The Nevada Medal was established by DRI in 1988 to acknowledge outstanding achievement in science and engineering. The annual award includes an eight-ounce minted medallion of .999 pure Nevada silver and $20,000 lecture honorarium sponsored by AT&T.

The award program involves public lectures by the medalist at DRI campuses in Reno and Las Vegas. The award is formally presented by the Governor of Nevada during dinner ceremonies in Reno and Las Vegas attended by Nevada's business, educational and governmental leaders.