RENO, NEVADA, May 5, 2025 – i-80 GOLD CORP. (TSX:IAU) (NYSE American:IAUX) (“i-80 Gold”, or the “Company”) reports its operating and financial results for the three months ended March 31, 2025.

Unless otherwise stated, all amounts referred to herein are in U.S. dollars (C$ represents Canadian dollars).

“At Granite Creek Underground, i-80 Gold’s first gold project to ramp up, we are making good progress in our dewatering efforts, addressing groundwater inflows by enhancing our pumping capacity and upgrading the water treatment infrastructure,” stated Richard Young, President and Chief Executive Officer. “These improvements should allow us to ramp up to steady state of gold output in the second half of 2025.”

Mr. Young added, “We continue to make progress on our recapitalization strategy by actively pursing various financing options in order to secure capital and serve as a catalyst to unlock the potential of our gold projects. While we recognize that i-80 Gold remains in a period of balance sheet constraints, the technical foundation of our portfolio is stronger than ever. These are largely low-risk, brownfield projects with infrastructure in place, and we are increasing technical experience to execute on the development plan. With preliminary economic assessments released for all five gold assets, which carry a combined after-tax net present value of approximately $1.6 billion at a 5% discount rate and $2,175 per ounce gold price, we’ve mapped out a credible and staged development plan.”

OPERATING AND FINANCIAL HIGHLIGHTS

First Quarter 2025

Revenue totaled $14.0 million compared to $8.4 million in the prior year period primarily driven by higher ounces sold at Granite Creek and a higher average realized gold price1.
Gold sales1 totaled 4,952 ounces at an average realized gold price2 of $2,825 per ounce, compared to gold sales1 of 4,061 ounces at an average realized gold price2 of $2,063 per ounce in the prior year period.
Loss of $0.10 per share for the quarter compared to a $0.06 loss per share in the prior year primarily due to revaluation losses from the gold prepay and silver purchase agreement.
Cash used in operating activities was $22.7 million, compared to $25.2 million in the prior year period.
Cash balance of $13.5 million as at March 31, 2025, a decrease of $5.5 million during the quarter due to cash used in operating activities partially offset by cash provided by financing activities from a private placement and the Company’s at-the-market equity program (“ATM Program”).
Filed preliminary economic assessments for all five gold projects as scheduled in support of the Company’s new development plan.
Completed modifications to the pumping system at Granite Creek Underground leading to improving water levels and reduced mine interruptions.
Received the Decision Record from the U.S. Bureau of Land Management (“BLM”) for the commencement of the underground portals at Archimedes Underground.
Completed approximately 15,000 feet of underground delineation drilling at the Cove Project to enhance the certainty of the mineral resource estimate and support engineering analyses for an anticipated feasibility study.
Executed several financing initiatives to enhance financial flexibility in support of the Company’s broader recapitalization plan, including a recently finalized working capital facility with Auramet International, Inc. for $12 million, maturing in 12 months.
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