i-80 Gold Reports Q4 and Year End 2021 Operating Results

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PR Newswire

RENO, Nev., March 28, 2022

RENO, Nev., March 28, 2022 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (OTCQX: IAUCF) ("i-80", or the "Company") is pleased to report its operating and financial results for the three and twelve months ended December 31, 2021. i-80's consolidated financial statements ("financial statements"), as well as i–80's management discussion and analysis ("MD&A") for the three and twelve months ended December 31, 2021, are available on the Company's website at www.i80gold.com and on SEDAR at www.sedar.com.

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

2021 Fourth Quarter Highlights

Completed the asset swap (the "Asset Exchange") with Nevada Gold Mines ("NGM") for the Company's 40% interest in South Arturo in exchange for Lone Tree resulting in a one-time after-tax gain of $106.7 million resulting in $0.60 basic earnings per share
Completed the acquisition of the Ruby Hill Mine
Closed private equity placement for gross proceeds of $81 million
Completed the financing package with Orion and Sprott and funded $60 million against the convertible debt
Continued pre-development of the underground resource at Granite Creek

2021 Year to Date Highlights

Completed $228.9 million in financings and further $75 million to be funded imminently
Acquired the Granite Creek Property and commenced underground development
Acquired the Lone Tree complex, that includes and autoclave, from Nevada Gold Mines
Acquired the Ruby Hill Mine Project from Waterton
Discovered the high-grade South Pacific Zone at Granite Creek
Ending cash balance of $87.6 million and an additional $30.7 million in restricted cash with the $30 million silver stream and $45 million gold pre-payment expected to be funded imminently

"Beginning on the first day of trading in April, 2021, the i-80 team was acutely focused on building a tier–one operations team to realize the Company's goal of becoming a significant gold producer in the state of Nevada", stated Ewan Downie, Chief Executive Officer of i-80. "We immediately began executing our plan by augmenting our property portfolio with the closing several strategic asset acquisitions and commencing mine development. By solidifying our balance sheet through the completion of successful financings, i-80 is now in the enviable position of aggressively realizing our peer-best growth plan to become one of the leading gold producers in the United States."

Three months ended December 31, 2021

ARIVA.DE Börsen-Geflüster

Kurse

I-80 Gold

1,205 $

+0,42%

iShares Gold Trust ETF

44,865 $

0,00%

On October 14, 2021, the Company completed the Asset Exchange with NGM (a joint-venture between Barrick Gold Corporation and Newmont Corporation). The Asset Exchange resulted in the Company acquiring the Lone Tree and Buffalo Mountain gold deposits and certain processing infrastructure, including an autoclave, from NGM in consideration for: (i) the Company's 40% ownership in the South Arturo Property; (ii) assignment of i-80 Gold's option to acquire the adjacent Rodeo Creek exploration property; (iii) contingent consideration of up to $50 million based on production from the Lone Tree property; and (iv) arrangement of substitute bonding in respect of the Lone Tree and Buffalo Mountain reclamation obligations. The Lone Tree and Buffalo Mountain Properties were acquired by i-80 Gold's indirect wholly-owned subsidiary Goldcorp Dee LLC ("Goldcorp Dee"). In connection with the Asset Exchange the Company recognized the fair value of the assets acquired and derecognized the book value of 40% of the South Arturo mine. The difference between these two values resulted in a one-time non-cash gain net of tax of $106.7 million dollars.

	Three months ended December 31, 2021			Three months ended December 31, 2020
(in thousands of U.S. dollars, unless otherwise noted)	From Continuing Operations	From Disc. Operations	Total	From Continuing Operations	From Disc. Operations	Total

Revenue	—	—	—	—	8,545	8,545
Cost of sales	—	—	—	—	(5,363)	(5,363)
Depletion, depreciation and amortization	—	—	—	—	(716)	(716)
Mine operating income	—	—	—	—	2,466	2,466

Expenses
Exploration, evaluation, and pre-development	4,537	—	4,537	686	360	1,046
General and administrative	3,931	6	3,937	463	46	509
Restructuring cost	—	—	—	—	—	—
Property maintenance	115	—	115	(30)	—	(30)
Share-based payments	291	—	291	166	—	166
Operating income (loss)	(8,874)	(6)	(8,880)	(1,285)	2,060	775

At both operations, no gold ounces were produced and sold as residual heap leaching continued and the 1,733 gold ounces from Lone Tree and 1,312 gold ounces from Ruby Hill contained in loaded carbon which were produced had not yet been further refined as a finished product as of December 31, 2021. All operating costs were capitalized as inventory and will be recognized as operating income (loss) as revenue from the ounces produced is recognized.

Exploration, evaluation, and pre-development total costs of $4.5 million for the three months ended December 31, 2021 increased $3.9 million over the comparable three month period of 2020 mainly due to exploration and pre-development work at Granite Creek that started in the second quarter of 2021.

Twelve months ended December 31, 2021

Twelve months ended December 31, 2020

(in thousands of U.S. dollars, unless otherwise noted)

From Continuing Operations

From Disc. Operations

Total

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