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i-80 Gold Corp

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September 16, 2024 at 10:00 AM (MDT)|Broadmoor Hotel & Resort

Matthew Gili

President & Chief Operating Officer

Matthew Gili is a Professional Mining Engineer with experience spanning Chief Executive Officer, Chief Operating Officer, Chief Technical Officer and General Manager roles. His deep technical experience included previously being Executive General Manager -Cortez District, leading one of Barrick’s top mining operations in Nevada, following which Matt was promoted to Chief Technical Officer for Barrick Gold Corporation. Additional operational experience included roles with Rio Tinto as the Managing Director of the Palabora Mining Company in South Africa and Chief Operating Officer of Oyu Tolgoi in Mongolia. Most recently as the Chief Executive Officer of Nevada Copper Corporation, Mr. Gili leveraged his broad experience in leading a publicly listed mining corporation. Passionate about Safety & Environmental Stewardship Mr. Gili was previously Chairman of the Palabora Foundation, Chairman of Mongolian Safety Association (MISA), and is currently on the Management Advisory Board of the University of Nevada – Mackay School of Earth Sciences and Engineering.

This is an automatically generated transcript. Denver Gold Group cannot accept responsibility for mistakes, errors, omissions, or any action taken in reliance thereon. Use of this transcript is governed by Denver Gold Group’s Terms of Use.

