i-80 Gold Provides Update on Lone Tree Plant Refurbishment; Project Remains on Schedule and on Budget

Rhea-AI Summary

i-80 Gold (NYSE: IAUX) reported that refurbishment of its Lone Tree autoclave and carbon-in-leach plant in Nevada remains on schedule and on budget. Early works, health and safety preparations, contractor mobilization and major demolition, which began in mid-June 2026, are advancing as planned ahead of major construction in Q4 2026.

According to the company, approximately 50% of procurement packages by value and about 40% of project capital are committed as of mid-July 2026, with minimal contingency used. Total capital is estimated at $430 million, within 2026 expenditure guidance of $140–160 million. Detailed engineering is roughly 30% complete, and permitting is progressing with several approvals received and others pending. First gold pour from Lone Tree is anticipated by year-end 2027, with the refurbished plant expected to operate as a central hub processing about 2,250 tonnes per day (around 825,000 tonnes annually) and to support a shift from toll milling to an owner-operator model.

Positive

• $430 million total Lone Tree capital estimate with 12% contingency
• 2026 Lone Tree spending guided at $140–160 million
• Around 40% of project capital and 50% of procurement packages committed
• Plant designed for about 2,250 tpd or 825,000 tonnes per year
• December 2025 study indicates $1,000–1,500/oz processing cost and margin benefit
• Project tracking on schedule toward first gold pour by end of 2027

Negative

• Lone Tree refurbishment requires sizeable capital of about $430 million
• First gold pour not expected until late 2027, implying long lead time
• Some design and environmental permits remain pending before major construction

Market Context

The platform recorded +2.16% after the June 26 offtake termination and another +2.16% after June 25 ...

Analysis

The platform recorded +2.16% after the June 26 offtake termination and another +2.16% after June 25 assay news. Those precedents frame this update; pending permits and project execution remained risks, while recent insider activity was net buying.

Key Figures

Cash margin increase: $1,000 to $1,500 per ounce Procurement awarded: Approximately 50% Capital committed: Approximately 40% +5 more

8 metrics

Cash margin increase $1,000 to $1,500 per ounce Expected reduction in processing costs under owner-operator model

Procurement awarded Approximately 50% By value, as of mid-July 2026

Capital committed Approximately 40% As of mid-July 2026

2026 expenditures $140 million to $160 million Company guidance and project costs incurred to date

Total capital cost $430 million Lone Tree refurbishment estimate

Contingency Approximately 12% Included in the total capital cost estimate

First gold pour By year-end 2027 Anticipated Lone Tree refurbishment milestone

Plant throughput Approximately 2,250 tonnes per day Based on 85% plant availability

Historical Context

5 past events · Latest: Jul 21 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 21	Results release scheduling	Neutral	+7.1%	Company scheduled Q2 2026 results release and conference call for August 10-11.
Jun 26	Offtake termination	Positive	+2.2%	Termination removed delivery obligations and provided shares as settlement consideration.
Jun 25	High-grade assay results	Positive	+2.2%	High-grade Archimedes assays supported development timing and expanded drilling ahead of feasibility work.
Jun 23	Annual meeting vote	Neutral	-2.1%	Shareholders approved nine directors and reappointed Grant Thornton as auditor.
May 12	Q1 results	Negative	-1.9%	Revenue increased, but net loss widened despite financing and funding statements.

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

Pattern Detected

The stock showed mixed reactions to recent company news, with positive operational updates followed by both gains and declines.

Key Terms

autoclave, carbon-in-leach, pressure oxidation, ni 43-101, +1 more

5 terms

autoclave technical

"refurbishment of its Lone Tree autoclave and carbon-in-leach processing plant"

A sterilizing chamber that uses high-pressure steam to kill bacteria, viruses and spores on medical instruments, lab glassware and certain manufactured goods—think of it like an industrial pressure cooker that makes tools safe to use. Investors care because autoclaves are critical for regulatory compliance, product safety and facility operations in healthcare, biotech and manufacturing; their presence, capacity and maintenance can affect costs, production timelines and liability risk.

carbon-in-leach technical

"Lone Tree autoclave and carbon-in-leach processing plant"

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.

pressure oxidation technical

"upgrade of the existing autoclave to a modern pressure oxidation"

Pressure oxidation is a high-pressure, high-temperature chemical process used to break down tough mineral ores so valuable metals can be recovered more easily, like using a pressure cooker to soften food before extracting ingredients. It matters to investors because it can substantially increase metal recovery and thus revenue, but also raises capital, operating and environmental costs and technical risk, affecting a mining project's profitability and timeline.

