エドガーで原本を確認する
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: September 5, 2025 (Date of earliest event reported)
i-80 GOLD CORP.
(Exact Name of Registrant as Specified in Its Charter)
| British Columbia | 001-41382 | N/A | ||
| (State of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification) |
5190 Neil Road, Suite 460, Reno, Nevada United States 89502
(Address of principal executive offices) (Zip Code)
(775) 525-6450
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading |
Name of each exchange |
||
| Common Shares | IAUX | NYSE American LLC | ||
| Warrants to Purchase Common Shares | IAUX.WS | NYSE American LLC | ||
| Common Shares | IAU | The Toronto Stock Exchange | ||
| Warrants to Purchase Common Shares | IAU.WT.U | The Toronto Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On September 5, 2025, i-80 Gold Corp. (the “Company”) issued a press release titled “i-80 Gold Receives Construction Permits and Initiates Underground Development at Archimedes.” The Company also issued a press release on September 10, 2025, titled “i-80 Gold Reports Initial Assay Results from Granite Creek Underground and Provides Infill Drilling Update at High-Grade Cove Project.” Copies of the press releases are attached hereto as Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K and are incorporated herein by reference.
The information contained in this Item 7.01 and Exhibit 99.1 and Exhibit 99.2 attached hereto is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events
The Company recently provided an update on its new development plan, which outlines a path for advancing the Company’s Nevada gold projects and creating a mid-tier gold producer. As part of the new development plan, the Company released initial assessments in the first quarter of 2025 for five projects, and continues to advance permitting, technical, and development work on these projects.
The Company recently received all of the required permits and commenced construction at the Archimedes project (“Archimedes” or the “Project”) in connection with Phase One of its development plan.
The environmental permits secured from both the Nevada Division of Environmental Protection and the Bureau of Land Management allow the Company to proceed with underground mining activities. Located on the Ruby Hill property (the “Property”) in Nevada, U.S., Archimedes is the Company’s second planned underground mine and lies approximately 180 kilometers from the Company’s wholly owned Lone Tree autoclave and carbon-in-leach (“CIL”) processing facility (see Figure 1 below). Archimedes is expected to begin contributing to gold output in the fourth quarter of 2026 (see Figure 2 below).
The Company’s three-phase development plan is expected to increase gold output to an annual target of 600,000 ounces in the early 2030s(1). Phase One of the development plan includes the ramp up of Granite Creek underground, construction of Archimedes, as well as the refurbishment and commissioning of the Lone Tree autoclave and CIL processing facility. The Lone Tree refurbishment Class 3 engineering study remains on schedule for completion in the fourth quarter of 2025, followed by the feasibility study for Granite Creek Underground planned for completion in the first quarter of 2026.
Under the SEC’s mining disclosure rules in Subpart 1300 of Regulation S-K (“S-K 1300”), all of our properties are exploration stage as no mineral reserves have been determined.
Permitting
The current phase of permitting and development at Archimedes covers mining activities above the 5100-foot elevation, a threshold consistent with previously approved permits for open pit mining on the Property (see Figure 3 below).
This phase of the Project is anticipated to provide development and production mining into the first half of 2028. Permitting activities below the 5100-foot elevation are underway with an estimated completion in the first half of 2027. This phased approach to permitting allows the Company to begin mining the Archimedes upper zone while simultaneously pursuing the remaining technical work and permits for the lower zone.
Development Work
The construction of surface infrastructure, such as a maintenance shop and offices, to support the Archimedes underground portal is complete (see Figure 4 below). Utilities such as water, power and compressed air are in place, and the highwall around the portals has been secured. Small Mine Development, L.L.C. (“SMD”) has been contracted to develop Archimedes to the 5100-foot elevation and is currently mobilized to advance the development drift. Underground development above the 5100-foot elevation is expected to be completed by mid-2027 and will include two underground portals, the main haulage decline, a series of raises for ventilation and secondary access, exploration bays and supporting infrastructure. The development contract with SMD is consistent with the cost estimates outlined in the Preliminary Economic Assessment of the Ruby Hull Project (“PEA”) filed on March 31, 2025.
