i-80 Gold posts high-grade drill results at Archimedes Underground Project, Nevada

i-80 Gold Corp. [TSX: IAU; NYSE American: IAUX] reported assay results from its recent drilling campaign at the Archimedes Underground Project located on the company’s Ruby Hill property at the southeastern end of the Battle Mountain-Eureka Trend in northeastern Nevada, United States.

The company commenced construction of Archimedes, the company’s second underground project, in the third quarter of 2025. Material from Archimedes, in addition to Granite Creek underground, is expected to begin feeding the company’s Lone Tree processing plant by late 2027, subject to the completion of the plant’s proposed refurbishment. Until that time, the company’s underground material from Archimedes will be processed through a third-party toll milling agreement.

As of December 31, 2025, Archimedes hosts an indicated gold mineral resource of 436,000 ounces at 7.6 g/t and an inferred gold mineral resource of 988,000 ounces at 7.3 g/t. The majority of the resource is currently hosted in the Ruby Deeps zone, which is situated below the 5100-foot elevation within the deposit (Lower Archimedes).

These drilling results confirm previously interpreted mineralization in the upper 426 zone (Upper Archimedes) and demonstrate continuity as well as the potential to extend mineralization beyond the boundaries defined by the mineral resource estimate supporting the preliminary economic assessment for Archimedes, prepared in accordance with NI 43-101 standards, and the corresponding Initial Assessment, prepared under Subpart 1300 of Regulation S-K, each filed on March 31, 2025 (the PEA). Upper Archimedes is situated above the 5100-foot elevation level within the deposit.

Highlights From Infill Holes at Upper Archimedes: 24.6 g/t gold over 23.6 metres in holeiAU26-05 (sulfide); 10.2 g/t Au over 36.4 metres in hole iAU25-09 (sulfide); 8.0 g/t Au over 46.4 metres in hole iAU26-01 (sulfide-oxide); 6.1 g/t Au over 42.1 metres in hole iAU25-14 (oxide) and 3.9 g/t Au over 44.3 metres in hole iAU26-03 (oxide). True widths are estimated between approximately 40% – 65% of core width.

“Drilling continues to return consistent and positive results that are improving our confidence in both the scale and continuity of mineralization at Archimedes,” stated Tyler Hill, Vice President, Geology. “These results provide a solid foundation for ongoing development, and reinforce the broader potential of the project.

“The consistency of high-grade results that we are seeing across this drill campaign is similar to the drill campaigns conducted on the company’s other two underground projects, for which feasibility studies are expected to be released this quarter. In addition to the high-grade sulfide mineralization, the emerging oxide opportunity at Upper Archimedes has the potential to provide meaningful low-cost economic ounces in the near-term, with metallurgical testwork underway. With development advancing on schedule, Archimedes is on plan as we target first gold mined in the third quarter of this year.”

Upper Archimedes Drilling: Infill drilling commenced in the fourth quarter of 2025 with a focus on further delineating Upper Archimedes in preparation for the anticipated extraction of mineralized material in the third quarter of 2026. A total of 7,500 metres over 35 holes have been drilled to date, largely completing the 2025-2026 program. New assay results from the first 20 holes continue to demonstrate high-grade mineralization throughout Upper Archimedes, returning high-grade intercepts in targeted drill areas, which are consistent with the current geological model.

Upper Archimedes drilling will ultimately consist of 36 holes and is expected to be completed in the second quarter of 2026. Results from this program, in conjunction with further drilling in 2026, will be used to support stope design for planned mining activities.

The current drilling program intersected substantial intervals of oxide mineralization that were not included in the 2025 PEA. In light of the current gold price environment and the presence of an operating heap leach pad, the company is currently evaluating the potential to integrate this oxide material into the project’s mine plan and production profile.

Lower Archimedes Drilling: Development of an exploration drift to serve as a platform to drill Lower Archimedes commenced ahead of schedule during the first quarter of 2026. Following the expected completion of the Upper Archimedes drill program in the second quarter, an infill drilling program targeting approximately 55,000 metres over 140 holes in Lower Archimedes is anticipated to begin in the second quarter of 2026. Lower Archimedes remains open to the north and south, and at depth, offering substantial exploration potential.

Drilling results from both Upper and Lower Archimedes will form the basis of a new mineral resource estimate and a feasibility study which is expected to be completed in the first quarter of 2027. The updated resource is expected to include approximately 60,000 metres of drilling, of which the majority is infill drilling to define reserves. The overall drill program is primarily focused on infill drilling to enhance confidence in the mine plan, better define the transition boundary of the oxide-sulfide mineralization, confirm the continuity of mineralization, and upgrade inferred resources into the measured and indicated mineral resource categories.

At Upper Archimedes, permitting for mining is complete and construction continues to advance on schedule with the development footage exceeding plan. Approximately 1,200 metres of development for the project has been completed as of the end of the first quarter of 2026. Project costs are largely in line with budget expectations. Predictive groundwater models for Archimedes have advanced, including the installation of an additional dewatering well in the first quarter of 2026. The Company continues to expect to mine first gold within Upper Archimedes in the third quarter of 2026.

Permitting activities for Lower Archimedes are underway with an estimated completion by mid-2027, while reviewing opportunities to expedite the timeline. This sequential permitting approach allows the company to expedite mining activities, while finalizing approvals for Lower Archimedes.

Results from the PEA outlined an approximate 10-year mine life with an average annual gold output of approximately 100,000 ounces, following production ramp up.

i-80 Gold is a Nevada-focused mining company committed to building a mid-tier gold producer through a fully funded three-phase development plan to advance its high-quality asset portfolio. The company is the fifth largest gold mineral resource holder in the state with a pipeline of high-grade multi-stage projects strategically located in Nevada’s most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth.