RENO, Nevada, Aug. 12, 2024 /PRNewswire/ - i-80 GOLD CORP. (TSX:IAU) (NYSE:IAUX) ("i-80", or the "Company") reports its operating and financial results for the three and six months ended June 30, 2024.  i-80's unaudited condensed consolidated interim 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 six months ended June 30, 2024, are available on the Company's website at www.i80gold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. Unless otherwise stated, all amounts referred to herein are in U.S. dollars (C$ represents Canadian dollars). Highlights Second Quarter First mineralized material was accessed at South Pacific Zone at the Granite Creek mine in June, 2024. 3,760 feet of horizontal and vertical advancement at the Granite Creek mine. Commenced underground delineation drilling of the CSD Gap and Helen zones at the McCoy-Cove project (14,382 feet). Q2 2024 gold sales of 1,636 ounces at a realized gold price of $2,3611 per ounce. 9,361 tons of mineralized material sold for total revenues of $5.9 million. Year to Date Completed 17,976 feet of exploration drilling at McCoy-Cove. Completed 6,938 feet of horizontal and vertical advancement at the Granite Creek mine. YTD gold sales of 4,122 ounces at a realized gold price of $2,1931 per ounce. 19,528 tons of mineralized material sold (5,183 tons of sulfide mineralized material) for total revenues of $9.1 million. A total of 40,447 feet (core and RC) drilled YTD with multiple positive results to expand mineralization further at the Ruby Hill mine, the Granite Creek mine and the McCoy-Cove project. "The bought deal public offering completed during Q2 strengthens our financial flexibility and positions the Company to continue to execute on its plans", stated Ryan Snow, Chief Financial Officer of i-80. "We continue to advance exploration, definition drilling, economic studies and permitting activities at our projects to advance towards the ultimate goal of building a mid-tier Nevada focused producer." Production and sales totaled 1,636 gold ounces for the quarter and 4,122 gold ounces year to date (YTD) at a realized gold price of $2,361 and $2,193 per ounce sold1, respectively. Additionally, mineralized material sales totaled 9,361 tons for the quarter and 19,528 tons YTD for proceeds of $5.9 million and $9.1 million, respectively. Exploration, evaluation, and pre-development costs were $5.1 million for the quarter and $7.8 million YTD. This expenditure mainly reflects the exploration and pre-development work at McCoy-Cove, Granite Creek and Ruby Hill. Three months endedJune 30, Six months endedJune 30, (in thousands of U.S. dollars, unless otherwise noted) 2024 2023 2024 2023 Revenue 7,184 11,310 15,597 15,859 Cost of sales(1) (18,994) (12,188) (26,897) (18,731) Depletion, depreciation and amortization(1) (74) (2,724) (451) (4,145) Mine operating loss (11,884) (3,602) (11,751) (7,017) Expenses Exploration, evaluation, and pre-development 5,065 11,095 7,848 20,074 General and administrative 6,007 4,397 10,585 9,588 Property maintenance 1,864 2,781 5,269 5,230 Share-based payments 612 903 1,141 2,211 Operating loss (25,432) (22,778) (36,594) (44,120) (1) For the three and six months ended June 30, 2024, includes an inventory impairment of $8.8 million (2023 - $4.5 million and $8.5 million, respectively) Granite Creek Highlights for the three and six months ended June 30, 2024, include: 33,469 wet tons of mineralized material were mined and added to the stockpile as of Q2 2024. Sale of total mineralized material of 9,361 tons for proceeds of $5.9 million for the three months ended June 30, 2024. Sale of total mineralized material of 19,528 tons YTD for proceeds of $9.1 million for the six months ended June 30, 2024. First mineralized material was accessed at South Pacific Zone at the Granite Creek mine in June, 2024. 3,760 feet of combined horizontal and vertical advancement in Q2 2024. "Granite Creek achieved a milestone in the second quarter of accessing the first mineralized material out of the South Pacific Zone", stated Matt Gili, President and Chief Operating Officer of i-80. "Subsequent to the end of the period, initial test mining of the first level of the South Pacific Zone was completed in the uppermost part of the deposit.  The grade reconciliation was consistent with the Company model with more tons of mineralized material mined than modelled, leading to a positive reconciliation on gold production from the first level." The current priority at Granite Creek during the first half of the year was to gain access to the South Pacific Zone that is expected to be the primary zone for mining in the future. Installation of infrastructure required to provide for the execution of a long-term mine plan continues. As mine workings continue to go deeper, the management of water inflows into the underground workings is a top priority for initiating commercial production. Water is managed through a combination of de-watering wells and underground sumps and the Company is enhancing its de-watering capabilities by adding wells (completed installation of "Well 6") and is initiating the deepening of existing de-watering wells to increase flow and extend their useful life. The Company continues to encounter elevated oxide mineralized material with approximately 83% of mined mineralization being oxide during the quarter. The oxide mineralized material is sold under an ore purchase agreement, therefore no gold ounces are reported as production. As of June 30, 2024, the Company had delivered 34,695 of the 40,000 tons of material that were sold in December 2023, the Company has met the delivery requirements for the prepaid deposit, therefore additional recoveries from the 40,000 tons will result in additional revenue for the Company. As the Company continues to de-water and advance development of the South Pacific Zone, mining rates are expected to increase. During the three months ended June 30, 2024, a total of 15,935 feet of surface RC drilling and 2,504 feet of directional core drilling was completed. One of the primary surface targets is testing the northern extension of the South Pacific Zone where previous drilling indicated that the horizon remained open along strike to the north and where there has been only limited previous drilling. While completing a pre-collar for a step-out hole, mineralization was intersected in the Upper Comus containing coarse pyrite mineralization that assayed 6.8 g/t Au over 3.0 m, providing a new target for future exploration. Additionally, multiple zones of faulting and alteration were intersected in an additional step-out hole prior to reaching target depth, providing additional targets for future drilling. The Company has determined that it will be more efficient, and more cost effective, to complete definition drilling of the South Pacific Zone from an underground platforms. The Company is in the process of analyzing options for the underground drill platform and will recommence definition drilling of the South Pacific Zone later this year.  Drilling highlights for the quarter include: GCPU24-02: 22.0 g/t Au over 29.0 m GCPU24-04: 11.0 g/t Au over 22.4 m GCPU24-04: 60.5 g/t Au over 4.1 m McCoy-Cove The Cove deposit and the McCoy-Cove Property is expected to be the core asset in the Company's "hub and spoke" business plan and likely the highest-grade gold deposit in i-80's portfolio. The primary focus is to complete the ongoing underground drill program in advance  of the completion of a Feasibility Study. This program has been highly successful in demonstrating continuity of high-grade mineralization, confirming Cove as one of North America's premier development-stage deposits. Highlight new results from the ongoing program include: iCHU24-01: 48.3 g/t Au over 3.0 m (Lower Helen Zone) and 15.8 g/t Au over 15.8 m (Lower Helen Zone) iCHU24-04: 14.3 g/t Au over 13.5 m (Lower Helen Zone) iCHU24-08: 15.1 g/t Au over 7.4 m (Lower Helen Zone) and 22.6 g/t Au over 7.1 m (Lower Helen Zone) iCHU24-12: 7.8 g/t Au over 28.7 m (Lower Helen Zone) iCHU24-14: 13.7 g/t Au over 7.2 m (Lower Helen Zone)