Next Steps to Feasibility Study
The timing of the infill drill program and Archimedes feasibility study has been accelerated by approximately 12 months compared to the timing outlined in the PEA. Accelerating the drill program and feasibility study is expected to increase the cost of drilling by a range of approximately $10 million to $25 million primarily due to drilling from higher elevations resulting in longer drill holes.
Initial infill drilling of the upper zone is scheduled to begin from underground in the fourth quarter of 2025, followed by underground infill drilling of the lower zone planned in the first quarter of 2026. Collectively, these infill programs are anticipated to include more than 175 holes for approximately 60,000 meters of core. Results from the infill drilling will be included in a feasibility study which is targeted for completion in the first quarter of 2027.
The next steps will focus on three areas: resource drilling, permitting, and metallurgical testing. Resource conversion drilling will commence as the underground decline advances with results incorporated into an updated resource model. On permitting, related actions to meet National Environmental Policy Act and Nevada Department of Environmental Protection requirements for mining below the 5100-foot elevation will be carried out. Metallurgical test work will target initial Ruby Hill production areas to confirm metallurgical recoveries with the anticipated Lone Tree process conditions, including comminution, pressure oxidation under both alkaline and acidic conditions, and CIL testing on oxide material.
This anticipated Archimedes feasibility study will be prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and S-K 1300 with an updated mineral resource estimate.
Cautionary Statement on Forward Looking Information
Certain information set forth in this report, including but not limited to management’s assessment of the Company’s future plans and operations, the perceived merit of projects or deposits, and the impact and anticipated timing of the Company’s development plan and recapitalization plan, outlook on gold output, the anticipated growth expenditures, the anticipated timing of permitting, production, project development or technical studies constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom.
By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company’s ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates.
Please see “Risks Factors” in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this report speak only as of the date of this report or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.
Additional information relating to i-80 Gold can be found on i-80 Gold’s website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar.
Endnotes
| (1) | Consolidated production estimates and average annual production targets include the Cove Project, Archimedes Underground Project, Mineral Point Open Pit Project, Granite Creek Underground Project, and Granite Creek Open Pit Project and are based on the most recent life-of-mine production schedules disclosed in the latest technical studies filed for each respective project and related property. These anticipated production figures are preliminary in nature and are based on mineral resources, which do not have demonstrated economic viability, and which are not mineral reserves. In addition, each of the foregoing technical reports are preliminary economic assessments/initial assessment that are preliminary in nature and each include an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves. As such, there is no certainty that the production targets will be realized. The production target is also pending the completion of the autoclave refurbishment Class 3 engineering study (where a series of trade-off scenarios will be considered comparing full autoclave refurbishment to alternate toll milling and ore purchase agreement options that could potentially be available), Board approval, and the successful funding, development, and commissioning of the Company’s Lone Tree autoclave processing facility. The production target presented herein is a Company goal and not a projection of results and should not be taken as production guidance. |
Figure 1: Regional map of i-80 Gold assets in northern Nevada.
Figure 2: i-80 Gold’s three-phase development plan.
Figure 3: Archimedes longitudinal section of mineralized bodies (looking west).
Figure 4: Overview photograph of the Archimedes underground planned portals and surface facilities.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit Number | Description | |
| 99.1 | Press Release dated September 5, 2025, issued by i-80 Gold Corp. relating to receipt of construction permits and development at Archimedes. | |
| 99.2 | Press Release dated September 10, 2025, issued by i-80 Gold Corp. relating to Granite Creek Underground Assay Results and Infill Drilling Updates at Cove Underground Project | |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: September 11, 2025 | i-80 GOLD CORP. | |||||
| By: | /s/ Ryan Snow |
|||||
| Ryan Snow | ||||||
| Chief Financial Officer | ||||||
Exhibit 99.1
i-80 Gold Receives Construction Permits and
Initiates Underground Development at Archimedes
Unless otherwise stated, all amounts referred to herein are in U.S. dollars.
