i-80 Gold Finalizes $1B Funding and Gold Prepay Deal
i-80 Gold Corp. (the “Company” or “i-80 Gold”) has announced the completion of its previously disclosed gold prepayment arrangement (the “Gold Prepay Facility”) with National Bank of Canada and Macquarie Bank Limited. This facility provides an initial $150 million advance, along with an additional $100 million accordion option. With this milestone, the Company has finalized its broader recapitalization strategy. In total, i-80 Gold has secured more than $1 billion in funding, which is expected to support development through Phases 1 and 2, with a pathway to finance Phase 3.
Richard Young, President and CEO, stated that closing the Gold Prepay Facility represents the final step in achieving the Company’s recapitalization objectives and marks a significant milestone. He noted that the strengthened financial position reduces risk and enables full funding of the Company’s growth initiatives, including five gold projects and the Lone Tree centralized autoclave processing facility. With financing now in place, the Company is focused on advancing its Nevada-based project pipeline and creating value for stakeholders.
Gold Prepay Facility
Following the closing, i-80 Gold received $150 million upfront and is committed to delivering 39,978 ounces of gold over a 30-month period starting in January 2028. The accordion feature allows access to an additional $100 million within 24 months of closing, subject to standard conditions and lender approval. The Company expects to utilize this option in the first half of 2027, at which time the associated gold delivery obligations will be determined.
Recapitalization Plan
Over the past 18 months, i-80 Gold has undertaken multiple initiatives culminating in the completion of its recapitalization plan. The Company has assembled a financing structure aligned with its anticipated capital needs and projected cash flows. This objective was achieved ahead of its mid-2026 target, securing over $1 billion in committed and available capital.
The Company believes it now has sufficient funding to advance Phases 1 and 2 of its development plan. These phases include progress on three underground projects—Granite Creek, Archimedes, and Cove—alongside the Granite Creek open pit oxide project and the refurbishment and restart of the Lone Tree processing facility. Upon completion, these initiatives are expected to increase annual gold production to approximately 300,000–400,000 ounces by 2031, compared to current levels below 50,000 ounces. The resulting operational cash flow is anticipated to support Phase 3, which includes the Mineral Point open pit oxide project.
Additionally, the strengthened financial position allows the Company to accelerate activities such as infill drilling, engineering work, and technical studies related to Mineral Point, including preparation for pre-feasibility analysis and permitting, as it continues to optimize its development timeline.
Endnotes
Richard Young, President and CEO, stated that closing the Gold Prepay Facility represents the final step in achieving the Company’s recapitalization objectives and marks a significant milestone. He noted that the strengthened financial position reduces risk and enables full funding of the Company’s growth initiatives, including five gold projects and the Lone Tree centralized autoclave processing facility. With financing now in place, the Company is focused on advancing its Nevada-based project pipeline and creating value for stakeholders.
Gold Prepay Facility
Following the closing, i-80 Gold received $150 million upfront and is committed to delivering 39,978 ounces of gold over a 30-month period starting in January 2028. The accordion feature allows access to an additional $100 million within 24 months of closing, subject to standard conditions and lender approval. The Company expects to utilize this option in the first half of 2027, at which time the associated gold delivery obligations will be determined.
Recapitalization Plan
Over the past 18 months, i-80 Gold has undertaken multiple initiatives culminating in the completion of its recapitalization plan. The Company has assembled a financing structure aligned with its anticipated capital needs and projected cash flows. This objective was achieved ahead of its mid-2026 target, securing over $1 billion in committed and available capital.
The Company believes it now has sufficient funding to advance Phases 1 and 2 of its development plan. These phases include progress on three underground projects—Granite Creek, Archimedes, and Cove—alongside the Granite Creek open pit oxide project and the refurbishment and restart of the Lone Tree processing facility. Upon completion, these initiatives are expected to increase annual gold production to approximately 300,000–400,000 ounces by 2031, compared to current levels below 50,000 ounces. The resulting operational cash flow is anticipated to support Phase 3, which includes the Mineral Point open pit oxide project.
Additionally, the strengthened financial position allows the Company to accelerate activities such as infill drilling, engineering work, and technical studies related to Mineral Point, including preparation for pre-feasibility analysis and permitting, as it continues to optimize its development timeline.
Endnotes
- Since early 2025, the Company has arranged more than $1 billion in funding through multiple sources. These include roughly $184 million raised via a public offering and concurrent private placement (with potential for an additional $130 million through warrant exercises), a $250 million royalty agreement with Franco-Nevada (with $225 million funded at closing and a portion allocated to debt repayment), $287.5 million in convertible senior notes issued in March 2026, and $150 million drawn under the Gold Prepay Facility, with a further $100 million available through the accordion option.
- The projected capital requirements, production levels, and annual output targets are based on the latest life-of-mine plans from recent technical studies across the Company’s projects, using a gold price assumption of $3,600 per ounce for estimating future operating cash flow. While earlier studies used a base price of $2,175 per ounce (with sensitivity analyses up to $3,000), the higher assumption reflects current long-term market expectations.
These production targets are preliminary and rely on mineral resources that have not yet demonstrated economic viability and are not classified as mineral reserves. The underlying studies are preliminary economic assessments that include inferred resources, which carry a high degree of geological uncertainty. As a result, there is no assurance that the projected production levels will be achieved. The targets also depend on the successful refurbishment and operation of the Lone Tree facility. They represent internal goals rather than formal production guidance.
All projects remain at the exploration stage under S-K 1300, as no mineral reserves have been formally established. At Granite Creek and Archimedes (within the Ruby Hill property), extraction activities have begun without defined reserves. Relevant technical reports for these projects have been prepared in accordance with NI 43-101 and corresponding S-K 1300 standards.
All projects remain at the exploration stage under S-K 1300, as no mineral reserves have been formally established. At Granite Creek and Archimedes (within the Ruby Hill property), extraction activities have begun without defined reserves. Relevant technical reports for these projects have been prepared in accordance with NI 43-101 and corresponding S-K 1300 standards.
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