i-80 Gold Provides a Development Update; Archimedes Underground and Lone Tree Plant Refurbishment Remain on Track and Mineral Point Open Pit Prioritized in Updated Development Plan

Mineral Point moves ahead of Granite Creek open pit, while Cove underground is sequenced later as future feed for Lone Tree.

Rhea-AI Summary

i-80 Gold (IAUX) prioritized Mineral Point open pit in its updated development plan while keeping near-term Nevada projects on schedule. Archimedes underground remains on track for first gold mined in Q4 2026. Lone Tree construction is planned for Q4 2026, with first gold pour targeted for Q4 2027. Its refurbishment estimate remains $430 million; labor costs are 5%–10% above initial estimates, within contingency.

The company targets annual gold production of 150,000–200,000 ounces beginning in 2028, 400,000–500,000 beginning in 2031 with Mineral Point, and 500,000–600,000 in the early 2030s with Granite Creek open pit. These preliminary goals depend on successful development and Lone Tree commissioning and are not output guidance. Cove underground is sequenced later as future processing feed. Granite Creek's measured and indicated underground resources increased approximately 230% in the September 2026 feasibility study versus the March 2025 PEA.

17 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Archimedes underground remains on schedule for first gold mined in Q4 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Lone Tree refurbishment remains on schedule for construction in Q4 2026 and first gold pour in Q4 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Lone Tree's expected cash-margin increase is $1,000–$1,500 per gold ounce, depending on grade and gold price.
• Moderate pointGranite Creek measured and indicated underground resources rose approximately 230% versus the March 2025 PEA.
• Moderate pointMineral Point is prioritized ahead of Granite Creek open pit as the next development project.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Mineral Point's March 2025 PEA indicates potential annual production of approximately 280,000 gold-equivalent ounces over 17 years.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Annual gold production targets reach 150,000–200,000 ounces from 2028, subject to development and Lone Tree commissioning.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Annual gold production targets reach 400,000–500,000 ounces from 2031 with Mineral Point's addition.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Annual gold production targets reach 500,000–600,000 ounces in the early 2030s with Granite Creek open pit.
• Moderate pointLone Tree bulk demolition was completed in Q3 2026, and construction mobilization has begun.
• Moderate pointLone Tree state permits received by September's end allow contractor mobilization for construction.

6 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Archimedes oxide material offers a potential lower-cost heap-leach option relative to Lone Tree processing.
• Minor pointLone Tree procurement packages awarded reached approximately 74% by value at September 2026's end.
• Minor pointLone Tree cash expenditures are trending below 2026 guidance of $140 million–$160 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Lone Tree expected processing capacity is approximately 2,250 tonnes daily at 85% plant availability.
• Minor point. Forward-looking: it has not happened yet and may not happen.Lone Tree filtration plant completion is targeted for early Q4 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cove underground feasibility study completion is targeted for Q4 2026.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Lone Tree refurbishment carries an estimated $430 million capital cost, including approximately 12% contingency, owner's cost and capital spares. 32% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cove underground development is sequenced later as future refractory feed for Lone Tree.
• Minor pointLone Tree labor costs are approximately 5%–10% above initial estimates, within allotted contingency.
• Minor pointLone Tree has drawn down approximately 10% of total project contingency to date.
• Minor point. Forward-looking: it has not happened yet and may not happen.Production targets are preliminary goals, not guidance, dependent on successful development and Lone Tree commissioning.

3 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Archimedes heap-leach recoveries and viability remain subject to ongoing metallurgical testing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Archimedes feasibility and Mineral Point pre-feasibility studies target approximately mid-2027, pending additional drilling timing.
• Minor pointGranite Creek open pit pre-feasibility study timing is under review.

News Explained

The possible revolving credit facility is not yet in place; i-80 says it is discussing one with lead lenders if additional liquidity is needed.

The company reports bulk demolition at Lone Tree was completed in Q3 2026, with mobilization underway to prepare for initial construction scheduled to start in Q4 2026. At the end of September 2026, 44% of the refurbishment’s total capital was committed, so part of the project’s capital is committed while construction and commissioning remain ahead.

For Mineral Point, a pre-feasibility study is targeted for approximately mid-2027, pending additional drilling; Archimedes oxide test work is still evaluating recoveries and whether processing on the existing heap-leach facilities is viable.

