Mr. Tyler Hill reports

I-80 GOLD REPORTS HIGH-GRADE DRILL RESULTS FROM THE FAD DEPOSIT AT RUBY HILL

i-80 Gold Corp. has released high-grade results from the 2023 drill program completed at the FAD deposit situated on the company's 100-per-cent-owned Ruby Hill property located in Eureka county, Nevada.

FAD is one of several polymetallic deposits drilled at Ruby Hill in 2023 for the completion of initial resource estimates for the FAD, Blackjack and Hilltop deposits. The Ruby Hill property represents the core land package within the Eureka district of Nevada, one of the world's premier re-emerging carbonate replacement deposit (CRD) districts. FAD is a high-grade polymetallic deposit and is expected to add to the company's already impressive resource base. New results have intersected multiple stacked zones of mineralization in the southeast portion of the deposit.

Highlight drill results from 2023 drilling at FAD:

• PC23-12 -- infill hole in the east FAD lobe 50 metres northwest of PC23-28 (five zones):
  • 4.4 grams per tonne (g/t) gold (Au), 91.3 g/t silver (Ag), 8.4 per cent zinc (Zn) and 0.3 per cent lead (Pb) over 1.6 m;
  • 4.9 g/t Au, 50.2 g/t Ag, 9 per cent Zn and 0.2 per cent Pb over 4.5 m;
  • 6.2 g/t Au, 57.1 g/t Ag, 6.9 per cent Zn and 0.1 per cent Pb over five m;
  • Six g/t Au, 35.5 g/t Ag, 5.8 per cent Zn and 0.2 per cent Pb over 8.5 m;
  • 3.1 g/t Au, 48.8 g/t Ag, 2.1 per cent Zn and 1.3 per cent Pb over 3.8 m.
• PC23-22 -- infill hole drilled on the western margin of the west FAD lobe (three zones):
  • 5.7 g/t Au, 159.4 g/t Ag, 15 per cent Zn and 2.8 per cent Pb over 5.4 m;
  • 13.7 g/t Au, 430 g/t Ag, 15.9 per cent Zn and 7.7 per cent Pb over 2.5 m;
  • Nine g/t Au, 92.4 g/t Ag, 12.2 per cent Zn and 1 per cent Pb over 14.6 m.
• PC23-26 -- stepout hole 50 m north of PC23-12 on the east FAD lobe (three zones):
  • 15.6 g/t Au, 847 g/t Ag, 15.1 per cent Zn and 0.4 per cent Pb over 3.4 m;
  • 8.3 g/t Au, 187.9 g/t Ag, 6.2 per cent Zn and 0.4 per cent Pb over 1.7 m;
  • 0.9 g/t Au, 25.2 g/t Ag, 8.3 per cent Zn and 0.2 per cent Pb over 1.7 m.
• PC23-28 -- final hole and farthest hole drilled to the east in the east FAD lobe (six zones):
  • 1.9 g/t Au, 109.7 g/t Ag, 8.9 per cent Zn and 0.2 per cent Pb over 3.2 m;
  • 33.4 g/t Au, 87.7 g/t Ag, 7.1 per cent Zn and 0.2 per cent Pb over 2.1 m;
  • 7.6 g/t Au, 42.2 g/t Ag and 6.3 per cent Zn over six m;
  • 11.4 g/t Au, 65.8 g/t Ag, 0.6 per cent Zn and 0.2 per cent Pb over two m;
  • 4.3 g/t Au, 41.3 g/t Ag, 12 per cent Zn and 0.2 per cent Pb over 3.5 m;
  • 3.9 g/t Au, 185.6 g/t Ag, 11.1 per cent Zn and 3.6 per cent Pb over 25.4 m, including 4.1 g/t Au, 350.1 g/t Ag, 13.8 per cent Zn and 7.3 per cent Pb over 11 m.

The Eureka district has a long and successful history of mining, extending over a period of 160 years (1864 to present), including some of the world's highest-grade CRD mines. From 1866 until 1967, the Ruby Hill district produced an estimated two million tonnes (Mt) of ore containing approximately 1.65 million ounces (Moz) Au 39 Moz Ag, and 625 million pounds (Mlb) of lead. It is estimated 80 per cent to 90 per cent of this production came from the original Ruby Hill mine, located 500 metres southwest of the FAD deposit.

