i-80 Gold Provides Granite Creek Development and Exploration Update

• First Three Holes Return 26.1 g/t Au over 5.7 m, 25.6 g/t Au over 5.5 m & 15.5 g/t Au over 19.7 m
• Mine Operations Achieve Record Month in August

RENO, Nev., Oct. 11, 2023 /PRNewswire/ – i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) (“i-80”, or the “Company”) is pleased to announce positive mine developments with record monthly tonnage and gold mineralization mined in August as well as high-grade results from a renewed drill program targeting the South Pacific Zone at the Company’s Granite Creek Property (“Granite Creek” or “the Property“) located in Humboldt County, Nevada.

Mining is focused on the extraction of high-grade gold mineralization in the Ogee Zone while development progresses towards the South Pacific Zone (“SPZ“). The SPZ is host to high-grade gold mineralization located immediately north of the underground mine workings and is expected to become the mine’s main horizon beginning in 2024.

Mine operations highlights for August

• Record mine production, achieving 592 tons per day of mineralized material production
• Completed 467 feet of lateral development, including 225 feet of capitalized advance
• Five Levels completed on the Ogee Zone to increase mining face availability
• Completed installation of dewatering Well 6 and initiated mobilization of the water treatment plant
• Began underground in-fill and stope delineation drilling in the upper levels of the South Pacific Zone

New results from 2023 surface drilling in the South Pacific Zone

• 26.1 g/t Au over 5.7 m (0.76 oz/ton Au over 18.7 feet) in hole iGS23-01
• 25.6 g/t Au over 5.5 m (0.75 oz/ton Au over 18.2 feet) in hole iGS23-03
• 15.5 g/t Au over 19.7 m (0.45 oz/ton Au over 64.6 feet) in hole iGS23-05

Mine Operations

Following successful test mining and definition drill programs in the Upper Otto and Ogee Zone, efforts in the first half of 2023 shifted towards level development to accelerate the number of available mining faces to increase production. Five full levels have now been constructed on Ogee mineralization and a sixth level is now being developed that will be extended to provide initial access to the SPZ.

August 2023 was a record month for Granite Creek in terms of mill feed production. Results from grade control sampling indicate 10,916 tons of high-grade material mined at an average grade of 0.344 ounces per ton (opt) Au (11.8 g/t), and 7,450 tons of mid-grade oxide mined at 0.099 opt Au (3.5 g/t). Mid-grade oxide material is sold within the region as part of our previously disclosed Oxide Purchase agreement.

Mining operations continue to ramp-up with August being a record month in terms of mined tonnage (final numbers for September still being reconciled). A total of 18,367 tons were mined in August, including tons in development and dilution, for an average of 592 tons per day.

“We are very pleased with progress made throughout the year resulting in substantial monthly mining increases that will see increased gold production.”, stated Matt Gili, President and Chief Operating Officer of i-80. “Refractory mineralization is now being delivered from stockpiles to Twin Creeks for processing and we continue to progress development towards the SPZ that is expected to result in increased production and enhanced mining operations.”

South Pacific Zone Drill Program

The 2021/2022 drilling campaigns were very successful in identifying high-grade mineralization over a significant strike length in the South Pacific Zone target. Drilling has now resumed to upgrade resources and initial results confirm continuity of mineralization with new intercepts from the first three holes of the program returning assays of up to 15.5 grams per tonne gold (g/t Au) over 19.7 m.  The 2023 program is designed to provide improved definition for the upgrading of gold resources in the SPZ and inclusion in an updated resource estimate and future economic studies. The SPZ remains wide open for expansion along strike to the north towards Nevada Gold Mines’ Turquoise Ridge Mine, and at depth (see Figure 1).  Table 1 provides a summary of results from initial drilling in the SPZ in 2023.

The SPZ is a priority for development and the Company is currently extending the decline to depth in order to provide access on an expedited basis with a target to bring the SPZ into the…