i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) reports its operating and financial results for the three and nine months ended September 30, 2023. i-80’s Consolidated Interim Financial Statements, as well as i-80’s Management’s Discussion and Analysis of Operations and Financial Condition for the three and nine months ended September 30, 2023, are available on the Company’s website at www.i80gold.com, on SEDAR at www.sedarplus.ca, and on EDGAR at www.sec.gov.

Unless otherwise stated, all amounts referred to herein are in U.S. dollars.

Highlights

Third Quarter

• Gold sales of 4,585 ounces at a realized gold price of $1,895¹.
• 16,059 tons of oxidized mineralized material sold for proceeds of $4.5 million.
• Commenced shipping of refractory stockpiles to a third party for processing.
• September 30 cash balance of $38 million and $44 million in restricted cash.
• Continued expansion of gold and polymetallic mineralization at Ruby Hill.
• Continued underground core drilling delineation of the CSD Gap and Helen zones at McCoy-Cove (16,789 feet).
• Continued drilling infill holes at South Pacific Zone at Granite Creek (16,144 feet).
• Completed the initial underground exploration drift at McCoy-Cove.
• Completed 3,329 feet of horizontal advance at Granite Creek.
• Completed an equity private placement for gross proceeds of $27.7 million.
• Completed additional financing by extending the Gold Prepay agreement with Orion for gross proceeds of $20 million.

Year to Date

• Gold sales of 11,262 ounces at a realized gold price of $1,924¹.
• Completed 2,644 feet of exploration ramp development at McCoy-Cove.
• Completed 5,481 feet of horizontal development at Granite Creek.
• 39,732 wet tons of mineralized material hauled from Granite Creek to third parties for processing under ore processing and toll milling agreements.
• A total of 162,033 feet (core and RC) drilled by the end of the third quarter with multiple positive results to expand mineralization further at Ruby Hill, Granite Creek, McCoy-Cove and the FAD project.

“In the third quarter the Company continued to see impressive drill results from Ruby Hill and McCoy-Cove. In addition, the Company saw an increase in revenue gold ounces sold and tons of mineralized material sold under the Ore Purchase and Sale Agreement. This increase coupled with the completion of the Amended and Restated Gold Prepay Agreement positions the Company to continue to execute on it’s plans”, stated Ryan Snow, Chief Financial Officer of i-80. “We continue to advance exploration and definition drilling at Granite Creek, McCoy-Cove and Ruby Hill and permitting activities at our projects allowing the Company to advance our projects towards the ultimate goal of building a mid-tier Nevada focused producer.”

Production and sales totaled 4,585 gold ounces for the quarter and 11,262 gold ounces year to date at a realized gold price of $1,895 and $1,924 per ounce sold¹, respectively. Additionally, mineralized material sales totaled 16,059 tons for the quarter and 22,710 tons YTD for proceeds of $4.5 million and $7.3 million, respectively.

Exploration, evaluation, and pre-development costs were $10.0 million and $30.1 million for the three and nine months ended September 30, 2023. This expenditure mainly reflects the exploration and pre-development work at McCoy-Cove and Ruby Hill.

Lone Tree

Lone Tree is expected to become the hub of i-80’s Nevada operations and the central processing facility for gold mineralization from the Granite Creek, McCoy-Cove and Ruby Hill underground gold deposits. Importantly, Lone Tree is host to infrastructure that, following successful refurbishment efforts, will position i-80 as one of only three companies in the United States capable of processing both oxide and refractory mineralization.

The Company advanced the autoclave engineering study to a level three estimate (FS level). Value engineering on all aspects of projects will commence over the next three months.

Lone Tree produced and sold from its residual leaching activities 1,775 ounces of gold during the quarter and 5,138 ounces of gold YTD at a realized gold price of $1,925 and $1,961 per ounce sold¹, respectively.

Granite Creek

Refractory material has been shipped to the Twin Creeks facility for processing under the toll milling agreement that is in place with Nevada Gold Mines LLC (“NGM”). The contractual initial tonnage of refractory mineralized material has been delivered. Starting in Q2 2023, the oxide mineralized material from Granite Creek has been stockpiled and subsequently shipped to a third party as part of the Ore Sale Agreement. During the quarter the Company sold 16,059 tons of mineralized material under the Ore Sale Agreement for proceeds of $4.5 million.

