i-80 GOLD CORP. announced that it has signed an Agreement to acquire a strategic property package located in Lander County, Nevada(the "Property"), that includes, among other things, 582 acre–feet of water rights, a rail heading on the Nevada Central Railway, several advanced-stage barite deposits, full barite processing infrastructure and known gold mineralized zones from Baker Hughes Oilfield Operations LLC("Baker Hughes"). This strategic acquisition provides i-80 with water rights for development and operation of the Cove open pit mine, marking a major milestone for executing on the Cove Project dewatering strategy.

Highlights of the acquisition include: 582 acre-feet per annum of water rights to be used for the operation and eventual closure of the Cove Project, Barite processing facilities and associated infrastructure, A rail siding to provide the Company with access to the Northern Nevada Railway and property to be used or leased out for a variety of Commercial purposes. At closing, i-80 will own a 100% interest in the Property and associated infrastructure and assuming certain reclamation and related bonding liabilities on the Property. The US Geological Survey lists Barite as a "critical mineral" and the Company will complete a review of options related to mining and processing.

McCoy-Cove is one of four projects currently being advanced for development and is expected to be a key project in the Company's plans to restart the Lone Tree autoclave. Construction of the decline at Cove is now underway with more than 300 ft advanced to date. This Phase 1 program will also include construction of an initial level with multiple drill bays to provide access for upgrading resources.

Approximately 40,000 metres of underground definition and expansion drilling is anticipated to commence in H2-2022 followed by a Feasibility Study anticipated to be completed in 2023. The Cove deposit represents one of North America's high grade gold deposits with grades in excess of 10 grams per tonne gold (g/t Au). The deposit remains open for expansion down-dip.

The McCoy-Cove Property is strategically located approximately eighty-four kilometres south (by road) of the Company's Lone Tree Complex and immediately south of Nevada Gold Mines'Phoenix Mine within the Battle Mountain-Eureka Trend. The Property is accessed via an all-season road from Highway 55 in Nevada.