RENO, NEVADA, September 5, 2025 – i-80 GOLD CORP. (TSX:IAU) (NYSE American:IAUX) (“i-80 Gold”, or the “Company”) announces that it has received all required permits and commenced construction at the Archimedes project (“Archimedes” or the “Project”) as planned.
The environmental permits secured from both the Nevada Division of Environmental Protection and the Bureau of Land Management allow the Company to proceed with underground mining activities. Located on the Ruby Hill property (the “Property”) in Nevada, U.S., Archimedes is the Company’s second planned underground mine and lies approximately 180 kilometers from the Company’s wholly owned Lone Tree autoclave and carbon-in-leach (CIL) processing facility (see Figure 1 in Appendix). Archimedes is expected to begin contributing to production in the fourth quarter of 2026 (see Figure 2 in Appendix).
“The receipt of permits and commencement of construction at Archimedes marks a major milestone fori-80 Gold as we advance Phase One of our growth strategy in Nevada. Phase One is expected to increase annual gold output from less than 50,000 ounces to a target range of 150,000 to 200,000 ounces of gold by 2028(1),” stated Richard Young, President & CEO. “We are excited about the exploration potential at Archimedes. The lower zone remains open to the north and south, offering substantial exploration potential that we believe can extend the current 10-year mine life. We have accelerated the infill drill program covering both the upper and lower zones to support a feasibility study anticipated in the first quarter of 2027, ahead of the original timeline included in the preliminary economic assessment.”
The Company’s three-phase development plan is expected to increase gold output to an annual target of 600,000 ounces in the early 2030s(1). Phase One of the development plan includes the ramp up of Granite Creek underground, construction of Archimedes, as well as the refurbishment and commissioning of the Lone Tree autoclave and CIL processing facility. The Lone Tree refurbishment Class 3 engineering study remains on schedule for completion in the fourth quarter of 2025, followed by the feasibility study for Granite Creek Underground planned for completion in the first quarter of 2026.
Permitting
The current phase of permitting and development at Archimedes covers mining activities above the 5100-foot elevation, a threshold consistent with previously approved permits for open pit mining on the Property (see Figure 3 in Appendix). This phase of the Project is anticipated to provide development and production mining into the first half of 2028. Permitting activities below the 5100-foot elevation are underway with an estimated completion in the first half of 2027. This phased approach to permitting allows the Company to begin mining the Archimedes upper zone while simultaneously pursuing the remaining technical work and permits for the lower zone.
Development Work
The construction of surface infrastructure, such as a maintenance shop and offices, to support the Archimedes underground portal is complete (see Figure 4 in Appendix). Utilities such as water, power and compressed air are in place, and the highwall around the portals has been secured. Small Mine Development, L.L.C. (“SMD”) has been contracted to develop Archimedes to the 5100-foot elevation and is currently mobilized to advance the development drift. Underground development above the 5100-foot elevation is expected to be completed by mid-2027 and will include two underground portals, the main haulage decline, a series of raises for ventilation and secondary access, exploration bays and supporting infrastructure. The development contract with SMD is consistent with the cost estimates outlined in the Preliminary Economic Assessment of the Ruby Hull Project (“PEA”) filed on March 31, 2025.
Preliminary Economic Assessment Highlights
Based on the PEA, Archimedes is expected to have an after-tax net present value of $644 million(2) assuming a 5% discount rate, with an internal rate of return of 81% at a gold price of $3,000 per ounce. Archimedes anticipates an initial mine life of approximately 10 years, with an average annual gold output of approximately 100,000 ounces at an all-in-sustaining cost of $1,877 per ounce(3) following ramp-up to a steady state. Mine construction capital is estimated to be $47 million and life-of-mine development and closure costs are estimated to be $106 million.
