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

i-80 Gold Corp. (IAU) issued a development and operations update rather than an earnings release, providing no new production, cost, cash-flow, or reserve figures. The company confirmed that the Archimedes underground project remains on track for first gold mined in the fourth quarter of 2026, with a feasibility study now targeted for approximately mid-2027.

At the Lone Tree Plant, bulk demolition is complete and initial construction mobilization is underway for the fourth quarter of 2026, with the first gold pour still targeted for the fourth quarter of 2027. The total capital expenditure estimate remains at $430 million with approximately 12% contingency. Cash spend for 2026 is trending below the prior guidance of $140 million to $160 million. While labor costs are running 5% to 10% above initial estimates, they remain within the contingency budget. Approximately 10% of the total project contingency has been drawn, about 44% of capital has been committed, and roughly 74% of procurement packages have been awarded by value.

Mineral Point open pit has been prioritized ahead of Granite Creek open pit as the next major development project. The company cited the March 2025 Preliminary Economic Assessment (PEA), which outlined approximately 280,000 AuEq oz/year over a 17-year mine life, noting that Mineral Point timing has not changed from that assessment. Consequently, Cove underground has been moved later in the pipeline to serve as future refractory feed once Granite Creek and Archimedes decline, with Granite Creek open pit following Mineral Point.

Production targets remain at 150,000–200,000 oz/year from 2028, rising to 400,000–500,000 oz/year from 2031 with Mineral Point, and reaching 500,000–600,000 oz/year in the early 2030s with the Granite Creek open pit. Additionally, oxide mineralization in Archimedes’ 426 zone may be heap-leached on Ruby Hill’s existing pad, potentially lowering processing costs versus the Lone Tree CIL circuit, as metallurgical test work continues. The company is also in dialogue with lead lenders regarding a corporate revolving credit facility for additional liquidity if needed.

i-80 Gold Corp. (IAU) released an update that does not constitute a game-changing event, as it contains no new earnings, financing, reserve declarations, takeover activity, or first-time strategic investments. The company noted that production figures presented are goals rather than output guidance, with most projects based on resources rather than reserves, a distinction that limits the weight investors should place on the headline targets.

Positive incremental items include Lone Tree cash spend trending below 2026 guidance, the receipt of state permits for construction mobilization, and advancing procurement and capital commitments. Mineral Point has been prioritized as the largest growth project, and the 2031 production target was lifted to 400,000–500,000 oz, up from the 300,000–400,000 oz framing established in March 2026.

Conversely, Mineral Point timing is not accelerated, while the Granite Creek open pit and Cove projects are deferred. Studies for Archimedes and Mineral Point remain pushed into 2027, and the long-term ambition of over 600,000 oz is now presented as 500,000–600,000 oz. Market impact is likely modest, as the stock had already weakened from $2.67 in late August 2026 to $2.18 by October 13, 2026, suggesting the market had softened into this update.

i-80 Gold Corp. (IAU) is a Nevada-focused gold developer and producer that operates five brownfield gold projects and the Lone Tree autoclave and carbon-in-leach (CIL) processing facility. Its sole operating asset is the Granite Creek underground mine, which is currently ramping up and is the only project with declared reserves.

The company’s construction and near-term development pipeline includes the Archimedes underground mine, which is targeted for first gold production in the fourth quarter of 2026, and a refurbishment of the Lone Tree Plant, aimed at achieving its first gold pour in the fourth quarter of 2027. The longer-term pipeline prioritizes the Mineral Point open pit, while the Granite Creek open pit has been deferred until after Mineral Point, and the Cove underground project is deferred as a future refractory feed source.

The Lone Tree facility is designed for approximately 2,250 tonnes per day, or roughly 825,000 tonnes per annum, at 85% availability. It features integrated pressure oxidation (POX) and CIL circuits capable of processing both refractory and oxide material.

All of i-80 Gold’s projects are 100% owned, except for Granite Creek, where royalties reduce the attributable interest to 91.67%. The company operates in Nevada, which was ranked number one globally for mining investment attractiveness by the Fraser Institute in 2025.

Management includes President and CEO Richard Young, Executive Vice President and COO Paul Chawrun, and Executive Vice President and CFO Ryan Snow. The board of directors includes Arthur Einav of Sprott Inc. and former personnel from Newmont, Tahoe, Hecla, and Ivanhoe Electric.