OK. So first thank you, carry for the introduction. My name is Matt Gilley. I'm the CEO for I 80 based in the in the Reno with the Reno team. very proud and very fortunate to be able to present to you today. So I 80. What's the story of I 80? I 80 is a company with an abundance of riches. What's our vision to develop our resources into Nevada's next mid-tier producer? What's the opportunity? We're Nevada based? This is you know, there's one of our colleagues says this is elephant country. So we are in the middle of elephant country. We have as a resource base, 14.5 million ounces of gold resources and 100 and 80 million ounces of silver resources in Nevada. We have all, we have four brownfield sites, all dried, all served by the grid, all accessible by the road system, all all previously mined and all ready to be mined again. We have six strategic projects. The heart of our company really is an autoclave facility at Lone tree fed by three underground mines as the near term growth platform and that's backed up as the long term growth platform by two oxide deposits of considerable size. We also have a polymetallic zone at Ruby Hill. You'll hear you see in a lot of press releases about that very exciting exploration opportunity there. I I'm not gonna go through this in detail, but I'm just gonna, what I'm emphasizing here is the resource base. I A's resource base is now third largest in Nevada. We were actually second for a while until angle gold updated their resources. But but again, a incredibly resource rich company. And OK, so here this is the slide that says, so what you got a lot of resources. So what the, so what is grade grade is king? All of our deposits are in the upper end of the grade portfolio for North American open pit and underground projects. I'll point out the the underground at Ruby Deep Ruby Hills underground gold deposit that that number you see there at 5.92 we're in the process of upgrading that and we are seeing a modest increase in grade there as we finish out the infill drilling program. So again, all in Nevada, all in the heart of the Carlin and battle mountain trends, you can see our deposit, our our our properties scattered through here with the little I 80 sign little symbols there. But we're all along th those main corridors right in the heart of the Central Nevada mining districts. So, so lone tree. This is the hub of the hub and spoke model that is the heart of our near term growth platform. Lone Tree is a autoclave facility that was built by Sierra P Sierra Pacific. It was then bought by Newmont and then became part of the NGM complex. This is the heart of our, of our aspect of the hub and spoke model. And then we have three high grade underground deposits that are feeding into this autoclave facility. So, so as you can tell by the nature of, of this strategy, we're talking about refractory gold here in Nevada. I'm gonna take you through all the different aspects as we go through it and we talk about Granite Creek as the first underground producer that fits into that hub and spoke model. It's a modest producer. We are currently operating at around 500 tons of ore per day and that ore is being processed through a tow milling and ore purchase agreements with some of our neighboring entities resource expansion. So the South Pacific Zone, the zone you see here in Magenta, this, this zone has added appreciably to the resource base at Granite Creek. It is added to the mil of the resource base at Granite Creek. One of the previous presentations talked a lot about, you know, ounces per vertical meter or in our case ounces per level. And this significantly increases the amount of ounces per level and increases the ability of this. We're excited about the the resource expansion that comes from South Pacific. We're currently in the process. We were drilling from surface. We're now in the process of putting in an underground drill platform to be more efficient with our drilling to finish this out, finish the infill drilling and P put this into our resource statement for the upcoming conversion to reserves. Through the feasibility study, we have hit the first level and mined out the first level in South Pacific. Again, grade is king. So the high grade oxide component consisted of 0.3 ounce per ton, very consistently high grades. There's a lot of variability in the in the deposit, but that's the nature of underground mining in Nevada and something that we're all very knowledgeable of this is the first level. So look, I'm very pleased with the positive reconciliation. I would just hit stress at the first level and I'm not going to draw a conclusion from the first level, but, but it's sure nice to have an incredibly positive reconciliation against the model, expected 540 ounces off that level and we got 1500 at better grade. So, again, I touched on that topic, that concept, the hub and spoke model autoclave three undergrounds. That is the near term, that is what we're developing today that we've we're we're constructing today. And that will be our near term platform, these oxide deposits both at Granite Creek and Ruby Hill. These are the next step in our growth portfolio. Again, you know, Grand Creek, the Grand Creek oxide deposit is, is very healthy. You know, it's, you know, 1.3 million ounces of gold in resource there. The co they never go to the cove mine, the cove mines the previous Echo Bay mccoy Cove property. This is a, this is an underground deposit associated with the cove pit. It's the highest grade of our deposits at a 10.9 g per ton average grade. We are, we have built an underground drill pla we've, we've ported in, you see the portal there. We've ported in, we've gone down to the top of the water table. We put it in the drill platform. We're currently about two thirds complete with our infill drilling program. This is gonna, we project to convert about 70% of this resource into reserve and that will be our next upcoming feasibility study and actually become our first completed feasibility study which will convert this into into a reserve. This is just gives you a schematic showing our infill drilling progress great drill intervals. It's, it's I'm certainly, I'm not gonna say that it is like upgrading it as much as it's just really confirming that our inferred resource is there and we are moving that to indicate it as we speak. Ok. This is mccoy Pit. So again, I I use that analogy at Granite Creek. So every one of our underground deposits has an associated oxide pit potential. This is the oxide pit potential that exists at Cove. This is part of a separate pit. It's not the cove pit, it's the mccoy pit. It's a couple of miles adjacent to the mccoy pit. And there is some some remnants from previous mining there that we are looking at upgrading. You know, the new metal price has got everybody pretty excited as it should. And so we're just re looking at all aspects of our resource base. This is actually not even in our resource base. This would all be upside that we are looking at potential from all of the exploration that we have and mineral occurrences we have. And so keeping, we're we're completing some scoping studies on this right now. So kind of look forward to further updates on the potential for mccoy pit. So Ruby Hill, ok, lots of stuff going on at Ruby Hill. This is the third part for the Ruby Deeps deposit. The gold deposit is the third spoke in the hub and spoke model, right? So that's one aspect of Ruby Hill, what I don't want to let go without mentioning and we're going to go into more detail is what, what is mineral point, right? But when you look at the underground potential at Ruby Deeps, this is what we are currently getting ready to construct a portal we're in the permitting phase right now. We'll have those permits done this year that allow us to begin the underground development in, in the Archimedes pit, putting in the portal system and advancing that into the underground