i-80 Gold Stock

Hello, and welcome to i-80 Gold's 2026 Second Quarter Results Conference Call and Webcast. [Operator Instructions] This call is being recorded on Tuesday, August 11, 2026. I will now turn the call over to Caterina De Rosa, Vice President, Investor Relations at i-80 Gold.

Thank you, Operator, and hello, everyone. Thank you for joining our review of i-80 Gold's second quarter results. Today's company presenters include Richard Young, President and CEO; Paul Chawrun, COO; and Ryan Snow, CFO. Before we begin, please note that some of today's commentary may contain forward-looking statements, which are subject to risk factors and uncertainties that could cause actual results to differ materially. Please refer to yesterday's press release for cautionary notes regarding these forward-looking statements and the related risks. Today's remarks should be reviewed together with the company's Form 10-Q for the quarter ended June 30, 2026, which is available on i80gold.com, SEDAR+, and EDGAR. I will now hand the call over to Richard.

Well, Caterina, thank you. Thank you for joining us today, starting on slide 3. The first half of 2026 marked an important turning point for i-80 Gold, following the successful recapitalization completed in the first quarter. With the recapitalization complete, we're focused on executing against the development plan and we're encouraged by the progress we're making as we move into the second half of this year. We have strengthened our balance sheet, advanced our key development projects, delivered encouraging results through the drill bit, and commenced demolition of the Lone Tree Autoclave and CIL processing plant in advance of construction in the fourth quarter.

Transitioning from toll milling to owner processing in 2028 will improve our cash margins by between $1,000 and $1,500 per ounce. The scale of the technical work underway across the portfolio is significant. And we continue to build the technical, operating, and financial depth within our team to advance multiple projects concurrently. Permitting is also progressing on track. And our second quarter achievements continue to de-risk our development plan and keep our Phase 1 projects on track, targeting an increase in annual gold output from approximately 50,000 ounces this year to between 150,000 and 200,000 ounces in 2028. At the same time, we continue to advance our pipeline of projects, providing a pathway to organic growth to over 600,000 ounces of gold by the early 2030s. With that, I'll turn the call over to Paul for project updates.

Thanks, Richard. Starting with Granite Creek Underground on slide 4, which was our first project to produce gold. As the mine ramps up, development continued to advance well during the quarter, bringing year-to-date development to approximately 750 meters, more than double the amount achieved in the first half of last year. Both the main decline and lateral development remain ahead of the mine plan, increasing access to high-grade mining areas and supporting the ongoing production ramp-up. Granite Creek is now sufficiently ahead of development for the remainder of the year and beyond.

Mining was temporarily impacted by ground conditions in two of our highest-grade areas, which restricted access and deferred a portion of high-grade mining tons during Q2. We have now restored access in these areas and they are currently contributing to third quarter production. We have approximately 15 headings available at any one time, which is more than sufficient to ramp up production. As a result, we expect mine grades and tons to improve in the third quarter.

Total tons mined was approximately 72,000 tons, including approximately 13,600 tons of sulfide material at 6.5 grams per ton, and 12,000 tons of oxide material at 7.4 grams per ton gold. Second quarter production increased from the prior year to approximately 8,600 ounces of gold. Year-to-date production as of Q2 is approximately 17,500 ounces, keeping us on track to meet our 2026 guidance of 30,000 to 40,000 ounces produced. On processing, approximately 9,100 tons of sulfide material was processed during the quarter.

Processing volumes were lower than mined due to availability at the third-party processing facility, resulting in a buildup of various inventories at quarter end, including 5,300 recoverable ounces of gold, which was in process at the third-party facility, and an additional 1,800 ounces of recoverable gold in inventory at Granite Creek. Unit mining costs were approximately $178 per ton, in line with plan. And lastly, water management remains well controlled. Underground pumping capacity continues to exceed inflow rates, and our second larger water treatment plant and two new dewatering wells are currently under commissioning, which will address the site's long-term water management capability, eventually drawing down the water table below the underground workings.

Moving to slide 5. The updated mineral resource estimate for Granite Creek Underground is complete and will support the upcoming feasibility study, which is planned for completion in the third quarter of 2026. While the cutoff grade has decreased from the PEA to allow for an increase in the economic areas to be mined, we expect the reserves grade to be consistent with the average mine grades over the past several quarters. Infill and step-out drilling continued during the quarter across the Ogee, Range Front, and Adams Peak zones, focused on resource conversion and infill drilling to assist with mine planning. We continue to see opportunities to expand mineralization in these areas and elsewhere. For the remainder of the year, drilling continued to focus on delineation and resource expansion. Due to the significant potential at Granite Creek, evaluation for further expansion campaigns are underway for 2027 and beyond.

Turning to slide 6. Underground development at Archimedes continues to progress on schedule and largely on budget. Underground operating costs are in line with the PEA, while we expect to have slightly higher capital with the surface infrastructure as we build the Ruby site for the long term. Development productivity continues to benefit from favorable ground conditions and contractor productivity. During the second quarter, the main decline continued to advance ahead of planned rates and the exploration drift was completed ahead of schedule, establishing the underground drill platforms required to support definition drilling at depth. We remain on track to achieve first gold mined from the upper 426 zone during the fourth quarter this year.

Turning to slide 7, we continue to see significant potential for resource expansion at Archimedes. Early in the quarter, we completed infill drilling in the upper 426 zone. These results were reported in June and confirmed good grades and continuity within the planned mining areas while also extending mineralization beyond the current resource boundaries. Drilling intersected significant high-grade oxide mineralization that was not included in the mineral resource estimate that supported the 2025 PEA, providing potential upside in the near-term mine plan. We believe this emerging oxide opportunity to Archimedes has the potential to provide meaningful, low-cost, near-term ounces. We continue to advance metallurgical test work and geological modeling, while the Archimedes Feasibility Study and supporting trade-off work will evaluate processing options for this oxide material, including the existing heap leach pad at Ruby and the CIL circuit at the Lone Tree Plant.

The 2026 infill drilling campaign commenced during the quarter from the exploration drift for the lower 426 and Ruby Deeps zones in support of an updated resources model and mine plan. So far, this campaign has progressed a little slower than planned due to drill rig availability and contractor staffing constraints. As a result, the current campaign is expected to continue into early next year. These are moderate delays. We have seven rigs underground and we're not able to operate all of them 24/7. However, we're looking at ways we can complete that. It just means a slight delay in the technical report to be able to complete this drilling.

The 2026 exploration guidance for Archimedes has been updated accordingly, and the feasibility study is now expected to be completed by approximately mid-2027. These results, together with the positive drilling results previously reported at Granite Creek Underground, continue to highlight the expansion potential at both underground mines, which are now expected to fill the Lone Tree plant into the mid-2030s and possibly longer.

Moving to slide 8. At Cove Underground, we continue to advance technical and economic studies during the second quarter to further optimize work in support of the feasibility study anticipated late in the third quarter of 2026. Permitting activities also advanced as planned, including baseline studies and technical reviews. At Granite Creek Open Pit, preparation for a pre-feasibility study has commenced, with technical trade-off studies underway to optimize the project design and economics. Early-stage pre-permitting activities are also underway with baseline field studies planned to commence in 2027 to support an expected NEPA permitting process.

Moving to slide 9. Mineral Point Open Pit sits in Phase 3 of the current development plan and is the company's largest asset by value. Given its value proposition, we continue to assess opportunities to optimize the sequencing of Phase 2 and Phase 3 of the development plan. A surface drilling campaign was initiated late in the first quarter, with approximately 15,800 meters of core and RC drilling completed during the first six months of the year, using up to five RC rigs and two diamond rigs.

The program has focused primarily on infill drilling to support classified inferred resources. The drill program also encountered slower-than-planned progress due to drill rig and contractor staffing availability during the quarter, as well as slower-than-expected drilling rates through the softer sanded dolomite. Management expects to increase the overall drilling rate for the remainder of the year, with completion of this program now expected late in the first quarter of '27.

I just want to emphasize this is a large program and is targeting approximately 300 drill holes over 131,000 meters and is designed to infill the inferred resources, to test opportunities to add resources through step-out drilling beneath the existing heap leach pad, and support geotechnical and metallurgical studies for the Mineral Point pre-feasibility, which is now expected approximately mid-2027, pending the progress of this drilling campaign.

Turning to the Lone Tree processing plant on slide 10. We recently issued a press release highlighting the progress being made on the refurbishment. The project continues to advance on schedule, targeting first gold by the end of 2027. And the estimated project capital remains on budget, with approximately 40% of capital committed as of mid-July. Demolition of the existing plant components requiring replacement commenced in June and continues to track the engineering study schedule. Procurement packages supporting the critical path remain on schedule, and approximately 50% of the packages, by value, were awarded as of mid-July. Detailed engineering is progressing as planned, and the Hatch construction team was fully mobilized during the second quarter. Third quarter priorities include advancing detailed engineering to approximately 60%, substantially completing the primary demolition, and awarding key civil and concrete contracts. Permitting continues to align with the construction schedule with several permits received to date and further permits pending. And with that, I'll hand over to Ryan for a financial review.

Thank you, Paul. Turning to slide 11, our balance sheet remains strong, supported by the successful completion of our recapitalization in the first quarter, stronger operations, the release of approximately $17 million in restricted cash, and higher realized gold prices. We ended the quarter with a significant cash balance of approximately $465 million. This was a reduction from approximately $514 million at the end of the first quarter, which is in line with expectations. We continue receiving some of the anticipated proceeds from the November 2027 maturity date warrants, with 8.5 million warrants exercised during the quarter. At quarter end, a total of 152 million warrants were outstanding of the original 186 million. In addition, we completed a termination and settlement agreement with Vox Royalty on a gold offtake agreement. This provides the company with increased flexibility to manage future gold sales and stockpiling opportunities in preparation for the commissioning of the Lone Tree plant.

The company believes that eliminating the offtake also provides meaningful cash flow savings over the next 30 months. In March, we completed several financing transactions in support of the recapitalization plan, bringing total proceeds funded and committed to more than $1 billion since May of 2025. The second quarter was the first full quarter with these new financial instruments reflected on our balance sheet. I want to take this opportunity to emphasize that these instruments are carried at fair value and are updated each reporting period to reflect changes in metals prices and discount rates. As a result, these revaluations will have non-cash impacts on our income statement going forward. I also want to remind everyone that we still have available the $100 million accordion under the gold prepay facility with National Bank and Macquarie Bank, as well as an additional $25 million available to us from Franco-Nevada after we spend the initial $25 million toward advancing Mineral Point.

Moving to slide 12, company-wide gold production and sales for the quarter were approximately 11,100 ounces and 5,300 ounces, respectively, compared to 4,200 ounces and 8,400 ounces in the prior year period. For the six-month period, gold production and sales were approximately 22,000 ounces and 16,000 ounces, respectively, compared to about 14,300 and 13,400 ounces in the prior year period. The difference between gold produced and gold sold reflects the timing and availability of third-party processing. As Paul noted, the work-in-process inventory currently sits at over 5,300 recoverable ounces of gold.

Total revenue for the quarter was just over $24 million, bringing year-to-date revenue to just under $77 million. This compares to $28 million and $42 million for the comparable prior year periods. The increase in six-month revenue is primarily due to more than 2,500 more gold ounces sold due to the ramp-up at Granite Creek, and an increase in the realized gold price to nearly $4,800 per ounce. These revenues drove gross profit to $9 million for the quarter and $25 million year-to-date, both of which have significantly increased from the prior year.

