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

Condire Management, LP and its affiliates have reported a 9.9% beneficial ownership stake in i-80 Gold Corp., totaling 81,739,583 common shares.

Summary

• Condire Management, LP, Condire Management GP Holdings, LLC, Ryan E. Schedler, and Bradley J. Shisler (collectively, "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G for i-80 Gold Corp.
• The Reporting Persons collectively beneficially own 81,739,583 common shares of i-80 Gold Corp.
• This ownership represents 9.9% of the issuer's common shares outstanding.
• The calculation is based on 816,574,472 shares outstanding as of September 30, 2025, plus 1,639,583 shares issuable from warrants/debentures held by Condire Resource and Condire Alpha.
• 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, not for the purpose of changing or influencing control of the issuer, except for potential nomination activities under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant 9.9% stake by an institutional investor like Condire Management is generally a positive signal, indicating confidence in i-80 Gold Corp. The 'blocker' agreement suggests a strategic, non-activist investment approach.

Positives

• A significant institutional investor, Condire Management, has disclosed a substantial 9.9% stake in i-80 Gold Corp., indicating confidence in the company's prospects.
• The investment is stated to be in the ordinary course of business, suggesting a long-term investment perspective rather than an activist play for control, which can provide stability.

Negatives

• The "blocker" agreement limits the combined shareholdings of Condire Resource, Condire Alpha, and their affiliates to less than 10%, which might cap potential further accumulation by this specific investor group.

Risks

• The filing itself does not detail risks to the issuer. It describes the ownership structure and the "blocker" agreement, which is a risk management strategy for the reporting persons to avoid crossing the 10% threshold.

Future Outlook

The filing does not provide any forward-looking statements or guidance from i-80 Gold Corp. or the reporting persons regarding the issuer's future performance.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a significant investment by a fund in a gold mining company. Such investments are common in the resource sector, where specialized funds often take substantial positions in companies with promising assets or exploration potential. The size of the stake suggests a belief in the long-term value of i-80 Gold Corp. within the precious metals industry.

Comparison to Industry Standards

• A 9.9% stake is a substantial position for an institutional investor in a publicly traded company, often signaling a strong conviction in the company's value proposition.
• The "blocker" agreement, limiting ownership to below 10%, is a common strategy employed by institutional investors to avoid certain regulatory burdens and activist investor classifications that come with crossing the 10% threshold, while still maintaining a significant influence.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively by other shareholders, potentially boosting confidence and attracting further investment. It also identifies a major shareholder whose interests may align with long-term value creation.
• Management: The presence of a large, non-activist institutional investor can provide a degree of stability and validation for the current management's strategy.

Next Steps

• The filing does not mention any specific future actions, events, or milestones for i-80 Gold Corp. or the reporting persons beyond the ongoing beneficial ownership.

Key Dates

Recommendation

The filing indicates a significant institutional stake, which is generally a positive sign of investor confidence. However, a Schedule 13G filing primarily discloses ownership and does not provide new financial performance data, strategic updates, or operational details that would warrant a "buy" or "sell" recommendation. The "blocker" agreement suggests a passive, long-term investment rather than an activist push for change. Therefore, a "hold" recommendation is appropriate, acknowledging the positive signal of institutional interest without new fundamental information to change the investment thesis.

Keywords

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