#United States #Reno #Nevada #i-80 Gold #Orion Mine Finance

i-80 Gold Corp. Announces Delivery Deferrals

RENO, Nev., December 31, 2024 – i-80 Gold Corp. (stock symbols: TSX IAU, NYSE American IAUX) has disclosed noteworthy adjustments in its operational strategy. The Company has opted to delay its scheduled deliveries for both gold and silver due to ongoing financial restructuring activities. The gold prepayment originally set for December 31, 2024, along with the silver purchase agreement for January 15, 2025, has been postponed until March 31, 2025.

Strategic Recapitalization Plan

This decision follows a press release dated November 12, 2024, marking the completion of the initial phase of the Company's recapitalization process. i-80 Gold is in discussions with current partners and prospective new lenders to restructure its existing debt and assure adequate funding necessary for progressing with its valuable mineral asset portfolio. Notably, this capital infusion is expected to finalize around the end of the first quarter of 2025.

CEO Richard Young stated, "Our primary objectives in Q4 2024 have been to devise a new developmental roadmap for our premium gold projects in Nevada and to enhance the Company's balance sheet. We are optimistic about Orion's support throughout this deferral process, as it permits us to advance our recapitalization plan and work towards establishing i-80 Gold as a mid-tier gold producer."

Key Highlights

• - The delivery of 3,210 ounces of gold and 400,000 ounces of silver has officially been shifted to March 31, 2025.
• - i-80 Gold is set to release updated Preliminary Economic Assessments (PEAs) for its five principal gold projects in the first quarter of 2025.
• - The Company is also preparing to unveil an updated technical report for its Lone Tree operations, reflecting the latest mineral resource estimates.
• - A class III engineering study is in the pipeline to assess the capital requirements for refurbishing the autoclave located at the Lone Tree Complex, with expectations to publish this by the third quarter of 2025.

Forward-Looking Developments

As part of the recapitalization efforts, the Company and Orion Mine Finance will adjust the terms of previous agreements. Included in these amendments, Orion will extend the expiration date of its convertible credit agreement from December 31, 2025, to June 30, 2026. Additionally, the Company will issue 5 million common share purchase warrants to Orion, marked at a premium relative to the recent volume-weighted average share price.

Furthermore, the two parties are working towards establishing an offtake agreement expected to follow similar terms to the existing arrangement. This new agreement will commence post the expiration of i-80's existing contract with Deterra Royalties Limited in December 2028.

A Promising Future for i-80 Gold

Stepping back, it's important to highlight that, as Nevada's third-largest holder of mineral resources, i-80 Gold possesses a critical position. Should Nevada be regarded as an independent gold-production entity, it would rank among the top producers globally. The Company's robust suite of projects, particularly the facilities at Lone Tree, signifies a strategic advantage, allowing for potential central processing of gold from various nearby underground projects.

Upcoming PEAs, including assessments for the Granite Creek and the Ruby Hill complexes, are anticipated soon. These evaluations will play a pivotal role in the Company's vision to escalate its Nevada operations and outline the way forward as a competitive player in the gold mining sector.

Lastly, the Company bids farewell to Board member Greg Smith, who steps down effective December 31, 2024. Smith has been a pivotal influence during his tenure and leaves a legacy of dedication and commitment to i-80 Gold.

In conclusion, i-80 Gold Corp. remains focused on meeting the challenges ahead and reinforcing its infrastructure to thrive in the dynamic mining landscape, driving its mission to emerge as a formidable mid-tier gold producer in Nevada.