Separately, i-80 says it is in dialogue with lead lenders to establish a corporate revolving credit facility for additional liquidity if needed; this is a discussion about a possible future source of liquidity, not a facility the release says is in place.

Key Figures

Initial annual production target: 150,000–200,000 ounces of gold/year Mineral Point production potential: Approximately 280,000 gold equivalent ounces/year Lone Tree capital cost estimate: $430 million +4 more

Initial annual production target

150,000–200,000 ounces of gold/year

Target beginning in 2028

Mineral Point production potential

Approximately 280,000 gold equivalent ounces/year

Based on the related PEA; 17-year mine life

Lone Tree capital cost estimate

$430 million

Includes approximately 12% contingency, owner's cost, and capital spares

Expected cash margin increase

$1,000–$1,500 per ounce of gold

Expected reduction in third-party processing costs at Lone Tree; depends on grade and gold price

Labor costs versus initial estimates

5%–10% above initial estimates

Within the allotted project contingency

Consolidated annual production target

400,000–500,000 ounces of gold/year

Target beginning in 2031 with Mineral Point oxide heap-leach production

Broader annual production target

500,000–600,000 ounces of gold/year

Target in the early 2030s with the subsequent addition of Granite Creek open pit

Historical Context

3 past events · Latest: Sep 22

3 events

1. Sep 22

   Mineral Point drilling

   24h Move

   +7.5%

   Initial Mineral Point drill results included step-outs outside the existing resource; the PEA outlined mine life and production.

2. Sep 21

   Granite Creek feasibility study

   24h Move

   +7.5%

   The study reported reserves and a 229% increase in measured and indicated underground resources.

3. Jul 28

   Lone Tree refurbishment

   24h Move

   -3.7%

   Refurbishment remained on schedule and budget, with total capital estimated at $430 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

preliminary economic assessment, carbon-in-leach, integrated pressure oxidation, ni 43-101, +1 more

5 terms

preliminary economic assessment technical

"based on the related preliminary economic assessment ("PEA") filed in March 2025."

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

carbon-in-leach technical

"relative to processing through the Lone Tree's carbon-in-leach ("CIL") circuit."

Carbon-in-leach is a gold-processing method where crushed ore is mixed with a chemical solution that dissolves the gold while porous activated carbon is added to the same tank to capture the dissolved gold, combining extraction and recovery in one step. It matters to investors because it influences how much gold a mine actually recovers, how fast it can produce, and the plant’s operating and environmental costs—small differences in this “filtering” step can change a project’s profitability and regulatory risk.

integrated pressure oxidation technical

"Using integrated pressure oxidation ("POX") and CIL circuits"

A high‑temperature, high‑pressure chemical processing method that uses oxygen in an autoclave to oxidize and break down sulphide minerals or other refractory material so valuable metals (commonly gold) become accessible to conventional recovery steps. "Integrated" indicates the pressure‑oxidation autoclave is combined with the mine’s upstream and downstream plant circuits—such as ore feed preparation, neutralization, cyanide leaching, and carbon adsorption—so the oxidation step is operated as part of a continuous, coordinated processing train. Consequence: the autoclave requires specialized materials, acid‑neutralization and effluent handling systems, and tight control of pressure, temperature and oxygen because the chemistry and off‑gases create safety, corrosion and water‑treatment demands.

ni 43-101 regulatory

"prepared in accordance with NI 43-101"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

s-k 1300 regulatory

"exploration stage projects under S-K 1300"

Regulation S-K Item 1300 is a U.S. securities disclosure rule that requires public companies to report how they manage cybersecurity risks and to promptly disclose material cyber incidents. Think of it as a requirement to tell investors both the company’s “cyber health” plan and any major break-ins, similar to a homeowner explaining their alarm system and alerting neighbors after a burglary. This helps investors assess operational risk and potential financial or reputational impact.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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

TORONTO, Oct. 14, 2026 /PRNewswire/ -- i-80 GOLD CORP. (NYSE: IAUX) (TSX: IAU) ("i-80 Gold", or the "Company") is pleased to provide an update on its Nevada development plan. Operating and near-term development projects continue to advance on schedule toward a total annual production target of 150,000 to 200,000 ounces of gold starting in 2028.⁽¹⁾ In addition, the Company's development plan has been updated to prioritize Mineral Point open pit as the Company's next major development project following the anticipated establishment of its underground hub-and-spoke mining and processing platform to create a Nevada-focused mid-tier gold producer.

