# i-80 Gold Corp.: Form 10-Q for the period ended Sep 30, 2025

- Company: [i-80 Gold Corp.](/companies/iaux.md) (CIK 1853962)
- Form: 10-Q
- Filed: 2025-11-12
- Accepted by EDGAR: Nov 12, 2025, 17:04 ET
- Period: 2025-09-30
- Accession: 0001628280-25-051673
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1853962/000162828025051673/iaux-20250930.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1853962/000162828025051673/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-07-01 to 2025-09-30 | $32.0m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months, 2025-01-01 to 2025-09-30 | $73.9m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Gross profit | 3 months, 2025-07-01 to 2025-09-30 | $3.1m | us-gaap:GrossProfit |
| Gross profit | 9 months, 2025-01-01 to 2025-09-30 | $6.8m | us-gaap:GrossProfit |
| Operating income | 3 months, 2025-07-01 to 2025-09-30 | −$27.8m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2025-01-01 to 2025-09-30 | −$62.3m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2025-07-01 to 2025-09-30 | $7.0m | us-gaap:InterestExpense |
| Interest expense | 9 months, 2025-01-01 to 2025-09-30 | $23.1m | us-gaap:InterestExpense |
| Income tax | 3 months, 2025-07-01 to 2025-09-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2025-01-01 to 2025-09-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-07-01 to 2025-09-30 | −$41.9m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2025-01-01 to 2025-09-30 | −$113.3m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-07-01 to 2025-09-30 | −$0.05 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2025-01-01 to 2025-09-30 | −$0.18 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-07-01 to 2025-09-30 | −$0.05 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2025-01-01 to 2025-09-30 | −$0.18 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-07-01 to 2025-09-30 | 815,610,094 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2025-01-01 to 2025-09-30 | 619,780,680 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2025-07-01 to 2025-09-30 | −$15.2m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Operating cash flow | 9 months, 2025-01-01 to 2025-09-30 | −$49.3m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2025-07-01 to 2025-09-30 | $3.3m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Capital expenditure | 9 months, 2025-01-01 to 2025-09-30 | $4.7m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2025-09-30 | $102.9m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-09-30 | $136.4m | us-gaap:AssetsCurrent |
| Total assets | at 2025-09-30 | $756.2m | us-gaap:Assets |
| Current liabilities | at 2025-09-30 | $133.2m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-09-30 | $333.2m | us-gaap:Liabilities |
| Long-term debt | at 2025-09-30 | $97.2m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2025-09-30 | $78.7m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2025-09-30 | $423.0m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 83,124 characters.

### OVERVIEW

### Company Overview

i-80 Gold Corp. (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 mineral resource holder in the state with a pipeline of three underground and two open pit projects strategically located in some of Nevada's most prolific gold-producing trends. The Company's wholly owned 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 which hosts a carbon-in-leach and an autoclave processing plant which is expected to be refurbished ("Lone Tree plant"), 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 NYSE American under the trading symbol IAUX and on the TSX under the trading symbol IAU. The Company’s head office is located in Reno, Nevada, United States ("US") and its principal executive office is located in Toronto, Ontario, Canada.

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

### Operational and Financial Highlights

|  |  | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | --- | ---: | ---: | ---: | ---: |
| Revenue | **$000s** | **32,019** | 11,509 | **73,903** | 27,107 |
| Gross profit (loss) | **$000s** | **3,118** | (4,920) | **6,822** | (17,526) |
| Net loss | **$000s** | **(41,867)** | (43,099) | **(113,287)** | (103,803) |
| Loss per share | **$/share** | **(0.05)** | (0.11) | **(0.18)** | (0.30) |
| Cash flow used in operating activities | **$000s** | **(15,246)** | (23,495) | **(49,282)** | (73,277) |
| Cash and cash equivalents | **$000s** | **102,867** | 21,776 | **102,867** | 21,776 |
| Drilling | **ft** | **52,864** | 39,191 | **76,513** | 79,678 |
| Gold ounces sold1 | **oz** | **9,368** | 4,740 | **22,720** | 12,247 |
| Average realized gold price2 | **$/oz** | **3,412** | 2,441 | **3,243** | 2,422 |

### Three months ended September 30, 2025

- Revenue increased to $32.0 million for the quarter compared to $11.5 million in the prior year period, primarily driven by higher gold ounces sold1 at Granite Creek and a higher average realized gold price2.
- Gold sales1 for the quarter increased to 9,368 ounces at an average realized gold price2 of $3,412 per ounce compared to gold sales1 of 4,740 ounces at an average realized gold price2 of $2,441 per ounce in the prior year period.
- Gross profit improved to $3.1 million from a gross loss of $4.9 million in the comparative period due to improved water management initiatives at Granite Creek resulting in higher operational efficiencies. Gross profit for Granite Creek was near break-even for the current quarter and is expected to be positive for the second half of 2025.
- Net loss decreased to $41.9 million compared to $43.1 million in the prior year period as higher gross profit was offset by higher pre-development, evaluation and exploration expenses as the Company advances the projects within its development plan. Upon declaration of mineral reserves certain pre-development, evaluation, and exploration expenditures currently expensed would be capitalized.
- Loss per share of $0.05 for the quarter compared to $0.11 loss per share in the prior year period improved primarily due to an increase in outstanding common shares following the equity raise in May 2025.
- Cash used in operating activities of $15.2 million improved compared to $23.5 million in the prior year period as a result of higher gross profit and higher working capital partially offset by increased pre-development, evaluation, and exploration expenses.

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

2This is a Non-GAAP Measure; please see “Non-GAAP Financial Performance Measures” section.

- Cash balance of $102.9 million as at September 30, 2025, a decrease of $30.8 million compared to June 30, 2025, primarily due to cash used in pre-development, evaluation, and exploration expenses and a $11.9 million principal repayment of the amended Orion Mine Finance ("Orion") Gold Prepay Purchase and Sale Agreement ("Gold Prepay Agreement").
- Completed approximately 53,000 feet of core drilling, including at Granite Creek underground to enhance mineral resource definition and support a planned feasibility study, technical drilling at Mineral Point open pit within the Ruby Hill property for baseline data to advance permitting and technical reports, and geotechnical drilling at Cove underground to also support the planned feasibility study.
- Received all required permits and commenced construction for the upper level of the Archimedes project – the Company's second planned underground mine – marking a key milestone in phase one of its development plan.
- The Company remains on track to complete technical reports for its underground projects and the Lone Tree plant.

