i-80 Gold Announces Positive Preliminary Economic Assessment on

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# Drill results from both drilling programs at Archimedes will support an updated mineral resource estimate and updated mine plan for an anticipated Archimedes feasibility study, planned for completion late in the first qu

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# Drill results from both drilling programs at Archimedes will support an updated mineral resource estimate and updated mine plan for an anticipated Archimedes feasibility study, planned for completion late in the first quarter of 2027, pending further expansion of the current drill program. The updated mineral resource is expected to incorporate approximately 65,000 meters of drilling, the majority of which is infill drilling to support mineral reserve estimation. The overall Archimedes drill program is primarily focused on enhancing confidence in the mine plan, defining the oxide-sulfide transition boundary, confirming continuity of mineralization, and potential upgrading of inferred mineral resources to the measured and indicated mineral resource definitions.
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 Archimedes Underground Project, Nevada; After-Tax NPV(5%) of $127 Million with
an After-Tax IRR of 23% 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 18, 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 Archimedes Underground Project (“Archimedes” or the “Project”), 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 northeastern Nevada, United States. The PEA confirms that Archimedes
has the potential to become a key component of the Company’s regional hub-and-spoke mining and
processing strategy.
“The release of the Archimedes PEA marks another step forward in our plan to establish i-80 Gold’s broader
hub-and-spoke mining and processing strategy in northeastern Nevada. Based on the PEA, Archimedes is
expected to contribute meaningfully to the overall production and economics of the Company’s hub-and-
spoke strategy in spite of higher transportation costs to our central autoclave facility, and lower grades
relative to the Company’s two other underground projects. The PEA’s findings show that at a base case gold
price of $2,175/oz, Archimedes Underground is at the lower end of valuation compared to other
underground gold projects in our portfolio, however it presents the highest leverage to gold prices,” stated
Richard Young, Chief Executive Officer.
PEA Highlights
Mineral Estimates, Production and Mine Life
• High-grade underground gold mine with a life of mine (“LOM”) of approximately 10 years.
• Average annual gold production of approximately 100,000 ounces of gold following ramp up.
• Estimated LOM cash costs(1) of $1,769 per ounce and all-in-sustaining costs(1) of $1,893 per ounce.
• Updated mineral resource estimate resulting in an indicated gold mineral resource of 436,000
ounces at 7.6 grams per tonne (“g/t”) and an inferred gold mineral resource of 988,000 ounces
at 7.3 g/t.
• All drilling conducted within the Archimedes underground area since the property’s acquisition in
2021, is included in the PEA. Additional infill drilling is expected to be completed from the
underground on the Ruby Deeps and the 426 zone in 2027 to be included in a planned feasibility
study in 2028.
• Several exploration targets to be followed up on in the coming years to potentially extend the mine
life beyond the current 10 years.
Project Economics
• Based on a $2,175/oz gold price, the Project’s undiscounted after-tax cash flows(2)(3) total $212
million with an after-tax net present value(2)(3) (“NPV”) of $127 million, assuming a 5% discount
rate, generating a 23% internal rate of return (“IRR”).
• Based on a spot gold price of $2,900/oz, the Project’s undiscounted after-tax cash flows(2)(3) total
$902 million with an after-tax NPV(2)(3) of $581 million, assuming a 5% discount rate, generating a
IRR of 75%.
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• Mine construction capital is estimated at $49 million.
• LOM development and sustaining capital is estimated at $106 million.
Mining and Processing
• Long hole open stoping with delayed backfill is the primary planned mining method.
• Approximately 90% of the material mined is anticipated to be processed at i-80 Gold’s Lone Tree
autoclave facility (see Figure 1) starting in 2028. The remainder is expected to be processed at a
third-party autoclave facility in 2026 and 2027, as well as the property’s heap leach facility.
• Overall average gold grade processed of 7.0 g/t with an average gold recovery of 90% (autoclave)
and an average expected heap leach grade of 3.8 g/t gold with an average recovery of 87%.
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 Archimedes Underground 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
(2)
Pre-Tax NPV(5%) $M $126.8
(2)(3)
After-Tax NPV(5%) $M $126.8
(3)
After-Tax IRR % 23%
(3)
After-Tax Cash Flow $M $211.9
Production Profile
Mine Life years 10
000s
Mineralized Material Mined tonnes 4,566.9
Gold Grade of Mineralized Material Mined g/t Au 7.0
Silver Grade of Mineralized Material Mined g/t Ag 1.64
000s
Waste Tonnes Mined tonnes 1,353.8
000s
Total Tonnes Mined tonnes 5,920.7
000s
Total Mineralized Material Processed tonnes 4,566.9
Gold Grade Processed g/t Au 7.0
Silver Grade Processed g/t Ag 1.64
Average Gold Recovery % 90%
Average Silver Recovery % 10%
Total Gold Recovered 000s oz 927.9
Total Silver Recovered 000s oz 24.3
Average Annual Gold Production (LOM) 000s oz 84.4
