i-80 Gold Corp. (NYSE: IAUX) released results of a feasibility study for its Granite Creek underground gold project in Nevada, outlining initial mineral reserves and project economics based on a base case gold price of $2,750 per ounce.

The study, dated Sept. 21, 2026, estimates proven and probable mineral reserves of 2.20 million tonnes grading 7.87 grams per tonne, containing 556,500 ounces of gold. At the base case price, the project shows a total undiscounted after-tax cash flow of $153 million and an after-tax net present value at a 5% discount rate of $118 million. At an illustrative gold price of $4,500 per ounce, the after-tax NPV rises to $598 million.

The study projects a mine life of approximately 8.5 years with average annual gold production of approximately 75,000 ounces during the five-year steady-state period from 2028 to 2032, following the planned commissioning of the company's Lone Tree autoclave and carbon-in-leach plant, which is targeted for the fourth quarter of 2027. Cash costs during that period are estimated at $1,827 per ounce, with all-in sustaining costs of $1,915 per ounce, excluding the Lone Tree plant refurbishment capital allocation.

Total life-of-mine capital and closure costs are estimated at $144.9 million, including $82.9 million in sustaining capital, a $49.3 million Lone Tree plant refurbishment capital allocation, and $12.7 million in closure costs.

Measured and indicated underground mineral resources increased 229% compared to a preliminary economic assessment published in March 2025, reaching 3.73 million tonnes grading 7.17 g/t gold containing 859,500 ounces. Inferred resources declined 38% to 202,800 ounces as infill drilling converted material into higher classification categories.

The project is currently ramping up production and is expected to produce between 30,000 and 40,000 ounces of gold in 2026. Refractory and oxide ores are planned to be processed by a third party through mid-2027, followed by stockpiling ahead of Lone Tree Plant commissioning. The company also noted that a feasibility-level technical study for its Cove underground project is now expected to be completed in the fourth quarter of 2026.