IAUX i 80 Gold Corp

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i-80 Gold Completes Further Steps in Support of its Recapitalization Plan

Previously Announced Amendments to Convertible Debenture Indenture and
Closing of Concurrent Private Placement Completed

This news release constitutes a "designated news release" for the purposes of the Company's prospectus
supplement dated August 12, 2024, to its short form base shelf prospectus dated June 21, 2024

Reno, Nevada, February 28, 2025 - i-80 GOLD CORP. (TSX:IAU) (NYSE:IAUX) ("i-80 Gold", or the "Company") is pleased to announce the completion of certain amendments to its $65 million convertible debenture indenture dated February 22, 2023 (the "Indenture") as previously disclosed in the Company's press release dated January 13, 2025. Additionally, the Company announces the closing of the private placement with certain insiders of the Company, undertaken concurrently with the previously announced prospectus offering of common shares which closed on January 31, 2025, as previously disclosed in the Company's press releases dated January 27, 2025 and January 31, 2025 (the "Concurrent Private Placement").

The completion and closing of each of Indenture amendments and the Concurrent Private Placement support i-80 Gold's recapitalization plan by improving its near-term liquidity as well as facilitating its refinancing flexibility as it works towards a recapitalization plan intended to better align its capital structure with the Company's long-term growth strategy and development plan.

First Supplemental Indenture to Convertible Debenture Indenture

The Company is pleased to announce that it has entered into a first supplemental indenture to the Indenture (the "Supplemental Indenture") with the TSX Trust Company (the "Trustee") to finalize the proposed amendments to the terms of the terms of the Indenture as previously disclosed in its prior press release on January 13, 2025. 

On February 22, 2023, the Company closed a private placement offering of $65 million principal amount of secured convertible debentures (the "Convertible Debentures") pursuant to the Indenture among the Company and the Trustee.

On October 15, 2024, debenture holders representing not less than 66 2/3% of the principal amount of the Convertible Debentures appointed, by written resolution, a committee of the debenture holders (the "Committee"), to exercise, and to direct the Trustee to exercise, on behalf of the debenture holders, the powers of the debenture holders set out in the Indenture.

On February 28, 2025, the Committee delivered to the Company and the Trustee an extraordinary resolution approved by the Committee, acting on behalf of the debenture holders, by instrument in writing effective, to approve the amendments to the Indenture as set forth in the Supplemental Indenture and to authorize and to direct the Trustee to enter into and execute the Supplemental Indenture (the "Amending Resolution").

The Supplement Indenture amends the Indenture, to among other things, provide as follows:

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(i) that the definitions relating to the conversion prices applicable to the conversion of the accrued and unpaid interest on the Convertible Debentures were revised to provide:

(a) the conversion price applicable to the a debenture holder's right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to the volume weighted average price of i-80 Gold's common shares on the Toronto Stock Exchange ("TSX") during the five trading days immediately preceding the date of the debenture holder's election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date;

(b) the conversion price applicable to the Company' right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to equal to the greater of (x) 85% of the average closing price of the i-80 Gold common shares as measured in US dollars on the NYSE American during the 10 business days immediately preceding the date of the Company's election notice, and (y) the volume weighted average price of i-80 Gold common shares on TSX during the five trading days immediately preceding the date of the Company's election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date;

(ii) that the Company's right to grant security against the McCoy-Cove Project would rank subordinate to the security granted to the debenture holders; and

(iii) the Company with a redemption right in respect of all of the outstanding Convertible Debentures which allows the Company to redeem, in its sole discretion, all of the outstanding Convertible Debentures for cash at a 104% premium of the outstanding principal, along with accrued interest up to the redemption date.

The description of the Supplemental Indenture in this press release, is a summary only, and is not exhaustive nor is it intended as a substitute for reviewing the Supplemental Indenture and is qualified in its entirety by reference to the full text of the Supplemental Indenture, which can be found under the Company's issuer profile on SEDAR+ at www.sedarplus.ca.

Closing of Concurrent Private Placement

The Company is also pleased to announce the closing of the Concurrent Private Placement of an aggregate of 997,871 common shares to certain directors and officers of the Company at a price of C$0.80 per share for gross proceeds of approximately C$798,297. Further to its press release dated January 27, 2025 in connection with its proposed private placement of subscription receipts at a price of $0.80 per subscription receipt involving certain directors and officers of the Company, the Company subsequently received a waiver from the NYSE American from having to obtain shareholder approval for the participation of its directors and officers in an equity financing by the Company at a price that is at a discount to market price and obtained approval to complete the Concurrent Private Placement of common shares to such directors and officers.

All of the subscribers under the Concurrent Private Placement were "insiders" of the Company (the "Insider Participation"). Each of the subscriptions by an "insider" is considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider Participation is exempt from the formal valuation and minority shareholder requirements under MI 61-101 in reliance upon the exemptions contained in section 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing date of the Concurrent Private Placement as the details of the Concurrent Private Placement and the Insider Participation were not settled until shortly prior to the closing of the Concurrent Private Placement, and the Company wished to close the Concurrent Private Placement on an expedited basis for sound business reasons.

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All securities issued under the Concurrent Private Placement are subject to a hold period in Canada expiring four months and one day from the date hereof and are subject to a hold period in the United States of at least six months from the date of issuance pursuant to the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The Concurrent Private Placement is subject to final acceptance by the Toronto Stock Exchange and the NYSE American.

The Company anticipates using the net proceeds of the Concurrent Private Placement for working capital and general corporate purposes.

The participation of directors and officers in the offering reflects continued confidence in the Company's strategic direction and growth potential.

The securities issued under the Concurrent Private Placement have not been registered under the U.S. Securities Act, or any state or other applicable jurisdiction's securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state or other jurisdictions' securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About i-80 Gold Corp.

i-80 Gold Corp. is a Nevada-focused mining company with the fourth largest gold mineral resources in the state of Nevada. The recapitalization plan underway is designed to unlock the value of the Company's high-grade gold deposits to create a Nevada mid-tier gold producer. i-80 Gold's common shares are listed on the TSX and the NYSE American under the trading symbol IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's portfolio of assets and long-term growth strategy is available at www.i80gold.com or by email at info@i80gold.com.

For further information, please contact:

Leily Omoumi - VP Corporate Development & Strategy

1.866.525.6450
info@i80gold.com
www.i80gold.com

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FORWARD LOOKING INFORMATION

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, statements regarding: the use of proceeds in connection with the Concurrent Private Placement; the Company's ability to obtain the approval of the Toronto Stock Exchange and the NYSE American for the Concurrent Private Placement; and the Company's other future plans and expectations, including its recapitalization plan. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release.

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Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to i-80's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR+ at www.sedarplus.ca.

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i-80 Gold Announces Positive Preliminary Economic Assessment on
the Granite Creek Underground Project, Nevada; After-Tax NPV_(5%) of $155 Million at
US$2,175/oz Au and an After-Tax NPV_(5%) of $344 Million at US$2,900/oz Au

This news release constitutes a "designated news release" for the purposes of the Company's prospectus
supplement dated August 12, 2024, to its short form base shelf prospectus dated June 21, 2024.

Reno, Nevada, March 5, 2025 - i-80 GOLD CORP. (TSX:IAU) (NYSE:IAUX) ("i-80 Gold", or the "Company") is pleased to announce the results of a preliminary economic assessment (the "PEA") for the Granite Greek Underground Project ("Granite Creek Underground" or the "Project"). Granite Creek Underground is the first property within the Company's pipeline of assets to be redeveloped and is currently ramping up to full production. The Project is situated at the intersection of the highly prolific Battle Mountain-Eureka and Getchell gold trends in northern Nevada, United States.

"Our exploration results at Granite Creek Underground to-date suggest significant potential for resource growth and expansion. As a result, an extensive drill program is planned in the coming years to realize that potential. The PEA also demonstrates that once our Lone Tree autoclave is refurbished as anticipated in 2028, production and cash flow are expected to increase materially," stated Richard Young, Chief Executive Officer.

