i-80 Gold receives construction permits for Archimedes

Executive Summary

• i‑80 Gold Corp. has obtained all required Nevada environmental permits and begun underground construction at the Archimedes project on its Ruby Hill property.
• The company accelerated its infill drilling and feasibility study schedule by ~12 months, targeting a first‑quarter 2027 completion of the Archimedes Feasibility Study.
• Preliminary Economic Assessment (PEA) highlights an after‑tax NPV of $644 million, IRR 81% at $3,000/oz Au, with expected production of ~100,000 oz/year and a mine life of ~10 years; Phase 1 construction capital is estimated at $47 million.

Key Details

• Permits Secured: Nevada Division of Environmental Protection and Bureau of Land Management approvals allow underground mining above the 5,100‑ft elevation threshold.
• Construction Commenced: Surface infrastructure (maintenance shop, offices, utilities) completed; underground portal development mobilized via Small Mine Development LLC (SMD). Expected completion of development to 5,100 ft by mid‑2027.
• Production Timeline: Archimedes material to be processed at a third‑party autoclave starting Q4 2026; after Lone Tree refurbishment (Q4 2025) and commissioning (early 2028), processing will shift in‑house.
• Resource Estimate: 436,000 oz indicated resources @ 7.6 g/t Au; 988,000 oz inferred resources @ 7.3 g/t Au. Lower zone remains open with exploration upside.
• PEA Highlights: After‑tax NPV $644 M (5% discount), IRR 81%, average annual output ~100,000 oz, all‑in‑sustaining cost $1,877/oz after ramp‑up. Mine construction capex $47 M; LOM development & closure $106 M.
• Feasibility Study Acceleration: Infill drilling program (≈175 holes, 60,000 m) to begin Q4 2025 (upper zone) and Q1 2026 (lower zone); feasibility study targeted for completion Q1 2027. Additional drilling cost $10‑$25 M due to higher‑elevation work.
• Future Development Plan: Phase 1 includes Granite Creek Underground ramp‑up, Archimedes construction, Lone Tree autoclave refurbishment; aims to raise annual gold output from <50,000 oz to 150,000‑200,000 oz by 2028 and ultimately 600,000 oz in early 2030s.
• Technical Disclosure: Information prepared/approved by Paul Chawrun, PEng (COO) and Tyler Hill, CPG (VP Geology), qualified persons under NI 43‑101 and S‑K 1300.

Notable Quotes

“The receipt of permits and commencement of construction at Archimedes marks a major milestone for i‑80 Gold as we advance phase 1 of our growth strategy in Nevada; phase 1 is expected to increase annual gold output from less than 50,000 ounces to a target range of 150,000 to 200,000 ounces of gold by 2028,” – Richard Young, President & CEO.

All amounts are in U.S. dollars.