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DATE

Tuesday, Aug. 11, 2026 at 10 a.m. ET

CALL PARTICIPANTS

  • Vice President, Investor Relations - Caterina De Rosa
  • President and Chief Executive Officer - Richard S. Young
  • Executive Vice President and Chief Operating Officer - William Paul Chawrun
  • Chief Financial Officer - Ryan Snow

TAKEAWAYS

  • Revenue -- $24.3 million for the quarter, compared to $27.8 million in the prior year period, reflecting lower gold sales at Granite Creek due to third-party processing delays.
  • Gold Production -- 11,098 ounces for the quarter, rising from 4,178 ounces in the prior year period.
  • Realized Gold Price -- $4,522 per ounce for the quarter, compared to $3,301 per ounce in the prior year period.
  • Net Loss -- $52.5 million, or $0.06 per share, compared to $30.2 million in the prior year period, driven by higher predevelopment, evaluation, and exploration costs.
  • Adjusted Net Loss -- $41.2 million for the second quarter, compared to $26.5 million in the prior year period.
  • Cash and Cash Equivalents -- $464.6 million as of June 30, 2026, supported by a recapitalization in the first quarter.
  • Granite Creek Gold Production -- 8,634 ounces for the quarter, keeping the company on track to meet annual guidance of 30,000 to 40,000 ounces.
  • Granite Creek Development -- 750 meters achieved in the first half of 2026, more than double the amount achieved in the first half of last year.
  • Inventory -- 5,300 recoverable ounces of gold in work-in-process at third-party facilities, plus 1,800 recoverable ounces at Granite Creek, reflecting processing facility availability constraints.
  • Mining Costs -- $178 per tonne at Granite Creek, which management stated was in line with the mine plan.
  • Archimedes Project Development -- 899 meters of development completed during the second quarter, on track for first gold mining in the fourth quarter of 2026.
  • Mineral Point Drilling -- 14,836 meters completed in the second quarter, using five RC rigs and two diamond rigs, targeting infill of inferred resources.
  • Lone Tree Refurbishment Commitments -- $110.1 million in total construction commitments, with approximately 40% of project capital committed as of mid-July.
  • Growth Capital Guidance -- $150 million to $175 million for 2026, which the company expects to maintain on an accrual basis.
  • Archimedes Capital Expenditure -- $10 million to $15 million higher than previous guidance, reflecting a strategy shift for long-term surface infrastructure.
  • Exploration Expense Guidance -- $10 million lower for 2026, due to late delivery of drill rigs and contractor personnel shortages.
  • Annual Gold Output Target -- 150,000 to 200,000 ounces in 2028, increasing from approximately 50,000 ounces in 2026.
  • Cash Margins Improvement -- $1,000 to $1,500 per ounce, expected upon transitioning from toll milling to owner processing in 2028.

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RISKS

  • Chawrun noted that "mining was temporarily impacted by ground conditions in 2 of our highest grade areas," which restricted access to high-grade material during the second quarter.
  • Chawrun stated that "the current campaign is expected to continue into early next year," representing a moderate delay in the Archimedes technical report due to drill rig availability and staffing constraints.

SUMMARY

Management of i-80 Gold Corp. (IAUX -1.20%) reported progress across its Nevada-focused development projects, highlighting the transition from toll milling toward owner-operated processing. The company confirmed that Granite Creek is ramping up toward steady-state production while refurbishment work continues at the Lone Tree autoclave. Management adjusted timelines for certain feasibility studies due to resource availability but maintained overall production and capital expenditure guidance for the 2026 fiscal year. The company expects the commissioning of its own processing facilities to significantly improve operational margins and cash flow by late 2027.

  • President and CEO Young stated that owner processing at Lone Tree "will improve our cash margins by between $1 thousand and $1.5 thousand per ounce."
  • The company expects to complete feasibility studies for Granite Creek and Cove underground projects in the third quarter of 2026.
  • COO Chawrun noted that at Granite Creek, "we have approximately 15 headings available at any 1 time, which is more than sufficient to ramp up production."
  • Management reported that Archimedes first gold mining is targeted for the fourth quarter of 2026, focused on the upper 426 zone.
  • CFO Snow indicated that the company still has a "$100 million accordion under the gold prepaid facility" and an additional $25 million from Franco-Nevada available for Mineral Point.
  • The refurbishment at Lone Tree is targeting first gold pour by the fourth quarter of 2027, with demolition already underway.

