 1.2 million ounces of silver, after which the delivery will be reduced to 50% until the delivery of an aggregate of 2.5 million ounces of silver, after which the delivery will be reduced to 10% of the silver production solely from Ruby Hill Project.

Orion will pay the Company an ongoing cash purchase price equal to 20% of the prevailing silver price.

4 unchanged sentences

The Silver Purchase Agreement was funded April 2022.

The current portion of the liability is $7.3 million and the embedded derivative for the Silver Purchase Agreement was $15.5 million as at March 31, 2025.

On April 2, 2025 the Company delivered 320,000 ounces of silver to Orion in full satisfaction of the 2024 shortfall amount.

Gold Prepay and Silver Purchase Agreement deferral

The Gold Prepay delivery scheduled for December 31, 2024, and the Silver Purchase Agreement delivery scheduled for January 15, 2025, were deferred to March 31, 2025.

In connection with the gold and silver delivery deferrals and the extension to the Orion Convertible Loan (collectively, the “Waiver Agreements”), i-80 Gold issued Orion five million common share purchase warrants priced at C$1.01 as January 15, 2025.

As at June 30, 2025 the total liability is $16.9 million and the embedded derivative for the Silver Purchase Agreement was $15.2 million with remaining ounces to be delivered under the minimum delivery of 96,299 oz.

Gold Prepay Agreement and Silver Purchase Agreement deferral

The Gold Prepay Agreement delivery scheduled for December 31, 2024, and the Silver Purchase Agreement delivery scheduled for January 15, 2025, were deferred to March 31, 2025.

On January 15, 2025, in connection with Waiver Agreements, i-80 Gold issued Orion five million common share purchase warrants priced at C$1.01 ("2025 Orion Warrants").

The 2025 Orion Warrants have a four-year term.

In addition, i-80 Gold and Orion entered into an offtake agreement (the “Offtake Agreement”).

In addition, i-80 Gold and Orion entered into the Offtake Agreement.

The Offtake Agreement has similar terms to the existing agreement with Deterra Royalties Limited and will commence once the current offtake agreement expires at the end of December 2028.

As amended by the Waiver Agreements there was a requirement to satisfy minimum cash requirements through March 31, 2025.

The Company has satisfied the minimum cash requirements through March 31, 2025.

New Gold & Silver Prepay Agreement & Working Capital Facility

As amended by the Waiver Agreements there was a requirement to satisfy minimum cash requirements through March 31, 2025 have been satisfied.

New Gold and Silver Prepay Agreement & Working Capital Facility

On Ma rch 31, 2025 the Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank under which National Bank purchased 6,864 o unces of gold and 345,549 ounces of silver from the Company for delivery to National Bank by September 30, 2025 or earlier, upon an infusion of capital in line with the recapitalization plan.

The obligations under the prepay arrangement with National Bank are secured by the FAD project.

This was funded on April 1, 2025.

The obligations under the New Gold Prepay and Silver Purchase Agreement with National Bank are secured by the FAD project.

This was funded on April 1, 2025 and was subsequently settled during May 2025.

Outstanding share data

As of May 2, 2025

As of August 12, 2025

Common Shares 816,047,291

2 unchanged sentences

Restricted Share Units ("RSU")

Performance Share Units ("PSU")

Deferred Share Units ("DSU")

Share Capital

During the three month period ended March 31, 2025 and 2024 the Company issued the following shares:

Three months ended

Share issuance ($000s) Shares issued Gross Amounts Shares issued Gross Amounts

Private Placement 29,210 16,212 13,064 17,436

During the three and six months ended June 30, 2025 and 2024 the Company issued the following shares:

Six months ended

(in thousands of U.S.

dollars and shares, unless otherwise noted) June 30, 2025 June 30, 2024

Number of shares issued

Shares issued in brokered placement

345,760 153,158 69,698 70,543

Shares issued in relation to Granite Creek contingent payments — — 2,727 3,564

Shares issued in private placement (a)

25,240 11,790 13,064 17,056

Shares issued in private placement

29,210 16,015 — —

4,341 2,426 — —

Exercise of stock options 20 52 905 1,928

Share issue costs — (290) — (380)

Shares issued from settlement of DSUs 338 237 — —

Shares issued in relation to contingent payments

— — 2,727 3,564

404,909 $ 183,678 86,394 $ 93,091

Bought Deal Offering and Private Placement

(a) On May 16, 2025, the Company closed a bought deal public offering of 345.8 million units of the Company at a price of $0.50 per unit for aggregate gross proceeds of $172.9 million and net proceeds of $162.7 million.

