i-80 Gold FAD Project Resource Update Reveals Nevada Polymetallic Discovery

Understanding i-80 Gold's Strategic Asset Positioning in Nevada

The FAD project stands as a remarkable polymetallic discovery nestled within Nevada's prestigious Battle Mountain-Eureka mineral belt, demonstrating extraordinary metal concentrations across four key commodities. This northeastern Nevada asset reinforces the region's enduring reputation for delivering high-value mineral discoveries that extend far beyond conventional gold-focused operations.

Located immediately south of i-80 Gold's Ruby Hill property, the FAD deposit occupies a strategically advantageous position within one of North America's most prolific mining districts. The project was acquired through a substantial $88 million all-share transaction with Paycore Minerals in 2023, reflecting i-80's commitment to expanding its Nevada mineral portfolio during favorable market conditions.

Location and Geological Context

The FAD project benefits from its placement within the Eldorado Dolomite host rock formation, a geological setting renowned for hosting significant polymetallic mineralization. The Battle Mountain-Eureka trend has consistently produced world-class deposits, providing established infrastructure networks and proven geological continuity that enhances exploration success rates.

This geographic positioning offers immediate access to existing mining infrastructure, including roads, power transmission lines, and processing facilities. The proximity to i-80's operational Ruby Hill facility creates potential synergies for near-term development scenarios, particularly for oxide gold recovery operations.

Strategic Importance Within i-80's Portfolio

Despite its impressive resource characteristics, FAD represents a non-core asset within i-80 Gold's strategic framework. The company has identified five core gold projects as primary development targets: Lone Tree, Granite Creek, and Cove, along with two additional flagship properties. This focused approach aligns with i-80's objective to establish itself as a premier Nevada-focused mid-tier gold producer.

The decision to monetize FAD through divestiture reflects disciplined capital allocation principles, ensuring development resources concentrate on assets most aligned with the company's core gold production strategy. This approach provides financial flexibility while maximizing shareholder value through mining asset divestitures that optimise portfolio composition.

How Do the Updated FAD Resource Numbers Compare to Industry Standards?

The November 2025 mineral resource update reveals exceptional grade characteristics that position FAD among the highest-grade polymetallic discoveries in Nevada's recent exploration history. The i-80 resource update for FAD project demonstrates remarkable metal concentration levels across all four primary commodities, with grades significantly exceeding regional averages.

Indicated Resource Breakdown and Metal Content Analysis

Table: FAD Project Indicated Resources (November 2025)

The indicated resource demonstrates remarkable consistency across all metal types, with the 594,000-tonne mineralized zone containing substantial quantities of each commodity. Gold grades at 4.51 g/t represent premium mineralization for Nevada standards, while silver concentrations at 209.7 g/t indicate exceptional precious metal enrichment.

Lead and zinc grades at 4.34% and 6.77% respectively showcase high-grade base metal mineralization typical of Nevada's most successful polymetallic deposits. These concentration levels support robust economic fundamentals across multiple commodity price scenarios.

Inferred Resource Potential and Expansion Opportunities

The inferred resource category contains significantly larger tonnage potential, totalling 2.74 million tonnes with competitive grade characteristics:

• Gold: 5.07 g/t containing 446,000 oz

• Silver: 188.6 g/t containing 16,600,000 oz

• Lead: 3.69% containing 223,000,000 lbs

• Zinc: 4.42% containing 267,000,000 lbs

Combined indicated and inferred categories represent approximately 7.36 million tonnes of mineralized material containing 895,000 oz gold, 31 million oz silver, 407 million lbs lead, and 678 million lbs zinc at November 2025 commodity prices.

The substantial inferred resource demonstrates significant expansion potential through targeted drilling campaigns. Furthermore, these mineral exploration insights indicate the deposit remains open at depth, to the east and north, where wide-spaced historical holes have intersected mineralization beyond the current resource boundary.

Metallurgical Advantages and Processing Implications

Conservative quality control protocols were employed throughout the resource estimation process, with numerous historical drill holes excluded due to unverifiable quality control measures. This methodology increases confidence in reported tonnage and grade estimates while suggesting actual resource potential may exceed current calculations.

The validation approach prioritises data reliability over resource magnitude, establishing a solid foundation for future development decisions. In addition to this conservative approach, substantial project enhancement has occurred through systematic data organization and comprehensive metallurgical testwork.

