New Development Plan For Advancing Nevada Gold Projects

RENO, NV – i-80 Gold Corporation reported on the progress of its new development plan, which outlines a path for advancing the Company’s Nevada gold projects and creating a mid-tier gold producer. As part of the new development plan the Company released Preliminary Economic Assessments (“PEAs) in the first quarter of 2025 for five projects, and continues to advance permitting, technical, and development work on these projects.

“We are making steady progress in laying the groundwork to bring i-80’s industry-leading pipeline of high-grade projects into production over the coming years,” stated Paul Chawrun, Chief Operating Officer. “Drilling is underway across several key properties as we prepare for upcoming feasibility studies, in addition to optimization work for the Lone Tree refurbishment study. At the same time, permitting efforts continue to gain momentum across our new projects, which we believe will help to de-risk our development pipeline.”

Granite Creek Underground, i-80’s first gold operation, continues to progress ramp-up activities toward steady state production. The implementation of a predictive hydrogeological model completed in the first quarter has enabled a more proactive dewatering of underground workings. The model has guided the management of mine contact water and the installation of permanent underground dewatering infrastructure planned through the remainder of the year, including additional surface wells and the installation of an expanded water treatment plant.

Infill drilling of the South Pacific Zone has commenced from both surface and underground following the completion of the underground exploration drift in the second quarter. The infill campaign is expected to drill more than 40 holes for approximately 14,000 meters of core. In addition, a feasibility study is now underway, targeting completion in the first quarter of 2026, one quarter later than originally intended due to a delayed start to drilling. This feasibility study will incorporate an updated mineral resource estimate reflecting results from the current drill program.

Optimization of Lone Tree feasibility work is currently underway in collaboration with Hatch Ltd., an industry leader in autoclave technology, building on the internal feasibility study completed in 2023. The updated feasibility study for the facility’s refurbishment will incorporate value engineering initiatives and updated cost estimates to support an improved execution strategy. Completion of the revised feasibility study is targeted for the fourth quarter of 2025. Concurrently, i-80 is recruiting the owner’s team to oversee the engineering and execution of Lone Tree’s refurbishment, along with risk mitigation planning and opportunities to accelerate the development timeline.

Lone Tree’s existing processing facility is permitted, with the only additional permits and renewals required in the normal course being for the processing and environmental controls included in the refurbishment plan. Lone Tree is one of three autoclave facilities in Nevada, and a strategic asset in unlocking value from i-80’s three underground deposits by providing an owner-operated processing facility for the Company’s high-grade underground refractory material.

At Archimedes, i-80’s second planned underground mine, the final stages of permitting are nearing completion, with approval for advancement expected in the third quarter of 2025. This phase of permitting covers mining activities above the 5100-foot elevation, a threshold consistent with previously approved permits for open pit mining at Ruby Hill. Permitting below the 5100-foot elevation is expected to begin immediately upon receipt of the first phase of permits. This sequential approach to permitting expedites mining while simultaneously pursuing remaining permits for the lower section. Surface infrastructure for the external portal has been completed, and the initial development of the underground exploration drift is anticipated to commence shortly.

Initial infill drilling of the upper zone is scheduled to begin from underground in the fourth quarter of 2025 followed by underground infill drilling of the lower zone planned in the first quarter of 2026 (see Figure 3 in Appendix). The upper zone will be the first to be mined as it is located above the 5100-foot elevation. Collectively, these infill programs are anticipated to include more than 175 holes for approximately 60,000 meters of core. Results from the infill drilling will be included in a feasibility study targeting completion in the first half of 2027. Archimedes is expected to begin contributing to production in late-2026 to early-2027.

Cove Underground

At Cove, the Company’s third planned underground mine, infill drilling has been completed, and feasibility-level work is underway with feasibility study completion targeted for the first quarter of 2026, one quarter later than originally targeted in the development plan to accommodate additional metallurgical test work.

National Environmental Policy Act (NEPA) permitting activities are also underway with the Bureau of Land Management (BLM) in anticipation of an Environmental Impact Statement (EIS). i-80 is actively advancing major permit applications with the goal of aligning regulatory approvals with planned development timelines. The Company has recently expanded its permitting team and continues to work collaboratively with regulators and local stakeholders. Cove is expected to begin contributing to company-wide production in mid-2029.

Following the release of the Granite Creek Open Pit PEA, technical work is underway to advance the project toward either a pre-feasibility or a feasibility-level study. Simultaneously, trade off analyses are being conducted to optimize the economics of the project. Permitting work is in the initial stages and advancing as expected. Granite Creek Open Pit has the potential to contribute to company-wide production by the end of the decade.

Mineral Point Open Pit – Ruby Hill Property

Mineral Point, an oxide heap leach project, is an earlier stage project within i-80’s portfolio of assets. Mineral Point has the potential to become the Company’s largest producing asset and is expected to provide the biggest step change in company-wide production starting the second half of 2031. Core drilling was initiated in June to support ongoing hydrological, geological and geotechnical assessments. The results are expected to support the mine design and metallurgical studies as part of advancing the project toward the next stage of technical evaluation. Following the release of a PEA in the first quarter of 2025, strategic evaluations are underway to determine optimal timing of a pre-feasibility or feasibility-level study.