i-80 Gold Corp. Closes \$250 Million Royalty Financing with Franco-Nevada and Completes Retirement of Legacy Debt Obligations

Toronto, ON, March 16, 2026 – i-80 Gold Corp. (TSX: IAU) (NYSE American: IAUX), a Nevada-focused mining company, has announced the successful closing of a landmark \$250 million royalty financing agreement with Franco-Nevada Corporation. In addition, the company has completed the retirement of significant legacy debt obligations, including the redemption of its 8% secured convertible debentures due 2027 and repayment of loan instruments and a Gold Prepay Agreement held by Orion Mine Finance. All amounts in this report are in U.S. dollars unless otherwise noted.

Key Highlights of the Transaction

• Royalty Financing: Franco-Nevada, through its U.S. subsidiary, has paid \$250 million to i-80 Gold in exchange for a life-of-mine net smelter return (NSR) royalty on all of the company’s mineral properties. The royalty starts at 1.5% and steps up to 3.0% on January 1, 2031.
• Debt Reduction: i-80 Gold used a portion of the financing proceeds to complete the mandatory redemption of its 2027 convertible debentures and settle outstanding obligations with Orion Mine Finance, substantially strengthening the company’s balance sheet.
• Project Advancement: Remaining proceeds will fund the advancement of the Mineral Point open pit oxide project and construction of the Archimedes underground project, supporting i-80 Gold’s development plan toward becoming a mid-tier gold producer.

Detailed Breakdown

Structure of the Royalty Financing

• At closing, \$225 million of the \$250 million royalty financing was advanced to i-80 Gold. Approximately \$165 million was used to extinguish legacy debt obligations, with the balance allocated to project development.
• Of the proceeds, \$50 million is earmarked for Mineral Point infill drilling, engineering, and early-stage permitting in 2026, supporting a pre-feasibility study slated for completion in 2027.
• An additional \$25 million of the royalty financing is contingent upon the company expending an initial \$25 million on Mineral Point, and is expected to be made available later in 2026.
• The NSR royalty applies to all current mineral properties held by i-80 Gold.

Redemption of 2027 Convertible Debentures

• i-80 Gold completed the early, mandatory redemption of its 8% secured convertible debentures due 2027 for \$73 million in cash. This included the \$65 million principal and approximately \$5.3 million in accrued interest. Total accrued interest was about \$18.7 million.
• Notably, around 70% of debenture holders opted to receive their accrued interest in the form of approximately 8.1 million common shares, with the remainder paid in cash. A 4% premium was applied to the principal and accrued interest due to the early redemption.

Settlement with Orion Mine Finance

• The company repaid in full its Gold Prepay Agreement and convertible loan instruments held by Orion for a total payout of \$92 million. This included the \$50 million principal on the convertible loan, approximately \$20 million in accrued interest, and the outstanding balance on the Gold Prepay.
• As part of the early redemption, i-80 Gold issued an additional 3 million common shares to Orion.
• A Silver Purchase and Sale Agreement with Orion remains in effect.

Strategic and Shareholder Implications

• Balance Sheet Strengthening: The recapitalization significantly reduces i-80 Gold’s debt burden and improves its financial flexibility, positioning the company to progress its Nevada projects without overhang from legacy financial obligations.
• Share Issuance: The issuance of approximately 11.1 million common shares (8.1 million to debenture holders, 3 million to Orion) will have a dilutive effect, which investors should consider.
• Forward-Looking Potential: With a clear development path and funding in place, i-80 Gold is accelerating its transition to a mid-tier gold producer, with upcoming milestones including infill drilling, permitting, and a pre-feasibility study at Mineral Point.

Potential Price-Sensitive Aspects for Shareholders

• Completion of Major Financing: Securing \$250 million in royalty financing from Franco-Nevada, a respected sector leader, is a strong vote of confidence and materially supports i-80 Gold’s growth strategy.
• Debt Elimination: The retirement of high-interest convertible debt and legacy obligations removes financial overhang and reduces future cash outflows.
• Equity Dilution: The issuance of new shares to settle debt interest and obligations increases the total share count, which could impact per-share metrics and share price in the short term.
• Project Pipeline Funding: Investors should note the timeline for Mineral Point and the contingency for the final \$25 million of royalty financing, dependent on initial investments being made.

About i-80 Gold Corp.

i-80 Gold Corp. is advancing a pipeline of high-grade, multi-stage gold projects in Nevada, leveraging its central processing facility to pursue a hub-and-spoke regional mining and processing strategy. The company is the fifth-largest holder of gold mineral resources in Nevada and is listed on both the Toronto Stock Exchange (TSX: IAU) and NYSE American (NYSE: IAUX).

For further information, investors can contact Leily Omoumi, SVP Corporate Development and Strategy, or Caterina De Rosa, VP Investor Relations, at 1.866.525.6450 or [email protected], or visit www.i80gold.com.

Disclaimer

This article contains forward-looking statements within the meaning of applicable securities laws. Actual results may differ materially from those expressed or implied due to risks and uncertainties, including but not limited to commodity price volatility, project execution risks, and changes in market conditions. Readers are advised to consult the company’s filings on SEDAR+ and EDGAR for risk factors and not to place undue reliance on forward-looking statements. i-80 Gold Corp. disclaims any obligation to update forward-looking statements except as required by law. This article does not constitute an offer to sell or the solicitation of an offer to buy any securities.

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