Mr. Richard Young reports

I-80 GOLD CLOSES GOLD PREPAYMENT FACILITY FOR UP TO $250 MILLION; COMPLETES RECAPITALIZATION ESTABLISHING A FULLY FUNDED DEVELOPMENT PLAN

i-80 Gold Corp. has closed its previously announced gold prepayment facility with National Bank of Canada and Macquarie Bank Ltd. The gold prepay facility includes an initial advance of $150-million and a $100-million accordion feature. With the closing of the gold prepay facility, the company has successfully completed its recapitalization plan. Through a combination of financing arrangements, i-80 Gold has raised over $1-billion in capital, which is expected to fully finance the development plan through phase 1 and phase 2, with a path to funding phase 3. All amounts referenced herein are expressed in United States dollars unless otherwise stated.

"We are pleased to announce the closing of the gold prepay facility, marking the final step in achieving our recapitalization goals and a major turning point for i-80 Gold," said Richard Young, president and chief executive officer. "We believe this significantly derisks the company and positions us to fully finance our growth plans, financing five gold projects and the Lone Tree centralized autoclave processing facility. With the financing now complete, we are fully focused on executing on our industry-leading project pipeline in Nevada and delivering significant value to all our stakeholders."

Gold prepay facility

With the closing of the gold prepay facility, the company received $150-million in initial funding and has the obligation to deliver 39,978 ounces of gold over a 30-month period beginning in January, 2028. The accordion feature provides access to an additional $100-million for a 24-month period from closing, subject to customary conditions and lender approval. The company anticipates executing the accordion feature in the first half of 2027, at which point the number of additional gold ounces to be delivered will be determined.

Recapitalization plan

Over the past 18 months, i-80 Gold undertook several initiatives that have led to the completion of its recapitalization plan. The company has secured a financing package that aligns with the projected capital requirements and cash flows of its development plan. This recapitalization was completed ahead of the company's target of mid-2026 and has achieved over $1-billion in secured and available capital in accordance with its plan.

The company believes the company is fully financed to advance phase 1 and phase 2 of the development plan. Phase 1 and phase 2 currently include advancing three underground projects (Granite Creek, Archimedes and Cove) and one open pit oxide project (Granite Creek open pit), as well as the refurbishment and commissioning of the company's centralized Lone Tree processing plant. Once complete, these projects are expected to increase average annual production to a target range of 300,000 to 400,000 ounces of gold in 2031, up from less than 50,000 ounces of gold currently. They are also expected to generate sufficient operating cash flow to finance phase 3, which currently includes the development of the Mineral Point open pit oxide project. The company now has the financial flexibility to bring forward infill drilling, engineering and technical studies in support of the prefeasibility study and future permitting actions for Mineral Point ahead of phase 3, as the company continues to identify opportunities to optimize the development schedule.

About i-80 Gold Corp.

i-80 Gold is a Nevada-focused mining company committed to building a mid-tier gold producer through a new 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 multistage 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. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX).

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