Overview
The Ruby Hill Complex and Granite Creek silver stream covers a portfolio of assets owned and operated by i-80 Gold Corp. in Nevada, USA, including the Mineral Point and Archimedes projects. The stream is currently delivering silver from Archimedes, with significant growth anticipated upon the commencement of production at Mineral Point.
The Mineral Point Project is a large, near-surface oxide gold-silver deposit located near Eureka, Nevada, at the southeastern end of the Battle Mountain-Eureka Trend, immediately west of the historic Archimedes open pit.
Mineral Point hosts 3.38 million ounces of gold in Indicated Mineral Resources and 2.12 million ounces of gold in Inferred Mineral Resources, together with approximately 196 million ounces of silver across the Indicated and Inferred categories, over which Elemental has full exposure. Mineralisation is principally hosted within the Cambrian Hamburg Dolomite and remains open at depth. Recent drilling has demonstrated the potential to expand the existing mineralised footprint beyond the current resource boundaries.
The February 2025 Preliminary Economic Assessment outlined a conventional truck- and-shovel open pit feeding a two-stage crushing and on-site heap-leach operation at approximately 23 million tonnes per annum. The PEA assumes average processed grades of 0.39 g/t gold and 15.37 g/t silver, with average recoveries of 78% and 41% (respectively), with silver being recovered using a Merrill-Crowe circuit. The study contemplated an approximately 17-year mine life and average annual production of approximately 280,000 gold-equivalent ounces following ramp- up. Completion of the large ingoing drilling programme is expected in the first quarter of 2027, with a Pre-Feasibility Study targeted for approximately mid-2027. Early- stage technical and pre-permitting activities are also underway, with i-80 guiding to production commencement in H2 2031.
In October 2026, i-80 announced an updated development plan prioritising Mineral Point as its next major development project, ahead of Granite Creek open pit, recognising the project’s scale and potential to drive a significant increase in future production.
Elemental is entitled to receive 50% of silver production from the applicable stream properties at a purchase price equal to 20% of the prevailing spot silver price. The stream reduces to 10% following delivery of a cumulative 2.5 million ounces of silver, of which approximately 1.3 million ounces remain before the step-down. Thereafter, the stream continues without a further delivery cap, while Granite Creek is removed from the stream area of interest.
References
i-80 Gold Corp., NI 43-101 Technical Report, Preliminary Economic Assessment of the i-80 Gold Corp. Ruby Hill Project, Eureka County, Nevada, dated March 31, 2025, with an effective date of December 31, 2024.
i-80 Gold Corp. News Release titled “i-80 Gold Announces Positive Preliminary Economic Assessment on the Mineral Point Open Pit Project, Nevada,” dated February 21, 2025.
i-80 Gold Corp. News Release titled “i-80 Gold Reports Second Quarter 2026 Results; On Track to Achieve Full-Year Guidance as Granite Creek Ramps Up and Development Plan Advances,” dated August 10, 2026.
Cornerstone assets
