Mr. Richard Young reports

I-80 GOLD ANNOUNCES FILING OF PROSPECTUS SUPPLEMENT FOR UPSIZED PROSPECTUS OFFERING OF COMMON SHARES

Further to i-80 Gold Corp.'s news releases dated Jan. 15, 2025 and Jan. 16, 2025, it has filed a prospectus supplement to its short form base shelf prospectus filed on June 21, 2024, with the securities regulatory authorities in each of the provinces and territories of Canada other than Quebec and with the United States' Securities and Exchange Commission pursuant to the company's U.S. registration statement on Form F-10 (registration No. 333-279567, which includes the shelf prospectus and was declared effective by the United States Securities and Exchange Commission on June 25, 2024, to qualify the distribution of a minimum of 18 million common shares of the company at a price of 80 cents per offered share for minimum gross proceeds to the company of $14.4-million and a maximum of 36.25 million offered shares at the offering price for aggregate gross proceeds of up to $29-million. If subscriptions are not received for at least the gross proceeds of the minimum offering, the offering will not be completed.

The size of the offering has been increased from $10-million (U.S.) to $20-million (U.S.) ($29-million). Subject to the receipt of all required regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE American, the offering is expected to close on or about Jan. 31, 2025.

Access to the prospectus supplement, the corresponding shelf prospectus and any amendment thereto in connection with the offering is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment thereto. The shelf prospectus and the prospectus supplement are accessible on SEDAR+ under i-80's issuer profile.

An electronic or paper copy of the prospectus supplement, the shelf prospectus and any amendment to the documents may be obtained, without charge, from the corporate secretary of the company by phone at 1-866-525-6450 or by e-mail at info@i80gold.com by providing the company with an e-mail address or address, as applicable. The shelf prospectus and prospectus supplement contain important, detailed information about the company, the offering and the offered shares. Prospective investors should read the shelf prospectus and prospectus supplement before making an investment decision.

Concurrently with the offering, the company is pleased to announce that it will be completing a concurrent private placement offering of up to 1,004,208 subscription receipts at a price of 80 cents per subscription receipt for aggregate gross proceeds of up to $803,367, with certain directors and officers of the company. Each subscription receipt will entitle the holder to receive, without payment of additional consideration and without further action, one common share of the company upon satisfaction of the escrow release conditions (as defined herein). The gross proceeds of the concurrent private placement (the escrowed funds) will be held in escrow and will be released to the company on satisfaction of the escrow release conditions. If the escrow release conditions are not satisfied on or before June 30, 2025, the escrowed funds will be returned to the placement investors and the subscription receipts will be cancelled. The escrow release conditions will include (i) the receipt of the requisite approval of the shareholders of the company for the issuance of the placement shares to the placement investors; and (ii) receipt of all required approvals of the TSX and NYSE American for the concurrent private placement, including the issuance of the placement shares to the placement investors. The concurrent private placement is being structured to satisfy the requirements of the NYSE American to require shareholder approval for the participation of the directors and officers in an equity financing by the company at a price that is at a discount to market price. The company anticipates using the net proceeds of concurrent private placement for working capital and general corporate purposes. The concurrent private placement is expected to close with the offering on or about Jan. 31, 2025.

About i-80 Gold Corp.

i-80 Gold is a Nevada-focused mining company with the third-largest gold mineral resources in the state of Nevada. The recapitalization plan under way is designed to unlock the value of the company's high-grade gold deposits to create a Nevada mid-tier gold producer. i-80 Gold's common shares are listed on the TSX and the NYSE American under the trading symbol IAU: TSX and IAUX: NYSE.

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