This resource employed in this PEA does not include drilling conducted in 2023 and 2024. Further, the effects of underground water management in the 2025 mine plan are not reflected in this PEA. Due to these factors, the Company's 2025 production forecast, which is still under development, differs from what is depicted in the PEA schedule. i-80 Gold expects to produce between 20,000 to 30,000 ounces of gold at Granite Creek Underground this year.

Granite Creek Underground PEA Highlights

Mineral Estimates, Production and Mine Life

• High-grade underground gold mine with a life of mine ("LOM") of approximately 8 years.

• Average annual gold production of approximately 60,000 ounces, following production ramp up.

• Estimated LOM cash costs⁽¹⁾ of $1,366 per ounce and all-in-sustaining costs⁽¹⁾ of $1,597 per ounce.

• Updated mineral resource estimate resulting in a measured and indicated gold mineral resource of 261,000 ounces at 10.5 grams per tonne ("g/t") and an inferred gold mineral resource of 326,000 ounces at 13.0 g/t.

• The updated mineral resource estimate does not include infill drilling conducted within the Granite Creek Underground in 2023 and 2024. Further, infill and step out drilling on the South Pacific zone in 2025 is expected to be completed for inclusion in a feasibility study planned for Q4 2025.

• Based on exploration work conducted to-date, Granite Creek Underground has significant potential for resource expansion; it is located only 10 kilometers from the prolific Turquoise Ridge Complex within Nevada Gold Mines' joint venture which currently hosts approximately 20 million ounces of gold⁽⁴⁾. An extensive drill program is planned for the coming years to test this system at depth and to the north.

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Project Economics

• Based on a $2,175/oz gold price, the Project's undiscounted after-tax cash flows⁽²⁾ total $197 million with an after-tax net present value⁽²⁾ ("NPV") of $155 million, assuming a 5% discount rate.

• Based on a spot gold price of $2,900/oz, the Project's undiscounted after-tax cash flows⁽²⁾ total $420 million with an after-tax NPV⁽²⁾ of $344 million, assuming a 5% discount rate.

• Mine construction is complete. LOM development and sustaining capital is estimated at
  $105 million.

Mining and Processing

• The primary mining method is underhand drift and fill.

• Over the next three years through to the end of 2027, refractory material mined is expected to be processed at a third-party autoclave facility, resulting in approximately 30% lower payability on gold produced, until i-80 Gold's Lone Tree facility⁽³⁾ is commissioned as anticipated in 2028 (see Figure 1).

• Overall average gold grade processed of 11.6 g/t with an average gold recovery of 78%, utilizing oxide processing, acidic pressure oxidation and alkaline pressure oxidation selected based on characteristics of the mineralized material. This average LOM recovery includes the 58% payability factor for years 2025 - 2027. Once the Company's autoclave facility is refurbished, process recovery rates are expected to rise to approximately 92%, significantly increasing production, lowering costs and improving cash flows from the Project.

• The Company expects recovered gold ounces of between 20,000 to 30,000 ounces in 2025 from Granite Creek. An updated operational plan will be included in a feasibility study for Granite Creek Underground, which is currently expected to be released in Q4 2025.

A summary of key valuation, cost, and operating metrics is presented in Table 1 below. For more detailed metrics presented on an annual basis, see Granite Creek Underground Detailed Cash Flow Model in the Appendix. All amounts are in United States dollars, unless otherwise stated.

Table 1: Summary of PEA Key Operating and Financial Metrics

Project Economics	Unit
Gold Price	$/oz	$2,175
Pre-Tax NPV(5%)(2)	$M	$179.9
After-Tax NPV(5%)(2)	$M	$155.1
After-Tax IRR	%	84%
After-Tax Cash Flow	$M	$196.7
Production Profile
Mine Life	years	~8
Mineralized Material Mined	000s tonnes	1,441.8
Gold Grade of Mineralized Material Mined	g/t Au	11.6
Waste Tonnes Mined	000s tonnes	684.4
Capitalized Tonnes Mined	000s tonnes	488.8
Total Tonnes Mined (incl. capitalized tonnes)	000s tonnes	2,615.0
Total Mineralized Material Processed	000s tonnes	1,441.8
Gold Grade Processed	g/t Au	11.6
Average Gold Recovery	%	78%
Total Gold Recovered	000s oz	417.5
Average Annual Gold Production (LOM)	000s oz	52.2
Average Annual Gold Production (following production ramp up)	000s oz	59.6

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"2024 ramp-up activities at Granite Creek Underground were hindered by water ingress into the underground workings, which slowed underground development and lowered production for the year. An extensive hydrology study was completed during the year to better understand the water sources and flows, and the Company was able to install a water treatment facility and permit the release of excess water into a local filtration system built by the Company. The dewatering system is expected to lower the water level in the working areas of the Project to allow development to ramp up in 2025. Despite these challenges, since ramp up began in 2023, reconciliation to the resource model has been excellent with slightly more tonnes, marginally lower grade resulting in few more ounces. The positive reconciliation is a credit to the conservatism in the model and the high level of competency of the Company's underground contractor," added Matthew Gili, President and Chief Operating Officer.

Mineral Resource Update

The PEA includes an updated mineral resource estimate with a total of 261,000 ounces of gold at 10.5 g/t Au in the measured and indicated categories and 326,000 ounces of gold at 13.0 g/t Au in the inferred category (see Table 2) hosted in the CX, Ogee, Otto and South Pacific zones (see Figures 1 and 2). The updated resource incorporates all drilling conducted on the underground zones to the end of 2022.

The resource estimate was prepared using stope optimization software resulting in additional mineralized body constraints. Stope optimization provides greater accuracy than previous estimation techniques and has become industry standard for underground deposits in Nevada.

Further exploration at Granite Creek Underground includes infill drilling program in the Ogee, Otto and South Pacific zones in 2023 and 2024. Additionally, a 15,000-meter infill and step out drill program targeting the South Pacific Zone, is aimed at expanding the South Pacific resource and moving a portion of the indicated mineral resources to reserves in that zone. Construction of an underground exploration drift is underway to provide drill access to the northern and down-dip extensions of the South Pacific Zone, with completion anticipated in Q2 2025.

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All drilling conducted since the beginning of 2023 is anticipated to be included in the planned feasibility study for Granite Creek Underground.

Figure 1: Granite Creek Underground Project Plan View

Figure 2: Granite Creek Underground Longitudinal Section

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Table 2: Granite Creek Underground Mineral Resource Estimate Statement as of December 31, 2024

Measured and Indicated Mineral Resources
Class	Zone	Tonnes	Au	Au
		(000s)	(g/t)	(000s oz)
Measured	CX
	Ogee	80	8.4	22
	Otto	53	8.8	15
	Total Measured	133	8.5	37
Indicated	CX	7	13.4	3
	Ogee	164	12.1	64
	Otto	268	10.8	93
	South Pacific	203	9.8	64.0
	Total Indicated	641	10.9	224
Total Measured & Indicated		775	10.5	261
Inferred Mineral Resources
Class	Zone	Tonnes	Au	Au
		(000s)	(g/t)	(000s oz)
Inferred	CX	88	12.0	34
	Ogee	38	19.3	24
	Otto	170	13.7	75
	South Pacific	486	12.4	194
	Total Inferred	782	13.0	326
I. Notes to table above: II. Mineral resources have been estimated at a gold price of $2,175 per troy ounce; III. Mineral resources have been estimated using gold metallurgical recoveries ranging from 85.2 to 94.2% for pressure oxidation and 40-70% for carbon-in-leach ("CIL") toll processing; IV. Pressure oxidation cutoff grades range from 5.40 to 7.58 Au g/t (0.157 to 0.221 opt). The cutoff grade for CIL processing under the mineralized material sales agreement is 5.85 g/t (0.171 opt);                V. The effective date of the mineral resource estimate is December 31, 2024; VI. Mineral resources include drilling completed prior to December 31, 2022; VII. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant factors; VIII. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration; and IX. The reference point for mineral resources is in situ.