What Processing Options Make FAD Commercially Attractive?

The FAD project presents multiple processing pathways that enhance commercial viability across different development scenarios. Metallurgical characteristics demonstrate favourable recovery potential through both conventional and alternative processing methods, providing operational flexibility for future development strategies.

Near-Surface Oxide Gold Recovery Potential

Oxide gold mineralization at the Gold Hill target offers immediate monetization opportunities through established heap leaching technologies. Preliminary metallurgical testing indicates 85% gold recovery rates through standard 48-hour cyanidation processes, demonstrating excellent leaching characteristics for Nevada oxide ores.

The near-surface positioning of oxide zones minimises stripping requirements and reduces initial capital expenditure for development. Moreover, proximity to i-80's existing Ruby Hill heap leach operation creates potential processing synergies without requiring substantial infrastructure investment.

Heap leaching represents a lower-cost processing alternative compared to conventional milling, particularly advantageous for oxide gold mineralization. The technology's proven track record in Nevada provides operational certainty and reduces technical risk associated with metallurgical processing.

Critical Metals Upside in Zinc Concentrates

Analysis of metallurgical composites from sulfide material reveals the presence of valuable critical metals within zinc concentrates, including:

• Gallium – Essential for semiconductor applications

• Indium – Critical for solar panel manufacturing

• Strategic antimony – Strategic metal for battery applications

• Tin – Industrial metal with diverse applications

These critical metals provide significant economic upside potential beyond base metal and precious metal content. Current market conditions favour critical metals recovery, with industrial demand driving premium pricing for these specialised commodities.

The presence of critical metals in zinc concentrates offers additional revenue streams while supporting strategic mineral supply chains. Consequently, this metallurgical advantage differentiates FAD from conventional polymetallic deposits lacking critical metals content.

Ruby Hill Processing Synergies

Integration opportunities with i-80's Ruby Hill central processing facility create compelling development scenarios for FAD mineralization. The proximity allows for shared infrastructure utilisation, reducing capital requirements and operational complexity.

Ruby Hill's refurbishment represents a key component in i-80's strategic plan to become a Nevada-focused mid-tier gold producer. The facility's capacity and technical capabilities support potential FAD integration scenarios, particularly for oxide gold processing through heap leaching operations.

Processing synergies extend beyond immediate operational benefits, encompassing shared permitting frameworks, environmental management systems, and skilled workforce utilisation. These advantages reduce development timelines and regulatory complexity for future FAD operators.

Why Is i-80 Gold Considering FAD as a Non-Core Asset Sale?

i-80 Gold's strategic decision to divest the i-80 resource update for FAD project reflects a disciplined approach to capital allocation and portfolio optimization. Despite the asset's impressive resource characteristics and processing advantages, FAD does not align with the company's core strategic objectives focused on Nevada gold production.

Strategic Focus on Core Nevada Operations

The company has identified five core gold projects as primary development targets, requiring concentrated capital investment and management attention. This focused strategy aims to establish i-80 as a premier Nevada-based mid-tier gold producer, necessitating resource prioritisation toward flagship assets.

FAD's polymetallic nature, while economically attractive, diverges from i-80's gold-centric development strategy. The project would require specialised metallurgical expertise and marketing capabilities for base metals and critical metals, representing operational complexity beyond the company's core competencies.

Strategic focus enables more efficient capital deployment toward projects with established development pathways and proven economic models. However, this approach reduces execution risk while accelerating the timeline toward meaningful gold production milestones.

Capital Requirements and Financing Strategy

i-80 Gold is targeting $350-400 million in funding through multiple channels, including asset sales, royalty transactions, and strategic partnerships. FAD divestiture represents a significant component of this comprehensive financing strategy, providing capital for core project advancement.

The asset sale approach offers several advantages over traditional financing methods:

• Non-dilutive funding without additional share issuance

• Immediate capital availability for core project development

• Risk transfer of non-core assets to specialised operators

• Focus enhancement on primary strategic objectives

Asset monetization timing aligns with favourable market conditions for Nevada mining properties, maximizing transaction value while supporting broader corporate financial objectives.

Asset Optimization Timeline

The November 2025 resource update strategically positions FAD for marketing processes during optimal market conditions. Updated resource estimates provide potential acquirers with current geological data supporting informed investment decisions.

