Positive PEA On The Archimedes Underground Project

RENO, NV - i-80 Gold Corporation reported on the preliminary economic assessment (PEA) for the Archimedes Underground Project, situated within the Company's broader Ruby Hill Complex. The Complex is located along the southeastern end of the Battle Mountain-Eureka Trend in northeastern Nevada. The PEA confirms that Archimedes has the potential to become a key component of the Company's regional hub-and-spoke mining and processing strategy.

"The release of the Archimedes PEA marks another step forward in our plan to establish i-80 Gold's broader hub-and-spoke mining and processing strategy in northeastern Nevada. Based on the PEA, Archimedes is expected to contribute meaningfully to the overall production and economics of the Company's hub-and-spoke strategy in spite of higher transportation costs to our central autoclave facility, and lower grades relative to the Company's two other underground projects. The PEA's findings show that at a base case gold price of $2,175/oz, Archimedes Underground is at the lower end of valuation compared to other underground gold projects in our portfolio, however it presents the highest leverage to gold prices," stated Richard Young, Chief Executive Officer.

Mineral Estimates, Production and Mine Life: 1) High-grade underground gold mine with a life of mine (LOM) of approximately 10 years. 2) Average annual gold production of approximately 100,000 ounces of gold following ramp up. 3) Estimated LOM cash costs of $1,769 per ounce and all-in-sustaining costs(1) of $1,893 per ounce.

Updated mineral resource estimate resulting in an indicated gold mineral resource of 436,000 ounces at 7.6 grams per tonne (g/t) and an inferred gold mineral resource of 988,000 ounces at 7.3 g/t. All drilling conducted within the Archimedes underground area since the property's acquisition in 2021, is included in the PEA. Additional infill drilling is expected to be completed from the underground on the Ruby Deeps and the 426 zone in 2027 to be included in a planned feasibility study in 2028. Several exploration targets to be followed up on in the coming years to potentially extend the mine life beyond the current 10 years.