Economic Analysis

The Project's NPV relation to fluctuations in the long-term gold price are outlined in Table 3.

Table 3: Granite Creek Underground Gold Price Sensitivity After-tax Analysis

		Gold Price ($/oz)
		$1,850	$2,000	$2,175	$2,500	$2,750	$2,900	$3,000
NPV5%	($M)	$74	$112	$155	$236	$301	$344	$373

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Project Overview

Granite Creek Underground is a fully permitted, constructed and operating mine currently in production ramp up phase. The Granite Creek property (the "Property") also includes Granite Creek Open Pit deposit adjacent to the underground mine, currently in the permitting stage. The Property is located at the intersection of the highly prolific Battle Mountain-Eureka and Getchell gold trends, near Nevada Gold Mines' Turquoise Ridge Complex (see Figure 3). Situated in the Potosi mining district, the Property lies approximately 43 km northwest of Winnemucca, within Humboldt County, Nevada.

Since 1980, the Property has produced approximately one million ounces of gold from both underground and open pit. The majority of underground resources are adjacent to, but independent of the past-producing open pits on the property. Additionally, the Property hosts the Mag and CX oxide open pit resources. An open pit resource estimate and associated preliminary economic assessment is currently planned for Q4 2025.

Figure 3: i-80 Gold Regional Map

Geology and Mineralization

Mineralization at Granite Creek is Carlin-type, with gold hosted in fine-grained arsenian pyrite similar to nearby deposit at the Turquoise Ridge Complex which hosts approximately 20 million measured and indicated ounces of gold⁽⁴⁾ . The primary host rocks at Granite Creek are interbedded shale, siltstone, and limestone of the Ordovician Comus Formation. Higher-grade mineralization is found underground, proximal to the Cretaceous Osgood Mountains stock where the Comus Formation has been metamorphosed to marble and hornfels. Mineralization is strongly structurally controlled, typically by inverted thrust faults trending north to northeast. i-80 Gold has conducted significant exploration since acquiring the property in 2021 which led to the discovery of the South Pacific Zone, a northeastern extension of the existing underground deposit.

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Mining and Processing

Granite Creek Underground is currently ramping up to full production and is expected to achieve commercial production in 2026. The PEA demonstrates an initial mine life of approximately 8 years with annual gold production peaking at approximately 80,000 ounces and averaging approximately 60,000 ounces of gold following ramp up. A third-party process agreement for material mined is required until the planned refurbishment of the Lone Tree autoclave is expected to be completed. As a result, annual production and cash flows are lower over the next three years until the autoclave facility is completed.

The PEA is based on a mineral resource estimate derived from drilling data through to the end of 2022 and should not be relied upon for production forecasts in 2025. The revised plan for this year, which is still under development, incorporates updated near-mine drilling information and a revised budget. The Company anticipates recovered gold ounces of between 20,000 to 30,000 ounces in 2025 from Granite Creek. An updated operational plan will be included in the feasibility study for Granite Creek Underground, which is currently expected to be released in Q4 2025.

Underground access is through portals located in the north wall of the CX pit. The main decline provides personnel and equipment access to all areas of the mine and can accommodate 30-ton haul trucks.

The majority of mining will be conducted using underhand drift and fill methods, optimized for the site's ground conditions. Drift widths will be maintained at 5 meters or less to minimize dilution and enhance recovery. Underhand drift and fill mining is well suited for the ground conditions at Granite Creek and allows for a high degree of selectivity, productivity, and safety for mine personnel. This mining method also results in backfill with superior geotechnical quality compared to the in-situ rock.

Decline development has reached the 4100-foot elevation and has developed through over 700 vertical feet of mineralization. Ultimately, the decline will extend to the 3200-foot elevation and will provide access to all four mineralized zones.

While a small component of the upper levels of the Ogee zone contains oxide mineralization, metallurgical testing has demonstrated that the Ogee, Otto and South Pacific zones of the Granite Creek Underground are generally single refractory and require an oxidation process to increase gold extraction using cyanidation of mineralized material. Additionally, testing has demonstrated that gold recovery for the Ogee and South Pacific Zone deposits have better economic recovery when an autoclave is operated in the alkaline environment, while the Otto deposit achieves better economic recovery in the acidic environment.

The PEA incorporates mineralized material sales arrangements and associated over-the-road trucking costs for the years 2025 through 2027. Starting in 2028, the anticipated processing costs and recoveries associated with hauling to and processing at the Company's Lone Tree autoclave⁽³⁾ in the acidic or alkaline environment have been incorporated into this Study. Processing materials in the acidic environment increases per tonne processing costs by approximately $35; however, the additional cost is offset by higher recovery rates. Oxide mineralization from the upper levels will be sold to a third party under an existing sales agreement. A LOM processing schedule is illustrated in Figure 4.

Granite Creek Hydrology Update

i-80 Gold has dedicated significant resources to understand and resolve challenges encountered due to ground water at the Granite Creek Underground mine which has negatively impacted mining development. In Q3 2023 a water treatment plant was constructed to treat water from the lower dewatering wells and underground contact water, and the plant is now successfully treating dewatering water for deleterious content. Further, in 2024 an extensive underground network of piping, pumps, and sumps were installed to handle the underground contact water.

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Going forward the extensive hydrological studies conducted should enable the Company to execute on its mining development plans. In February 2025, a predictive groundwater model was completed for the mine. The groundwater model is expected to allow i-80 Gold to assess various predictive scenarios prior to installing dewatering wells and the required infrastructure to meet its dewatering needs.

Figure 4: LOM Processing Schedule

Capital Cost Summary

The Project is a former producing mine with a large portion of the necessary infrastructure in place. LOM sustaining capital is estimated at $105 million, with approximately 65% allocated to ongoing capital development.

Granite Creek Underground is expected to generate an estimated $197 million in after-tax cash flow over the current mine life (see Figure 5).

Table 4: LOM Capital Cost Estimates

	Sustaining Capital
	($M)
Dewatering	$9.4
Mine Development	$58.9
Mine Facilities & Overhead	$5.5
Definition & Conversion Drilling	$16.0
Contingency (15% Mine Development and Drilling; 25% Facilities)	$15.0
Total	$104.8

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Figure 5: Granite Creek Underground LOM Annual Cash Flow

Operating Cost Summary

The PEA estimates cash costs⁽¹⁾ of $1,366 per ounce of gold and all-in sustaining costs⁽¹⁾ of $1,597 per ounce of gold for the LOM (see Table 5).

The annual cash waterfall above in Figure 5 demonstrates the importance of the planned refurbishment of the Company's Lone Tree autoclave which is expected to increase production and cash flows in 2028 following its planned commissioning.

Figure 6 illustrates these operating costs over the Project's estimated production profile. 

Table 5: Total and Unit Operating Costs

	Total Costs	Unit Cost	Cost per Ounce
	($M)	($/t milled)	($/oz Au)
Mining	$331.7	$230.1	$794
Transportation & Processing	$98.8	$68.5	$237
G&A, Royalties(5) & Net Proceeds Tax	$140.0	$97.1	$335
Total Operating Cost/Cash Costs(1)	$570.5	$395.6	$1,366
Closure & Reclamation	$7.4	$5.1	$18
Sustaining Capital (includes contingency)(6)	$88.8	$61.6	$213
All-in Sustaining Costs(1) (excludes Definition & Conversion Drilling)	$666.6	$462.4	$1,597

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Figure 6: Granite Creek Underground LOM Gold Production Profile vs Cost per Ounce

Table 6: Development Cost Per Foot

	Total Development	Cost
	(feet)	($/foot)
Primary Capital Drifting	21,515	$2,300
Capital Raising	2,350	$4,000
Total/Weighted Average	23,865	$2,467
Excludes Contingency

Permitting

The Granite Creek Underground mine is fully permitted. The primary focus for the Granite Creek Underground operations remains compliance and reporting requirements associated with existing site permits. Other than potential minor modifications to existing site permits for operational purposes, no other major permitting actions are expected in the foreseeable future.