McCoy-Cove

The Cove deposit and the McCoy-Cove Property is expected to be the core asset in the Company’s “hub and spoke” business plan and likely the highest-grade gold deposit in i-80’s portfolio.

Expenditures continued during the quarter on the exploration ramp and hydrology studies, and engineering of de-watering and mining options. During the third quarter the remaining 143 feet of the exploration decline was completed and is being used to drill in the Helen and Gap zones.

Underground delineation drilling continued during Q3 with 16,789 feet of core drilled yielding extremely positive results including from the most recent press release:

• iCHU23-10:
  • 14.9 g/t Au over 32.7 m, including 22.8 g/t Au over 14.8 m
• iCHU23-11 :
  • 15.7 g/t Au over 22.5 m, including 21.8 g/t Au over 11.5 m; and
  • 18.9 g/t Au over 29.3 m, including 27.8 g/t Au over 14.9 m
• iCHU23-12A:
  • 27.0 g/t Au & 9.2 g/t Ag over 8.0 m
• iCHU23-14:
  • 13.3 g/t Au & 29.2 g/t Ag over 4.0 m
  • 10.6 g/t Au & 5.2 g/t Ag over 38.8 m
  • 12.8 g/t Au & 7.2 g/t Ag over 2.6 m
  • 11.1 g/t Au & 3.4 g/t Ag over 20.6 m
• iCHU23-16:
  • 6.9 g/t Au & 3.9 g/t Ag over 8.8 m
  • 11.1 g/t Au & 3.4 g/t Ag over 3.3 m
  • 12.5 g/t Au & 6.5 g/t Ag over 11.5 m

Ruby Hill

During the third quarter of 2023, drilling at Ruby Hill was focused on advancing exploration and delineation of multiple CRD mineralized discoveries. Definition and expansion drilling of high-grade polymetallic mineralization along the Hilltop fault structure remains a priority. 7,565 feet of core drilling and 780 feet of RC drilling was completed during the quarter. In addition to drilling at Hilltop, multiple holes are being drilled for infill of the Blackjack Zone. Drilling highlights for the quarter include:

Tyche Discovery

• iRH23-18A: 45.4 g/t Au & 50.2 g/t Ag over 17.5 m including 95.9 g/t Au & 65.6 g/t Ag over 7.6 m

East Hilltop Skarn

• 12.5 % Zn & 5.7 g/t Ag over 5.0 m (iRH23-16)
• 12.8 % Zn & 4.6 g/t Ag over 10.7 m (iRH23-16A)
• 11.6 % Zn & 5.8 g/t Ag over 6.1 m AND 14.7 % Zn & 3.7 g/t Ag over 4.6 m (iRH23-27)
• 20.8 % Zn & 15.0 g/t Ag over 11.6 m (iRH23-30)

Blackjack

• 10.7 % Zn & 37.0 g/t Ag over 47.9 m (iRH23-41 – skarn)
• 15.6 % Zn, 8.7 % Pb, 420.4 g/t Ag & 0.6 g/t Au over 40.4 m (iRH23-41 – CRD)

Gold Mineralized Zones

• 6.9 g/t Au over 50.7 m including 8.0 g/t Au over 24.9 m (iRH23-40) – Ruby Deeps
• 9.1 g/t Au over 10.2 m (iRH23-41) – Lower Jack

Residual leaching activities at Ruby Hill produced and sold 1,910 ounces of gold during the quarter and 4,781 ounces of gold YTD at a realized gold price of $1,860 and $1,885 per ounce sold¹, respectively.

Qualified Persons

Tyler Hill, CPG-12146, Chief Geologist, and Tim George, PE, Mining Operations Manager, at i-80 have reviewed this press release and are the Qualified Persons for the information contained herein and are a “Qualified Person” within the meaning of National Instrument 43-101.

About i-80 Gold Corp.

i-80 Gold Corp. is a 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 with processing at i-80’s centralized milling facilities. i-80 Gold’s common shares are listed on the TSX and the NYSE American.