### Nine months ended September 30, 2025

- Revenue increased to $73.9 million compared to $27.1 million in the comparative prior year period due to higher gold ounces sold and a higher average realized gold price2.
- Gold sales1 increased to 22,720 ounces at an average realized gold price2 of $3,243 per ounce, compared to gold sales of 12,247 ounces at an average realized gold price2 of $2,422 per ounce in the prior year period.
- Gross profit has improved to $6.8 million from a gross loss of $17.5 million in the comparative period due to improved water management initiatives at Granite Creek.
- Net loss of $113.3 million compared to $103.8 million in the prior year period was higher due to other expenses from revaluation losses, higher pre-development, evaluation and exploration expense partially offset by higher gross profit.
- Loss per share of $0.18 per share improved from $0.30 loss per share in the comparative prior year period due to an increase in outstanding common shares following the equity raise in May 2025.
- Cash used in operating activities was $49.3 million which is improved from the prior year period, primarily due to higher gross profit and higher working capital.
- Cash balance of $102.9 million as at September 30, 2025, an increase of $83.9 million from December 31, 2024, due to proceeds from the brokered and private placements, higher gross profit partially offset by cash used in pre-development, evaluation, and exploration expenses and gold and silver deliveries under the prepay and purchase agreements.
- Completed approximately 77,000 feet of core and reverse circulation drilling with multiple positive results to enhance mineral resource definition and improve resource definition at the Granite Creek underground project, infill and geotechnical drilling for the Cove project, and technical drilling for the Mineral Point open pit project within the Ruby Hill property.
- Filed Preliminary Economic Assessments ("PEA") for all five gold projects in support of the Company’s new development plan, which outlines a combined net present value of approximately $4.9 billion based on a $3,000 per ounce gold price.

### Strategy Overview

i-80 Gold is executing a multi-asset development plan aimed at creating a mid-tier gold producer in Nevada. The near-term focus is on developing the Company’s two high-grade underground mines and the refurbishment and commissioning of the Lone Tree plant, which will serve as a central processing hub for underground refractory material from all underground projects. Development of the Company’s third underground mine as well as its two large, open pit oxide projects are expected to follow to support a long-term target of more than 600,0003 ounces of annual gold output. All of the Company's properties are currently considered to be in the exploration stage as mineral reserves have yet to be defined.

In support of the three phase development plan, the Company released PEAs in the first quarter of 2025 for all five core gold projects. These PEAs outlined a clear and achievable 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 plant, in support of upcoming feasibility studies.

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

2This is a Non-GAAP Measure; please see “Non-GAAP Financial Performance Measures” section.

3Consolidated 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.

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 plant to unlock the full value of the Company’s underground mines. Once commissioned, the Lone Tree plant will enable processing of underground material to shift from third-party toll-milling to owner-operated processing in 2028. Average annual gold output is expected to increase to a range of between 150,000 to 200,000 ounces of gold in Phase One beginning in 20283.

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 plant beginning in 2029. With four producing assets, average annual gold output is expected to increase to a range of between 300,000 to 400,000 ounces of gold in 20303, representing a significant step in i-80 Gold’s transition to a mid-tier producer.

Phase Three is anchored by the Mineral Point open pit project, which is expected to become the Company’s largest producing asset and projected to help the Company achieve its target of an average annual gold output beyond 600,000 ounces in the early 2030s3.

### Recapitalization Plan

In parallel with advancing the development plan, the Company continues to execute on a recapitalization strategy focused on strengthening the balance sheet and funding its development plan. During the first quarter, the Company entered into agreements to defer the December 2024 Orion Gold Prepay Agreement and January 2025 Silver Purchase Agreement deliveries, which were settled on April 2, 2025, 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 due by September 30, 2025. The arrangement with National Bank was settled in May 2025 for $32.3 million with proceeds from the equity raise in the second quarter.

During the second quarter of 2025, the Company closed a bought deal public offering of 345 million units at a price of $0.50 per unit for aggregate gross proceeds of $172.0 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 was 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.

The Company is actively working to secure the balance of required capital to execute the development plan and is currently in discussions with several parties regarding a combination of additional financing options. These potential options may include debt facilities, a royalty sale, and the potential sale of the Company's non-core FAD property. Management aims to complete the balance of its recapitalization plan by mid-2026, aligning with the date of maturity of the Orion Convertible Loan.

As previously disclosed, approximately $92 million is expected to be allocated to fund construction activities, drilling, permitting, and technical studies across all five gold projects included in the development plan, as well as the Lone Tree Plant, from May 2025 through to mid-2026.

### Outlook

1

The Company is on track to meet its 2025 production guidance. It expects to extract between 30,000 to 40,000 ounces1 of gold in 2025. Granite Creek underground is expected to contribute between 20,000 to 30,000 ounces1 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 fall into three categories: (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 that is primarily recognized in pre-development, evaluation and exploration expenditures.

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 "Forward-Looking Information" section. The Company may, but is under no obligation to, update this outlook depending on changes in metal prices and other factors.

### Financing Overview

### Nine months ended September 30, 2025

#### 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).

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).

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

#### Convertible Debentures

On February 28, 2025, the Company entered into a supplemental indenture to effect certain amendments to its convertible debenture indenture dated February 22, 2023 (the "Indenture"). The amendments provided:

- 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;
- that the Company’s right to grant security against the Cove project would rank subordinate to the security granted to the debenture holders; and
- the Company with a redemption right in respect of all of the outstanding convertible debentures which allows the Company to redeem, in its sole discretion, all of the outstanding convertible debentures for cash at a 104% premium of the outstanding principal, along with accrued interest up to the redemption date.

#### Orion Convertible Loan

On January 15, 2025, the Company completed the amendment and restatement of its convertible credit agreement with an affiliate of Orion ("Orion Convertible Loan"). The conditions relating to the deferral of certain gold and silver deliveries at the end of 2024 (collectively, the "Waiver Agreements").

Further to the Orion Convertible Loan, Orion and i-80 Gold 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 thereunder. 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 5 million common share purchase warrants to Orion with an exercise price of C$1.01 and an expiry date of January 15, 2029 (the “2025 Orion Warrants”).

In addition, in February 2025, i-80 Gold and Orion entered into an offtake agreement (the “Orion Offtake Agreement”). The Orion Offtake Agreement has similar terms to the Company's existing offtake agreement and commences once the current offtake agreement with Vox Royalty Corp. expires at the end of December 2028.

#### At-the-Market Equity Program

During the first quarter of 2025, the Company issued 4.3 million common shares under the at-the-market equity program ("ATM program") for total gross proceeds of $2.5 million. From the inception of the ATM program until its expiration on March 31, 2025, the Company issued a total of 26.7 million common shares for total gross proceeds of $25.1 million.

#### New Gold Prepay and Silver Purchase Agreement

On March 31, 2025 the Company entered into a New Gold Prepay and Silver Purchase Agreement ("New Gold Prepay and Silver Purchase agreement") with National Bank of Canada ("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 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 within its development plan. 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 material 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

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 Plant complete by December 31, 2027, to allow for all material from the Company's three planned underground mines to be processed through the autoclave at the Lone Tree plant.

#### Working Capital Facility

On April 29, 2025, the Company finalized an amended and restated master purchase and sale agreement with Auramet International, Inc. with a term of 18 months, which serves a working capital facility (the "Auramet Agreement"). Under the Auramet Agreement, the Company may receive up to $12.0 million in prepayments for gold contained in mineralized material. During the three and nine months ended September 30, 2025, the Company delivered 3,041 and 4,495 ounces of gold, respectively, under the agreement. Total revenue recognized during the three and nine months ended September 30, 2025 amounted to $10.1 million and $15.0 million, respectively. As of September 30, 2025, the current portion of deferred revenue was $5.5 million, representing 1,605 ounces remaining to be delivered.

