i-80 Gold Corp. Closes \$250 Million Gold Prepayment Facility and Secures Over \$1 Billion for Development

Key Highlights

• Completion of \$250 Million Gold Prepayment Facility: i-80 Gold Corp. has closed its previously announced Gold Prepay Facility, securing an initial \$150 million cash advance with an additional \$100 million accordion feature, further strengthening its financial position.
• Comprehensive Recapitalization Completed: Over the past 18 months, the company has successfully raised over \$1 billion in capital, fully funding its near-term development plan and providing a pathway toward further growth.
• Fully Funded Development Plan: Capital raised is expected to cover all costs for Phase 1 and Phase 2 of its development plan, which includes advancing three underground mines (Granite Creek, Archimedes, and Cove), one open pit oxide project, and refurbishing the Lone Tree processing plant.
• Significant Production Increase Expected: Upon completion, the projects are expected to boost average annual gold production to 300,000–400,000 ounces by 2031, up from less than 50,000 ounces currently.
• Strengthened Growth Outlook: The company expects internally generated cash flows to fund Phase 3, which includes the Mineral Point open pit oxide project, and now has the financial flexibility to accelerate technical studies and permitting for future growth.

Details of the Gold Prepay Facility

• Structure and Terms: The Gold Prepay Facility was arranged with National Bank of Canada and Macquarie Bank Limited. i-80 Gold received an initial \$150 million and is obligated to deliver 39,978 ounces of gold over a 30-month period starting January 2028.
• Accordion Feature: The facility includes a \$100 million accordion that can be drawn within 24 months of closing, subject to standard conditions and lender approval. The company expects to utilize this feature in the first half of 2027, with the specific gold delivery obligations to be determined at that time.

Recapitalization Plan and Financing Details

• Recent Financing Activities:
  • May 2025: Approximately \$184 million raised via a public offering and concurrent private placement, with up to an additional \$130 million possible through warrant exercises over the next 18 months.
  • March 2026: \$250 million royalty financing with Franco-Nevada, with \$225 million funded at closing (\$165 million used to pay down legacy debt), and \$25 million available subject to drawdown conditions.
  • March 2026: \$287.5 million aggregate principal through convertible senior notes.
  • March 2026: \$150 million drawn from the Gold Prepay Facility, with a further \$100 million available via the accordion feature.
• Over \$1 Billion Secured: These financings position the company with over \$1 billion in capital raised since the beginning of 2025, providing significant financial flexibility and reducing risk.

Development Plan and Project Pipeline

• Phase 1 & Phase 2: Advancement of three underground projects (Granite Creek, Archimedes, and Cove) and the Granite Creek open pit oxide project, plus refurbishment and commissioning of the Lone Tree processing plant.
• Production Outlook: Targeting 300,000 to 400,000 ounces of gold per year by 2031, pending successful completion of the facility and projects. This is a substantial increase from the current annual output of less than 50,000 ounces.
• Future Growth (Phase 3): Development of the Mineral Point open pit oxide project, with ongoing technical and engineering studies supported by the strengthened financial position.

Strategic and Shareholder Implications

• De-risking the Company: The recapitalization and new facility significantly reduce financial risk, ensuring funding for multiple projects and the Lone Tree plant, which is central to the company’s hub-and-spoke operational model in Nevada.
• Potential Share Price Impact: The announcement of full funding for current development plans, the prospect of rapidly increasing gold output, and the reduction in financial risk are all potentially price-sensitive factors that could positively affect i-80 Gold’s share value.
• Forward-Looking Risks: The company notes that future gold output targets are based on preliminary studies and inferred resources, not proven mineral reserves. There is no guarantee these targets will be met, and all projects are still considered exploration-stage under U.S. regulations.

Management Commentary

“We are pleased to announce the closing of the Gold Prepay Facility, marking the final step in achieving our recapitalization goals and a major turning point for i-80 Gold. We believe this significantly derisks the Company and positions us to fully finance our growth plans, financing five gold projects and the Lone Tree centralized autoclave processing facility. With the financing now complete, we are fully focused on executing on our industry-leading project pipeline in Nevada and delivering significant value to all our stakeholders.”
— Richard Young, President & CEO

Technical Reports and Further Information

• Technical studies and preliminary economic assessments have been filed for all core projects, including the Lone Tree Facility, Granite Creek, Archimedes, Cove, and Ruby Hill, in compliance with both NI 43-101 and U.S. S-K 1300 disclosure standards.
• For more details or investor inquiries, contact Leily Omoumi (SVP, Corporate Development and Strategy) or Caterina De Rosa (VP, Investor Relations) at [email protected] or visit www.i80gold.com.

Important Cautionary Notes

• Forward-looking statements in this update are based on current management expectations, technical reports, and preliminary assessments. Actual results may differ due to a variety of risks, including but not limited to gold price volatility, permitting, project execution, and global market conditions.
• The company warns that mineral resource estimates are preliminary and not mineral reserves. Output targets are not guidance and are subject to risks as detailed in the company’s filings on SEDAR+ and EDGAR.
• Readers are encouraged to review the company’s risk factors in its latest Form 10-K and other filings.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All forward-looking statements involve known and unknown risks and uncertainties. Investors should consult the company’s official filings and consult professional advisors before making investment decisions.

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