Net loss for the quarter was $53 million or $0.06 per share and $131 million or $0.15 per share year-to-date, compared with a net loss of $30 million or $0.05 per share and $71 million or $0.14 per share in the prior year periods. The net loss was mainly due to higher non-cash accounting impacts tied to the revaluation of our financial instruments as discussed earlier, financing costs related to the recapitalization, and increased pre-development expenses as we advance the development plan, which we will begin to capitalize as we publish feasibility studies and declare commercial production, all partially offset by higher gross profit.

Adjusted net loss increased to $41 million and $70 million for the quarter and year-to-date, respectively, compared to $27 million and $50 million in the prior year periods. This was in line with our expectations, reflecting the continued ramp-up of our pre-development, evaluation, and exploration activities as we advance several development projects. As a reminder, under U.S. GAAP, which we transitioned to in 2024, pre-development, evaluation, and exploration costs are expensed until we declare mineral reserves.

Cash used in operating activities increased to $50 million for the quarter and $95 million year-to-date from $11 million and $34 million in the prior year periods, mainly due to a comparative inventory buildup from third-party processing delays, increased pre-development evaluation and exploration outflows as we ramp up activities, and interest paid on the repayment of legacy debt, all partially offset by increased gross profit.

Moving to slide 13, looking ahead, we continue to see results from across the business trend in line with our expectations for the year, and we remain on track to achieve our 2026 guidance, subject to the following changes. Overall, growth capital expenditures are expected to be in line with the $150 million to $175 million guidance range on an accrual basis. The Lone Tree refurbishment growth capital is expected at the bottom end of guidance on an accrual basis. However, we anticipate approximately $30 million in accruals, resulting in the cash expenditure being below the guidance range. Management was conservative in estimating expenditures related to the refurbishment for 2026 during the recapitalization planning process earlier in the year to ensure the company raised sufficient capital.

Archimedes Underground growth capital expenditures are expected to be approximately $10 million to $15 million higher, reflecting a change in strategy for long-term surface infrastructure. Additionally, exploration expenses are expected to be approximately $10 million lower in 2026, mainly due to late delivery of drill rigs to the Ruby Hill property and contractor personnel shortages. Overall, we remain comfortable with our 2026 outlook. These changes primarily reflect timing and capital allocation rather than changes to our development objectives. I will now hand the call back to Richard to discuss upcoming catalysts.

Well, thank you, Ryan. Ending with slide 14, we have clear near-term catalysts within the development plan that we expect to deliver on over the next 12 months. These include bringing Archimedes, our second mine, into production, advancing the plant refurbishment towards commissioning, completing feasibility studies for all three of our underground projects, and a pre-feasibility study for Mineral Point, our largest and most valuable oxide open pit project. As we deliver these milestones, we believe we'll close the valuation gap between our current market value and the underlying value of our asset base. The gold market has been volatile this year, but the long-term backdrop for gold remains constructive, and our focus remains on the factors we can control; execution. We're very pleased with the progress made during the first half of the year, and we remain focused on carrying that momentum forward. Thank you again for your continued support. We'll now open the call for questions.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. [Operator Instructions] Your first question comes from Justin Chan with SCP Resource Finance.

My first question is just in terms of Granite Creek. It sounds like you made good progress on development. Is that a function of more levels and maybe just a bit more color on the areas where you had ground control trouble but then rehabbed them and your high-grade stope access? Was that all in the South Pacific Zone? I guess maybe just to characterize, you're pretty happy now with your level development on the ramp and where you have access going into Q3 and the second half?

Yes, I think -- thanks, I'll just -- I'll take that one. So first of all, the ground conditions primarily were because it took us a bit of time to get vent raise in, and then that allowed access into the high-grade zone that we thought we were going to be able to get in Q2. And then, in fact, we're mining that area now. So it was just getting a vent raise in. And was that in the South Pacific Zone? No, in fact, that was in the Ogee Zone, but there are some areas of some more challenging ground in the South Pacific as well.

And then we also had, for a period of about two months, we had a small rib failure. So that's just the side of the drift. And then we needed to get MSHA involved, which we did. And it took us a little bit of time to get clearance to be able to mine in that area. And so now we're mining those areas. And then in terms of all the development that we've been able to make, we really want to get in the range of 10 to 12 headings. And right now we're about 15 or 16. And then that'll allow us a lot of flexibility in the mine plan. But we needed to gain in the lateral development and the main decline to be able to do that, of which we're caught up. In fact, we're caught up through to the rest of the year, and we'll keep doing some lateral development so that we're always going to stay ahead.

Got you. Maybe one follow-up on that concept. So how many stopes will you be drawing from in any given time in various phases of, I guess, of mucking and blasting relative to the 15 available number you mentioned? And then just for the study, you kind of hinted that you plan to drop the cutoff grades and grades will be more in line with what you've been mining. Is that in line with the high-grade ore you've been mining? Because when you report, you split out between high and low grade, or should we model more in line with the overall ore grades?

It's the high grade that I'm talking about. So it'll be more consistent with that. Over the past three to four quarters, the reserves estimate will match that roughly because we're mining to around that cutoff grade in reality. And so the PEA had a lower gold price, so a higher cutoff grade. So we just want to provide notice that the grade in the upcoming fees will match that. Now you mentioned about the 15 headings. So when we shoot our rounds, it typically takes about a day to clean up. We don't need to shoot 15 rounds at any given time. And that supplies plenty of flexibility to be able to mine the given areas, depending on where we're at in the mine plan. I hope that helps.

So normally 10 to 12 headings is sufficient, but right now we've got 15 or 16.

10 to 12 to have plenty of flexibility. You don't need that either. But in the past, it was 5 or 6, and that created a lot of challenges and a lot of delays in the mining. Now we're well north of that.

Awesome. That's great to hear. And maybe just one last one on Granite Creek and I'll rejoin. I guess, are you looking at lower cutoff more, let's say, more tons at grades you've been mining now or similar tons to what was in the PEA? On a daily or annual basis.

Similar tons, I think I'm allowed to say that.

No, it's going to be more tons, lower grade, similar ounces. Is where we're going to end up, Justin. So, you know, the infill drill programs have confirmed largely both, I think, for Cove and for Granite Creek, the ounces in the PEA, give or take. But with some changes in modeling grades and lower cutoff grades, grades will be a little bit lower.

Your next question comes from Don DeMarco with National Bank Financial. Your line is now open.

Starting off with Archimedes. I see that the FS timeline has shifted to mid-'27 due to some contractor staffing constraints. Does this later study have any impact on the mine ramp-up schedule or the Lone Tree feed assumptions?

No, no. It's really just a matter of getting all the technical work in time for feasibility status, but in parallel, we're ramping up the mine plans on the execution and looking at opportunities for 2027 to be able to recover some of the oxide at site, as well as building up an inventory over at Lone Tree.

And sorry, Don, and I might just add that the drill program of the upper 426 Zone that was completed earlier in the year will provide feed for several years in any event.

Yes, that's right.

Okay, great. At Mineral Point, of course, the recapitalization had earmarks and funds for permitting and technical work. Can you just outline the specific de-risking milestones investors might expect before the next study? And I understand there has been some, you know, challenges with respect to the drilling and whatnot. So just so you can just lay out the kind of milestones before the next study. Thank you.

Before the study? Well, the main part is we're going to be continuing with this campaign and it's 430,000 feet, give or take. And so we'll be releasing results on that on a time-to-time basis. And then the main component will be to put that together into a pre-feasibility so that we can declare reserves by approximately mid next year. And that is pending on completion of this program. There's five RC and two diamond rigs, and that ratio will vary in time. But we're also evaluating drilling at depth below the heap leach pad, so we're trying to understand that, and as well potential areas for expansion. And then as well, making sure we're very thorough on the geotech so that we don't have to go back to the well.

So really, in terms of from now until the pre-feasibility study is released, it's really drilling results, and then perhaps initiating of permitting.

And that work is underway.

We've already collected a number of composites and we'll be very thorough there. We'll be releasing those results as they come.

And we've been working with the community on the layout of the mine and got their sign-off through community discussions on, you know, where different facilities are going to go -- waste dumps, leach pads and things like that, and we've been making a lot of progress with the community and continues to move forward because, you know, between Archimedes and Ruby Hill, this is going to be the most valuable asset portfolio. Eureka is a small mining town. But, you know, we're looking to reinvest in that town and create a very attractive place for people to work.

Well, that's great to hear.

The pre-feasibility will also evaluate a number of opportunities as trade-off studies. So for example, potential on the silver recovery, maybe perhaps overall gold recovery, looking at crushing options and potential for some optimization of the pit design. So there's a number of trade-off studies that are going to be part of the pre-feasibility.

And just by way of background, Barrick originally had that asset and they did a lot of technical work. So that project was quite well advanced before we even picked up that PEA. And Steve Yopps, who was on our Board, was actually the general manager at Ruby between 2010 and 2014 when all that work was done. So they had some of the same drill issues with that sanded dolomite that we're having now, but I think Tyler's found a way to address it.

Okay, well, that's great to hear. Look forward to all that progress coming to fruition. That's all for me. Thanks again for taking my questions.

Thanks, Don. I will now hand the conference over to Caterina for questions on the web.

Thanks, Operator. So we have a question online that says, are you planning on stockpiling sulfide material in 2027 to ensure enough ore for Lone Tree in 2028?

Yes, so we're building up. There's several different opportunities here. So first of all, we'll be building up sulfide from both Granite Creek and Archimedes during 2027 so that we have sufficient feed for the plant once that starts at the end of 2027. Second thing is there's going to be significantly better margins when we actually operate Lone Tree compared to our current arrangement. If we can afford it, which we feel we can, that'll help a lot. And then on the oxide, yes, the high-grade oxide can feed through the CIL. We are evaluating that, but we are also evaluating leaching at the Ruby pad. And there may be an opportunity there that might actually be more economically beneficial than to haul it to Lone Tree, but either way we'll be building up the high-grade oxide as well.

We have another online question. Is September or October 2027 a reasonable assumption for starting to push the high-grade oxides through the CIL plant at Lone Tree to confirm? We just touched on that question. Sorry. I'll go to part two of this question. Has drilling contractor availability improved? Any risk to the schedule on Mineral Point related to hydrogeological drilling or geotech work for submissions related to permits? Or is this more just a push in the pre-feasibility study for now? It looks like we covered that, but if you have any further comments.

Just on the geotechnical component. So the additional -- potential additional footage that we need to do, that comes from the underground, and that's so that we can evaluate some different mining methods. And we're still confirming that we need to do it. The contractor availability, we are looking at ways, but it will be a challenge to staff up because if you add up both Mineral Point and Archimedes Underground, that's 14 rigs. That's substantial, and we need to do this work safely and effectively.

There are no further online questions. I'll now hand the call back to the operator.

There are no further questions at this time, I will now turn the call over to management for closing remarks.

