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i-80 Gold Reports First Quarter 2026 Results; Fully Funded Development Plan on TrackMay 12, 2026 5:19 PM
PR Newswire (US) TORONTO, May 12, 2026 /PRNewswire/ - i-80 GOLD CORP. (NYSE: IAUX) (TSX: IAU) ("i-80 Gold" or the "Company") reports its financial and operating results, as well as development highlights, for the first quarter and three months ended March 31, 2026. "i-80 Gold is off to a strong start in 2026, advancing our growth strategy to create a Nevada based mid-tier gold producer while completing a transformational recapitalization during the first quarter that fully funds our current development plan,(1)" stated Richard Young, President & CEO. "The financing packages executed in the first quarter significantly strengthen i-80 Gold's balance sheet and materially derisk execution of the development plan. Following the recapitalization, we approved a key construction decision related to the autoclave refurbishment, a cornerstone asset within our planned hub and spoke plan to develop our underground deposits within phase one of our development plan, which is targeting 150,000 to 200,000 ounces of gold beginning in 2028(1). Further, we initiated the 2026 drill program, representing the largest program in the Company's history in terms of planned footage and budget, supporting resource and reserve development in preparation of pre-feasibility and feasibility studies. In parallel, the business delivered its highest quarterly gross profit to date, supported by higher gold output and a higher realized gold price. We also continued to attract quality talent across the Company and at the Board level, further strengthening our ability to execute on our business plan."FIRST QUARTER FINANCIAL, OPERATING AND DEVELOPMENT HIGHLIGHTS
Three months ended March 31, 2026 compared to three months ended March 31, 2025
Unless otherwise stated, all amounts referred to herein are in U.S. dollars.Revenue increased to $52.4 million, representing 10,590 ounces in gold sold(2) at an average realized gold price(3) of $4,941 per ounce, compared to $14.0 million represented by 4,952 ounces sold(2) at an average realized gold price(3) of $2,825 per ounce in the prior year period. The increase in revenue was primarily driven by higher gold sales at Granite Creek as a result of the finalization of the third-party toll processing agreement in March 2025 and a higher average realized gold price(3).Gross profit increased to $16.1 million from $2.9 million in the prior year period due to increases in revenue.Net loss increased to $78.6 million compared to $41.2 million in the prior year period, due primarily to higher non-cash fair value revaluations on derivative financial instruments of $48.4 million driven by stronger metal prices. Additional non-cash losses on extinguishment of the gold prepay agreement, convertible loan, and convertible debentures of $7.1 million also contributed to lower net earnings, as well as financing expenses incurred in the amount of $9.9 million. Higher pre-development, evaluation and exploration expenses were incurred as the Company advances multiple projects within its development plan, which were partially offset by higher gross profit. Upon declaration of mineral reserves, certain pre-development, evaluation and exploration expenditures currently expensed, will be capitalized. Loss per share of $0.09 decreased from $0.10 loss per share in the prior year period primarily due to an increase in the number of outstanding common shares following the equity raise in May 2025.Adjusted loss increased to $28.6 million compared to $23.6 million in the prior year period due to increased spending on pre-development, evaluation and exploration expenses, partially offset by higher gross profit.Cash used in operating activities increased to $45.1 million compared to $22.7 million in the prior year period as a result of interest payments made on the extinguishment of legacy debt of $25.7 million.Cash and cash equivalents were $513.5 million as of March 31, 2026, an increase of $450.3 million compared to December 31, 2025, primarily due to the net proceeds received from the financing transactions to complete the Company's recapitalization plan, offset by higher capital expenditures compared to the prior year period driven by the commencement of the Lone Tree Plant refurbishment project, as well as the settlement of legacy debt obligations.The Company closed several financing transactions for a total amount of $787.5 million. Gross proceeds of $662.5 million and net proceeds of $637.2 million were received on closing. These financing arrangements completed the recapitalization plan ahead of the Company's mid-2026 target and established a fully funded development plan(1):March 16, 2026: Completed a net smelter return royalty for $250 million (the "NSR Royalty") with Franco-Nevada U.S. Corporation ("Franco-Nevada") of which $225 million was received on closing, an additional $25.0 million is expected to be made available to advance Mineral Point, contingent upon satisfaction of specified project conditions.
March 16, 2026: Entered into a gold prepayment facility with National?Bank?of?Canada ("NBC") and Macquarie?Bank?Limited ("Macquarie") for up to $250 million including a $100 million accordion option subject to customary conditions and lender approval (the "2026 Gold Prepay").
March 23, 2026: Completed an offering of 3.75% unsecured convertible senior notes due 2031 in the aggregate amount of $287.5 million (the "2026 Convertible Debentures").
Proceeds from the NSR Royalty were used to redeem the 2023 Convertible Debentures, Orion Gold Prepay, and the Orion convertible loan in the amount of $165.0 million.Completed approximately 7,000 meters of drilling, initiating the largest 12-month drill program in Company history. First quarter activities included infill drilling at Upper Archimedes underground to enhance mineral resource definition ahead of mining, resource definition drilling at Granite Creek underground beyond a planned feasibility study, and infill drilling at Mineral Point open pit to upgrade resource classification for the planned pre-feasibility study.Approved the construction decision to proceed with the Lone Tree Plant refurbishment during the first quarter of 2026 with capital commitments of $31.2 million at March 31, 2026, with approximately 50% of total project capital expected to be committed by mid-2026.Three-phase development plan remains on track with 2026 development priorities, as well as full year production, operating and pre-development evaluation, and exploration cost guidance for 2026.Strengthened the Board with the appointment of three new directors who bring highly relevant experience and proven track records in mining operations, mineral processing, finance, and capital markets.
Three months endedMarch 31,
20262025Revenue$000s52,39014,048Gross profit$000s16,0782,906Net loss $000s(78,601)(41,205)Loss per share$/share(0.09)(0.10)Adjusted loss1$000s(28,599)(23,596)Adjusted loss per share1$/share(0.03)(0.05)Cash flow used in operating activities $000s(45,080)(22,701)Cash and cash equivalents$000s513,50613,475Drillingmeters6,9374,499Gold producedoz10,8255,240Gold ounces sold1oz10,5904,952Average realized gold price2$/oz4,9412,825Notes to table above:1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2026 (2025 - 59%).2 This is a Non-GAAP Measure; please see "Non-GAAP and Supplementary Financial Performance Measures" section.RECAPITALIZATION PLAN COMPLETE Over the past 12 months, i-80 Gold executed on several financing initiatives that have led to the successful completion of its recapitalization plan. Most recently during the first quarter of 2026, the Company completed several key transactions including the NSR Royalty with Franco-Nevada for up to $250 million, the 2026 Gold Prepay with National Bank and Macquarie Bank for up to $250 million, and the issuance of the 2026 Convertible Debentures in the aggregate principal amount of $287.5 million. These financings completed the Company's broader recapitalization plan ahead of its mid-2026 target and align with the projected capital requirements and cash flows of the project development plan.Overall, the recapitalization secured over $1 billion(4) in raised and available capital from early 2025 through the first quarter of 2026, materially strengthening the Company's balance sheet, providing funding certainty, and de-risking the development plan.With the recapitalization complete, the Company believes it is now fully funded to advance Phase 1 and Phase 2 of the development plan. Phase 1 and Phase 2 currently include advancing three underground projects (Granite Creek, Archimedes and Cove) and one open pit oxide project (Granite Creek open pit), as well as the refurbishment and commissioning of the Company's centralized Lone Tree Plant. The anticipated increase in annual gold output from approximately 50,000 ounces in 2026 to a range of 300,000 to 400,000 ounces upon completion of Phase 2 is expected to generate sufficient operating cash flow to fund Phase 3, which currently includes the development of the Mineral Point open pit oxide project and an anticipated average annual gold output of 600,000 ounces.(1) The Company now has the financial flexibility to bring forward infill drilling, engineering, and technical studies in support of the pre-feasibility study and future permitting actions for Mineral Point ahead of Phase 3. With several feasibility and pre-feasibility studies currently in progress, the Company continues to identify opportunities to optimize the development schedule for Phase 2 and Phase 3.Following the successful completion of the recapitalization plan, the Company has discontinued the sale process for its non-core FAD property.UPCOMING CATALYSTS Over the next 12 to 18 months, the Company is targeting to deliver the following key catalysts across its gold portfolio while also identifying opportunities to optimize the development schedule:Technical StudiesCove underground (Feasibility) — Q2 2026Granite Creek underground (Feasibility) — Q2 2026Archimedes underground (Feasibility) — Late-Q1 2027Mineral Point open pit (Pre-Feasibility) — 2027 Timing under reviewGranite Creek open pit (Pre-Feasibility) — Timing under reviewLone Tree PlantCommence demolition — Q2 2026Commence construction — H2 2026Plant commissioning — Q4 2027Archimedes UndergroundInitiate infill drilling of Lower Archimedes — Q2 2026First gold from Upper Archimedes — Q4 20262026 GuidanceThe Company remains on track to meet its 2026 guidance as originally published in its 2025 Year End Annual Report on Form 10K published on February 19, 2026.OPERATIONAL AND FINANCIAL OVERVIEW
Three months ended
March 31,(in thousands of USD)20262025Revenue52,39014,048Cost of sales(35,829)(10,766)Depletion, depreciation and amortization(483)(376)Gross profit 16,0782,906
Expenses
Pre-development, evaluation and exploration 25,6999,545General and administrative7,6324,990Property maintenance4,5654,147Loss from operations(21,818)(15,776)
Other income and expenses, net(42,279)(17,225)Interest expense(6,184)(8,204)Loss on loan extinguishment(7,110)—Loss before income taxes(77,391)(41,205)
