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

The most recent news release dated February 12, 2026, announces that i-80 Gold has secured a comprehensive financing package totaling up to $500 million (USD). The package consists of two primary components: - A $250 million Royalty Financing from Franco-Nevada Corporation. This involves a 1.5% Life of Mine (LOM) Net Smelter Return (NSR) royalty on all properties, which steps up to 3.0% on January 1, 2031. - A $250 million Gold Prepayment Facility led by National Bank of Canada and Macquarie Bank Limited. This includes an initial $150 million advance and a $100 million accordion feature.

The proceeds are strictly earmarked to: - Extinguish approximately $175 million in existing high-cost debt obligations. - Refurbish and commission the central Lone Tree Autoclave plant. - Fund the development of five gold projects (Phase 1 and Phase 2). - Accelerate the feasibility study and permitting for the Mineral Point open-pit project (Phase 3).

This financing is a definitive "Game Changer" for i-80 Gold. For the past two years, management has operated under the shadow of a "recapitalization plan" necessitated by a working capital deficit and high-grade but capital-intensive projects. - Liquidity Risk: The immediate extinguishment of $175 million in debt removes the "going concern" risk highlighted in previous financial statements (March 2024 and September 2025). - Strategic Validation: Franco-Nevada is the premier gold royalty company; their $250 million commitment after a "detailed due diligence process" validates the technical and economic viability of the Nevada portfolio. - Operational Path: The company is now fully funded to transition from a minor producer (50k oz/year) to its Phase 1 and 2 targets (300k-400k oz/year). - Cost of Capital: While the 3% royalty step-up in 2031 is a significant long-term margin hit, the non-dilutive nature of this package (relative to equity raises) is favorable given the current stock momentum.

i-80 Gold is a Nevada-focused developer with the fourth-largest gold mineral resource base in the state not owned by a major producer. - Flagship Project: Management identifies the Mineral Point Open Pit (Ruby Hill property) as the flagship flagship asset due to its scale. It has a target average LOM production of 282,000 gold-equivalent ounces per year. - Hub-and-Spoke Model: The strategy relies on the Lone Tree plant as a central processing hub for refractory ore from the Granite Creek, Archimedes, and Cove underground mines.