Asset optimization requires careful timing coordination between technical advancement, market conditions, and buyer readiness. Furthermore, the comprehensive resource update demonstrates project maturity while highlighting expansion potential for future operators.

Transaction timing supports i-80's broader recapitalization timeline, ensuring capital availability aligns with core project development schedules and operational milestones.

How Does FAD Fit Within Nevada's Mining Investment Landscape?

Nevada's established position as North America's premier mining jurisdiction creates compelling investment fundamentals for polymetallic projects like FAD. The state's regulatory framework, infrastructure networks, and geological prospectivity provide significant competitive advantages over alternative mining jurisdictions.

Battle Mountain-Eureka Trend Significance

The Battle Mountain-Eureka mineral belt represents one of the world's most productive mining districts, with a demonstrated track record of major discoveries spanning several decades. This geological trend has consistently delivered world-class deposits, supporting continued exploration investment and development activities according to i-80's updated resource estimate.

FAD's location within this established trend benefits from:

• Proven geological continuity supporting exploration success

• Established infrastructure networks reducing development costs

• Skilled workforce availability from regional mining operations

• Regulatory familiarity with permitting processes and requirements

The trend's geological characteristics favour polymetallic mineralization, with numerous historical discoveries demonstrating similar metal associations and grade distributions. This regional context enhances FAD's exploration potential and supports resource expansion scenarios.

Polymetallic Deposit Advantages in Current Markets

Current commodity market conditions favour polymetallic deposits offering diversification across multiple metal types. This natural hedging reduces exposure to individual commodity price volatility while capturing upside potential across various industrial sectors.

Critical metals content provides additional strategic value, particularly as industrial demand increases for gallium, indium, antimony, and tin applications. Government initiatives supporting critical minerals supply chains create favourable policy environments for such projects.

Polymetallic deposits also attract diverse buyer categories, from traditional mining companies to strategic industrial consumers seeking secure supply sources. Consequently, this expanded buyer universe supports competitive transaction processes and optimal valuation outcomes.

Infrastructure and Permitting Benefits

Nevada's mature mining infrastructure significantly reduces development capital requirements compared to greenfield jurisdictions. Existing road networks, power transmission systems, and processing facilities create immediate operational advantages for new projects.

The state's permitting framework, while comprehensive, provides predictable timelines and established precedents for polymetallic project approvals. Regulatory agencies possess extensive experience with similar projects, reducing approval uncertainty and development risk.

Environmental management protocols benefit from decades of successful mine development and closure activities throughout Nevada. This experience base supports efficient environmental assessment processes and proven mitigation strategies.

What Are the Key Technical Highlights of the Resource Update?

The November 2025 mineral resource update represents a comprehensive technical achievement, incorporating extensive drilling data, advanced geological modelling, and rigorous quality control protocols. The update demonstrates substantial enhancement of project understanding through systematic data validation and organisation.

Drilling Program Results and Data Validation

Approximately 21,000 metres of drilling have been completed across the FAD project, providing comprehensive subsurface data for geological modelling and resource estimation. This substantial drilling database enables confident resource categorisation and supports future expansion targeting.

The drilling program focused on validating historical exploration results while identifying new mineralization zones and structural controls. Systematic validation confirmed the reliability of historical data where quality control measures could be verified, while excluding questionable datasets.

Key Technical Metrics:

• Total drilling completed: ~21,000 metres

• Primary mineralization zones: 2 (oxide and sulfide)

• Host rock: Eldorado Dolomite

• Depth potential: Open at depth and laterally

The two primary mineralization zones demonstrate distinct metallurgical characteristics, with oxide zones suitable for heap leaching and sulfide zones requiring conventional processing. This geological diversity provides processing flexibility and optimization opportunities.

Quality Control and Data Verification Standards

Conservative quality control protocols excluded numerous historical drill holes lacking validated control measures, prioritising data reliability over resource magnitude. This approach increases confidence in reported estimates while suggesting potential for resource growth through additional drilling.

Quality assurance programmes incorporated industry-standard protocols including:

• Certified reference materials for assay accuracy verification

• Blank samples for contamination detection

• Duplicate sampling for precision assessment

• Independent laboratory analysis for result validation

The stringent QC approach ensures resource estimates meet international reporting standards while providing reliable data for metallurgical testwork and engineering studies. Even with conservative data inclusion criteria, significant project enhancement has been achieved through systematic data organisation.