Well, I'd like to thank everybody for joining us today. We're excited by the progress we've made. The recapitalization now allows us to focus on the execution. And these oxide drill results at Archimedes have the potential to make a meaningful difference to our production cash flows as early as next year. And we're pleased the way the team's executing and our ability to continue to hire and retain really good people in Nevada. So I'd like to thank everybody for joining us today. And if you've got any follow-up questions, please feel free to reach out to Kat, Leily, or Candida, who just recently joined us. So thank you for your time today.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

Hello, and thank you for joining i-80 Gold's 2026 First Quarter Results Conference Call and Webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of i-80 Gold; Paul Chawrun, COO; and Ryan Snow, CFO.

Before we continue, please note that today's comments may contain forward-looking statements, which involve risks and uncertainties. Actual results could differ materially. I ask everyone to refer to Slide 2 of the presentation, which is available on i-80 Gold's website to view the cautionary notes regarding the forward-looking statements made on this call and the risk factors related to these statements. All amounts are in U.S. dollars unless otherwise stated. Following today's formal presentation, we will open up the call to your questions.

I'll now hand the call over to Richard.

Well, thank you, Vincent, and hello, and thank you for joining today's call. Starting with Slide 3. We're off to a strong start in 2026, advancing our growth strategy to create a Nevada-based mid-tier gold producer. We are pleased to now have the recapitalization behind us as we completed the recap in the first quarter, a task that took about 12 months to complete through a series of financing transactions, we've secured over $1 billion, providing funding certainty, paying off legacy debt and derisking our development plan.

With the recapitalization complete, we believe we are now fully funded to advance Phase 1 and Phase 2 of our development plan, which currently include the refurbishment and commissioning of our centralized Lone Tree processing facility, development of 3 underground projects to feed Lone Tree as part of our hub-and-spoke strategy as well as developing 1 of our 2 large open pit oxide projects. This growth pipeline is rare for a development company of our size. Phase 1 and 2 are expected to generate sufficient free cash flow to fund Phase 3, which currently includes the development of Mineral Point, a large oxide open pit, which is actually the largest project within our portfolio.

During the quarter, we made excellent progress advancing all 3 phases of our development plan, achieved record quarterly revenue and gross profit as we finally put the water issue behind us at Granite Creek, and Paul will speak about that shortly. advanced construction of our second underground mine on budget and on schedule. Received Board approval for the Lone Tree plant refurbishment following completion of the recap. This all puts us on track to complete Phase 1 of our development plan to increase gold production from about 50,000 ounces this year to between 150,000 and 200,000 ounces per year by 2028.

We've also initiated the largest drill program in our company's history for resource and reserve development in support of feasibility and pre-feasibility studies due next year. Our recapitalization repositions the company as the focus shifts now from a weak balance sheet to the value of our asset base and execution. i-80 is better positioned today than at any point in our company's history.

I'll turn it now over to Paul for a look at each project. Paul?

Thanks, Richard, and hello, everybody. Let's begin with Phase 1 projects, starting with Granite Creek Underground on Slide 4. Overall, waste development is on plan with continually improved advancement rates and water issues now under control as long-term solutions are being implemented this quarter. Total material mined increased year-over-year to approximately 31,400 tonnes, including higher sulfide tonnes mined at a gold grade of just over 6.2 grams per tonne and slightly less oxide tonnes mined at a grade of about 8.9 grams per tonne, supporting stronger overall operating performance at Granite Creek.

Gold production from Granite more than tripled to nearly 8,900 ounces, driven by the transition to sulfide processing from the toll-mill agreement established in March of 2025 and improved underground development rates. Due to the timing of third-party sales, approximately 8,800 ounces were sold, ending the quarter with a sulfide stockpile of over 4,000 ounces of recoverable gold, which we expect to process in the second quarter.

Development in the main decline and access ramps progressed according to plan during the first quarter with recent rates in the past 2 months exceeding the plan. The higher rates are expected to be maintained, resulting in the ability to continually improve access to the desired amount of active mining phases through Q2 and beyond, which is expected to result in continued improvement in the operations and production rates. We feel confident that the water issue is largely behind us with mine water inflows being well managed and unchanged from the fourth quarter. Commissioning of the second water treatment plant remains on track for June, which is the long-term solution to eventually lower the water table below the underground workings.

The team has done an excellent job managing water at Granite Creek since the first quarter of last year, and we don't expect this to be an impediment to our operations in the future. Operations were impacted by the failure of a main transformer, which resulted in nearly 1 week of power loss to the underground in January and impacted development rates for about 3 weeks due to limited power underground. The team responded quickly by installing temporary infrastructure with permanent replacement infrastructure installed by the end of the quarter with minimal overall impact on the operations. Granite Creek Underground is now in a position where we can begin to execute on opportunities to optimize the mine plan.

Moving to Slide 5 for a brief look at Granite Creek drilling. Infill and step-out drilling continued, completing just over 1,900 meters of core drilling across the property during the quarter. Assay results released on January 20 demonstrated high-grade mineralization throughout the South Pacific Zone, supporting expansion potential to the north and at depth, while follow-up drilling advanced beyond the current structural boundaries into a new untested area to potentially expand the mineralized envelope.

The underground drill program remained focused on additional infill drilling to support resource conversion and mine planning, while surface drilling targeted northerly step-out holes on the South Pacific Zone and the Range Front Fault to test potential for resource expansion. The feasibility study is expected to be completed late this quarter with an updated mineral resource estimate incorporating drilling data from the past 3 years. We remain encouraged by both near- and long-term opportunities at Granite Creek Underground.

Turning now to Slide 6. Construction at Archimedes continues to advance ahead of schedule with production expected to commence in Q4 and ramp up through 2027. During the first quarter, development progressed to approximately 660 meters or 2,165 feet, which translates to over 20 feet per day, supported by favorable ground conditions ahead of the PEA rate. The exploration drift needed for feasibility study was initiated and costs remain in line with budget and PEA expectations.

Second quarter priorities include continued advancement of the exploration drift and mobilization of the underground drilling fleet for deeper drilling of Lower Archimedes in preparation for the feasibility study. Completion of key infrastructure projects such as initial ventilation raises, power supply and preparation for gold production is ongoing in Q2 as well. These activities support our target to achieve first gold from Upper Archimedes by the end of this year. In support of permitting and the eventual mining of Lower Archimedes, we continue to advance groundwater and geochemical studies in the quarter.

Turning to Slide 7. The planned program for drilling in Upper Archimedes was completed during the quarter on schedule. More than 7,500 meters across 35 holes of infill drilling was completed to better define the 426 Zone to approximately 75-foot spacing. Assay results released on April 8 returned strong high-grade intercepts, further increasing our confidence in the scale, continuity and quality of mineralization within Upper Archimedes. Importantly, the mineralized envelope also appears to have expanded supported by an improved understanding of the oxide sulfide transition boundary and the potential to extend mineralization beyond the current PEA resource limits.

This emerging oxide opportunity at Upper Archimedes has the potential to provide meaningful low-cost near-term ounces with the metallurgical test work and geological modeling of the oxide boundary currently underway. At the same time, an infill drilling program for additional resource delineation of Lower Archimedes has begun, which will continue to ramp up with additional rigs throughout the quarter. Together, these programs are expected to support an updated geological model and new mine plan for the Archimedes underground feasibility study, which remains on track for completion in the first quarter 2027, however, pending the potential expansion of the current drill program.

Looking at Slide 8. The Lone Tree plant refurbishment is off to a good start following a positive construction decision in February. As we indicated previously, we were able to maintain the project schedule by providing Hatch with a limited notice last August to progress on critical path procurement and engineering. The project is on plan for the first gold pour by the end of 2027, with costs tracking the December 2025 capital estimate of $430 million, including capital spares and 12% contingency. The owners team is now fully staffed and continues to work closely with the Hatch project team.

Second quarter priorities are focused on mobilizing the Hatch construction team and preconstruction readiness, followed by demolition and on-site early works while continuing with detailed engineering and procurement. Project commitments totaled approximately $31 million at the end of the quarter with plans to reach 50% committed by midyear and near 100% by the fall when construction is expected to commence. The Lone Tree autoclave and CIL processing facility is central to our hub-and-spoke strategy and is expected to unlock transformational value once recommissioned.

Moving to Slide 9 to discuss Phase 2 projects, which are advancing through various stages of technical study. Cove is currently our third planned underground mine and in the final stage of a feasibility study, which is expected to be completed in the second quarter. Additional work is ongoing to revise the mine plan, sequence optimization and cutoff grades with updated gold price assumptions and evaluate opportunities to optimize capital costs and engineering design options related to the dewatering program. NPA activities and permit submittals have been underway with the Bureau of Land Management in anticipation of an environmental impact statement.

At Granite Creek Open Pit, the technical work and trade-off analysis are being conducted aimed at optimizing project economics and advance the project towards pre-feasibility. Early-stage pre-permitting activities and the development of the scope for a technical site investigation is ongoing with baseline field studies planned to begin in 2027 in support of the NEPA process and in preparation for an EIS.

Moving to the Mineral Point project on Slide 10, which currently sits in Phase 3 of the development plan. If you recall, the current mineral resource estimate is 3.3 million ounces of indicated gold and 2.1 million ounces of inferred gold and 104 million ounces indicated as silver and 91 million ounces of inferred silver. This represents our largest value asset.

A substantial drilling campaign was initiated during the first quarter, targeting approximately 131,000 meters to support resource conversion and a pre-feasibility study planned for completion in 2027. 4 drill rigs are currently on site with 3 additional rigs expected to start this month. The drilling program is designed to infill the currently classified inferred resources to indicated status to test opportunities to add resources through step-out drilling beneath the existing heap leach pad and to support geotechnical and metallurgical studies for the pre-feasibility study.

Under the Franco-Nevada royalty financing completed in the first quarter, $50 million has been allocated to advance resource expansion, infill drilling and technical work and early-stage permitting activities at Mineral Point this year. Given the value proposition of Mineral Point, we continue to assess opportunities to optimize the sequencing of projects within Phase 2 and Phase 3 of the development plan.

And with that, I will now turn the call over to Ryan for a financial review.

Thank you, Paul. Turning to Slide 11. I'm pleased to report that our balance sheet is the strongest it has ever been. This is supported by the successful completion of our recapitalization, stronger operations and higher realized gold prices. In March, we completed several financing transactions in support of the recapitalization plan for total proceeds funded and committed of over $1 billion since May of 2025.

This included a net smelter return royalty for $250 million with Franco-Nevada, of which $225 million was received on closing with the remaining $25 million expected later this year. A gold prepayment facility with National Bank and Macquarie Bank for up to $250 million, of which $150 million was funded on closing and includes a $100 million accordion option we anticipate drawing in the first half of 2027. Finally, an offering of 3.75% unsecured convertible senior notes due 2031, which was well oversubscribed and closed for an upsized aggregate amount of $287.5 million.

Proceeds from the Franco-Nevada royalty were used to redeem our legacy debt obligations such as convertible debentures, the Orion Gold Prepay and the Orion convertible in the amount of approximately $167 million. We ended the quarter with a significantly higher cash balance of approximately $514 million as a result of the recapitalization when compared to the prior year period. This was partially offset by higher capital expenditures compared to the prior year period related to the start of the Lone Tree plant refurbishment as well as the settlement of the legacy debt. Further, we continue receiving some of the anticipated cash proceeds from the November 2027 warrants with 13.6 million warrants exercised during the quarter. At quarter end, a total of 159 million warrants were outstanding of the original 185.5 million.

