i-80 Gold Corp. Advances Archimedes Project with Construction Permits Secured

Introduction
i-80 Gold Corporation, listed on the TSX as IAU and the NYSE American as IAUX, recently made headlines with the announcement that it has received all necessary permits to commence construction at the Archimedes Project, located in northern Nevada. This significant milestone not only marks the initiation of underground development but also aligns with the company's ambitious growth strategy set to unfold over the coming years.

Project Overview
The Archimedes project is strategically positioned on the Ruby Hill property in Nevada, approximately 180 kilometers from the company's Lone Tree processing facility. This project signifies i-80 Gold's second planned underground mine and is poised to enhance its annual gold production capabilities considerably. Richard Young, President and CEO of i-80 Gold, stated that Phase One of their growth strategy aims to escalate gold output from below 50,000 ounces to a target range of 150,000 to 200,000 ounces by 2028.

Permit Acquisitions and Plans
The permits, secured from the Nevada Division of Environmental Protection and the Bureau of Land Management, are pivotal as they allow for underground mining activities and the commencement of construction. i-80 Gold plans to ramp up production significantly, with the output from Archimedes expected to contribute to the overall production in the fourth quarter of 2026. Additionally, this phase of development is critical as it heralds the company's long-term vision of achieving a gold output target of 600,000 ounces annually in the early 2030s.

Exploration Potential
The lower zone of Archimedes remains open to expansion, presenting substantial exploration opportunities. This potential for continued exploration has led the company to accelerate its infill drill program covering both the upper and lower zones, with a feasibility study projected for completion in the first quarter of 2027.

Current Development Status
Significant progress has already been made at the Archimedes site, including the completion of surface infrastructure necessary to support the underground operations. Utilities such as water, power, and air are now in place, and two underground portals are scheduled for construction. The company has contracted Small Mine Development, LLC to expedite development work, confirming that underground development above 5100 feet elevation is on track for completion by mid-2027.

Financial Aspects and Estimates
According to the Preliminary Economic Assessment (PEA), the project holds an after-tax net present value estimated at $644 million, assuming a gold price of $3,000 per ounce. The internal rate of return is anticipated to be 81%, with an expected average annual output of approximately 100,000 ounces at an all-in-sustaining cost of $1,877 per ounce. These figures underscore the project's potential viability and its importance for i-80 Gold's future growth.

Looking Ahead
As work progresses, i-80 Gold is committed to maintaining the timeline for important assessments, including the feasibility study and resource drilling. The next phases involve continued resource drilling, further permitting activities, and crucial metallurgical testing to validate recovery rates with the processing conditions at Lone Tree. The fast-tracked feasibility study is a crucial step in ensuring the project aligns with necessary regulatory frameworks while also maximizing its production capabilities.

Conclusion
The Archimedes project exemplifies i-80 Gold’s proactive approach to enhancing its operational portfolio in one of the most prolific gold mining regions in the world. With robust exploration potential and a clear developmental pathway, the company is well-positioned as it gears up for a transformative phase in its mining operations in Nevada. Stakeholders and investors alike will be keeping a close eye on the developments surrounding Archimedes as the project unfolds over the next few years.

For ongoing updates, industry analysts and shareholders can track progress through i-80 Gold's official communications and public disclosures.