Granite Creek Open Pit Project Receives Positive PEA

RENO, NV - i-80 Gold Corporation reported on the preliminary economic assessment (PEA) for the Granite Creek Open Pit Project.  Granite Creek Open Pit is located within the Getchell Trend in northern Nevada.

"This Granite Creek Open Pit has all the markings of a top tier project. It is an open pit oxide project in Nevada with very good grades and recoveries leading to robust economics. This project on its own could be a company maker and it's only one of five projects within the i-80 Gold portfolio. It's a key component to growing our production profile towards mid-tier status, and our team is working vigorously to permit and move this project forward," said Richard Young, Chief Executive Officer.

Large open pit carbon-in-leach (CIL) gold mine with a life of mine (LOM) of approximately 10 years. Annual gold production of approximately 130,000 ounces following ramp up. Estimated LOM cash costs of $1,185 per ounce and all-in-sustaining costs(1) of $1,225 per ounce. Updated mineral resource estimate resulting in an indicated gold mineral resource of 1.44 million ounces at 1.18 grams per tonne (g/t). Updated mineral resource estimate resulting in an inferred gold mineral resource 0.08 million ounces at 1.09 g/t.

Based on a $2,175/oz gold price, the Project's undiscounted after-tax cash flows total $661 million with an after-tax net present value (NPV) of $421 million, assuming a 5% discount rate, generating an 30% internal rate of return (IRR). Based on spot gold of $2,900/oz, the Project's undiscounted after-tax cash flows total $1,267 million with an after-tax NPV of $866 million, assuming a 5% discount rate, generating an IRR of 50%.

Mine construction capital, including all pre-production facilities and infrastructure is estimated at approximately $200 million. No capital is included in mine construction capital for mobile equipment as the plan incorporates contract mining. Unit mining costs have been increased accordingly.

Additionally, 12.9 million tonnes of stripping is required pre-production and 4.7 million tonnes in the first production year, costing $33.9 million. LOM sustaining capital is estimated at $30.3 million, primarily for tailings dam expansion and general sustaining costs. Total capital includes a contingency of 25%, or $49.1 million.

The primary mining method will be a conventional open pit truck (10 to 12 trucks) and loader (4 loaders) operation, moving approximately 40 million tonnes per year during a steady state of production. The LOM strip ratio is 8.2:1, excluding capitalized pre-stripping. Material mined will be treated in a CIL process plant on site at a rate of approximately 3.5 million tonnes per year during steady state. Overall average gold grade processed of 1.25 g/t with an expected average gold recovery of 86.6%.