Moving to Slide 12. Company-wide gold production and gold sales for the quarter increased to approximately 10,800 and 10,600 ounces, respectively, compared to 5,200 and 5,000 ounces in the prior year period. The sulfide stockpile currently sits at over 4,000 recovered ounces of mineralized material and inventory, which we expect to process in the second quarter. A reminder that when reconciling tonnes mined, gold produced and gold sold, there are 2 factors to keep in mind. First, there's often a timing lag between mining and production and sales recognition when using a third-party processor, and our agreement allows for up to 120 days for delivered material to be processed.

Second, the high-grade oxide material is subject to a 57% payability factor, which impacts gold sold relative to contained ounces produced. We effectively forgo 43% of the contained ounces per ounce sold. Total revenue increased to just over $52 million for the first quarter compared to $14 million in the prior year period due to more than double the gold ounces sold, and this is mainly due to the fact that the toll processing agreement was finalized in March of 2025 and an increase in the realized gold price to nearly $5,000 per ounce.

Higher revenues drove gross profit to $16.1 million, more than 4x higher than the prior year period, which is a new record for the company. Net loss increased to $76 million (sic) [ $78.6 million ] or $0.09 per share compared to a net loss of $41 million or $0.10 per share in the prior year period, mainly due to higher noncash accounting impacts tied to stronger metals prices, resulting in fair value revaluations on derivative instruments, financing costs related to the recapitalization and increased expenses as we advance the development plan. This was all partially offset by higher gross profit.

Our adjusted loss increased to just below $29 million compared to $24 million in the prior year, which is in line with our expectations due to higher planned predevelopment, evaluation and exploration activities as we continue to advance multiple projects under the development plan. As a reminder, under U.S. GAAP, which we transitioned to in 2024, predevelopment, evaluation and exploration costs are expensed until we declare mineral reserves.

Cash used in operating activities increased to $45 million from $23 million in the prior year period, mainly due to interest payments related to the settlement of legacy debt. Looking ahead, we continue to see results from across the business trend in line with our expectations for the year, and we remain on track to achieve our 2026 guidance.

With that, I will now turn the call back to Richard to highlight some upcoming catalysts.

Well, thank you, Ryan. Now turning to Slide 13. We're entering a new phase in our company's evolution. The completion of the recapitalization shifts the focus to the quality of our Nevada asset base, the scale of the portfolio and our ability to create a mid-tier gold producer over the next 5 or 6 years and the milestones within our development plan, which we expect to deliver on this year and next.

These include feasibility studies for all 3 of our underground projects, pre-feasibility studies for our 2 large open pit oxide projects, bringing our second underground mine, Archimedes online and completing the refurbishment of the Lone Tree process plant. We continue to trade at a significant discount to the value of our asset base and our prospects. As we execute on our development plan, we believe there's a clear opportunity to close that gap and create meaningful shareholder value.

We'll now turn this call back to the operator, Vincent, for questions.

[Operator Instructions] We have no questions during this time. I'll turn the call back over to Richard.

Well, Vincent, thank you very much. And well, our first quarter was important to us, and we're thrilled at the progress we're making. There was other news in our sector earlier today. And I think we all here at i-80 wish both companies well on that merger. And we are here to answer any questions that people have as the dust settles.

But I think I want to reiterate that we put out a development plan 18 months ago, and we're executing on that plan. We believe there's a lot of value with our asset base. The goal ultimately is to find more gold than we disclosed in the PEAs and in our resource statement, and that work is well underway with the biggest drill program we've ever had. So we look forward to continuing to execute and tell our story. Everyone, have a wonderful day today.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

Hello, and thank you for joining us for i-80 Gold's 2025 Fourth Quarter and Full Year Results Conference Call and Webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of i-80 Gold; Paul Chawrun, COO; and Ryan Snow, CFO.

Before we continue, please note that today's comments may contain forward-looking statements, which involve risks and uncertainties. Actual results could differ materially. I ask everyone to refer to Slide 2 of the presentation, which is available on i-80 Gold's website to view the cautionary notes regarding the forward-looking statements made on this call and the risk factors related to these statements. Following today's formal presentation, we will open the call to your questions.

I will now hand the call over to Richard. Please go ahead.

Well, thank you, Joanna, and hello, and thank you for joining today. Starting with Slide 3. In 2025, we made significant progress advancing our development plan and recapitalizing the company's balance sheet towards our goal of creating a mid-tier gold producer. From an operating standpoint, we achieved our 2025 production guidance with consolidated gold output of just under 32,000 ounces that would have been at the higher end of the range had we not had the buildup in inventory at the end of the quarter, and Ryan and Paul will talk about that in a few minutes.

Our production does continue to ramp up as Granite Creek ramps up. In parallel, we advanced drilling, technical studies and permitting across our portfolio of projects during the year, keeping us on track towards delivering on key project milestones in our development plan. Drill results, particularly at Granite Creek, were highly encouraging and support our decision to expand the infill and resource expansion programs in 2026.

From a development perspective, we began construction of Archimedes, the company's second underground mine. We also capped off the year with the completion of the engineering study for the refurbishment of the Lone Tree process plant, which remains the cornerstone asset in our hub and spoke strategy to process material from our 3 underground mines. The Board has approved the notice to proceed to Hatch engineering for the full $400 million Lone Tree refurbishment.

We also executed on a series of recapitalization initiatives and subsequent to year-end, secured a financing package of up to $500 million. The recapitalization is transformational for us as it allows us to advance our development plan unencumbered by the balance sheet. Importantly, the capital that was raised was secured with top-tier financial partners, including Franco-Nevada, National Bank of Canada and Macquarie, who all share our long-term vision for the company and follow extensive due diligence. Their participation is a testament to the quality of our projects, our team and our execution plan.

And now I'd like to turn the call over to Paul for a detailed update on that development work. Paul?

Thank you, and hello, everybody. Turning to Slide 4. Operations and development work progressed well over the quarter with mining at Granite Creek and advancement rates at Archimedes performing better than planned. We continue to increase our bench strength by hiring talented personnel in the key areas essential to execute on our growth plan, such as geology, mining and metallurgical engineering as well as supply chain, community relations and the Lone Tree project owners team. I'm also pleased to report we achieved our safety performance targets, finishing the year with an improved TRIFR of 0.62, including an incident-free fourth quarter.

At Granite Creek underground, mining activities continue to ramp up due to reduced water-related impacts to mine operations, adjustments to the mine sequencing, and the delineation of additional high-grade areas through short-term drilling that were not included in the original resource model. As a result, we mined more mineralized material for the fourth quarter and the full year period year-over-year.

In the fourth quarter, we mined just over 41,000 tonnes of high-grade mineralized material, including approximately 15,000 tonnes of high-grade oxide material at a grade of 11.19 grams per tonne gold, approximately 26,000 tonnes of high-grade sulfide material at just over 9 grams per tonne gold, plus an additional 19,000 tonnes of incremental low-grade oxide material at just over 3 grams per tonne gold. For the year, we mined approximately 142,000 tonnes of high-grade mineralized material, including just over 70,000 tonnes of oxide mineralized material at over 11 grams per tonne gold, close to 72,000 tonnes of sulfide material at 9.08 grams per tonne gold, plus an additional 73,500 tonnes of incremental low-grade oxide material of just below 3 grams per tonne gold.

Total gold production was 3,600 ounces and 23,000 ounces for the quarter and full year period, respectively. And this refers to the gold available for sale at the third-party processing facility, which contributes to the total gold sold of approximately 5,200 ounces and 21,600 ounces, for the quarter and full year period. Due to timing delays with the third-party processing, the sulfide stockpile was higher than expected at an estimated 6,500 ounces of recovered gold. We expect to process this material in the first quarter of 2026.

Water inflows remained stable during the quarter. The upgraded pumping system that was commissioned in the third quarter facilitated effective water mitigation in active mining areas. And as a result, we expect to exceed waste development this year as the main decline rate increases. Construction of a second larger water treatment plant commenced in December and is tracking to begin operating by the end of the second quarter of 2026. This plant is designed to facilitate the ultimate discharge of water away from the underground workings as currently the water removed is recirculating back into the system. Overall, I am pleased with the operational improvements at Granite Creek, and this is a credit to the operating team at site.

Moving to exploration on Slide 5. We completed the infill drilling program in the South Pacific Zone, along with 7 target tests in December, which included approximately 16,000 meters of core drilling over 46 holes and an additional 6 infill holes to test and confirm the continuity of mineralization. Assay results outlined in the January 20 press release demonstrated a robust high-grade mineralization throughout the South Pacific Zone, suggesting the potential for expansion to the north and at depth. Encouraged by what we are seeing, drilling advanced beyond the current structural boundaries, opening a new untested area to potentially expand the mineralized envelope.

As we continue to drill, we are focused on an initial spacing to about 140 feet for the overall deposit and progressively narrow that spacing to increase our understanding as we move closer to planned mining areas. We have since established a preliminary resource estimate to support the Granite Creek underground feasibility study. Due to additional work required on the mine plan, such as optimization of sequencing with the new resource model, incorporation of ongoing productivity improvements based on current performance, and the incorporation of geotechnical engineering work, the feasibility study for Granite Creek underground is now planned for completion in the second quarter.

Results from the 2025 drill program will be combined with infill drilling data from 2023 and 2024 to produce an updated mineral resource estimate using 3 years of additional data. A $10 million exploration drill program is planned in 2026 to test high potential targets and to further delineate resources. Overall, we remain encouraged by the longer-term potential at Granite Creek underground.

Turning to the Ruby Hill property on Slide 6. Construction of Archimedes commenced in early September. Underground development is advancing ahead of expectations, reaching approximately 680 meters by year-end. Beyond permitting and development, a key focus over the coming months is advancing towards the exploration drift to support continued feasibility level technical work with initial mineralization expected to be intercepted by the third quarter. Infill drilling commenced in the Upper 426 zone in Archimedes during the fourth quarter.

A substantial $25 million to $30 million drilling program is planned for Archimedes in 2026, comprised of over 175 holes and over 60,000 meters. This work will form the basis of a feasibility study planned for completion in the first quarter of 2027, which is earlier than indicated in the PEA by approximately 1 year.

Moving to the Mineral Point open pit project on Slide 7, which also sits on the Ruby Hill property. Engineering and technical work continues to support permitting and define the timing of a pre-feasibility or feasibility level study. In 2025, approximately 8,600 meters of surface core drilling was completed to support the geotechnical, metallurgical and hydrogeology studies for baseline data to advance permitting and engineering work.

A substantial $40 million to $45 million drilling campaign is also planned for Mineral Point in 2026, targeting approximately 131,000 meters plus an additional $5 million for permitting and technical work. Mineral Point currently hosts the company's largest gold and silver mineral resources with the potential to become the company's largest gold producing asset. It currently sits within Phase 3 of development plan. However, we now have the financial flexibility to accelerate the feasibility study and permitting, thanks to the recent financing package.

Turning to Slide 8. Cove is an advanced stage exploration project and the company's third plant underground mine. Over the last 2 years, roughly 41,000 meters of infill drilling was completed on 30-meter spacing across the Gap and Helen zones. The results of this work delivered meaningful advances for the Cove project, which significantly strengthened our geological understanding and improved our confidence in continuity and grade. It also improved our understanding of the metallurgical response to optimize feed and gold recovery in the autoclave.