#### Bought Deal Offering and Private Placement

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. Each warrant entitles the holder to purchase one common share at a price of $0.70 until November 16, 2027. 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. Each unit was comprised of one common share and one-half of one common share purchase warrant.

During the three months ended September 30, 2025, the Company recorded the exercise of 1.8 million warrants at an exercise price of $0.70 per share, resulting in the issuance of 1.8 million shares of common shares and cash proceeds of $1.3 million.

### DISCUSSION OF OPERATIONAL RESULTS

The Company owns and operates four past producing gold properties in Nevada, one of the largest gold producing regions in the world. The Company continued to advance its exploration stage gold properties following successful exploration programs.

### 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 and technical work. 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. Approximately one million ounces have been produced from the property since that time. The Granite Creek property is comprised of several land parcels which now encompass approximately 4,480 acres, located in the Potosi mining district, approximately 27 miles northeast of Winnemucca, within Humboldt County, Nevada. 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 Property Operational Statistics |  | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | --- | ---: | ---: | ---: | ---: |
| Oxide mineralized material mined | **tonnes** | **15,296** | 19,107 | **54,693** | 44,885 |
| Sulfide mineralized material mined | **tonnes** | **20,083** | 8,198 | **45,928** | 14,633 |
| Total oxide and sulfide mineralized material mined | **tonnes** | **35,379** | 27,305 | **100,621** | 59,518 |
| Oxide mineralized material mined grade | **g/t** | **9.77** | 12.51 | **11.19** | 12.35 |
| Sulfide mineralized material mined grade | **g/t** | **10.65** | 8.31 | **9.12** | 8.72 |
| Low-grade mineralized material mined1 | **tonnes** | **15,288** | 24,015 | **54,307** | 49,763 |
| Low-grade mineralized material grade1 | **g/t** | **2.95** | 3.22 | **2.90** | 3.29 |
| Waste mined | **tonnes** | **46,796** | 39,664 | **106,205** | 115,466 |
| Total material mined | **tonnes** | **97,463** | 90,984 | **261,133** | 224,747 |
| Processed mineralized material - sulfide | **tonnes** | **35,731** | — | **42,746** | 4,702 |
| Processed mineralized material - leach | **tonnes** | **14,674** | 34,473 | **67,261** | 34,473 |
| Total processed mineralized material | **tonnes** | **50,405** | 34,473 | **110,007** | 39,175 |
| Gold ounces sold2 | **oz** | **7,325** | 1,992 | **16,412** | 5,376 |
| Underground mine development (pre-development) | **ft** | **1,293** | 807 | **2,489** | 3,071 |
| Drilling | **ft** | **31,856** | 4,923 | **35,004** | 23,402 |
| **Financial Statistics** |  | **2025** | **2024** | **2025** | **2024** |
| Mining cost (total mineralized material and waste) | **$/t** | **134** | 131 | **158** | 127 |
| Processing cost (processed mineralized material) | **$/t** | **228** | 22 | **144** | 37 |
| Site general and administrative (“G&A”) (total mineralized material mined3) | **$/t** | **30** | 34 | **32** | 36 |
| Royalties | **$000s** | **1,488** | 358 | **3,143** | 1,913 |
| Capital expenditure4 | **$000s** | **899** | 340 | **2,391** | 1,079 |
| Pre-development, evaluation and exploration expenses | **$000s** | **12,864** | 6,822 | **22,583** | 18,936 |

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

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

3Total mineralized material mined consists of sulfide, oxide, and low-grade mineralized material.

4Capital expenditure based on accrual basis.

#### Granite Creek Underground

Mineralized material mined at Granite Creek underground is processed as follows: (i) sulfide mineralized material is processed at a third-party processing facility and subject to a tolling agreement entered into in March 2025, (ii) high-grade oxide mineralized material is processed at a third-party plant and subject to an ore sales agreement, and (iii) low-grade oxide material is placed on a segregated section of the Company’s Lone Tree heap leach facility.

Mining activities for the current quarter and nine months ended September 30, 2025 exceeded the comparative prior-year periods due to increased access to mineralized material from ongoing stope development, adjustments to the mining sequence, and improving ground conditions in the upper Ogee Zone. Mined grades and tonnage continue to reconcile well at each level against the geological model. The commissioning of higher-capacity underground water pumping systems during the quarter improved operational efficiency, and continues to perform in line with expectations. The installation of a new surface groundwater well is scheduled for completion in the fourth quarter of 2025, with construction of an additional well expected to follow. The construction of the water treatment plant remains on track for completion near the end of the first quarter of 2026, which is designed to increase treatment capacity and improve water quality management for ultimate discharge, supporting the Company's long-term groundwater management objectives and future operating stability.

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, 741 ounces of low-grade oxide material from Granite Creek were leached from the Lone Tree heap leach facility and sold.

During the quarter ended, September 30, 2025, the Company's stockpile of sulfide mineralized material which is processed under a third party toll milling agreement reached a normalized level. Under the new agreement, the material is expected to be processed within 120 days of delivery to third party process facilities.

Pre-development, evaluation, and exploration expenses were $12.9 million for the three months ended September 30, 2025 and $22.6 million for the nine months ended September 30, 2025, which were primarily related to underground development to support the continued ramp up and infill drilling to upgrade mineral resources.

Infill drilling of the South Pacific Zone, initiated in June 2025, progressed through the quarter with two underground core drilling rigs, three surface core rigs, and one reverse circulation ("RC") drill rig for a total of 31,136 feet of core drilling and 720 feet of RC drilling completed. To date, 20 of the 40 holes planned over approximately 14,000 meters have been completed. Assay results from the first six holes show robust high-grade mineralization throughout the South Pacific Zone and suggest potential to continue to expand the South Pacific Zone to the north and at depth.

This program aims to convert mineral resources from the inferred category to the indicated category and form the basis for the upcoming feasibility study and mine plan for Granite Creek Underground, which is planned for completion in the first quarter of 2026. The feasibility study will incorporate an updated mineral resource estimate reflecting drill results over the past two years, including the current drill program and will evaluate potential production and productivity improvements as the water management improves with additional lateral extent of the orebody and improved ground conditions with depth. The Company is encouraged by the operating and technical improvements at Granite Creek and continues to believe this project represents significant future value.

#### Granite Creek Open Pit

Following the release of the Granite Creek open pit PEA, technical work has been 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. Geotechnical and metallurgical drilling locations have been identified, and a study schedule is under management review. Geotechnical drilling in support of the selection of facility site locations is delayed due to ongoing operating permit updates for the underground, pushing the start of drilling into 2026, and resulting in a timeline that is under review to optimize the future growth plan.

Permitting activities for the open pit expansion progressed as planned, with baseline field studies completed in the period ending September 2025. An Environmental Impact Statement ("EIS") is anticipated to be required through the Bureau of Land Management ("BLM"). Granite Creek open pit has the potential to contribute to company-wide production by the end of the decade.

