“We are pleased to release PEA results for our Mineral Point project as it marks another key step in our plan to establish i-80 Gold as a mid-tier gold producer with a robust pipeline of growth. A key driver of future growth, Mineral Point is the largest of our two planned oxide projects complementing our three high-grade underground mines in northern Nevada. With significant production scale, a long mine life, and low costs, Mineral Point is expected to be the flagship project within our portfolio,” said Richard Younger, Government Officer.

Mineral Level PEA Highlights

Mineral Estimates, Manufacturing and Mine Hour

• Immense distinguishable pit heap leach gold mine with a time of mine (“LOM”) of roughly 17 years.
• Annual gold identical manufacturing⁽¹⁾ of roughly 280,000 oz. following ramp up.
• Estimated LOM money prices⁽²⁾ of $1,270 in step with ounce and all-in-sustaining prices⁽²⁾ of $1,400 in step with ounce.
• Up to date mineral useful resource estimate for the purpose of an indicated gold mineral useful resource of three.4 million oz. at 0.48 grams in step with tonne (“g/t”) and an indicated silver useful resource of 104.3 million oz. at 15.0 g/t.
• Up to date mineral useful resource estimate for the purpose of an inferred gold mineral useful resource of two.1 million oz. at 0.34 g/t and an inferred silver useful resource of 91.5 million oz. at 14.6 g/t.

Mission Economics

• In line with a $2,175/oz. gold value, the Mission’s undiscounted after-tax money flows⁽³⁾⁽⁴⁾ general $1,470 million with an after-tax internet provide worth⁽³⁾⁽⁴⁾(“NPV”) of $614 million, assuming a 5% bargain price, producing an 12% inside price of go back (“IRR”).
• In line with spot gold and silver costs of $2,900/oz. and $32.75/oz. respectively, the Mission’s undiscounted after-tax money flows⁽²⁾⁽³⁾ general $3,665 million with an after-tax NPV⁽³⁾⁽⁴⁾ of $2,092 million, assuming a 5% bargain price, producing an IRR of 27%.
• Mine building capital, together with all pre-production amenities and gear is estimated at $708 million. This comprises $299 million in cell apparatus for the preliminary fleet. As well as, roughly 104 million tonnes of stripping is needed within the first 12 months of manufacturing to achieve get right of entry to to the frame of mineralized subject matter costing $287 million.
• LOM good capital is estimated at $388 million, basically for a leach accommodation growth and cell apparatus upkeep and replacements.
• General capital features a contingency of 15%, or $63 million carried out to LOM cell apparatus of $420 million. A 25% contingency of $122 million has additionally been carried out to all alternative capital together with earth works, infrastructure and heap leach growth prices.
• Mission investment is predicted to incorporate a mixture of money tide from the Corporate’s present operations and a company debt facility.

Mining and Processing

• The principle mining mode can be a traditional distinguishable pit truck (24 vehicles) and shovel (4 shovels) operation, shifting roughly 100 million tonnes in step with 12 months all over a gentle order of manufacturing.
• The LOM strip ratio is two.9:1, with the exception of capitalized pre-stripping.
• Subject material mined can be overwhelmed, stacked and processed on the heap leach facility situated on website online at a price of roughly 23 million tonnes in step with 12 months all over secure order.
• All mineralized subject matter can be put on leach pads following two-stage crushing. Processing additionally features a Merrill Crowe circuit for the medication of silver.
• Latter restrain medication enthusiastic via mineral and rock alteration sort.
• Total reasonable gold grade processed of 0.39 g/t with an anticipated reasonable gold medication of 78% and a median silver grade processed of 15.37 g/t with an anticipated reasonable silver medication of 41%.

All quantities are in United States bucks, until another way said.

A abstract of key valuation, value, and working metrics is gifted in Desk 1 underneath. For extra crystal clear metrics offered on an annual foundation, see Mineral Level Mission Impressive Money Stream Type within the Appendix.

Desk 1: Abstract of PEA Key Working and Monetary Metrics

“As a cornerstone of our growth strategy, Mineral Point transforms our gold production profile and positions i-80 Gold as a significant silver producer. This project’s simple design and proven technology, combined with its location on a brownfield site, and our existing understanding of geology, hydrology and metallurgy, substantially reduces execution risks typically associated with projects of this scale. The Mineral Point PEA confirms its potential to become one of Nevada’s largest open-pit truck-and-shovel mining operations,” added Matthew Gili, President and Working Officer.