The Cove feasibility study is nearly complete. However, additional work is required to revise the mine plan and cutoff grades to the new gold price estimates, and to further evaluate the capital cost reduction and design optimization opportunities with the dewatering program, which has pushed completion into early Q2. In parallel, permit applications are also underway as part of an ongoing EIS process.

Moving to Slide 9. At Granite Creek open pit, work to advance the project continues. Technical work has been underway to advance the project towards either a pre-feasibility or feasibility level study and trade-off analyses are being conducted to optimize the project economics. Geotechnical drilling in support of baseline site investigation engineering was deferred in 2025 due to ongoing operating permit updates for Granite Creek underground located on the same property, pushing the start of drilling into 2026, resulting in a time line that is under review. Early-stage permitting activities will continue in 2026, followed by commencement of baseline field studies in 2027 in preparation of an EIS.

Turning to Slide 10 for a look at the Lone Tree plant. During the fourth quarter, we completed a Class 3 engineering study for the Lone Tree plant refurbishment, as Richard mentioned. We recently received a positive construction decision from the Board. Lone Tree is a cornerstone asset central to i-80 Gold's hub and spoke mining and processing strategy designed to process high-grade refractory feed from our 3 underground gold projects: Granite Creek, Archimedes, and Cove.

The autoclave is designed to process up to 2,268 metric tonnes per day, delivering a total annual throughput of approximately 820,000 metric tonnes, assuming an 85% plant availability. The processing circuit will incorporate an integrated pressure oxidation and carbon-in-leach circuit capable of processing both refractory and non-refractory mineralized material. Work is progressing as planned with Hatch engineering, such as advancing long lead engineering packages, further optimization of the execution plan, operating permit-related engineering and the progression of detailed engineering to support a first gold pour in December of 2027.

The submission of the necessary permit applications for the primary environmental permits are on track and are planned to be completed in the first quarter of 2026. The plant is permitted for the existing operational components in use. However, the approval of new and revised permit applications pertaining to the air quality, water pollution, mercury emissions and reclamation management for the new plant design requires updating. Restarting the autoclave will mark a major turning point in advancing the company's development plan by providing increased processing capacity, meaningful improvements to our margins per ounce of gold and translate into stronger free cash flow generation.

Slide 11 outlines the company's 2026 guidance. Overall, the 2026 guidance is largely in line with the preliminary economic assessments published in the first quarter of 2025 with the following exceptions. At Granite Creek, as previously disclosed, the impact of groundwater was not reflected in the PEA. Key aspects of the 2026 mine plan, when accounting for the water ingress impacts from 2025 are: an increased development rate compared to the PEA to recover lost development time, higher growth capital due to the additional dewatering infrastructure, and higher recovery rates and increased processing costs associated with the toll milling agreement entered into after the PEA was completed.

As a result, for 2026, when compared to the most recent Granite Creek PEA, approximately 20% more material is expected to be mined. Mining, G&A, development and sustaining costs are in line and the infill and step-out drill programs have expanded to the successful outcome of the 2025 program.

At Archimedes, tonnes and grade mined and development costs are largely in line with the most recent Archimedes PEA. The exception is production and processing costs related to the new toll milling agreement entered into after the PEA was finalized. And the feasibility study-related costs have been brought forward to 2026 from 2028. The cost to bring forward the Archimedes infill drill program is approximately $10 million higher so that an exploration drift can be constructed and cover the additional cost of drilling longer holes earlier than was planned from the upper levels.

For Mineral Point, Technical and permitting work was brought forward from 2028 to 2026, where an overall infill and step-out drilling, technical work and early permitting activities are expected to total approximately $50 million, the costs of which are covered under the new Franco-Nevada royalty. Other permitting, technical work and holding costs are largely in line with the PEAs.

And with that, I will now turn over the call to Ryan for the financial review.

Thank you, Paul. Turning to Slide 12. Gold sales for the year increased to approximately 28,200 ounces compared to 21,500 ounces in the prior year period reflecting the advancements made at Granite Creek, as Paul outlined earlier, slightly offset by a lag in the timing of third-party processing. This lag resulted in over 6,500 ounces of sulfide mineralized material in inventory, which we expect to process in the first quarter.

When reconciling tonnes mined, gold produced and gold sold, there are 2 factors to keep in mind. First, there's often a timing difference between mining and production when using a third-party processor, and our agreement allows for up to 120 days for delivered material to be processed. Second, our high-grade oxide material is subject to a 59% payability factor, which impacts gold sold relative to contained ounces produced. We effectively forgo the 41% of contained ounces per ounce sold.

Total revenue from gold sales increased to approximately $95 million for the year compared to $50 million in the prior year due to selling approximately 6,700 more ounces at an increased realized price of about $1,000 an ounce despite the inventory buildup referenced earlier. Gross profit for the year improved to $11.5 million compared to a gross loss of $15.7 million in 2024, mainly due to the gross profit from Granite Creek being positive in the second half of 2025.

The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million compared to $111 million in the prior year. The roughly $75 million difference between net and adjusted loss was related to noncash fair value revaluation losses, which are mainly attributable to the increase in metals prices and our share price during 2025, and a noncash write-down at Lone Tree for assets that were deemed obsolete under the updated refurbishment estimate released in December. The adjusted net loss was largely due to increased predevelopment evaluation and exploration expenses as development work increased across multiple projects as part of the company's development plan. Also, as a reminder, under U.S. GAAP, which we transitioned to in 2024, predevelopment, evaluation and exploration costs are expensed until we declare mineral reserves.

We closed the quarter with a cash balance of approximately $63 million, down from the previous quarter due to a larger-than-normal buildup of finished goods and stockpile inventories at year-end, as well as the continued investment in drilling programs to support the planned technical studies and the development plan, investments in Archimedes and Granite Creek development, along with early-stage activities under the limited notice to proceed at Lone Tree. The year-end balance is in line with our expectations under the recapitalization plan.

Moving to Slide 13. I'm very pleased to present the status of our recapitalization plan. We recently announced the culmination of a very competitive process that resulted in a financing package of up to $500 million. This financing package includes a commitment letter with Franco-Nevada for a $250 million royalty, and a gold prepayment facility for up to $250 million with National Bank of Canada and Macquarie Bank.

The $250 million Franco (sic) [ Franco-Nevada ] royalty is in exchange for a 1.5% life of mine net smelter return royalty, stepping up to a 3% life of mine net smelter return royalty on January 1, 2031. This royalty will apply to production from all mineral properties in the portfolio. Upon closing, $225 million will be made available to the company, of which $25 million is required to be allocated to the advancement of Mineral Point in 2026. An additional $25 million of the royalty financing is also expected to be made available in 2026 to further the advancement of Mineral Point, following the expenditure of the initial disbursement towards the project. This will allow us to allocate $50 million for resource expansion, infill drilling, technical work and early-stage permitting activities at Mineral Point in the year.

The gold prepayment facility with National Bank and Macquarie includes an initial advance of $150 million at closing with the obligation to deliver approximately 40,000 ounces of gold over a 30-month period beginning in January of 2028. It also includes an accordion feature that provides access to an additional $100 million for a 24-month period upon closing of the facility and subject to customary conditions and lender approval. We anticipate executing the accordion feature in the first half of 2027, at which point the number of additional gold ounces to be delivered will be determined.

Total ounces to be delivered for the full $250 million gold prepayment facility are expected to represent less than 15% of total gold output over the projected period of January 2028 to June 2030. The company established the facility with National Bank and Macquarie with the goal of transitioning the gold prepay into a corporate revolver to fund the development of Mineral Point following the completion of Phase 1 in the development plan.

Moving to Slide 14. Proceeds from the financing package, combined with the previously disclosed equity offerings completed by the company in the second quarter of 2025, represent over $800 million in funding to support i-80 Gold's growth objectives. This assumes the full exercise of warrants related to the May 2025 equity financing over the next 18 months. The company expects the final steps to complete the recapitalization plan targeting an overall amount of $900 million to $1 billion to be completed by the end of the first quarter.

The company recently issued a notice of redemption of its existing convertible debentures as part of the recapitalization plan to provide the required security under the financing package. The convertible debentures are expected to be extinguished on March 16. Once complete, the recapitalization is expected to fully fund Phase 1 and Phase 2 of our development plan, which is anticipated to increase annual production to approximately 300,000 to 400,000 ounces of gold from less than 50,000 ounces currently.

Finally, I would be remiss if I did not take this opportunity to thank all the internal and external parties that have been involved in this process and led to this great outcome.

With that, I'll turn the call back over to Richard.

Well, thank you, Ryan. And finally, turning to Slide 15. As we look ahead, we're entering a pivotal period that positions the company to unlock meaningful shareholder value. 15 months ago, we laid out a new development plan. 12 months ago, we filed 5 PEAs that demonstrated the value within that development plan, and then we've spent the last 12 months moving that plan forward, advancing the technical work and completing the recap.

As we look forward over the next 12 to 18 months, we will publish feasibility studies for our 3 high-grade underground projects as well as likely a pre-feas for our flagship Mineral Point project and potentially our Granite Creek open pit project. We will commence and be well advanced in the refurbishment of the Lone Tree autoclave, and we will be ramping up Archimedes production, our second underground mine. So the goal of the Board and the management team over the next 12 to 18 months is to move our current valuation from trading at a very significant discount to NAV to something closer to NAV as we continue to execute on the development plan that we laid out 15 months ago.

So we appreciate your continued support, and we continue to look forward to updating you as we continue to execute on this development plan.

And with that, Joanna, we will open it up to questions. Thank you.

[Operator Instructions] The first question comes from John Tumazos at John Tumazos Very Independent Research.

Maybe the press release was a little bit concise in describing the Lone Tree $400 million plus CapEx to restart the autoclaves. On a very simple level, the autoclaves are fixed steel vessels. And if they sit there idle 10 years, they're not going to rush through. So what are the ancillary things that have to get changed or that became obsolete or the changes in design, I don't think you're going to put oxide material through the autoclave vessel. So maybe there's separate circuits -- some -- please describe all the different changes certain to account for the autoclave project costing so much money.

Yes, John. So first of all, the autoclave vessel, it needs to be rebricked with -- they actually call that refractory as well. So that's a bit of a cost. The other thing is the CIL circuit itself, the tanks need to be replaced. We need to install some vessels for some of the off gas. The other big cost is the filtration system. So we're going with filtered tails and stacked facilities. So it won't be the conventional slurry. And then the other thing is just upgrading and some of the instrumentation. And then you add that all up with all those components and it comes to $430 million in today's capital environment.

Did you go out to other engineering firms besides Hatch and get alternative proposals?

This project has been worked on for approximately 4 years, so no. There's a full explanation on our website. I encourage you to take a look at those details.

And John, just as a reminder, Hatch actually built this facility back in the '90s, they knew it better than any other group. They are a global leader in autoclave technology, and we're pleased to have the A team on this refurbishment.

[Operator Instructions] The next question comes from Don DeMarco from National Bank.

So first off, at Mineral Point, I see that some of the predevelopment work has been moved forward from 2028. So by accelerating this work, does it provide the potential to develop or realize value on this project sooner than its current positioning in Phase 3?

Don, yes, thank you. Yes. So from our perspective and really even from the time that I joined, it was clear that Mineral Point was the most valuable asset within the portfolio and anything that we could do to accelerate its development would be beneficial to shareholders. So as a result, and with higher gold prices and the recap that we've done, we now have the financial flexibility to advance the drilling and technical work and advance permitting, and we are looking at every option available to us to accelerate that permitting and the ultimate development, likely, we're targeting ahead of the original schedule in the development plan.

