That's a big piece of metal but you may be able to get it repaired if using a vulcanising method.
I got a screw right on the edge of my rear and it could still be repaired, £30 instead of £250 for a new tyre (UK prices) which would mean £500 as I would get an axle set.
The wheel/tyre needs to be left with the repairer for a day as they need to grind out the damaged area and remould in plies in a jig and heat treat then smelt the rubber back and cut the tread and it will be pretty much as strong as original.
I've done this with a couple of tyres over the years - even RFTs are OK to do (if not been driven on when flat).