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

All amounts are expressed in United States dollars unless otherwise stated.

TORONTO, Oct. 14, 2026 /PRNewswire/ -- i-80 GOLD CORP. (NYSE: IAUX) (TSX: IAU) ("i-80 Gold", or the "Company") is pleased to provide an update on its Nevada development plan. Operating and near-term development projects continue to advance on schedule toward a total annual production target of 150,000 to 200,000 ounces of gold starting in 2028.⁽¹⁾ In addition, the Company's development plan has been updated to prioritize Mineral Point open pit as the Company's next major development project following the anticipated establishment of its underground hub-and-spoke mining and processing platform to create a Nevada-focused mid-tier gold producer.

Development Highlights

• Archimedes underground on track to commence production mining: Development at Archimedes, the Company's second underground mine, continues to advance on schedule toward the start of production mining in the fourth quarter of 2026, as planned.
• Lone Tree Plant refurbishment advances toward initial construction: Bulk demolition activities are complete, and mobilization is underway for initial construction activities to commence in the fourth quarter of 2026, as planned. Capital expenditures remain largely on budget with approximately 10% of the total project contingency drawn down to date.
• Exploration upside drives updated development plan: Mineral resource expansion potential at the Granite Creek and Archimedes underground projects support the Company's view that these deposits have the potential to supply sufficient feed to the Lone Tree Plant for longer than previously contemplated, providing flexibility to sequence Cove underground later in the development plan as a future source of refractory feed to the Lone Tree Plant when required. 
• Mineral Point open pit prioritized ahead of Granite Creek open pit: Mineral Point is the Company's most valuable project. It hosts a large gold-silver oxide resource and the potential to add annual production of approximately 280,000 gold equivalent ounces over a mine life of 17 years, based on the related preliminary economic assessment ("PEA") filed in March 2025.⁽¹⁾ The updated development plan prioritizes the Mineral Point open pit oxide project to drive the next phase of production growth ahead of the Granite Creek open pit oxide project.
• Oxide mineralization identified within the Archimedes underground 426 zone provides significant low-cost processing opportunity: Ongoing metallurgical test work demonstrates the potential to process this oxide material, which was not included in the related March 2025 PEA, on the Ruby Hill property's existing active heap leach pad, providing a significantly lower cost processing option than assumed in the PEA mine plan.

"We are pleased with the continued progress across our operating and near-term development projects as we continue to achieve each major milestone on schedule," stated Richard Young, President & Chief Executive Officer. "Granite Creek underground is ramping up production, and its measured and indicated mineral resources increased by approximately 230% in the September 2026 feasibility study⁽²⁾ compared with the March 2025 PEA. Thanks to the dedication of our project teams, Archimedes underground remains on track to begin production mining in the fourth quarter of 2026, while the Lone Tree Plant refurbishment continues to advance on schedule toward its first gold pour target in the fourth quarter of 2027."

Mr. Paul Chawrun, Executive Vice President and Chief Operating Officer added, "Ongoing drilling and technical work continue to reinforce our confidence in the resource expansion potential at Granite Creek and Archimedes underground, and their potential to supply refractory feed to the Lone Tree Plant for longer than previously contemplated. This creates an opportunity to sequence Cove underground later in the development pipeline as a future source of refractory feed and prioritize Mineral Point open pit, our largest growth project, to drive the next stage of production growth. We believe this updated development plan positions us to unlock Mineral Point's substantial value while aligning capital allocation with feed supply and processing capacity. It also continues to support organic growth toward a target of 500,000 to 600,000 ounces of average annual gold production under our broader development plan, and our goal of becoming a mid-tier gold producer in Nevada."⁽¹⁾

Project Updates

Archimedes Underground

Archimedes underground continues to advance toward first gold mined in the fourth quarter of 2026. Drilling, resource modelling and metallurgical test work are underway to support the feasibility study targeted for completion in approximately mid-2027, pending the timing of additional drilling.⁽²⁾