Development Highlights

• Archimedes underground on track to commence production mining: Development at Archimedes, the Company's second underground mine, continues to advance on schedule toward the start of production mining in the fourth quarter of 2026, as planned.
• Lone Tree Plant refurbishment advances toward initial construction: Bulk demolition activities are complete, and mobilization is underway for initial construction activities to commence in the fourth quarter of 2026, as planned. Capital expenditures remain largely on budget with approximately 10% of the total project contingency drawn down to date.
• Exploration upside drives updated development plan: Mineral resource expansion potential at the Granite Creek and Archimedes underground projects support the Company's view that these deposits have the potential to supply sufficient feed to the Lone Tree Plant for longer than previously contemplated, providing flexibility to sequence Cove underground later in the development plan as a future source of refractory feed to the Lone Tree Plant when required. 
• Mineral Point open pit prioritized ahead of Granite Creek open pit: Mineral Point is the Company's most valuable project. It hosts a large gold-silver oxide resource and the potential to add annual production of approximately 280,000 gold equivalent ounces over a mine life of 17 years, based on the related preliminary economic assessment ("PEA") filed in March 2025.⁽¹⁾ The updated development plan prioritizes the Mineral Point open pit oxide project to drive the next phase of production growth ahead of the Granite Creek open pit oxide project.
• Oxide mineralization identified within the Archimedes underground 426 zone provides significant low-cost processing opportunity: Ongoing metallurgical test work demonstrates the potential to process this oxide material, which was not included in the related March 2025 PEA, on the Ruby Hill property's existing active heap leach pad, providing a significantly lower cost processing option than assumed in the PEA mine plan.

"We are pleased with the continued progress across our operating and near-term development projects as we continue to achieve each major milestone on schedule," stated Richard Young, President & Chief Executive Officer. "Granite Creek underground is ramping up production, and its measured and indicated mineral resources increased by approximately 230% in the September 2026 feasibility study⁽²⁾ compared with the March 2025 PEA. Thanks to the dedication of our project teams, Archimedes underground remains on track to begin production mining in the fourth quarter of 2026, while the Lone Tree Plant refurbishment continues to advance on schedule toward its first gold pour target in the fourth quarter of 2027."

Mr. Paul Chawrun, Executive Vice President and Chief Operating Officer added, "Ongoing drilling and technical work continue to reinforce our confidence in the resource expansion potential at Granite Creek and Archimedes underground, and their potential to supply refractory feed to the Lone Tree Plant for longer than previously contemplated. This creates an opportunity to sequence Cove underground later in the development pipeline as a future source of refractory feed and prioritize Mineral Point open pit, our largest growth project, to drive the next stage of production growth. We believe this updated development plan positions us to unlock Mineral Point's substantial value while aligning capital allocation with feed supply and processing capacity. It also continues to support organic growth toward a target of 500,000 to 600,000 ounces of average annual gold production under our broader development plan, and our goal of becoming a mid-tier gold producer in Nevada."⁽¹⁾

Project Updates

Archimedes Underground

Archimedes underground continues to advance toward first gold mined in the fourth quarter of 2026. Drilling, resource modelling and metallurgical test work are underway to support the feasibility study targeted for completion in approximately mid-2027, pending the timing of additional drilling.⁽²⁾

Consistent with previously reported results, ongoing drilling continues to intersect significant intervals of oxide mineralization outside the mineral resource estimate supporting the March 2025 PEA, highlighting potential upside to the PEA mine plan through anticipated lower overall processing costs driven by the oxide portion of the resource. Building on recommendations in the PEA, the Company is evaluating the potential to process this oxide material on the existing active heap leach facilities on the Ruby Hill property where Archimedes is located. Preliminary work indicates an opportunity to heap leach more oxide material than contemplated in the PEA, potentially reducing processing costs relative to processing through the Lone Tree's carbon-in-leach ("CIL") circuit. Metallurgical test work remains ongoing to establish recoveries and assess the viability of this processing option. Refractory material is expected to be stockpiled ahead of Lone Tree's commissioning. Drilling in the lower 426 and Ruby Deeps zones is also evaluating extensions to the mineralized system and the potential to support a longer-term supply of refractory feed to Lone Tree.