The FAD deposit is located in the hanging-wall of the Ruby Hill fault and is composed of dominantly sulphide, polymetallic mineralization. Drilling completed in 2022 and 2023 has successfully intersected multiple horizons of mineralization that remain open for expansion. Results complement previously released holes drilled by Paycore that include:

• 7.8 g/t Au, 155.5 g/t Ag, 22 per cent Zn and 1.5 per cent Pb over 12.5 m (PC22-07);
• 7.1 g/t Au, 376.3 g/t Ag, 6.3 per cent Zn and 10.3 per cent Pb over 14.8 m (PC22-08A);
• Eight g/t Au, 79.1 g/t Ag, 10.2 per cent Zn and 1 per cent Pb over 27.4 m (PC22-10).

In addition to the deeper sulphide mineralization at FAD, drilling tested proximal to the historic Ruby Hill mine. These holes intersected low-grade oxide mineralization suggesting the potential to delineate near-surface mineralization proximal to historic workings that may be amenable to open-pit mining.

"The drill program at FAD complements successful programs on the Blackjack and Hilltop deposits, and our expanded focus on exploring for polymetallic mineralization in the Eureka district to better assess the economic opportunity," stated Tyler Hill, chief geologist of i-80 Gold. "FAD is unusual in comparison to global CRD deposits given its elevated gold grades."

The FAD deposit is located within the Hilltop corridor approximately two kilometres south of the Hilltop discovery made by i-80 in mid-2022. Multiple drill rigs were active in 2023, aggressively defining and expanding mineralization at Hilltop, now having identified a series of high-grade CRD zones located on the south side of the Archimedes pit. Previously released results from drilling at Upper Hilltop include 515.3 g/t Ag, 28.9 per cent Pb, 10.5 per cent Zn and 0.9 g/t Au over 28.3 m in hole iRH22-43, 1.9 g/t Au, 631.3 g/t Ag, 7.4 per cent Zn and 33 per cent Pb over 18.3 m in hole iRH22-53, 14.7 g/t Au, 253.3 g/t Ag, 0.4 per cent Zn and 8.7 per cent Pb over 7.5 m in hole iRH23-52, and 0.6 g/t Au, 332.9 g/t Ag, 8.8 per cent Zn and 18.8 per cent Pb over 32 m in hole iRH23-54. Recent results from drilling in the East Hilltop zone include 1.5 g/t Au, 274.6 g/t Ag, 4.7 per cent Zn and 4.3 per cent Pb over 13.2 m in hole iRH23-48, and 9.5 per cent Zn, 0.3 per cent copper (Cu) and 12.6 g/t Ag over 114.3 m, including 17.7 per cent Zn, 0.4 per cent Cu and 10.2 g/t Ag over 36.6 m in iRH23-50.

The Hilltop corridor is a two km long, alluvial covered trend immediately south of the Archimedes pit, believed to be host to multiple feeder fault structures that is largely untested by previous drilling owing to the alluvial cover. The Hilltop discoveries were made in the second half of 2022 exploration campaign while testing one of several generative exploration targets identified proximal to the Blackjack (skarn) deposit, with mineralization defined along the Hilltop fault structure over a strike length of approximately 750 metres. At the end of the 2023 drill program, one hole was drilled to test for the possible extension of skarn mineralization proximal to the contact of the Graveyard Flats intrusive. This hole, iRH23-55, intersected a broad zone of skarn mineralization with four higher-grade intercepts, including an interval of 1,181 g/t Ag, 19.5 per cent Zn, 10.2 per cent Pb and 1.2 per cent Cu over 1.5 m.

Drilling was also completed in the Blackjack deposit in 2023, yielding numerous significant results, successfully delineating and expanding high-grade mineralization. i-80 drilling started at hole PC23-22.

Quality assurance/quality control (QA/QC) procedures

All samples were submitted to American Assay Laboratories (AAL) of Sparks, Nev., which is an ISO 9001 and 17025 certified and accredited laboratory, independent of the company. Samples submitted through AAL and are run through standard prep methods and analyzed using FA-PB30-ICP (Au:30-gram fire assay) and IO-4AB32 (35-element suite: 0.5 g four-acid ICP-OES (inductively coupled plasma optical emission spectrometry) plus MS (mass spectrometry)). AAL undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold's QA/QC program includes regular insertion of CRM (certified reference material) standards (gold and polymetallic), duplicates and blanks into the sample stream with a stringent review of all results.

Qualified person

Mr. Hill, CPG-12146, chief geologist at i-80, is the qualified person for the information contained in this press release, within the meaning of National Instrument 43-101.

About i-80 Gold Corp.

i-80 Gold 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.

We seek Safe Harbor.