i-80 Gold Finalizes Third-Party Processing Agreements

Rhea-AI Summary

i-80 Gold Corp (NYSE: IAUX) has secured two important third-party processing agreements for toll milling and ore sales of refractory and oxide material, effective through December 31, 2027. The company aims to complete the refurbishment of its Lone Tree autoclave facility by this date to process material from its underground gold mines.

The economic terms of these agreements align with the recently disclosed life of mine cash flows for the Archimedes Underground Project (February 18, 2025) and the Granite Creek Underground Project (March 5, 2025). These agreements are strategic enablers for advancing development of two of i-80's three underground gold mines while the autoclave facility undergoes planned refurbishment.

A class III engineering study for the autoclave refurbishment is expected to be completed by the end of Q3 2025.

Positive

• Secured third-party processing agreements through 2027, enabling continued operations during autoclave refurbishment
• Strategic advancement of two underground gold mines development
• Progress toward establishing centralized processing hub through autoclave facility

Negative

• Capital expenditure required for autoclave facility refurbishment
• Dependency on third-party processing until autoclave facility completion

RENO, Nevada, March 19, 2025 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80 Gold", or the "Company") is pleased to announce it has finalized two third-party processing agreements (the "Agreements") in respect of toll milling as well as ore sales for refractory and oxide material, respectively. The Agreements remain in effect through to December 31, 2027. The Company is targeting to have the anticipated refurbishment of its Lone Tree autoclave facility complete by December 31, 2027 to allow for all material from the Company's underground gold mines to be processed at its autoclave facility.

The economic terms of the Agreements are reflected in the recently released life of mine cash flows presented in the press releases for the Archimedes Underground Project on February 18, 2025 and the Granite Creek Underground Project on March 5, 2025.

"We are pleased to finalize these Agreements as they are key in enabling i-80 Gold to advance development of two of our three underground gold mines over the next several years, while continuing the planned refurbishment and recommissioning of our Lone Tree autoclave facility. Once commissioned, our autoclave is expected to serve as the central processing hub for material from our underground gold mines," stated Matt Gili, President and Chief Operating Officer.

A class III engineering study on the autoclave refurbishment is expected to be completed by the end of the third quarter of 2025.

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 following an anticipated refurbishment, 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.

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 PEAs, such as the anticipated refurbishment of its Lone Tree autoclave facility to be completed by December 31, 2027, the January 1, 2028 commissioning of the Lone Tree autoclave, the ability for all material from the Company's underground gold mines to be processed at the Lone Tree autoclave, and the expected Lone Tree autoclave feasibility study in the third quarter of 2025. 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. 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.

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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SOURCE i-80 Gold Corp

FAQ

When will i-80 Gold (IAUX) complete its Lone Tree autoclave facility refurbishment?

i-80 Gold targets completion of the Lone Tree autoclave facility refurbishment by December 31, 2027.

How long are i-80 Gold's (IAUX) new third-party processing agreements valid?

The agreements remain in effect through December 31, 2027.

What is the purpose of i-80 Gold's (IAUX) third-party processing agreements?

The agreements enable toll milling and ore sales for refractory and oxide material while the company refurbishes its Lone Tree autoclave facility.

When will the class III engineering study for IAUX's autoclave refurbishment be completed?

The class III engineering study is expected to be completed by the end of Q3 2025.

Which i-80 Gold (IAUX) projects are affected by these processing agreements?

The agreements affect the Archimedes Underground Project and Granite Creek Underground Project.