Lone Tree Plant Refurbishment

Once refurbished and commissioned as planned in late 2027, the Lone Tree autoclave and CIL plant ("Lone Tree" or the "Plant") is expected to serve as the centralized processing hub for the Company's three underground gold projects and a key cornerstone asset as the Company transitions from toll milling to an owner-operator processing model. Based on the Company's December 2025 engineering study, the Plant is expected to significantly reduce current third-party processing costs resulting in increased cash margins by between $1,000 and $1,500 per ounce of gold, depending on grade and gold price. The Plant was previously operated by Newmont Corporation with significant existing infrastructure located immediately adjacent to Interstate 80.

Bulk demolition was completed in the third quarter of 2026 as planned, and mobilization has begun in preparation for the start of initial construction, with a focus on civil preparation and concrete work. Detailed engineering and procurement continue to advance in line with the construction and commissioning schedule with approximately 74% of procurement packages, by value, awarded as of the end of September 2026.

Refurbishment timing and costs incurred to date remain in line with the Company's December 2025 engineering study, which included a total capital cost estimate of $430 million, inclusive of approximately 12% contingency, owner's cost, and capital spares. Cash expenditures to date are trending below the Company's 2026 guidance of between $140 million to $160 million. Overall labor costs to date are running approximately 5% to 10% above initial estimates, reflecting higher wages and incidentals due to the competitive labor market in Northern Nevada, however these are within the allotted project contingency. Total project capital remains largely as expected with approximately 10% of the total project contingency drawn down and approximately 44% of capital committed at the end of the third quarter of 2026. The Company expects all major procurement and contracts to be in place by the end of 2026 providing greater certainty around the projected cost to complete the project.

The Plant is federally permitted. State level permits have been received on schedule as of the end of September to allow for the mobilization of site contractors to begin construction. The Plant is permitted for the existing operational components in use and the receipt of normal course design and environmental state permits remains on track.

Based on 85% plant availability, Lone Tree is expected to process approximately 2,250 tonnes per day, or approximately 825,000 tonnes per annum. Using integrated pressure oxidation ("POX") and CIL circuits, Lone Tree is designed to be capable of processing both refractory (sulfide) and non-refractory (oxide) mineralized material. i-80 Gold is one of two gold companies in Nevada with autoclave processing capacity (the other being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining Corporation and Newmont Corporation).

Updated Development Plan

The Company has updated its development plan to align the Plant feed supply, processing capacity, and capital allocation. Within the updated pipeline of projects, the Company's operating and near-term development projects remain on the initial schedule to create a hub-and-spoke mining and processing platform around Lone Tree, while the sequence of medium-to-long term projects has been updated as follows:

1) Establish hub-and-spoke mining and processing platform: Ramp up Granite Creek underground, bring Archimedes underground into production, and refurbish and commission the Lone Tree Plant as a centralized processing facility.

2) Prioritize Mineral Point open pit as the next major development project: Adds a large-scale open pit heap leach project.

3) Advance remaining growth projects: Develop and construct Granite Creek open pit after Mineral Point enters production with Cove underground sequenced later as future refractory feed to Lone Tree.

The September 2026 Granite Creek feasibility study reported an increase in measured and indicated underground mineral resources by approximately 230% compared to mineral resource estimate included in the March 2025 PEA.⁽¹⁾ At Archimedes underground, the Company expects the oxide mineralization to expand based on recently published drill results from the upper 426 zone and continues to drill within the lower 426 and Ruby Deeps zones (see the Company's June 25, 2026 press release). Together, these results continue to support the Company's view that the mineralized bodies at both Granite Creek underground and Archimedes underground remain open for potential expansion and are expected to sufficiently supply the Plant with material feed for a significant period of time and longer than previously contemplated. As such, Cove underground has been sequenced later in the development plan as a future source of refractory feed for Lone Tree.

This revised sequence of development projects provides an opportunity for the Company to prioritize the Mineral Point open pit project, the Company's largest and most valuable asset. Granite Creek open pit is expected to be constructed once Mineral Point is in operation. Cove underground remains an important source of future feed for Lone Tree when future mining rates decline at the first two underground mines. 