And just for a reminder to the broader group, based on the PEA, we would expect to average roughly 280,000 ounces of gold equivalent production over a 17-year mine life. at AISC costs of about $1,400 an ounce. Now with this infill and step-out program that Paul mentioned, we do believe that there are opportunities to expand the resource and ultimately, reserve base of this project through the program that's been designed for 2026.

Okay. Great. Well, we certainly look forward to that, and it's interesting about the expansion opportunity there. My next question then, just looking at the production guidance, I mean, we're seeing higher production year-over-year. But without the details on costs or terms of the toll milling contracts, what's the best way to model these ounces and capture the year-over-year margin upside in a strong gold tape?

So I guess a couple of things. So the sulfide toll milling charge is about $275 to $280 per tonne, which is about 3x higher than what ultimately it will be when we put it through our own facility. Don, we're in a bit of a holding spot until the tech report is done. We will have the tech report completed in the second quarter. And with that, you'll have a lot more detail on Granite Creek and sort of the various elements of the cost structure. But until then, our hands are kind of tied, but that news will come out in Q2.

And just to remind everyone, we are now a U.S. registrant. So we're not able to disclose the results of feasibility studies until the tech report is filed. And so that's why we'll see the Cove and Granite Creek tech reports in Q2 as we complete those tech reports and publish them. But we'll have a lot more detail on Granite Creek in Q2 as well as Cove and then Archimedes to follow roughly about a year later.

Okay. Great. Well, we look forward to that. In the interim, we see that the production is higher year-over-year and the gold price is higher year-over-year.

Thanks, Don. And just as a reminder, we did generate gross profit at Granite Creek in the second half of the year as we had guided at the outset. And with these higher metal prices, it will generate free cash flow where we expect it to even after development costs, growth capital and the additional infill and step-out drill programs that we've got planned for 2026.

Thank you. We have no further questions at this time. I will turn the call back over to Richard Young for closing comments.

Well, I'd like to thank everyone for joining us on this Friday morning. We're excited by the progress that we've made over the last 15 months. And we believe over the next 15 to 18, we're going to be a long way advanced on completing Phase 1 of our development plan, which will take production to 150,000 to 200,000 ounces per year at strong margins and free cash flow, as well as moving forward on Mineral Point and our Granite Creek open pit as part of Phase 2 and 3. So a lot more news to come as we progress through the course of this year.

So thank you very much for your time this morning.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

Hello, and thank you for joining today's conference call and webcast on i-80 Gold's Lone Tree Refurbishment Update. Today's company presenters include Richard Young, President and CEO of i-80 Gold; Paul Chawrun, COO; and Ryan Snow, CFO. Before we continue, please note that some of today's comments may contain forward-looking statements, which involve risks and uncertainties. Actual results could differ materially. I ask everyone to view Slide 2 of the presentation, which is available on i-80 Gold website and webcast to review the cautionary note regarding the forward-looking statements made on this call and the risk factors related to these statements. Following today's formal presentation, we will open the call to your questions.

I will now turn the call over to Richard.

Well, Sylvie, thank you very much, and thank you for joining us today. We'll start on Slide 3. We're pleased to provide an update on the refurbishment of our Lone Tree Plant following completion of the engineering study. I would like to apologize for the late call in the year. The study was complete about 4 weeks ago. But between Thanksgiving and site visits as part of the recapitalization, this is the first week that Paul is back in the office, and Ryan will give an update on the recap. So we are sorry for the Friday before the Christmas week, but here we go.

So our Lone Tree Plant is located within close proximity of our gold projects in Northern Nevada, and the plant is located immediately adjacent to Interstate 80. This is a cornerstone asset central to our hub-and-spoke mining and processing strategy, designed to process both our high-grade refractory and oxide feed from our 3 underground gold projects. Those projects include Granite Creek Underground, which is currently operating and processing material under a third-party toll milling agreement, Archimedes, where we commenced underground construction last quarter and Cove, our third planned underground mine that's advancing towards feasibility and permitting.

As illustrated on the map, all 3 projects are located within a direct distance of approximately 200 kilometers or less from the Lone Tree Plant. The plant design includes both an autoclave and carbon-in-leach circuits capable of processing both refractory material through the autoclave and oxide material through the CIL alone, i-80 is 1 of 2 companies in Nevada with autoclave processing facilities. The other is Nevada Gold Mines, a joint venture between Barrick Mining Corporation and Newmont Corporation at their Twin Creeks Turquoise Ridge Complex as well as Goldstrike.

Turning to Slide 4. The planned refurbishment and commissioning of the Lone Tree Plant represents a major turning point in advancing our development plan. Today, we're reliant on a third-party toll milling to process refractory material, which significantly impacts our economics. Once the Lone Tree Plant is commissioned, we'll have the ability to process both sulfide and high-grade oxide material in-house. This shift is expected to be transformative for the business as it's expected to drive meaningful improvement in our margin per ounce of gold and translate into stronger free cash flow generation.

Looking forward, we expect margins to improve by between $1,000 and $1,500 per ounce of gold, depending on grade and gold price. The engineering study was completed by Hatch Limited, who are globally recognized engineering firm known for their deep expertise in autoclave design and technology, having designed numerous POX and refractory gold processing facilities worldwide. The team at Hatch is truly best-in-class. We're very pleased with their work, which builds on our previous internal engineering study also completed by Hatch in 2023.

Hatch's responsibility in the study include the engineering of the refurbishment design and capital costs, while we, at i-80 were responsible for completing the associated mine plan basis, metallurgical test work, recovery analysis and operating cost estimates based on the Hatch design and detailed mass balance, and economic analysis. Now turning to Slide 5. You can see the extensive existing infrastructure on the property. The Lone Tree Plant was initially commissioned in 1991 by Santa Fe Pacific Gold, which was later acquired by Newmont Corporation in 1997. The pressure oxidation or POX circuit was initially commissioned in 1993 and operated for 14 years before the site was put on care and maintenance in 2007. In July 2019, Lone Tree became part of Nevada Gold Mines through the Barrick-Newmont joint venture and i-80 acquired the Lone Tree property from NGM in October of 2021.

Since the acquisition, the plant has remained on care and maintenance, while residual leaching of the historic Lone Tree heap leach pad has continued. The property also includes the past producing Lone Tree open pit deposit. which hosts defined resources and subject to permitting, technical studies and economic evaluation could be repermitted and integrated into future development plans once underground fee declines in the later years.

I'll now turn the call over to Paul to discuss the detailed engineering work and why we view this build as highly manageable and low risk. Paul?

Thanks, Richard, and hello, everybody. So starting on Slide 6. So as Richard mentioned, we're very pleased with both the work completed and the outcome of the engineering study. Over a 2-year period, we've invested approximately $13 million to complete the engineering work through its evolving phases. Hatch spent significant time on site, working closely with our technical team throughout the process, who also have extensive experience in commissioning and operating autoclaves in Nevada. The study confirms that the new plant design incorporates standard, technically straightforward upgrades aimed at improving plant operating efficiency.

Further, the work is considered a low execution risk as demonstrated by the modest number of direct construction hours, the limited long lead equipment required, the right people in place for construction and operation and the assets location centrally within a mature Tier 1 mining district. To put the scale of this project into perspective, approximately 600,000 direct construction hours are estimated needed to complete the work with a peak workforce of about 400 construction personnel, and this suggests a relatively low overall construction intensity when compared to new greenfield mines that typically require construction hours in the millions.

Further, approximately 30% of the detailed engineering work is now complete, resulting in a high level of technical definition and improved accuracy of our capital cost estimate, allowing us to advance towards the execution phase with a high degree of confidence. The construction process will be overseen by an experienced Nevada-based owners'’ team with a proven track record in constructing, commissioning and operating autoclave processing facilities and it is supported by a highly skilled contractor area that can be sourced locally.

In addition to Hatch, the internal team brings highly relevant and extensive experience in refractory gold metallurgy and the construction, commissioning and operation of POX autoclave facilities. Our team brings 20 to more than 40 years of individual experience in autoclave and roaster operations, processing and capital projects gained through senior roles at some of Nevada's largest and most successful gold mines such as Goldstrike, Turquoise Ridge and Battle Mountain. We feel this level of experience materially reduces our execution risk, supports permitting and offers operating credibility.

Moving to the scope of work on Slide 7. The objective of the refurbishment is to upgrade and modernize the plant to update the Lone Tree Plant to current day technology and modern controls that will improve process efficiency and operating flexibility. The potential to increase gold recovery and to meet new environmental compliance standards. To achieve this, the scope of work includes a combination of new and improved design components, such as the installation of a mercury abatement circuit to meet current environmental regulations and the replacement of some existing infrastructure such as legacy CIL tanks, a new oxygen plant and a refinery.

Another key component is the addition of a tailings filtration system. Compared to conventional tailings, filter tails represent a more environmentally responsible process that significantly lowers long-term risk with increased water recovery, a smaller environmental footprint and a simpler, lower-cost reclamation and closure process. The design also incorporates a new oxygen plant to meet updated processing requirements while further reducing project risk compared to the previous study, which contemplated refurbishing the existing oxygen plant.

Turning to Slide 8. The Autoclave is designed to process up to 2,268 metric tons per day, so that's 2,500 Imperial tons, delivering a total annual throughput of approximately 827,800 tons -- metric tons at 85% plant availability. This capacity is consistent with historic production performance. The plant has also been designed with significant processing flexibility where it will be capable of processing refractory material through the integrated POX CIL circuit and oxide material can bypass the POX circuit to be treated solely through the CIL circuit after grinding.

Bypassing the POX circuit when treating oxide material has the potential to increase annual throughput by between 5% and 10% above the nameplate capacity by enabling the processing of oxide material during planned autoclave maintenance outages. As Richard noted earlier, the autoclave feed will consist of refractory material from our 3 planned high-grade underground mines, Granite Creek, Archimedes and Cove. High-grade oxide mineralized material from the Granite Creek underground and the upper level of Archimedes underground is anticipated to be processed through the CIL circuit at the plant.

The updated design incorporates an acid-based POX process only, whereas previously, both acid and alkaline processes were contemplated in the design. The move to an acid-based POX system is expected to improve overall gold recovery compared to the alkaline process, which more than offsets the slightly higher additional operating costs. Moving to Slide 9, over the past several years, we have completed extensive engineering reviews, operating assessments and trade-off studies to optimize the project capital and to identify opportunities to accelerate Lone Tree's development timeline.

The total estimated capital cost for the project is $412 million, inclusive of contingency of approximately 12%, owners' costs and first fills, plus approximately $18 million in capital spares for a total of $430 million. This is above the anticipated amount of approximately $400 million, mostly due to increased costs associated with inflation and engineering design details as well as additional redundancy by expanding the capacity of the filter tails. This capital estimate is supported by approximately 14,000 line items in the control estimate, which provides a high level of confidence as we execute the project.

We anticipate a potential payback of approximately 12 to 24 months depending on the grade and gold price. And just walking through some of the numbers, the 2023 study was $386 million. If you take a look at escalation and inflation and then some of the influences that we may have on tariffs, it's approximately $68 million more with the same scope. However, the team has done an excellent job optimizing. So we have the oxygen plant. We've reduced some of the steel. We now have a certification-only, and we reduced the timeline with early works by starting the LNTP back in August. So that reduces the overall capital cost by approximately $61 million.