### Ruby Hill Property

The Ruby Hill property includes the Archimedes underground project, for which construction began during the quarter, is expected to be the Company's second underground mine, and the Mineral Point open pit which is a large oxide gold and silver deposit with the potential to become the Company’s largest gold producing asset.

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. The property contains gold, silver and base metal mineralization and exploration targets within the Archimedes underground project and Mineral Point open pit project. 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 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, permitting for mining above the 5100-foot level is complete. Construction has been progressing above expectations and approximately, 304 feet of development has been completed as of the end of the third quarter of 2025. Drilling of the upper 426 zone has commenced in the fourth quarter and initiation of infill drilling in the Ruby Deeps zone is expected to commence in the second quarter of 2026, which will form the basis of a feasibility study expected in the first quarter of 2027, approximately 12 months earlier than indicated in the PEA. Predictive groundwater models for Archimedes underground have started with construction of the dewatering well expected to start in the fourth quarter of 2025. Permitting activities below the 5100-foot elevation are underway with an estimated completion by mid-2027 while reviewing opportunities to expedite the timeline.

The timeframe for first gold is approximately 14 months in duration from the onset of portal construction, which commenced in the third quarter. In the interim, the Company continues to leach the historic leach pads on the property, which recovers minor amounts of gold.

At Mineral Point open pit, the drill program that commenced in the second quarter of 2025 continued with two surface core drill rigs, completing approximately 12,410 feet of surface core drilling in the quarter to support geotechnical, metallurgical and hydrogeology studies for baseline data to advance permitting and engineering work. Due to the economic potential at Mineral Point, the Company is evaluating opportunities to accelerate infill drilling and technical work to support pre-feasibility and feasibility studies, subject to sufficient capital funding.

| Ruby Hill Property Operational Statistics |  | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | --- | ---: | ---: | ---: | ---: |
| Gold ounces sold | **oz** | **730** | 906 | **1,847** | 1,861 |
| Drilling | **ft** | **12,410** | — | **18,149** | 4,032 |
| **Financial Statistics** |  | **2025** | **2024** | **2025** | **2024** |
| Processing cost (processed oz) | **$/oz** | **1,893** | 984 | **1,726** | 1,142 |
| Site G&A (processed oz) | **$/oz** | **896** | 432 | **1,095** | 607 |
| Royalties | **$000s** | **75** | 64 | **177** | 126 |
| Capital expenditure1 | **$000s** | **621** | — | **1,531** | 118 |
| Pre-development, evaluation and exploration expenses | **$000s** | **4,440** | 393 | **9,529** | 1,105 |

1Capital expenditure based on accrual basis.

Capital expenditures for the three and nine months ended September 30, 2025 were primarily from the construction of a maintenance shop related to the underground access portal and purchases of light equipment.

Pre-development, evaluation and exploration expenditures of $4.4 million and $9.5 million during the current three and nine month periods, respectively, were related to preparatory work related to portal development and other surface work at Archimedes as well as costs associated with the technical drill program for Mineral Point open pit.

The construction of surface infrastructure, such as a maintenance shop and offices, to support the Archimedes underground portal is complete. Utilities such as water, power and compressed air are in place, and the highwall around the portals has been secured.

### Cove Project

Cove is an advanced stage exploration 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. Modern exploration for copper and gold in the McCoy Mining District started in the 1960s. The Cove property is, for the most part, on land controlled by the U.S. Department of Interior, BLM and patented mining claims and consists of 100%-owned unpatented claims and twelve leased patented claims.

National Environmental Policy Act ("NEPA") permitting activities are underway with the BLM at Cove in anticipation of an 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 Operational Statistics |  | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | --- | ---: | ---: | ---: | ---: |
| Drilling | **ft** | **8,598** | 34,268 | **23,360** | 52,244 |
| **Financial Statistics** |  | **2025** | **2024** | **2025** | **2024** |
| Pre-development, evaluation and exploration expenses | **$000s** | **2,694** | 4,069 | **6,415** | 8,694 |

Over the last two years, the Company completed approximately 45,000 meters of infill drilling at Cove. Drilling was conducted across the Gap and Helen zones on approximately 30 meter spacing. The result of this work advanced our understanding of the Cove project by providing a more robust geological model, a greater understanding of the gold mineralization including continuity and grade, and increased confidence in future mineral resource delineation reinforcing the potential for a high-grade underground operation. Collectively, the program has strengthened the technical foundation required for the transition from the current PEA work towards completing a feasibility study, which is planned for completion the first quarter of 2026 and which will replace the Cove PEA filed in March 2025.

Based on this additional work, it is now anticipated that the forthcoming mineral resource estimate for Cove – to be included in the 2026 planned feasibility study – is expected to reflect a conversion of currently estimated inferred and indicated resources into higher confidence categories of resource classification. These results further validate the Company’s understanding of Cove as representing a Carlin-style mineralized system with an anticipated high degree of mineral resource conversion through additional drilling.

During the quarter, a geotechnical logging campaign commenced with two rigs with a total of 8,598 feet of a planned 17,900 feet drilled to date.

### 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 plant. The Lone Tree plant (the "Plant") is currently non-operational and a construction decision on its refurbishment, subject to an engineering study, is expected in the second quarter of 2026. 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 Plant has one of three autoclave facilities in Nevada, the other two autoclaves being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining and Newmont Gold Corporation, and is a strategic asset in unlocking value from i-80 Gold’s three underground deposits once refurbished and commissioned as anticipated, by providing an owner-operated processing facility for the Company’s high-grade underground refractory material.

A feasibility-level Class 3 engineering study is nearing completion to refurbish the Plant. The refurbishment study updates an internal feasibility study completed in 2023 to incorporate design optimizations, value engineering initiatives, a filtered tailings system, and updated cost estimates to support an improved execution strategy.

The Plant is envisioned to process refractory mineralized material through the autoclave, as well as oxidized material through the carbon-in-leach ("CIL") from the Company’s three underground mines, Granite Creek, Archimedes and Cove, creating a regional hub-and-spoke mining and processing strategy. The Company has placed key positions for the initial construction execution, early works planning, and the procurement and engineering of long lead equipment.

The Plant is permitted for the existing operational components in use. The approval of new and revised permit applications pertaining to air quality, water pollution, mercury abatement, and reclamation management programs for the new Plant design remain outstanding. The Company is on track to submit the necessary applications for the environmental permits in the fourth quarter of 2025. Various construction activities will commence upon the approval of the associated permits.

In August 2025, the Board of Directors approved a limited notice to proceed to begin detailed engineering to allow for the procurement of long-lead equipment and to support the submission process for updating permits during the fourth quarter. A construction decision is expected in the second quarter of 2026.

