i-80 Gold Receives Construction Permits and Initiates Underground Development at Archimedes

Core Viewpoint - The receipt of environmental permits for the Archimedes underground mining project marks a significant milestone for i-80 Gold, enabling the company to advance its growth strategy in Nevada, with expectations to increase annual gold output significantly by 2028 [2][4]. Permitting - The current permitting phase allows mining activities above the 5100-foot elevation, consistent with previously approved permits, and is expected to facilitate development and production into the first half of 2028. Permitting activities below this elevation are underway, with completion anticipated in the first half of 2027 [4]. Development Work - Construction of surface infrastructure to support the Archimedes underground portal is complete, with utilities in place. Small Mine Development, L.L.C. has been contracted for further development, expected to be completed by mid-2027 [5]. Economic Assessment - The Preliminary Economic Assessment (PEA) estimates Archimedes will have an after-tax net present value of $644 million at a 5% discount rate, with an internal rate of return of 81% at a gold price of $3,000 per ounce. The initial mine life is projected at approximately 10 years, with an average annual gold output of around 100,000 ounces at an all-in sustaining cost of $1,877 per ounce [6][20]. Production Timeline - Material mined at Archimedes is expected to be processed at a third-party facility starting in Q4 2026, transitioning to the Lone Tree facility in early 2028. Initial operations will also include on-site heap leaching [7]. Resource Estimates - Archimedes hosts 436,000 ounces of gold in the Indicated category and 988,000 ounces in the Inferred category. Planned infill drilling aims to upgrade and expand these resources, potentially extending the mine life [8]. Feasibility Study - The feasibility study for Archimedes has been accelerated by approximately 12 months, with an increased drilling cost estimated between $10 million to $25 million due to longer drill holes from higher elevations. Infill drilling is scheduled to begin in Q4 2025 [9][10]. Next Steps - Future efforts will focus on resource drilling, permitting for mining below the 5100-foot elevation, and metallurgical testing to confirm recoveries under anticipated processing conditions [11].