Episode Details

Interview with Paul Chawrun, COO of i-80 Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-capital-raised-construction-underway-to-gold-production-by-2027-9498

Recording date: 29th September 2026

i-80 Gold Corp. (TSX:IAU) is a Nevada-focused gold developer and producer that aims to become a mid-tier producer through a hub-and-spoke model. Three underground mines and, later, a large open pit oxide project are planned to support a central processing facility at Lone Tree. Chief Operating Officer Paul Chawrun said the company has spent the past year turning a plan the market saw as complex into a series of completed milestones.

The financing phase is complete. i-80 raised more than $1 billion through equity, a royalty, convertible notes and a gold prepay facility, and held $464.6 million in cash at 30 June 2026. The company has expanded its technical teams and begun operational readiness work for Lone Tree.

Granite Creek Underground is the first asset with declared reserves. The September 2026 feasibility study set an initial reserve of 557,000 oz at 7.87 g/t, supporting about 8.5 years of mining and average output of 75,100 oz per year from 2028 to 2032 at AISC of $1,915/oz. Grade is lower than in the 2025 PEA because the highest-grade zones lie further out in the deposit. Chawrun pointed to two sources of upside not included in the study's costs. Screening removes about 20% of waste and lifts head grade by roughly 20%. Improving ground conditions from dewatering should also allow throughput to rise towards 1,000 tonnes per day. Inferred resources have historically converted at a ratio of one-to-one or better, and the deposit remains open.

Lone Tree is the economic hinge of the strategy. Sulphide ore currently goes to a third-party processor at a payability factor of 55% to 60%. Bringing it in-house should lift average recovery to around 87%. The refurbishment, estimated at roughly $430 million, is on schedule. Chawrun noted labour cost pressure that remains within contingency. The filtration plant is targeted for October 2027, first gold pour for Q4 2027 and autoclave processing of sulphides from 2028.

Archimedes at Ruby Hill is due to deliver first gold in Q4 2026. Its oxide ore leaches well at both low grades of around 2 g/t and high grades of 7 to 9 g/t. That gives i-80 the choice of continued heap leaching or processing high-grade oxide at Lone Tree while building a sulphide stockpile.

Mineral Point is the growth engine. The PEA outlined around 280,000 gold-equivalent oz per year at AISC that Chawrun now places at $1,200 to $1,400/oz. The project includes a large silver resource that adds 15% to 20% to margin. A drilling campaign of about 155,000 metres is expected to feed a pre-feasibility study around mid-2027, with management targeting a reserve of about 5 million oz. Permitting is planned to begin late in 2026, with production around 2031. The roughly $1 billion capital cost is expected to be funded without new equity.

For investors, near-term watch-items are Archimedes first gold, Lone Tree construction progress and Granite Creek grade reconciliation. The Mineral Point pre-feasibility study is the larger catalyst. Key risks include dewatering, construction costs, permitting timelines and the gold price assumptions underpinning the non-dilutive funding plan.

View i-80 Gold's company profile: https://www.cruxinvestor.com/companies/i-80-gold

Sign up for Crux Investor: https://cruxinvestor.com/subscribe