Nevada – September 22, 2026 -- i-80 Gold Corp. reported initial results from 35 drill holes at its Mineral Point open pit project in Nevada, with 19 step-out holes outside the existing mineral resource all encountering mineralization, over half returning more than 100 meters of gold and silver intercepts.
Step-out drilling extends mineralized footprint east of known deposit
Of the 35 holes reported, 15 step-out holes were drilled east of the deposit, three to the north, and one to the west. Tyler Hill, VP Geology, said initial results suggest potential to extend mineralization by approximately one kilometer along strike and 300 meters in width. The eastern zone was previously drilled sparsely by Homestake Mining Company in the early 1990s but was not advanced due to depth and gold price constraints at the time.
Key intercepts include 1.70 g/t Au and 61.5 g/t Ag over 170.7 meters
Notable assays include hole iMP26-07 at 1.33 g/t Au and 39.2 g/t Ag over 225.6 meters, iMP26-23 at 1.70 g/t Au and 61.5 g/t Ag over 170.7 meters, and iMP26-09 at 0.82 g/t Au and 40.1 g/t Ag over 202.7 meters. Deep oxidation remains consistent with the company's geological model, supporting the near-surface, open-pit mining approach.
2025 PEA outlined 17-year mine life and $614 million after-tax NPV
A February 2025 preliminary economic assessment projected annual gold equivalent production of approximately 280,000 ounces following ramp-up, with an after-tax net present value of $614 million at a 5% discount rate and an internal rate of return of 12%, based on gold and silver prices of $2,175 and $26 per ounce, respectively. At $3,000 gold and $35 silver, the NPV rises to $2.3 billion with a 29% IRR. Mineralization outside the pit shell used for the PEA resource model was excluded, representing additional upside not yet captured in current estimates.
Drilling program targets 130,000 meters across 300 holes through Q1 2027
Approximately 30,000 meters of core and reverse circulation drilling had been completed through the end of August using up to seven drill rigs, following a slower start due to rig availability. Completion is expected in the first quarter of 2027, though timing may extend depending on assay results. A pre-feasibility study is targeted for mid-2027, with early-stage pre-permitting activities already underway.
Company allocates up to $50 million for Mineral Point work in 2026/2027
Exploration spend for Mineral Point is expected to total $40 million to $45 million, plus approximately $5 million for technical and pre-permitting activities. Funding draws on proceeds from a Franco-Nevada Corporation royalty financing completed in March 2026, which delivered an initial $25 million allocated to the project, with a second $25 million payment expected once the first tranche is spent. i-80 Gold is evaluating whether to advance Mineral Point's timing within its development sequence, currently positioned in Phase 3, citing the project's scale and economic potential relative to the company's broader Nevada portfolio, which also includes the Archimedes underground project targeted for gold production in the fourth quarter of 2026.