INDUSTRY GLOSSARY

  • Autoclave: A pressurized vessel used for the chemical processing of sulfide gold ores to improve gold recovery.
  • CIL: Carbon-in-Leach, a gold recovery process where activated carbon is added to the leach circuit to recover gold simultaneously with leaching.
  • Toll milling: An arrangement where a mining company sends its ore to another company's mill for processing in exchange for a fee.
  • RC drilling: Reverse Circulation drilling, a method used to collect rock samples for geological analysis and resource estimation.
  • Sulfide material: Gold-bearing ore that contains sulfide minerals, often requiring specialized oxidation before gold can be recovered.
  • Oxide material: Gold-bearing ore that has been weathered, allowing for easier gold recovery through processes like heap leaching.
  • Inferred resources: A category of mineral resource for which quantity and grade are estimated based on limited geological evidence and sampling.

Full Conference Call Transcript

Operator: Hello. And welcome to i-80 Gold 26 Second Quarter Results Conference Call and Webcast. Following the presentation, we will conduct a question and answer session. If at any time you need assistance, please press star zero the operator. This call is being recorded on Tuesday, 08/11/2026. I will now turn the call over to Caterina De Rosa, Vice President, Investor Relations at i-80 Gold.

Caterina De Rosa: 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 S. Young, President and CEO William 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 06/30/2026, which is available on i80gold.com, SEDAR+, and Edgar. I will now hand the call over to Richard.

Richard S. Young: Well, Katerina, 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 are focused on executing against the development plan and we are encouraged by the progress we are 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 thousand and $1.5 thousand 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 derisk our development plan and keep our Phase 1 projects on track. Targeting an increase in annual gold output from approximately 50 thousand ounces this year to between 150 thousand and 200 thousand ounces in 2028.

At the same time, we continue to advance our pipeline of projects providing a pathway to organic growth to over 600 thousand ounces of gold by the early 2030s. With that, I will turn the call over to Paul for project updates.

William Paul Chawrun: Thanks, Richard. Starting with Granite Creek Underground on slide 4. Which is 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 2 of our highest grade areas, which restricted access and deferred a portion of high grade mining tonnes 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 1 time, which is more than sufficient to ramp up production. As a result, we expect mine grades and tonnes to improve in the third quarter. Total tonnes mined was approximately 72 thousand tonnes including approximately 13.6 thousand tonnes of sulfide material at 6.5 grams per ton. And 12 thousand tonnes of oxide material at 7.4 grams per ton gold.

Second quarter production increased from the prior year to approximately 8.6 thousand ounces of gold. Year to date production as of Q2 is approximately 17.5 thousand ounces, keeping us on track to meet our 2026 guidance of 30 thousand to 40 thousand ounces produced. On processing, approximately 9.1 thousand tonnes sulfide material was processed during the quarter. Processing volumes were lower than mine due to availability at the-- at the third party processing facility resulting in a buildup of various inventories at quarter end. Including 5.3 thousand recoverable ounces of gold, which was in process at the third party facility, and an additional 1.8 thousand ounces of recoverable gold in inventory at Granite Creek.

Unit mining costs were approximately $178 per tonne, 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 2 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 it 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 OG, Range Front And Adam 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 will continue 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 of 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 confirm 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 at 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 Deep zones in support of an updated resource 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, Now, these are moderate delays.

We have 7 rigs underground and we are not able to operate all of them 27. However, we are looking at ways we can complete that and 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 27. 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 prefeasibility 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 III 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 II and Phase III of the development plan. A surface drilling campaign was initiated late in the first quarter, with approximately 15.8 thousand meters of core and RC drilling completed during the first 6 months of the year using up to 5 RC rigs and 2 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 sand at 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 2027. I just want to emphasize this is a large program and is targeting approximately 300 drill holes over of 131 thousand 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 metallurgical studies for the mineral point prefeasibility study, which is now expected approximately mid-2027, pending the progress of this drilling campaign. Turning to 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 the 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 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 the 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 will hand the call over to Ryan for a financial review.