Current tax expense(1,210)—Net loss(78,601)(41,205)Paul Chawrun, Chief Operating Officer, commented: "We are very pleased with the development progress achieved during the first quarter at our two underground projects. At Granite Creek, progress on the main decline and waste development remains on plan, and gold output has reached a steady operating rate, while water ingress continues to be effectively managed with existing infrastructure. Commissioning of a second, larger water treatment plant is on track for next month, which is expected to further simplify day-to-day operations for the long term. At Archimedes, both the development ramp and exploration drift are advancing ahead of plan, supported by favorable ground conditions and strong execution by our team and contractors. This work remains a priority to support infill drilling and technical work for the feasibility study, targeting for completion late in the first quarter of 2027, pending the potential expansion of the current drill program.Drill results released in the first quarter at both Granite Creek South Pacific Zone and Upper Archimedes at Ruby Hill continued to return consistent and positive results, highlighting high-grade intercepts, continuity of mineralization, and further expansion potential at both deposits. At Mineral Point, we initiated a significant drill program to support a pre-feasibility study anticipated for completion in 2027. The Lone Tree Plant refurbishment timeline and costs remain on track. We look forward to commencing demolition and site early works activities this quarter with the mobilization of Hatch's construction team, while in parallel, procurement and detailed engineering remain on track for first gold pour in December 2027."Granite Creek PropertyThe Granite Creek property includes the Granite Creek underground project, a fully permitted, constructed and operating mine, and the Granite Creek open pit oxide deposit adjacent to the underground project. Granite Creek underground is the Company's first brownfield project to be redeveloped and is currently ramping up towards steady-state gold output.Granite Creek Property
Three months ended
March 31,Operational Statistics
20262025Oxide mineralized material minedtonnes11,71315,876Sulfide mineralized material minedtonnes19,71414,643Total oxide and sulfide mineralized material minedtonnes31,42730,519Oxide mineralized material mined gradeg/t8.8611.89Sulfide mineralized material mined gradeg/t6.168.31Low-grade mineralized material mined1tonnes13,03722,845Low-grade mineralized material grade1g/t2.852.78Waste minedtonnes40,35727,462Total material minedtonnes84,82180,826Processed mineralized material - sulfidetonnes26,405—Processed mineralized material - leachtonnes5,82733,838Total processed mineralized material tonnes32,23233,838Gold produced2oz8,8572,544Gold sold2oz8,7673,106Underground mine development (pre-development)meters387154Drillingmeters1,925—
Financial Statistics
20262025Mining cost (total mineralized material and waste)$/t161169Processing cost (processed mineralized material)$/t28329Site general and administrative ("G&A") (total mineralized material mined3) $/t4531Royalties$000s2,602505Capital expenditure$000s4,808378Pre-development, evaluation and exploration expenses$000s11,3983,770Notes to table above:1 Low-grade mineralized material extracted as part of the mining process that is below cut-off grade but incrementally economic.2 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2026 (2025 - 59%).3 Total mineralized material mined consists of sulfide, oxide, and low-grade mineralized material.Granite Creek UndergroundMining & ProcessingMineralized material mined at Granite Creek underground is processed as follows: (i) sulfide mineralized material is processed at a third-party processing facility and subject to a toll milling agreement entered into in March 2025, (ii) high-grade oxide mineralized material is subject to an ore sales agreement, (iii) low-grade oxide mineralized material shipped as part of the ore sales agreement beginning in the first quarter of 2026, and (iv) residual leaching of low-grade oxide material previously placed on a segregated section of the Company's Lone Tree heap leach facility.Mining activities at Granite Creek for the three months ended March 31, 2026 were impacted by a main surface electrical substation transformer fire that occurred in January 2026, resulting in a loss of power to the underground operations. Temporary diesel generators were installed shortly after the incident to allow for mining operations to resume with minimal impact to the mine plan, and permanent replacement infrastructure was installed in mid-March.Throughout the quarter, waste development in the main decline and access ramps continued to progress according to the mine plan, despite limited access in January and early February due to the loss of power incident. For the remainder of the quarter, decline advance rates exceeded plan, and from the second quarter onwards, the development rate is expected to be sufficiently ahead of the mine workings to allow for the efficient extraction of the mineralized material for the foreseeable future.Water inflow volumes to the mine remained largely unchanged and continue to be managed well using the current underground pumping system, which presently operates near capacity. An enhanced pumping system that includes expanded sumps and higher capacity pumps will be installed throughout the year to allow for an increase in overall water discharge capacity of the contact water as the mine progresses at depth. Further, commissioning of a second water treatment plant currently under construction remains on track for June 2026, which is expected to increase surface water treatment capacity to support the Company's long-term groundwater management objectives.The Company continues to encounter elevated levels of oxide mineralized material compared to levels anticipated in the March 2025 PEA at Granite Creek underground.As at March 31, 2026, the Company had a sulfide stockpile with over 4,000 recoverable ounces of gold due to the availability of third-party processing. The Company expects this stockpile to be processed during the second quarter of 2026.Capital spend at Granite Creek consisted of costs related to the water treatment plant, RIB construction, and the electrical substation replacement.Pre-development, evaluation, and exploration expenses were $11.4 million for the three months ended March 31, 2026, which were primarily related to underground mine development and infill drilling to upgrade mineral resources and step-out drilling beyond the drill program completed in 2025 in advance of the feasibility study.Drill ProgramDuring the quarter, the Company continued infill and step-out drilling at Granite Creek, completing approximately 1,925 meters of core drilling across the property. The underground drill program remained focused on infill drilling to support resource conversion and mine planning, while surface drilling targeted northerly step-out holes on the South Pacific Zone and Rangefront fault to test the potential for resource expansion. The updated mineral resource estimate will incorporate drilling data from 2023, 2024, and 2025, and will utilize a revised resource modeling approach. The feasibility study is expected to be completed in the second quarter of 2026.New assay results from 40 holes reported on January 20, 2026, continued to demonstrate robust high-grade mineralization throughout the South Pacific Zone confirming expansion of the mineralized envelope and potential for mineral resource expansion to the north and at depth.Granite Creek Open PitFollowing the completion of the Granite Creek open pit preliminary economic assessment ("PEA"), a pre-feasibility trade-off study commenced. Simultaneously, technical trade-off analyses are being conducted to optimize project economics. Based on preliminary assessments of potential environmental impacts, the project may require preparation of an Environmental Impact Statement ("EIS") under the Bureau of Land Management ("BLM") process. Early-stage pre-permitting activities and technical studies are currently underway, followed by planned baseline field studies commencing in 2027 to support the National Environmental Policy Act ("NEPA") permitting process.Ruby Hill PropertyThe Ruby Hill property includes the Archimedes underground project, the Company's second planned underground mine for which construction began during 2025, and the Mineral Point open pit, which is a large oxide gold and silver deposit with the potential to become the Company's largest gold producing asset. During the first quarter of 2025, the Company finalized a PEA for the Ruby Hill property covering both Archimedes underground and Mineral Point open pit projects. Ruby Hill Property
Three months ended
March 31,Operational Statistics
20262025Gold producedoz393623Gold soldoz383452Underground mine development (pre-development)meters660—Archimedes drillingmeters4,262—Mineral Point drillingmeters750—
Financial Statistics
20262025Processing cost (produced oz)$/oz3,3561,652Site G&A (produced oz)$/oz8751,210Royalties$000s5337Capital expenditure$000s1,064192Pre-development, evaluation and exploration expenses $000s12,3823,191Archimedes UndergroundDuring the first quarter of 2026, underground development at the Archimedes project advanced ahead of schedule, with approximately 660 meters completed during the quarter supported by favorable ground conditions. A new dewatering well was completed during the quarter, with pump testing scheduled for the second quarter of 2026. Predictive groundwater modeling and geochemical technical studies are ongoing in support of the Lower Archimedes permitting process. The timeframe for first gold mined is in the second half of 2026.The Company also completed 4,262 meters of infill drilling at the 426 zone of Upper Archimedes, with infill drilling of the Ruby Deeps zone within Lower Archimedes expected to commence in the second quarter of 2026, following the completion of the exploration drift. Together, these programs will form the technical basis for the Archimedes Underground feasibility study, which is targeting late in the first quarter of 2027, pending the potential expansion of the current drill program. New assay results from the first 20 holes from the Upper Archimedes drill program were reported subsequent to the first quarter on April 8, 2026, and continue to demonstrate high-grade mineralization throughout Upper Archimedes, returning high-grade intercepts consistent with the current geological model.Capital expenditures for the three months ended March 31, 2026 were primarily from construction of a dry room trailer, office infrastructure upgrades, power upgrades and mine load centers for the underground.Pre-development, evaluation and exploration expenditures were $12.4 million for the three months ended March 31, 2026, primarily due to increased underground development at the Archimedes underground project which began in the third quarter of 2025. During the first quarter of 2026, the higher expenditure is driven by a decline advance rate that exceeded expectations, resulting in accelerated development activity and the construction of surface infrastructure.The Company continues to leach the historic leach pads on the Ruby Hill property recovering minor amounts of gold. For the residual leaching process, management continues to focus on improving solution flows to control ponding and optimizing cyanide application rates with the objective of increasing production from the historic leach pad during the first quarter of 2026.Mineral Point Open PitAt Mineral Point, two surface core drill rigs completed 750 meters of surface core drilling during the first quarter of 2026. This drill program was designed to support a pre-feasibility trade-off study covering hydrogeology, metallurgy, and an optimized mine plan. Mineral Point currently hosts the Company's largest gold and silver mineral resources. The $250 million NSR Royalty completed in the first quarter of 2026 includes $50 million allocated to advancing infill drilling, engineering, and early-stage pre-permitting at Mineral Point in 2026 in support of a pre-feasibility study anticipated for completion in 2027.Cove UndergroundCove is an advanced stage exploration project and is expected to be the Company's third underground mine. NEPA permitting activities