i-80 Gold Corp.

This Annual Report contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "guidance", "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. All forward-looking statements contained in this AIF speak only as of the date of this AIF or as of the date or dates specified in such statements. Forward-looking statements in this AIF include, but are not limited to, statements with respect to:

•future objectives of the Company and strategies to achieve those objectives;

•future financial or operating performance of the Company;

•targeted milestones for the Company's mineral properties and projects;

•expectations, strategies and plans for the Company's mineral properties and projects, including with respect to mineral reserve and mineral resource estimates and the quantity and quality thereof, expected mine life, development schedule, production, capital and operating cost estimates, availability of capital for development and overall financial analyses;

•supply and demand for gold and silver;

•estimation and realization of mineral resources;

•timing of exploration and development projects;

•costs, timing and location of future drilling;

•results of future exploration and drilling and estimated completion dates for certain milestones;

•the ability of the Company to obtain and maintain all government approvals, permits and third party consents in connection with the Company's activities;

•government regulation of mining operations;

•evolution and economic performance of development projects;

•timing of geological and/or technical reports;

•future strategic plans;

•operating and exploration budgets and targets;

•continuity of a favourable gold market;

•contractual commitments;

•environmental and reclamation expenses;

•continuous availability of required manpower;

•continuous access to capital markets; and

•any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others:

•risks normally incidental to the nature of mineral exploration, development and mining;

•exploration programs not resulting in profitable commercial mining operations;

•general business, social, economic, political, regulatory and competitive uncertainties;

•the actual results of current mining operations and development activities;

•operating and/or project delays or interruptions;

•capital requirements, including increases in operating and capital costs;

•debt and liquidity risks;

•the uncertainty of mineral resource estimates;

•mineral resources not having demonstrated economic viability;

•risks associated with the construction and start-up of new mines;

•fluctuating commodity prices;

•failure to develop the Company's mineral projects;

•failure to operate independently;

•risks associated with inaccurate capital and operational costs estimates;

•risks related to future production estimates and guidance, if any;

•dependence on key personnel, including key employees, directors and senior management;

•reliance on third parties;

•financial statements may not reflect the Company's financial position, results of operations or cash flows in the future;

•risks related to the failure or breach of network systems or other digital technologies;

•there being no assurance of title to mineral projects;

•the Company's activities being subject to extensive governmental regulation;

•risks related to health epidemics and outbreak of communicable diseases, maintenance or provision of infrastructure;

•tax matters;

•information technology;

•risks associated with obtaining or complying with all required permits and licenses;

•environmental regulations and potential liabilities;

•ability to arrange for, or continue to obtain, satisfactory surety bonds in favor of government agencies, as financial support for environmental reclamation and exploration permitting at its properties;

•reclamation requirements;

•insurance and uninsured risks;

•competition from other mining businesses;

•the Company's failure to select appropriate acquisition targets;

•undisclosed risks and liabilities relating to the Acquisitions (as defined below);

•not realizing the anticipated benefits of the Acquisitions;

•conflicts of interest;

•non-compliance with ESTMA;

•disputes with third parties;

•reputational risks;

•weather and climate change risks;

•ability to access resources and materials, including water rights;

•land payments relating to mineral properties and projects;

•risks associated with having significant shareholders;

•international conflict;

•the Company's ability to produce accurate and timely financial statements;

•volatility of the trading price of the common shares of the Company (the "Common Shares");

•dilution and future sales of the Common Shares;

•decline in price of the Common Shares;

•the Company's lack of history of earnings;

•failure of plant, equipment or processes to operate as anticipated;

•rising inflation;

•the publication of unfavourable research reports by third parties;

•the Company's failure to comply with laws and regulations or other regulatory requirements; and

•the accuracy of forward-looking statements and forecast financial information.

as well as those additional risk factors listed in the "Risk Factors" section of this AIF. Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from what is anticipated, estimated or intended. Those factors are described or referred to below in this AIF under the heading "Risk Factors" and elsewhere herein. Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial may also impair the Company's business operations.

Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this AIF. Such statements are based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following:

•favourable equity and debt capital markets;

•the supply and demand for, and the level and volatility of, future gold and silver prices;

•operating and capital costs;

•the Company's ability to raise any necessary additional capital on reasonable terms to advance the development of its projects and pursue planned exploration;

•the economy and the mining industry in general;

•the accuracy of the Company's mineral reserve and mineral resource estimates and the geological and metallurgical assumptions (including with respect to size, grade and recoverability of mineral reserves and mineral resources) and operational and price assumptions on which the mineral reserve and resource estimates are based;

•permitting, development and operations are consistent with the Company's expectations;

•no unforeseen changes in the legislative and operating framework for the Company occur;

•the accuracy of budgeted exploration and development costs and expenditures;

•foreign exchange rates;

•plant and equipment work as anticipated;

•no unusual geological or technical problems occur;

•the receipt of any necessary regulatory approvals;

•the Company's ability to attract and retain skilled staff;

•prices and availability of equipment;

•the ability of contracted parties to provide goods and/or services on a timely basis or at all; and

•no significant events occur outside of the Company's normal course business.

All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

NOTE TO UNITED STATES READERS - DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES

The Registrant is permitted, under MJDS, to prepare this Annual Report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant prepares its financial statements, which are filed with this Annual Report, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), and which may not be comparable to financial statements of United States companies.