i-80 Gold Closes Gold Prepayment Facility for up to $250 Million; Completes Recapitalization Establishing a Fully Funded Development Plan
i-80 Gold Secures $1 Billion War Chest to Fast-Track Nevada Mid-Tier Ambitions
The most recent news (March 24, 2026) announces the closing of a $250 million gold prepayment facility with National Bank of Canada and Macquarie Bank. This follows the closing of a $287.5 million convertible note offering (March 23) and a $250 million royalty deal with Franco-Nevada (March 16). Collectively, the company has secured over $1 billion in capital since early 2025. This "recapitalization" is intended to fully fund Phase 1 and Phase 2 of the company's development plan, which includes advancing three underground mines (Granite Creek, Archimedes, Cove) and refurbishing the Lone Tree processing plant.
This is a "Game Changer" for i-80 Gold. Historically, the company was plagued by a weak balance sheet and high-cost legacy debt (Orion Mine Finance). - Funding Certainty: The $1 billion capital injection removes the immediate "going concern" risk and provides a clear runway to reach 300,000–400,000 oz/year production by 2031. - Debt Restructuring: The company successfully extinguished $165 million in legacy debt, replacing it with more flexible, albeit complex, instruments (royalty and prepay). - Strategic Acceleration: The funding allows the company to pull forward the feasibility study for Mineral Point (the flagship Phase 3 asset) by two years. - Operational Shift: Funding the $430 million Lone Tree refurbishment is critical; it moves the company from a high-cost toll-milling model ($275-$280/tonne) to an owner-operator model, expected to increase margins by $1,000–$1,500 per ounce.
i-80 Gold is a Nevada-focused producer aiming to become a mid-tier player. - Flagship Project: Mineral Point (Ruby Hill Property). It is an open-pit oxide project with an Indicated Resource of 3.4Moz Au and 104.3Moz Ag. It is expected to be the company's largest producer (~280koz AuEq/year). - Hub-and-Spoke Model: The Lone Tree Autoclave is the "hub" that will process refractory ore from the Granite Creek, Archimedes, and Cove "spokes."