About this episode
Interview with Paul Chawrun, COO of i-80 Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-500m-secured-to-advance-development-plan-9289Recording date: 4th March 2026i-80 Gold Corp. has reached the most consequential milestone in its development history. After an extended period during which the scale and complexity of the company's Nevada asset package generated uncertainty in parts of the investment community, i-80 has closed a major financing round with institutional participation including royalty major Franco-Nevada and issued a full notice to proceed to Hatch Engineering on the $430 million Lone Tree autoclave refurbishment. The company is now in execution mode.The Lone Tree facility is a formerly operating autoclave plant, originally developed by Newmont, that requires refurbishment rather than construction from scratch. That distinction matters. i-80 is working with established infrastructure, proven technology, and a team that includes personnel who have previously operated this specific autoclave. The feasibility study underpinning the project is classified at Level 2/3, one of the most detailed engineering standards available, providing a high degree of confidence in both the capital estimate and the construction schedule. First gold pour is targeted for end of December 2027, with a production ramp-up to 150,000–160,000 ounces per year in Q1 2028.At $3,000 per ounce gold, i-80 estimates net annual cash flow from Lone Tree of $150–200 million. With spot gold prices currently trading above that modelling assumption, the economics are materially stronger than the base case and the margin advantage compounds as gold prices rise, given the largely fixed cost structure of autoclave processing.Beyond Lone Tree, i-80 is deploying approximately $80 million in drilling across its Nevada portfolio in 2026. At Ruby Underground, infill drilling is advancing resources toward measured and indicated status ahead of a future feasibility study. At Granite Creek, a drilling campaign has recently concluded — extended due to continued mineralisation discovery — with feasibility results expected in Q2 2026. At Mineral Point, the programme targets conversion of a resource base that already contains 3 million ounces measured and indicated and 2 million ounces inferred, supporting a prefeasibility study in early 2027 and eventual open pit production currently estimated for 2032.The company's three-phase production roadmap — Lone Tree, followed by Mineral Point and Granite Creek open pits — targets aggregate annual output of 500,000–600,000 ounces, firmly within mid-tier producer territory. Each phase carries its own timeline and permitting requirements, but the financing now in place is specifically structured to accelerate the Mineral Point schedule by one to two years through earlier drilling and EIS process initiation.Franco-Nevada's participation in the financing