Next Steps to Feasibility Study

A feasibility study in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and Subpart 1300 of Regulation S-K ("S-K 1300") with an updated mineral resource estimate which is currently expected to be completed in Q4 2025. In addition to the infilling drilling conducted in 2023 and 2024, the updated resource is expected to include 15,000 meters of infill and step out drilling targeting the South Pacific Zone. Below is a summary of additional work to be conducted.

Resource Delineation and Exploration

Technical Disclosure and Qualified Persons

The PEA was prepared in accordance with NI 43-101. The PEA will be filed within 45 days of the press release under the Company's issuer profile on SEDAR+ at www.sedarplus.ca. An Initial Assessment for the Granite Creek Underground ("S-K 1300 Report") was also prepared in accordance with S-K 1300 and Item 601 of the Regulation S-K and the S-K 1300 Report will be filed on EDGAR at www.sec.gov. Both reports will be available on the Company's website at www.i80gold.com. The mineral estimates and project economics are the same under the PEA and the S-K 1300 Report.

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The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Dagny Odell, P.E., (NV 13708 & SME No. 2402150) Practical Mining LLC, and Tyler Hill CPG., Vice President Geology for the Company, who are all qualified persons within the meaning of NI 43-101 and S-K 1300.

For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by the Company, please see the Company's Annual Information Form dated March 12, 2024 filed under the Company's profile on SEDAR+ at www.sedarplus.ca and filed with the Company's Form 40-F under the Company's profile on EDGAR at www.sec.gov. Further information about the PEA referenced in this news release, including information in respect of data verification, key assumptions, parameters, risks and other factors, will be contained in the PEA.

The PEA is preliminary in nature and includes an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources that are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. Mineral resources do not have demonstrated economic viability and are not mineral reserves.

Endnotes

(1) This is a non-IFRS/non-GAAP measure. Please see the section titled "Non-IFRS Performance Measures/Non-GAAP Financial Performance Measures" below.

(2) Cash flow and NPV are calculated as of January 2025. 

(3) Following the completion of a planned refurbishment class 3 engineering study, a series of trade-off scenarios will be considered comparing full autoclave refurbishment to alternate toll milling and purchase agreement options that could potentially be available to the Company.

(4) Turquoise Ridge Complex gold mineral resource estimate of approximately 20 million ounces (110 Mt at 5.42 g/t Au) as at December 31, 2023 based on publicly filed technical reports of Barrick Gold Corporation available on SEDAR+ at www.sedarplus.ca and www.barrick.com. No qualified person of the Company has independently verified any mineral resource information in respect of the Turquoise Ridge Complex contained in this news release and such information is not necessarily indicative of the mineralization on the property subject to such technical reports.

(5) Royalties include a 10% net profits interest to Gold Royalty Corp.

(6) Includes contingency of $15 million.

About i-80 Gold Corp.

i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its fully permitted central processing facility, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). For more information, visit www.i80gold.com.

For further information, please contact:

Leily Omoumi, VP Corporate Development & Strategy
1.866.525.6450
info@i80gold.com
www.i80gold.com

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Forward-Looking Information

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, statements regarding the updated results of the PEA on the Project, such as future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs, timing for permitting and environmental assessments, timing, completion and results of feasibility studies, and the size and timing of phased development of the Project. Furthermore, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. With respect to this specific forward-looking information concerning the development of the Project, the Company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of gold, silver and other commodities; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) natural disasters and/or accidents; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by and/or key suppliers with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies, including permitting and environmental assessments; (xv) the ability to raise sufficient capital to develop such projects; (xiv) changes in project scope or design; and (xv) political factors.

Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.

This release also contains references to estimates of mineral resources. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the Project, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on: (i) fluctuations in commodities prices; (ii) results of drilling, (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses or changes to existing mining licenses.

Forward-looking statements and information involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results expressed or implied by such forward-looking statements or information, including, but not limited to: the Company's ability to finance the development of its mineral properties; assumptions and discount rates being appropriately applied to the PEA and S-K 1300 Report, uncertainty as to whether there will ever be production at the Company's mineral exploration and development properties; risks related to the Company's ability to commence production at the Project and generate material revenues or obtain adequate financing for its planned exploration and development activities; uncertainties relating to the assumptions underlying resource and reserve estimates; mining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labour disputes, bad weather, non-compliance with environmental and permit requirements or other unanticipated difficulties with or interruptions in development, construction or production; the geology, grade and continuity of the Company's mineral deposits; the uncertainties involving success of exploration, development and mining activities; permitting timelines; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; prices for energy inputs, labour, materials, supplies and services; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; unexpected cost increases in estimated capital and operating costs; the need to obtain permits and government approvals; material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to i-80 Gold's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR+ at www.sedarplus.ca.

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Non-IFRS/Non-GAAP Financial Performance Measures

The Company has included certain terms or performance measures in this news release that commonly used in the gold mining industry that are not defined under International Financial Reporting Standards ("IFRS") or United States Generally Accepted Accounting Principles ("US GAAP"). This includes: all-in sustaining costs per ounce and cash cost per ounce. Non-IFRS/Non-GAAP financial performance measures do not have any standardized meaning prescribed under IFRS or US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS US GAAP and should be read in conjunction with the Company's financial statements. Because the Company has provided these measures on a forward-looking basis, it is unable to present a quantitative reconciliation to the most directly comparable financial measure calculated and presented in accordance with IFRS or US GAAP without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking IFRS or US GAAP measure that have not yet occurred, are outside of the Company's control and/or cannot be reasonably predicted. 

Definitions

"All-in sustaining costs" is a non-IFRS or US GAAP financial measure calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Company. All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating costs represent expenditures expected to be incurred at the Project that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

"Cash cost per gold ounce" is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS or US GAAP. The Company believes that, in addition to conventional measures prepared in accordance with IFRS or US GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Cash cost figures are calculated in accordance with a standard developed by The Gold Institute. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary, and the cost measures presented may not be comparable to other similarly titled measures of other companies.

For a more detailed breakdown on how these measures were calculated, please see the table below:

	Total Costs	Unit Cost	Cost per Ounce
	($M)	($/t milled)	($/oz Au)
Mining	$331.7	$230.1	$794
Transportation & Processing	$98.8	$68.5	$237
G&A, Royalties(5) & Net Proceeds Tax	$140.0	$97.1	$335
Total Operating Cost/Cash Costs(1)	$570.5	$395.6	$1,366
Closure & Reclamation	$7.4	$5.1	$18
Sustaining Capital (includes contingency)(6)	$88.8	$61.6	$213
All-in Sustaining Costs(1) (excludes Definition & Conversion Drilling)	$666.6	$462.4	$1,597

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APPENDIX

Granite Greek Underground Project Detailed Cash Flow Model

Granite Creek Underground	UNITS	TOTAL LOM	2025E	2026E	2027E	2028E	2029E	2030E	2031E	2032E	2033E	2034E	2035+1
MINING
Mine Life	Years	~8
Mineralized Material Mined (incl. marginal)	k tonnes	1,442	192.7	187.6	201.3	219.7	248.9	186.5	152.2	53.0	-	-	-
Waste Moved	k tonnes	684	104.3	90.6	100.9	100.6	112.7	81.2	68.6	25.4	-	-
Total Moved	k tonnes	2,126	297.0	278.2	302.3	320.3	361.6	267.7	220.8	78.5	-	-	-
Daily Mining Rate	tpd	494	527.9	513.8	551.6	602.0	681.9	510.8	416.9	145.3	-	-	-
Backfill Placed	k tonnes	1,442	192.7	187.6	201.3	219.7	248.9	186.5	152.2	53.0	-	-
Capitalized Mining	k tonnes	489	163.5	182.9	105.6	35.0	1.0	1.0	-	-	-
PROCESSING
Total Material for Processing	k tonnes	1,442	193	188	201	220	249	186	152	53	-	-	-
Gold Average Grade	g/t Au	11.6	11.26	13.51	11.71	11.87	11.11	10.84	10.83	12.13	-	-	-
Contained Gold	'000 oz Au	538	69.7	81.4	75.8	83.9	88.9	65.0	53.0	20.7	-	-	-
Toll Mill Processing
Total Tonnes Processed	k tonnes	573	192	180	201
Gold Grade	g/t Au	12.09	11.25	13.44	11.67
Contained Gold	'000 oz Au	223	69.4	77.9	75.2
Gold Average Recovery	%	58%	58%	58%	58%
Recovered Gold	'000 oz Au	129	40.3	45.2	43.6
Autoclave Processing
Total Tonnes Processed	k tonnes	853				217	246	184	152	53	-	-	-
Gold Grade	g/t Au	11.21				11.79	11.04	10.82	10.83	12.13	-	-	-
Contained Gold	'000 oz Au	307				82.4	87.5	63.9	53.0	20.7	-	-	-
Gold Average Recovery	%	92%				92%	92%	92%	92%	92%	-	-	-
Recovered Gold	'000 oz Au	283				75.0	79.7	59.0	49.4	19.5	-	-	-

