i-80 Gold closes $250M (U.S.) gold prepayment facility

Executive Summary

• i-80 Gold Corp. has closed its gold prepayment facility with National Bank of Canada and Macquarie Bank Ltd., marking the final step in a recapitalization plan that has raised over $1 billion in capital.
• The facility includes an initial advance of $150 million and a $100 million accordion feature, fully funding the company's development plan through Phase 1 and Phase 2, with a path to Phase 3.
• The recapitalization positions i-80 Gold to advance three underground projects, one open pit oxide project, and the Lone Tree processing facility, targeting an increase in average annual production to 300,000–400,000 ounces of gold by 2031.

Key Details

• Gold Prepayment Facility Structure:
  • Lenders: National Bank of Canada and Macquarie Bank Ltd.
  • Initial Advance: $150 million received upon closing.
  • Accordion Feature: Access to an additional $100 million available for a 24-month period from closing.
  • Execution Timeline: Company anticipates executing the accordion feature in the first half of 2027.
  • Repayment Obligation: Obligation to deliver 39,978 ounces of gold over a 30-month period beginning in January 2028.
  • Additional Ounces: The number of additional gold ounces to be delivered upon accordion execution will be determined at that time.
• Recapitalization Overview:
  • Total Capital Raised: Over $1 billion in secured and available capital.
  • Completion Status: Completed ahead of the mid-2026 target.
  • Purpose: To fully finance the development plan through Phase 1 and Phase 2, with financial flexibility for Phase 3.
• Development Plan & Production Targets:
  • Phase 1 & 2 Projects: Advancement of three underground projects (Granite Creek, Archimedes, and Cove), one open pit oxide project (Granite Creek open pit), and refurbishment/commissioning of the centralized Lone Tree processing plant.
  • Production Increase: Expected to increase average annual production from less than 50,000 ounces currently to a target range of 300,000 to 400,000 ounces of gold in 2031.
  • Phase 3 Funding: Operating cash flow from Phases 1 and 2 is expected to finance Phase 3, which includes the Mineral Point open pit oxide project.
  • Strategic Actions: Financial flexibility allows for bringing forward infill drilling, engineering, and technical studies for the Mineral Point prefeasibility study and future permitting.

Notable Quotes

• "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," said Richard Young, president and chief executive officer. "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."