Beginning in the fourth quarter of 2026, material mined at Archimedes is expected to be processed at a third-party autoclave processing facility in the region. Once Lone Tree is commissioned in early 2028 as anticipated, material mined at Archimedes will then be processed at Lone Tree. Additionally, operations at the Property are expected to be supplemented by on-site heap leaching during the initial years.
Archimedes hosts 436,000 ounces of gold in the Indicated mineral resource category at 7.6 grams per tonne and 988,000 ounces in the Inferred mineral resource category at 7.3 grams per tonne. Planned infill drilling and exploration are expected to further upgrade and expand resources providing potential to extend the current mine life. The lower zone (Ruby Deeps) at Archimedes is open to the north and south, offering substantial exploration potential (see Figure 3 in Appendix).
Next Steps to Feasibility Study
The timing of the infill drill program and Archimedes feasibility study has been accelerated by approximately 12 months compared to the timing outlined in the PEA. Accelerating the drill program and feasibility study is expected to increase the cost of drilling by a range of approximately $10 million to $25 million primarily due to drilling from higher elevations resulting in longer drill holes.
Initial infill drilling of the upper zone is scheduled to begin from underground in the fourth quarter of 2025, followed by underground infill drilling of the lower zone planned in the first quarter of 2026. Collectively, these infill programs are anticipated to include more than 175 holes for approximately 60,000 meters of core. Results from the infill drilling will be included in a feasibility study which is targeted for completion in the first quarter of 2027.
The next steps will focus on three areas: resource drilling, permitting, and metallurgical testing. Resource conversion drilling will commence as the underground decline advances with results incorporated into an updated resource model. On permitting, related actions to meet National Environmental Policy Act and Nevada Department of Environmental Protection requirements for mining below the 5100-foot elevation will be carried out.
2 of 6
Metallurgical test work will target initial Ruby Hill production areas to confirm metallurgical recoveries with the anticipated Lone Tree process conditions, including comminution, pressure oxidation under both alkaline and acidic conditions, and CIL testing on oxide material.
This anticipated Archimedes feasibility study will be prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and Subpart 1300 of Regulation S-K (“S-K 1300”) with an updated mineral resource estimate.
Technical Disclosure and Qualified Persons
The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Paul Chawrun P.Eng (Ontario), Chief Operating Officer, and Tyler Hill CPG., Vice President Geology for the Company, who are qualified persons within the meaning of NI 43-101 and S-K 1300.
For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by the Company, please see the Company’s Form 10-K for the fiscal year ended December 31, 2024. For further information about the PEA referenced in this news release, including information in respect of data verification, key assumptions, parameters, risks and other factors, please see the PEA. Both the Form 10-K and PEA are available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Mineral resources do not have demonstrated economic viability and are not mineral reserves.
Endnotes
| (1) | Consolidated production estimates and average annual production targets include the Cove Project, Archimedes Underground Project, Mineral Point Open Pit Project, Granite Creek Underground Project, and Granite Creek Open Pit Project and are based on the most recent life-of-mine production schedules disclosed in the latest technical studies filed for each respective project and related property. These anticipated production figures are preliminary in nature and are based on mineral resources, which do not have demonstrated economic viability, and which are not mineral reserves. In addition, each of the foregoing technical reports are preliminary economic assessments/initial assessment that are preliminary in nature and each include an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves. As such, there is no certainty that the production targets will be realized. The production target is also pending the completion of the autoclave refurbishment Class 3 engineering study (where a series of trade-off scenarios will be considered comparing full autoclave refurbishment to alternate toll milling and ore purchase agreement options that could potentially be available), Board approval, and the successful funding, development, and commissioning of the Company’s Lone Tree autoclave processing facility. The production target presented herein is a Company goal and not a projection of results and should not be taken as production guidance. |
| (2) | Cash flow and net present value are calculated as of the start of construction. After tax metrics assume the Company consumes existing net operating losses sufficient to offset all tax liabilities. |
| (3) | This all-in sustaining cost per ounce figure excludes the first and last year of the life of mine. The all-in sustaining cost of $1,893 per ounce of gold is as reported in the PEA over the life of mine. This is a non-IFRS/non-GAAP measure. Please refer to the press release titled, “i-80 Gold Announces Positive Preliminary Economic Assessment on the Archimedes Underground Project, Nevada” dated February 18, 2025, and refer to the section titled “Non-IFRS Performance Measures/Non-GAAP Financial Performance Measures” therein, for a detailed breakdown on how this measure was calculated for the life of mine, which is accessible on the Company’s website at www.i80gold.com. |
3 of 6
About i-80 Gold Corp.