Consistent with previously reported results, ongoing drilling continues to intersect significant intervals of oxide mineralization outside the mineral resource estimate supporting the March 2025 PEA, highlighting potential upside to the PEA mine plan through anticipated lower overall processing costs driven by the oxide portion of the resource. Building on recommendations in the PEA, the Company is evaluating the potential to process this oxide material on the existing active heap leach facilities on the Ruby Hill property where Archimedes is located. Preliminary work indicates an opportunity to heap leach more oxide material than contemplated in the PEA, potentially reducing processing costs relative to processing through the Lone Tree's carbon-in-leach ("CIL") circuit. Metallurgical test work remains ongoing to establish recoveries and assess the viability of this processing option. Refractory material is expected to be stockpiled ahead of Lone Tree's commissioning. Drilling in the lower 426 and Ruby Deeps zones is also evaluating extensions to the mineralized system and the potential to support a longer-term supply of refractory feed to Lone Tree.

Lone Tree Plant Refurbishment

Once refurbished and commissioned as planned in late 2027, the Lone Tree autoclave and CIL plant ("Lone Tree" or the "Plant") is expected to serve as the centralized processing hub for the Company's three underground gold projects and a key cornerstone asset as the Company transitions from toll milling to an owner-operator processing model. Based on the Company's December 2025 engineering study, the Plant is expected to significantly reduce current third-party processing costs resulting in increased cash margins by between $1,000 and $1,500 per ounce of gold, depending on grade and gold price. The Plant was previously operated by Newmont Corporation with significant existing infrastructure located immediately adjacent to Interstate 80.

Bulk demolition was completed in the third quarter of 2026 as planned, and mobilization has begun in preparation for the start of initial construction, with a focus on civil preparation and concrete work. Detailed engineering and procurement continue to advance in line with the construction and commissioning schedule with approximately 74% of procurement packages, by value, awarded as of the end of September 2026.

Refurbishment timing and costs incurred to date remain in line with the Company's December 2025 engineering study, which included a total capital cost estimate of $430 million, inclusive of approximately 12% contingency, owner's cost, and capital spares. Cash expenditures to date are trending below the Company's 2026 guidance of between $140 million to $160 million. Overall labor costs to date are running approximately 5% to 10% above initial estimates, reflecting higher wages and incidentals due to the competitive labor market in Northern Nevada, however these are within the allotted project contingency. Total project capital remains largely as expected with approximately 10% of the total project contingency drawn down and approximately 44% of capital committed at the end of the third quarter of 2026. The Company expects all major procurement and contracts to be in place by the end of 2026 providing greater certainty around the projected cost to complete the project.

The Plant is federally permitted. State level permits have been received on schedule as of the end of September to allow for the mobilization of site contractors to begin construction. The Plant is permitted for the existing operational components in use and the receipt of normal course design and environmental state permits remains on track.

Based on 85% plant availability, Lone Tree is expected to process approximately 2,250 tonnes per day, or approximately 825,000 tonnes per annum. Using integrated pressure oxidation ("POX") and CIL circuits, Lone Tree is designed to be capable of processing both refractory (sulfide) and non-refractory (oxide) mineralized material. i-80 Gold is one of two gold companies in Nevada with autoclave processing capacity (the other being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining Corporation and Newmont Corporation).

Updated Development Plan

The Company has updated its development plan to align the Plant feed supply, processing capacity, and capital allocation. Within the updated pipeline of projects, the Company's operating and near-term development projects remain on the initial schedule to create a hub-and-spoke mining and processing platform around Lone Tree, while the sequence of medium-to-long term projects has been updated as follows:

1) Establish hub-and-spoke mining and processing platform: Ramp up Granite Creek underground, bring Archimedes underground into production, and refurbish and commission the Lone Tree Plant as a centralized processing facility.

2) Prioritize Mineral Point open pit as the next major development project: Adds a large-scale open pit heap leach project.

3) Advance remaining growth projects: Develop and construct Granite Creek open pit after Mineral Point enters production with Cove underground sequenced later as future refractory feed to Lone Tree.