development. We'll put in a drill platform, finish the infill drilling and then proceed directly into mining. The upper levels of the of the Ruby Deeps deposits are are higher elevation than the pit bottom. So they're, they're very adjacent to where we're mining right now. So Ruby Hill also has significant polymetallic potential in the blackjack in the upper hilltop in the East hill top and the lower hill top, those are all polymetallic deposits dominated primarily by zinc with lots of lead as well and then good precious metal credits. We're still in the exploration phase here. It's very exciting potential. We haven't pu published a resource yet on any of the po polymetallic resources at Ruby Hill. But we are working on that and drilling as we go. OK. Mineral point. So I wanna touch on this because it has become incredibly interesting lately. When we first took over Ruby Hill, we knew about mineral point. Of course, it had been drilled out by Barrack. Some metallurgical test work could be done by Barrack. It's a large oxide deposit to give you an idea of the size of the oxide deposit at Ruby at mineral point. Pardon me? It is 5.5 million ounces of gold and 100 and 70 million ounces of silver in this oxide deposit adjacent to the existing East Archimedes Pit. A question we get constantly is why didn't you pursue this first? When you first formed this company four years ago, why was this not your first path towards production? When we formed four years ago, we were using the gold price of 1650. Mineral point is a phenomenal deposit by the stratigraphy and the nature of the way that deposit lays. You just have to do about two years of pre stripping before you get into steady or, and you've got to build a whole new heap leach facility and this is gonna be the real deal sort of mine. This is a three electric shovel 40 haul truck sort of mine, lots of capital. So when we first started the company, we saw the, the the lower capital option to get into steady production being the hub and spoke model. I took you through previously. Mineral point is becoming very interesting at today's gold prices. It significantly changes the economics as you would expect. And mineral point is a very interesting to us. We're, we're updating our scoping study right now. We're gonna move into technical reports on this deposit and really be able to express and articulate the true potential of mineral point but extremely exciting just a lot of potential that exists at mineral point. The fad project, we, this is a polymetallic project that is associated with, with Ruby Hill. It's it's immediately to the south of Ruby Hill deposit. We've done some drilling here. Haven't published a resource on this yet. So I'm going straight to conclusions, what is our future, develop our resource base into Nevada's next mid-tier producer. And so then what is, what is our value proposition? One, it's the resource base. We're in Nevada. We've got 14.6 million ounces of gold, we got 100 and 80 million ounces of silver and we have exploration upside on all of our deposits, incredibly resource rich. We have a fantastic resource base that offers us a platform to meaningful near term production and provides us with an organic growth pipeline to maintain and expand. I read that off the notes because Ryan Ryan was the the author of that sentence. So that's really the value proposition for I 80. There's a lot of moving parts and I appreciate certainly as the coo and as the investor or observer, it is a complicated story and I'm sure in the time that provided, I have not given you enough clarity on all the different aspects of what we're doing across these deposits. What I can just say is we are a very diligent and focused team of individuals based in Nevada that are are are systematically going through each of these deposits, upgrading them into reserve through the feasibility studies, getting high quality technical reports that clearly articulate the potential but also are, are, are conservative. And what is the potential for each of these deposits with a huge growth platform that comes from the oxide pits that we're not pursuing right now. So that's the, that's the value proposition. That's the story for I 80. That's what we're doing. It's not always particularly sexy work, it's just head down work hard, put out your engineering reports, finish your exploration, drilling and, and really define what is our future Carrie. That's what I've got today. OK. Thanks Matt. Does anybody have a question for Matt this morning? There's a question right there. You your, your portal at Clove when you drive a portal like that. How far is it below or beneath where you're gonna be mining? Yeah, so great question the, the portal. So, so the, the drill platform II, I showed you a schematic of that drill platform right there. Sorry. The elevation of that drill platform is determined because it's 10 ft above the water table. So that's how, that's how we decided. That's where we're going to put in the exploration. OK. So that what that tells you about cove is two things. One great resource. It's a, it's a relatively flat line, does it, but it's thick, you know, you're typically seeing partings of 10 to 15 m. So it's very in Nevada context. Very mable, maybe not as mable as the, the the presentation we saw previously where they have this nice, you know, long haul sting model but very, very mable for us. But Dewatering is, is Cove and for the next three years, Cove is going to be all about dewatering. That exploration portal you saw you see there and that in that drawing that will become the base for future production we'll add to that, of course, with another, another portal and put in all the escape raises that you need to to run an efficient operation. But that is the basis for our our mine plan and what we're going to do is we start the dewatering process. We're just going to to continue to drop that decline with the water table and get right into the or on the on the Helen side, on the far left side, that's the highest elevation we'll get into that first. Ok. Thank you anybody else. Here's a question here. Pardon me? A high level of the balance sheet. Yeah. So Ryan, do you want to do a high level of the balance sheet? You me, you're the CFO okay. He can just give the mic to Yeah, perfect. Yeah. So just high level at June, we had about $48 million in cash. We've got a ATM in place that we can use to raise money through the market. We have about let's call it $200 million in debt maturing over the next three years. And we're in the middle of fundraising to meet all the plans that Matt outlined. Yeah. Ok. Thank you. Yeah. Do you want to talk about the not partnership, I guess, but whatever it is JV, let's go, it's a, it's AJ V structure. So part of, part of the excitement of the poly metallics at Ruby Hill has attracted interested parties for a potential JV. We are currently going through the JV agreement right now. We're going through it very systematically and very methodically to make sure we are set up for a long term happy partnership. So right now, we're churning through the documents churning through the structure, turning through the taxes, all those parts that you would expect to go through to ensure that you've got a, a thoughtful JV arrangement with your partner. I can't really, you know, other than, you know, kind of the vagueness there. I mean, I have to be vague on purpose, but we are still actively churning through that agreement and the definitive documents towards execution of that joint venture agreement. It doesn't sound like this year II, I think it will be, I think it will be it, it could potentially be this year. Ok. Ok. I think that's all the time we have for questions. Thank you, Matt. Appreciate it. And we welcome our next president here, which is Scott Berdahl from Snow Lol. Thank you, Matt. Thank you very much.


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