IAU.TO · 2021-11-09 12:00:00

i-80 Completes PEA for Granite Creek, Nevada US$244.9 M NPV (5%) & 34.2% After-Tax IRR All currencies expressed as

Economic Studies

i-80 Completes PEA for Granite Creek, Nevada

US$244.9 M

NPV (5%) & 34.2% After-Tax IRR

All currencies expressed as

United States

dollars unless otherwise stated

RENO, Nev.

Nov. 9, 2021

/CNW/ -

i-80 GOLD CORP.

(TSX: IAU) (OTCQX: IAUCF)

("i-80", or the

"Company")

is very pleased to announce 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

www.i80gold.com

and under the

Company's profile at

www.sedar.com

Highlights of the Granite Creek PEA (Base Case @

US$1,650

/oz Au) include:

After-Tax NPV@5% of

US$244.9 Million

After-Tax IRR of 34.2%

Initial Capital of

US$69.9 Million

All-in Sustaining Cost (per oz Au produced) of

US$963.40

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 CIL 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 (~20,000 metres) is underway 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 Corp. (i-80) to complete Preliminary

Economic Assessment (PEA) Technical Report on the Granite Creek Mine Project ("Granite Creek Mine"

or "the Property" or "the Project"). Granite Creek is located within the Getchell Trend immediately south of

the Turquoise Ridge and Twin Creeks mining operations of

Nevada Gold Mines

(see Figure 1).

Figure 1 – Granite Creek Property Location

Figure 1 – Granite Creek Property Location (CNW Group/i-80 Gold Corp)

The project economics shown in the PEA are favorable, 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

US$963.40

per ounce of

gold. This generates NPV@5% of

US$244.9 million

and After-Tax IRR of 34.2%.

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. Table

1 shows the pit-constrained open pit Mineral Resource at a gold grade cutoff of 0.35 grams/tonne (gpt),

and Table 2 shows the underground Mineral Resource at a gold grade cutoff of 5.0 gpt. The ongoing drill

program is targeting the continued expansion of resources at Granite Creek.

Table 1 – Granite Creek Mine Project Open Pit Mineral Resource

Class

Zone

Total Process Material (1000s Tonnes)

Total Contained Au (1000s t. oz)

Au Grade (ppm)

Measured

Pit B

2,584

119

1.44

Pit A

281

1.61

9,447

436

1.44

MAG

8,546

418

1.52

Total

20,857

988

1.47

Indicated

Pit B

272

1.34

Pit A

504

0.89

2,393

107

1.39

MAG

4,279

171

1.24

Total

7,448

304

1.27

Measured + Indicated

Pit B

2,856

131

1.43

Pit A

785

1.14

11,840

543

1.43

MAG

12,824

588

1.43

Total

28,306

1,291

1.42

Inferred

Pit B

0.74

Pit A

120

0.62

1,100

1.29

MAG

288

1.42

Total

1,531

1.26

1) The effective date of the Mineral Resources Estimate is May 4, 2021.

2) The Qualified Persons for the estimate are Terre Lane QP-MMSA and Hamid Samari QP-MMSA of GRE.

3) Mineral resources are not Mineral Reserves and are not demonstrably economically recoverable.

4) Mineral resources are reported at a 0.35 g/t cutoff, an assumed gold price of 1,800 $/tr. oz, using variable recovery, a slope angle of 41 degrees, 6% royalty, heap leach processing cost

$9.92 per tonne (includes admin), CIL processing cost of $17.63 per tonne (includes admin).

Table 2 – Granite Creek Mine Project Underground Mineral Resource

Resource Class

Tonnage

(1000s of tonnes)

Gold Grade

(g/t)

Gold Oz

(1000s t. oz)

Measured

483

10.07

156

Indicated

525

10.70

181

M&I

1,008

10.40

337

Inferred

741

13.41

319

1) Mineral Resources are not Mineral Reserves, and as such, do not have demonstrated economic viability.

2) Cut-off is 5 gpt based on Mining Cost of $100/ton, Process Cost of $106/ton, recovery of 92%, and a gold price of $1600/t. oz.

3) Effective Date is May 4, 2021.

4) Figures are rounded and may show apparent errors in subtotals.

