07:57 AM EST, 02/18/2025 (MT Newswires) -- i-80 Gold ( IAUX ) reported Tuesday the results of a preliminary economic assessment (PEA) for the Archimedes underground project within the Ruby Hill Complex in Nevada.

The study outlined a posttax net present value of US$126.8 million based on a 5% discount rate, with a 23% internal rate of return.

Gold production was projected at 84,400 ounces per year over a 10-year mine life. Total capital and closure costs were pegged at US$164.4 million.

"Based on the PEA, Archimedes is expected to contribute meaningfully to the overall production and economics of the company's hub-and-spoke strategy in spite of higher transportation costs to our central autoclave facility, and lower grades relative to the company's two other underground projects," CEO Richard Young said.

An updated resource estimate is expected to be completed in 2028 for inclusion in a planned feasibility study.

"The PEA's findings show that at a base case gold price of US$2,175/oz, Archimedes Underground is at the lower end of valuation compared to other underground gold projects in our portfolio, however it presents the highest leverage to gold prices," Young added.

I-80's share price was up 0.1% at last look to US$0.6996 in NYSE American pre-market trading.