I-80 Gold Corp (IAUX)

[3800ft]

i-80 Investor Relations reply received in regards to an e-mail I sent as a concerned shareholder regarding the recent major dilution of shares. I'll share the reply here since there is nothing discussed (to my knowledge) that is not public information:

"We understand the equity offering is difficult for existing shareholders. Dilution was a key concern for us throughout this process, but with the financing now complete, we are in a much stronger position to execute on the development plan, and we share your excitement in i-80’s potential.

Since joining, Richard has approached his decisions with a clear focus on building long-term value. The company needed a reset with a clear development path forward along with a cleaner balance sheet. Issuing five PEAs in a short period of time was no easy feat, but one he was determined to do in order to demonstrate the full value of i-80’s gold portfolio to the market. The $1.6B in combined project value was outlined at the investor day, along with the capital requirements to advance the portfolio.

Under the recapitalisation plan, the team is evaluating potential royalty sales for Mineral Point and the autoclave, along with the sale of our non-core FAD property. Further, we are targeting a senior debt facility in mid-2026 aligned with the maturity of the Orion convertible loan. In the interim, we secured a modest working capital facility with Auramet and a new gold and silver prepay arrangement with National Bank to meet the March-end obligations. While these steps provided important near-term support, additional capital was still required.

Raising equity of this size was not a preferred outcome, however, a modest raise would not have addressed our near-term repayment obligations and development plans. The focus shifted to raising sufficient capital to eliminate the gold and silver prepays, meaningfully advance our development plan, and position i-80 Gold to make the critical transition from an exploration-stage company to a true developer. Otherwise, we anticipated ongoing overhang on the stock due to market expectations of another equity raise.

The decision to include a warrant was also not preferred. We launched the offering without one, however, a key account came forward during the process with a large lead order should a warrant be introduced.

To secure the full $150 million required, we ultimately needed to accept the unit structure and upsize the book. Without a firm lead order in place, this was the most viable path to ensure the financing’s success.

Slide 8 of the current investor presentation outlines the use of proceeds towards resettling prepay arrangements and advancing the development plan.

I hope this provides helpful context on how events unfolded and reinforces that management remains focused on making the strategic decisions necessary to drive long-term value.

Regards,"