Ryan Snow: 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 the 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 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 noncash, impacts on our income statement going forward. I also wanna remind everyone that we still have available the $100 million accordion under the gold prepaid 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.

Companywide gold production sales for the quarter were approximately 11.1 thousand ounces and 5.3 thousand ounces, respectively. Compared to 4.2 thousand ounces and 8.4 thousand ounces in the prior year period. For the 6-month period, gold production and sales were approximately 22 thousand ounces and 16 thousand ounces respectively. Compared to about 14.3 thousand and 13.4 thousand 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 5.3 thousand 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 6 month revenue is primarily due to more than 2.5 thousand gold ounces sold due to the ramp up at Granite Creek, and an increase in the realized gold price to nearly $2.8 thousand 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 noncash accounting impacts tied to the revaluation of our financial instruments as discussed earlier, financing costs related to the recapitalization, and increased predevelopment 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 predevelopment evaluation and exploration activities as we advance several development projects. 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 $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 predevelopment evaluation and 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, 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 for a discussion of upcoming catalysts.

Richard S. Young: 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 3 of our underground projects, and a prefeasibility study for Mineral Point. Our largest and most valuable oxide open pit project. As we deliver these milestones, we believe we will 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 are 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, Joel will now open the call for questions.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by 2. If you are using a speakerphone, please lift the handset before pressing any keys. First question comes from Justin Chan with SCP Resource Finance. Your line is now open.

Justin Chan: Hi, Richard and team. Thanks for hosting the call. 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? And I guess maybe just to characterize your pretty happy now with your level development on the ramp and where you have access. going into Q3 in the second half.

William Paul Chawrun: Yes. Thanks. I will just-- I will take that 1. So first of all, the ground conditions primarily were it took us a bit of time to get event rates in Then that allowed access into a high grade zone that we thought we were going to be able to get into Q2. And then, in fact, and we are mining that area now. So it was just getting event rays in. And was that in the South Pacific zone? No. In fact, that was in the OG zone, but there is some areas of some more challenging ground in the South Pacific as well.

And then we also had for a period of about 2 months, we had a small rib failure. So that is just the side of the drift. And then we needed to get MSHA involved, which we did. It took us a little bit of time to get clearance to be able to mine in that area. And so now we are we are mining those areas. And then in terms of all the development that we have been able to make, really wanna get in the range of 10 to 12 headings. And right now, we are at about 15. And that will allow us a lot of flexibility in the mine plan.

But we needed to gain on the lateral development and the main decline to be able to do that, of which we are caught up. So, in fact, we are caught up through to the rest of the year, and we will keep doing some lateral development so that we are always going to stay ahead.

Justin Chan: Gotcha. And maybe 1 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 at that you plan to drop the cutoff grades, and grades will be more in line with what you have been mining. Is that in line with the high grade ore you have been mining? Because when you report, you kind of split out between high and low grade, or should we model more in line with the overall lower grades?

William Paul Chawrun: it is the high grade that I am talking about. So it will be more consistent with that. Over the past 3 to 4 quarters, the reserves estimate will match that roughly because we are mining to around that cutoff grade in reality. And so the PEA had a lower-- had a lower gold price and a higher cutoff grade. So we just wanna provide notice that is the grade in the upcoming PFS will match that.

Richard S. Young: Now you mentioned about the 15 headings. So when we shoot our rounds, it typically takes about a day to clean up. We do not need to shoot 15 rounds at any given time, and then that supplies plenty of, flexibility to be able to mine the given areas depending on where we are at in the mine plan. I hope that helps. So, normally, 10 to 12 headings is sufficient. But right now, we have got 15 or 16. Right? So 10 to 12 to have plenty of flexibility. You do not need that either. But in the past, it was 5 or 6. Right? And that created a lot of challenges.