In addition to the bought deal offering, the Company closed a concurrent private placement of 25.2 million units to certain directors and officers of the Company at a price of $0.50 per unit for aggregate gross proceeds of $12.6 million.

Each unit is comprised of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to purchase one common share at a price of $0.70 until November 16, 2027.

On May 1, 2024, the Company completed a bought deal public offering of an aggregate of 69.7 million Units at a price of C$1.65 per Unit for aggregate gross proceeds to the Company of approximately $83.5 million (C$115.0 million).

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company.

The 34.8 million common share warrants, at an exercise price of C$2.15 per share, issued in connection with the offering were valued at $8.9 million at inception using the closing price of the warrants of C$0.35 on May 1, 2024.

The Company incurred $4.5 million in transaction costs in connection with the Offering, of which $4.1 million was allocated to shares issued and presented as a reduction to share capital within the statement of changes in equity.

On February 20, 2024, the Company completed a non-brokered private placement of common shares.

An aggregate of 13.1 million shares were issued by the Company at a price of C$1.80 per common share for aggregate gross proceeds of $17.4 million (C$23.5 million).

Certain directors and/or officers of the Company subscribed for C$0.3 million in common shares under the private placement.

Transaction costs incurred of $0.4 million are presented as a reduction to share capital.

Prospectus Offering of Common Shares

On January 31, 2025, the Company closed a prospectus offering of 28.2 million common shares of the Company at a price of C$0.80 per share for aggregate gross proceeds of the Company of approximately $15.6 million (C$22.6 million).

(b) On January 31, 2025, the Company closed a prospectus offering of 28.2 million common shares of the Company at a price of C$0.80 per share for aggregate gross proceeds of the Company of approximately $15.6 million (C$22.6 million).

• ATM Program - During the quarter ended March 31, 2025, 4.3 million shares were issued for gross proceeds of $2.5 million.

Since inception 26.7 million shares were issued for gross proceeds of $25.1 million under the ATM Program which expired on March 31, 2025.

• Private Placement of Common Shares - In the first quarter of 2024, the Company completed a non-brokered private placement of common shares.

An aggregate of 13.1 million shares were issued by the Company at a price of C$1.80 per common share for aggregate gross proceeds of $17.4 million (C$23.5 million).

• Contingent Payment - On February 9, 2024, the Company issued 1.6 million common shares to Waterton at a price of C$1.80 as partial consideration of the contingent value rights payment related to Granite Creek due upon production of the first ounce of gold (excluding ordinary testing and bulk sampling programs) following a 60 consecutive day period where gold prices have exceeded $2,000 per ounce.

Contingent Payment

(d) On February 9, 2024, the Company issued 1.6 million common shares to Waterton at a price of C$1.80 as partial consideration of the contingent value rights payment related to Granite Creek due upon production of the first ounce of gold (excluding ordinary testing and bulk sampling programs) following a 60 consecutive day period where gold prices have exceeded $2,000 per ounce.

On March 20, 2024, the Company issued 1.1 million common shares to Waterton at a price of C$1.73 as partial consideration of the contingent value rights payment related to Granite Creek.

Share Warrants

Warrant liability as at March 31, 2025 was $6.6 million (December 31, 2024 - $4.6 million)

For the three month period ended March 31, 2025 the Company in connection with the gold and silver delivery deferrals and the extension to the Orion Convertible Loan (collectively, the “Waiver Agreements”), i-80 Gold agreed to issue to Orion five million common share purchase warrants with an exercise price of C$1.01 per share, subject to customary anti-dilutive adjustments (the “2025 Orion Warrants”).

Warrant liability as at June 30, 2025 was $5.9 million (December 31, 2024 - $4.6 million).

On January 15, 2025, in connection with the Waiver Agreements, i-80 Gold issued to Orion five million 2025 Warrants.

The 2025 Orion Warrants have a four-year term.

Three months ended

June 30, Six months ended

(in thousands of U.S.