The September 2026 Granite Creek feasibility study reported an increase in measured and indicated underground mineral resources by approximately 230% compared to mineral resource estimate included in the March 2025 PEA.⁽¹⁾ At Archimedes underground, the Company expects the oxide mineralization to expand based on recently published drill results from the upper 426 zone and continues to drill within the lower 426 and Ruby Deeps zones (see the Company's June 25, 2026 press release). Together, these results continue to support the Company's view that the mineralized bodies at both Granite Creek underground and Archimedes underground remain open for potential expansion and are expected to sufficiently supply the Plant with material feed for a significant period of time and longer than previously contemplated. As such, Cove underground has been sequenced later in the development plan as a future source of refractory feed for Lone Tree.

This revised sequence of development projects provides an opportunity for the Company to prioritize the Mineral Point open pit project, the Company's largest and most valuable asset. Granite Creek open pit is expected to be constructed once Mineral Point is in operation. Cove underground remains an important source of future feed for Lone Tree when future mining rates decline at the first two underground mines. 

Currently, the anticipated timing of Mineral Point development has not changed from the March 2025 PEA. The exploration program, early-stage pre-permitting activities, technical studies, metallurgical test work, and engineering are ongoing and continue to improve the Company's understanding of the deposit to support future project planning.

The updated development plan targets annual gold production of 150,000 to 200,000 ounces beginning in 2028, supported by the Lone Tree Plant processing material from Granite Creek underground and Archimedes underground.⁽¹⁾ With the addition of oxide heap leach production from Mineral Point open pit, consolidated annual gold production is targeted to increase to 400,000 to 500,000 ounces beginning in 2031.⁽¹⁾ The broader development plan targets 500,000 to 600,000 ounces in annual gold production in the early 2030's with the subsequent addition of Granite Creek open pit.⁽¹⁾ Cove underground expected to sustain this production level by supplying refractory feed to Lone Tree as production from Granite Creek underground and Archimedes underground declines.

Mineral Point Open Pit

Mineral Point is the Company's largest development project by mineral resource, estimated valuation and anticipated annual production, and represents a key driver of anticipated future production growth for the Company. It hosts one of the largest undeveloped bulk-mineable oxide gold-silver resources in Nevada. It is an advanced stage project envisioned as a large-scale gold and silver heap leach oxide operation. Infill and step-out drilling are supporting a planned pre-feasibility study in mid-2027⁽²⁾, pending the timing of additional drilling. Initial infill and step-out drill results were very encouraging, highlighting the potential to expand the mineralized footprint (see the Company's September 22, 2026 press release). To support Mineral Point's development scope, the Company is in dialogue with its lead lenders to establish a corporate revolving credit facility for additional liquidity, if needed.

Analyst Site Tour

i-80 Gold will host an analyst site tour on October 14-15, 2026, providing an opportunity for a firsthand look at the significant progress across the Company's Nevada portfolio. Members of the Company's management and site teams will provide updates on operations, construction, exploration, permitting, development activities, workforce development, and community engagement.

Upcoming Milestones

Endnotes

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 funded 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 expectations regarding permitting, construction, engineering, procurement, capital costs, commissioning and first gold pour at Lone Tree as anticipated, the benefit of transitioning from toll milling to an owner-operator hub-and-spoke processing model, including 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 improved margins); timing and potential results of metallurgical testing at Archimedes Underground; the potential suitability of oxide material for processing and its possible inclusion in Archimedes future mine plans; the potential upside to the existing mine plan with a lower cost processing option for the growing oxide portion of the mineral resource at Archimedes; timing of technical and pre-feasibility studies; the timing of permitting, construction, and production at the Mineral Point open pit project and its ability to add approximately 280,000 gold equivalent ounces in annual production of over the life of mine; Lone Tree Plant contingency drawdown expectations; the ability to achieve gold production targets such as the 150,000 – 200,000 ounces of annual gold production starting in 2028, approximately 400,000 to 500,000 ounces annually beginning in 2031, and approximately 500,000 to 600,000 ounces in average annual production under the broader development plan; potential resource expansion at Granite Creek and Archimedes, and their ability to supply sufficient refractory feed to Lone Tree for longer than previously contemplated; 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 ("SEC") 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, as updated by the Company's quarterly reports on Form 10-Q and current reports on Form 8-K,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 SEC 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.

 

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