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. 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).

2 Operating costs excluding depletion, depreciation, amortization, and royalties. Royalties exclude NSR royalty payments.

3 This is a Non-GAAP and Supplementary Financial measure; please see “Non-GAAP and Supplementary Financial Performance Measures” section.

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 toll milling agreement entered into in March 2025, (ii) high-grade and low-grade oxide mineralized material is subject to an ore sales agreement. Low-grade oxide mineralized material was sold under the ore purchase beginning in the first quarter of 2026, and (iii) residual leaching of low-grade oxide material previously placed on a segregated section of the Company’s Lone Tree heap leach facility continues with no additional mineralized material being placed after the first quarter of 2026.

Mining activities at Granite Creek for the three months ended June 30, 2026 were impacted by ground conditions in two of the mine highest-grade headings, which temporarily restricted access to high-grade mineralized material and deferred a portion of planned high-grade tonnes during the quarter. Remediation of the affected headings was completed and access was re-established late in the quarter, allowing these areas to contribute to production beginning in the third quarter.

Throughout the quarter, advancement of the main decline as well as horizontal development continued to progress ahead of the mine plan, with year-to-date development footage exceeding plan. As a result, the number of available high grade mineralized material headings has increased significantly throughout the quarter. The Company remains on track to meet its full-year production guidance.

Water inflow volumes to the mine remained largely unchanged and continue to be managed well using the current underground pumping system, which presently operates near capacity. Work on an enhanced pumping system, that includes expanded sumps at lower levels and higher-capacity pumps, advanced during the quarter. Pumps were sized and ordered with installation continuing throughout the remainder of the year to increase overall water discharge capacity as the mine progresses at depth. Further, initial phases of commissioning a second water treatment plant began in late July, with mechanical completion having recently been completed. The second water treatment plant will increase surface water treatment capacity to approximately 3,500 gallons per minute to support the Company's long-term groundwater management objectives.

At June 30, 2026, the Company had in-process material containing over 5,300 recoverable ounces at its third-party processing facility. The Company expects the material to be processed during the third quarter of 2026. Approximately 1,800 ounces of gold was also held in inventory at June 30, 2026. Gold ounces sold were lower than the prior year periods due to availability at the third-party processing facility.

Processing cost per unit has increased compared to the prior year periods due to a higher proportion of sulfide material being processed at the third-party processing facility.

During the three months ended and six months ended June 30, 2026, growth capital expenditures were primarily related to the water treatment plant project. Sustaining capital expenditures were related primarily to the electrical substation replacement.

Pre-development, evaluation, and exploration expenses were $7.9 million for the three months ended June 30, 2026, which were related to underground mine development and infill drilling to upgrade mineral resources and step-out drilling.

During the three and six months ended June 30, 2026, the Company continued infill and step-out drilling at Granite Creek. The underground drill program remained focused on infill drilling to support resource conversion and mine planning. Drilling progressed slower than anticipated during the quarter due to water management, maintenance downtime, and rig relocation. The updated mineral resource estimate is near completion and under internal review. The feasibility study is now expected to be completed in the third quarter of 2026.

Granite Creek Open Pit

Following the completion of the Granite Creek open pit PEA, preparation for a pre-feasibility trade-off study has commenced. Simultaneously, technical trade-off analyses are being conducted to optimize project economics. Based on preliminary assessments of potential environmental impacts, the project may require preparation of an Environmental Impact Statement ("EIS") under the Bureau of Land Management ("BLM") process. Early-stage pre-permitting activities and technical studies are currently underway, followed by projected baseline field studies commencing in 2027 to support the National Environmental Policy Act ("NEPA") permitting process.

Ruby Hill Property

The Ruby Hill property includes the Archimedes underground project, the Company's second planned underground mine for which construction began during 2025, 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 first quarter of 2025, the Company finalized a PEA for the Ruby Hill property covering both Archimedes underground and Mineral Point open pit projects.

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.

