i-80 Gold Announces Positive Preliminary Economic Assessment on

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# The Project is located on the Company’s wholly owned Ruby Hill property in northeastern Nevada, USA, along the Battle Mountain-Eureka gold trend (see Figure 1 in Appendix). The Ruby Hill property also includes the Archim

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# The Project is located on the Company’s wholly owned Ruby Hill property in northeastern Nevada, USA, along the Battle Mountain-Eureka gold trend (see Figure 1 in Appendix). The Ruby Hill property also includes the Archimedes underground project, the Company’s second planned underground mine which is currently under construction and is anticipated to begin gold production in the fourth quarter of 2026.
1.866.525.6450
1.775.525.6450
5190 Neil Road, Suite 460
www.i80gold.com Reno, Nevada 89502
i-80 Gold Announces Positive Preliminary Economic Assessment on
the Mineral Point Open Pit Project, Nevada; After-Tax NPV(5%) of $614 Million with an
After-Tax IRR of 12% 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, February 21, 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 Mineral Point Project (“Mineral Point” or the “Project”). Mineral Point is situated within the Company’s
broader Ruby Hill Complex (the “Complex”). The Complex is located along the southeastern end of the
Battle Mountain-Eureka Trend in northern Nevada, United States. The PEA demonstrates that Mineral Point
has the potential to become the flagship asset within the Company’s gold portfolio.
“We are pleased to release PEA results for our Mineral Point project as it marks another key step in our plan
to establish i-80 Gold as a mid-tier gold producer with a robust pipeline of growth. A key driver of future
growth, Mineral Point is the largest of our two planned oxide projects complementing our three high-grade
underground mines in northern Nevada. With significant production scale, a long mine life, and low costs,
Mineral Point is expected to be the flagship project within our portfolio,” stated Richard Young, Chief
Executive Officer.
Mineral Point PEA Highlights
Mineral Estimates, Production and Mine Life
 Large open pit heap leach gold mine with a life of mine (“LOM”) of approximately 17 years.
 Annual gold equivalent production(1) of approximately 280,000 ounces following ramp up.
 Estimated LOM cash costs(2) of $1,270 per ounce and all-in-sustaining costs(2) of $1,400 per ounce.
 Updated mineral resource estimate resulting in an indicated gold mineral resource of 3.4 million
ounces at 0.48 grams per tonne (“g/t”) and an indicated silver resource of 104.3 million ounces
at 15.0 g/t.
 Updated mineral resource estimate resulting in an inferred gold mineral resource of 2.1 million
ounces at 0.34 g/t and an inferred silver resource of 91.5 million ounces at 14.6 g/t.
Project Economics
 Based on a $2,175/oz gold price, the Project’s undiscounted after-tax cash flows (3)(4) total $1,470
million with an after-tax net present value(3)(4)(“NPV”) of $614 million, assuming a 5% discount rate,
generating an 12% internal rate of return (“IRR”).
 Based on spot gold and silver prices of $2,900/oz and $32.75/oz respectively, the Project’s
undiscounted after-tax cash flows(2)(3) total $3,665 million with an after-tax NPV(3)(4) of $2,092
million, assuming a 5% discount rate, generating an IRR of 27%.
 Mine construction capital, including all pre-production facilities and equipment is estimated at
$708 million. This includes $299 million in mobile equipment for the initial fleet. In addition,
approximately 104 million tonnes of stripping is required in the first year of production to gain
access to the body of mineralized material costing $287 million.
 LOM sustaining capital is estimated at $388 million, primarily for a leach pad expansion and mobile
equipment maintenance and replacements.
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 Total capital includes a contingency of 15%, or $63 million applied to LOM mobile equipment of
$420 million. A 25% contingency of $122 million has also been applied to all other capital including
earth works, infrastructure and heap leach expansion costs.
 Project funding is expected to include a combination of cash flow from the Company’s existing
operations and a corporate debt facility.
Mining and Processing
 The primary mining method will be a conventional open pit truck (24 trucks) and shovel (4 shovels)
operation, moving approximately 100 million tonnes per year during a steady state of production.
 The LOM strip ratio is 2.9:1, excluding capitalized pre-stripping.
 Material mined will be crushed, stacked and processed at the heap leach facility located on site
at a rate of approximately 23 million tonnes per year during steady state.
 All mineralized material will be placed on leach pads following two-stage crushing. Processing
also includes a Merrill Crowe circuit for the recovery of silver.
 Ultimate block recovery determined by mineral and rock alteration type.
 Overall average gold grade processed of 0.39 g/t with an expected average gold recovery of 78%
and an average silver grade processed of 15.37 g/t with an expected average silver recovery of
41%.
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 Mineral Point Project Detailed Cash Flow Model in the Appendix.
Table 1: Summary of PEA Key Operating and Financial Metrics
Project Economics Unit
Gold Price $/oz $2,175
Silver Price $/oz $27.25
Pre-Tax NPV(5%)(3) $M $828
After-Tax NPV(5%) (3)(4) $M $614
After-Tax IRR (4) % 12%
After-Tax Cash Flow (4) $M $1,470
Production Profile
Mine Life years 16.5
000s
Mineralized Material Mined tonnes 358,741
Gold Grade of Mineralized Material Mined g/t Au 0.39
Silver Grade of Mineralized Material Mined g/t Ag 15.37
000s