are underway with the BLM at Cove in anticipation of an EIS. i-80 Gold is actively advancing major permit applications with the goal of aligning regulatory approvals with planned development timelines.During the first quarter, the Company continued to advance the feasibility study for the Cove Underground project, which is expected to be completed in the second quarter of 2026. Further, the Company also submitted updated hydrological and geochemical baseline reports to the BLM. During the second quarter, the Company submitted the updated biological baseline studies report, as well as the Plan of Operations amendment to the BLM.Lone Tree Plant Refurbishment The Lone Tree Plant is currently non-operational and a construction decision on its refurbishment was made by the Board of Directors during the first quarter of 2026. i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant (the other being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining Corporation and Newmont Corporation).The Lone Tree Plant is envisioned to process material from the Company's three underground mines, Granite Creek, Archimedes, and Cove, to establish a regional hub-and-spoke mining and processing model. Upon refurbishment and commissioning, the Lone Tree Plant will allow the Company to transition from toll milling to owner-operated processing. This shift is expected to materially increase operating margins and enhance free cash flow generation.During the first quarter, the Company provided Hatch with a formal Notice to Proceed for the Lone Tree refurbishment project. In preparation, procurement for long lead equipment and detailed engineering activities commenced in 2025 to optimize the schedule. At present, the project is on plan for the first gold pour in December 2027 and costs remain in line with the control estimate issued in November 2025. As of March 31, 2026, total construction commitments were $30.5 million, with approximately 50% of the project's commitments expected towards the end of the first half of 2026. On site early works commenced in the second quarter of 2026, which includes the mobilization of the Hatch construction team and the initiation of equipment demolition, building refurbishment and repairs, and the installation of lighting and electrical replacement and upgrades. Capital expenditures for the three months ended March 31, 2026 were primarily related to refurbishment activities.The facility is permitted for the existing operational components in use. The approval of new and revised permit applications pertaining to air quality, mercury control, water pollution control, reclamation management, and other secondary programs for the new design remain outstanding. The Company submitted the necessary applications for air quality, mercury control and water quality environmental permits in the first quarter of 2026, ahead of schedule. Various construction activities are expected to commence upon the approval of needed permits, the Company does not envision delays in the construction schedule due to the permitting process at this time.FINANCIAL STATEMENTSThis press release should be read in conjunction with i-80 Gold's Form 10-Q, including the unaudited consolidated financial statements and associated Management's Discussion and Analysis of Financial Condition and Results of Operation for the three months ended March 31, 2026 included therein, which is available on the Company's website at www.i80gold.com, and under the Company's issuer profile on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca. The Company advises that its audited consolidated financial statements for the year ended December 31, 2025, included in the Company's annual report on Form 10-K, disclosed a going concern emphasis. Release of this information is required by Section 610(b) of the NYSE American Company Guide. Subsequent to the year ended December 31, 2025, the Company successfully completed its recapitalization plan by raising and securing capital of approximately $787.5 million through the completion of a net smelter return royalty agreement, gold prepay agreement, and the issuance of convertible debentures. The proceeds were used to repay its outstanding indebtedness, with the exception of the Silver Purchase Agreement that remains outstanding, and improved liquidity, as further described in the Form 10-Q for the three months ended March 31, 2026. As of March 31, 2026, the Company has $513.5 million in cash on hand, which it believes is sufficient to meet its obligations as they become due within one year after the issuance of these financial statements. The Company has assessed the relevant conditions and events and has concluded that substantial doubt about the Company's ability to continue as a going concern no longer exists.CONFERENCE CALL AND WEBCASTManagement will hold a conference call and audio webcast to discuss the first quarter highlights followed by a question-and-answer session with participants. The details are as follows:Date:Wednesday, May 13, 2026Time:10:00 a.m. ETWebcast:app.webinar.net/YWEQaPqn3wA Telephone:1-416-945-7677Toll-free (North America): 1-888-699-1199 QUALIFIED PERSONSAll scientific and technical information contained in this press release has been reviewed, verified and compiled under the supervision of Paul Chawrun, P.Eng., member of the Professional Engineers of Ontario (PEO) and the Company's Chief Operating Officer, and Tyler Hill, CPG., Vice President Geology for the Company, each of whom is a "Qualified Person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and S-K 1300 and Subpart 1300 of Regulation S-K under the U.S. Securities Act of 1933, as amended.ENDNOTES(1)Based on capital costs, gold output estimates, and average annual gold output targets outlined in the most recent life of mine schedules disclosed in the latest technical studies filed for each respective project and related property: the Lone Tree Facility, Granite Creek underground, Archimedes underground, Cove underground and Granite Creek open pit when using a gold price assumption of $3,600/oz for the purposes of anticipated cash flow from operations. While the economics of the latest technical studies were completed at $2,175/oz Au with gold price sensitivities of up to $3,000/oz Au, a gold price assumption of $3,600/oz is in line with current long term consensus prices. The anticipated output figures are preliminary in nature and are based on mineral resources, which do not have demonstrated economic viability, and are not mineral reserves. In addition, each of the foregoing technical reports are preliminary economic assessments/initial assessments that are preliminary in nature and each include an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves. As such, there is no certainty that the output targets will be realized. The anticipated output targets are also pending the successful refurbishment and commissioning of the Lone Tree Plant. All of the Company's projects are considered exploration stage projects under S-K 1300 because the Company has not determined mineral reserves at any of its properties pursuant to S-K 1300. With respect to Granite Creek underground and Archimedes underground, located on the Ruby Hill property, the Company has started extraction activities without determining mineral reserves. The following technical reports for each project and related property have been prepared in accordance with NI 43-101: Preliminary Economic Assessment Technical Report for the Cove Project, Lander County, Nevada (March 31, 2025); Preliminary Economic Assessment Technical Report for the Granite Creek Mine Project, Humboldt County, Nevada, USA (March 31, 2025); and Preliminary Economic Assessment NI 43-101 Technical Report for the Ruby Hill Project, Eureka Country, Nevada, USA (March 31, 2025). Corresponding technical reports prepared in accordance with S-K 1300 are as follows: Initial Assessment & Technical Report Summary for the Cove Project, Lander County, Nevada (March 26, 2025); Initial Assessment of the Granite Creek Mine, Humboldt County, NV (March 26, 2025); and Initial Assessment of the Ruby Hill Project, Eureka County NV (March 29, 2025). Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2026 (2025 - 59%).(2)Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2026 (2025 - 59%).(3)This is a Non-GAAP and Supplementary Financial measure; please see "Non-GAAP and Supplementary Financial Performance Measures" section.(4)The Company has secured over $1.0 billion in capital since the beginning of 2025 through a combination of financings. This includes (i) approximately $184 million in gross proceeds raised in May 2025 through a public offering and a concurrent private placement, with up to an additional $130 million assuming full exercise of the related in-the-money warrants over the next 18 months, (ii) a $250 million royalty financing with Franco-Nevada (of which $225 million was funded at closing on March 16, 2026 with approximately $165 million used to pay legacy debt obligations, and $25 million remains subject to drawdown conditions), (iii) convertible senior notes issued on March 23, 2026 for an aggregate principal amount of $287.5 million, and (iv) $150 million under the Gold Prepay Facility with National Bank of Canada and Macquarie Bank with an additional $100 million available under an accordion feature, subject to drawdown conditions.ABOUT i-80 GOLD CORP.i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a fully funded three-phase development plan to advance its high-quality asset portfolio. The Company is the fifth largest mineral resource holder in the state with a pipeline of three high-grade underground and two open pit projects strategically located in some of Nevada's most prolific gold-producing trends. Leveraging its central autoclave processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the NYSE American (NYSE: IAUX) and Toronto Stock Exchange (TSX: IAU). Visit www.i80gold.com for more information.CAUTIONARY STATEMENT ON FORWARD LOOKING INFORMATIONCertain information set forth in this press release, including but not limited to management's assessment of the Company's future plans and operations; the anticipated timing of the permitting, construction, refurbishment and commissioning of the Lone Tree Plant; the anticipated benefits of the refurbished Lone Tree Plant, including to cash margins, recoveries, operating margins and free cash flow generation, and the anticipated transition from toll milling to owner-operated processing; the perceived merit of projects or deposits; the impact, timing, and execution of the Company's three-phase development plan, including that the Company is fully funded to advance Phase 1 and Phase 2 and that Phase 1 and Phase 2 projects are expected to generate sufficient operating cash flow to fund Phase 3; the anticipated timing of permitting, gold output, project development, or completion dates for feasibility studies, technical studies, and the recapitalization plan; execution and timing of all asset advancements in the development plan; the potential to utilize the autoclave infrastructure at the Lone Tree Plant to process mineralized material pending the outcome of the refurbishment; that Mineral Point will become the Company's largest gold producing asset; the successful permitting of each project; the timing, completion and results of the Company's drill programs; the inclusion of drill results in future feasibility studies and the expected conversion of mineral resources to higher confidence categories or to mineral reserves; that any of the projects will reach commercial production; the Company's ability to achieve mid-tier producer status; outlook on gold output; the Company's 2026 production, operating, pre-development, evaluation and exploration cost guidance; the anticipated timing