i-80 Gold Secures Financing Package of up to $500 Million to Advance Development Plan

Core Viewpoint - i-80 Gold Corp has secured a financing package of up to $500 million to support its development plan, marking a significant step in its recapitalization efforts aimed at becoming a mid-tier gold producer in Nevada [1][2]. Financing Package Details - The financing package consists of a $250 million royalty sale and a gold pre-payment facility for up to $250 million, contributing to over $800 million in total funding for the company's objectives [1][2]. - The recapitalization plan targets an overall amount of $900 million to $1 billion, which includes retiring existing convertible debentures and potentially selling a non-core asset [1][2]. Production Goals - The financing will enable the company to increase annual gold production to approximately 300,000 – 400,000 ounces from less than 50,000 ounces currently, driven by its three underground mines and one oxide open pit operation in Nevada [1][2]. - The three-phase development plan aims to boost production to over 600,000 ounces annually starting in 2032, with the Mineral Point project being a key component of this growth [2][3]. Debt Management - Proceeds from the financing package will be used to extinguish approximately $175 million in existing debt obligations, including settling a Gold Prepay Agreement and retiring convertible debentures [1][3]. - The company plans to replace existing convertible debentures with new ones on more favorable terms [1][2]. Project Development - The financing will support the advancement of five gold projects, refurbish the Lone Tree Plant, and fund resource expansion and infill drilling [1][2]. - The Gold Prepayment facility includes an initial advance of $150 million, with an accordion feature for an additional $100 million, requiring the delivery of 39,978 ounces of gold over a 30-month period starting January 2028 [2][3]. Strategic Partnerships - Franco-Nevada Corporation has committed to providing $250 million in royalty financing, with $225 million expected to be available at closing [1][2]. - National Bank of Canada and Macquarie Bank Limited are involved in the gold pre-payment facility, highlighting the credibility of the company's execution plan [2][3].