And then additional scope items that we have put in such as extra filters, some battery limit tie-ins and a comprehensive owner's cost adds about $38 million overall to bring the project to about $430 million. Turning to Slide 10 to discuss the project timeline. Early works activities commenced under a limited notice to proceed granted by our Board in the third quarter of 2025, enabling detailed engineering, procurement of long lead equipment and the start of permitting updates. We are on track to complete the engineering designs associated with the construction and environmental permits in the fourth quarter of 2025.

Permitting applications are projected to be submitted in the first quarter of 2026 following the internal review process. The plant is permitted for the existing operational components that are in use. However, the approval of new and revised permit applications pertaining to air quality, water pollution, mercury emissions and reclamation management for the new plant design remain outstanding. We expect to make a construction decision once the necessary financing is in place approximately mid-2026 or sooner. Construction is targeted to begin in the second half of 2026 with plant commissioning anticipated towards the end of 2027. Decommissioning is expected to begin in Q2 of 2026.

With the key design elements, scope and cost defined, I'll now turn to the call to Ryan to provide an update on the recapitalization strategy.

Thank you, Paul. Turning to Slide 11. As Paul mentioned, the updated capital estimate for the refurbishment project is approximately $412 million, inclusive of a contingency of 12% plus an additional $18 million in capital spares for a total of $430 million. These updated estimates have been incorporated into the financial model that we're utilizing for the recapitalization. I'm pleased to report that we continue to make very good progress advancing our recapitalization plan to establish a comprehensive financing package to fund Phase 1 and 2 of our development plan and restructure our existing debt obligations of approximately $200 million.

The team has been busy for the last couple of months, advancing discussions and related due diligence with approximately half a dozen parties on a potential financing package that strives to include a combination of senior debt, a royalty sale and a non-core asset sale. On the senior debt front, we're currently evaluating 5 term sheets and working through due diligence with each of these potential counterparties. Negotiations are well advanced on these term sheets and will continue to evolve over the coming weeks. The terms are competitive, and more importantly, this component of the recapitalization is expected to provide the financial certainty needed to progress the development plan.

Reception and engagement in the debt market have been very strong, and we're confident that we'll secure funding by the end of the second quarter of 2026 or earlier, at which point we'll seek a construction decision from the Board. On the royalty front, the company has received a term sheet from a well-regarded royalty provider who was on site last week performing due diligence. We're encouraged by the third-party interest in our assets, which underscores the quality of our portfolio and our people in Nevada. In particular, Mineral Point, and we'll be evaluating all of our recapitalization plans with a lens to provide flexibility regarding future funding for Mineral Point.

I also would like to highlight that in order to complete the recapitalization, we'll be repaying the existing debt on the balance sheet. This will include calling our option on the publicly traded convertible debenture. This process could take up to 60 days to complete once it is initiated. We also continue to advance the sale of our non-core FAD Project. This process is progressing, and there are currently many companies active in the data room. We anticipate receiving indicative proposals in the first quarter. This financing is a major catalyst for i-80. It will complete the process that began in late 2024 to clean up and strengthen the balance sheet, and it will materially advance i-80's development pipeline. All in all, I feel very confident about the status of the recapitalization.

And now I'll turn the call back over to Richard.

Well, thank you, Ryan. And Sylvie will now open the call up to questions.

[Operator Instructions] First, we will hear from Omeet Singh at SCP Resource Finance.

Congrats on delivering this. I mean it's obviously rounding up a very big year for all of you. So I just want to take that time to say congrats on that. My question really is around the capacity of the plant. Obviously, you guys have 3 underground feeding into it at some point. Could you maybe speak to the blend their oxides with the sulfides? And is there any plans around there for supplementing this with toll milling? Or just your overall thoughts on feed versus the capacity of the plant as the 3 of them come up and running?

Yes. No, that's an excellent question, and we've obviously spent a lot of time on that. So first of all, the sulfide ore that is not oxidized that is a primary feed to the autoclave coming from the 3 underground mines. So Granite Creek is feeding an autoclave right now to a third-party provider. We're in the range of about 700 tons a day. We're evaluating. We're working on a feasibility now. There's potential that, that could increase to some degree. We've already started development at Archimedes, and those 2 mines will feed -- have plenty of capacity to feed at 2,500 tons per day that's Imperial, so T-O-N-S. And that's the -- based on the retention time of the autoclave.

Now -- that's based on approximately 85% availability. And there's areas within both Granite Creek and Archimedes that have oxide ore. So what we plan to do is stockpile the oxide ore and then feed that and bypass the autoclave during times of planned maintenance of the autoclave. Now we may be able to increase the availability of the autoclave, but it's a conservative number, and that was based on historical records at 85%. So we don't actually blend the oxide and the sulfide. Now over to the sulfide, that does get blended between Granite Creek, Archimedes and then in time Cove.

And the main thing there is you have to have your sulfur content managed over a long period of time. And then you want to make sure that you don't have too much carbonate because then that consumes a lot of acid. So basically, we have about -- we plan to have about 1 month to 1.5 months of inventory ahead. We'll have a metal balance done every day. And then you blend it through to have a consistent feed. It's more about consistency of the feed than it is in terms of some of the potential issues that could be in the blend itself. We're very confident that we can be able to provide that with the mine plan. And then in terms of toll milling, your other question, no, we do not expect or that is not in our plan right now because we plan to be able to process all the feed from the underground.

[Operator Instructions] And at this time, Mr. Young, it appears we have no other questions. Please proceed.

Well, I'd like to thank everybody for joining us on this Friday before the holidays. Look, we are really pleased with the year that we've had. We put out a development plan essentially 13 months ago, and we're executing on that plan. There are 3 phases to that plan that we'll see production rise from less than 50,000 ounces this year to over 600,000 ounces by the time we complete Phase 3 in the early 2030s. And I think what we're most impressed with here at i-80 for Paul, Ryan, and I are the team that's been assembled.

We've had roughly a dozen new hires over the last 3 months, and these are the technical people that will actually do the heavy lifting in this plan. And we've hired just a great group of people, and it is a great team. And we look forward to '26 and the feasibility studies, the refinancing and moving forward with the refurbishment. So I'd like to thank everyone for joining today and their support through the course of this year, and have a happy and safe holiday. Thank you.

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

Hello, and thank you for joining us for i-80 Gold's 2025 Third Quarter Conference Call and Webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of i-80 Gold; Paul Chawrun, COO; and Ryan Snow, CFO.

Before we continue, please note that some of today's comments may contain forward-looking statements, which involve risks and uncertainties. Actual results could differ materially. I ask everyone to view Slide 2 of the presentation, which is available on i-80 Gold's website to view the cautionary notes regarding the forward-looking statements made on this call and the risk factors related to these statements.

Following today's formal presentation, we will open up the call to your questions. I will now hand the call over to Richard.

Ludy, thank you very much, and hello, everyone, and thank you for joining us today.

Looking at Slide 3. The third quarter marked another solid quarter of execution with visible progress toward the key milestones within our development plan that we launched 1 year ago today. We continue to advance towards our goal of creating a Nevada-focused mid-tier gold producer. At Granite Creek Underground, project ramp-up continues. Mine grades and tonnages continue to reconcile well against the model. And groundwater is being managed with greater control, thanks to the newly improved infrastructure installed in Q3, while we make progress on a permanent disposal solution, which is on track for the end of Q1 2026. As a result, we expect to meet our 2025 consolidated guidance of 30,000 ounces to 40,000 ounces of gold. Importantly, gross profit continues to improve as we stabilize Granite Creek, moving from a loss a year ago to a small profit, still a long way to go.

On the development front, in September, construction commenced at Archimedes as planned, which is an important milestone marking the start of our second underground mine. Start-up activities and decline development are tracking very well. The Lone Tree plant refurbishment study is substantially complete. At the same time, drilling programs, technical studies, and permitting activities also progressed across the portfolio during the quarter, keeping us on track towards our key project milestones. The prize here is to realize the net asset valuation of the 5 gold projects as outlined in the most recent PEAs, which indicate a total valuation of approximately $5 billion under a $3,000 gold price scenario.

Looking at Slide 4. I believe that the company's success depends on its people and culture. In this quarter, we continue to strengthen both. Beyond geology, Nevada's skilled workforce is a key reason it remains one of the best mining jurisdictions in the world. We've hired quality talent over the past 3 months in key roles from engineering, geology, construction management to permitting and community engagement that will help drive project execution from the ground up. With our focus on long-term value creation, we continued with steps to further mature as a company.

During the quarter, we advanced an initiative to refresh our mission, vision, and values and establish a sustainability strategy with ERM, one of the leading sustainability firms in the field based on our new development plan. In addition, we're in the process of expanding our focus on performance-based culture across the organization. All of these initiatives will be rolled out shortly, and they are very important as we look to attract and retain the best people in Nevada to execute on our development plan. As i-80 grows, we're building a company that reflects not only operational excellence, but the values that we stand for.

We also continue to evaluate ways to accelerate value creation, such as the potential to bring forward a pre-feasibility or feasibility study on Mineral Point, our most valuable asset to enable earlier permitting. That leads me to the recapitalization plan. We're engaged with a number of groups and remain confident that we'll secure a financing package by mid-2026 to support Phase 1 and Phase 2 of our development plan as well as the engineering and permitting efforts required for Phase 3, which is Mineral Point.

I'll now turn the call over to Paul to expand on the project updates. Paul?

Thank you, and hello, everybody.

Turning to Slide 5. Operations at Granite Creek and Archimedes have made good advances over the quarter. There are many moving parts across the portfolio, but we continue to execute and derisk the plan with the necessary work underway. At Granite Creek Underground, mining activities continued to ramp up during the quarter with increased access to mineralized material from ongoing stope development, assisted by improvements to the dewatering infrastructure installed during the quarter. September was a particularly strong month for advancement of the main decline with record monthly development. Total mined ounces and tons continue to reconcile well on a level-by-level basis when compared to the current geological model. As we continue to ramp up operations, we continue to increase the drill density to improve ore control and the overall mining productivity.

In the quarter, we mined approximately 15,000 tons of oxide mineralized material at a grade of about 9.8 grams per ton of gold. Note, we continue to encounter higher-than-anticipated high-grade oxide material at depth. We also mined approximately 20,000 tons of sulfide material at a grade of about 10.7 grams per ton, plus an additional 15,000 tons of incremental low-grade oxide material of just under 3 grams per ton of gold. Gold sold totaled 7,400 ounces and 16,400 ounces for the quarter and 9-month period, respectively. The stockpile of sulfide material, which is processed by a third-party autoclave was normalized by quarter end.

Regarding the dewatering program, we've made significant progress and are now able to remove this from the underground workings as needed. A more reliable pumping system was commissioned during the quarter, enhancing operational efficiency and enabling more effective water management in the active mining areas. Of the 2 additional surface groundwater wells planned, one is now complete, and we are currently drilling the second.

To support long-term groundwater management and future operating stability, installation of a second larger water treatment plant remains on track for completion at approximately the end of the first quarter of 2026. This plant is designed to enable the ultimate discharge of water to prevent it from re-entering into the underground workings. At Lone Tree and Ruby Hill, we continue recovering gold from the existing leach pads with a total of approximately 2,000 ounces recovered and sold in the third quarter.