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Granite Creek Underground	UNITS	TOTAL LOM	2025E	2026E	2027E	2028E	2029E	2030E	2031E	2032E	2033E	2034E	2035+1
CIL Processing
(Third-party purchase agreement)
Total Tonnes Processed	k tonnes	16	1	7	1	2	3	3	-	-	-	-
Gold Grade	g/t Au	15.95	13.99	15.17	20.84	19.64	17.44	12.72	-	-	-	-
Contained Gold	'000 oz Au	8.4	0.3	3.5	0.5	1.4	1.4	1.1	-	-	-	-
Gold Average Recovery	%	68%	68%	68%	68%	68%	68%	68%	-	-	-	-
Recovered Gold	'000 oz Au	6	0.22	2.4	0.4	1.0	1.0	0.7	-	-	-	-
Total Tonnes Processed	k tonnes	1,442	192.7	187.6	201.3	219.7	248.9	186.5	152.2	53.0	-	-	-
Total Gold Production(3)	'000 oz Au	417.5	40.5	47.6	44.0	76.0	80.7	59.8	49.4	19.5	-	-	-
REVENUE
Gold Price	US$/oz Au	$2,175	$2,175	$2,175	$2,175	$2,175	$2,175	$2,175	$2,175	$2,175	$2,175	$2,175	$2,175
Silver Price	US$/oz Ag	$27.25	$27.25	$27.25	$27.25	$27.25	$27.25	$27.25	$27.25	$27.25	$27.25	$27.25	$27.25
Revenues	US$M	$908	$88	$103	$96	$165	$176	$130	$107	$42	-	-	-
OPERATING COSTS
Mining Costs (Mineralized Material incl. Backfill)	US$M	$236	$31.5	$30.7	$33.0	$36.0	$40.8	$30.5	$24.9	$8.7	-	-	-
Mining Costs (Waste)	US$M	$83	$12.7	$11.0	$12.3	$12.3	$13.7	$9.9	$8.4	$3.1	-	-	-
Processing Autoclave	US$M	$77	-	-	-	$20.2	$23.0	$16.9	$13.2	$4.1	-	-	-
Transportation	US$M	$21	$1.7	$1.7	$1.8	$4.1	$4.7	$3.5	$2.9	$1.0	-	-	-
Electrical Power	US$M	$12	$1.3	$1.4	$1.6	$1.7	$1.7	$1.7	$1.5	$1.2	-	-	-
G&A	US$M	$64	$8.6	$8.6	$7.7	$7.7	$7.7	$7.7	$7.7	$7.7	-	-	-
Total Operating Cost	US$M	$494	$55.9	$53.5	$56.4	$82.1	$91.6	$70.3	$58.5	$25.9	-	-	-
Refining & Sales	US$M	$0.8	$0.1	$0.1	$0.1	$0.1	$0.1	$0.1	$0.1	$0.0	-	-	-
Royalties & State Taxes(4)	US$M	$75.5	$6.8	$8.6	$7.5	$14.8	$15.5	$10.7	$8.7	$2.9	-	-	-
Mining Costs (Mineralized Material)	US$/t mined	$163.7	$164	$164	$164	$164	$164	$164	$164	$164	-	-	-
Mining Costs (Waste)	US$/t mined	$121.9	$122	$122	$122	$122	$122	$122	$122	$122	-	-	-

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Granite Creek Underground	UNITS	TOTAL LOM	2025E	2026E	2027E	2028E	2029E	2030E	2031E	2032E	2033E	2034E	2035+1
Mining Costs (Mineralized material & Waste )	US$/t mined	$150.3	$149	$150	$150	$151	$151	$151	$151	$150	-	-	-
Processing (Heap leach)	US$/t milled	$0.0	-	-	-	-	-	-	-	-	-	-	-
Processing (Autoclave)	US$/t milled	$90.8	-	-	-	$93	$93	$92	$87	$78	-	-	-
Transportation	US$/t milled	$14.8	$9	$9	$9	$19	$19	$19	$19	$19	-	-	-
Electrical Power	US$/t milled	$8.5	$7	$7	$8	$8	$7	$9	$10	$23	-	-	-
G&A	US$/t milled	$44.2	$45	$46	$38	$35	$31	$42	$51	$146	-	-	-
Total	US$/t milled	$342.7	$290	$285	$280	$374	$368	$377	$385	$488	-	-	-
CAPITAL EXPENDITURES
Construction Capital	US$M	$0.0
Definition & Conversion Drilling	US$M	$16.0	$6.0	$2.0	$2.0	$2.0	$2.0	$2.0	-	-	-	-	-
Sustaining Capital	US$M	$88.8	$29.5	$30.4	$19.0	$6.4	$1.7	$1.7	-	-	-	-	-
Total Capital	US$M	$104.8	$35.5	$32.4	$21.0	$8.4	$3.7	$3.7	-	-	-	-	-
Reclamation	US$M	$7.4	$0.5	$0.5	$0.5	$0.5	$0.5	$0.5	$0.5	$0.5	$0.4	$0.4	$2.5
CASH COSTS & AISC
Total Cash Costs (Inc. Royalty)(1)	US$/oz	$1,366	$1,551	$1,307	$1,455	$1,275	$1,328	$1,357	$1,363	$1,479	-	-	-
All-in Sustaining Costs(1)(5)	US$/oz	$1,597	$2,292	$1,957	$1,899	$1,366	$1,356	$1,395	$1,374	$1,506	-	-	-
CASH FLOW ANALYSIS
Revenue	US$M	$908.1	$88	$103	$96	$165	$176	$130	$107	$42	-	-	-
Operating Costs and Royalties(4)	US$M	($570.5)	($63)	($62)	($64)	($97)	($107)	($81)	($67)	($29)	-	-	-
Reclamation Accrual	US$M	($7.4)	($1)	($1)	($1)	($1)	($1)	($1)	($1)	($0)	-	-	-
Depreciation	US$M	($262.1)	($19)	($26)	($27)	($49)	($53)	($41)	($34)	($13)	-	-	-
Net Operating Income	US$M	$68.1	$6	$14	$4	$18	$14	$7	$5	($0)	-	-	-
Income Taxes	US$M	($28.7)	($3)	($5)	($2)	($7)	($6)	($3)	($3)	($1)	-	-	-
Net Income	US$M	$39.4	$3	$10	$2	$12	$8	$3	$2	($1)	-	-	-
Depreciation	US$M	$262.1	$18.7	$26.1	$26.9	$48.7	$53.2	$41.1	$34.0	$13.4	-	-	-

