i-80 PEA pegs Granite posttax NPV at $244.9M (U.S.)

Mr. Matthew Gili reports

I-80 COMPLETES PEA FOR GRANITE CREEK, NEVADA

i-80 Gold Corp. has released the results of a preliminary economic assessment (PEA) for the company's Granite Creek project located in Humboldt county, Nevada.The technical report has also been filed with Canadian Securities regulators and can be found at the i-80 website and under the company's profile on SEDAR.

Highlights of the Granite Creek PEA (base case at $1,650 (U.S.) per ounce gold) include:

After-tax net present value (discount rate 5 per cent) of $244.9-million (U.S.);After-tax internal rate of return of 34.2 per cent;Initial capital of $69.9-million (U.S.);All-in sustaining cost (per oz Au produced) of $963.40 (U.S.);Life of mine gold production of 1,245,900 ounces.

"The Granite Creek PEA confirms the substantial economic opportunity that can be realized through the development of both open-pit and underground mines on the property," stated Matthew Gili, president and chief operating officer of i-80. "This study contemplates constructing heap leach and carbon-in-leach facilities on the property for the open pit and trucking refractory material for third party processing. The recent acquisition of the Lone Tree site will allow for the optimization of these facilities as we progress to a feasibility study, potentially leading to changes in the ultimate processing plans versus what is presented in the study."

Granite Creek is one of four projects being advanced within i-80's portfolio and the company has made significant progress advancing the project since it was acquired in April of 2021. A major surface and underground drill program (approximately 20,000 metres) is under way and the company is completing additional underground development and commencing test mining in advance of making a production decision for the underground mine.

Granite Creek preliminary economic assessment

Global Resource Engineering Ltd. (GRE) was retained by i-80 Gold to complete the preliminary economic assessment (PEA) technical report on the Granite Creek mine project. Granite Creek is located within the Getchell trend immediately south of the Turquoise Ridge and Twin Creeks mining operations of Nevada Gold Mines.

The project economics shown in the PEA are favourable, providing positive NPV values at varying gold prices, capital costs and operating costs. For the open pit at Granite Creek, the study envisions the construction of a heap leach facility and a CIL plant on-site.For the fully permitted underground operation, trucking of mined material is assumed to processed at an off-site, third party processing facility.Future economic work will consider processing at the Lone Tree facility that was recently acquired from Nevada Gold Mines and located 43 miles (by road) to the south.

Based on the current resource estimates for the property, the study envisions a mine-life of nine years, producing 1,245,900 ounces of gold with life-of-mine all-in sustaining costs of $963.40 (U.S.) per ounce of gold.This generates NPV (discount rate of 5 per cent) of $244.9-million (U.S.) and after-tax IRR of 34.2 per cent.

Mineral resource estimate

Updated mineral resource estimates were completed on the property for the purposes of this PEA incorporating the current drill hole database, previously mined out volumes and backfilled volumes. The attached table shows the pit-constrained open pit mineral resource at a gold grade cut-off of 0.35 gram per tonne (gpt), and the second attached table shows the underground mineral resource at a gold grade cut-off of five gpt. The continuing drill program is targeting the continued expansion of resources at Granite Creek.