Mining Methods

Mine plans for the resource areas were designed and planned using conventional open pit mining method

for the low grade, widely distributed gold. The open pit areas are suitable for phased designs.

Mechanized over-hand cut and fill underground mining method was selected for the narrow, high-grade

deposits. This method was chosen for its ability to mine narrow vein deposits while minimizing dilution and

reducing labor cost. The underground area utilizes the previous mine development and includes new

development to replace the current access which will be destroyed when the CX pit is mined.

Sensitivity Analysis

GRE evaluated the after-tax NPV@5% sensitivity to changes in gold price, capital costs, and operating

costs. The results indicate that the after-tax NPV@5% is most sensitive to gold price, moderately

sensitive to operating cost, and least sensitive to capital cost.

Figure 2 - NPV@5% Sensitivity to Varying Gold Price, Capital Costs, and Operating Costs

Figure 2 - NPV@5% Sensitivity to Varying Gold Price, Capital Costs, and Operating Costs (CNW Group/i-

80 Gold Corp)

Conclusions and Next Steps

GRE concluded that the project economics shown in the PEA are favorable, providing positive NPV values

at varying gold prices, capital costs, and operating costs.

The current underground trial mining program is aimed at gaining a better understanding of the optimal

mining cycle required for the project and to advance development of the underground workings to provide

for more working faces to mine from in a commercial production scenario. The ongoing drill campaign is

designed to delineate and expand the underground deposits and to better understand the metallurgy and

geotechnical characteristics of the open pit opportunity. The Company has initiated preliminary permitting

studies required for open pit mining. Expansion drilling is stepping out at depth and along strike where the

deposit remains open and results from this program will be released throughout the balance of 2021 and

well into 2022 with the target of completing a Feasibility Study in the future.

About i-80 Gold Corp.

i-80 Gold Corp. is a well-financed Nevada-focused mining company with a goal of achieving mid-tier gold

producer status. The Company is one of the largest holders of gold and silver resources in the

State of

Nevada

with plans to advance multiple projects to production.

Global Mineral Resources

Tonnes

Au Grade

Ag Grade

Au Ounces

Ag Ounces

(kt)

(Au g/t)

(Ag g/t

(Koz)

Measured

Granite Creek - Open Pit

20,857

1.47

988

Granite Creek - Underground

483

10.07

156

Lone Tree - Open Pit

McCoy-Cove - Underground

Ruby Hill - Open Pit

Ruby Hill - Underground

Indicated

Granite Creek - Open Pit

7,448

1.27

304

Granite Creek - Underground

525

10.70

181

Lone Tree - Open Pit

7,223

1.77

410

McCoy-Cove - Underground

1,007

10.90

29.1

351

943

Ruby Hill - Open Pit

224,400

0.54

14.3

3,874

103,335

Ruby Hill - Underground

1,200

5.22

0.6

202

Measured & Indicated

263,144

0.76

12.33

6,465

104,300

Inferred

Granite Creek - Open Pit

1,531

1.26

Granite Creek - Underground

741

13.41

319

Lone Tree - Open Pit

50,734

1.69

2,764

McCoy-Cove - Underground

3,867

10.90

20.6

1,353

2,565

Ruby Hill - Open Pit

162,700

0.39

14.0

2,062

73,472

Ruby Hill - Underground

8,210

6.02

1.7

1,588

439

Inferred

227,783

1.11

10.4

8,148

76,476

Notes:

MCOY-COVE: Mineral Resources were calculated at a gold price of US$1500/oz, cut-off grade 0.141 opt Au. and is based on the Preliminary Economic Assessment issued by i-80

on April 13, 2021. Practical Mining LLC, under the supervision of Dagny Odell, P.E., Laura Symmes, SME, and Robert Raponi, P. Eng., each being Qualified Persons within the meaning

National Instrument (NI) 43-101, was the lead consultant for the Project PEA.