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Granite Creek Underground	UNITS	TOTAL LOM	2025E	2026E	2027E	2028E	2029E	2030E	2031E	2032E	2033E	2034E	2035+1
Reclamation	US$M	-	$0.2	$0.3	$0.3	$0.8	$0.9	$0.5	$0.4	($0.2)	($0.4)	($0.4)	($2.5)
Working Capital	US$M	$0.0	($7.2)	$0.1	($0.2)	($3.8)	($1.2)	$3.0	$1.6	$4.4	$3.3	-	-
Operating Cash Flow	US$M	$301.5	$15	$36	$29	$58	$61	$48	$38	$17	$3	($0)	($2)
Capital Expenditures	US$M	($104.8)	($36)	($32)	($21)	($8)	($4)	($4)	-	-	-	-	-
NET CASH FLOW(2)	US$M	$196.7	($21)	$4	$8	$49	$57	$44	$38	$17	$3	($0)	($2)
Cumulative CF
PROJECT ECONOMICS
After-tax NPV 5% discounting(2)	US$M		$155
			84%
Notes to table above: (1)  This is a non-IFRS/non-GAAP measure. Please see the section titled "Non-IFRS Performance Measures/Non-GAAP Financial Performance Measures" above. (2) Cash flow and NPV are calculated as of January 2025.  (3) The PEA is based on a mineral resource estimate derived from drilling data through to the end of 2022 and should not be relied upon for production forecasts in 2025. The revised mine plan for this 2025, which is still under development, incorporates updated near-mine drilling information and a revised budget. The Company expects recovered gold ounces of between 20,000 to 30,000 ounces in 2025 from the Granite Creek Underground Project. An updated operational plan will be included in the Granite Creek Feasibility Study, which is expected to be released in Q4 2025. (4) Royalties include a 10% net profits interest to Gold Royalty Corp.  (5) AISC annual calculations include Definition & Conversion Drilling costs on a cash basis rather than on an accrual basis. As such, the weighted average of the annual AISC amounts will not agree to the life of mine AISC.

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i-80 Gold Announces Positive Preliminary Economic Assessment on the Granite Creek
Open Pit Project, Nevada; After-Tax NPV(5%) of $421 Million with an After-Tax IRR of
30% at US$2,175/oz Au

This news release constitutes a "designated news release" for the purposes of the Company's prospectus
supplement dated August 12, 2024, to its short form base shelf prospectus dated June 21, 2024.

Reno, Nevada, March 6, 2025 - i-80 GOLD CORP. (TSX:IAU) (NYSE:IAUX) ("i-80 Gold", or the "Company") is pleased to announce the results of the preliminary economic assessment (the "PEA") for the Granite Creek Open Pit Project ("Granite Creek Open Pit" or the "Project").  Granite Creek Open Pit is located within the Getchell Trend in northern Nevada, United States, immediately south of the Turquoise Ridge Complex of Nevada Gold Mines.

"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," stated Richard Young, Chief Executive Officer.

Granite Creek Open Pit PEA Highlights

Mineral Estimates, Production and Mine Life

• 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⁽¹⁾ 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.

Project Economics

• Based on a $2,175/oz gold price, the Project's undiscounted after-tax cash flows⁽²⁾ total $661 million with an after-tax net present value⁽²⁾("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⁽²⁾ 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.

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Mining and Processing

• 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%.

All amounts are in United States dollars, unless otherwise stated.

A summary of key valuation, cost, and operating metrics is presented in Table 1 below. For more detailed metrics presented on an annual basis, see Granite Creek Open Pit Detailed Cash Flow Model in Appendix.

Table 1: Summary of PEA Key Operating and Financial Metrics

Project Economics	Unit
Gold Price	$/oz	$2,175
Pre-Tax NPV(5%)(2)	$M	$581.3
After-Tax NPV(5%)(2)	$M	$421.2
After-Tax IRR	%	30%
After-Tax Cash Flow	$M	$660.9
Production Profile
Mine Life	years	~10
Mineralized Material Mined	000s tonnes	34,854.5
Gold Grade of Mineralized Material Mined	g/t Au	1.25
Waste Tonnes Mined (excluding Capitalized Stripping)	000s tonnes	287,352.9
Capitalized Stripping Tonnes Mined	000s tonnes	21,969.9
Total Tonnes Moved (Incl. Capitalized Stripping)	000s tonnes	339,845.0
Total Mineralized Material Processed	000s tonnes	34,854.5
Gold Grade Processed	g/t Au	1.25
Strip Ratio (excluding capitalized stripping)	(waste:mineralized material)	8.2:1
Average Gold Recovery	%	86.6%
Total Gold Recovered	000s oz	1,120
Average Annual Gold Equivalent Production(1) (LOM)	000s oz	110.0
Average Annual Gold Production (following production ramp up)	000s oz	128.6
Unit Operating Costs
Mineralized Material Mined	$/t mined	$2.37
Processed (CIL)	$/t processed	$11.83
G&A	$/t processed	$1.83
LOM Total Cash Costs(1) (net of by-product credit)	$/oz	$1,185
LOM All-in Sustaining Costs(1) (net of by-product credit)	$/oz	$1,225

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Total Capital Costs
Permitting	$M	$10.0
Construction Capital	$M	$200.2
Capitalized Stripping	$M	$33.9
Sustaining Capital	$M	$30.3
Reclamation & Surety	$M	$18.0
Total Capital & Closure Costs	$M	$292.4

"The steady increase in the gold price has provided the opportunity to reassess the optimal processing stream for the Granite Creek Open Pit Project. The PEA confirms that anchoring entirely on a CIL processing facility adds significant value, primarily through higher gold recoveries, compared to conventional heap leach processing and reduces recovery risk. Additionally, the Project benefits from existing underground infrastructure, such as the dewatering systems, which improve efficiency and reduce capital requirements. Further, with this being a restart of a previously mined open pit, we anticipate an efficient permitting process," added Matthew Gili, President and Chief Operating Officer.

Mineral Resource Update

The Project's open pit mineral resource was estimated in four main zones from west to east: B, A, CX, and Mag pits. In each zone, the geology was modeled using structural domains and grade indicator shells to define the concentrated high-grade and surrounding low-grade zones. The global estimation was then constrained by an optimized pit shell for resource reporting. Whittle shell optimization model has been utilized to create resource pit shells in Table 2.

Table 2: Granite Creek Open Pit Mineral Resource Estimate Statement as of May 4, 2021

Measured and Indicated Mineral Resources
Class	Deposit	Tonnes	Au	Au
		(Mt)	(g/t)	(Moz )
Measured	Pit B	2.91	1.32	0.123
	Pit A	0.56	1.07	0.019
	CX	10.89	1.30	0.455
	Mag	12.00	1.21	0.468
	Total Measured	26.36	1.26	1.066
Indicated	Pit B	0.36	1.10	0.013
	Pit A	0.69	0.80	0.018
	CX	2.97	1.25	0.120
	Mag	7.32	0.93	0.219
	Total Indicated	11.34	1.01	0.369
Measured and Indicated	Pit B	3.27	1.29	0.136
	Pit A	1.25	0.92	0.037
	CX	13.86	1.29	0.575
	Mag	19.32	1.11	0.687
Total Measured & Indicated		37.70	1.18	1.435

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Inferred Mineral Resources
Class	Deposit	Tonnes	Au	Au
		(000s)	(g/t)	(000s oz)
Inferred	Pit B	0.03	0.64	0.001
	Pit A	0.21	0.59	0.004
	CX	1.35	1.16	0.050
	Mag	0.56	1.11	0.020
	Total Inferred	2.15	1.09	0.075
Notes to table above: I. The effective date of the mineral resources estimate is May 4, 2021. II. The qualified persons for the estimate are Terre Lane QP-MMSA and Hamid Samari QP-MMSA of GRE, Inc. III. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant factors. Mineral resources are not ore reserves and are not demonstrably economically recoverable. IV. Mineral resources are reported at a 0.30 g/t cutoff, an assumed gold price of 2,040 $/tr. oz, using variable recovery, a slope angle of 41 degrees, 6% royalty, heap leach processing cost $9.04 per tonne (includes admin costs), CIL processing cost of $17.22 per tonne (includes admin costs). V. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. VI. The reference point for mineral resources is in situ.

Figure 1: Granite Creek Conceptual Open Pit Oblique View Layout

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Figure 2: Granite Creek Open Pit Longitudinal Section

Economic Analysis

The project economics shown in the PEA are favorable, providing positive NPV values at varying gold prices, capital costs, and operating costs. The Project's NPV and IRR in relation to fluctuations in the gold price are outlined in Table 3.