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

During the third quarter,1,313 ounces of gold were sold from the Lone Tree leach pads. 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.

| Lone Tree Operational Statistics |  | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | --- | ---: | ---: | ---: | ---: |
| Gold ounces sold | **oz** | **1,313** | 1,842 | **4,461** | 5,010 |
| **Financial Statistics** |  | **2025** | **2024** | **2025** | **2024** |
| Processing cost (processed oz) | **$/oz** | **1,038** | 697 | **737** | 732 |
| Site G&A (processed oz) | **$/oz** | **302** | 173 | **213** | 230 |
| Capital expenditure1 | **$000s** | **2,776** | 71 | **3,437** | 578 |

1Capital expenditure based on accrual basis.

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

### DISCUSSION OF FINANCIAL RESULTS

*(in thousands of USD)*

|  | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Revenue | **32,019** | 11,509 | **73,903** | 27,107 |
| Cost of sales | **(28,354)** | (15,877) | **(65,611)** | (43,630) |
| Depletion, depreciation and amortization | **(547)** | (552) | **(1,470)** | (1,003) |
| **Gross profit (loss)** | **3,118** | (4,920) | **6,822** | (17,526) |
| **Expenses** |  |  |  |  |
| Pre-development, evaluation and exploration | **20,062** | 11,314 | **38,652** | 29,024 |
| General and administrative | **7,526** | 4,469 | **19,853** | 14,427 |
| Property maintenance | **3,297** | 3,466 | **10,610** | 10,569 |
| **Loss from operations** | **(27,767)** | (24,169) | **(62,293)** | (71,546) |
| Other income and expenses, net | **(7,005)** | (10,330) | **(27,001)** | (6,091) |
| Interest expense | **(7,095)** | (8,214) | **(23,993)** | (25,007) |
| **Loss before income taxes** | **(41,867)** | (42,713) | **(113,287)** | (102,644) |
| Deferred tax expense | **—** | (386) | **—** | (1,159) |
| **Net loss** | **(41,867)** | (43,099) | **(113,287)** | (103,803) |

### Financial results for the three months ended September 30, 2025

#### Revenue

Revenue for the three months ended September 30, 2025 was $32.0 million, an increase from $11.5 million in the comparative prior year period. The increase in revenue was driven by both higher gold ounces sold and higher gold prices. During the three months ended September 30, 2025, gold ounces sold1 totaled 9,368 ounces at an average realized gold price2 of $3,412 per ounce compared to gold ounces sold1 of 4,740 at an average realized gold price1 of $2,441 per ounce during the same period of 2024.

| Spot price per ounce of gold ($) | Three months ended September 30, 2025 | 2024 | % Change |
| --- | ---: | ---: | ---: |
| Average | **3,458** | 2,475 | 40% |
| Low | **3,275** | 2,329 | 41% |
| High | **3,859** | 2,664 | 45% |
| Average realized | **3,412** | 2,441 | 40% |

#### Cost of sales

Cost of sales for the three months ended September 30, 2025 was $28.4 million, which was an increase from $15.9 million in the comparative prior year quarter due to higher gold ounces sold1, the increase in costs largely relate to an additional $10.7 million in processing costs. During the current quarter there were gold sales from sulfide ore which required toll-milling services whereas in the prior year there were none.

#### Depreciation, depletion and amortization

Depreciation, depletion, and amortization expense for the three months ended September 30, 2025 was $0.5 million comparable to $0.6 million from the prior year period.

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

2This is a Non-GAAP Measure; please see “Non-GAAP Financial Performance Measures” section.

#### Pre-development, evaluation and exploration expenses

*(in thousands of USD)*

|  | Three months ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Granite Creek | **12,864** | 6,822 |
| Ruby Hill | **4,440** | 393 |
| Cove | **2,694** | 4,069 |
| Other | **64** | 30 |
| **Total pre-development, evaluation and exploration** | **20,062** | 11,314 |

For the three months ended September 30, 2025, the Company incurred $20.1 million of pre-development, evaluation and exploration expenses, 77% higher compared to the three month period ended September 30, 2024, reflecting the increased activity to advance key development milestones across all five core projects within its development plan. At Granite Creek, expenses increased primarily due to increased underground development expenditures, largely related to dewatering infrastructure, along with drilling costs and other technical work related to the preparation of a feasibility study targeted for the first quarter of 2026. At Ruby Hill, spending increased due to drilling at Mineral Point for hydrogeologic, geotechnical, and metallurgical purposes to advance permitting and technical reports. Cove pre-development, evaluation and exploration expenditures decreased in the current quarter compared to the prior year quarter as the infill drilling was largely completed in the first quarter of 2025, however a geotechnical drill program is currently underway to support the planned feasibility study for the first quarter of 2026.

#### General and administrative

For the three months ended September 30, 2025, general and administrative expenses are higher compared to the prior year period primarily due to the revaluation of share based compensation based upon the increase in the Company's share price.

#### Other expense

*(in thousands of USD)*

|  | Three months ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Loss on fair value measurement on Convertible Loans | **(863)** | (721) |
| Loss on fair value measurement of warrant liabilities | **(5,400)** | (3,587) |
| Loss on Gold Prepay Agreement | **(4,209)** | (5,912) |
| Gain (loss) on Silver Purchase Agreement | **2,860** | (1,276) |
| Interest income on restricted cash | **357** | 424 |
| Other income | **292** | 449 |
| (Loss) gain on foreign exchange | **(42)** | 293 |
| **Total other expense** | **(7,005)** | (10,330) |

Loss on revaluation of the fair value of warrants and Convertible Loans derivatives was driven by changes in the Company’s share price during the period. The Company’s share price rose during the third quarter, increasing the loss.

Gain (loss) on Gold Prepay Agreement and Silver Purchase Agreement was comprised of realized losses due to 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 forecast prices during the period.

#### Interest Expense

*(in thousands of USD)*

|  | Three months ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Interest accretion on Gold Prepay Agreement | **1,197** | 2,815 |
| Interest accretion on Convertible Loans | **2,851** | 2,880 |
| Interest accretion on Convertible Debentures | **1,613** | 1,459 |
| Interest accretion on Silver Purchase Agreement | **1,018** | 706 |
| Amortization of finance costs | **338** | 354 |
| Other interest expense | **78** | — |
| **Total interest expense** | **7,095** | 8,214 |

Interest expense for the three months ended September 30, 2025 was $7.1 million, decrease of $1.1 million compared to the prior year quarter. The decreased interest expense was primarily related to Gold Prepay Agreement interest accretion that has decreased as a result of settlements.

### Financial results for the nine months ended September 30, 2025

#### Revenue

Revenue for the nine months ended September 30, 2025 was $73.9 million, an increase of 173% from $27.1 million in the comparative prior year period. The increase in revenue was equally driven by higher ounces sold1 at Granite Creek and higher average realized gold prices2. During the nine months ended September 30, 2025, gold ounces sold1 totaled 22,720 ounces at an average realized gold price2 of $3,243 per ounce, compared to 12,247 ounces at an average realized gold price2 of $2,422 per ounce during the same period of 2024.

| Spot price per ounce of gold ($) | Nine months ended September 30, 2025 | 2024 | % Change |
| --- | ---: | ---: | ---: |
| Average | **3,207** | 2,295 | 40% |
| Low | **2,635** | 1,985 | 33% |
| High | **3,859** | 2,664 | 45% |
| Average realized | **3,243** | 2,422 | 34% |

#### Cost of sales

Cost of sales for the nine months ended September 30, 2025 was $65.6 million, which was an increase from $43.6 million in the comparative prior year period, largely driven by an increase in gold ounces sold1, partially offset by decreased inventory write-downs of $4.0 million compared to $12.1 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. During the nine months ended September 30, 2025, there were gold sales from sulfide ore which required toll-milling services whereas in the prior year there were none.