for water treatment plant completion at Granite Creek and the outcome of the dewatering program; the anticipated commissioning of the Lone Tree Plant by the end of 2027; the expected timing of first gold from Upper Archimedes; the anticipated implementation of a hub-and-spoke regional mining and processing model; and the Company's expectation that it has sufficient liquidity to meet its obligations as they become due, constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities laws.All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management as at the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Material assumptions used in preparing the forward-looking statements in this press release include, but are not limited to, assumptions regarding: the price of gold and silver; the accuracy of the Company's mineral resource estimates and the underlying geological, technical and economic parameters; anticipated costs and expenditures; the timely receipt of all required regulatory and governmental approvals and permits on acceptable terms; the availability of financing on acceptable terms; the availability of equipment, labour and contractors; the absence of significant labour disruptions or material adverse changes in general economic conditions; and the Company's ability to execute its three-phase development plan on the anticipated timeline and within budget. Readers are cautioned that the foregoing assumptions, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, undue reliance should not be placed on forward-looking statements.The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including: general economic and industry conditions; volatility of commodity prices, including the prices of gold and silver; title risks and uncertainties; the Company's ability to access sufficient capital from internal and external sources, including by selling assets, restructuring debt or obtaining additional equity capital, on terms that may be onerous or highly dilutive; uncertainties related to the refurbishment of the Lone Tree Plant, including cost overruns and construction delays; risks related to third-party toll milling arrangements and processing delays; uncertainties regarding water management and groundwater inflows at Granite Creek; risks related to the conversion of mineral resources and the results of feasibility and other technical studies; risks associated with mineral exploration, development and mining operations generally; risks related to obtaining and maintaining required governmental, environmental and other regulatory approvals and permits, including under NEPA and the BLM process, on a timely basis or at all; environmental, health and safety risks; risks relating to the reliance on key personnel and contractors (including Hatch); changes in applicable laws, regulations or government policies in Canada and the United States; foreign exchange and interest rate fluctuations; litigation risks; and the other risk factors discussed under the heading "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2025 and the Company's Form 10-Q for the three months ended March 31, 2026, each of which is available on EDGAR at www.sec.gov/edgar and on SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. NON-GAAP AND SUPPLEMENTARY FINANCIAL PERFORMANCE MEASURESThe Company has included certain non-GAAP commonly used in the mining industry that are not defined under US GAAP in this document. These include adjusted loss, adjusted loss per share, and average realized price per ounce. These measures are not defined under US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. Management believes these measures in addition to measures determined in accordance with US GAAP provide investors with useful information to evaluate the Company's underlying operations and financial performance. Supplementary financial measures represents a component of a GAAP number. The measures presented are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with US GAAP and should be read in conjunction with the Company's Financial Statements.Definitions"Average realized gold price" per ounce of gold sold is a supplementary financial measure and the calculation is shown below."Adjusted loss" and "adjusted loss per share" are non-GAAP financial performance measures that the Company considers to better reflect normalized earnings because it eliminates temporary or non-recurring items such as: gain and losses on fair value measurements, loss on loan extinguishment, loss on Convertible Loans and finance fee expense.. Adjusted loss per share is calculated using the weighted average number of shares outstanding under the basic calculation of earnings per share.Average realized gold price per ounce of gold sold(3)
Three months endedMarch 31,(in thousands of U.S. dollars, unless otherwise noted) 20262025Consolidated
Revenue52,39014,048Silver revenue(64)(61)Gold revenue52,32613,987Gold sold¹10,5904,952Average realized gold price ($/oz)4,9412,825
Granite Creek
Revenue43,8398,695Gold ounces sold18,7673,106Average realized gold price ($/oz)5,0002,799
Lone Tree
Revenue6,8863,963Silver revenue (60)(14)Gold revenue6,8263,949Gold sold1,4401,394Average realized gold price ($/oz)4,7402,833
Ruby Hill
Revenue1,6651,390Silver revenue(4)(47)Gold revenue1,6611,343Gold sold383452Average realized gold price ($/oz)4,3372,971Note to table above:
1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 57% in 2026 (2025 - 59%)Adjusted loss(2)Adjusted loss and adjusted loss per share exclude a number of temporary or one-time items detailed in the following table:
Three months endedMarch 31,(in thousands of U.S. dollars, unless otherwise noted)20262025
Net loss $ (78,601)$ (41,205)Adjust for:
Loss on Silver Purchase Agreement and embedded derivative(26,802)(7,475)Finance fee expense(9,922)—Loss on fair value measurement of NSR Royalty(7,624)—Loss on loan extinguishment(7,110)—Loss on fair value measurement of Convertible Loans derivative(3,463)(1,437)Loss on fair value measurement of Orion Gold Prepay Agreement derivative (3,377)(8,263)Gain on fair value measurement of 2026 Gold Prepay derivative7,893—Gain (loss) on fair value measurement of warrant liability403(434)Total adjustments$ (50,002)$ (17,609)Adjusted loss(28,599)(23,596)
Weighted average shares 837,103,078431,341,371Adjusted loss per share$ (0.03)$ (0.05)Adjusted loss was higher for the three months ended March 31, 2026, compared to the prior year period due to increased pre-development, evaluation and exploration expenses partially offset by higher gross profit. View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-reports-first-quarter-2026-results-fully-funded-development-plan-on-track-302770133.htmlSOURCE i-80 Gold Corp Original: i-80 Gold Reports First Quarter 2026 Results; Fully Funded Development Plan on Track
CA Market News
2月前
i-80 Gold Reports High-Grade Assay Results at Archimedes Underground Project Including 24.6 g/t Au Over 23.6 Meters; Development Advancing on ScheduleApril 8, 2026 6:05 AM
PR Newswire (Canada)
TORONTO, April 8, 2026 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold", or the "Company") is pleased to announce assay results from its recent drilling campaign at the Archimedes Underground Project ("Archimedes" or the "Project"), located on the Company's Ruby Hill property at the southeastern end of the Battle Mountain-Eureka Trend in northeastern Nevada, United States (see Figure 1 in Appendix).The Company commenced construction of Archimedes, the Company's second underground project, in the third quarter of 2025. Material from Archimedes, in addition to Granite Creek underground, is expected to begin feeding the Company's Lone Tree processing plant by late 2027, subject to the completion of the plant's proposed refurbishment. Until that time, the Company's underground material from Archimedes will be processed through a third-party toll milling agreement.As of December 31, 2025, Archimedes hosts an indicated gold mineral resource of 436,000 ounces at 7.6 grams per tonne and an inferred gold mineral resource of 988,000 ounces at 7.3 grams per tonne(1). The majority of the resource is currently hosted in the Ruby Deeps zone, which is situated below the 5100-foot elevation within the deposit ("Lower Archimedes") (see Figure 2 in Appendix).These drilling results confirm previously interpreted mineralization in the upper 426 zone ("Upper Archimedes") and demonstrate continuity as well as the potential to extend mineralization beyond the boundaries defined by the mineral resource estimate supporting the preliminary economic assessment for Archimedes, prepared in accordance with NI 43-101, and the corresponding Initial Assessment, prepared under Subpart 1300 of Regulation S-K ("S-K 1300"), each filed on March 31, 2025(2) (the "PEA"). Upper Archimedes is situated above the 5100-foot elevation level within the deposit.Highlights From Infill Holes at Upper Archimedes 24.6 g/t Au over 23.6 m in hole iAU26-05 (sulfide)10.2 g/t Au over 36.4 m in hole iAU25-09 (sulfide)8.0 g/t Au over 46.4 m in hole iAU26-01 (sulfide-oxide)6.1 g/t Au over 42.1 m in hole iAU25-14 (oxide)3.9 g/t Au over 44.3 m in hole iAU26-03 (oxide)True widths are estimated between approximately 40% - 65% of core width."Drilling continues to return consistent and positive results that are improving our confidence in both the scale and continuity of mineralization at Archimedes," stated Tyler Hill, Vice President, Geology. "These results provide a solid foundation for ongoing development, and reinforce the broader potential of the Project. The consistency of high-grade results that we are seeing across this drill campaign is similar to the drill campaigns conducted on the Company's other two underground projects, for which feasibility studies are expected to be released this quarter. In addition to the high-grade sulfide mineralization, the emerging oxide opportunity at Upper Archimedes has the potential to provide meaningful low-cost economic ounces in the near-term, with metallurgical testwork underway. With development advancing on schedule, Archimedes is on plan as we target first gold mined in the third quarter of this year."Upper Archimedes Drilling Infill drilling commenced in the fourth quarter of 2025 with a focus on further delineating Upper Archimedes in preparation for the anticipated extraction of mineralized material in the third quarter of 2026. A total of 7,500 meters over 35 holes have been drilled to date, largely completing the 2025-2026 program. New assay results from the first 20 holes presented in Table 1 below continue to demonstrate high-grade mineralization throughout Upper Archimedes, returning high-grade intercepts in targeted drill areas, which are consistent with the current geological model (see Figures 3 and 4 in Appendix). Upper Archimedes drilling will ultimately consist of 36 holes and is expected to be completed in the second quarter of 2026. Results from this program, in conjunction with further drilling in 2026, will be used to support stope design for planned mining activities.The current drilling program intersected substantial intervals of oxide mineralization that were not included in the 2025 PEA. In light of the current gold price environment and the presence of an operating heap leach pad, the Company is currently evaluating the potential to integrate this oxide material into the Project's mine plan and production profile.Lower Archimedes Drilling Development of an exploration drift to serve as a platform to drill Lower Archimedes commenced ahead of schedule during the first quarter of 2026. Following the expected completion of the Upper Archimedes drill program in the second quarter, an infill drilling program targeting approximately 55,000 meters over 140 holes in Lower Archimedes is anticipated to begin in the