Currently, the anticipated timing of Mineral Point development has not changed from the March 2025 PEA. The exploration program, early-stage pre-permitting activities, technical studies, metallurgical test work, and engineering are ongoing and continue to improve the Company's understanding of the deposit to support future project planning.

The updated development plan targets annual gold production of 150,000 to 200,000 ounces beginning in 2028, supported by the Lone Tree Plant processing material from Granite Creek underground and Archimedes underground.⁽¹⁾ With the addition of oxide heap leach production from Mineral Point open pit, consolidated annual gold production is targeted to increase to 400,000 to 500,000 ounces beginning in 2031.⁽¹⁾ The broader development plan targets 500,000 to 600,000 ounces in annual gold production in the early 2030's with the subsequent addition of Granite Creek open pit.⁽¹⁾ Cove underground expected to sustain this production level by supplying refractory feed to Lone Tree as production from Granite Creek underground and Archimedes underground declines.

Mineral Point Open Pit

Mineral Point is the Company's largest development project by mineral resource, estimated valuation and anticipated annual production, and represents a key driver of anticipated future production growth for the Company. It hosts one of the largest undeveloped bulk-mineable oxide gold-silver resources in Nevada. It is an advanced stage project envisioned as a large-scale gold and silver heap leach oxide operation. Infill and step-out drilling are supporting a planned pre-feasibility study in mid-2027⁽²⁾, pending the timing of additional drilling. Initial infill and step-out drill results were very encouraging, highlighting the potential to expand the mineralized footprint (see the Company's September 22, 2026 press release). To support Mineral Point's development scope, the Company is in dialogue with its lead lenders to establish a corporate revolving credit facility for additional liquidity, if needed.

Analyst Site Tour

i-80 Gold will host an analyst site tour on October 14-15, 2026, providing an opportunity for a firsthand look at the significant progress across the Company's Nevada portfolio. Members of the Company's management and site teams will provide updates on operations, construction, exploration, permitting, development activities, workforce development, and community engagement.

Upcoming Milestones

Lone Tree Plant Refurbishment
Commence construction	Q4 2026
Completion of filtration plant	Early Q4 2027
First gold pour	Q4 2027
Archimedes Underground
First gold mined	Q4 2026
Technical Studies(2)
Cove underground (Feasibility)	Q4 2026
Archimedes underground (Feasibility)	Approx. mid-2027
Mineral Point open pit (Pre-Feasibility)	Approx. mid-2027
Granite Creek open pit (Pre-Feasibility)	Timing under review

Endnotes

(1)

Based on gold output estimates in the most recent life of mine gold output schedules disclosed in the latest technical studies filed for each respective project and related property: Granite Creek underground, Archimedes underground, Cove underground, and Mineral Point open pit. These anticipated output figures are preliminary in nature and are largely based on mineral resources, which do not have demonstrated economic viability and subject to successful project development. Only Granite Creek underground has declared mineral reserves. In addition, for all gold projects except Granite Creek underground, the foregoing technical reports are preliminary economic assessments/initial assessments that are preliminary in nature. The Granite Creek underground technical report was a feasibility study/technical report summary.  Each include an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources 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. As such, there is no certainty that the output targets will be realized. Anticipated output targets are also pending the commissioning of the Lone Tree Plant, and are Company goals and not a projection of results and should not be taken as output guidance. All of the Company's projects other than Granite Creek underground are considered exploration stage projects under S-K 1300, as the Company has not determined mineral reserves at such properties pursuant to S-K 1300. With respect to Archimedes underground, located on the Ruby Hill property, the Company has started extraction activities without determining mineral reserves. The following technical reports for each project and related property have been prepared in accordance with NI 43-101: Preliminary Economic Assessment Technical Report for the Cove Project, Lander County, Nevada (March 31, 2025); NI 43-101 Technical Report Feasibility Study Granite Creek, Humboldt County, Nevada, USA (September 21, 2026); and Preliminary Economic Assessment NI 43-101 Technical Report for the Ruby Hill Project, Eureka Country, Nevada, USA (March 31, 2025). Corresponding technical reports prepared in accordance with S-K 1300 are as follows: Initial Assessment & Technical Report Summary for the Cove Project, Lander County, Nevada (March 26, 2025); S-K 1300 SEC Technical Report Summary Pre-Feasibility Study Granite Creek, Humboldt County, NV (September 21, 2026); and Initial Assessment of the Ruby Hill Project, Eureka County NV (March 29, 2025).

