i-80 Gold Announces Termination of Gold Offtake Agreement

i-80 Gold Corp. has entered into a termination and settlement agreement with Vox Royalty to terminate its existing gold offtake agreement, eliminating a fixed annual delivery obligation through 2028. The termination is expected to generate cash flow savings and provide greater commercial flexibility to manage gold sales and evaluate stockpiling opportunities ahead of the Lone Tree Plant commissioning.

In settlement, the Company will issue 3,453,237 common shares to Vox Royalty, representing an aggregate consideration of US$4.8 million based on a $1.39 per share valuation. The shares are issued pursuant to the Company's existing U.S. shelf registration statement, with the price per share of US$1.39 calculated in compliance with NYSE American and TSX rules.

The transaction eliminates the Company's fixed obligation to sell and deliver up to 40,000 ounces of refined gold per year from the Granite Creek and Ruby Hill properties through December 31, 2028. Previously, the agreement was subject to pricing based on a lookback period. The financial and operational impact is expected to result in cash flow savings through 2028 based on the average offtake margin per ounce of gold sold in 2026 to date. This change provides flexibility to manage future gold sales based on favorable pricing and evaluate stockpiling opportunities in anticipation of the planned commissioning of the Lone Tree Plant (Phase 1 of development plan).

The agreement was originally entered into in June 2016 with Orion Mine Finance (OMF Fund II and III), amended and restated on August 23, 2023, and transferred through a series of entities to Vox. It was initially part of the December 2020 spin-out transaction establishing i-80 Gold from Equinox Gold.