i-80 Gold Announced The Results Of The Preliminary Economic Assessment For The Granite Creek Open Pit Project

Granite Creek Open Pit PEA Highlights

Mineral Estimates, Production and Mine Life

• Large open pit carbon-in-leach ("CIL") gold mine with a life of mine ("LOM") of approximately 10 years.
• Annual gold production of approximately 130,000 ounces following ramp up.
• Estimated LOM cash costs(1) of $1,185 per ounce and all-in-sustaining costs(1) of $1,225 per ounce.
• Updated mineral resource estimate resulting in an indicated gold mineral resource of 1.44 million ounces at 1.18 grams per tonne ("g/t").
• Updated mineral resource estimate resulting in an inferred gold mineral resource 0.08 million ounces at 1.09 g/t.

Project Economics

• Based on a $2,175/oz gold price, the Project's undiscounted after-tax cash flows(2) total $661 million with an after-tax net present value(2)("NPV") of $421 million, assuming a 5% discount rate, generating an 30% internal rate of return ("IRR").
• Based on spot gold of $2,900/oz, the Project's undiscounted after-tax cash flows total $1,267 million with an after-tax NPV(2) of $866 million, assuming a 5% discount rate, generating an IRR of 50%.
• Mine construction capital, including all pre-production facilities and infrastructure is estimated at approximately $200 million. No capital is included in mine construction capital for mobile equipment as the plan incorporates contract mining. Unit mining costs have been increased accordingly.
• Additionally, 12.9 million tonnes of stripping is required pre-production and 4.7 million tonnes in the first production year, costing $33.9 million.
• LOM sustaining capital is estimated at $30.3 million, primarily for tailings dam expansion and general sustaining costs.
• Total capital includes a contingency of 25%, or $49.1 million.