#### Depreciation, depletion and amortization

Total depreciation, depletion, and amortization expense for the nine months ended September 30, 2025 increased compared to 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

*(in thousands of USD)*

|  | Nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Granite Creek | **22,583** | 18,936 |
| Ruby Hill | **9,529** | 1,105 |
| Cove | **6,415** | 8,694 |
| Other | **125** | 289 |
| **Total pre-development, evaluation and exploration expenses** | **38,652** | **29,024** |

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

2This is a Non-GAAP Measure; please see “Non-GAAP Financial Performance Measures” section.

For the nine months ended September 30, 2025, the Company incurred $38.7 million of pre-development, evaluation and exploration expenses compared to $29.0 million of expenses for nine months ended September 30, 2024. Increases in pre-development, evaluation and exploration expenses for the nine months ended September 30, 2025 were related to the underground development at Granite Creek, largely related to dewatering infrastructure, as well as drilling costs and other technical work related to the preparation of a feasibility study targeted for the first quarter of 2026. Cove pre-development, evaluation and exploration expenditures decreased in the nine months ended September 30, 2025 compared to the prior year period as the infill drilling was largely completed in the first quarter of 2025.

#### General and administrative

For the nine months ended September 30, 2025, general and administrative expenses are higher compared to the prior year period primarily due to the revaluation of share based compensation based upon the increase in the Company's share price.

#### Other expense

*(in thousands of USD)*

|  | Nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| (Loss) gain on fair value measurement of Convertible Loans | **(1,536)** | 8,424 |
| (Loss) gain on fair value measurement of warrant liabilities | **(5,126)** | 687 |
| Loss on sales from Gold Prepay Agreement | **(14,883)** | (11,888) |
| Loss on Silver Purchase Agreement | **(6,602)** | (6,579) |
| Interest income on restricted cash | **1,044** | 1,339 |
| Other (expense) income | **(24)** | 1,253 |
| Gain on foreign exchange | **126** | 673 |
| **Total other expense** | **(27,001)** | **(6,091)** |

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.

Loss on the Gold Prepay Agreement and Silver Purchase Agreement was comprised of realized losses due to 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 forecast prices during the period.

#### Interest Expense

*(in thousands of USD)*

|  | Nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Interest accretion on Convertible Loans | **8,195** | 8,203 |
| Interest accretion on Gold Prepay Agreement | **5,306** | 8,657 |
| Interest accretion on Silver Purchase Agreement | **3,126** | 2,409 |
| Interest accretion on Convertible Debentures | **4,681** | 4,262 |
| Interest accretion on long-term debt | **727** | — |
| Amortization of finance costs | **1,027** | 1,025 |
| Finance expense | **524** | — |
| Other interest expense | **407** | 451 |
| **Total interest expense** | **23,993** | **25,007** |

Interest expense for the nine months ended September 30, 2025 decreased compared to the prior year comparative period due to decreased interest accretion on Gold Prepay Agreement as a result of deliveries, partially offset by higher interest accretion related to the National Bank New Gold Prepay and Silver Purchase Agreement of $0.7 million.

### DISCUSSION OF FINANCIAL POSITION

### Balance Sheet Review

#### Assets

Cash and cash equivalents increased by $83.9 million from $19.0 million at December 31, 2024 to $102.9 million as at September 30, 2025. Refer to the *Liquidity and Capital Resources* section below for further details.

Inventory has increased to $25.2 million as at September 30, 2025 from $15.3 million as at December 31, 2024 primarily due to increased finished goods inventory due to timing of final sales.

#### Liabilities

Total liabilities as at September 30, 2025 were $333.2 million compared to $315.0 million as at December 31, 2024. The increase was due primarily to increases in other liabilities related to the Gold Prepay and Silver Purchase Agreement derivative which increased due to metal prices. The warrant liability has also increased due to the Company's share price.

### LIQUIDITY AND CAPITAL RESOURCES

### Liquidity Outlook

*(in thousands of USD)*

|  | Year ended September 30, 2025 | December 31, 2024 |
| --- | ---: | ---: |
| Cash and cash equivalents | **102,867** | 19,001 |
| Working capital | **3,246** | (31,746) |

Changes in cash and cash equivalents are discussed in the cash flow section. 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 to execute on its three phase development plan.

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 Company. 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.

The Company may not generate cash flow from operations in the future sufficient to service the debt and make necessary capital expenditures. If the Company is unable to generate such cash flow, it 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. The Company may not be able to engage in any of these activities, or engage in these activities on desirable terms, which could result in a default on its debt obligations.

In addition, the Company's arrangements with Orion and Sprott and the Convertible Debentures require the Company to satisfy various affirmative and negative covenants and, in the case of the arrangements with Orion and Sprott, to meet certain financial ratios and tests. These covenants limit, among other things, the Company's ability to incur further indebtedness, create certain liens on assets, or engage in certain types of transactions. There are no assurances that the Company will not, as a result of such covenants, be limited in its ability to respond to changes in its business or competitive activities, or be restricted in its ability to engage in mergers, acquisitions or dispositions of assets. 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 any.

### Debt

|  | Year ended September 30, 2025 | December 31, 2024 |
| --- | ---: | ---: |
| Convertible Debentures | **78,462** | 73,450 |
| Orion Convertible Loan | **63,243** | 57,121 |
| Sprott Convertible Loan | **6,153** | 5,459 |
| Gold Prepay Agreement | **9,847** | 31,718 |
| Silver Purchase Agreement | **17,884** | 23,574 |
| Other | **324** | 75 |
| Total | **175,913** | 191,397 |

#### Convertible Debentures

The Convertible Debentures bear interest at a fixed rate of 8.0% per annum and will mature on February 22, 2027. 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 September 30, 2025, total principal and accrued interest was $80.0 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 has a maturity of date of June 30, 2026. As at September 30, 2025, total principal and accrued interest was $67.8 million.

On January 15, 2025, the Company amended and restated its Orion Convertible Loan. 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 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. See additional discussion in the *Gold Prepay and Silver Purchase Agreement deferral* section below.

#### Sprott Convertible Loan

The Sprott Convertible Loan bears interest at a rate of 8.0% annually and matures on December 9, 2025. As at September 30, 2025, total principal and accrued interest is $6.2 million.

#### Gold Prepay Agreement

On December 13, 2021, the Company entered into a Gold Prepay Agreement with Orion, which was later amended in April 2022 to adjust the quantity of the quarterly deliveries for aggregate deliveries of 30,400 ounces of gold which was satisfied as at September 30, 2025.