Mineral Useful resource Replace

The PEA comprises all drilling carried out via the former homeowners as much as 2021 when i-80 Gold bought the constituent. The up to date mineral useful resource estimate features a general of three,376,000 oz. of gold with a median grade of 0.48 g/t Au within the indicated section and a pair of,117,000 oz. of gold with reasonable grade of 0.34 g/t Au within the inferred section of assets (see Desk 2). Moreover, the useful resource hosts 104,332,000 oz. of silver at 15.0 g/t within the inferred section and 91,473,000 oz. of silver at 14.6 g/t within the indicated section. The reported mineral useful resource estimate is constrained to a decided on optimized pit shell the use of Lerchs-Grossman (LG) mining device (see Determine 1).

Nearly all of the commercial subject matter is hosted throughout the Hamburg Dolomite constrained via the Dunderberg Shale placing wall and the Hidden Canyon Formation underpinning wall lithology gadgets.

Grade estimation was once performed the use of a prospect assigned constrained kriging (PACK) method in Vulcan device to outline probably mineralized lofty and low-grade domain names the use of other grade threshold values (see Determine 2). High and low-grade signs have been estimated, and an estimated indicator prospect worth was once decided on because the prospect threshold to outline blocks for the high-grade area. A restrain dimension of 25 toes × 25 toes × 25 toes was once decided on in keeping with a bench top of proposed mining operations, in conjunction with ancient mining within the Archimedes pits and hour distinguishable pit mining issues. Comfortable obstacles for the low-grade and high-grade domain names have been old for number of drill hollow 10-foot composites to estimate grade values to blocks.

Updates to the mineral useful resource estimate come with incorporating a tide topographic floor, changed restrain style coding for sure boxes, and subtle explicit gravity measurements and tonnage issue conversions.

Along with advancing the mission allowing, an up to date mineral useful resource estimate is predicted to be finished in 2029 for inclusion within the deliberate feasibility learn about. The up to date useful resource is predicted to incorporate 50,000 meters of drilling focused on spare pattern subject matter for metallurgical take a look at paintings, useful resource definition to improve tide useful resource classification, and attainable growth. The timing of the predicted feasibility learn about is deliberate to align with the predicted of entirety of the allowing procedure. The target is to have an latest feasibility learn about on the week lets in are gained to backup a deliberate company debt facility, which mixed with anticipated money flows from the Corporate’s present operations, is predicted to finance the development of Mineral Level.

Desk 2: Mineral Level Mineral Useful resource Estimate Commentary as of December 31, 2024

Financial Research

The Mission’s NPV and IRR on the subject of fluctuations within the long-term gold and silver value are defined in Desk 3.

Desk 3: Mineral Level Gold Value Sensitivity Upcoming-tax Research

Observe: Mission NPV at 8% is $296 million.

Mission Evaluation

Mineral Level is a feature of the wider Ruby Hill Advanced situated alongside the southeastern finish of the Struggle Mountain/Eureka gold pattern; a northwest-trending geological belt situated in north-central Nevada (see Determine 3). The Mission is an distinguishable pit heap leach mission and is an extension of the traditionally mined Archimedes distinguishable pit, which was once a big past-producing asset. Mineral Level comprises a immense oxide gold and silver attic, in addition to more than one bottom steel deposits, and has the possible to grow to be the Corporate’s biggest gold generating asset.

The Advanced additionally comprises the Archimedes Underground Mission, made from the Ruby Deeps and 426 zone, which might be situated straight away northwest and underneath the historical Archimedes Pit. 

Wave processing infrastructure on the Advanced features a number one and secondary crushing plant, grinding mill, leach accommodation, and carbon-in-column circuit, which might be designed to procedure oxide subject matter. A few of these installations are acceptable to Ruby Deeps throughout the Archimedes Underground, on the other hand, their capability does no longer meet the necessities of Mineral Level, a bigger attic. The present heap leach accommodation at the constituent can be moved in years 7 and 14 of operation because the distinguishable pit obstacles for Mineral Level increase.

