In light of the leadership reset in 2024, what is the new vision for i-80 Gold? 

When I was appointed CEO in September 2024, the company had been focused on the base metal opportunities at the Ruby Hill property, which are significant. However, with roughly US$200 million of debt that was maturing in 2025, 2026, and early 2027, we needed a strategy to repay this debt. That required us to pivot and focus on a gold strategy by developing the high-grade, high-potential gold projects in our portfolio, which, given the rising gold prices, has been the right strategy. 

i-80 Gold laid out a three-phase development plan that outlines a clear path to 600,000 oz/y of gold in the early 2030s. We have the fourth-largest mineral resource base in Nevada at roughly 6.5 million oz of gold in measured and indicated mineral resources, and 7.5 million oz in inferred resources, as well as a significant silver resource base. i-80 Gold’s development plan should see us become one of the biggest gold producers in Nevada in the years to come.

What have been the main milestones for i-80 Gold over the past year?  

i-80 Gold’s assets have significant upside, and all the deposits are open for expansion. The company has filed preliminary economic assessments for each of the five deposits included in our development plan, and at US$3,000 gold, the net asset value (NAV) is US$4.9 billion, highlighting the significant underlying value of the business. 

i-80 Gold has completed an infill program for one of our three underground deposits. Another infill program is currently underway, and we will soon also drill out the third underground deposit. We also hope to begin an infill drill program at Mineral point – our largest open-pit project – in 2026. We are advancing rapidly and believe that over the next 12 months to 18 months we will have either pre-feasibility studies or feasibility studies on all five of our gold deposits, as well as the engineering study for the refurbishment of Lone Tree, our centralized autoclave processing facility and a strategic asset within our development plan.

Another major milestone for our group has been the start of construction at our second underground mine – Archimedes. 

Can you elaborate on the importance of the Lone Tree autoclave as the cornerstone of the new development plan?

We are currently toll milling our material but are losing between US$1,000 and US$1,500 an ounce on milling charges. Once our autoclave is refurbished as anticipated, we expect to gain that margin back. The capital cost of the autoclave refurbishment is expected to be approximately US$400 million and repay itself within two years. 

What progress has i-80 Gold made in terms of recapitalization? 

Recapitalization is pivotal. We require roughly US$800 million for phase one and phase two in terms of building four of our five projects and permitting the fifth. i-80 Gold raised approximately US$200 million through the first half of 2025, and with warrant exercise and restricted cash, we anticipate adding another US$200 million to the balance sheet over the next two and a half years. We are also looking at a debt facility of US$350 million to US$400 million, as well as the sale of a non-core asset. Overall, we target to finance between US$900 million and US$1 billion to fund phase one and phase two of our development plan. 

What is your assessment of the Nevada mining ecosystem? 

Nevada has always been a mining-friendly state with a well-trained workforce and the availability of talented suppliers and contractors. Having this ecosystem in place lowers execution risk. At the same time, the current administration is extremely pro-mining, and they want to see mining projects move forward, capital invested, and jobs created. We also benefit from strong community support and actively engage with local stakeholders while planning to advance each project.   

There is substantial mining activity in Nevada, and we also want to ensure that we are the employer of choice as we grow.  i-80 Gold is implementing a new performance management system that allows us to work with our employees and create individual development plans for them to succeed, as well as implementing and holding employees accountable for following the values of our company that ensure everyone feels safe, respected and part of the team.