i-80 Gold receives construction permits for Archimedes

Mr. Richard Young reports I-80 GOLD RECEIVES CONSTRUCTION PERMITS AND INITIATES UNDERGROUND DEVELOPMENT AT ARCHIMEDES i-80 Gold Corp. has received all required permits and commenced construction at the Archimedes project as planned. The environmental permits secured from both the Nevada Division of Environmental Protection and the Bureau of Land Management allow the company to proceed with underground mining activities. Located on the Ruby Hill property in Nevada, United States, Archimedes is the company's second planned underground mine and lies approximately 180 kilometres from the company's wholly owned Lone Tree autoclave and carbon-in-leach (CIL) processing facility. Archimedes is expected to begin contributing to production in the fourth quarter of 2026. "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," stated Richard Young, president and chief executive officer. "We are excited about the exploration potential at Archimedes. The lower zone remains open to the north and south, offering substantial exploration potential that we believe can extend the current 10-year mine life. We have accelerated the infill drill program covering both the upper and lower zones to support a feasibility study anticipated in the first quarter of 2027, ahead of the original timeline included in the preliminary economic assessment." The company's three-phase development plan is expected to increase gold output to an annual target of 600,000 ounces in the early 2030s. Phase 1 of the development plan includes the ramp-up of Granite Creek Underground, construction of Archimedes, as well as the refurbishment and commissioning of the Lone Tree autoclave and CIL processing facility. The Lone Tree refurbishment Class 3 engineering study remains on schedule for completion in the fourth quarter of 2025, followed by the feasibility study for Granite Creek Underground planned for completion in the first quarter of 2026. Unless otherwise stated, all amounts referred to herein are in U.S. dollars. Permitting The current phase of permitting and development at Archimedes covers mining activities above the 5,100-foot elevation, a threshold consistent with previously approved permits for open-pit mining on the property. This phase of the project is anticipated to provide development and production mining into the first half of 2028. Permitting activities below the 5,100-foot elevation are under way with an estimated completion in the first half of 2027. This phased approach to permitting allows the company to begin mining the Archimedes upper zone while simultaneously pursuing the remaining technical work and permits for the lower zone. Development work The construction of surface infrastructure, such as a maintenance shop and offices, to support the Archimedes underground portal is complete. Utilities such as water, power and compressed air are in place, and the highwall around the portals has been secured. Small Mine Development LLC (SMD) has been contracted to develop Archimedes to the 5,100-foot elevation and is currently mobilized to advance the development drift. Underground development above the 5,100-foot elevation is expected to be completed by mid-2027 and will include two underground portals, the main haulage decline, a series of raises for ventilation and secondary access, exploration bays, and supporting infrastructure. The development contract with SMD is consistent with the cost estimates outlined in the preliminary economic assessment (PEA) of the Ruby Hill project filed on March 31, 2025. Preliminary economic assessment highlights Based on the PEA, Archimedes is expected to have an after-tax net present value of $644-million, assuming a 5-per-cent discount rate, with an internal rate of return of 81 per cent at a gold price of $3,000 per ounce. Archimedes anticipates an initial mine life of approximately 10 years, with an average annual gold output of approximately 100,000 ounces at an all-in-sustaining cost of $1,877 per ounce following ramp-up to a steady state. Mine construction capital is estimated to be $47-million and life-of-mine development and closure costs are estimated to be $106-million. Beginning in the fourth quarter of 2026, material mined at Archimedes is expected to be processed at a third party autoclave processing facility in the region. Once Lone Tree is commissioned in early 2028 as anticipated, material mined at Archimedes will then be processed at Lone Tree. Additionally, operations at the property are expected to be supplemented by on-site heap leaching during the initial years. Archimedes hosts 436,000 ounces of gold in the indicated mineral resource category at 7.6 grams per tonne and 988,000 ounces in the inferred mineral resource category at 7.3 grams per tonne. Planned infill drilling and exploration are expected to further upgrade and expand resources providing potential to extend the current mine life. The lower zone (Ruby Deeps) at Archimedes is open to the north and south, offering substantial exploration potential. Next steps to feasibility study The timing of the infill drill program and Archimedes feasibility study has been accelerated by approximately 12 months compared with the timing outlined in the PEA. Accelerating the drill program and feasibility study is expected to increase the cost of drilling by a range of approximately $10-million to $25-million primarily due to drilling from higher elevations resulting in longer drill holes. Initial infill drilling of the upper zone is scheduled to begin from underground in the fourth quarter of 2025, followed by underground infill drilling of the lower zone planned in the first quarter of 2026. Collectively, these infill programs are anticipated to include more than 175 holes for approximately 60,000 metres of core. Results from the infill drilling will be included in a feasibility study, which is targeted for completion in the first quarter of 2027. The next steps will focus on three areas: resource drilling, permitting and metallurgical testing. Resource conversion drilling will commence as the underground decline advances, with results incorporated into an updated resource model. On permitting, related actions to meet National Environmental Policy Act and Nevada Department of Environmental Protection requirements for mining below the 5,100-foot elevation will be carried out. Metallurgical test work will target initial Ruby Hill production areas to confirm metallurgical recoveries with the anticipated Lone Tree process conditions, including comminution, pressure oxidation under both alkaline and acidic conditions, and CIL testing on oxide material. This anticipated Archimedes feasibility study will be prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, and Subpart 1300 of Regulation S-K with an updated mineral resource estimate. Technical disclosure and qualified persons The technical information contained in this press release has been prepared under the supervision of and has been reviewed and approved by Paul Chawrun, PEng (Ontario), chief operating officer, and Tyler Hill, CPG, vice-president, geology, for the company, who are qualified persons within the meaning of NI 43-101 and S-K 1300. For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by the company, please see the company's Form 10-K for the fiscal year ended Dec. 31, 2024. For further information about the PEA referenced in this news release, including information in respect of data verification, key assumptions, parameters, risks and other factors, please see the PEA. Both the Form 10-K and PEA are available on EDGAR and SEDAR+. Mineral resources do not have demonstrated economic viability and are not mineral reserves. About i-80 Gold Corp. i-80 Gold 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 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 exchange (NYSE: IAUX). We seek Safe Harbor.