i-80 Gold Corp.

DISCUSSION OF FINANCIAL POSITION

Balance Sheet Review

Assets

Total assets as at June 30, 2026 were $1,173.8 million compared to $703.4 million and increased due to the following:

•Cash and cash equivalents increased by $401.3 million from $63.2 million at December 31, 2025 to $464.6 million as at June 30, 2026. Refer to the Liquidity and Capital Resources and cash flow section below for further details.

•Property, plant and equipment have increased by $42.2 million due to increase in the Lone Tree Plant refurbishment activities, Granite Creek and Ruby Hill capital expenditures.

•Other assets have increased due to the 2026 Gold Prepay derivative asset recognized in the amount of $29.9 million.

•Restricted cash of $16.9 million was released as a result of the Company's strengthening credit profile.

Liabilities

Total liabilities as at June 30, 2026 were $915.8 million compared to $356.6 million as at December 31, 2025. The increase was due primarily to the completion of the recapitalization which was comprised of the 2026 Convertible Debentures, the NSR Royalty, and 2026 Gold Prepay as well as other increases within other liabilities related to the Silver Prepay derivatives. Partially offsetting these increases was the de-recognition of derivatives associated with legacy debt that was repaid in the first quarter of 2026 and the legacy debt repayments.