i-80 Gold Corp. 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 fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage 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). For more information, visit www.i80gold.com.
For further information, please contact:
Leily Omoumi, SVP Corporate Development & Strategy
1.866.525.6450
info@i80gold.com
www.i80gold.com
CAUTIONARY STATEMENT ON FORWARD LOOKING INFORMATION
Certain information set forth in this press release, including but not limited to management’s assessment of the Company’s future plans and operations, the perceived merit of projects or deposits, and the impact and anticipated timing of the Company’s development plan and recapitalization plan, outlook on gold output, the anticipated growth expenditures, the anticipated timing of permitting, production, project development or technical studies constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company’s ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates.
Please see “Risks Factors” in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.
Additional information relating to i-80 Gold can be found on i-80 Gold’s website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar.
4 of 6
APPENDIX
Figure 1: Regional map of i-80 Gold assets in northern Nevada.
Figure 2: i-80 Gold’s three-phase development plan.
5 of 6
Figure 3: Archimedes longitudinal section of mineralized bodies (looking west).
Figure 4: Overview photograph of the Archimedes underground planned portals and surface facilities.
6 of 6
Exhibit 99.2
i-80 Gold Reports Initial Assay Results from Granite Creek Underground and
Provides Infill Drilling Update at High-Grade Cove Project
Results underscore the high-grade resources, strong conversion potential,
and significant growth upside across i-80 Gold’s Nevada underground portfolio
RENO, NEVADA, September 10, 2025 – i-80 GOLD CORP. (TSX:IAU) (NYSE American:IAUX) (“i-80”, or the “Company”) is pleased to announce initial assay results for the ongoing program at the Granite Creek Underground Project (“Granite Creek Underground”), and to provide an update on infill drilling activities at the Cove Underground Project (“Cove”), both located in Nevada, United States (see Figure 1 in Appendix).
“At Granite Creek Underground, the first six holes from our infill drill program continue to show robust high-grade mineralization throughout the South Pacific Zone and suggest that the deposit has the potential to expand to the north and at depth,” stated Tyler Hill, Vice President, Geology. “Similarly at Cove, the 2025 infill drill program successfully supported our geological model, confirmed the high-grade nature of the underground deposit, and demonstrated the potential for continued resource expansion at Cove. These findings were a key step in advancing the Cove feasibility study, which is expected in the first quarter of 2026, and reinforce our view that the resource conversion success which we anticipate at Cove could similarly be achieved at Granite Creek Underground, Archimedes Underground, and Mineral Point open pit given the comparable disseminated Carlin-style mineralization. Together, these outcomes from Granite Creek Underground and Cove highlight the consistency of high-grade resources and meaningful growth upside that exists across i-80’s underground gold portfolio in Nevada.”