Geological Model Confidence Levels

Advanced three-dimensional geological modelling incorporates structural controls, lithological variations, and mineralization styles to create robust resource estimates. The model demonstrates good geological continuity and supports confident resource categorisation.

Mineralization remains open in multiple directions, with wide-spaced historical holes intersecting mineralization beyond current resource boundaries. This expansion potential supports future drilling programs targeting resource growth and category upgrades.

In addition, geological understanding has been significantly enhanced through validation work, creating a solid foundation for future technical studies and development planning. The deposit's geological characteristics compare favourably with other successful Nevada polymetallic projects.

What Market Factors Support FAD's Commercial Viability?

Current commodity market conditions create favourable fundamentals for polymetallic projects, with strong pricing across gold, silver, lead, and zinc supporting robust economic potential. Critical metals content provides additional value enhancement, particularly as industrial demand increases for strategic materials.

Current Metal Price Environment and Projections

At November 2025 commodity prices, the combined FAD resource represents substantial in-situ metal value across four primary commodities. The 7.36 million tonnes of mineralized material contains significant metal content supporting various development scenarios.

Total Combined Resource (At Current Spot Prices):

• Gold: 895,000 oz across indicated and inferred categories

• Silver: 31 million oz providing substantial precious metal content

• Lead: 407 million lbs of high-grade base metal mineralization

• Zinc: 678 million lbs supporting conventional concentrate production

The commodity diversification provides natural price hedging, reducing exposure to individual metal price volatility while capturing upside potential across multiple sectors. This risk mitigation enhances project economics under various market scenarios.

Current precious metals pricing supports favourable gold and silver economics, while base metals pricing reflects industrial demand for lead and zinc applications. The combination creates balanced revenue potential across commodity categories.

Critical Metals Premium Potential

Metallurgical analysis confirms the presence of gallium, indium, antimony, and tin within zinc concentrates, representing significant additional value potential. These critical metals command premium pricing due to limited supply sources and increasing industrial demand.

Critical metals applications span diverse industrial sectors:

• Gallium: Semiconductor and LED manufacturing

• Indium: Solar panel and display technologies

• Antimony: Battery and flame retardant applications

• Tin: Electronics and speciality alloy production

Government initiatives supporting critical minerals supply chains create favourable policy environments for projects containing these materials. Strategic stockpiling programmes and supply security concerns drive premium pricing for reliable sources.

The byproduct nature of critical metals recovery provides high-margin revenue streams with minimal additional processing costs. This economic advantage differentiates FAD from conventional polymetallic deposits lacking critical metals content.

Nevada Jurisdiction Advantages

Nevada's established mining framework provides significant competitive advantages over alternative jurisdictions, including stable regulatory environments, favourable taxation, and established infrastructure networks. These factors reduce development risk and enhance project economics.

Jurisdictional advantages include:

• Political stability with consistent mining policies

• Favourable taxation compared to international alternatives

• Established permitting processes with predictable timelines

• Infrastructure availability reducing capital requirements

The state's mining-friendly environment attracts diverse investment sources, from traditional mining companies to financial investors seeking exposure to Nevada mining assets. This investor interest supports competitive transaction processes and favourable valuations.

How Does the Sale Process Timeline Align with i-80's Corporate Strategy?

The FAD asset sale process strategically aligns with i-80 Gold's broader recapitalization and portfolio optimization initiatives. The November 2025 resource update provides optimal timing for marketing activities during favourable market conditions and buyer interest.

Asset Marketing and Due Diligence Considerations

The comprehensive resource update establishes a solid technical foundation for buyer due diligence processes, demonstrating project maturity and expansion potential. Updated geological data supports informed investment decisions while highlighting development opportunities.

Marketing advantages include:

• Current resource estimates meeting international reporting standards

• Validated geological data providing buyer confidence

• Metallurgical insights supporting processing options

• Expansion potential offering resource growth opportunities

The asset's location within Nevada's premier mining district enhances marketing appeal, providing buyers with established infrastructure access and regulatory familiarity. This jurisdictional advantage supports competitive bidding processes and optimal transaction outcomes.

Potential Buyer Profile Analysis

FAD's polymetallic characteristics attract diverse buyer categories, each bringing different strategic perspectives and development capabilities. This buyer diversity supports competitive transaction processes while ensuring optimal asset placement.