Average Annual Gold Production 000s oz 101.9
(following production ramp up)
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Unit Operating Costs
LOM Operating Cost
Mineralized Material Mined $/t mined $130.2
Mineralized Material and Waste Mined $/t mined $126.7
Processed (autoclave & heap leach) $/t milled $107.3
Transportation $/t milled $42.1
Dewatering Electricity $/t milled $6.4
G&A $/t milled $17.3
LOM Total Cash Costs(1) (net of by-product credit) $/oz $1,769
(1)
LOM All-in Sustaining Costs (net of by-product credit) $/oz $1,893
Total Capital Costs
Construction Capital $M $47.3
Definition & Conversion Drilling $M $10.6
LOM Development & Sustaining Capital $M $97.6
Closure Costs $M $8.9
Total Capital & Closure Costs $M $164.4
“The Archimedes PEA reinforces its value within i-80 Gold’s portfolio, with the potential to achieve the
highest mining rate among our underground operations. The geometry of the mineralized body supports
the use of bulk mining methods, driving lower unit costs and enhancing project economics. Additionally,
extensive infrastructure is already in place, and the sequential permitting approach allows us to expedite
mining activities through mid-2027, while finalizing approvals for the lower section,” added Matthew Gili,
President and Chief Operating Officer.
Mineral Resource Update
The PEA includes all drilling conducted on the Archimedes underground since i-80 Gold’s acquisition of the
property. The updated mineral resource estimate includes a total of 436,000 ounces of gold at 7.6 g/t Au in
the indicated category and 988,000 ounces of gold at 7.3 g/t Au in the inferred category (see Table 2). The
majority of the resource estimate is currently hosted in the Ruby Deeps deposit (see Figure 1). The mineral
resource estimate is based on stope optimization software. This methodology is more accurate than
previous estimation techniques and has become the industry standard for underground deposits in Nevada.
The updated resource estimate includes all drilling since 2021, as well as stope optimization which results
in additional mineralized body constraints. Overall, the indicated resource tonnes and gold ounces have
increased by 49% and 116%, respectively, as compared to the 2021 resource estimate resulting in a total
of 436,000 indicated gold ounces contained. The increase in indicated ounces is offset by a decline in
inferred tonnes and ounces by 49% and 37%, respectively, resulting in a total of 988,000 inferred ounces
contained. Gold grades have increased in all categories of resource, improving by 46% in the indicated
category and 21% in the inferred category.
Once the underground drill platforms are constructed, a significant infill drill program is planned for Ruby
Deeps and the 426 zone in the coming years to follow up on earlier positive results in a more cost-effective
manner with the goal of extending the mine life beyond the current 10 years. Ruby Deeps remains open to
the north and south, offering substantial exploration potential.
An updated mineral resource estimate is expected to be completed in 2028 for inclusion in a planned
feasibility study. The updated resource is expected to include 50,000 meters of drilling, of which the majority
is infill drilling to define reserves, targeting the 426 zone and the Ruby Deeps scheduled for 2027.
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Figure 1: Archimedes Longitudinal Section of Mineralized Bodies (Looking West)
Table 2: Archimedes Underground Mineral Resource Estimate as of December 31, 2024
Indicated Mineral Resources
Tonnes Au Ag Au Ag
(000) (g/t) (g/t) (000 oz) (000 oz)
426 899 6.9 0.8 199 22
Ruby Deeps 892 8.3 2.4 237 69
Total Indicated 1,791 7.6 1.6 436 92
Inferred Mineral Resources
Tonnes Au Ag Au Ag
(000) (g/t) (g/t) (000 oz) (000 oz)
426 1,038 6.6 1.2 219 40
Ruby Deeps 3,150 7.6 2.4 769 246
Total Inferred 4,188 7.3 2.1 988 286
Notes to table above:
I. Mineral resources have been estimated at a gold price of $2,175 per troy ounce;
II. Mineral resources have been estimated using pressure oxidation gold metallurgical recoveries of 96.8%
and 89.5% for the 426 and Ruby Deeps deposits respectively;
III. Pressure oxidation cutoff grades are 5.06 and 5.48 Au g/t (0.148 and 0.160 opt) for the 426 and Ruby
Deeps deposits respectively;
IV. The effective date of the Mineral resource estimate is December 31, 2024;
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V. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The
estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-
political, marketing, or other relevant factors;
VI. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are
estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to
imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower
level of confidence than that applying to an indicated mineral resource and must not be converted to a
mineral Reserve. It is reasonably expected that the majority of inferred mineral resources could be
upgraded to indicated mineral resources with continued exploration; and
VII. The reference point for mineral resources is in situ.
Economic Analysis
The Project’s NPV and IRR in relation to fluctuations in the long-term gold price are outlined in Table 3 and
the Project’s cost sensitivities are illustrated in Figure 2 below. Capital costs have been sensitized against
mine facilities and drilling.
Table 3: Archimedes Project Gold Price Sensitivity After-tax Analysis
Gold Price ($/oz)
$2,000 $2,175 $

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