GRANITE CREEK: Mineral Resources have an effective date of May 4, 2021 and are based on the mineral resource technical report issued by i-80 on October 29, 2021. The

Qualified Persons for the estimate are Terre Lane QP-MMSA and Hamid Samari QP-MMSA of GRE. Open Pit Mineral resources are reported at a 0.35 g/t cutoff, an assumed gold

price of 1,800 $/tr. oz, using variable recovery, a slope angle of 41 degrees, 6% royalty, heap leach processing cost $9.92 per tonne (includes admin), CIL processing cost of

$17.63 per tonne (includes admin). Underground mineral resources are reported at a cut-off grade of 5 gpt based on Mining Cost of $100/ton, Process Cost of $106/ton, recovery of

92%, and a gold price of $1600/t. oz

LONE TREE: Mineral Resources were calculated at a gold price of US$1650/oz, cut-off grade of 0.1 g/t Au and are based on the mineral resource technical report issued by i-80 on

October 21, 2021. Mr. Abani Samal, Ph.D., CPG, RM- SME, Fellow-SEG a GeoGlobal, LLC Principal is the Qualified Person responsible for the Mineral Resource estimate.

RUBY HILL: Mineral Resources were calculated at a gold price of US$1650/oz, cut-off grade 0.1 g/t Au. and are based on the mineral resource technical report issued by i-80 on

October 22, 2021. Mr. Christopher Wright, P. Geo, a Wood Canada Ltd. employee, is the Qualified Person responsible for the Mineral Resource estimate.

Figures are rounded and may show apparent errors in subtotals.

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Qualified Person

Global Resource Engineering, Ltd., under the supervision of Terre Lane, MMSA 01407QP, SME

Registered Member 4053005,

Todd Harvey

, PhD, PE, SME Registered Member 4144120,

Rick Moritz

MMSA,

Hamid Samari

, PhD, MMSA and Larry Breckenridge, P.E., all Qualified Persons within the

meaning of National Instrument 43-101 ("NI 43-101"), are the Qualified Persons responsible for the

Granite Creek Mine Project Preliminary Economic Assessment NI 43-101 Technical Report. A technical

report detailing the mineral resource estimate has been filed with Canadian Securities regulators and can

be found .

Technical Information

Tim George, PE, Manager of Engineering Services, reviewed the technical and scientific information

contained in this press release and is a Qualified Person within the meaning of NI 43-101.

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to,

financing transaction with Orion, completion of refurbishment and development activities at the Lone Tree project, commencement of mining operations at the Lone Tree and Buffalo Mountain

projects or exploration and development activities the Ruby Hill mine. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the

actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or

implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan",

"anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur

or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be

accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking

statements or information, including, but not limited to: failure to satisfy of the relevant conditions to the completion of the transactions described herein, failure to obtain the relevant

regulatory approvals, material adverse changes, exercise of termination rights by any relevant party, unexpected changes in laws, failure to complete the Orion financing transaction on

satisfactory terms, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest;

changes in commodity prices; and the failure of exploration, refurbishment, development or mining programs or studies to deliver anticipated results or results that would justify and support

continued exploration, studies, development or operations.

Cautionary Note to U.S. Investors Concerning Estimates of Resources: This press release uses the term "inferred resources." "Inferred resources" have a great amount of uncertainty as to

their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or

prefeasibility study, except in rare cases. Information contained in the press release containing descriptions of any mineral deposits may not be comparable to similar information made public

by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder that disclose mineral

reserves and mineral resources in accordance with Industry Guide 7 or the SEC's new mining disclosure rules in Regulation S-K 1300. SEC Industry Guide 7 does not recognize the

existence of resources. Under Regulation S-K 1300, reserve and resource definitions are substantially similar to the corresponding CIM Definition Standards; however, there are differences

between NI 43-101 and Regulation S-K 1300 and therefore information contained in the press release may not be comparable to similar information made public by public U.S. companies

pursuant to the Regulation S-K 1300 or SEC Industry Guide 7.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. See Global mineral resources table at the end of this press release for global mineral

resource estimates and qualifiers.

View original content to download multimedia:

https://www.prnewswire.com/news-releases/i-80-completes-pea-for-granite-creek-nevada-301419522.html

SOURCE

i-80 Gold Corp

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/November2021/09/c7198.html

%SEDAR: 00052022E

For further information:

please contact: Ewan Downie - CEO; Matt Gili - President & COO, Matthew

Gollat - EVP Business & Corporate Development, 1.866.525.6450, [email protected], www.i80gold.com

CO: i-80 Gold Corp

CNW 07:05e 09-NOV-21

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