The Mineral Level attic consists of oxide and transitional subject matter, which is amenable to heap leaching next a two-stage weigh down. Suitable amenities are deliberate to the west of the tide amenities to reduce haulage distances and optimize facility sequence for the roughly 17-year mine time.

Geology and Mineralization

The Mineral Level attic is a immense, disseminated gold-silver mineralized zone situated straight away west of the Archimedes Pit and the Archimedes Underground. Mineral Level is hosted inside of a north trending and plunging crease hinge. Stratigraphically, maximum mineralization is contained throughout the Cambrian Hamburg dolomite with lesser amounts within the Dunderberg shale.

In the community the attic comprises high-grade gold and silver in what have been previously large sulfide veins that at the moment are oxidized. The attic spans a range of over 2.5 kilometers with a width of just about 1 kilometer at its widest.

Mining and Processing

The PEA demonstrates an preliminary mine time of roughly 17 years with a median annual gold identical manufacturing⁽¹⁾ of roughly 280,000 oz. of gold following manufacturing ramp up. The PEA represents a initial point-in-time estimate of the mine plan.

Noticeable pit optimization produced a form of nested pit shells that prioritize early extraction of probably the most economically viable and powerful subject matter. The mine can be advanced in consecutive levels to supremacy the stripping ratio and to lend constant procedure feed.

The mine can be accessed via a suite of ramps designed for 320-ton haul vehicles at the west facet of the pit. Mining can be carried out via rope and hydraulic shovels with an annual manufacturing price of 23,000,000 processed tonnes.

The PEA comprises a two-stage weigh down for the method subject matter positioned at the heap leach. Because of the silver within the attic, a Merrill Crowe plant has been integrated within the procedure. A LOM processing time table is illustrated in Determine 4.

Capital Price Abstract

Mine building capital, which incorporates all pre-production amenities and gear, is estimated to general $708 million. This comprises $299 million in cell apparatus for the preliminary fleet. As well as, roughly 104 million tonnes of stripping is needed within the first 12 months of manufacturing to achieve get right of entry to to the frame or mineralized subject matter costing $287 million.

LOM good capital is estimated at $388 million, basically for leach accommodation growth and cell apparatus upkeep and rebuilds.

Mineral Level is predicted to generate an estimated $1,470 million in after-tax money tide over the tide mine time (see Determine 5).

Desk 4: Capital Price Estimates

Working Price Abstract

The PEA estimates money prices⁽²⁾ of $1,270 in step with ounce of gold and all-in good prices⁽²⁾ of $1,400 in step with ounce of gold for the LOM (see Desk 5).

Determine 6 illustrates those working prices over the Mission’s estimated manufacturing profile.  

Desk 5: General and Unit Working Prices

Allowing

Bottom series paintings started within the fall of 2024 to permit for Mineral Level allowing to start in the second one part of 2027 following regulatory company approvals of the Decrease Archimedes Underground allowing movements. Baseline research commenced in past due 2024 to facilitate the allow utility. In line with the predicted disturbance footprint and related dewatering, it’s anticipated that Nationwide Environmental Coverage Business (“NEPA”) alike allowing actions will outcome within the wish to entire an Environmental Have an effect on Commentary (“EIS”) in the course of the Bureau of Land Control (“BLM”).

Nevada Category of Environmental Coverage (“NDEP”) allowing can also be required with adjustments to the website online H2O Air pollution Keep an eye on Allows, a amendment to the Reclamation Allow, and a revision to the Magnificence II Breeze Attribute Working Allow.

Moreover, because of the sensitivity circumstance H2O in Diamond Valley, H2O rights can be a number one center of attention in keeping with pumping and attainable affects, along with, the formation of a pit puddle following cessation of mining. With the extent of constituent this is expected for the diverse allowing movements, the projected timeline for regulatory company approvals is via the tip of 2029.

Then Steps to Feasibility Find out about

A feasibility learn about based on Nationwide Tool 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) and Subpart 1300 of Legislation S-Ok (“S-K 1300”) with an up to date mineral useful resource estimate is predicted to be finished in 2029. The up to date useful resource is predicted to incorporate 50,000 meters of drilling. Under is a abstract of spare paintings to be carried out.

