SCHEDULE: Condire Management Discloses 9.9% Stake in i-80 Gold

Condire Management, LP and its affiliates have disclosed a 9.9% beneficial ownership stake in i-80 Gold Corp., totaling 81,171,808 common shares.

Summary

• Condire Management, LP, Condire Management GP Holdings, LLC, Ryan E. Schedler, and Bradley J. Shisler collectively reported beneficial ownership of 81,171,808 common shares of i-80 Gold Corp.
• This represents 9.9% of the issuer's common shares outstanding as of June 30, 2025.
• The calculation is based on 811,358,811 shares outstanding and includes 1,171,808 shares issuable upon the exercise of warrants or conversion of debentures.
• The shares are held for the accounts of Condire Resource Master Partnership, LP and Condire Alpha Partners, LP.
• A 'blocker' agreement is in place, limiting the combined shareholdings of Condire Resource, Condire Alpha, and their affiliates to less than 10% of the then-outstanding common shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing is a standard disclosure of beneficial ownership, indicating a significant 9.9% stake by Condire Management and its affiliates. The statement that the shares are held in the ordinary course of business and not for control purposes suggests a passive investment, which is generally neutral but can be viewed positively as a sign of institutional interest.

Positives

• A significant institutional investor group, Condire Management and its affiliates, has taken a substantial 9.9% stake in i-80 Gold Corp., indicating confidence in the company.
• The investment is stated to be for ordinary course of business, not for control influence, suggesting a passive, long-term investment perspective.

Risks

• A 'blocker' agreement limits the combined shareholdings of Condire Resource, Condire Alpha, and their affiliates to less than 10% of the then-outstanding common shares, potentially restricting their ability to increase their stake significantly or exert greater influence.

Future Outlook

Not applicable. This filing is a disclosure of current ownership, not forward-looking statements from the issuer.

Industry Context

This filing indicates a significant investment in a gold mining company, which aligns with broader trends of institutional interest in precious metals, especially during periods of economic uncertainty or inflation concerns.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a significant 9.9% stake by an institutional investor group may be viewed positively, potentially signaling confidence in the company's prospects. The 'blocker' agreement ensures that this group remains a passive investor below the 10% threshold.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant 9.9% beneficial ownership stake by Condire Management and its affiliates in i-80 Gold Corp. While the presence of a large institutional investor can be a positive signal, the filing itself does not contain new operational, financial, or strategic information about i-80 Gold Corp. that would fundamentally alter its valuation or prospects. The stated purpose of the acquisition is for ordinary course of business, not control, suggesting a passive investment. Therefore, without additional company-specific news or financial updates, the filing alone does not provide a basis for a strong buy or sell recommendation, making a 'hold' position appropriate for existing investors and a neutral stance for potential new investors.

Keywords

i-80 Gold Corp, Condire Management, Schedule 13G, beneficial ownership, common shares, investment, mining, gold, SEC filing