7 unchanged sentences

Capital expenditures on property, plant and equipment (1,094) (521) (1,450) (1,223)

Disposal proceeds — 425 — 425

Cash used in investing activities $ (1,094) $ (96) $ (1,450) $ (798)

FINANCING ACTIVITIES

Proceeds from shares issued in equity financing 16,212 17,436

Proceeds from shares issued in ATM Program 2,519 —

Share issue costs (113) (380)

Proceeds from shares issued in equity offerings 176,476 79,399 195,095 96,455

Contingent payments — (1,436) — (1,436)

Principal repayment on Gold Prepay Agreement (30,989) (9,717) (30,989) (9,717)

Principal repayment on Silver Purchase Agreement (10,992) (8,387) (10,992) (8,387)

Net proceeds from New Gold Prepay and Silver Purchase Agreement 31,045 — 31,045 —

Principal repayment on New Gold Prepay and Silver Purchase Agreement (31,045) — (31,045) —

Stock option exercises — 309 8 895

1 unchanged sentence

Other (41) (39) (58) (164)

Cash provided by (provided by) financing activities

Cash provided by financing activities

$ 132,695 $ 59,379 $ 151,011 $ 76,696

6 unchanged sentences

$ 175,003 $ 87,263 $ 175,003 $ 87,263

Cash flows for the three months ended March 31, 2025

Cash used in operating activities for the three months ended March 31, 2025, was $22.7 million compared to $25.2 million cash used in operating activities in the comparative period in 2024.

The change in cash used in operating activities for the three months ended March 31, 2025 was primarily due to higher gross profit in the current quarter.

Cash used in investing activities was primarily for sustaining capital expenditures.

Cash provided by financing activities for the three months ended March 31, 2025 was $18.3 million compared to cash provided by financing activities of $17.3 million in the comparative period of 2024.

Cash provided by financing activities for the three months ended March 31, 2025, was higher than the comparative period primarily due to additional $2.5 million in ATM program proceeds.

Cash flows for the three months ended June 30, 2025

Cash used in operating activities for the three months ended June 30, 2025, was $11.3 million compared to $24.6 million cash used in operating activities in the comparative period in 2024.

The change in cash used in operating activities for the three months ended June 30, 2025 was primarily due to higher gross profit in the current quarter.

Cash used in investing activities was primarily for autoclave studies at Lone Tree, construction in preparation of an access portal at Ruby Hill underground, and other sustaining capital expenditures.

Cash provided by financing activities for the three months ended June 30, 2025 was $132.7 million compared to cash provided by financing activities of $59.4 million in the comparative period of 2024.

Cash provided by financing activities for the three months ended June 30, 2025, was higher than the comparative period primarily due to higher proceeds from share issued in brokered placement partially offset by increased principal repayments for gold and silver.

The New Gold Prepay and Silver Purchase Agreement proceeds were received and repaid during the second quarter of 2025.

Cash flows for the six months ended June 30, 2025

Cash used in operating activities for the six months ended June 30, 2025, was $34.0 million compared to $49.8 million cash used in operating activities in the prior year period.

The decrease of $15.7 million in cash used in operating activities for the six months ended June 30, 2025 was due to higher gross profit and a positive working capital change of $1.3 million.

Cash used in investing activities for the six months ended June 30, 2025 was $1.5 million compared to $0.8 million in the prior year.

Cash used in investing activities for the six months ended June 30, 2025 was primarily driven by capital expenditures of $1.5 million related to autoclave studies at Lone Tree, construction in preparation of access portal at Ruby, and sustaining capital expenditures.

Cash used in investing activities for the six months ended June 30, 2024 was primarily driven by sustaining capital expenditures.

Cash provided by financing activities for the six months ended June 30, 2025 was $151.0 million compared to $76.7 million for the six months ended June 30, 2024.

Cash provided by financing activities for the six months ended June 30, 2025 was higher than the prior year due to higher proceeds from the share issued in brokered placement and equity issuances, partially offset by principal repayments made on the Gold Prepay Agreement and Silver Purchase Agreement.

COMMITMENTS AND CONTINGENCIES

The Company has described its commitments and contingencies in to Note 16 of the condensed consolidated financial statements for the three months ended March 31, 2025.

The Company has described its commitments and contingencies in to Note 16 of the Financial Statements for the three and six months ended June 30, 2025.

RELATED PARTY TRANSACTION

The Company has identified related party transactions with principal owners, detail of these transactions are disclosed in Note 15 of the condensed consolidated financial statements for the three months ended March 31, 2025.

The Company has identified related party transactions with principal owners, detail of these transactions are disclosed in Note 15 of the Financial Statements for the three and six months ended June 30, 2025.

