Institutional Backing For US Based 600,000oz Gold Money Spinner

• Spot gold held at $5,146 per ounce on February 25, 2026, broadly flat, as the US dollar index rose 0.02%, keeping near-term momentum in check. 
• i-80 Gold reported full-year 2025 output of 31,930 ounces, within guidance of 30,000 to 40,000 ounces.
• A $500 million financing package anchored by Franco-Nevada Corporation and National Bank of Canada is intended to fund phases one and two of the development plan.
• A three-phase plan projects production growth from under 50,000 oz today to more than 600,000 oz annually, subject to execution through the early 2030s.
• Key 2026 milestones: feasibility studies for Granite Creek and Cove (Q2), first gold from Archimedes (Q4), and Lone Tree Plant construction start (H2).

Spot gold held at $5,146.18 per ounce on February 25, 2026, broadly unchanged on the day. The US dollar index rose 0.02%, extending a 0.14% gain from the prior session, which makes gold more costly for overseas buyers. US gold futures for April delivery were at $5,165.10, down 0.2%. Gold had fallen more than 1% the prior session after touching a more than three-week high. Near-term consolidation, rather than a directional move, characterizes the current market.

The pause follows a sustained structural run. The LBMA gold price set 53 new all-time highs in 2025, with the annual average reaching $3,431 per ounce, up 44% year-over-year, and a Q4 average of $4,135 per ounce. Total global gold demand exceeded 5,002 tonnes in 2025, generating $555 billion in value, up 45% year-over-year. Central banks purchased 863 tonnes during the year, well above the 2010 to 2021 annual average of 473 tonnes. Goldman Sachs targets $5,400 per ounce by end-2026 and J.P. Morgan raised its end-2026 target to $6,300 per ounce on February 25, 2026, with CME FedWatch pricing in three 25-basis-point rate cuts this year.

Nevada Portfolio, Hub-and-Spoke Processing Model

i-80 Gold Corp is a Nevada-focused mining company with three underground development projects (Granite Creek, Archimedes, and Cove) and two open pit targets (Granite Creek Open Pit and Mineral Point). The company describes itself as the fourth-largest mineral resource holder in Nevada by volume. Its long-term strategy centers on a hub-and-spoke model, routing ore from each underground mine to the central Lone Tree Plant for processing upon refurbishment.

The company trades on the TSX (IAU) and NYSE American (IAUX). Richard Young became President and CEO on September 18, 2024, and has since pursued a recapitalization to fund the multi-phase development plan. Young described the result plainly in a recent interview: 

"We've been working towards this day and we're pleased to announce the financing with great partners that we worked with in the past. We're really pleased with the outcome."

$500 Million Financing Package

In February 2026, i-80 Gold announced a $500 million financing package. The first component is a $250 million royalty sale to Franco-Nevada Corporation, structured at 1.5% on the portfolio through approximately 2031, stepping up to 3% thereafter. It is anticipated to close around March 17, 2026. The second is a gold prepayment facility of up to $250 million through National Bank of Canada and Macquarie Bank Limited, with an initial draw of $150 million and an uncommitted $100 million accordion, expected to close by end of Q1 2026.

Under the prepayment, the company has pre-sold approximately 40,000 ounces at a net average price of approximately $3,750 per ounce, representing roughly 10% of expected production over the 30-month delivery window. Proceeds will retire approximately $175 million in existing debt, including approximately $86 million in convertible debentures, and fund the Lone Tree Plant refurbishment and portfolio drilling and permitting.

"We've raised half a billion dollars US. We are fully funded for all phases of our three-phase development plan."

Young noted the company received five term sheets and three committed offers, creating competitive tension that shaped final terms. He acknowledged the elevated cost of capital but framed the trade-off: 

"If we can deliver on this 3-phase development plan, we'll deliver a lot of value for shareholders. And the cost of the financing is really just a rounding error."  

Lone Tree Plant: Processing Economics & Capital Requirements

The Lone Tree Plant is central to i-80 Gold's path toward owner-operated processing. Ore from Granite Creek is currently processed under a third-party toll milling agreement, compressing margins. Once refurbished, Lone Tree will process material from all three underground mines using integrated pressure oxidation (POX) and carbon-in-leach (CIL) circuits at a nameplate capacity of 2,268 tonnes per day. A Q4 2025 engineering study confirmed a total capital cost of $430 million, comprising $412 million inclusive of contingency, owner's costs, and first fills, plus $18 million for capital spares. The board approved construction in Q1 2026, with commissioning targeted by end of 2027, as Young stated:

"The refurbishment is underway and we expect to have it completed and be pouring gold by the end of 2027."

2025 Operating Results & 2026 Project Status

Granite Creek underground is the company's sole operating mine. Full-year 2025 output was 22,977 ounces within the guided 20,000 to 30,000 ounce range. Revenue from gold sales was $95.2 million, based on 28,196 ounces sold at an average realized price of $3,368 per ounce. Gross profit was $11.5 million, compared to a gross loss of $15.7 million in 2024. Net loss was $198.8 million, driven by non-cash fair value revaluations, a $26.2 million write-down of redundant Lone Tree Plant assets, and elevated pre-development expenditures. Cash at December 31, 2025 was $63.2 million.

At Ruby Hill, the Archimedes underground mine commenced construction in Q3 2025 with 682 meters of development completed, ahead of plan. First gold is targeted for Q4 2026. Mineral Point, the company's largest reported gold and silver resource, will receive $50 million from Franco-Nevada royalty proceeds for technical and permitting work in 2026. Young stated directly: 

"The facility with Franco has allowed us to accelerate our technical work and our pre-feasibility for Mineral Point, our flagship project. This recapitlaization, and the funding that it provides, gives us the flexibility to move the entire portfolio ahead on an expedited basis."

The Investment Thesis for i-80 Gold

• Track the Franco-Nevada royalty close in March 2026 as a key signal that the recapitalization is on schedule, since delays could affect available capital timing.
• With Goldman Sachs targeting $5,400/oz and J.P. Morgan targeting $6,300/oz by end-2026, assess how sustained gold prices above management's $3,600/oz planning assumption would affect phase one cash flow projections. 
• Treat Q2 2026 feasibility studies at Granite Creek and Cove as significant valuation reference points, as they will replace preliminary economic assessments with updated resource economics.
• Use first Archimedes gold, targeted Q4 2026, as a production milestone to evaluate whether the phase one timeline is on track before committing additional capital.
• Monitor Lone Tree Plant permitting through H2 2026, as approvals for air quality, water, and mercury abatement remain outstanding and could affect the 2027 commissioning target.
• Assess position sizing relative to the pre-free cash flow status of the company and the royalty and prepayment obligations that will draw on future gold production.

i-80 Gold reported a net loss of $198.8 million for full-year 2025 and remains pre-free cash flow, with substantial capital requirements ahead. Investors should weigh these obligations against the $500 million financing package and management's stated position that the company is fully funded through all three development phases at a gold price of $3,600 per ounce. The World Gold Council reports the 2025 LBMA annual average was $3,431 per ounce, rising to a Q4 average of $4,135 per ounce, with spot gold at $5,146.18 on February 25, 2026. Both Goldman Sachs and J.P. Morgan forecast further gains to $5,400 and $6,300 per ounce respectively by end-2026. If gold sustains materially above the planning assumption, the project economics improve. If prices retrace, investors should model the downside independently.

The three-phase production roadmap, from 150,000 to 200,000 oz in phase one to more than 600,000 oz in phase three, is based on preliminary economic assessments and has not yet been confirmed by feasibility studies. The royalty at 1.5% rising to 3% in 2031 and the prepayment delivery of approximately 40,000 ounces represent long-term claims on production that investors should factor into net asset value modelling. The next 12 months will deliver feasibility studies, first production from a second mine, and the start of Lone Tree construction, all of which will sharpen the picture of whether the development timeline is achievable. Young's stated measure of success is direct: 

"Can you produce more gold at similar or lower cost and get those projects into production sooner rather than later, because time is money?"

TL;DR

i-80 Gold is a pre-free cash flow Nevada gold developer with a $500 million recapitalization in place, one operating mine, two projects in construction, and a three-phase plan to reach over 600,000 oz of annual production. Execution risk is material, and investors should weigh the royalty and prepayment obligations alongside the production growth targets before making a decision.

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