Updated PEA On The Cove Project

RENO, NV - i-80 Gold Corporation reported on preliminary economic assessment (2025 PEA) for the Cove Project located on the Battle Mountain-Eureka Trend in Northern Nevada. The 2025 PEA confirms that the high-grade Cove Project has the potential to become a key component of the Company's regional "hub-and-spoke" mining and processing strategy.

"The 2025 PEA for the Cove Project represents an important first step in delivering updated technical information across i-80 Gold's asset portfolio. The results validate our planned regional hub-and-spoke model of feeding a central processing plant with high-grade material from three underground mines, which is expected to form the production base for i-80 Gold moving forward. In the coming weeks, we look forward to releasing updated PEAs for Granite Creek (both open pit and underground) and the Ruby Hill Complex (Archimedes underground and Mineral Point open pit)," said Richard Young, Chief Executive Officer.

Underground gold mine with a life of mine (LOM) of approximately 8 years. Average annual gold production of approximately 100,000 ounces of gold following ramp up. Estimated LOM cash costs of $1,194 per ounce and all-in-sustaining costs of $1,303 per ounce. Updated mineral resource estimate resulting in an indicated gold mineral resource of 311,000 oz at 8.2 grams per tonne (g/t) and an inferred gold mineral resource of 1.16 Moz at 8.9 g/t. The current infill drill program conducted over the past two years is not included in the 2025 PEA, however, all drill results will be included in the feasibility study targeted for completion in the fourth quarter 2025. Several underground exploration targets to be followed up in the coming years to potentially extend the mine life beyond the current 8 years.

Mining to use a combination of cut-and-fill and bench-and-fill methods unchanged from the previous study. Nearly 60% of the material mined is anticipated to be processed at i-80 Gold's Lone Tree autoclave facility and the remainder processed at a third-party roasting facility with whom the Company has an established contract. Average gold grade processed of 10.4 g/t with an average gold recovery of 86% (autoclave) and 79% (roaster).

The 2025 PEA is based on a revised resource model with no additional drilling results included, relative to the 2021 PEA. The updated resource estimate has been calculated using stope optimizer software, whereas the previous mineral resource was not. The new methodology generates optimal mineable stope geometries while considering several factors including geological constraints, grade distribution and stope dimensions. This significantly improves the accuracy of mineral resource estimates and has become an industry standard for underground deposits in Nevada.

The updated mineral resource estimate includes a total of 311,000 ounces of gold at 8.2 g/t Au in the indicated category and 1,156,000 ounces of inferred resources at 8.9 g/t in the inferred category. The majority of the indicated resource is currently hosted in the Helen deposit. The updated estimate resulted in additional mineralized body constraints resulting in indicated and inferred tonnes decreasing by 6% and 13% respectively. Moreover, gold ounces decreased by 20% in the indicated and inferred categories, however the updated mineral resource represents more mineable shapes than the prior resource estimate.

The ongoing Cove drilling program has been designed to infill mineralization in the Helen and Gap zones ahead of a planned feasibility study in 2025. The Project offers substantial exploration potential as the bulk of the work completed to date has been focused on the main deposit areas only. Exploration from 2014 through 2019 resulted in the identification of several new zones of mineralization that have received minimal follow-up, including mineralization in the 2201 zone (153,000 tonnes at 26.7 g/t Au) beneath the Cove pit.