i-80 Gold Corp.

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).

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

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

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

4 Capital 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.

1 Capital 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.

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.

1 Capital 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

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 sold 1 totaled 9,368 ounces at an average realized gold price 2 of $3,412 per ounce compared to gold ounces sold 1 of 4,740 at an average realized gold price 1 of $2,441 per ounce during the same period of 2024.

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 sold 1, 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.

Pre-development, evaluation and exploration expenses

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

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

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 sold 1 at Granite Creek and higher average realized gold prices 2. During the nine months ended September 30, 2025, gold ounces sold 1 totaled 22,720 ounces at an average realized gold price 2 of $3,243 per ounce, compared to 12,247 ounces at an average realized gold price 2 of $2,422 per ounce during the same period of 2024.

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 sold 1, 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

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

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

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.