The Company continues to leach the historic leach pads on the Ruby Hill property, recovering gold. Year-to-date gold production from the historic leach pad remained below expectation as infiltration on the pad remained challenging. Higher processing cost per ounce compared to the prior year periods was due to lower produced ounces. For the residual leaching process, management continues to focus on managing ponding, maximizing the area under leach, and optimizing cyanide application rates.

1 Royalties excludes Net Smelter Return royalty repayments

Archimedes underground project

During the three months ended June 30, 2026, underground development at the Archimedes project continued to advance on schedule, with 899 meters of development completed during the quarter, supported by favorable ground conditions and high productivity rates from contractors. Pump testing was conducted on a recently completed dewatering well, and permitting activities for below the 5,100-foot level continued to advance as planned. The planned start of mining above the 5,100-foot level is fully supported by existing permits and is not dependent on the timing or outcome of permitting activities below the 5,100-foot level. The Company continues to expect to achieve first gold from Archimedes in the fourth quarter of 2026.

Growth capital expenditures for the three and six months ended June 30, 2026 were primarily related to heavy mobile equipment, infrastructure upgrades, power upgrades and mine load centers for the underground.

Pre-development, evaluation and exploration expenditures were $20.1 million and $32.5 million for the three and six months ended June 30, 2026. Pre-development, evaluation and exploration expenditure were higher than the prior year periods primarily due to underground development at the Archimedes underground project which began in the third quarter of 2025. Development during the quarter focused on completion of the exploration drift to establish drilling platforms to access the ongoing definition drilling program for the Ruby Deeps zones at depth. Further development included commencement of the first ventilation raise.

Drilling activities during the quarter included the completion of the 2025-2026 program in the upper 426 zone and commencement of the 2026 infill drill program with 3,124 meters of infill drilling completed in the lower 426 and Ruby Deeps zones in support of a feasibility study. The latest assay results from the 2025-2026 drill program were published during the second quarter in a press release dated June 25, 2026. The results continued to confirm high-grade mineralization, demonstrate continuity within the planned mining areas, and extend mineralization beyond the boundaries of the current mineral resource estimate supporting the 2025 PEA. Drilling also continued to intersect significant intervals of oxide mineralization not included in the current mineral resource estimate.

An infill drilling program largely within the lower portion of the 426 zone and Ruby Deeps zone commenced in the second quarter of 2026, targeting approximately 55,000 meters planned across 140 drill holes in support of the planned Archimedes Feasibility Study. The drill program is encountering slower than planned progress due to contractor staffing availability. As a result, the Archimedes feasibility study is now anticipated to be completed approximately mid-year 2027.

Mineral Point open pit project

At Mineral Point open pit, the Company advanced its surface drill program during the quarter as part of the largest 12-month drill program in the Company's history, completing approximately 14,836 meters of core drilling and reverse circulation drilling with a fleet of up to five drill rigs, primarily for infill drilling of the currently classified inferred resources. The drill program encountered slower than planned progress due to drill rig and contractor staffing availability, as well as slower penetration rates than expected in the sanded dolomite unit. Management expects to increase the overall drilling rate for the remainder of the year with mobilization of additional rigs, however, completion of the drill program is now expected in the first quarter of 2027. The results from this program will support a pre-feasibility study, which is expected at approximately mid-year 2027, pending timing of the drilling program. Early-stage pre-permitting activities continued to progress during the quarter.

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.

During the six months ended June 30, 2026, the Company continued to advance technical and economic studies for the Cove Underground project. Various baseline studies and agency comment responses were submitted to the BLM. In addition, water pollution control permit renewal and modification applications were submitted to NDEP—BMRR for the underground mine and rapid infiltration basins. Additional federal and state permitting actions continue to progress. A feasibility study for Cove is expected to be completed in the third quarter of 2026.

Lone Tree Property

The Lone Tree property contains the Lone Tree plant and a historic producing mine that ceased 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 Lone Tree open pit is not currently included in the new development plan. The Lone Tree Plant (the "Plant") is currently undergoing refurbishment following a positive construction decision made by the Board of Directors during the first quarter of 2026. i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant (the other being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining Corporation and Newmont Corporation).