ni 43-101 regulatory

"within the meaning of National Instrument 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

"National Instrument 43-101 and 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, July 28, 2026 /PRNewswire/ -- i-80 GOLD CORP. (NYSE: IAUX) (TSX: IAU) ("i-80 Gold", or the "Company") is pleased to provide a status update on the refurbishment of its Lone Tree autoclave and carbon-in-leach processing plant ("Lone Tree" or the "Plant") located in Nevada, a cornerstone asset within Phase 1 of the Company's development plan.

i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant. Once refurbished and commissioned, Lone Tree is expected to serve as the central processing hub for the Company's underground mines. The refurbishment is a key step in the Company's transition from toll milling to an owner-operator processing model which, based on the Company's December 2025 engineering study, is expected to reduce current processing costs and increase cash margins between an estimated $1,000 to $1,500 per ounce of gold, depending on grade and gold price.

Lone Tree Plant Refurbishment Highlights

• Early works and pre-construction readiness activities are well underway on site and continue to advance on schedule ahead of major construction, which is expected to commence in the fourth quarter of 2026. Second and third quarter pre-construction activities include:
  • mobilization of the EPCM contractor to site;
  • commencement of demolition of the existing plant components requiring replacement as part of the refurbishment; and
  • advancement of detailed engineering, procurement packages, and the award of key contracts.
• Procurement activities remain on schedule, with approximately 50% of procurement packages, by value, awarded as of mid-July.
• Project capital remains on budget with minimal contingency drawdown and approximately 40% of capital committed as of mid-July.
• The overall plant refurbishment remains on schedule to achieve first gold pour, which is anticipated in late 2027.

"We have made excellent progress in advancing the Lone Tree Plant refurbishment as planned, since a construction decision was made in the first quarter of 2026," said Paul Chawrun, EVP and COO. "Engineering, procurement, staffing, early works activities and demolition have all progressed as expected. The start of demolition marks an important project milestone, and we remain on schedule for commissioning in late 2027. We continue to view this refurbishment as a manageable, and low-risk project with comparatively low labor hours and materials. Hatch Ltd. began substantial engineering work approximately three years before commencement of the refurbishment. Additionally, we have an experienced management and owner's team with a strong track record in the construction, commissioning, and operation of autoclave facilities at some of Nevada's largest gold mines. Advancing the Plant refurbishment is a key step in executing our development plan and achieving our goal of creating a mid-tier gold producer."

Early Works Activities and Demolition

Early works activities continue to advance on schedule. Safety systems and training programs are in place, and health and safety teams have mobilized to site to further advance emergency preparedness and response planning. Contractor onboarding and mobilization are also progressing well. Pre-demolition equipment and building cleaning have been completed, and environmental testing is nearing completion. No material requiring special handling has been encountered to date. Major demolition activities commenced on schedule in mid-June and will extend into the fourth quarter of 2026. Lighting upgrades have also been completed throughout the Plant.

Engineering Design and Procurement

Hatch Ltd. has expanded its global and site-based engineering and procurement teams to support the Lone Tree refurbishment. Procurement activities remain on schedule, with approximately 50% of procurement packages, by value, awarded as of mid-July. Detailed engineering is approximately 30% complete as of mid-July and continues to progress in line with the Company's planned construction and commissioning schedule.

Project Capital

Project costs incurred to date remain in line with the December 2025 engineering study and the Company's 2026 guidance, of between $140 million to $160 million in expenditures. The total capital cost estimate of $430 million, inclusive of contingency of approximately 12%, owner's cost, and capital spares, is supported by extensive engineering reviews, operating assessments, and trade-off studies.

Permitting

The Plant is permitted for the existing operational components in use. Normal course design and environmental permit applications were submitted in the first quarter of 2026, as planned. Several permits have been received to date and additional permits are pending. Various construction activities are scheduled to commence in the second half of 2026 upon the anticipated approval of the associated permits. Major construction is anticipated to commence in the fourth quarter of 2026.

Scope of Work 

The scope of refurbishment work at Lone Tree includes a combination of new and improved design components and the replacement of some existing infrastructure. This work is aimed at modernizing the Plant to improve process efficiency and operating flexibility, and to meet new environmental compliance standards, including the refurbishment and upgrade of the existing autoclave to a modern pressure oxidation ("POX") circuit. A press release describing the plant design, refurbishment work, and capital costs was issued on December 18, 2025 and is accessible by clicking here. A video overview of the Lone Tree refurbishment plan is accessible by clicking here.