(2)

This technical report was, or will be, prepared under both: National Instrument 43-101 – Standards of Disclosure for Mineral Projects which, in the opinion of the qualified persons, constitutes a feasibility study; and Subpart 1300 of Regulation S-K which, in the opinion of the qualified persons, constitutes a pre-feasibility study.

Technical Disclosure and Qualified Person

The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Paul Chawrun P.Eng., Executive Vice President & Chief Operating Officer, for the Company, who is a qualified person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and S-K 1300. Mr. Chawrun has verified the scientific and technical information disclosed in this press release.

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 funded development plan to advance its high-quality asset portfolio. The Company is one of the largest mineral resource holders in the state with a pipeline of high-grade multi-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its 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 NYSE American (NYSE: IAUX) and the Toronto Stock Exchange (TSX: IAU). For more information, visit www.i80gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information set forth in this press release, including but not limited to management's assessment of the Company's future plans and operations, expectations regarding the expectations regarding permitting, construction, engineering, procurement, capital costs, commissioning and first gold pour at Lone Tree as anticipated, the benefit of transitioning from toll milling to an owner-operator hub-and-spoke processing model, including reduced processing costs and an estimated margin increase of approximately $1,000 to $1,500 per ounce of gold (depending on grade and gold price improved margins); timing and potential results of metallurgical testing at Archimedes Underground; the potential suitability of oxide material for processing and its possible inclusion in Archimedes future mine plans; the potential upside to the existing mine plan with a lower cost processing option for the growing oxide portion of the mineral resource at Archimedes; timing of technical and pre-feasibility studies; the timing of permitting, construction, and production at the Mineral Point open pit project and its ability to add approximately 280,000 gold equivalent ounces in annual production of over the life of mine; Lone Tree Plant contingency drawdown expectations; the ability to achieve gold production targets such as the 150,000 – 200,000 ounces of annual gold production starting in 2028, approximately 400,000 to 500,000 ounces annually beginning in 2031, and approximately 500,000 to 600,000 ounces in average annual production under the broader development plan; potential resource expansion at Granite Creek and Archimedes, and their ability to supply sufficient refractory feed to Lone Tree for longer than previously contemplated; constitute forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, uncertainty in geological, metallurgical and geotechnical studies and opinions, and ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.

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.

Cautionary Note to U.S. Investors

The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, including NI 43-101. NI 43-101 and the U.S. Securities and Exchange Commission's ("SEC") Regulation S-K 1300 have similar goals but at times embody different approaches and definitions. Accordingly, scientific and technical information contained in this press release, including any references to mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the SEC's disclosure requirements. Mineral resources that are not mineral reserves do not have demonstrated economic viability, and U.S. investors are cautioned not to assume that all or any part of the mineral resources referenced herein will be converted into mineral reserves.

Please see "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2025, as updated by the Company's quarterly reports on Form 10-Q and current reports on Form 8-K,for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the SEC and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law. Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. The information included on, or accessible through, the Company's website is not incorporated by reference into this press release.

 

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SOURCE i-80 Gold Corp

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does i-80 Gold expect Archimedes mining and Lone Tree's first gold pour?

Archimedes underground remains on track for first gold mined in Q4 2026, while Lone Tree's first gold pour is targeted for Q4 2027. Initial Lone Tree construction is planned for Q4 2026, and filtration plant completion is targeted for early Q4 2027.

What annual gold production does i-80 Gold target under its updated development plan?

i-80 Gold targets 150,000–200,000 ounces beginning in 2028, 400,000–500,000 beginning in 2031, and 500,000–600,000 in the early 2030s. Mineral Point supports the second stage, followed by Granite Creek open pit. These preliminary goals depend on successful development and Lone Tree commissioning and are not output guidance.

How is i-80 Gold considering additional funding for Mineral Point?

i-80 Gold is discussing a corporate revolving credit facility with its lead lenders to provide additional liquidity for Mineral Point's development scope, if needed. The facility is under discussion rather than established.

What will happen to Archimedes refractory material before Lone Tree starts operating?

Archimedes refractory material is expected to be stockpiled ahead of Lone Tree's commissioning. Separately, ongoing metallurgical testing is assessing whether oxide material can be processed on Ruby Hill's existing active heap-leach facilities.