All amounts are expressed in United States dollars unless otherwise stated.

TORONTO, Oct. 14, 2026 /PRNewswire/ -- i-80 GOLD CORP. (NYSE: IAUX) (TSX: IAU) ("i-80 Gold", or the "Company") is pleased to provide an update on its Nevada development plan. Operating and near-term development projects continue to advance on schedule toward a total annual production target of 150,000 to 200,000 ounces of gold starting in 2028.(1) In addition, the Company's development plan has been updated to prioritize Mineral Point open pit as the Company's next major development project following the anticipated establishment of its underground hub-and-spoke mining and processing platform to create a Nevada-focused mid-tier gold producer.

Development Highlights

- Archimedes underground on track to commence production mining: Development at Archimedes, the Company's second underground mine, continues to advance on schedule toward the start of production mining in the fourth quarter of 2026, as planned.

- Lone Tree Plant refurbishment advances toward initial construction: Bulk demolition activities are complete, and mobilization is underway for initial construction activities to commence in the fourth quarter of 2026, as planned. Capital expenditures remain largely on budget with approximately 10% of the total project contingency drawn down to date.

- Exploration upside drives updated development plan: Mineral resource expansion potential at the Granite Creek and Archimedes underground projects support the Company's view that these deposits have the potential to supply sufficient feed to the Lone Tree Plant for longer than previously contemplated, providing flexibility to sequence Cove underground later in the development plan as a future source of refractory feed to the Lone Tree Plant when required.

- Mineral Point open pit prioritized ahead of Granite Creek open pit: Mineral Point is the Company's most valuable project. It hosts a large gold-silver oxide resource and the potential to add annual production of approximately 280,000 gold equivalent ounces over a mine life of 17 years, based on the related preliminary economic assessment ("PEA") filed in March 2025.(1) The updated development plan prioritizes the Mineral Point open pit oxide project to drive the next phase of production growth ahead of the Granite Creek open pit oxide project.

- Oxide mineralization identified within the Archimedes underground 426 zone provides significant low-cost processing opportunity: Ongoing metallurgical test work demonstrates the potential to process this oxide material, which was not included in the related March 2025 PEA, on the Ruby Hill property's existing active heap leach pad, providing a significantly lower cost processing option than assumed in the PEA mine plan.

"We are pleased with the continued progress across our operating and near-term development projects as we continue to achieve each major milestone on schedule," stated Richard Young, President & Chief Executive Officer. "Granite Creek underground is ramping up production, and its measured and indicated mineral resources increased by approximately 230% in the September 2026 feasibility study(2) compared with the March 2025 PEA. Thanks to the dedication of our project teams, Archimedes underground remains on track to begin production mining in the fourth quarter of 2026, while the Lone Tree Plant refurbishment continues to advance on schedule toward its first gold pour target in the fourth quarter of 2027."

Mr. Paul Chawrun, Executive Vice President and Chief Operating Officer added, "Ongoing drilling and technical work continue to reinforce our confidence in the resource expansion potential at Granite Creek and Archimedes underground, and their potential to supply refractory feed to the Lone Tree Plant for longer than previously contemplated. This creates an opportunity to sequence Cove underground later in the development pipeline as a future source of refractory feed and prioritize Mineral Point open pit, our largest growth project, to drive the next stage of production growth. We believe this updated development plan positions us to unlock Mineral Point's substantial value while aligning capital allocation with feed supply and processing capacity. It also continues to support organic growth toward a target of 500,000 to 600,000 ounces of average annual gold production under our broader development plan, and our goal of becoming a mid-tier gold producer in Nevada."(1)

Project Updates

Archimedes Underground

Archimedes underground continues to advance toward first gold mined in the fourth quarter of 2026. Drilling, resource modelling and metallurgical test work are underway to support the feasibility study targeted for completion in approximately mid-2027, pending the timing of additional drilling.(2)