Useful resource Delineation and Exploration

• Start useful resource conversion drilling to improve inferred mineral useful resource and to raised outline the categories or mineralized subject matter and mining limits.
• Come with geotechnical drilling within the growth program to raised perceive the pit slopes and working protection elements.
• Reinforce the metallurgical checking out with samples in particular accrued to enhance the working out of Mineral Level against this to the alternative tasks throughout the Ruby Hill Advanced.

Allowing

• Begin allowing procedure.
• Entire hydrology and hydrological research.

The Corporate expects to spend roughly $25 million to finish allowing, drilling and the feasibility research thru earlier than building commences.

Technical Disclosure and Certified Individuals

The PEA was once ready based on NI 43-101. The PEA can be filed inside of 45 days of the Corporate’s alike Archimedes press let go issued on February 18, 2025 underneath the Corporate’s issuer profile on SEDAR+ at www.sedarplus.ca. An Preliminary Evaluation for the Mineral Level Noticeable Pit Mission (“S-K 1300 Report”) was once additionally ready based on S-Ok 1300 and Merchandise 601 of the Legislation S-Ok and the S-Ok 1300 File can be filed on EDGAR at www.sec.gov. Each studies can be to be had at the Corporate’s site at www.i80gold.com. The mineral estimates and mission economics are the similar underneath the PEA and the S-Ok 1300 File.

The technical data contained on this press let go has been ready underneath the supervision of, and has been reviewed and licensed via Aaron Amoroso, MMSA QP (01548QP) and Jonathan Heiner, P.E., SME-RM (4143808) of Specialty Dynamics, Inc, and Tyler Hill CPG., Vice President Geology for the Corporate, who’re all certified individuals throughout the that means of NI 43-101 and S-Ok 1300.

For an outline of the knowledge verification, assay procedures and the property contract program and property keep watch over measures carried out via the Corporate, the following the Corporate’s Annual Knowledge Method dated March 12, 2024 filed underneath the Corporate’s profile on SEDAR+ at www.sedarplus.ca and filed with the Corporate’s Method 40-F underneath the Corporate’s profile on EDGAR at www.sec.gov. Additional details about the PEA referenced on this information let go, together with data in recognize of knowledge verification, key guesses, parameters, dangers and alternative elements, can be contained within the PEA.

The PEA is initial in nature and comprises an financial research this is primarily based, partly, on inferred mineral assets. Inferred mineral assets which can be regarded as too speculative geologically to have for the appliance of financial issues carried out to them that will permit them to be categorised as mineral reserves, and there’s no walk in the park that the result of the PEA can be discovered. Mineral assets wouldn’t have demonstrated financial viability and aren’t mineral reserves.

Endnotes

1. Gold identical oz. (AuEq oz.) outlined as recovered Au oz. plus recovered Ag oz. occasions the cost ratio of Ag to Au.  AuEq = Au recovered oz. + [(Ag recovered oz) x ($27.25/$2,175)].  LOM general cures for Au and Ag are 78% and 41% respectively. Manufacturing outlined as procedure recovered oz..
2. It is a non-IFRS/non-GAAP measure. The following the category titled “Non-IFRS Performance Measures/Non-GAAP Financial Performance Measures” underneath.
3. Money tide and NPV are calculated as of the beginning of building, which is expected to start in early 2030, matter to acquiring the important lets in via December 31, 2029, as expected.
4. Upcoming tax metrics think the Corporate consumes present internet working losses.

About i-80 Gold Corp.

i-80 Gold Corp. is a Nevada-focused mining corporate with the fourth biggest gold mineral assets within the order of Nevada. The recapitalization plan underway is designed to release the worth of the Corporate’s high-grade gold deposits to develop a Nevada mid-tier gold manufacturer. i-80 Gold’s habitual stocks are indexed at the TSX and the NYSE American underneath the buying and selling image IAU:TSX and IAUX:NYSE. Additional details about i-80 Gold’s portfolio of property and long-term expansion technique is to be had at www.i80gold.com or via e-mail at [email protected].