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

As at September 30, 2025, the total liability is $9.8 million and the embedded derivative for the Gold Prepay Agreement was $8.8 million with 5,550 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"). 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. Until the delivery of an aggregate of 1.2 million ounces of silver, the Company is required to deliver the following minimum amounts of silver ("the Annual Minimum Delivery Amount") in each calendar year: (i) in 2022, 300,000 ounces, (ii) in 2023, 400,000 ounces, (iii) in 2024, 400,000 ounces, and (iv) in 2025, 100,000 ounces. In the event that in a calendar year the amount of silver delivered under the Silver Purchase Agreement is less than the Annual Minimum Delivery Amount, the Company shall make up such difference (the “Shortfall Amount”) by delivering on or before the fifteenth day of the month immediately following such calendar year (the "Delivery Deadline"). At the Company’s sole option, the obligation to make up the Shortfall Amount to Orion may be satisfied by the delivery of refined gold instead of refined silver, at a ratio of 1/75th ounce of refined gold for each ounce of refined silver. The Silver Purchase Agreement was funded April 2022.

As at September 30, 2025 the total liability is $17.9 million and the embedded derivative for the Silver Purchase Agreement was $12.4 million with remaining ounces to be delivered under the minimum delivery of 94,576 oz and the future silver production from Granite Creek and Ruby Hill properties at a range of 10% to 50% of total production.

#### 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. The 2025 Orion Warrants have a four-year term. In addition, i-80 Gold and Orion entered into the Orion Offtake Agreement. The Orion Offtake Agreement has similar terms to the existing agreement with Vox Royalty Corp. 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 have been satisfied.

#### New Gold and Silver Prepay Agreement

On March 31, 2025 the Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank under which National Bank purchased 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 Agreement and Silver Purchase Agreement. 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.

#### Working Capital Facility

On April 29, 2025, the Company finalized a master purchase and sale agreement with Auramet International, Inc. Under the Auramet Agreement, the Company can receive a prepayment of up to $12.0 million for gold contained in mineralized material. The Company recognized this contract as a revenue contract however the agreement provides the Company working capital flexibility.

During the three and nine months ended September 30, 2025, the Company delivered 3,041 and 4,495 ounces of gold, respectively, under the agreement. As of September 30, 2025, the current portion of deferred revenue was $5.5 million, representing 1,605 ounces remaining to be delivered. Under the Auramet Agreement $5.5 million prepayment remains available as at September 30, 2025.

### Equity

| Outstanding share data | As of November 12, 2025 |
| --- | ---: |
| Common Shares | 826,281,972 |
| Warrants | 223,590,525 |
| Stock Options | 8,856,490 |
| Restricted Share Units ("RSU") | 14,461,505 |
| Performance Share Units ("PSU") | 3,980,376 |
| Deferred Share Units ("DSU") | 2,111,085 |

38

#### Share Capital

During the three and nine months ended September 30, 2025 and 2024 the Company issued the following shares:

*(in thousands of U.S. dollars and shares)*

|  |  | Nine months ended September 30, 2025 Number of shares issued | Amounts | September 30, 2024 Number of shares issued | Amounts |
| --- | --- | ---: | ---: | ---: | ---: |
| Bought deal offering | **(a)** | **345,760** | **152,941** | 69,698 | 70,403 |
| Private placement | **(a)** | **25,240** | **11,788** | 13,064 | 17,056 |
| Prospectus offering and private placement | **(b)** | **29,210** | **16,014** | — | — |
| ATM Program | **(c)** | **4,341** | **2,426** | 11,498 | 12,746 |
| Share purchase warrants | **(d)** | **1,801** | **1,363** | — | — |
| Share-based compensation |  | **435** | **351** | 944 | 2,010 |
| Contingent Payments | **(e)** | **—** | **—** | 2,727 | 3,564 |
|  |  | **406,787** | **$184,883** | 97,931 | $105,779 |

#### 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 was 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 C$115.0 million ($83.5 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 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

(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).

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).

#### ATM Program

(c) During the nine months ended September 30, 2025, the Company issued 4.3 million common shares under the ATM Program for total gross proceeds of $2.5 million (nine months ended September 30, 2024 - 11.5 million common shares for total gross proceeds of $13.1 million).

#### Share Purchase Warrants

(d) During the three months ended September 30, 2025, the Company recorded the exercise of 1.8 million warrants at an exercise price of $0.70 per share, resulting in the issuance of 1.8 million shares of common shares and cash proceeds of $1.3 million.

#### Contingent Payment

(e) 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 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.

### Cash Flows

*(in thousands of U.S. dollars, unless otherwise noted)*

| OPERATING ACTIVITIES | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Net loss | **$(41,867)** | $(43,099) | **$(113,287)** | $(103,803) |
| Adjustments | **20,154** | 21,057 | **63,395** | 39,153 |
| Net change in operating assets and liabilities | **6,467** | (1,453) | **610** | (8,627) |
| Cash used in operating activities | **$(15,246)** | $(23,495) | **$(49,282)** | $(73,277) |
| **INVESTING ACTIVITIES** |  |  |  |  |
| Capital expenditures on property, plant and equipment | **(3,252)** | (290) | **(4,702)** | (1,513) |
| Disposal proceeds | **—** | — | **—** | 425 |
| Cash used in investing activities | **$(3,252)** | $(290) | **$(4,702)** | $(1,088) |
| **FINANCING ACTIVITIES** |  |  |  |  |
| Proceeds from shares issued in equity offerings | **(1,171)** | 12,568 | **193,924** | 109,023 |
| Contingent payments | **—** | — | **—** | (1,436) |
| Principal repayment on Gold Prepay Agreement | **(11,918)** | (14,101) | **(42,907)** | (23,818) |
| Principal repayment on Silver Purchase Agreement | **(37)** | — | **(11,028)** | (8,387) |
| Net proceeds from New Gold Prepay and Silver Purchase Agreement | **—** | — | **31,045** | — |
| Principal repayment on New Gold Prepay and Silver Purchase Agreement | **—** | — | **(31,045)** | — |
| Stock option exercises | **1,261** | 38 | **1,269** | 933 |
| Finance fees paid | **—** | (564) | **(2,053)** | (1,514) |
| Other | **(16)** | (35) | **(75)** | (199) |
| Cash (used in)/provided by financing activities | **$(11,881)** | $(2,094) | **$139,130** | $74,602 |
| Change in cash, cash equivalents and restricted cash during the period | **(30,379)** | (25,879) | **85,146** | 237 |
| Cash, cash equivalents and restricted cash, beginning of period | **175,003** | 87,263 | **59,290** | 60,765 |
| Effect of exchange rate changes on cash held | **(69)** | 291 | **119** | 673 |
| Cash, cash equivalents and restricted cash, end of period | **$144,555** | $61,675 | **$144,555** | $61,675 |

### Cash flows for the three months ended September 30, 2025

Cash used in operating activities for the three months ended September 30, 2025, was $15.2 million compared to $23.5 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 September 30, 2025 was primarily due to a positive change in comparative working capital.

