i-80 Gold Closes Gold Prepayment Facility, Completing Over US$1 Billion Recapitalisation

• i-80 Gold Corp. has closed a gold prepayment facility providing an initial advance of US$150 million, with an accordion feature of up to US$100 million available for 24 months from closing.
• The closing completes i-80 Gold's recapitalisation plan ahead of its mid-2026 target, securing over US$1 billion in capital across four financing arrangements completed since the beginning of 2025.
• The company is fully funded to advance Phase 1 and Phase 2 of its development plan, encompassing three underground projects, one open-pit oxide project, and the refurbishment of the Lone Tree centralised autoclave processing facility in Nevada.
• Phase 1 and Phase 2 completion is expected to increase average annual gold production to a target range of 300,000 to 400,000 ounces in 2031, up from less than 50,000 ounces currently.
• Cash flow generated from Phase 1 and Phase 2 is expected to fund Phase 3, which comprises the development of the Mineral Point open-pit oxide project.

i-80 Gold [TSX:IAU | NYSE American: IAUX] is a Nevada-focused mining company building a mid-tier gold producer through a multi-stage development plan. The company is the fifth-largest gold mineral resource holder in Nevada, with a pipeline of high-grade, multi-stage projects located in the state's most prolific gold-producing trends. i-80 Gold is executing a hub-and-spoke regional mining and processing strategy centred on the Lone Tree centralised autoclave processing facility following its anticipated refurbishment.

Gold Prepayment Facility

i-80 Gold has closed a gold prepayment facility with National Bank of Canada and Macquarie Bank Limited, receiving an initial advance of US$150 million. Under the terms of the facility, the company is obligated to deliver 39,978 ounces of gold over 30 months beginning in January 2028.

The facility also includes an accordion feature providing access to an additional US$100 million for 24 months from closing, subject to customary conditions and lender approval. i-80 Gold anticipates executing the accordion feature in the first half of 2027, at which point the number of additional gold ounces to be delivered will be determined.

Recapitalisation Complete

The closure of the Gold Prepay Facility marks the final step in i-80 Gold's recapitalisation plan, which was completed ahead of the company's mid-2026 target. Since the beginning of 2025, the company has secured over US$1 billion in capital through four financing arrangements.

The financing package comprises: approximately US$184 million in gross proceeds raised through a public offering and concurrent private placement in May 2025, with up to an additional US$130 million available over the following 18 months subject to full exercise of related in-the-money warrants; a US$250 million royalty financing with Franco-Nevada, of which US$225 million was funded at closing on March 2026 and approximately US$165 million was used to retire legacy debt obligations, with US$25 million remaining subject to drawdown conditions; convertible senior notes issued on March 2026 for an aggregate principal amount of US$287.5 million; and the US$150 million Gold Prepay Facility, with US$100 million available under the accordion feature.

President and Chief Executive Officer of i-80 Gold, Richard Young, puts it plainly:

"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."

Development Plan: Phase 1 & Phase 2

Phase 1 comprises the refurbishment and commissioning of the Lone Tree centralised autoclave processing facility, along with toll milling operations at the Granite Creek underground project and construction at the Archimedes underground project. Phase 2 adds the Cove underground project and the Granite Creek open-pit oxide project, both of which are currently in permitting and technical stages.

Cash flow projections supporting the development plan assume a gold price of US$3,600 per ounce, in line with the long-term consensus price at the time of announcement.

The company's technical studies for each project have been prepared in accordance with National Instrument 43-101. Corresponding studies prepared in accordance with S-K 1300 are also on file. All of i-80 Gold's projects are classified as exploration stage under S-K 1300, as mineral reserves have not been determined at any of the company's properties pursuant to that standard.

Phase 3 Pathway

The Mineral Point open-pit oxide project is currently in the permitting and technical stage, with a pre-feasibility study (PFS) under review. The completion of the recapitalisation provides i-80 Gold with the financial flexibility to advance infill drilling, engineering, and technical studies for Mineral Point ahead of Phase 3, to optimise the development schedule.

Next Steps

With the recapitalisation now complete, i-80 Gold's near-term focus is on the execution of Phases 1 and 2 of its development plan. Key milestones to watch for include: progress on the refurbishment and commissioning of the Lone Tree processing facility, which is central to the company's hub-and-spoke processing strategy; advancement of construction at the Archimedes underground project; progression of the Cove underground and Granite Creek open pit projects through permitting and towards construction; the potential execution of the US$100 million accordion feature under the Gold Prepay Facility, anticipated in the first half of 2027; and the advancement of technical and permitting work at Mineral Point in support of a future PFS.

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