second quarter of 2026. Lower Archimedes remains open to the north and south, and at depth, offering substantial exploration potential.Drilling results from both Upper and Lower Archimedes will form the basis of a new mineral resource estimate and a feasibility study which is expected to be completed in the first quarter of 2027. The updated resource is expected to include approximately 60,000 meters of drilling, of which the majority is infill drilling to define reserves. The overall drill program is primarily focused on infill drilling to enhance confidence in the mine plan, better define the transition boundary of the oxide-sulfide mineralization, confirm the continuity of mineralization, and upgrade inferred resources into the measured and indicated mineral resource categories.Development at Archimedes Advancing on ScheduleAt Upper Archimedes, permitting for mining is complete and construction continues to advance on schedule with the development footage exceeding plan. Approximately 1,200 meters of development for the project has been completed as of the end of the first quarter of 2026. Project costs are largely in line with budget expectations. Predictive groundwater models for Archimedes have advanced, including the installation of an additional dewatering well in the first quarter of 2026. The Company continues to expect to mine first gold within Upper Archimedes in the third quarter of 2026.Permitting activities for Lower Archimedes are underway with an estimated completion by mid-2027, while reviewing opportunities to expedite the timeline. This sequential permitting approach allows the Company to expedite mining activities, while finalizing approvals for Lower Archimedes.Results from the PEA outlined an approximate 10-year mine life with an average annual gold output of approximately 100,000 ounces, following production ramp up(2) (to view the announcement, click here). Table 1: Assay Results From Upper Archimedes DrillingDrillhole IDTypeOxidationFrom (m)To (m)Length (m)Au (g/t)iAU25-01CoreSulfide151.2156.04.85.6AndCore Sulfide189.9192.82.99.2AndCoreOxide195.4223.728.36.6iAU25-02CoreSulfide129.7148.719.07.0AndCore Sulfide157.9171.613.76.9AndCoreOxide171.6192.921.34.1iAU25-03CoreSulfide108.8119.510.75.4AndCore Sulfide154.7161.66.910.3iAU25-04CoreSulfide153.3162.59.114.0AndCoreOxide197.5212.815.22.1iAU25-05Core Oxide139.9155.916.02.7iAU25-06CoreSulfide125.9133.27.312.7AndCoreOxide145.1163.818.77.3iAU25-07Core Sulfide133.2146.913.712.1iAU25-08CoreSulfide132.0146.614.69.5AndCoreOxide170.8194.523.73.1iAU25-09Core Sulfide113.7121.17.46.0AndCoreSulfide139.5176.036.410.2iAU25-10CoreSulfide121.8124.52.74.0iAU25-11Core Sulfide126.7147.220.411.0AndCoreOxide147.2163.416.23.3iAU25-12CoreOxide95.4101.35.94.3AndCore Oxide149.4162.212.84.4iAU25-13CoreSulfide135.1145.410.28.1iAU25-14CoreSulfide104.2119.515.29.3AndCore Oxide129.9172.042.16.1iAU25-15CoreSulfide130.8151.520.75.3AndCoreOxide176.0183.98.02.5iAU26-01Core Sulfide/Oxide135.0181.446.48.0IncludesCoreOxide151.1171.520.55.3AndCoreSulfide186.5188.92.412.8iAU26-02Core Oxide146.3166.119.82.3iAU26-03CoreSulfide134.1140.86.713.8AndCoreOxide140.8185.044.33.9iAU26-04Core Sulfide104.5111.77.210.3AndCoreOxide130.5168.337.92.9iAU26-05Core Sulfide128.2151.823.624.6AndCoreSulfide170.1176.66.55.7Notes to table above:Numbers may not add due to rounding. True widths are estimated between approximately 40%-65% of core width.Table 2: Drillhole Collar CoordinatesUTMDrillhole IDEast (m)North (m)Elevation (m)AzimuthDipNAD83 Zone 11iAU25-0158736943758601774003-44iAU25-0258736943758601774001-51iAU25-0358735543758201779324-35iAU25-0458736943758601774352-42iAU25-0558735543758201779327-31iAU25-0658736943758601774350-57iAU25-0758735443758201779316-36iAU25-0858736943758601774350-50iAU25-0958735443758201779315-32iAU25-1058736943758601774344-43iAU25-1158735443758201779306-36iAU25-1258736843758601774331-55iAU25-1358735443758201779299-38iAU25-1458736843758601774332-59iAU25-1558735443758201779297-34iAU26-0158735443758201779292-32iAU26-0258736843758601774322-46iAU26-0358735443758201779290-38iAU26-0458736843758601774319-59iAU26-0558735443758201779386-30Technical Disclosure and Qualified PersonsThe technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Paul Chawrun P.Eng., Chief Operating Officer, and Tyler Hill CPG., Vice President, Geology, for the Company, each of whom are qualified persons within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and S-K 1300.All samples were submitted to MSALABS (MSA) of Elko, NV, which is an ISO9001 accredited laboratory, independent of the Company. Samples submitted through MSA are crushed to 80% passing 2 mm and analyzed using CPA-Au1 (Au; 500 gram photon assay). MSA also undertakes their own internal coarse duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold's QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. Mineral resources do not have demonstrated economic viability and are not mineral reserves.For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by the Company, please see the Company's Annual Report on Form-10K dated February 19, 2026, as well as the information in respect of data verification, key assumptions, parameters, risks and other factors contained in the PEA and the corresponding Initial Assessment dated March 31, 2025, each as filed under the Company's profile on SEDAR+ at www.sedarplus.ca and under the Company's profile on EDGAR at www.sec.gov.Endnotes(1)Notes to the Archimedes Underground Mineral Resource estimate: (1) Underground mineral resources have been estimated at a gold price of $2,175 per troy ounce and a silver price of $27.25 per ounce; metal price determinations were from 2024 Q3. (2) Mineral resources have been estimated using pressure oxidation gold metallurgical recoveries of 96.8% and 89.5% for the 426 and Ruby Deeps deposits respectively. (3) Pressure oxidation cutoff grades are 5.06 and 5.48 Au g/t (0.148 and 0.160 opt) for the 426 and Ruby Deeps deposits respectively. (4) Detailed input mining, processing, and G&A costs are defined in Section 18.1. (5) Units shown are metric. (6) The contained gold ounces estimates have not been adjusted for metallurgical recoveries. (7) Numbers have been rounded as required by reporting guidelines and may result in apparent summation differences. (8) A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The dimensions of a minimum minable stope cross section are 20 feet wide x 15 feet high. Individual stope lengths can vary from a minimum of 20 feet to a maximum of 100 feet. (9) An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. (10) Mineral resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant factors. (11) Mineral resources in the Ruby Hill Technical Report have an effective date of December 31, 2024. A Qualified Person and employee of Practical Mining LLC, has reviewed the Ruby Hill Underground mineral resources and material assumptions included in the Ruby Hill Technical Report and confirmed that they remain current as of December 31, 2025. (12) The reference point for mineral resources is in situ.(2)A press release titled "i-80 Gold Announces Positive Preliminary Economic Assessment on the Archimedes Underground Project, Nevada; After-Tax NPV(5%) of $127 Million with an After-Tax IRR of 23% at US$2,175/oz Au" announcing results from the PEA on the Ruby Hill Property covering the Archimedes underground project was filed on February 18, 2025, followed by the filing of the PEA and the corresponding Initial Assessment on March 31, 2025. The PEA was prepared in accordance with NI 43-101 and the Initial Assessment was prepared in accordance with S-K 1300. All documents are accessible under the Company's issuer profile on both SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, as well as on the Company's website at www.i80gold.com. The PEA is preliminary in nature and includes an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources that are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. Mineral resources do not have demonstrated economic viability and are not mineral reserves.About i-80 Gold Corp.i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a fully funded three-phase development plan to advance its high-quality asset portfolio. The Company is the fifth largest gold mineral resource holder in the state with a pipeline of high-grade multi-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). For more information, visit www.i80gold.com.Cautionary Statement Regarding Forward Looking InformationCertain information set forth in this press release, including but not limited to management's assessment of the Company's future plans and operations, expectations regarding the timing, execution and results of the Company's drilling programs, outlook on gold output, the anticipated timing of gold output, project development or technical studies, including completion of the anticipated Archimedes underground feasibility study and the release of its results, the potential for mineral resource conversion and opportunities for expansion, management's view on the potential to incorporate Archimedes oxide mineralized material into the Project's mine plan to provide meaningful low-cost economic ounces in the near-term, the timing of first gold mined and first gold pour, and the timing of Archimedes and Granite Creek underground to begin feeding the Lone Tree processing plant constitute forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, uncertainty in geological, metallurgical and geotechnical studies and opinions, and ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.This release also contains references to estimates of mineral resources. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the Project, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on: (i) fluctuations in commodities prices; (ii) results of drilling, (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses or changes to existing mining licenses.Please see "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2025 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. The information included on, or accessible through, the Company's website is not incorporated by reference into this press release.APPENDIXFigure 1: Regional Map of i-80 Gold Assets in Northern NevadaFigure 2: Upper and Lower Mineralized Zones, Archimedes UndergroundFigure 3: Plan View of Archimedes UndergroundFigure 4: Upper Archimedes Cross-Section
View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-reports-high-grade-assay-results-at-archimedes-underground-project-including-24-6-gt-au-over-23-6-meters-development-advancing-on-schedule-302736889.htmlSOURCE i-80 Gold Corp
Original: i-80 Gold Reports High-Grade Assay Results at Archimedes Underground Project Including 24.6 g/t Au Over 23.6 Meters; Development Advancing on Schedule
CA Market News
3月前
i-80 Gold Closes Gold Prepayment Facility for up to $250 Million; Completes Recapitalization Establishing a Fully Funded Development PlanMarch 24, 2026 6:11 AM
PR Newswire (Canada)
All amounts referenced herein are expressed in United States dollars unless otherwise stated.TORONTO, March 24, 2026 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold" or the "Company") is pleased to announce the closing of its previously announced gold prepayment facility (the "Gold Prepay Facility") with National Bank of Canada and Macquarie Bank Limited. The Gold Prepay Facility includes an initial advance of $150 million and a $100 million accordion feature. With the closing of the Gold Prepay Facility, the Company has successfully completed its recapitalization plan. Through a combination of financing arrangements, i-80 Gold has raised over $1 billion in capital(1), which is expected to fully fund the development plan through Phase 1 and Phase 2, with a path to funding Phase 3(2) (see Figure in Appendix).
