8-K: i-80 Gold: Granite Creek Feasibility & Mineral Point Drilling Shine

i-80 Gold Corp. announces a positive feasibility study for its Granite Creek Underground project and encouraging initial drill results from its Mineral Point Open Pit project, highlighting substantial gold and silver potential.

Summary

• i-80 Gold Corp. has released a positive feasibility study for its Granite Creek Underground gold project, showing robust economics and an after-tax NPV(5%) of $118 million at $2,750/oz gold, increasing to $598 million at $4,500/oz gold.
• The Granite Creek project has initial proven and probable mineral reserves of 2.20 million tonnes grading 7.87 g/t gold, containing 556,500 ounces of gold, with an estimated mine life of approximately 8.5 years.
• The company also announced initial assay results from the Mineral Point Open Pit project, including a significant step-out hole of 1.33 g/t Au and 39.2 g/t Ag over 225.6 meters, indicating potential for expansion.
• Mineral Point hosts the largest gold and silver mineral resource in i-80 Gold's portfolio and is a key driver for anticipated future production growth.
• The Granite Creek project is expected to produce between 30,000 to 40,000 ounces of gold in 2026 as it ramps up production.
• The Lone Tree autoclave and carbon-in-leach processing plant is anticipated to be operational by the end of 2027, supporting i-80 Gold's transformation into a Nevada-focused mid-tier producer.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a positive development, with strong feasibility study results for Granite Creek and encouraging initial drill results from Mineral Point, indicating significant potential for future production and value creation.

Positives

• Positive feasibility study results for Granite Creek Underground, with an after-tax NPV(5%) of $118 million at $2,750/oz gold, and $598 million at $4,500/oz gold.
• Initial proven and probable mineral reserves at Granite Creek of 2.20 million tonnes grading 7.87 g/t gold, containing 556,500 ounces of gold.
• Increased Measured and Indicated underground Mineral Resources at Granite Creek by 229% to 3.73 Mt grading 7.17 g/t Au.
• Estimated mine life of approximately 8.5 years for Granite Creek Underground.
• Encouraging initial drill results from Mineral Point Open Pit, including a step-out hole of 1.33 g/t Au and 39.2 g/t Ag over 225.6 meters.
• Mineral Point has the potential to expand mineralization by approximately one kilometer along strike and 300 meters in width.
• The Lone Tree processing plant is on track for late 2027 commissioning, which will significantly improve processing costs and efficiency.
• The company is advancing towards becoming a Nevada-focused mid-tier producer with strong free cash flow generation.

Negatives

• The feasibility study for Granite Creek Underground was classified as a pre-feasibility study under S-K 1300 due to differing criteria, despite being a feasibility study under NI 43-101.
• Inferred Mineral Resources at Granite Creek decreased by 38%, though this is attributed to conversion into higher classification categories.
• The Mineral Point drill program initially progressed slower than planned due to drill rig availability, though the rate has since improved.
• The Mineral Point PEA used a base case gold price of $2,175/oz, which is lower than the current feasibility study's base case of $2,750/oz for Granite Creek.
• The company's forward-looking statements are subject to significant inherent uncertainties and risks, including commodity price volatility, regulatory changes, and the ability to raise sufficient capital.

Risks

• Inferred mineral resources are speculative and may not be converted to reserves.
• Forward-looking statements are based on assumptions that may prove inaccurate.
• Commodity price fluctuations (gold and silver) can significantly impact project economics.
• Geological, metallurgical, and geotechnical studies carry inherent uncertainties.
• The company's ability to finance future development and operations is a key risk.
• Regulatory and permitting timelines can be subject to delays and unforeseen challenges.
• Unforeseen technological and engineering problems could arise during development.
• Environmental risks and unanticipated reclamation expenses are potential challenges.

Future Outlook

The company anticipates becoming a Nevada-focused mid-tier producer with strong free cash flow, supported by the ramp-up of Granite Creek Underground, the commissioning of the Lone Tree plant, and the potential expansion and development of the Mineral Point project.