CRITICAL ACCOUNTING ESTIMATES

Critical accounting policies and estimates used to prepare our financial statements are discussed with our audit committee as they are implemented.

The were no significant changes in our critical accounting policies or estimates since the Annual Report Form 10-K for December 31, 2024.

For further details on the Company’s accounting policies and estimates, refer to the Company’s condensed consolidated financial statements for the three months ended March 31, 2025.

There were no significant changes in our critical accounting policies or estimates since the Annual Report Form 10-K for December 31, 2024.

For further details on the Company’s accounting policies and estimates, refer to the Company’s Financial Statements for the three and six months ended June 30, 2025.

NON-GAAP FINANCIAL PERFORMANCE MEASURES

5 unchanged sentences

It may not be comparable to information in other gold producers’ reports and filings.

Management believes this non-GAAP measure improves the understanding of revenue.

"Adjusted loss” and “adjusted loss per share” are non-GAAP measures that the Company considers to better reflect normalized earnings because it eliminates temporary or non-recurring items such as:

gain (loss) on warrants, gain (loss) on convertible debentures and loans, gain (loss) on fair value measurement of gold and silver prepayment agreement, and inventory impairments.

gain (loss) on warrants, gain (loss) on Convertible Loans, and gain (loss) on fair value measurement of Gold Prepay Agreement and Silver Purchase Agreement.

Adjusted loss per share is calculated using the weighted average number of shares outstanding under the basic calculation of earnings per share.

1 unchanged sentence

Three months ended

June 30, Six months ended

(in thousands of U.S.

dollars, unless otherwise noted) 2025 2024 2025 2024

27,836 7,184 41,884 15,597

Processing costs recognized in revenue — 900 — 900

Silver revenue (108) (34) (169) (71)

1 unchanged sentence

Gold ounces sold¹

8,400 3,445 13,352 7,506

Average realized gold price ($/oz) 3,301 2,337 3,124 2,188

1 unchanged sentence

Silver revenue

(22) (9) (36) (28)

Gold revenue 5,800 2,673 9,749 6,957

7 unchanged sentences

Granite Creek

Revenue 19,726 3,288 28,421 6,486

Processing costs recognized in revenue — 900 — 900

Gold revenue 19,726 4,188 28,421 7,386

Gold ounces sold 1

5,981 1,809 9,086 3,384

Average realized gold price ($/oz) 3,298 2,315 3,128 2,183

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%)

Adjusted loss 1

1 unchanged sentence

Three months ended

June 30, Six months ended

(in thousands of U.S.

1 unchanged sentence

$ (30,215) $ (41,005) $ (71,420) $ (60,705)

(Loss) gain on Convertible Loans valuation

Gain (loss) on fair value measurement of Convertible Loans

765 3,030 (673) 9,145

(Loss) gain on warrant valuation

Loss on Gold Prepay derivative valuation

Gain on fair value measurement of warrant liability

709 1,645 275 4,275

Loss on Silver Purchase Agreement derivative valuation

Gain (loss) on fair value measurement of Gold Prepay Agreement

8,246 (1,417) (16) (4,915)

Gain (loss) on fair value measurement of Silver Purchase Agreement

229 (4,445) (7,246) (5,302)

Total adjustments $ 9,949 $ (1,187) $ (7,660) $ 3,203

5 unchanged sentences

$ (0.07) $ (0.11) $ (0.12) $ (0.19)

CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS

Certain information set forth in this Report on Form 10-Q including but not limited to management's assessment of the Company's future plans and operations, the perceived merit of projects or deposits, and the impact and anticipated timing of the Company’s development plan and recapitalization plan, production guidance and outlook, the anticipated growth expenditures, the anticipated timing of permitting, production, project development or technical studies constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws.

All statements other than statements of historical fact are forward-looking statements.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward looking statements.

The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive there from.

By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, ability to access sufficient capital from internal and external sources, the Company may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.

The Company's ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates and stock market volatility.

Please see “Risks Factors”in the Annual Report on Form 10-K for more information regarding risks regarding the Company.

All forward-looking statements contained in this Report on Form 10-Q speak only as of the date of this Report on Form 10-Q or as of the dates specified in such statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.

Additional information relating to i-80 Gold can be found on i-80 Gold’s website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar.

1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2025 (2024 - 58%)

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis