i-80 Gold Raises US$250 Million Through Upsized Convertible Notes Offering to Fund Nevada Development

i-80 Gold has priced a US$250 million convertible senior notes offering, upsized from US$200 million, to fund project advancement, Lone Tree plant refurbishment, and drilling across its Nevada asset portfolio.

• i-80 Gold has priced US$250 million in unsecured convertible senior notes due 2031, upsized from a previously announced US$200 million offering, with an overallotment option that could bring the total to US$287.5 million.
• The notes carry a cash interest rate of 3.75% per annum, paid semi-annually, with an initial conversion price of approximately US$1.93 per share, representing a 37.5% premium to the closing share price on the NYSE American.
• Proceeds are allocated to advancing the company's Nevada gold projects through various development stages, refurbishing the Lone Tree processing plant, and funding resource expansion and infill drilling.
• The offering was placed exclusively with qualified institutional buyers under Rule 144A and is expected to close on March 2026, subject to customary conditions including approval from both the Toronto Stock Exchange and the NYSE American.
• The Lone Tree refurbishment sits at the centre of i-80 Gold's hub-and-spoke regional processing strategy, under which multiple satellite deposits would feed a single centralised processing facility.

About i-80 Gold

i-80 Gold [TSX:IAU] [NYSE American:IAUX] is a Nevada-focused mining company developing a hub-and-spoke regional mining and processing strategy. The company holds the fifth-largest gold mineral resource position in Nevada, with a portfolio of high-grade, multi-stage projects located in the state's principal gold-producing trends. Its development plan is anchored by the anticipated refurbishment of the Lone Tree processing facility, which is intended to serve as the regional processing hub for the company's Nevada operations.

Offering Terms & Structure

i-80 Gold priced US$250 million in aggregate principal of unsecured convertible senior notes due 2031 in March 2026. The offering was upsized from the previously announced US$200 million (US$230 million if the original overallotment option had been exercised in full). An overallotment option, if exercised fully, would bring the potential total raise to US$287.5 million.

The notes carry a cash interest rate of 3.75% per annum, payable semi-annually. The initial conversion rate is set at 519.4805 common shares per US$1,000 in principal amount, equivalent to an initial conversion price of approximately US$1.93 per share. That conversion price represents a 37.5% premium to the closing price of i-80 Gold shares on the NYSE American on 18 March 2026 and remains subject to adjustment in certain events.

The notes were offered exclusively to qualified institutional buyers under Rule 144A and are not registered under US federal or state securities laws.

Use of Proceeds

i-80 Gold has designated the net proceeds from the offering towards four primary areas: advancing its gold projects through various stages of development, refurbishing the Lone Tree processing plant, funding resource expansion and infill drilling, and supporting general corporate and working capital requirements.

The Lone Tree refurbishment occupies a central role in the company's capital deployment plan. Under the hub-and-spoke model, ore sourced from multiple satellite deposits across Nevada's gold-producing corridors would be transported to Lone Tree for centralised processing. Committing capital to that refurbishment removes one of the principal bottlenecks to bringing production online across the broader project portfolio.

The allocation towards resource expansion and infill drilling is consistent with the company's longer-term objective of advancing reserve and resource definition across its Nevada holdings ahead of production decisions.

Next Steps

The offering is expected to close in March 2026, subject to customary closing conditions, including formal approval from the Toronto Stock Exchange and the NYSE American.

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