Granite Creek Underground High-Grade Assay Results
Granite Creek Underground, i-80’s first underground gold operation, continues to progress ramp-up activities toward steady state gold output. An infill and step-out drilling campaign on the South Pacific Zone began in June from both surface and underground (see Figure 2 in Appendix). To date, 20 of the 40 holes planned over approximately 14,000 meters have been completed. New assay results from the first six holes are provided in the table below and continue to show robust high-grade mineralization throughout the South Pacific Zone and suggest potential to continue to expand the South Pacific Zone to the north and at depth.
Hole iGS25-02A represents the most northerly and deepest hole drilled to date in the South Pacific Zone, which intersected the primary fault structures where expected and returned grades of 33.6 g/t gold over 2.9 meters and 29.7 g/t gold over 3.6 meters.
This program aims to convert mineral resources from the inferred category to the indicated category and form the basis for the upcoming feasibility study for Granite Creek Underground, which is planned for completion in the first quarter of 2026. The feasibility study will incorporate an updated mineral resource estimate reflecting drill results over the past two years, including the current drill program.
1 of 6
Table 1: Summary Assay Results from South Pacific Zone Drilling
| Drillhole ID |
Zone | Type | From (m) | To (m) | Length (m) | Au (g/t) | ||||||||||||||||||
| iGS25-02A |
SPZ | Core | 616.6 | 619.5 | 2.9 | 33.6 | ||||||||||||||||||
| And |
SPZ | Core | 622.7 | 625.4 | 2.7 | 7.5 | ||||||||||||||||||
| And |
SPZ | Core | 634.1 | 637.7 | 3.6 | 29.7 | ||||||||||||||||||
| iGU25-01 |
SPZ | Core | 116.6 | 122.2 | 5.7 | 20.8 | ||||||||||||||||||
| iGU25-02 |
SPZ | Core | 53.1 | 54.8 | 1.7 | 12.4 | ||||||||||||||||||
| And |
SPZ | Core | 95.1 | 100.1 | 5.0 | 12.2 | ||||||||||||||||||
| And |
SPZ | Core | 106.1 | 109.3 | 3.3 | 16.2 | ||||||||||||||||||
| iGU25-03 |
SPZ | Core | 52.5 | 59.7 | 7.2 | 7.2 | ||||||||||||||||||
| And |
SPZ | Core | 113.5 | 117.0 | 3.4 | 11.4 | ||||||||||||||||||
| iGU25-04 |
SPZ | Core | 63.7 | 69.2 | 5.5 | 10.4 | ||||||||||||||||||
| iGU25-05 |
SPZ | Core | 244.8 | 247.8 | 3.0 | 11.4 | ||||||||||||||||||
True widths estimated 80-95%.
Table 1a: Collar Coordinates
| UTM |
Drillhole ID |
East m | North m | Elevation m | Azimuth | Dip | ||||||
| NAD83 Zone 11 |
iGS25-02A | 478736 | 4554389 | 1541 | 309 | -75 | ||||||
| iGU25-01 | 478414 | 4554275 | 1258 | 293 | -13 | |||||||
| iGU25-02 | 478414 | 4554274 | 1257 | 285 | -17 | |||||||
| iGU25-03 | 478414 | 4554273 | 1257 | 277 | -24 | |||||||
| iGU25-04 | 478415 | 4554274 | 1257 | 287 | -40 | |||||||
| iGU25-05 | 478521 | 4554325 | 1259 | 341 | -71 |
Cove Infill Drilling Update
At Cove, approximately 45,000 meters of infill drilling have been completed over the last two years. Drilling was conducted across the Gap and Helen zones on approximately 30 meter spacing (see Figure 3 in Appendix). The result of this work provides the Company with a more robust geological model, greater understanding of the gold mineralization at Cove, and increased confidence in future mineral resource delineation as the Company continues to work towards completing a feasibility study for Cove, planned for the first quarter of 2026 (the “2026 Cove FS”), which will replace the preliminary economic assessment for Cove filed in March 2025 (the “2025 Cove PEA”(1)).
