Ms. Leily Omoumi reports

I-80 GOLD ANNOUNCES TERMINATION OF GOLD OFFTAKE AGREEMENT

i-80 Gold Corp. has entered into a termination and settlement agreement with Vox Royalty Cayman SEZC and its parent company, Vox Royalty Corp., to terminate the company's gold offtake agreement. The termination of the offtake agreement is expected to provide the company with greater financial and commercial flexibility, and further strengthen its balance sheet as it advances its development plan to create a Nevada-focused mid-tier gold producer.

The termination of the offtake agreement eliminates the company's fixed obligation to sell and deliver up to 40,000 ounces of refined gold per year from its Granite Creek and Ruby Hill properties through to the Dec. 31, 2028, expiry date, and subject to pricing based on a lookback period. The termination of the offtake agreement is expected to result in cash flow savings through to 2028, based on the average offtake margin per ounce of gold sold in 2026 to date. This provides the company with greater flexibility to manage future gold sales based on favourable gold pricing, and to evaluate stockpiling opportunities in anticipation of the planned commissioning of the Lone Tree plant within phase 1 of its current development plan.

Pursuant to the terms of the settlement agreement, the company will issue 3,453,237 common shares to Vox, as nominee of Vox Cayman, to satisfy the company's obligations under the offtake agreement, representing an aggregate consideration of $4.8-million (U.S.), based on a price per share of $1.39 (U.S.), calculated in compliance with the rules of the NYSE American and the Toronto Stock Exchange. The shares were issued pursuant to the company's existing United States shelf registration statement.

The latest amended and restated offtake agreement dated Aug. 23, 2023, was originally entered into with Orion Mine Finance (OMF Fund II (O) Ltd. and OMF Fund III (Cr) Ltd.). The offtake agreement was initially entered into between the Orion funds and certain predecessor entities to i-80 Gold in June, 2016, and was ultimately included as part of the spinout transaction that established i-80 Gold under an arrangement agreement with Equinox Gold in December, 2020. The amended and restated offtake agreement was subsequently transferred through a series of entities and is currently held by Vox.

About i-80 Gold Corp.

i-80 Gold is a Nevada-focused mining company committed to building a mid-tier gold producer through a fully financed three-phase development plan to advance its high-quality asset portfolio. The company is the fifth-largest gold mineral resource holder in the state with a pipeline of high-grade multistage 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 New York Stock Exchange (NYSE: IAUX) and the Toronto Stock Exchange (TSX: IAU).

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