Ahead-Taking a look Knowledge

Positive statements on this let go represent “forward-looking statements” or “forward-looking information” throughout the that means of acceptable securities rules, together with however no longer restricted to, statements in regards to the up to date result of the PEA at the Mission, similar to hour estimates of inside charges of go back, internet provide worth, hour manufacturing, estimates of money value, proposed mining plans and forms, mine time estimates, money tide forecasts, steel cures, estimates of capital and working prices, timing for allowing and environmental exams, timing, of entirety and result of feasibility research, and the dimensions and timing of phased building of the Mission. Moreover, forward-looking statements are essentially primarily based upon a lot of estimates and guesses that, generation regarded as cheap via the Corporate as of the generation of such statements, are inherently matter to important industry, financial and aggressive uncertainties and contingencies. With recognize to this explicit forward-looking data in regards to the building of the Mission, the Corporate has primarily based its guesses and research on sure elements which can be inherently unsure. Uncertainties come with: (i) the adequacy of infrastructure; (ii) geological traits; (iii) metallurgical traits of the mineralization; (iv) the facility to assemble ample processing capability; (v) the cost of gold, silver and alternative commodities; (vi) the supply of kit and amenities important to finish building; (vii) the price of consumables and mining and processing apparatus; (viii) unexpected technological and engineering issues; (ix) herbal screw ups and/or injuries; * forex fluctuations; (xi) adjustments in rules; (xii) the compliance via and/or key providers with phrases of pledges; (xiii) the supply and productiveness of professional labour; (xiv) the legislation of the mining business via diverse governmental companies, together with allowing and environmental exams; (xv) the facility to boost ample capital to assemble such tasks; (xiv) adjustments in mission scope or design; and (xv) political elements.

Such statements will also be known via the virtue of phrases similar to “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and alternative indistinguishable terminology, or order that sure movements, occasions or effects “may”, “could”, “would”, “might” or “will” be taken, happen or be accomplished. Those statements mirror the Corporate’s tide expectancies referring to hour occasions, efficiency and effects and talk most effective as of the generation of this let go and are expressly certified of their entirety via this cautionary commentary. Matter to acceptable securities rules, the Corporate does no longer think any legal responsibility to replace or revise the forward-looking statements contained herein to mirror occasions or instances going on next the generation of this let go.

This let go additionally comprises references to estimates of mineral assets. The estimation of mineral assets is inherently unsure and comes to subjective judgments about many related elements. Mineral assets that aren’t mineral reserves wouldn’t have demonstrated financial viability. The accuracy of the sort of estimates is a serve as of the bundle and property of to be had knowledge, and of the guesses made and judgments old in engineering and geological interpretation (together with estimated hour manufacturing from the Mission, the predicted tonnages and grades that can be mined and the estimated stage of medication that can be discovered), which would possibly end up to be unreliable and rely, to a definite extent, upon the research of drilling effects and statistical inferences that can in the end end up to be faulty. Mineral useful resource estimates would possibly must be re-estimated in keeping with: (i) fluctuations in commodities costs; (ii) result of drilling, (iii) metallurgical checking out and alternative research; (iv) proposed mining operations, together with dilution; (v) the analysis of mine plans next to the generation of any estimates; and (vi) the conceivable failure to obtain required lets in, approvals and licenses or adjustments to present mining licenses.

Ahead-looking statements and knowledge contain important recognized and unknown dangers and uncertainties, will have to no longer be learn as promises of hour efficiency or effects and won’t essentially be correct signs of possibly sooner such effects can be accomplished. Plenty of elements may motive original effects to vary materially from the consequences expressed or implied via such forward-looking statements or data, together with, however no longer restricted to: the Corporate’s talent to finance the improvement of its mineral houses; guesses and bargain charges being correctly carried out to the PEA and S-Ok 1300 File, confusion as as to whether there’ll ever be manufacturing on the Corporate’s mineral exploration and building houses; dangers alike to the Corporate’s talent to start manufacturing on the Mission and generate subject matter revenues or download ample financing for its deliberate exploration and building actions; uncertainties in relation to the guesses underlying useful resource and conserve estimates; mining and building dangers, together with dangers alike to infrastructure, injuries, apparatus breakdowns, labour disputes, wicked climate, non-compliance with environmental and allow necessities or alternative unanticipated difficulties with or interruptions in building, building or manufacturing; the geology, grade and perpetuity of the Corporate’s mineral deposits; the uncertainties involving luck of exploration, building and mining actions; allowing timelines; govt legislation of mining operations; environmental dangers; unanticipated reclamation bills; costs for power inputs, labour, fabrics, provides and services and products; uncertainties concerned within the interpretation of drilling effects and geological exams and the estimation of reserves and assets; surprising value will increase in estimated capital and working prices; the wish to download lets in and govt approvals; subject matter antagonistic adjustments, surprising adjustments in rules, laws or rules, or their enforcement via acceptable government; the failure of events to word of honour with the corporate to accomplish as assuredly; social or labour unrest; adjustments in commodity costs; and the failure of exploration systems or research in order expected effects or effects that will justify and backup persisted exploration, research, building or operations. For a extra crystal clear dialogue of such dangers and alternative elements that might motive original effects to vary materially from the ones expressed or implied via such forward-looking statements, the following i-80 Gold’s filings with Canadian securities regulators, together with the newest Annual Knowledge Method, to be had on SEDAR+ at www.sedarplus.ca.

