i-80 Gold Reports Q3 2022 Operating Results – QNT Press Release


RENO, NEV., Nov. 8, 2022 /PRNewswire/ – i-80 GOLD CORP. (TSX:IAU) (NYSE:IAUX) (“i-80”, or the “Company”) is pleased to report its operating and financial results for the three and nine months ended September 30, 2022. i-80’s Consolidated Financial Statements (“financial statements”), as well as i-80’s Management’s Discussion and Analysis of Operations and Financial Condition (“MD&A”) for the three and nine months ended September 30, 2022are available on the Company’s website at www.i80gold.comon SEDAR at www.sedar.comand on EDGAR at www.sec.gov.

Unless otherwise stated, all amounts referred to herein are in US dollars.

2022 Third Quarter Highlights:

  • Record quarterly gold sales of 9,332 ounces; all-in sustaining cost of $1,138 per ounce sold1
  • September 30 cash balance of $76 million and $33 million in restricted cash
  • Drilling at Granite Creek continued with multiple high-grade intercepts in the Ogee and South Pacific zones (10,526 core feet and 5,460 reverse circulation (RC) feet drilled)
  • First shipment of sulfide mineralized material from Granite Creek was made to NGM’s Twin Creeks processing facility
  • Continued step-out and infill drilling at Ruby Hill with multiple high-grade intercepts and new discoveries made (17,025 core feet and 34,865 RC feet drilled)
  • Engineering study of Lone Tree autoclave refurbishment continued on plan

2022 Year to date Highlights:

  • Gold sales of 14,328 ounces; all-in sustaining cost of $1,204 per ounce sold1
  • Commenced trading on the New York Stock Exchange on May 19, 2022 under the symbol IAUX
  • Funds received for the previously announced gold prepay and silver purchase and sale agreements totaling $75 million
  • Increased the size of the Granite Creek property package by approximately 1,280 acres (518 hectares), extending exposure along the primary fault structure by approximately 1.6 km north towards the Turquoise Ridge Mine, and 1.6 km south of Granite Creek
  • Commenced development of exploration ramp at McCoy-Cove (approximately 1,900 feet of advance now completed); drilling expected to commence in Q4
  • Entered into agreement to acquire key water rights for the development of the Cove Project
  • Completed first gold sale in Company history
  • A total of 208,329 feet (core and RC) drilled by the end of the third quarter

“In the third Quarter the Company achieved record gold sales, more than doubling previous quarter sales .”, stated Ryan SnowChief Financial Officer of i-80. “The Residual leaching at both Lone Tree and Ruby Hill has gone well and increases in production and sales were recorded during the quarter. We continued to invest in exploration generating tremendous results and new discoveries at both Granite Creek and Ruby Hill. In addition, we continue to advance the engineering study at Lone Tree on plan and we completed a scoping study on restarting the oxide mill at Ruby Hill. “

three months
ended

September 30,

nine months
ended

September 30,

(in thousands of US dollars, unless otherwise noted)

2022

2022

Revenue

16,065

25,311

Cost of sales

(9,834)

(15,331)

Depletion, depreciation, and amortization

(2,126)

(2,949)

Mine operating income

4,105

7,031

Expenses

Exploration, evaluation, and pre-development

10,798

32,184

General and administrative

4,743

12,581

Property maintenance

350

1,139

Share-based payments

471

2,460

Operating (loss)

(12,257)

(41,333)

Production and sales from residual leaching at Ruby Hill and Lone Tree totaled 9,332 ounces for the quarter and 14,328 ounces year to date at cash costs per ounce sold of $1,045 and $1,061respectively, and all-in sustaining cost per ounce sold of $1,138 and $1,204respectively.

Exploration, evaluation, and pre-development costs were $10.8 million in Q3 and $32.2 million year to date (YTD). This spend reflects mainly the exploration and pre-development work at Granite Creek and Ruby Hill.

Lone Tree Processing Facilities

Lone Tree is expected to become the hub of i-80’s Nevada operations and the central processing facility for mineralization from the first four planned mining projects. Importantly, Lone Tree is host to infrastructure that, following successful refurbishment efforts, will position i-80 as one of only three companies in the United States capable of processing both oxide and refractory mineralization.

During the quarter, the Company continued to advance the detailed engineering study for the restart of the autoclave. The study is progressing on plan and is expected to be completed in the fourth quarter of 2022. Permitting work on Buffalo Mountain continued during the quarter and a The drill program was started.

Residual leaching activities at Lone Tree produced 3,513 ounces gold during Q3 and 5,298 YTD at a cash cost per ounce sold of $9981 and $9581respectively, and all-in sustaining cost per ounce sold of $1,1711 and $1,2291respectively.

Granite Creek

In the third quarter, 2022, drilling continued for resource expansion on the Ogee and South Pacific Zones with multiple high-grade intercepts. Completed 10,526 feet of core drilling and 5,460 feet of RC drilling during the quarter. The amount of drilling completed as of September 30, 2022 totaling 83,887 feet was in line with the Company’s drilling plan. Drilling targets were expansion and delineation of the newly discovered South Pacific Zone as well as delineation drilling that targeted the Otto, Adam PeakRange Front and Ogee fault zones with underground drilling.

McCoy-Cove

Total development through the end of the third quarter was 1,938 feet including 1,735 feet for construction of the exploration ramp which continued on plan. Additional work on metallurgical and hydrology studies, engineering of de-watering and mining options, and reclamation activities associated with the inactive tailings storage facility is also being advanced. It is expected that the underground drill campaign will commence in Q4 2022.

Ruby Hill

In the third quarter, infill and step-out drilling of the Ruby Deeps, 426 and Hilltop zones continued with multiple high-grade intercepts and multiple brownfield exploration targets tested. 17,025 feet of core drilling and 34,865 feet of RC drilling was completed during the quarter , with a combined total of 120,692 feet completed in the first nine months, in line with the Company’s drilling plan. Owing to the substantial success of the 2022 exploration campaign at Ruby Hill, the program has been expanded.

The Company continued to advance permitting for the construction of a decline to access the high-grade Ruby Deeps deposit and the Blackjack Zone with the intent of trucking refractory mineralization for processing at Lone Tree. The Company also completed a scoping study during the quarter for the restart of the existing oxide mill

Residual leaching activities at Ruby Hill produced 5,819 ounces gold during Q3 and 9,030 YTD at a cash cost per ounce sold of $1,0731 and $1,1221respectively, and all-in sustaining cost per ounce sold of $1,1181 and $1,1891respectively.

Conference Call Participant Details

Webcast URL:

https://app.webinar.net/XGDgY2P3lMp

Confirmation #:

5905476

Phone Number Information:

North American Toll-free: 1-888-882-4478


Qualified Person
The scientific and technical information contained in this press release was reviewed by Tim George, PE, Mining Operations Manager, and a Qualified Person within the meaning of National Instrument 43-101.

About i-80 Gold Corp.

i-80 Gold Corp. is a well-financed, Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the Company’s advanced-stage property portfolio anticipated to be processed at the centrally located Lone Tree processing facility and autoclave.

www.i80gold.com

Forward-looking information
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to, actual production results and costs, results of operation outcomes and timing of updated technical studies at the Company’s mineral projects, timing to advance mineral projects to production and advance permitting and feasibility work on the on its mineral projects and future production, development and exploration results. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, …

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