Waste Tonnes Mined tonnes 1,032,779
000s
Capitalized Stripping Tonnes Mined tonnes 104,236
000s
Total Tonnes Moved (incl. heap leach relocation) tonnes 1,519,756
000s
Total Mineralized Material Processed tonnes 358,741
Gold Grade Processed g/t Au 0.39
Silver Grade Processed g/t Ag 15.37
(waste:mineralized
Strip Ratio (excluding pre-strip) material) 2.9:1
Average Gold Recovery % 78%
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Average Silver Recovery % 41%
Total Gold Recovered 000s oz 3,529
Total Silver Recovered 000s oz 72,028
Total Gold Equivalent Recovered (1) 000’s oz 4,432
Average Annual Gold Equivalent 000s oz 268
Production(1) (LOM)
Average Annual Gold Equivalent Production(1) 000s oz 282
(following production ramp up)
Unit Operating Costs
LOM Operating Cost
Mineralized Material Mined $/t mined $2.76
Mineralized Waste Mined $/t mined
$2.73
(incl. heap leach pad movement)
Processed (heap leach) $/t processed $4.30
G&A $/t processed $0.83
LOM Total Cash Costs(2) (net of by-product credit) $/oz $1,270
LOM All-in Sustaining Costs (net of by-product credit)
(2) $/oz $1,400
Total Capital Costs
Construction Capital $M $707.5
Capitalized Stripping $M $287.3
Sustaining Capital $M $388.4
Reclamation & Surety $M $69.8
Total Capital & Closure Costs $M $1,453.1
“As a cornerstone of our growth strategy, Mineral Point transforms our gold production profile and positions
i-80 Gold as a significant silver producer. This project’s simple design and proven technology, combined
with its location on a brownfield site, and our existing understanding of geology, hydrology and metallurgy,
substantially reduces execution risks typically associated with projects of this scale. The Mineral Point PEA
confirms its potential to become one of Nevada’s largest open-pit truck-and-shovel mining operations,”
added Matthew Gili, President and Chief Operating Officer.
Mineral Resource Update
The PEA includes all drilling conducted by the previous owners up to 2021 when i-80 Gold acquired the
property. The updated mineral resource estimate includes a total of 3,376,000 ounces of gold with an
average grade of 0.48 g/t Au in the indicated category and 2,117,000 ounces of gold with average grade of
0.34 g/t Au in the inferred category of resources (see Table 2). Additionally, the resource hosts 104,332,000
ounces of silver at 15.0 g/t in the inferred category and 91,473,000 ounces of silver at 14.6 g/t in the
indicated category. The reported mineral resource estimate is constrained to a selected optimized pit shell
using Lerchs-Grossman (LG) mining software (see Figure 1).
The majority of the economic material is hosted within the Hamburg Dolomite constrained by the
Dunderberg Shale hanging wall and the Secret Canyon Formation foot wall lithology units.
Grade estimation was carried out using a probability assigned constrained kriging (PACK) methodology in
Vulcan software to define potentially mineralized high and low-grade domains using different grade
threshold values (see Figure 2). Low and high-grade indicators were estimated, and an estimated indicator
probability value was selected as the probability threshold to define blocks for the high-grade domain. A
block size of 25 ft × 25 ft × 25 ft was selected based on a bench height of proposed mining operations,
along with historical mining in the Archimedes pits and future open pit mining considerations. Soft
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boundaries for the low-grade and high-grade domains were used for selection of drill hole 10-foot
composites to estimate grade values to blocks.
Updates to the mineral resource estimate include incorporating a current topographic surface, modified
block model coding for certain fields, and refined specific gravity measurements and tonnage factor
conversions.
In addition to advancing the project permitting, an updated mineral resource estimate is expected to be
completed in 2029 for inclusion in the planned feasibility study. The updated resource is expected to include
50,000 meters of drilling targeting additional sample material for metallurgical test work, resource definition
to upgrade current resource classification, and potential expansion. The timing of the anticipated feasibility
study is planned to align with the expected completion of the permitting process. The objective is to have
an up-to-date feasibility study at the time permits are received to support a planned corporate debt facility,
which combined with expected cash flows from the Company’s existing operations, is expected to finance
the construction of Mineral Point.
Figure 1: Ruby Hill Complex Plan View Showing Mineral Point Conceptual Pit with Mineralized Zones of
Mineral Point and Archimedes Underground
Historic Production
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Figure 2: Mineral Point Longitudinal Section Map
Table 2: Mineral Point Mineral Resource Estimate Statement as of December 31, 2024
Indicated Mineral Resources
Tonnes Au Ag Au Ag
(000) (g/t) (g/t) (000 oz) (000 oz)
Mineral Point 216,982 0.48 15.0 3,376 104,332
Total Indicated 216,982 0.48 15.0 3,376 104,332
Inferred Mineral Resources
Tonnes Au Ag Au Ag
(000) (g/t) (g/t) (000 oz) (000 oz)
Mineral Point 194,442 0.34 14.6 2,117 91,473
Total Inferred 194,442 0.34 14.6 2,117 91,473
Notes to table above:
I. Mineral resources have an effective date of December 31, 2024.
II. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
III. Mineral resources are the portion of Mineral Point that can be mined profitably by open pit mining
method and processed by heap leaching.
IV. Mineral resources are below an updated topographic surface.
V. Mineral resources are constrained to economic material inside a conceptual open pit shell. The main
parameters for pit shell co

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