The Plant is envisioned to process material from the Company’s three underground mines, Granite Creek, Archimedes, and in the future Cove, to establish a regional hub-and-spoke mining and processing model. Upon refurbishment and commissioning, the Plant will allow the Company to transition from toll milling to owner-operated processing. This shift is expected to materially increase operating margins and enhance free cash flow generation.

The leaching of the historic leach pad at Lone Tree continues to produce gold at profitable quantities. Processing costs per produced ounce is higher than the prior year periods due to a higher volume of reagents used to improve gold production.

Lone Tree Plant Refurbishment Project

During the first quarter of 2026, the Company provided Hatch with a formal Notice to Proceed ("NTP") for the Lone Tree refurbishment project. In preparation, procurement for long lead equipment and detailed engineering activities commenced in 2025 to optimize the schedule. The Plant is expected to operate at a nameplate capacity of 2,268 tonnes per day or 827,806 tonnes per annum, consistent with historic production rates. The scope of refurbishment work at the Plant includes a combination of new and improved design components and the replacement of some existing infrastructure. This work is aimed at modernizing the Plant to improve process efficiency and operating flexibility, and to meet new environmental compliance standards, including the refurbishment and upgrade of the existing autoclave to a modern pressure oxidation (“POX”) circuit.

During the three months ended June 30, 2026, detailed engineering and procurement advanced with the Company's contractor, with procurement package preparation and long-lead item ordering a key focus. Cleaning and environmental testing of the existing tanks, containment, and piping was completed, and demolition of existing infrastructure commenced during the quarter. The Company also progressed the tailings storage facility and new filtered tailings design work. The refurbishment timing remains on track with the engineering study timeline and scope of work. Early works and pre-construction readiness activities are well underway on site and continue to advance on schedule ahead of major construction, which is expected to commence in the fourth quarter of 2026. Second and third quarter pre-construction activities include mobilization of the EPCM contractor to site, commencement of demolition of the existing plant components requiring replacement as part of the refurbishment and advancement of detailed engineering, procurement packages, and the award of key contracts.

The Lone Tree Plant is permitted for the existing operational components in use. The approval of new and revised permit applications pertaining to air quality, mercury control, water pollution control, reclamation management, and other secondary programs for the new design remain outstanding. The Company submitted the necessary applications for air quality, mercury control and water quality environmental permits in the first quarter of 2026, as planned, with several permits received to date and further permits pending. Various construction activities are scheduled to commence in the second half of 2026 upon the anticipated approval of the associated permits, with major construction activities anticipated to commence in the fourth quarter of 2026.The permitting process is currently on track and aligns with the construction schedule.

The refurbishment has a capital cost estimate of $412 million, inclusive of contingency, owner’s costs, and first fills, plus $18 million in capital spares for a total of $430 million. The refurbishment capital costs incurred to date remain in line with the engineering study and the Company’s 2026 guidance of between $140 million to $160 million in expenditures.

Capital expenditures for the three months and six months ended June 30, 2026 were primarily related to the refurbishment of the Lone Tree Plant. The project spend is weighted in the second half of the year and the Company expects to meet full-year guidance.

As of June 30, 2026, total construction commitments were $110.1 million with approximately 30% of the project cost committed. Subsequent to the quarter, procurement activities remain on schedule, with approximately 50% of procurement packages, by value, awarded as of mid-July. Project capital remains on budget with minimal contingency drawdown and approximately 40% of capital committed as of mid-July.

DISCUSSION OF FINANCIAL RESULTS

Financial results for the three months ended June 30, 2026

Revenues

Revenues for the three months ended June 30, 2026 was $24.3 million, a decrease from $27.8 million in the prior year period. The decrease in revenues is mainly related to availability at the third-party processing facility. During the three months ended June 30, 2026, gold ounces sold 1 totaled 5,335 ounces at an average realized gold price 2 of $4,522 per ounce, compared to gold ounces sold 1 of 8,400 at an average realized gold price 1 of $3,301 per ounce during the same period of 2025.

