i-80 Gold (TSX:IAU) - Granite Creek Feasibility Done, Lone Tree Refurbishment on Track for 2027

Paul Chawrun (0:00)

Oh, hi, my name is Paul Chawrun. I'm the Chief Operating Officer for i-80 Gold. And i-80 Gold is transitioning into a mid-tier gold producer in Northern Nevada with three excellent assets and including refurbishment of the Lone Tree plant.

Crux Investor (0:15)

Paul, good to see you.

Paul Chawrun (0:16)

Yes, yes, it's been a few times, and I think a year ago we were sitting here.

Crux Investor (0:21)

We were sitting just over there, but it's a bit warmer in here. Because they've moved the conference a couple of weeks out. It's just a little bit colder.

Paul Chawrun (0:28)

It's a little cooler out. Yes, it is. Right.

Crux Investor (0:30)

Anyway, we're here.

It's busy over there in the conference hall. Slate's been set up this year, but the investors have come pouring in. What are you getting out of the conference so far?

Paul Chawrun (0:40)

I think the main thing is we sit with some investors, some analysts. About a year ago, the story was perceived as complex. We never felt that internally. And now one year later, we've ticked the boxes. So we've been moving forward with Lone Tree as advertised on schedule.

I'll say on budget, with a little bit of pressure on the operating, well, the cost for the labor, but within contingency so far, we've been progressing with our drilling campaigns with great success. And we put out some results over the past six months.

So we're drilling in the key properties. We've issued a feasibility study for Granite. Shortly within several weeks, we'll be issuing the Coal Feasibility Study. However, that can be deferred because we have enough to feed the Lone Tree plant. Coming from both Archimedes and Granite, we don't need to third. And we're drilling significant campaigns, both the Mineral Point open pit, and as well the Archimedes Underground at our Ruby property. And we've issued some results and those are progressing very well.

Crux Investor (1:43)

So, well, Len, have you done what you said you would?

Paul Chawrun (1:46)

We've done what we said we would do.

It's been all about execution now, but for the first six months or so from this point in time last year, it was all about the financing. So we've completed that, ticked that box. We've added significant people resources to the technical team, both in Reno and at the sites and in Toronto.

Crux Investor (2:05)

Yep.

Paul Chawrun (2:06)

And we're starting to focus on operations readiness as we progress as scheduled with the Lone Tree plant.

And yeah, one box ticked after another. And I think they're starting to become a belief that this isn't all that complicated. We know how to do this. And everything we said we would do, we've done.

Crux Investor (2:26)

Yeah. Okay. I think that's what investors look for.

Paul Chawrun (2:29)

Yeah.

Crux Investor (2:29)

Management team. Yeah. Articulate the plant and then deliver it. Can we start with Granite Creek?

What changed between the PEA and the PFS?

Paul Chawrun (2:40)

I think the biggest change from a surface perspective, from a high level perspective, would be the grade, the operating grade. That being said, it's consistent to the model now. We're reconciling. We understand to deposit very well. The areas that were very high grade in the PEA were further out in the deposit than where we are now.

A couple of other key items is we screen our ore, and we typically scalp off around 20 percent of the waste. Yeah. If we're mining, for example, eight grams per ton, which is roughly what the reserves are, roughly eight grams per ton, we can move that to about 10 grams per ton. We're demonstrating that as we send that off to our third-party producer. In time, that's what we'll be doing to Lone Tree as well.

Crux Investor (3:27)

Right. It gives a sense of what the target is. Seventy-five thousand rings about.

Paul Chawrun (3:32)

In the range.

Crux Investor (3:33)

Is that with or without Lone Tree?

Paul Chawrun (3:35)

Seventy-five thousand ounces per year, you? Yeah. That's roughly the operating target.

The other aspect that has changed as well, of course, we've got the dewatering under control at one point in time. That was a real issue. And I think last year I said, we've got it under control and this is our plan. Well, now we've executed.

Crux Investor (3:52)

Yeah.

Paul Chawrun (3:52)

And we're starting to dewater.

The water table is starting to get lowered. And we're also increasing the production rates. So in the feasibility study, within time, we move up to roughly a thousand tons per day. And that's a function of the ground conditions improving as we dewater. Right now, it's still a continued challenge. As we intercept new areas, we do have water conditions to be able to manage.