"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 & CEO. "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."Gold Prepay FacilityWith the closing of the Gold Prepay Facility, the Company received $150 million in initial funding and has the obligation to deliver 39,978 ounces of gold over a 30-month period beginning in January 2028. The accordion feature provides access to an additional $100 million for a 24-month period from closing, subject to customary conditions and lender approval. The Company 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.Recapitalization Plan Over the past 18 months, i-80 Gold undertook several initiatives that have led to the completion of its recapitalization plan. The Company has secured a financing package that aligns with the projected capital requirements and cash flows of its development plan. This recapitalization was completed ahead of the Company's target of mid-2026 and has achieved over $1 billion in secured and available capital(1) in accordance with its plan. We believe the Company is fully funded to advance Phase 1 and Phase 2 of the development plan(2). Phase 1 and Phase 2 currently include advancing three underground projects (Granite Creek, Archimedes and Cove) and one open pit oxide project (Granite Creek open pit), as well as the refurbishment and commissioning of the Company's centralized Lone Tree processing plant. Once complete, these projects are expected to increase average annual production to a target range of 300,000 to 400,000 ounces of gold in 2031(2), up from less than 50,000 ounces of gold currently. They are also expected to generate sufficient operating cash flow to fund Phase 3(2), which currently includes the development of the Mineral Point open pit oxide project. The Company now has the financial flexibility to bring forward infill drilling, engineering, and technical studies in support of the pre-feasibility study and future permitting actions for Mineral Point ahead of Phase 3, as the Company continues to identify opportunities to optimize the development schedule.Endnotes(1)The Company has secured over $1.0 billion in capital since the beginning of 2025 through a combination of financings. This includes (i) approximately $184 million in gross proceeds raised in May 2025 through a public offering and a concurrent private placement, with up to an additional $130 million assuming full exercise of the related in-the-money warrants over the next 18 months, (ii) a $250 million royalty financing with Franco-Nevada (of which $225 million was funded at closing on March 16, 2026 with approximately $165 million used to pay legacy debt obligations, and $25 million remains subject to drawdown conditions), (iii) convertible senior notes issued on March 23, 2026 for an aggregate principle amount of $287.5 million, and (iv) $150 million under the Gold Prepay Facility with National Bank of Canada and Macquarie Bank with an additional $100 million available under an accordion feature, subject to drawdown conditions.
(2)Based on capital costs, gold output estimates and average annual gold output targets in the most recent life of mine gold output schedules disclosed in the latest technical studies filed for each respective project and related property: the Lone Tree Facility, Granite Creek underground, Archimedes underground, Cove underground and Granite Creek open pit when using a gold price assumption of $3,600 per ounce for the purposes of anticipated cash flow from operations. While the economics of the latest technical studies were completed using a gold price assumption of $2,175 per ounce with gold price sensitivities of up to $3,000 per ounce, a gold price assumption of $3,600 per ounce is in line with current long term consensus prices.
These anticipated output figures are preliminary in nature and are based on mineral resources, which do not have demonstrated economic viability, and are not mineral reserves. In addition, each of the foregoing technical reports are preliminary economic assessments/initial assessments that are preliminary in nature and each include an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves. As such, there is no certainty that the output targets will be realized. The anticipated output targets are also pending the refurbishment and commissioning of the Lone Tree Plant. The output targets presented herein are Company goals and not a projection of results and should not be taken as output guidance. All of the Company's projects are considered exploration stage projects under S-K 1300 because the Company has not determined mineral reserves at any of its properties pursuant to S-K 1300. With respect to Granite Creek underground and Archimedes underground, located on the Ruby Hill property, the Company has started extraction activities without determining mineral reserves.
The following technical reports for each project and related property have been prepared in accordance with NI 43-101: Preliminary Economic Assessment Technical Report for the Cove Project, Lander County, Nevada (March 31, 2025); Preliminary Economic Assessment Technical Report for the Granite Creek Mine Project, Humboldt County, Nevada, USA (March 31, 2025); and Preliminary Economic Assessment NI 43-101 Technical Report for the Ruby Hill Project, Eureka Country, Nevada, USA (March 31, 2025). Corresponding technical reports prepared in accordance with S-K 1300 are as follows: Initial Assessment & Technical Report Summary for the Cove Project, Lander County, Nevada (March 26, 2025); Initial Assessment of the Granite Creek Mine, Humboldt County, NV (March 26, 2025); and Initial Assessment of the Ruby Hill Project, Eureka County NV (March 29, 2025).About i-80 Gold Corp.i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fifth largest gold mineral resource holder in the state with a pipeline of high-grade multi-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). For more information, visit www.i80gold.com.Cautionary Statement Regarding Forward-Looking InformationCertain information set forth in this press release, including but not limited to statements regarding the full funding and advancement of Phase 1 and Phase 2 of the current development plan including three underground projects (Granite Creek, Archimedes and Cove) and one open pit oxide project (Granite Creek open pit) as well as the refurbishment and commissioning of the Company's centralized Lone Tree processing plant, increasing average annual gold output to a target range of 300,000 to 400,000 ounces in 2031, and the expectation to generate sufficient operating cash flow to fund Phase 3 of the current development plan, constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward looking statements.The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including; the Company satisfying the conditions to access the US$100 million accordion feature, general economic and industry conditions, including the impact of recent oil price increases, risks associated with the refurbishment of the Lone Tree Plant and advancement of the Company's projects, as well as those factors discussed under the heading "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2025, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.Additional information relating to i-80 Gold can be found at www.i80gold.com and on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. APPENDIXFigure: i-80 Gold's Three-Phase Development Plan
View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-closes-gold-prepayment-facility-for-up-to-250-million-completes-recapitalization-establishing-a-fully-funded-development-plan-302723195.htmlSOURCE i-80 Gold Corp
Original: i-80 Gold Closes Gold Prepayment Facility for up to $250 Million; Completes Recapitalization Establishing a Fully Funded Development Plan
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4月前
i-80 Gold Reports Fourth Quarter and Full Year 2025 Results; Continues to Advance Development PlanFebruary 19, 2026 6:02 PM
PR Newswire (US)
TORONTO, Feb. 19, 2026 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold" or the "Company") reports its operating and financial results, as well as development highlights, for the fourth quarter and full year ended December 31, 2025.
"In 2025 we made significant progress in advancing our development plan and recapitalizing the Company's balance sheet," said Richard Young, President & CEO. We advanced technical and permitting work, as well as exploration and infill drilling programs across our gold projects in the development plan. We also completed the Lone Tree refurbishment study which underpins our hub and spoke processing strategy for our three high-grade underground mines. We are targeting to complete our recapitalization plan by the end of the first quarter, which is expected to fully fund phase one and two of our development plans while also providing flexibility and optionality for both our near-term and longer-term growth plans, at competitive costs.""As we enter 2026, we look forward to ramping up production at Granite Creek, beginning the refurbishment of our Lone Tree Plant, commencing mining at our second underground mine Archimedes, and continuing to advance our technical and permitting work on our remaining projects, in particular at Mineral Point, our large open pit heap leach project. We anticipate this year to be another transformational year for i-80 Gold," added Mr. Young.2025 FINANCIAL, OPERATING AND DEVELOPMENT HIGHLIGHTS
Three and twelve months ended December 31, 2025 compared to three and twelve months ended December 31, 2024
Unless otherwise stated, all amounts referred to herein are in U.S. dollars.Fourth QuarterRevenue from gold sales for the quarter was $21.3 million, from 5,477 ounces(1) at an average realized gold price(2) of $3,887 per ounce compared to revenues of $23.2 million from gold sales of 9,053 ounces(1) at an average realized gold price(2) of $2,560 per ounce. The Company held a higher inventory balance during the fourth quarter due primarily to the timing of third-party processing. The stockpile balance was over 6,500 recovered ounces of gold which is expected to be processed during the first quarter of 2026.Gross profit increased to $4.7 million from $1.8 million compared to the year prior, due primarily to a stronger gold price. Granite Creek generated gross profit for the second half of 2025.Net loss increased to $85.6 million compared to $17.7 million due primarily to non-cash fair value revaluations on derivative financial instruments of $21.5 million driven by stronger metal prices and the Company's increased share price. Additionally, a non-cash write-down of $26.2 million related to Lone Tree Plant assets that were identified as redundant following the completion of the related engineering study, and higher pre-development, evaluation and exploration expenses were incurred as the Company advances multiple projects. Upon declaration of mineral reserves, certain pre-development, evaluation, and exploration expenditures currently expensed will be capitalized.Adjusted loss increased to $37.8 million compared to $25.0 million due to increased spending on pre-development, evaluation and exploration expenses.Cash used in operating activities of $34.3 million increased compared to $9.2 million in the year prior as a result of increased pre-development, evaluation, and exploration expenses.Cash and cash equivalents of $63.2 million as at December 31, 2025, a decrease of $39.6 million compared to September 30, 2025, primarily due to cash used in pre-development, evaluation, and exploration expenses, capital expenditures on property, plant, and equipment primarily for the Lone Tree Plant study, the repayment of the Sprott Convertible Loan and a build up of finished goods and stockpile at year-end.Completed the Lone Tree Plant engineering study which confirmed plant design, processing capacity, and scope of work, resulting in a capital cost estimate of $412 million, inclusive of contingency, owner's cost and first fills, plus $18 million in capital spares for a total of $430 million.Year Ended December 31, 2025Revenue from gold sales increased to $95.2 million from $50.3 million in the prior year which represented 28,196 ounces(1) at an average realized gold price(2) of $3,368 per ounce, compared to gold sales of 21,527 ounces at an average realized gold price(2) of $2,332 per ounce as mining activity at Granite Creek increased.Achieved 2025 guidance with 31,930 ounces of consolidated gold output, an increase from the prior year as mining activities continued to ramp up at Granite Creek underground.Gross profit improved to $11.5 million from a gross loss of $15.7 million due to increased revenue. Granite Creek generated gross profit for the second half of 2025.Net loss of $198.8 million compared to $121.5 million in the prior year was higher due to other expenses from non-cash fair value revaluation losses, a non-cash write-down, and higher pre-development, evaluation and exploration expense as the Company advances multiple projects within its development plan partially offset by higher gross profit.Adjusted loss increased to $122.9 million from $111.2 million due to increased spending on pre-development, evaluation, and exploration expenses as the Company advanced multiple projects within its development plan, partially offset by higher gross profit.Cash used in operating activities was $83.6 million, comparable to $82.5 million in the prior year.Cash balance of $63.2 million as at December 31, 2025, an increase of $44.2 million during the year due to proceeds from the brokered and private placements and higher gross profit, partially offset by a principal repayment on the Company's Gold Prepay and Silver Purchase Agreement, along with the its convertible loan with Sprott Capital Partners.Completed approximately 37,000 meters of drilling across the portfolio, including mineral resource definition drilling at Granite Creek underground to support a planned feasibility study, technical drilling at Mineral Point open pit, infill drilling at Archimedes underground to enhance mineral resource definition ahead of mining, and resource definition and geotechnical drilling at Cove underground to support a planned feasibility study.Total Recordable Injury Frequency Rate improved to 0.62 compared to 1.27 in the year prior.Strengthened technical leadership with the appointment of a new Chief Operating Officer and added depth across core management roles in operations, technical services and permitting.Received all required permits and commenced construction for the upper level of the Archimedes underground project — the Company's second underground mine — marking a key milestone in Phase one of its development plan.Commenced early works activities for the Lone Tree Plant refurbishment under a limited notice-to-proceed, followed by the completion of the engineering study of the refurbishment design and the capital costs.Stabilized groundwater inflow at Granite Creek underground — the Company's first brownfield project to be redeveloped — through enhanced dewatering infrastructure and a predictive groundwater model, improving development and mining rates.