Management Comments

• "The results announced in this press release are supported by two technical reports prepared for Granite Creek Underground... The Granite Creek Underground Feasibility Study outlines robust project economics based on a significantly expanded mineral resource base, increased production rate, and longer mine life relative to the preliminary economic assessment (PEA) published in March 2025, despite over a year of mining depletion and only a modest drilling program focused primarily on infill drilling to support the FS."
• "The Project is expected to be a key source of feed for our wholly owned Lone Tree autoclave and carbon-in-leach processing plant for many years to come, together with mineralized material from Archimedes underground where production mining is expected to commence later this year."
• "With the Lone Tree Plant anticipated to be operational by the end of 2027, these assets are expected to support i-80 Golds transformation into a Nevada-focused mid-tier producer generating strong free cash flow."
• "These initial drill results from the Mineral Point open pit drill program are very encouraging. Initial step-out drilling to the east demonstrates potential to expand the existing mineralized footprint while the infill drill results are in line with expectations."
• "We continue to see deep oxidation consistent with our geological model and the initial step-out results suggest potential to extend mineralization by approximately one kilometer along strike and 300 meters in width."
• "Overall, of the 35 initial holes reported, 19 holes were step-out holes outside of the existing mineral resource. All 19 step-out holes encountered mineralization, with over half of the assays reporting more than 100 meters of gold and silver intercepts."

Industry Context

StockSavvy.ai notes that these announcements position i-80 Gold Corp. favorably within the Nevada gold mining landscape, a region known for its prolific gold trends. The company's strategy of leveraging a central processing facility (Lone Tree) for multiple projects aligns with industry trends towards operational efficiency and economies of scale in complex mining environments.

Comparison to Industry Standards

• The feasibility study for Granite Creek Underground meets NI 43-101 standards for a feasibility study, while being classified as a pre-feasibility study under S-K 1300 due to differing criteria, which is a common divergence in reporting standards.
• The reported gold grades (e.g., 7.87 g/t Au in reserves) are considered high-grade within the gold mining industry, particularly for underground operations.
• The projected cash costs ($1,827/oz) and AISC ($1,915/oz) for the steady-state period (2028-2032) are competitive, especially considering the current gold price environment.
• The Mineral Point project's resource estimate (0.48 g/t Au, 15.0 g/t Ag in Indicated) is typical for large-scale oxide open-pit heap leach projects, with the key being the sheer scale and potential for expansion.
• The company's development plan, focusing on advancing multiple projects in Nevada, mirrors strategies employed by other successful mid-tier producers in the region aiming to build a robust production profile.

Stakeholder Impact

• Shareholders: Potential for increased value through successful project development, resource expansion, and future production growth.
• Employees: Opportunities for employment and career development as projects advance and operations scale up.
• Creditors: Improved financial standing and repayment capacity as the company moves towards mid-tier producer status.
• Suppliers: Increased demand for goods and services related to mining operations, construction, and processing.

Next Steps

• The Company will post an updated corporate presentation on its website on the morning of September 22, 2026.
• Technical reports for the Granite Creek Underground Feasibility Study and Mineral Point Pre-Feasibility Study will be filed on SEDAR+ and EDGAR.
• Ongoing 2026 infill and step-out drilling at Granite Creek will continue to support reserve development and resource growth.
• A multi-year drill program is planned to commence in 2027 at Granite Creek, targeting the CX Zone and other near-mine targets.
• The Mineral Point Open Pit project is advancing towards a pre-feasibility study targeted for mid-2027.
• The Lone Tree autoclave and carbon-in-leach processing plant is planned for commissioning in Q4 2027.
• The Archimedes underground project is expected to commence gold production in Q4 2026.
• The feasibility-level technical study for the Cove Underground Project is expected to be completed in Q4 2026.

Key Dates

Recommendation

The positive feasibility study for Granite Creek and encouraging drill results at Mineral Point are significant developments. However, the company is still in a development and ramp-up phase, with the full impact of these projects contingent on successful execution, future capital requirements, and commodity price stability. Therefore, a 'hold' recommendation is appropriate, pending further de-risking and demonstrated production.

Keywords

Granite Creek, Mineral Point, Feasibility Study, Drill Results, Gold, Silver, Nevada, Mineral Reserves