8-K: i-80 Gold Reports High-Grade Assays at Granite Creek

i-80 Gold Corp. announced new high-grade assay results from its 2025 drilling campaign at the Granite Creek Underground Project, reinforcing resource expansion potential.

Summary

• New assay results from 40 holes at the Granite Creek Underground Project's South Pacific Zone (SPZ) confirm robust high-grade mineralization.
• The results indicate potential for mineral resource expansion to the north and at depth within the SPZ.
• The 2025 drilling program, conducted from June to December 2025, involved 16,000 meters over 46 holes, including six additional infill holes and seven step-out holes.
• As of December 31, 2024, Granite Creek Underground hosted a measured and indicated gold mineral resource of 261,000 ounces at 10.5 grams per tonne and an inferred gold mineral resource of 326,000 ounces at 13.0 grams per tonne.
• A Preliminary Economic Assessment (PEA) filed in March 2025 outlined an approximate 8-year mine life with an average annual gold production of approximately 60,000 ounces following ramp-up.
• The upcoming Granite Creek Underground feasibility study, expected late in the first quarter of 2026 with results released in the second quarter of 2026, will incorporate drilling data from 2023, 2024, and 2025.

Sentiment

Score: 8

Explanation: The filing reports strong high-grade assay results that confirm and expand the mineralized zone, supporting the geological model and advancing the project towards a feasibility study. This indicates significant progress and potential for future growth.

Positives

• High-grade assay results include 40.4 g/t Au over 13.2 m in hole iGU25-31, 31.3 g/t Au over 7.8 m in hole iGU25-15, 15.0 g/t Au over 17.5 m in hole iGU25-24, and 12.8 g/t Au over 19.8 m in hole iGU25-08.
• Drilling successfully supports the geological model, confirming the continuity and high-grade nature of the deposit.
• The South Pacific Zone remains open to the north and at depth, indicating further expansion potential.
• The drill program was a key step in advancing the upcoming Granite Creek Underground feasibility study.
• Results reinforce confidence that similar success could be achieved with planned 2026 drill programs at Archimedes underground and Mineral Point open pit on the Ruby Hill property, and the Cove underground project.
• Ramp-up activities at Granite Creek Underground continue to advance toward steady-state gold output.

Risks

• General economic and industry conditions.
• Volatility of commodity prices.
• Title risks and uncertainties.
• Uncertainty in geological, metallurgical, and geotechnical studies and opinions.
• Ability to access sufficient capital from internal and external sources, which may involve selling assets, restructuring debt, or obtaining additional equity capital on onerous or highly dilutive terms.
• Ability to refinance indebtedness depends on capital markets and financial condition.
• Currency fluctuations.
• Construction and operational risks.
• Licensing and permit requirements.
• Environmental risks.
• Competition from other industry participants.
• Lack of availability of qualified personnel or management.
• Imprecision of mineral resource or production estimates.
• Mineral resources do not have demonstrated economic viability.
• Accuracy of estimates is a function of data quality, assumptions, and judgments, which may prove unreliable.
• Mineral resource estimates may need re-estimation due to fluctuations in commodity prices, drilling results, metallurgical testing, mining operations (including dilution), mine plan evaluations, and potential failure to receive or changes to required permits, approvals, and licenses.

Future Outlook

The South Pacific Zone at Granite Creek Underground remains open to the north and at depth, with additional drilling planned in the coming years. The 2025 drill results bolster confidence for similar success in planned 2026 drill programs at Archimedes underground and Mineral Point open pit on the Ruby Hill property. The Granite Creek Underground feasibility study is anticipated to be completed late in the first quarter of 2026, with results released in the second quarter of 2026. The company is also evaluating the timing for an additional step-out and infill drilling campaign for the SPZ in 2026 as part of a multi-year drill program, while ramp-up activities continue towards steady-state gold output.

Management Comments

• "The 2025 infill drilling results at Granite Creek Underground successfully support our geological model, confirming the continuity and high-grade nature of the deposit. The South Pacific Zone remains open to the north and at depth and will continue to be tested through additional drilling in the coming years." Tyler Hill, Vice President Geology.
• "Importantly, these drill results reinforce our view that similar success could be achieved with the planned 2026 drill programs at Archimedes underground and Mineral Point open pit on the Ruby Hill property. This confidence is supported by comparable results from our Cove underground project, which shares a similar structural framework and sedimentary rock-hosted disseminated mineralization present within each of these projects." Tyler Hill, Vice President Geology.

Industry Context

The Granite Creek Underground Project is strategically located along the prolific Getchell Trend in northern Nevada, a region renowned for significant gold deposits. Its proximity to the Nevada Gold Mines Turquoise Ridge Complex, which boasts 18 million ounces of measured and indicated gold resources and 2.5 million ounces of inferred gold resources, underscores the area's high prospectivity. i-80 Gold Corp. positions itself as the fourth largest gold mineral resource holder in Nevada, aiming to become a mid-tier gold producer by implementing a 'hub-and-spoke' regional mining and processing strategy, leveraging its central processing facility to maximize efficiency and growth across its high-quality asset portfolio.

Comparison to Industry Standards

• The Granite Creek Underground project is situated in the prolific Getchell Trend, a region known for significant gold deposits, exemplified by the nearby Nevada Gold Mines Turquoise Ridge Complex with 18 million ounces of measured and indicated gold resources and 2.5 million ounces of inferred gold resources as of December 31, 2024.
• The reported high-grade assay results, such as 40.4 g/t Au over 13.2 m and 31.3 g/t Au over 7.8 m, are indicative of a high-quality underground gold deposit, potentially comparable to other high-grade operations globally, although specific direct comparisons to other companies or projects are not detailed in the filing.
• The company's strategy of leveraging a central processing facility for a 'hub-and-spoke' model is a common industry approach for optimizing costs and maximizing efficiency across multiple regional assets, aligning with best practices for resource development in a concentrated mining district.

Stakeholder Impact

• Shareholders: Potential for increased share value due to confirmed high-grade mineralization, resource expansion potential, and project advancement, which typically boosts investor confidence.
• Employees: Continued employment and potential for growth as the project advances towards steady-state production and other projects are explored.
• Local Communities: Continued economic activity and employment opportunities in northern Nevada.

Next Steps

• Combine 2023, 2024, and 2025 drilling data to produce an updated mineral resource estimate.
• Complete the Granite Creek Underground feasibility study (expected late Q1 2026).
• Release Granite Creek Underground feasibility study results (expected Q2 2026).
• Evaluate timing for an additional step-out and infill drilling campaign for the SPZ in 2026 as part of a multi-year drill program.
• Execute planned 2026 drill programs at Archimedes underground and Mineral Point open pit on the Ruby Hill property.
• Continue ramp-up activities toward steady-state gold output at Granite Creek Underground.

Key Dates

Recommendation

The reported high-grade assay results significantly de-risk the Granite Creek Underground project and demonstrate substantial resource expansion potential. The confirmation of the geological model and the advancement towards a feasibility study, coupled with the project's location in a prolific gold trend, suggest strong future value creation. The company's broader strategy and pipeline of projects further enhance its long-term prospects.

Keywords

Gold, Nevada, Mining, Exploration, Granite Creek, South Pacific Zone, SPZ, Assay Results, Drilling, Mineral Resources, Feasibility Study, i-80 Gold Corp.