Consistent with previously reported results, ongoing drilling continues to intersect significant intervals of oxide mineralization outside the mineral resource estimate supporting the March 2025 PEA, highlighting potential upside to the PEA mine plan through anticipated lower overall processing costs driven by the oxide portion of the resource. Building on recommendations in the PEA, the Company is evaluating the potential to process this oxide material on the existing active heap leach facilities on the Ruby Hill property where Archimedes is located. Preliminary work indicates an opportunity to heap leach more oxide material than contemplated in the PEA, potentially reducing processing costs relative to processing through the Lone Tree's carbon-in-leach ("CIL") circuit. Metallurgical test work remains ongoing to establish recoveries and assess the viability of this processing option. Refractory material is expected to be stockpiled ahead of Lone Tree's commissioning. Drilling in the lower 426 and Ruby Deeps zones is also evaluating extensions to the mineralized system and the potential to support a longer-term supply of refractory feed to Lone Tree.

Lone Tree Plant Refurbishment

Once refurbished and commissioned as planned in late 2027, the Lone Tree autoclave and CIL plant ("Lone Tree" or the "Plant") is expected to serve as the centralized processing hub for the Company's three underground gold projects and a key cornerstone asset as the Company transitions from toll milling to an owner-operator processing model. Based on the Company's December 2025 engineering study, the Plant is expected to significantly reduce current third-party processing costs resulting in increased cash margins by between $1,000 and $1,500 per ounce of gold, depending on grade and gold price. The Plant was previously operated by Newmont Corporation with significant existing infrastructure located immediately adjacent to Interstate 80.

Bulk demolition was completed in the third quarter of 2026 as planned, and mobilization has begun in preparation for the start of initial construction, with a focus on civil preparation and concrete work. Detailed engineering and procurement continue to advance in line with the construction and commissioning schedule with approximately 74% of procurement packages, by value, awarded as of the end of September 2026.

Refurbishment timing and costs incurred to date remain in line with the Company's December 2025 engineering study, which included a total capital cost estimate of $430 million, inclusive of approximately 12% contingency, owner's cost, and capital spares. Cash expenditures to date are trending below the Company's 2026 guidance of between $140 million to $160 million. Overall labor costs to date are running approximately 5% to 10% above initial estimates, reflecting higher wages and incidentals due to the competitive labor market in Northern Nevada, however these are within the allotted project contingency. Total project capital remains largely as expected with approximately 10% of the total project contingency drawn down and approximately 44% of capital committed at the end of the third quarter of 2026. The Company expects all major procurement and contracts to be in place by the end of 2026 providing greater certainty around the projected cost to complete the project.

The Plant is federally permitted. State level permits have been received on schedule as of the end of September to allow for the mobilization of site contractors to begin construction. The Plant is permitted for the existing operational components in use and the receipt of normal course design and environmental state permits remains on track.

Based on 85% plant availability, Lone Tree is expected to process approximately 2,250 tonnes per day, or approximately 825,000 tonnes per annum. Using integrated pressure oxidation ("POX") and CIL circuits, Lone Tree is designed to be capable of processing both refractory (sulfide) and non-refractory (oxide) mineralized material. i-80 Gold is one of two gold companies in Nevada with autoclave processing capacity (the other being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining Corporation and Newmont Corporation).

Updated Development Plan

The Company has updated its development plan to align the Plant feed supply, processing capacity, and capital allocation. Within the updated pipeline of projects, the Company's operating and near-term development projects remain on the initial schedule to create a hub-and-spoke mining and processing platform around Lone Tree, while the sequence of medium-to-long term projects has been updated as follows:

1) Establish hub-and-spoke mining and processing platform: Ramp up Granite Creek underground, bring Archimedes underground into production, and refurbish and commission the Lone Tree Plant as a centralized processing facility.

2) Prioritize Mineral Point open pit as the next major development project: Adds a large-scale open pit heap leach project.