Moving to Slide 6. Drilling of the South Pacific Zone continues to progress well at Granite Creek underground. Just under 10,000 meters of core drilling was completed by the end of the quarter from 20 of the 40 planned holes. As of today, we have completed 35 holes, but have added an additional 7 holes to the program. As outlined in a press release in September, initial assay results from the first 6 holes confirm robust high-grade mineralization throughout the South Pacific Zone with several strong intercepts that confirm continuity and the potential for expansion to the north and at depth. The deepest and furthest step-out hole intersected primary fault structures where expected and returned standout grades, including 33.6 grams per ton over 2.9 meters and 29.7 grams per ton over 3.6 meters. And overall, this intercept was over 21 meters at just over 10 grams per ton.

A summary of the assay results are outlined in the September 10 press release available on our website. Encouraged by these results, drilling advanced beyond the current structural boundary, opening a new untested area to potentially expand the known mineralized areas. The program remains on track for completion in December of this year, supporting a feasibility study with an updated mine plan targeted for completion late in the first quarter of 2026. Overall, we're very excited with the turnaround progress and longer-term potential at Granite Creek.

Turning to Slide 7. Things are off to a great start at Archimedes underground. In early September, we received permits to the mine -- to mine the upper level above the 5,100-foot elevation to initiate construction. Underground development is advancing above expectations, reaching approximately 300 feet at the end of the third quarter and over 1,000 feet of drift advance as of early November. Work is underway on the geochemistry and hydrogeological technical studies required to secure permits below the 5,100-foot elevation.

Beyond permitting and development, infill drilling commenced in the Upper 426 zone, the first week of November as planned. Initiation of drilling in the Lower Ruby Deep zone is scheduled for the second quarter of 2026. In total, the program comprises of over 175 holes and 55,000 meters of core, forming the basis of a feasibility study targeted for the first quarter of 2027.

Next, let's turn to Slide 8 to discuss the progress at the remaining projects. At Cove, over 40,000 meters of infill drilling was completed on a 30-meter spacing across the Gap and Helen zones. The results of this work delivered meaningful advances for the Cove project, which significantly strengthened our geological understanding to improve confidence and continuity and grade, improved understanding of the metallurgical response to optimize feed and gold recovery in the autoclave and positions Cove for a strong resource conversion from inferred resources to higher confidence categories. The feasibility study is progressing as planned with completion expected in the first quarter of 2026. Major permit applications are also underway in anticipation of an EIS process.

Moving to Slide 9. At Mineral Point, engineering work continues to progress to support permitting and define the timing of a pre-feasibility or feasibility level study. Given the project's strong economics and potential valuation uplift, a review of the completed technical work is underway to assess opportunities to accelerate drilling and the timing of studies subject to available capital.

Moving to Slide 10. At Granite Creek Open Pit, the technical baseline work to advance the project towards pre-feasibility or feasibility study continues. An initial project narrative was provided to the regulatory authorities in the quarter to initiate field studies, and we anticipate an EIS process will be required. Geotechnical drilling and other field studies have been deferred into next year due to ongoing updates to the Granite Creek Underground operating permits, which are a priority. As a result, we are currently reviewing new timing for study completion with a lens to optimize future growth plans. Granite Creek Open Pit remains a Phase 2 opportunity with the potential to contribute to company-wide production towards the end of the decade.

Turning to Slide 11, for an update on the refurbishment of our Lone Tree plant. Early works progress is on track and the updated Class III engineering study is substantially complete. The study updates an internal feasibility study that was completed in 2023 with design optimization and value engineering initiatives, includes a filter tail system, updates cost estimates with significant detail as there are approximately 14,000 lines for the project controls and a detailed execution plan completed jointly with our owners team leadership. Overall, the results are largely in line with our expectations. And once finalized, we expect to share these results in the coming weeks.

In the meantime, the Board approved a limited notice to proceed in the third quarter, allowing detailed engineering to begin and enable the procurement of long lead equipment, which is progressing this quarter. The plant is permitted for the existing operational components in use. However, new and revised operating permits will be needed updating for the air, water, a new mercury abatement system, and revised closure plan that incorporates dry stack tails. The necessary environmental permit application are underway for the initiation of construction. A construction decision is anticipated in the second quarter of 2026 and a plant commissioning is targeting in the first gold pour for the end of 2027. Restarting the Lone Tree Autoclave is a cornerstone investment for the company, providing increased processing capacity and higher anticipated margins for the high-grade material feed from our underground operations.

And with that, I'll now pass it over to Ryan for a financial overview.

Thank you, Paul. Starting my review with Slide 12. Third quarter gold sales nearly doubled over the prior year period to approximately 9,400 ounces. In addition, the company had approximately 3,400 ounces of gold in finished goods inventory at quarter end due to the timing of sales. Total revenue from gold sales increased to approximately $32 million for the quarter, driven by higher ounces sold and a higher average realized gold price of $3,412 per ounce. Cost of sales for the quarter rose over the comparative prior year period, mainly due to higher processing fees from increased toll milling of sulfide material.

As Richard highlighted, we have seen a swing in our year-to-date gross profit from a loss in 2024 to a gain in 2025, a roughly $24 million increase. And Q3 marks our fourth consecutive quarter of gross profit. For the quarter, the company reported a net loss of approximately $42 million or $0.05 per share, which is similar to the prior year period. This net loss reflects the development stage of the company and our current period of strategic investment. Also, under U.S. GAAP, which we transitioned to last year, predevelopment, evaluation, and exploration costs are expensed until we declare mineral reserves.

Cash used in operating activities of approximately $15 million compared to about $24 million in the prior year as a result of higher gross profit and higher working capital, partially offset by increased predevelopment, evaluation, and exploration costs that were expensed. We closed the quarter with a cash balance of approximately $103 million, a decrease from the previous quarter due to development spending and continued investment in drilling programs to support our technical studies and development plan. This balance is in line with expectations in our recapitalization plan.

Moving to Slide 13. We're actively moving our recapitalization strategy forward. During the first half of the year, we secured sufficient capital to fund just over $90 million in construction activities, drilling, permitting, and technical studies across all 5 gold projects as well as the Lone Tree plant from May 2025 through mid-2026. We continue to execute a strategy that is focused on funding Phase 1 and Phase 2 of our development plan, which could include a new senior debt facility in the range of $350 million to $400 million, a royalty sale, and the potential sale of our non-core FAD project. The positive response from lenders and capital providers to date reinforces the strength of our assets and the significant value creation opportunities we see ahead for i-80 Gold.

With that, I will now turn the call back to Richard.

Well, thank you, Ryan.

Looking at Slide 14, you'll see a number of catalysts on the horizon. We're entering a transformational period with a clear line of sight to major milestones over the next 12 to 18 months. During this time, we expect to complete the recapitalization to fund Phase 1 and Phase 2 of our development plan, complete the engineering study for the Lone Tree plant and commence the refurbishment, achieve steady-state production at our first mine, commence production at our second mine Archimedes and ramp up, and lastly, complete feasibility studies for our 3 underground mines as well as the Granite Creek Open Pit and possibly Mineral Point. These efforts will run in parallel with permitting and ongoing drill programs.

From a valuation perspective, i-80 Gold continues to trade at a deep discount to comparable developers despite a significant resource base with a growth profile that few can match, all within one of the world's best mining jurisdictions. And at today's valuation, we think the market is only beginning to recognize the potential.

That concludes my remarks. We'll now turn it over to Q&A. Ludy, please, can you open the line for questions. Thank you very much.

[Operator Instructions] With that, our first question comes from the line of Omeet Singh with SCP Retail.

Thanks for the update on the question. Congrats. I had 2 questions around Granite Creek specifically. So the first was, where are you mining now? And when do you expect to be mining from some of the longer levels in the South Pacific zone? And then maybe the follow-on to that would be, it seems like you continue to be finding oxides even as you go deeper. So what is your thinking around that? And do you expect that to be, say, impacting plans for the autoclave at all?

Yes. These are great questions. So first off, we're mostly in what's called the OG zone now. We have started the upper zone to South Pacific. And then next year, we're probably around 60% -- 60-40 South Pacific and then 40% on the OG zone. And then as time goes on, we'll be more and more on the South Pacific zone in the longer-term plans. And then regarding the oxidation, so it's primarily in the OG zone. There's a little bit of oxidation in the South Pacific. But fundamentally, what's happening is you get the surface water, the meteoric water and then it can oxidize some of the sulfide into oxide ore. And longer term, that represents an opportunity for us, as you point out, in the autoclave. But for the moment, we're feeding that off to our third-party processors, and we get slightly lower margins depending on the grade as the sulfide. So that's where we're at. And then would we stockpile? I think your question was, would we stockpile this ahead of our autoclave? Perhaps, and that's something we're evaluating.

Can you talk about the steps you're taking to put the oxide through the Lone Tree plant?

Yes. So the autoclave can be bypassed with oxide ore. And so we're evaluating, once we get close to commissioning of that plant, there's potential for us to feed that through.

[Operator Instruction] The next question comes from Don DeMarco with National Bank.

So looking at the recapitalization plan, you have a number of different options to increase liquidity. One of them is a potential disposition of the non-core FAD asset. And we saw recently that the research -- the high-grade resource that was published. But in light of this resource, are you reconsidering maybe not divesting this asset? Or has your expectations, in the event of monetizing it, has your expectations increased?

Don, that's a great question. We've always been aware that it's a high-grade resource. Unfortunately, when we look at the development plan, we will not be able to get to that until probably the end of 2030s, early 2040s. And so if there is an opportunity where we can get fair value for it, we will look at it as part of the recapitalization. But again, if we don't get a fair price, we paid $88 million for it 2 years ago in shares. It is a high-grade resource, both the polymetallic and the oxide at surface. So we'd consider it, but we are evaluating all of our options with respect to the recapitalization, and that is one potential source of capital that minimizes dilution for shareholders.

Then looking at the Lone Tree Autoclave engineering studies pending release later this quarter. Of course, we're looking forward to a decision in Q2. So I guess for the sake of our modeling, how should we think about CapEx for the refurbishment and also for Archimedes development in 2026?

So looking at the autoclave refurbishment of $400 million, to use a round number, we believe that roughly $175 million will be spent in '26 and the balance in '27. And with respect to Archimedes, we would expect the development to be roughly about $40 million in line with the PEA, and then there will be some ongoing development. The way we see our communities today, Don, is very much in line with the PEA in terms of the spend. While we did commence construction later than as disclosed in the PEA, the team does appear to be making up that ground.

Yes, yes. So in fact, if we may spend a little more in 2027 because we're advancing the development quicker. But for your model, I would use the PEA numbers. We're -- even though we started a bit later, we're more or less on track.

And I'm showing no further questions at this time. I would like to turn it back to Richard Young for closing remarks.

I'd like to thank everyone. I know it's a busy morning for conference calls. But as we close out the quarter, it was another solid quarter for us. And a year ago, we announced the development plan, and we've made great progress over the last 12 months. And we're very confident that we can execute on this plan, which will require the recapitalization, which is well underway. So we do believe that as we move into '26 and '27, we will be able to unlock the value of this significant resource base. But thank you, everyone, for your time. And if you've got further questions as you digest the materials that we've published yesterday, please give us a call. Thank you.

Thank you, presenters, and ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.