Three months endedDecember 31,Twelve months endedDecember 31,
2025202420252024Revenue$000s21,29023,22895,19350,335Gross profit (loss)$000s4,6841,80311,506(15,723)Net loss $000s(85,559)(17,730)(198,847)(121,533)Loss per share$/share(0.10)(0.04)(0.30)(0.34)Adjusted loss1$000s(37,779)(24,995)(122,920)(111,221)Adjusted loss per share1$/share(0.05)(0.06)(0.18)(0.31)Cash flow used in operating activities$000s(34,310)(9,223)(83,591)(82,501)Cash and cash equivalents$000s63,24019,00163,24019,001Drillingmeters13,1938,08736,51432,376Gold producedoz5,6746,35931,93026,264Gold ounces sold1oz5,4779,05328,19621,527Average realized gold price2$/oz3,8872,5603,3682,332Notes to table above:1.Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%).2.This is a Non-GAAP Measure; please see "Non-GAAP Financial Performance Measures" section.
DEVELOPMENT PLAN AND RECAPITALIZATION In 2025, i-80 Gold focused on advancing its three-phased development plan to create a mid-tier gold producer by the early 2030s. Phase one includes the ramp up of Granite Creek underground, the construction of the Archimedes underground mine, and the refurbishment of the Company's Lone Tree Plant which will act as a central processing facility. This phase is expected to increase i-80 Gold's production to between 150,000 to 200,000 ounces of gold(3) from less than 50,000 ounces currently. Phase two involves the development of the Cove underground project and Granite Creek open pit, which is expected to increase companywide production to between 300,000 to 400,000 ounces of gold(3). Phase three is expected to bring Mineral Point, a large open pit heap leach project, into operation increasing production levels to over 600,000 ounces of gold(3).During the year, the Company significantly strengthened its balance sheet through several financing initiatives which ultimately culminated in the significant financing package announced in February 2026. The financing package of up to $500 million consists of a royalty sale of $250 million with Franco-Nevada Corporation, and a gold prepayment facility with National Bank of Canada and Macquarie Bank Limited for an initial $150 million together with an uncommitted accordion feature for an additional $100 million(4) (collectively, the "Financing Package"). The royalty sale is subject to customary closing conditions and is anticipated to be completed on or about March 17, 2026, and closing of the prepayment facility is subject to customary closing conditions, including but not limited to, an intercreditor arrangement and is anticipated to be completed by the end of the first quarter of 2026. The Company has issued a notice of redemption of its existing convertible debentures as part of the recapitalization plan to provide the required security under the Financing Package. The Company is also contemplating the potential sale of a non-core asset and the issuance of debt or equity, or a combination thereof, to complete the recapitalization plan, which once complete, is expected to fully fund Phase one and Phase two of the development plan(3,6).Upon completion of the Financing Package, the proceeds will be used to refurbish the Lone Tree Plant, fund resource expansion and infill drilling, and advance development, technical and permitting activities across the Company's portfolio of assets, as well as for working capital purposes. The proceeds will also be used to extinguish the Company's existing debt obligations of approximately $175 million(5). The Financing Package also provides flexibility to accelerate the feasibility study and permitting work for the Mineral Point open pit project. With several feasibility studies currently in progress, we continue to identify opportunities to optimize the development schedule for Phases two and Phase three.OutlookThe Company achieved its 2025 guidance of 30,000 to 40,000 ounces, reporting 31,930 ounces of gold output, despite gold production being impacted by the timing of third-party processing. Granite Creek underground contributed 22,977 ounces within its expected range of between 20,000 to 30,000 ounces(3). The Company's two residual heap leach operations contributed 8,953 ounces of gold compared to the approximately 10,000 ounces expected in 2025. Had timing of processing by the Company's third-party processor been in line with plan, production for the year would have been at the higher end of the guidance range, given as at the end of December 2025, over 6,500 recovered ounces of gold were stockpiled at the third-party processing facility. In 2025, the Company met its expected growth expenditures of between $40 million to $50 million that is primarily recognized in pre-development, evaluation and exploration expenditures.2026 OutlookThe Company's 2026 production, operating and pre-development, evaluation and exploration cost guidance is summarized below:
2026 GuidanceProduction
Granite Creek undergroundoz30,000 - 40,000Archimedes underground and residual heap leachoz10
Operating costs
Granite Creek underground$M$110 - $120Archimedes underground$M$25 - $30
Sustaining capital$M$6 - $8
Growth capital
Lone Tree Plant$M$140 - $160Granite Creek underground - water treatment$M$10 - $15
Pre-development expense
Granite Creek underground - mine development(a)$M$20 - $25Archimedes underground - mine development$M$30 - $35
Evaluation and exploration expense
Resource expansion and infill drilling:
Granite Creek underground$M$10Archimedes underground$M$25 - $30 Mineral Point open pit$M$45 - $50
Permitting and technical$M$20 - $30Notes to table above:(a)Granite Creek mine development costs will be capitalized upon the declaration of reserves, assuming reserves will be declared in the feasibility study which is,
expected in the second quarter of 2026.At Granite Creek, guidance is largely in line with the Preliminary Economic Assessment prepared in accordance with NI 43-101 and the corresponding Initial Assessment prepared under S-K 1300 each published in the first quarter of 2025 (collectively, the "PEA"), with some exceptions. As previously disclosed, the impact of underground water was not reflected in the PEA, resulting in (i) higher waste development rates required to catch up on development, (ii) additional capital required for dewatering infrastructure, (iii) lower grades processed in 2026 due to the delay in accessing the higher grade South Pacific Zone. Additionally, relative to the PEA, both recoveries and processing costs are higher due to the toll milling agreement entered into subsequent to the release of the PEA. Material mined is approximately 20% higher than the PEA, while mining, G&A and development and sustaining costs are in line. Step out and infill drilling budgets have been increased relative to the PEA due to the success of the 2025 program.At Archimedes, tonnes and mined grade, and development costs are largely in line with the PEA. The exception is processing costs related to the new toll milling agreement entered into following the release of the PEA. Costs related to the Archimedes feasibility study have been brought forward to 2026 versus 2028 in the PEA. This includes infill drilling costs with an additional $10 million for an exploration drift and the cost of drilling longer holes.Costs associated with pre-development activities at Mineral Point have been brought forward to 2026 from 2028. Resource expansion and infill drilling along with technical and early permitting activities are expected to total between $40 to $45 million and be funded through the portion of the proceeds from the Franco-Nevada Corporation royalty allocated to Mineral Point.Other technical work, permitting activities, and holding costs are largely in line with estimates published in the respective PEAs.This outlook, including expected results and targets, is subject to various risks, uncertainties and assumptions, which may impact future performance and the Company's ability to achieve the results and targets discussed in this section. Please refer to the "Cautionary Statement on Forward-Looking Information" section. The Company may, but is under no obligation to, update this outlook depending on changes in metal prices and other factors.Upcoming Catalysts Over the next 12 to 18 months, the Company expects to deliver the following key catalysts across its gold portfolio while also identifying opportunities to optimize the development schedule:Technical StudiesCove underground (Feasibility) — Q2 2026Granite Creek underground (Feasibility) — Q2 2026Archimedes underground (Feasibility) — Q1 2027Granite Creek open pit (Pre-feasibility/Feasibility) — Timeline under reviewMineral Point open pit (Pre-feasibility/Feasibility) — Timeline under review
Lone Tree Plant☑ Construction decision — Positive construction decision granted by the Board early-Q1 2026Commence demolition — Q2 2026Commence construction — H2 2026Archimedes UndergroundInitiate infill drilling of lower Archimedes — Q2 2026First gold from upper Archimedes — Q4 2026Recapitalization Plan Completion of Financing Package — Q1 2026Replace its existing convertible debentures with new convertible debentures — Q1 2026Potential sale of non-core asset — ongoingOPERATIONAL AND FINANCIAL OVERVIEW
Three months ended
December 31,Year ended
December 31,(in thousands of USD)2025202420252024Revenue21,29023,22895,19350,335Cost of sales(16,350)(20,939)(81,961)(64,569)Depletion, depreciation and amortization(256)(486)(1,726)(1,489)Gross profit (loss)4,6841,80311,506(15,723)
Expenses
Pre-development, evaluation and exploration27,4199,40666,07138,430General and administrative9,5166,34629,37020,773Property maintenance3,5883,59214,19814,161Write-down of property, plant and equipment26,246—26,246—Loss from operations(62,085)(17,541)(124,379)(89,087)
Other income and expenses, net(20,201)8,094(47,202)2,003Interest expense(6,562)(7,944)(30,555)(32,951)Loss before income taxes(88,848)(17,391)(202,136)(120,035)
Deferred tax recovery (expense)3,289(339)3,289(1,498)Net loss(85,559)(17,730)(198,847)(121,533)
"Operations progressed well through the fourth quarter, closing out a busy and productive year," said Paul Chawrun, Chief Operating Officer. "At Granite Creek underground, operations are on plan with ongoing upgrades to the water management infrastructure, resulting in expected improvements to the development rates and main decline advancement in 2026. The exploration campaign to infill drill the South Pacific Zone reported strong results to enhance the resource definition and will form the basis of the upcoming feasibility study.""At Ruby Hill, development of the Archimedes underground continues to progress very well with advancement rates, infrastructure, and resource definition of the upper 426 zone ahead of plan. A key focus for the next several months will be to advance the main decline towards initiation of the exploration drift to allow for the progression of the feasibility-level technical work for Ruby Deeps and the 426 zone at depth. At Lone Tree, work has been ongoing with the initial basic engineering and the long lead procurement packages as planned, with project completion remaining for first pour by December 31, 2027, as outlined in the Class 3 engineering study announced December 2025," added Mr. Chawrun. "Looking ahead to 2026, the exploration programs include additional resource definition and exploration drilling at Granite Creek, alongside substantial drilling campaigns planned for Ruby Deeps within lower Archimedes and at Mineral Point. We expect to have another productive year as we continue to prove out the potential of our asset base," added Mr. Chawrun.Granite Creek PropertyThe Granite Creek property includes the Granite Creek underground project, a fully permitted, constructed and operating mine and the Granite Creek open pit oxide deposit adjacent to the underground project, currently in early-stage permitting and technical work. Granite Creek underground is the Company's first brownfield project to be redeveloped and is currently ramping up towards steady-state gold output.Granite Creek Property