Cash used in investing activities was primarily for autoclave studies at Lone Tree, Granite Creek water treatment plant and surface construction for Ruby Hill underground.

Cash used in financing activities for the three months ended September 30, 2025 was $11.9 million compared to cash used in financing activities of $2.1 million in the comparative period of 2024. Cash used in financing activities for the three months ended September 30, 2025, was higher than the comparative period primarily due to proceeds from ATM offerings received in the third quarter of 2024 partially offsetting principal repayments on the Gold Prepay Agreement during that period.

### Cash flows for the nine months ended September 30, 2025

Cash used in operating activities for the nine months ended September 30, 2025, was $49.3 million compared to $73.3 million cash used in operating activities in the prior year period. The decrease in cash used in operating activities was due to increased gross profit and a positive change in comparative working capital of $9.2 million.

Cash used in investing activities for the nine months ended September 30, 2025 was $4.7 million compared to $1.1 million in the prior year. Cash used in investing activities for the nine months ended September 30, 2025 was primarily driven by capital expenditures related to autoclave studies at Lone Tree and construction in preparation of portal access at Archimedes underground.

Cash provided by financing activities for the nine months ended September 30, 2025 was $139.1 million compared to $74.6 million for the nine months ended September 30, 2024. Cash provided by financing activities for the nine months ended September 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 Financial Statements for the three and nine months ended September 30, 2025.

### RELATED PARTY TRANSACTION

The Company has described related party transactions in Note 15 of the Financial Statements for the three and nine months ended September 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. 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 nine months ended September 30, 2025.

### NON-GAAP FINANCIAL PERFORMANCE MEASURES

The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under US GAAP in this document. These include adjusted loss, adjusted loss per share, and average realized price per ounce. Non-GAAP financial performance measures do not have any standardized meaning prescribed under US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with US GAAP and should be read in conjunction with the Company's Financial Statements.

#### Definitions

"Average realized gold price” per ounce of gold sold is a non-GAAP measure and does not constitute a measure recognized by US GAAP Accounting Standards and does not have a standardized meaning defined by US GAAP Accounting Standards. 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 financial performance measures that the Company considers to better reflect normalized earnings because it eliminates temporary or non-recurring items such as: (loss) gain on warrants, (loss) gain on Convertible Loans, and 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.

#### Average realized gold price per ounce of gold sold1

*(in thousands of U.S. dollars, unless otherwise noted)*

| Consolidated | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Revenue | **32,019** | 11,509 | **73,903** | 27,107 |
| Processing costs recognized in revenue | **—** | 63 | **—** | 2,632 |
| Silver revenue | **(51)** | (1) | **(220)** | (72) |
| Gold revenue | **31,968** | 11,571 | **73,683** | 29,667 |
| Gold ounces sold¹ | **9,368** | 4,740 | **22,720** | 12,247 |
| **Average realized gold price ($/oz)** | **3,412** | 2,441 | **3,243** | 2,422 |
| **Lone Tree** |  |  |  |  |
| Revenue | **4,642** | 4,522 | **14,426** | 11,506 |
| Silver revenue | **(9)** | (1) | **(45)** | (29) |
| Gold revenue | **4,633** | 4,521 | **14,381** | 11,477 |
| Gold ounces sold | **1,313** | 1,842 | **4,461** | 5,010 |
| **Average realized gold price ($/oz)** | **3,529** | 2,454 | **3,224** | 2,291 |
| **Ruby Hill** |  |  |  |  |
| Revenue | **2,520** | 2,105 | **6,198** | 4,232 |
| Silver revenue | **(42)** | — | **(175)** | (43) |
| Gold revenue | **2,478** | 2,105 | **6,023** | 4,189 |
| Gold ounces sold | **730** | 906 | **1,847** | 1,861 |
| **Average realized gold price ($/oz)** | **3,395** | 2,323 | **3,261** | 2,251 |
| **Granite Creek** |  |  |  |  |
| Revenue | **24,857** | 4,882 | **53,279** | 11,369 |
| Processing costs recognized in revenue | **—** | 63 | **—** | 2,632 |
| Gold revenue | **24,857** | 4,945 | **53,279** | 14,001 |
| Gold ounces sold1 | **7,325** | 1,992 | **16,412** | 5,376 |
| **Average realized gold price ($/oz)** | **3,393** | 2,482 | **3,246** | 2,604 |

#### Adjusted loss1

Adjusted loss and adjusted loss per share exclude a number of temporary or one-time items detailed in the following table:

*(in thousands of U.S. dollars, unless otherwise noted)*

|  | Three months ended September 30, 2025 | 2024 | Nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| **Net loss** | **$(41,867)** | $(43,099) | **$(113,287)** | $(103,803) |
| **Adjust for:** |  |  |  |  |
| (Loss) gain on fair value measurement of Convertible Loans | **(863)** | (721) | **(1,536)** | 8,424 |
| (Loss) gain on fair value measurement of warrant liability | **(5,400)** | (3,587) | **(5,126)** | 687 |
| Loss on Gold Prepay Agreement and embedded derivative | **(4,209)** | (5,912) | **(14,883)** | (11,888) |
| Gain (loss) on Silver Purchase Agreement and embedded derivative | **2,860** | (1,276) | **(6,602)** | (6,579) |
| **Total adjustments** | **$(7,612)** | $(11,496) | **$(28,147)** | $(9,356) |
| **Adjusted loss** | **$(34,255)** | $(31,603) | **$(85,140)** | $(94,447) |
| **Weighted average shares** | **815,610,094** | 386,474,070 | **619,780,680** | 350,581,065 |
| **Adjusted loss per share** | **$(0.04)** | $(0.08) | **$(0.14)** | $(0.27) |

Adjusted loss is higher in the three and nine months ended September 30, 2025 due to increased pre-development and exploration expenses partially offset by higher gross profit.

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

## Controls and procedures

As filed, 1,071 characters.

### Disclosure Controls and Procedures

The CEO and the CFO have designed disclosure controls and procedures or have caused them to be designed under their supervision, in order to provide reasonable assurance that (i) material information relating to the Company has been made known to them; and (ii) information required to be disclosed in the Company’s filings is recorded, processed, summarized and reported within the time periods specified in securities legislation. There were no changes made to i-80 Gold’s disclosure controls and procedures in the three and nine months ended September 30, 2025. Based on this evaluation, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were effective as at September 30, 2025.

### Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

## Risk factors

As filed, 711 characters.

The Company and its future business, operations, and financial condition are subject to various risks and uncertainties due to the nature of its business and the present stages of exploration of its mineral properties. Certain of these risks and uncertainties are under the heading “Risk Factors” under the Company’s Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”) which is available on EDGAR at www.sec.gov and our website at www.i80gold.com. There have been no material changes to the risk factors set forth in the Company’s Form 10-K. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial may impair our business operations.

Filed Nov 12, 2025.
Source: SEC EDGAR, the filing index for accession 0001628280-25-051673. Last ingested by Listed: Nov 2, 2026, 19:57 ET. No prices; not investment advice.