i‑80 Gold targets 75K annual ounces in Granite Creek study

i-80 Gold Corp. TSEIAU NYSEAMERICANIAUX said Sept. 21 its Granite Creek underground study targets about 75,000 gold ounces a year. The target is backed by a first reserve of 556,500 ounces, while the study estimates US$144.9 million in capital and closure costs.

Shares rose 1.64 per cent to C$2.48 at Friday's 4 p.m. EDT close in Toronto, according to the TSEIAU quote.

The study estimates an after-tax net present value of US$118 million at a US$2,750-an-ounce gold assumption and a five per cent discount rate. Its illustrative US$4,500 gold sensitivity raises that value to US$598 million, showing how strongly the project's economics change with the assumed metal price.

Granite Creek is already producing, with i-80 forecasting 30,000 to 40,000 ounces in 2026. The larger annual target relies on the Lone Tree processing plant's planned fourth-quarter 2027 commissioning, after third-party processing through mid-2027 and roughly six months of stockpiling.

The 2028 to 2032 production target is about 15,000 ounces a year above the March 2025 preliminary assessment. The new proven and probable reserve contains 2.20 million tonnes grading 7.87 grams of gold per tonne, or 556,500 contained ounces. Measured and indicated resources total 859,500 ounces in 3.73 million tonnes grading 7.17 grams per tonne. That is up 229 per cent from the March 2025 preliminary assessment. Inferred resources fell 38 per cent to 202,800 ounces as drilling moved some material into higher-confidence categories.

The company expects Lone Tree to process ore at lower cost than outside contractors once its refurbished autoclave and carbon-in-leach plant starts.

The mine plan runs for about 8.5 years and projects 485,000 recovered ounces, reflecting an estimated 87 per cent recovery rate. The study's cost table assigns US$82.9 million to sustaining capital, US$49.3 million as Granite Creek's share of Lone Tree refurbishment and US$12.7 million to closure. Its US$1,915-an-ounce all-in sustaining cost estimate for 2028 through 2032 excludes the allocated Lone Tree refurbishment spending.

"Improved geological definition also increased the number of available ore faces and increased total ore mined, contributing to higher planned production and reduced waste development," executive vice-president and chief operating officer Paul Chawrun said in the Sept. 21 release.

The company's Aug. 10 results reported US$464.6 million in cash at June 30. It forecast US$150 million to US$175 million in growth capital spending across its projects in 2026. Granite Creek's US$49.3 million Lone Tree allocation is a share of the plant work, while the August spending forecast covers the company's broader development program. The company classifies the study as a feasibility study under Canadian standards and a pre-feasibility study under U.S. rules.

i-80 expects major Lone Tree construction to begin in the fourth quarter of 2026.