i-80 Gold Secures $287.5M to Fuel Its Nevada Gold Production Plans

TORONTO, ON – March 23, 2026 – i-80 Gold Corp. has successfully secured a major financial boost in its quest to become a significant American gold producer, closing an upsized US$287.5 million offering of convertible senior notes. The capital infusion is earmarked to accelerate the company's ambitious strategy to develop its extensive portfolio of assets in Nevada, the country's most prolific gold-producing state.

The financing, which was increased from an initial US$250 million and saw initial purchasers exercise their full option, provides the company with a substantial war chest. The proceeds are intended to advance a pipeline of five gold projects, overhaul a key processing facility, and expand exploration efforts, marking a pivotal moment in the company's transition from developer to producer.

A Hub-and-Spoke Strategy Takes Flight

At the heart of i-80 Gold’s vision is a regional 'hub-and-spoke' model designed to maximize efficiency and unlock the value of its Nevada assets. The lion's share of the new capital is dedicated to refurbishing the Lone Tree processing plant, which will serve as the central hub. This facility is critical for processing refractory ore, a type of gold-bearing rock common in Nevada that requires a specialized, complex treatment method known as autoclaving.

Currently non-operational, the Lone Tree plant is slated for a US$430 million overhaul, with demolition set to begin in the second quarter of 2026 and commissioning anticipated by the fourth quarter of 2027. Upon completion, i-80 Gold will become one of only two companies in Nevada operating an autoclave, a significant competitive advantage. The company projects this will dramatically improve its operating margins by an estimated $1,000 to $1,500 per ounce and boost metallurgical recovery from 57% to over 92%.

Feeding this central hub will be the 'spokes'—the company's portfolio of high-grade underground mines. Key projects set to benefit from the funding include:

• Granite Creek: The company's first mining operation, currently ramping up toward steady-state production.
• Archimedes (Ruby Hill Property): A second underground mine where construction began in late 2025, with first gold production anticipated in the second half of 2026.
• Cove: The planned third underground mine, which is advancing through feasibility studies and permitting, expected to contribute to production by mid-2029.

This integrated strategy aims to transform project economics by spreading the high fixed costs of the processing infrastructure across multiple ore sources, creating a diversified and robust production profile.

The High-Stakes Financial Play

The choice of financing—unsecured convertible senior notes—is a strategic move that reflects both market confidence and inherent risks. These notes function as a loan with a 3.75% annual interest rate, but they also give investors the option to convert their debt into company stock at a predetermined price. For i-80 Gold, the initial conversion price is approximately US$1.93 per share.

This hybrid instrument allowed the company to raise a large amount of capital, potentially at a lower interest rate than traditional debt, without immediately diluting the ownership of existing shareholders. The successful upsizing of the offering suggests strong demand from qualified institutional buyers, signaling confidence in the company's long-term development plan and management's ability to execute.

However, the structure comes with the significant caveat of potential future dilution. If all the notes are converted, it could result in the issuance of approximately 149.35 million new common shares. This possibility weighed on the stock initially, which saw a decline following the offering's first announcement as the market priced in the dilution risk. The subsequent modest recovery after the upsized closing indicates that investors ultimately view the secured funding as a net positive, providing a clearer path to execute its capital-intensive projects.

Building in a Bullish Gold Market

i-80 Gold’s aggressive expansion comes at an opportune time. The global gold market remains robust, with prices hitting numerous all-time highs in 2025 and forecasts from many analysts remaining bullish for 2026 and beyond. Persistently high gold prices enhance the profitability of mining operations and make it more feasible to finance large-scale, capital-intensive development projects.

This favorable market environment provides a strong tailwind for i-80 Gold's strategy. The company is not just digging for gold; it is building a vertically integrated production system in one of the world's most stable and established mining jurisdictions. By securing control over its own processing destiny with the Lone Tree autoclave, i-80 Gold is insulating itself from the costs and constraints of relying on third-party facilities, a move aimed at ensuring long-term, sustainable, and high-margin production.

This financing is also a key part of a broader recapitalization effort. The company recently used proceeds from a royalty financing agreement to retire other legacy debt, indicating a concerted effort to restructure its balance sheet for a new phase of growth. With the new capital in hand, the focus now shifts squarely to execution. The company's success will depend on its ability to deliver the Lone Tree refurbishment and its mine development plans on schedule and on budget, a significant undertaking in the complex world of mine construction. While the path to becoming a mid-tier producer is now well-funded, the operational challenges of building and ramping up multiple projects simultaneously remain a critical hurdle to overcome.