Upcoming Milestones

Upcoming Plant refurbishment milestones include:

• Commencement of construction – Q4 2026
• Completion of detailed engineering – by end of Q1 2027
• Filtration plant completion – early Q4 2027
• First gold pour – by year-end 2027

Figure 1: Before and after demolition of the existing 115-foot in diameter thickener tank in preparation for planned upgrades as part of the Lone Tree Plant refurbishment.

Figure 2: Demolition of the existing CIL tanks in preparation for new CIL tanks as part of the Lone Tree Plant refurbishment.

Figure 3: Inspection of the main electrical substation in preparation for planned upgrades.

Figure 4: Demolition of the autoclave off-gas system in preparation for the installation of a new mercury capture system.

Figure 5: Installation of upgraded lighting in the autoclave area.

Figure 6: Regional map of i-80 Gold assets in Northern Nevada.

About the Lone Tree Plant

The Lone Tree Plant is a legacy asset with existing infrastructure, strategically situated as a centralized processing hub for the Company's underground gold projects and located immediately adjacent to Interstate 80 (see Figure 6 above). Based on 85% plant availability, the Plant is expected to process approximately 2,250 tonnes per day with a total annual throughput of approximately 825,000 tonnes. Using integrated POX and carbon-in-leach ("CIL") circuits, the Plant is designed to be capable of processing both refractory (sulfide) and non-refractory (oxide) mineralized material. Oxide material will bypass the POX circuit to be processed solely in the CIL circuit after grinding. This flexibility allows the treatment of mineralized material to be optimized with the lowest cost and highest recovery rate. i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant (the other being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining Corporation and Newmont Corporation).

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 fully funded three-phase 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 permitting and timing of the Lone Tree Plant refurbishment; including the expectation that construction activities will commence in the second half of 2026; the Plant's anticipated commissioning by the end of 2027; estimated capital costs; the transition from toll milling to an owner-operator hub-and-spoke processing model could result in 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); the timing of demolition activities; and the timing of additional upcoming project milestones such as completion of detailed engineering efforts, completion of filtration plant, and first gold pour; 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 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 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 U.S. Securities and Exchange Commission 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-provides-update-on-lone-tree-plant-refurbishment-project-remains-on-schedule-and-on-budget-302836341.html

SOURCE i-80 Gold Corp

FAQ

What is i-80 Gold’s Lone Tree Plant refurbishment project for IAUX?

The Lone Tree Plant refurbishment is i-80 Gold’s upgrade of its Nevada autoclave and CIL facility to act as a central processing hub. According to the company, the project modernizes the plant, enhances flexibility for refractory and oxide ore, and supports its hub-and-spoke mine plan.

When is i-80 Gold (NYSE: IAUX) expecting first gold from the Lone Tree Plant?

i-80 Gold expects first gold pour from the refurbished Lone Tree Plant by year-end 2027. According to the company, early works and demolition are underway, major construction is anticipated to start in Q4 2026, and commissioning is targeted for late 2027.

How much will the Lone Tree Plant refurbishment cost i-80 Gold (IAUX)?

The Lone Tree refurbishment has a total capital estimate of about $430 million, including roughly 12% contingency. According to i-80 Gold, 2026 project expenditures are guided between $140 million and $160 million, with approximately 40% of total capital already committed.

How will the Lone Tree refurbishment impact i-80 Gold’s processing costs for IAUX?

According to i-80 Gold, shifting from toll milling to an owner-operator model at Lone Tree is expected to lower processing costs and increase cash margins by about $1,000–$1,500 per ounce, based on its December 2025 engineering study, depending on ore grade and gold price.

What is the planned processing capacity of i-80 Gold’s Lone Tree Plant?

The refurbished Lone Tree Plant is expected to process about 2,250 tonnes per day, or roughly 825,000 tonnes per year. According to i-80 Gold, the integrated POX and CIL circuits will handle both refractory and non-refractory material, improving flexibility and recovery.

Is the Lone Tree Plant refurbishment for IAUX on schedule and on budget?

According to i-80 Gold, the Lone Tree refurbishment remains on schedule and on budget, with minimal contingency drawdown. Early works and demolition began as planned, around 50% of procurement packages and 40% of capital are committed, and first gold pour is anticipated by late 2027.

What are the key upcoming milestones for i-80 Gold’s Lone Tree project (IAUX)?

Key upcoming milestones include construction start in Q4 2026, completion of detailed engineering by end of Q1 2027, filtration plant completion in early Q4 2027, and first gold pour by year-end 2027. According to i-80 Gold, these align with its Phase 1 development plan.