Approximately 15% of the known mineralization is oxidized in the upper portions of the Helen zone. This material is expected to be processed at the Company’s Lone Tree central processing facility(2) bypassing the autoclave circuit of the plant. The remainder of the known mineralization is sulfide material that is planned to be processed by either autoclaving or roasting for optimal gold recovery. The Company has a third-party roasting agreement in place.
Based on this additional work, it is now anticipated that the forthcoming mineral resource estimate for Cove – to be included in the 2026 Cove FS – is expected to reflect a conversion of currently estimated inferred and indicated resources into higher confidence categories of resource classification. These results further validate the Company’s understanding of Cove as representing a Carlin-style mineralized system with an anticipated high degree of mineral resource conversion through additional drilling. The Company has engaged SRK Consulting (“SRK”) to complete the 2026 Cove FS.
Additional work required by the Company to release the 2026 Cove FS has not yet been completed and the results of work completed to date are subject to further confirmation and verification by the Company and SRK. i-80 and SRK are focused on advancing directly to the completion of the 2026 Cove FS by the first quarter of 2026, which will include the results of the infill drill program discussed herein.
2 of 6
Technical Disclosure and Qualified Persons
The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Paul Chawrun P.Eng., Chief Operating Officer, and Tyler Hill CPG., Vice President, Geology for the Company, each of whom are qualified persons within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and Subpart 1300 of Regulation S-K (“S-K 1300”).
For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by the Company, please see the Company’s Form 10-K for the fiscal year ended December 31, 2024. For further information about the 2025 Cove PEA referenced in this news release, including information in respect of key assumptions, parameters, risks and other factors, please see the 2025 Cove PEA. Both the Form 10-K and 2025 Cove PEA are available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Mineral resources do not have demonstrated economic viability and are not mineral reserves.
Endnotes
| (1) | The 2025 Cove PEA was prepared in accordance with NI 43-101. An Initial Assessment for the Cove Project (“S-K 1300 Report”) was also prepared in accordance with S-K 1300 and Item 601 of the Regulation S-K and the S-K 1300 Report will be filed on EDGAR at www.sec.gov. Both reports are filed under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.i80gold.com. The mineral estimates and project economics are the same under the 2025 PEA and the S-K 1300 Report. |
| (2) | Pending the completion of the Lone Tree processing facility refurbishment Class 3 engineering study (where a series of trade-off scenarios will be considered comparing full autoclave refurbishment to alternate toll milling and mineralized material purchase agreement options that could potentially be available), Board approval, and the successful funding, development, and commissioning of the Company’s Lone Tree autoclave processing facility. |
About i-80 Gold Corp.
i-80 Gold Corp. 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 fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage 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). For more information, visit www.i80gold.com.
For further information, please contact:
Leily Omoumi, SVP Corporate Development & Strategy
1.866.525.6450
info@i80gold.com
www.i80gold.com
3 of 6
Cautionary Statement Regarding Forward Looking Information
Certain information set forth in this press release, including but not limited to management’s assessment of the Company’s future plans and operations, the perceived merit of projects or deposits, and the impact and anticipated timing of the Company’s development plan, expectations regarding the timing, execution and results of the Company’s drilling programs, outlook on gold output, the anticipated growth expenditures, the anticipated timing of production, project development or technical studies, including the anticipated 2026 Cove FS, constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, uncertainty in geological, metallurgical and geotechnical studies and opinions, and ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company’s ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates.
Please see “Risks Factors” in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.
Additional information relating to i-80 Gold can be found on i-80 Gold’s website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. The information included on, or accessible through, the Company’s website is not incorporated by reference into this press release.
4 of 6
APPENDIX
Figure 1: Regional Map of i-80 Gold assets in northern Nevada.
Figure 2: Inclined long section along South Pacific Zone (looking northwest) at Granite Creek Underground.
5 of 6
Figure 3: Cove longitudinal section of mineralized bodies and drill holes (looking northeast).
6 of 6