And a lot of delays in the mining. Now we are well north of that. Awesome. that is great to hear.

Justin Chan: And maybe just 1 last 1 on Granite Creek. I will cede the line and rejoin. I guess so are you looking at a lower cutoff, more, let's say, more tons at grades you have been mining now or similar tons to what was in PEA? On a daily or annual basis?

William Paul Chawrun: Similar tonnes. I think I am allowed to say that. No. it is going to be more tonnes, lower grade similar ounces.

Richard S. Young: Okay. it is where we are going to end up, Justin. So you know, the infill drill programs have confirmed largely both, I think, for Coves 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.

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

Don DeMarco: Thank you, operator. And good morning, Richard and team. To start off with Archimedes, I see that the FS timeline has shifted to mid-2027. 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?

William Paul Chawrun: No. No. it is really just a matter of getting all the technical work in time for feasibility status but in parallel, we are 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.

Don DeMarco: Okay. Thanks.

Richard S. Young: 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. Yeah. that is right. Okay.

Don DeMarco: Great. At Mineral Point, you know, of course, the recapitalization had earmarks and funds for permitting and technical work. Can you just outline the specific derisking milestones investors might expect before the next study? I understand there has been some challenges with respect to the drilling and whatnot. Just if you just lay out the kind of milestones over the next before the next study. Thank you.

William Paul Chawrun: Before the study? Well, the main part is we are gonna be continuing with this campaign, and it is 430 thousand feet, give or take, and so we will be releasing results on that on a time-to-time basis. And then the main component will be to put that together into a prefeasibility so that we can declare reserves by approximately mid next year, and that is pending completion of this program there is 5 RC and 2 diamond rigs, and that ratio will vary in time. But we are also evaluating drilling at depth below the heap leach pad.

So we are trying to understand that and as well potential areas for expansion So and then as well, making sure we are very thorough on the geotech so that we do not have to go back to the well So, really, in terms of from now until the prefeasibility study is released, it is really drilling results. And then perhaps initiating a permitting process. That work is underway. Network is underway. We have already collected a number of and we will be very thorough there. We will be releasing those results as they come.

Richard S. Young: Yeah. And we have 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 gonna go, waste dumps, sleep pads, and things like that, and we have been making a lot of progress with the community and continues to move forward because you know, between Archimedes and Ruby Hill, this is gonna be the most valuable asset portfolio. Eureka is a small mining town. But you know, we are looking to reinvest in that town and create a very attractive place for people to work. Well, that is great.

William Paul Chawrun: For the prefeasibility, well, we 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 is a number of trade-off studies that are going to be part of the pre feasibility.

Richard S. Young: 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 R. Yopps, who is on our board, was actually the general manager of 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 are having now, but I think Tyler's found a way to address it. Okay. Well, that is great to hear.

Don DeMarco: Look forward to all that progress coming to fruition. Well, that is all for me. Again, thanks for taking my questions. Thanks, Don.

Operator: I will now hand the conference over to Katerina for questions on the web.

Caterina De Rosa: 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.

William Paul Chawrun: Yes. So we are building up there are several different opportunities here. So first of all, we will 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, there are going to be significantly better margins when we when we actually operate Lone Tree compared to our current arrangement. So that is if we can afford it, which we feel we can, that will 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 will be building up the high grade oxide as well.

Caterina De Rosa: Okay. 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 oh, we can just touch on that question. Sorry. I will go to Part 2 of this question. Has drilling contractor availability improved? Any risk to the schedule on mineral points related to hydrogeological drilling or geotech work for submissions, related to permits, or is this more just a push in the prefeasibility study for now? Again, it looks like we covered that, but if you have any further comments.

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

Caterina De Rosa: Okay. There are no further online questions. I will now hand the call back to the operator.

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

Richard S. Young: I would like to thank everybody for joining us today, and look, we are we are excited by the progress we have 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 are pleased with the way the team's executing and our ability to continue to hire and retain really good people in Nevada. So I would like to thank everybody for joining us today. And if you have got any follow-up questions please feel free to reach out to Caterina or Candida who just recently joined us.

So thank you for your time today.

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