Table 3: Granite Creek Open Pit Gold Price Sensitivity After-tax Analysis

	Gold Price ($/oz)
	$1,850	$2,000	$2,175	$2,500	$2,750	$2,900	$3,000
NPV5%  ($M)(2)	$260	$361	$421	$624	$776	$866	$926
IRR (%)	21%	26%	30%	39%	46%	50%	52%

Project Overview

Granite Creek Open Pit is a large open pit CIL gold development project. The Granite Creek property (the "Property") also includes the Granite Creek Underground Project, a fully permitted, constructed and operating mine currently in the production ramp up phase. The Property is located at the intersection of the highly prolific Battle Mountain-Eureka and Getchell gold trends, near Nevada Gold Mines' Turquoise Ridge Complex (see Figure 2).  Situated in the Potosi mining district, the Project lies approximately 27 miles northeast of Winnemucca, within Humboldt County, Nevada.

Access to the Property is provided by a combination of paved interstate and state highways and well-maintained, unpaved private roads. The towns of Winnemucca and Battle Mountain are located 35 miles by road to the southwest and 60 miles to the southeast of the Property, respectively.

Between 1980 and 1999, approximately 987,000 ounces of gold was produced from various open pit mining operations on the site. The Granite Creek Open Pit is an expansion of the previously mined areas.

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Figure 3: i-80 Gold Regional Map

Geology and Mineralization

Mineralization at Granite Creek is Carlin-type, with gold hosted in fine-grained arsenian pyrite similar to nearby deposits at Nevada Gold Mines' Turquoise Ridge Complex which hosts approximately 20 million measured and indicated ounces of gold⁽³⁾. The primary host rocks at Granite Creek are interbedded shale, siltstone, and limestone of the Ordovician Comus Formation. Open-pit mineralization at Granite Creek is hosted in Upper Comus siltstone and shale in the Mag pit.

Conversely, mineralization is hosted in the Lower Comus marble, limestone, and siltstone in the CX and B pits. In the CX and B pits, mineralization is strongly structurally controlled, typically by inverted thrust faults and normal faults trending north to northeast. In the Mag pit, mineralization has a stronger stratigraphic control with mineralization along bedding in the footwall of the northwest trending Mag fault.

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Mining and Processing

Figure 4: LOM Processing Schedule

The PEA demonstrates an initial mine life of approximately 10 years with an annual gold production of approximately 130,000 ounces following production ramp up. The PEA represents a preliminary point-in-time estimate of the mine plan. The previous preliminary economic assessment released on Granite Creek in 2021, envisioned a predominately heap leach operation with a small-scale CIL plant for Granite Creek open pit. Further work and higher gold prices have demonstrated better economics by migrating to a full CIL scenario.

The Project's above ground mine plan will be accomplished using conventional open pit mining techniques with 10 to 12 haul trucks (133 tonne) and four loaders (nine cubic yard bucket). Mineralized material will be mined at a rate of 10,000 tonnes per day, assuming 350 days of mining a year, for a total of 3.5 million tonnes annually.

Waste rock would be placed in waste rock storage facilities and as pit backfill as the mining sequence allows.  Pits were designed with overall 41-degree side wall slopes and 90-foot haul roads with a maximum of 10% grade.

The study envisions the construction of 10,000 tonne per day CIL plant on-site. The process plant for Granite Creek was selected based on the material characteristics, in particular the presence of organic carbon ("TOC") and the associated cyanide leach performance. The variable organic carbon concentrations in the material make the use of conventional cyanide heap leaching less robust and require more strict ore control measures to divert high TOC materials to an alternative leach process. Given this, a CIL process was selected, CIL also showed a significant gold recovery advantage over heap leaching.

The Project's process design includes primary crushing via a large jaw crusher with an intermediate stockpile.  The crushed material is fed to a sag and ball mill circuit consisting of a semi-autogenous ("SAG") mill in closed circuit with a ball mill.  Pebble crushing has not been included at this stage. The target throughput is 10,000 tonnes per day at a 90% availability. The ground material is directed to a thickener and the thickener underflow to the CIL tanks. 

The CIL circuit employs simultaneous cyanide gold leaching and activated carbon gold adsorption with the carbon advancing countercurrent to the leach slurry.  The presence of active carbon during the leaching mitigates the impact of gold adsorption by the organic carbon present in the material.

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The loaded carbon is stripped of the gold in a modified Zadra elution circuit.  Hot cyanide and sodium hydroxide solutions remove the gold from the carbon into a concentrated stream that reports to an electrowinning circuit.  The electrowon gold is further thermally refined into doré bars prior to shipment.

A conventional tailings storage facility would be constructed near the CIL plant.

Capital Cost Summary

Mine construction capital and sustaining capital over LOM is estimated to total approximately $292.4 million. This includes $33.9 million in capitalized stripping cost, $200.2 million in construction capital, $30.3 million in sustaining capital, $18 million in reclamation costs, and $10 million for permitting. There is a 25% or $49.1 million contingency included in the capital figures. Approximately 12.9 million tonnes of stripping is required in the year prior to production and 4.7 million tonnes in the first year of production to gain access to the body or mineralized material costing $37.7 million. The Project is a former producing mine with a large portion of the necessary infrastructure in place.

Granite Creek Open Pit is expected to generate an estimated $660.9 million in after-tax cash flow over the current mine life (see Figure 5).

Table 4: Granite Creek Open Pit Capital Cost Estimates (excludes permitting and reclamation costs)

	Mine Construction	Sustaining
	($M)	($M)
Capitalized Waste	$30.1
Construction Capital	$160.8
Sustaining Capital		$24.2
Contingency (25% on capital and 20% on capitalized waste)	$43.1	$6.1
Total Capital Cost	$234.0	$30.3

Figure 5: Granite Creek Open Pit LOM Annual Cash Flow (at $2,175/oz gold)

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Operating Cost Summary

The PEA estimates cash costs⁽¹⁾ of $1,185 per ounce of gold and all-in sustaining costs⁽¹⁾ of $1,225 per ounce of gold for the LOM (see Table 5). Figure 6 illustrates these operating costs over the Project's estimated production profile. 

Table 5: Granite Creek Open Pit Total and Unit Operating Costs

	Total Costs	Unit Cost	Cost per Ounce
	($M)	($/t )	($/oz Au)
Mining	$764.4	$21.93	$632
Processing	$412.3	$11.83	$341
G&A	$63.9	$1.83	$53
Refining, Royalties & Net Proceeds Tax	$193.3	$5.55	$160
Total Operating Cost/Cash Costs(1)	$2,511.0	$40.8	$1,185
Closure & Reclamation	$18.00	$0.5	$15
Sustaining Capital	$30.3	$0.9	$25
All-in Sustaining Costs(1)	$1,482.3	$42.5	$1,225

Figure 6: Granite Creek Open Pit LOM Gold Production Profile vs Cost per Ounce

Permitting

The Project has the necessary permits for the ongoing small-scale underground mining operation.

In order to execute the project plan, additional state and federal permits are required. The Project will extend to non-patented mining claims and will require a permit under the National Environmental Policy Act ("NEPA") which is the regulation that requires an Environmental Impact Statement ("EIS"). The EIS requires significant effort to acquire; however, i-80 Gold currently expects to successfully permit the Project in a reasonable time frame of three years.

State permits are required for air quality protection, groundwater protection, surface water protection, and water rights. The current PEA includes a timeline for acquiring these permits, and the costs associated with the permitting effort.

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Water Management

The underground mine will abstract up to 3,000 gpm of dewatering water coming from the underground mine sumps and the dewatering wells required to dewater the mine. The MAG pit is currently flooded and must be dewatered. Many of the types of dewatering water contain elevated arsenic concentrations above Nevada Reference Values, as does much of Nevada's natural groundwater. As a result, the site has a plan for the management and treatment of any Mine Influenced Water ("MIW") that does not meet discharge standards. This plan includes preferentially consuming MIW for operations, treating water in a metal-precipitator treatment plant, and the entrainment of MIW in the tailings pond, followed by forced evaporation over the tailings pond. The majority of pumped groundwater will be reinfiltrated in several already-permitted Rapid Infiltration Basins ("RIBs") which return the water to the Humboldt basin aquifers. 

