i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) reports its operating and financial results for the three and twelve months ended December 31, 2022. i-80’s Consolidated Financial Statements, as well as i-80’s Management’s Discussion and Analysis of Operations and Financial Condition for the three and twelve months ended December 31, 2022, are available on the Company’s website at www.i80gold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov.

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

2022 Fourth Quarter Highlights:

• Gold sales of 6,769 ounces; all-in sustaining cost of $1,137 per ounce sold¹
• December 31 cash balance of $48 million and $33 million in restricted cash
• Continued exploration success at Ruby Hill with multiple high-grade intercepts including the discovery of polymetallic and base metal mineralization zones (4,509 core feet and 6,875 reverse circulation (RC) feet drilled)
• 5,039 core feet and 4,940 RC feet drilled to expand monitoring of the hydraulic properties at McCoy-Cove
• Completed step-out and infill drilling at Buffalo Mountain (4,699 core feet, and 925 RC feet drilled)
• 15,882 tons of oxide mineralized material shipped to Lone Tree from Granite Creek for processing
• Acquisition of the Argenta property with key water rights for executing on the Cove Project de-watering strategy
• Lone Tree autoclave engineering study progressing on plan

2022 Full Year Highlights:

• Gold sales of 21,097 ounces; all-in sustaining cost of $1,182 per ounce sold¹
• Commenced trading on the New York Stock Exchange on May 19, 2022 under the symbol IAUX
• Closed and funded the gold prepay and silver purchase and sale agreements totaling $75 million
• Increased the size of the Granite Creek property package by approximately 1,280 acres (518 hectares), extending exposure along the primary fault structure by approximately 1.6 km north towards the Turquoise Ridge Mine, and 1.6 km south of Granite Creek
• Achieved high-grade results from the underground drill program at Granite Creek with multiple intercepts in the Ogee and South Pacific zones
• Several new discoveries at Ruby Hill containing high-grade precious and base metals including the Upper and Lower Hilltop Zones, East Hilltop and 1428 Zone
• 4,359 feet of development completed at Granite Creek
• 3,095 feet of exploration ramp advancement completed at McCoy-Cove
• Completed first gold sale in Company history
• A total of 240,449 feet (core and RC) drilled during the year with multiple positive results, especially at Ruby Hill and Granite Creek to expand mineralization further

“The residual leaching at Lone Tree and Ruby Hill continued to produce ounces during the fourth quarter with 6,769 ounces sold in the quarter.”, stated Ryan Snow, Chief Financial Officer of i-80. “The Residual leaching at both Lone Tree and Ruby Hill produced 21,097 ounces during the year and the Company recognized revenue of $37 million for the year. We invested heavily in exploration in 2022 totaling $38.8 million which resulted in the discovery of the Hilltop Zone at Ruby Hill and the South Pacific Zone at Granite Creek.”

Production and sales from residual leaching at Ruby Hill and Lone Tree totaled 6,769 ounces for the quarter and 21,097 ounces year to date (YTD) at cash costs per ounce sold of $1,037¹ and $1,053¹, respectively, and all-in sustaining cost per ounce sold of $1,137¹ and $1,182¹, respectively.

Exploration, evaluation, and pre-development costs were $6.6 million in Q4 and $38.8 million YTD. This spend mainly reflects the exploration and pre-development work at Granite Creek and Ruby Hill.

Lone Tree Processing Facilities

Lone Tree is expected to become the hub of i-80’s Nevada operations and the central processing facility for 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.

During the quarter, the Company continued to advance the detailed engineering study and cost estimate for the restart of the autoclave.

Residual leaching activities at Lone Tree produced 2,768 ounces gold during Q4 and 8,066 YTD at a cash cost per ounce sold of $894¹ and $936¹, respectively, and all-in sustaining cost per ounce sold of $1,067¹ and $1,174¹, respectively.

Granite Creek

The 2022 underground drill program at Granite Creek was focused on delineating mineralization for mining as well as upgrading and expanding resources expected to provide the bulk of mineralization to be mined in the following twelve months. Multiple underground levels have been developed, especially on the Ogee Zone, and the Company continued to extend the decline to depth, with the goal of initiating access to the new South Pacific Zone located immediately below and to the north of the underground mine workings. The Company targets to complete underground drilling and bring the newly discovered South Pacific Zone into the Granite Creek mine plan in 2023. In the upper parts of the mine, high-grade gold mineralization was being defined in the Otto, Adam Peak and Range Front horizons, while from the lower levels drilling was focused on defining mineralization in the Ogee Zone that is expected to be the primary zone in the near future. The amount of drilling completed as of December 31, 2022 totaling 83,887 feet was in line with the Company’s drilling plan.

For the full year 2022, 17,455 tonnes of mineralized material was mined at an average grade of 7.6 g/t. The refractory material was shipped to the Twin Creeks facility for processing pursuant to the toll milling agreement that is in place with Nevada Gold Mines. The oxide material was stockpiled and has subsequently been shipped to Lone Tree for processing.

McCoy-Cove

Total development for the fourth quarter was 1,202 feet and 3,095 feet for the full year which included construction of the exploration ramp which continued on plan. Additional work on metallurgical and hydrology studies, engineering of de-watering and mining options, and reclamation activities associated with the inactive tailings storage facility is also being advanced.

Ruby Hill

During the fourth quarter, drilling of the Ruby Deeps and the Hilltop zones continued with multiple high-grade mineralization intercepts and multiple brownfield exploration targets tested, including discovery of polymetallic mineralization. 4,509 feet of core drilling and 6,875 feet of RC drilling was completed during the quarter, with a combined total of 137,210 feet completed in the year ended December 31, 2022. Due to the substantial success of the 2022 drill campaign at Ruby Hill, the program has been expanded into 2023. The primary targets of the first part of the program will be the Hilltop Corridor that includes polymetallic Carbonate Replacement Deposit (CRD) mineralization including the Upper, Lower and East Hilltop Zones, skarn mineralization in the Blackjack and Hilltop Corridor targets, and multiple untested geophysical anomalies. The Ruby Hill property provides significant optionality as it is host to oxide gold, sulphide gold, polymetallic CRD and skarn base metal mineralization. All deposits are located in close proximity to the underground infrastructure development being planned in 2023.

The Company continued to advance permitting for the construction of a decline to access the high-grade Ruby Deeps deposit and the Blackjack Zone with the intent of trucking refractory mineralization for processing at Lone Tree. The Company also completed a scoping study during the quarter for the restart of the existing oxide mill and subsequent conversion to a base metals facility.

Residual leaching activities at Ruby Hill produced 4,002 ounces gold during Q4 and 13,031 YTD at a cash cost per ounce sold of $1,135¹ and $1,126¹, respectively, and all-in sustaining cost per ounce sold of $1,185¹ and $1,187¹, respectively.

Qualified Person

Tyler Hill, CPG-12146, Chief Geologist at i-80 has reviewed this press release and is the Qualified Person for the information contained in it and is 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 anticipated to be processed at the centrally located Lone Tree processing facility and autoclave.