Non-IFRS/Non-GAAP Monetary Efficiency Measures

The Corporate has integrated sure phrases or efficiency measures on this information let go that usually old within the gold mining business that aren’t outlined underneath World Monetary Reporting Requirements (“IFRS”) or United States Normally Authorised Accounting Ideas (“US GAAP”). This comprises: all-in good prices in step with ounce and money value in step with ounce. Non-IFRS/Non-GAAP monetary efficiency measures wouldn’t have any standardized that means prescribed underneath IFRS or US GAAP, and subsequently, they is probably not similar to indistinguishable measures hired via alternative firms. The knowledge offered is meant to lend spare data and will have to no longer be regarded as in isolation or as an alternative to measures ready based on IFRS US GAAP and will have to be learn along side the Corporate’s monetary statements. Since the Corporate has equipped those measures on a forward-looking foundation, it’s not able to give a quantitative reconciliation to probably the most at once similar monetary measure calculated and offered based on IFRS or US GAAP with out unreasonable efforts. That is because of the inherent issue of forecasting the timing or quantity of diverse reconciling pieces that will have an effect on probably the most at once similar forward-looking IFRS or US GAAP measure that experience no longer but took place, are outdoor of the Corporate’s keep watch over and/or can’t be relatively predicted. 

Definitions

“All-in sustaining costs” is a non-IFRS or US GAAP monetary measure calculated in keeping with steering printed via the International Gold Council (“WGC”). The WGC is a marketplace building group for the gold business and is an affiliation whose club contains prominent gold mining firms. Even if the WGC isn’t a mining business regulatory group, it labored intently with its member firms to assemble those metrics. Adoption of the all-in good value metric is voluntary and no longer essentially usual, and subsequently, this measure offered via the Corporate is probably not similar to indistinguishable measures offered via alternative issuers. The Corporate believes that the all-in good value measure enhances present measures and ratios reported via the Corporate. All-in good value comprises each working and capital prices required to maintain gold manufacturing on an ongoing foundation. Maintaining working prices constitute expenditures anticipated to be incurred on the Mission which can be regarded as important to conserve manufacturing. Maintaining capital represents anticipated capital expenditures comprising mine building prices, together with capitalized wastage, and ongoing alternative of mine apparatus and alternative capital amenities, and does no longer come with anticipated capital expenditures for main expansion tasks or enhancement capital for important infrastructure enhancements.

“Cash cost per gold ounce” is a habitual monetary efficiency measure within the gold mining business however has incorrect usual that means underneath IFRS or US GAAP. The Corporate believes that, along with standard measures ready based on IFRS or US GAAP, sure buyers virtue this data to judge the Corporate’s efficiency and skill to generate money tide. Money value figures are calculated based on a normal advanced via The Gold Institute. The Gold Institute ceased operations in 2002, however the usual is thought of as the approved usual of reporting money value of manufacturing in North The usa. Adoption of the usual is voluntary, and the associated fee measures offered is probably not similar to alternative in a similar way titled measures of alternative firms.

For a extra crystal clear breakdown on how those measures have been calculated, the following the desk underneath:

APPENDIX

Mineral Level Noticeable Pit Mission Impressive Money Stream Type

SOURCE i-80 Gold Corp