Closure

The site closure costs are estimated at $18.0 million. The closure plan involves covering the tailings facility and mine waste with industry-standard engineered covers which will prevent groundwater and surface water quality impacts. Upon closure, no long-term liabilities are currently predicted to exist which may complicate bond release and a walk-away post-closure condition. 

Next Steps to Feasibility Study

A feasibility study in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and Subpart 1300 of Regulation S-K ("S-K 1300") with an updated mineral resource estimate is expected to be completed in Q4 2025.  Below is a summary of additional work to be conducted.

Metallurgical

• Comminution testing examining the SAG and ball mill work index.

• Infill the drill hole database with TOC and sulfur assays.

• Conduct arsenic and mercury assays on all samples employed for metallurgical testing.

Technical Disclosure and Qualified Persons

The PEA was prepared in accordance with NI 43-101. The PEA will be filed within 45 days of the date of this press release under the Company's issuer profile on SEDAR+ at www.sedarplus.ca. An Initial Assessment for the Granite Creek Open Pit Project ("S-K 1300 Report") was also prepared in accordance with S-K 1300 and Item 601 of the Regulation S-K and the S-K 1300 Report will be filed on EDGAR at www.sec.gov. Both reports will be available on the Company's website at www.i80gold.com. The mineral estimates and project economics are the same under the PEA and the S-K 1300 Report.

The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Terre Lane (SME No. 4053005 / MMSA No. 01407QP) of
Global Resource Engineering ("GRE"), and Tyler Hill CPG., Vice President Geology for the Company, who are all qualified persons within the meaning of NI 43-101 and S-K 1300.

For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by the Company, please see the Company's Annual Information Form dated March 12, 2024 filed under the Company's profile on SEDAR+ at www.sedarplus.ca and filed with the Company's Form 40-F under the Company's profile on EDGAR at www.sec.gov. Further information about the PEA referenced in this news release, including information in respect of data verification, key assumptions, parameters, risks and other factors, will be contained in the PEA.

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The PEA is preliminary in nature and includes an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources that are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. Mineral resources do not have demonstrated economic viability and are not mineral reserves.

Endnotes

(1) This is a non-IFRS/non-GAAP measure. Please see the section titled "Non-IFRS Performance Measures/Non-GAAP Financial Performance Measures" below.

(2) Cash flow and NPV are calculated as of the start of construction, which is anticipated to commence in early 2028, subject to obtaining the necessary permits by December 31, 2027, as anticipated.

(3) Turquoise Ridge Complex gold mineral resource estimate of approximately 20 million ounces (110 Mt at 5.42 g/t Au) as at December 31, 2023 based on publicly filed technical reports of Barrick Gold Corporation available on SEDAR+ at www.sedarplus.ca and www.barrick.com. No qualified person of the Company has independently verified any mineral resource information in respect of the Turquoise Ridge Complex contained in this news release and such information is not necessarily indicative of the mineralization on the property subject to such technical reports.

About i-80 Gold Corp.

i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its fully permitted central processing facility, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). For more information, visit www.i80gold.com.

For further information, please contact:

Leily Omoumi, VP Corporate Development & Strategy

1.866.525.6450
info@i80gold.com
www.i80gold.com

Forward-Looking Information

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, statements regarding the updated results of the PEA on the Project, such as future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs, timing for permitting and environmental assessments, timing, completion and results of feasibility studies, and the size and timing of phased development of the Project. Furthermore, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. With respect to this specific forward-looking information concerning the development of the Project, the Company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of gold, silver and other commodities; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) natural disasters and/or accidents; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by and/or key suppliers with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies, including permitting and environmental assessments; (xv) the ability to raise sufficient capital to develop such projects; (xiv) changes in project scope or design; and (xv) political factors.

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Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.

This release also contains references to estimates of mineral resources. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the Project, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on: (i) fluctuations in commodities prices; (ii) results of drilling, (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses or changes to existing mining licenses.

Forward-looking statements and information involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results expressed or implied by such forward-looking statements or information, including, but not limited to: the Company's ability to finance the development of its mineral properties; assumptions and discount rates being appropriately applied to the PEA and S-K 1300 Report, uncertainty as to whether there will ever be production at the Company's mineral exploration and development properties; risks related to the Company's ability to commence production at the Project and generate material revenues or obtain adequate financing for its planned exploration and development activities; uncertainties relating to the assumptions underlying resource and reserve estimates; mining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labour disputes, bad weather, non-compliance with environmental and permit requirements or other unanticipated difficulties with or interruptions in development, construction or production; the geology, grade and continuity of the Company's mineral deposits; the uncertainties involving success of exploration, development and mining activities; permitting timelines; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; prices for energy inputs, labour, materials, supplies and services; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; unexpected cost increases in estimated capital and operating costs; the need to obtain permits and government approvals; material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to i-80 Gold's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR+ at www.sedarplus.ca.

Non-IFRS/Non-GAAP Financial Performance Measures

The Company has included certain terms or performance measures in this news release that commonly used in the gold mining industry that are not defined under International Financial Reporting Standards ("IFRS") or United States Generally Accepted Accounting Principles ("US GAAP"). This includes: all-in sustaining costs per ounce and cash cost per ounce. Non-IFRS/Non-GAAP financial performance measures do not have any standardized meaning prescribed under IFRS or US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS US GAAP and should be read in conjunction with the Company's financial statements. Because the Company has provided these measures on a forward-looking basis, it is unable to present a quantitative reconciliation to the most directly comparable financial measure calculated and presented in accordance with IFRS or US GAAP without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking IFRS or US GAAP measure that have not yet occurred, are outside of the Company's control and/or cannot be reasonably predicted.

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Definitions

"All-in sustaining costs" is a non-IFRS or US GAAP financial measure calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Company. All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating costs represent expenditures expected to be incurred at the Project that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

"Cash cost per gold ounce" is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS or US GAAP. The Company believes that, in addition to conventional measures prepared in accordance with IFRS or US GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Cash cost figures are calculated in accordance with a standard developed by The Gold Institute. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary, and the cost measures presented may not be comparable to other similarly titled measures of other companies.

For a more detailed breakdown on how these measures were calculated, please see the table below:

	Total Costs	Unit Cost	Cost per Ounce
	($M)	($/t )	($/oz Au)
Mining	$764.4	$21.93	$632
Processing	$412.3	$11.83	$341
G&A	$63.9	$1.83	$53
Refining, Royalties & Net Proceeds Tax	$193.3	$5.55	$160
Total Operating Cost/Cash Costs(1)	$2,511.0	$40.8	$1,185
Closure & Reclamation	$18.00	$0.5	$15
Sustaining Capital	$30.3	$0.9	$25
All-in Sustaining Costs(1)	$1,482.3	$42.5	$1,225

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APPENDIX

Granite Creek Open Pit Project Detailed Cash Flow Model

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v3.25.0.1

Document and Entity Information Document	Feb. 28, 2025
Document Information [Line Items]
Document Type	8-K
Document Creation Date	Feb. 28, 2025
Document Period End Date	Feb. 28, 2025
Amendment Flag	false
Entity Registrant Name	i-80 Gold Corp.
Entity Address, Address Line One	5190 Neil Road, Suite 460
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Country	US
Entity Address, Postal Zip Code	89502
Entity Incorporation, State Country Name	A1
City Area Code	775
Local Phone Number	525-6450
Entity File Number	001-41382
Entity Central Index Key	0001853962
Entity Emerging Growth Company	true
Entity Tax Identification Number	00-0000000
Entity Ex Transition Period	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Toronto Stock Exchange [Member] | Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Shares
Trading Symbol	IAU
NYSE MKT LLC [Member] | Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Shares
Trading Symbol	IAUX
Security Exchange Name	NYSEAMER

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