i-80 Gold Files Pre-Feasibility Study for Granite Creek Underground

What Happened

• i-80 Gold (IAUX) filed an 8-K on Sept. 22, 2026 to disclose a SEC Technical Report Summary / Pre‑Feasibility Study (PFS) for the Granite Creek Underground Project (report dated Sept. 21, 2026; effective Mar. 31, 2026) prepared under S‑K 1300 by SRK and other independent qualified persons.
• Base-case economics at a $2,750/oz gold price: Pre‑tax NPV(5%) $138M, After‑tax NPV(5%) $118M and After‑tax cash flow $153M. Project life is ~8.5 years with Proven & Probable underground mineral reserves of 2,198 kt at 7.87 g/t Au (total contained ~556.5 koz) and total gold recovered ~485 koz.
• Operational and processing plan: Granite Creek is fully permitted and ramping to commercial production in late 2026 (currently ~540 tpd, targeting ~900 tpd). The PFS assumes interim third‑party toll milling to mid‑2027 and commissioning of i-80’s Lone Tree autoclave/POX plant in late‑2027 (Lone Tree refurbishment allocation ~$49.3M).

Key Details

• After‑tax NPV(5%): $118 million; After‑tax cash flow: $153 million (base case $2,750/oz).
• Mine life/production: ~8.5 years; average annual production 75.1 koz (2028–2032), LOM average 53.9 koz.
• Costs and capital: LOM cash cost $2,076/oz; LOM AISC $2,273/oz (AISC excluding Lone Tree refurb. cap). Total capital & closure costs $144.9M (sustaining $82.9M; Lone Tree allocation $49.3M; closure $12.7M).
• Reserves & resources: Proven + Probable underground reserves = 2,198 kt @ 7.87 g/t Au (556.5 koz contained). Updated resource model incorporates ~36,470 m of drilling (2023–2025) and supersedes the March 2025 PEA for the underground.

Why It Matters

• The PFS provides a more detailed, S‑K 1300‑compliant economic and technical baseline for Granite Creek Underground versus the prior PEA, showing a positive NPV and defined mine plan with a path to process sulfide ore at i-80’s Lone Tree POX plant (reducing reliance on toll milling).
• Key drivers for future value include Lone Tree commissioning (late‑2027), actual ramp to steady‑state production, and the Company’s ability to convert additional near‑mine targets (e.g., CX Zone) into reserves. The filing also emphasizes standard risks — commodity prices, permitting, capital/operational costs, and geologic uncertainty — and uses non‑GAAP cost metrics (cash cost, AISC) consistent with industry practice.