Potential buyer categories include:

• Mid-tier miners seeking production diversification

• Base metals specialists with processing expertise

• Critical metals companies targeting strategic materials

• Financial investors seeking Nevada mining exposure

Each buyer category offers distinct advantages, from operational synergies to specialised technical capabilities. The diversity creates competitive dynamics supporting favourable transaction terms and valuations.

Transaction Structure Possibilities

Multiple transaction structures could optimise value creation for both i-80 Gold and potential acquirers. Structure flexibility enables customised solutions addressing specific buyer requirements while maximising i-80's strategic objectives.

Potential transaction structures:

• Outright sale providing immediate capital and risk transfer

• Joint venture maintaining partial exposure while sharing development costs

• Royalty retention preserving long-term upside participation

• Staged transactions linking payments to development milestones

Transaction timing supports i-80's target funding timeline of $350-400 million across multiple capital sources. Asset sale proceeds contribute significantly to this financing objective while reducing portfolio complexity.

What Are the Long-Term Implications for Nevada Polymetallic Mining?

The i-80 resource update for FAD project exemplifies evolving trends toward polymetallic mining in Nevada, reflecting changing industrial demand patterns and strategic mineral requirements. This shift supports diversified mining operations while maintaining Nevada's position as a premier mining jurisdiction.

Industry Trends Supporting Multi-Metal Projects

Industrial demand patterns increasingly favour polymetallic projects offering supply diversity and critical materials content. These industry evolution trends reflect evolving technology requirements and supply chain security considerations across multiple sectors.

Key industry trends include:

• Technology sector demand for critical metals in electronics

• Energy transition requirements for battery and solar materials

• Supply chain diversification reducing single-source dependencies

• Strategic stockpiling initiatives by government agencies

Nevada's geological characteristics favour polymetallic mineralization, positioning the state to benefit from these evolving demand patterns. Projects like FAD demonstrate the region's potential for meeting diverse industrial mineral requirements.

Supply Chain Integration Opportunities

Polymetallic projects enable integrated supply chain development, from mining through processing to end-user delivery. This integration creates value-added opportunities while supporting domestic supply security objectives.

Critical metals content provides particular strategic value, with government initiatives supporting domestic production capabilities for materials essential to national security. Nevada's established mining framework supports such strategic developments.

Regional Development Impact Potential

Successful polymetallic projects create broader regional economic benefits through employment, infrastructure development, and supply chain activities. These impacts extend beyond immediate mining operations to support regional economic diversification.

Nevada's mining industry continues evolving toward more diverse commodity portfolios, with projects like FAD representing future development models. This evolution maintains the state's competitive position while addressing changing market requirements.

FAD Project's Role in Nevada's Mining Evolution

The updated FAD mineral resource estimate confirms the project's exceptional status as a high-grade polymetallic asset within one of North America's most prestigious mining jurisdictions. With indicated resources containing 86,000 oz gold at 4.51 g/t, 4 million oz silver at 209.7 g/t, plus substantial lead and zinc content, the deposit demonstrates remarkable metal concentration across multiple commodities.

While positioned as a non-core asset within i-80 Gold's portfolio, FAD represents significant value creation potential for specialised polymetallic developers. The project's metallurgical advantages, including 85% oxide gold recovery rates and critical metals content in zinc concentrates, create multiple development pathways and revenue optimization opportunities.

The combination of exceptional grades, proven metallurgical characteristics, established infrastructure access, and Nevada's favourable regulatory environment creates a compelling investment proposition for the global mining industry. Furthermore, the presence of critical metals including gallium, indium, antimony, and tin adds strategic value beyond traditional precious and base metals content.

As the company progresses its strategic recapitalization through its $350-400 million funding program, FAD's divestiture provides an opportunity for specialised operators to capitalise on this well-defined resource. The project's location within the Battle Mountain-Eureka trend, combined with proximity to existing processing infrastructure at Ruby Hill, supports multiple development scenarios for future operators.

Disclaimer: This article contains forward-looking statements and market analysis based on available information as of November 2025. Mineral resource estimates, metallurgical projections, and commodity price assumptions are subject to change based on further technical work, market conditions, and regulatory developments. Readers should conduct independent research and seek professional advice before making investment decisions. The author does not provide investment advice, and this content is for informational purposes only.

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