Cost of sales

Cost of sales for the three months ended June 30, 2026 was $15.2 million, a decrease from $26.5 million in the prior year period due to lower gold ounces sold 1.

Pre-development, evaluation and exploration expenses

For the three months ended June 30, 2026, the Company incurred higher pre-development, evaluation and exploration expenses, compared to the prior year period reflecting the increased activity to advance key development milestones across all five gold projects within its development plan. the increase in pre-development, evaluation and exploration cost over the prior year quarter was mainly attributable to the Ruby Hill property and the increased surface drill program for the Mineral Point project and the Archimedes underground project.

General and administrative expenses

For the three months ended June 30, 2026, general and administrative expenses are higher compared to the prior year period primarily due to higher share based compensation expense. Additionally, there were higher personnel costs compared to the prior year period as the Company responds to the growing resourcing requirements of a company moving from development stage to production stage.

Other income and expenses, net

Losses and gains on the Silver Purchase Agreement, NSR Royalty, 2026 Gold Prepay derivative represents fair value revaluation driven by changes in the gold and silver forecast prices during the period and discount rate changes.

Interest Expenses

Interest expense for the three months ended June 30, 2026 was $9.3 million, an increase of $0.6 million compared to the prior year period due to higher principal amounts outstanding largely offset by lower interest rates.

Loss on loan extinguishment

Loss on loan extinguishment related to the Convertible Debentures, Orion Gold Prepay and Orion Convertible Loan were recognized on the settlement of these debt instruments prior to maturity as well as for the convertible debentures related to the premium paid.

Financial results for the six months ended June 30, 2026

Revenues

Revenues for the six months ended June 30, 2026 was $76.7 million, an increase of 83% from $41.9 million in the prior year period. The increase in revenues were driven by higher ounces sold 1 at Granite Creek and higher average realized gold price 2. During the six months ended June 30, 2026, gold ounces sold 1 totaled 15,923 ounces at an average realized gold price 2 of $4,801 per ounce, compared to 13,352 ounces at an average realized gold price 2 of $3,124 per ounce during the same period of 2025. Gold ounces sold were impacted by availability in third-party processing.

Cost of sales

Cost of sales for the six months ended June 30, 2026 was $51.0 million, which was an increase from $37.3 million in the prior year period, largely driven by an increase in gold ounces sold 1.

Pre-development, evaluation and exploration expenses

For the six months ended June 30, 2026, the increase in pre-development, evaluation and exploration compared to the prior year period was due to increased infill drilling program and mine development at Granite Creek and Ruby Hill.

At Ruby Hill, expenditures increased due to the initiation of construction at Archimedes underground where the advancement rate of the decline exceeded expectations, resulting in accelerated development activity, along with higher drilling expenses related to geologic mapping of the underground and construction of the drill bays.

At Granite Creek, expenses increased due to underground development largely related to the main decline and South Pacific ramp, the enhanced underground pumping system and sump, as well as drilling costs and other technical work related to the preparation of a feasibility study targeted for completion in the third quarter of 2026.

Cove pre-development, evaluation and exploration expenditures decreased in the six months ended June 30, 2026 compared to the prior year period due to the completion of the delineation drilling program in the first quarter of 2025. Current period expenses related primarily to technical study work.

General and administrative expenses

For the six months ended June 30, 2026, general and administrative expenses were higher compared to the prior year primarily due to share based compensation expense. Personnel costs were higher compared to the prior year period due to the growing resourcing requirements of a company moving from development stage to production stage.

Other income and expenses, net

Gains and losses on the revaluation of the fair value of warrants are driven by changes in the Company’s share price at each reporting period.

Gains and losses on the Gold Prepay Agreements, Silver Purchase Agreement and NSR royalty were comprised of realized gains 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 and discount rate changes.

Interest Expenses

Interest expenses for the six months ended June 30, 2026, were comparable to the prior year period.

Loss on loan extinguishment

The Company recognized a loss on loan extinguishment relating to the repayment of legacy debt during the first quarter of 2026.