i-80 GOLD CORP. (TSX: IAU) (OTCQX: IAUCF) is pleased to announce that further to its news release dated December 14, 2021, it has completed the closing of the gold prepay and silver purchase and sale portions of the financing package with Orion Mine Finance. With these last components of the financing package completed and when combined with the previously completed segments, i-80 currently has approximately US$165 million in cash and restricted cash. The package also provides for access to an additional $100 million potentially available via an accordion feature subject to certain conditions being satisfied. A summary of the gold prepay and silver purchase are set out below:

“The closing of the final pieces of the Financing Package has strengthened our balance sheet and positioned the Company to advance our comprehensive plan to create a Nevada focused gold mining company.” stated Ryan Snow, Chief Financial Officer. “Our current strong balance sheet allows us to aggressively pursue our 2022 scorecard – key goals & catalysts as disclosed in early January.”

The final Gold Prepay Agreement includes an amendment to adjust the quantity of the quarterly deliveries of gold, but not the aggregate amount of gold, to be delivered by i-80 to Orion over the term of the Gold Prepay Agreement. Under the amended Gold Prepay Agreement, commencing on the date of funding, i-80 is required to deliver to Orion 1,600 troy ounces of gold for the quarter ending March 31, 2022, 3,100 troy ounces of gold for the quarter ending June 30, 2022, and thereafter 2,100 troy ounces of gold per calendar quarter until September 30, 2025, in satisfaction of the $45 million prepayment, for aggregate deliveries of 32,000 troy ounces of gold, subject to adjustment as contemplated by the terms of the Gold Prepay Agreement.

Under the Silver Purchase Agreement, commencing April 30, 2022, i-80 will deliver to Orion 100% of the silver production from the Granite Creek and Ruby Hill projects until the delivery of 1.2 million ounces of silver, after which the delivery will be reduced to 50% until the delivery of an aggregate of 2.5 million ounces of silver, after which the delivery will be reduced to 10% of the silver production solely from Ruby Hill Project. Orion will pay i-80 an ongoing cash purchase price equal to 20% of the prevailing silver price.

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 through the development of multiple deposits within the Company’s advanced-stage property portfolio anticipated to be processed at the centrally located Lone Tree processing facility and autoclave.