Three months ended
December 31,Year ended
December 31,Operational Statistics
2025202420252024Oxide mineralized material minedtonnes15,49021,36970,18362,789Sulfide mineralized material minedtonnes25,7778,14871,70427,338Total oxide and sulfide mineralized material minedtonnes41,26729,517141,88790,127Oxide mineralized material mined gradeg/t11.1913.0211.1911.60Sulfide mineralized material mined gradeg/t9.019.779.088.21Low-grade mineralized material mined1tonnes19,16429,30573,47172,111Low-grade mineralized material grade1g/t3.053.082.943.03Waste minedtonnes33,80865,668140,014164,010Total material minedtonnes94,239124,489355,372326,248Processed mineralized material - sulfidetonnes4,04430,91146,78935,613Processed mineralized material - leachtonnes19,99245,68387,25480,156Total processed mineralized material tonnes24,03676,594134,043115,769Gold produced2oz3,6054,02722,97716,382Gold sold2oz5,2265,58321,63710,961Underground mine development (pre-development)meters3292111,0881,147Drillingmeters8,315—18,9857,136
Financial Statistics
2025202420252024Mining cost (total mineralized material and waste)$/t15099156126Processing cost (processed mineralized material)$/t953113633Site general and administrative ("G&A") (total mineralized material mined3)$/t26213033Royalties$000s1,5115934,6532,507Capital expenditure4$000s2,496605,0451,138Pre-development, evaluation and exploration expenses$000s15,4435,49138,02624,428Notes to table above:1Low-grade mineralized material extracted as part of the mining process that is below cut-off grade but incrementally economic.2Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%).3Total mineralized material mined consists of sulfide, oxide, and low-grade mineralized material.4Capital expenditure based on accrual basis.Granite Creek UndergroundMining & ProcessingMineralized material mined at Granite Creek underground is processed as follows: (i) sulfide mineralized material is processed at a third-party processing facility and subject to a toll milling agreement entered into in March 2025, (ii) high-grade oxide mineralized material subject to an ore sales agreement, and (iii) low-grade oxide material is placed on a segregated section of the Company's Lone Tree heap leach facility.Mining activities for the current quarter and year ended December 31, 2025 exceeded the comparative prior-year periods. The outperformance was due to increased access to mineralized material from ongoing stope development, adjustments to mine sequencing, improving ground conditions and the delineation of additional high-grade areas through short-term drilling that were not included in the original resource model. Water inflows remained stable during the quarter and the upgraded pumping system continued to perform as expected. The construction of the water treatment plant is on track for completion near the end of the second quarter of 2026. The water treatment plant is designed to increase the capacity for surface water treatment and improve the management of water quality in preparation for ultimate discharge, supporting the Company's long-term groundwater management objectives and future operating stability.The Company continues to encounter elevated levels of oxide mineralized material compared to levels anticipated in the March 2025 PEA at Granite Creek. The lower-grade oxide mineralized material continues to be suitable for processing via heap leach at the Company's Lone Tree heap leach facility.During the year, the Company's stockpile of sulfide mineralized material, which is processed under a third-party toll milling agreement, reached higher than expected levels due to delays at the third-party processing facility. As at December 31, 2025, the sulfide mineralized material stockpile of over 6,500 recovered ounces of gold is expected to be processed during the first quarter of 2026.Pre-development, evaluation, and exploration expenses were $15.4 million for the three months ended December 31, 2025 and $38.0 million for the year ended December 31, 2025, which were primarily related to underground mine development and infill drilling to upgrade mineral resources.Infill DrillingInfill drilling of the South Pacific Zone was initiated in June 2025 and concluded at the end of the year. These infill drilling results successfully support the geological model, confirming the continuity and high-grade nature of the deposit. The overall program included 16,000 meters drilled over 46 holes, including six additional infill holes to test and confirm continuity of mineralization. Additionally, results from seven step-out holes reinforced the Company's belief in the potential to expand mineralization in the South Pacific Zone which could ultimately expand the Project's mine life. Assay results demonstrated robust high-grade mineralization throughout the South Pacific Zone and suggest the potential to continue to expand the South Pacific Zone to the north and at depth. Results from this drill program can be found in the most recent news release dated January 20, 2026 titled, "i-80 Gold Reports New High-grade Assay Results Reinforcing Resource Expansion Potential at Granite Creek Underground Project".This program was primarily focused on infill drilling to support the conversion of mineral resources from the inferred resource category to the indicated category to form the basis for the upcoming feasibility study and mine plan for Granite Creek underground. Results from the 2025 drill program will be combined with infill drilling data from 2023 and 2024 to produce an updated mineral resource estimate using three years of additional data and to evaluate potential production and productivity improvements as the water management improves with additional lateral extent of the mineralized zone and improved ground conditions with depth. The feasibility study is planned for completion in the second quarter of 2026.The Company is encouraged by the operating and technical improvements at Granite Creek and continues to believe this project represents significant future value. Exploration drilling is planned in 2026 to test high potential targets and additional drilling to further delineate resources. Granite Creek Open PitFollowing the release of the Granite Creek open pit PEA, technical work has been underway to advance the project toward either a pre-feasibility or a feasibility level study. Simultaneously, technical trade off analyses are being conducted to optimize the project economics. Geotechnical and metallurgical drilling locations have been identified, and a study schedule is under management review. Geotechnical drilling in support of the selection of facility site locations was deferred in 2025 due to ongoing operating permit updates for the underground, pushing the start of drilling for the open pit project into 2026, and resulting in a timeline that is under review to optimize the future growth plan.Permitting activities for the open pit expansion progressed as planned, with initial biological baseline field studies completed in the period ending December 2025. Based on preliminary assessments of potential environmental impacts, the project may require preparation of an Environmental Impact Statement ("EIS") under the Bureau of Land Management ("BLM") process. Early-stage permitting activities will continue in 2026 followed by commencement of baseline field studies in 2027 to support the National Environmental Policy Act ("NEPA") permitting process.Ruby Hill PropertyThe Ruby Hill property includes the Archimedes underground project, the Company's second planned underground mine for which construction began during the third quarter, and the Mineral Point open pit which is a large oxide gold and silver deposit with the potential to become the Company's largest gold producing asset. During the first quarter of 2025, the Company finalized a PEA for the Ruby Hill property covering both the Archimedes underground and Mineral Point open pit.At Archimedes underground, permitting for mining above the 5100-foot level is complete. Construction has progressed above expectations and approximately 682 meters of development has been completed during the year. Infill delineation drilling of the 426 zone of upper Archimedes commenced in the fourth quarter and initiation of infill drilling in the Ruby Deeps zone of lower Archimedes is expected to commence in the second quarter of 2026, which will form the basis of a feasibility study expected in the first quarter of 2027, approximately 12 months earlier than indicated in the PEA. Predictive groundwater models for Archimedes underground have started with construction of an additional dewatering well in the first quarter of 2026. Permitting activities below the 5100-foot elevation are underway with an estimated completion by mid-2027, while reviewing opportunities to expedite the timeline.The timeframe for first gold mined is in the second half of 2026. The Company continues to leach the historic leach pads on the property recovering minor amounts of gold.Capital expenditures for the year were primarily from the construction of a maintenance shop related to the Archimedes underground access portal and purchases of light equipment.At Mineral Point open pit, the drill program that commenced in the second quarter of 2025 continued with two surface core drill rigs and completed 5,532 meters of surface core drilling during the year ended December 31, 2025. This drill program was designed to support geotechnical, metallurgical and hydrogeology studies for baseline data to advance permitting and engineering work. Mineral Point currently hosts the Company's largest gold and silver mineral resources. Due to the economic potential at Mineral Point, the Company is accelerating infill drilling and technical work to support pre-feasibility and feasibility studies. The proposed royalty financing comprising part of the Financing Package committed subsequent to December 31, 2025 contemplates $50 million available to advance these projects in 2026.Pre-development, evaluation and exploration expenditures were $8.9 million and $18.4 million for the three and twelve months ended December 31, 2025, primarily due to increased spending at the Archimedes underground project. The higher expenditure is driven by a decline advance rate that exceeded expectations, resulting in accelerated development activity and the construction of surface infrastructure.For the residual leaching process, management is focused on improving solution management and optimizing cyanide application rates with the objective of increasing production from the historic leach pad during the first quarter of 2026.Cove ProjectCove is an advanced stage exploration project and is expected to be the Company's third underground mine.National Environmental Policy Act ("NEPA") permitting activities are underway with the Bureau of Land Management ("BLM") at Cove in anticipation of an EIS. i-80 Gold is actively advancing major permit applications with the goal of aligning regulatory approvals with planned development timelines.Over the last two years, the Company completed approximately 32,992 meters of infill drilling at Cove. Drilling was conducted across the Gap and Helen zones on approximately 30-meter spacing. The result of this work advanced management's understanding of the Cove project by providing a more robust geological model, a greater understanding of the gold mineralization including continuity and grade, and increased confidence in future mineral resource delineation reinforcing the potential for a high-grade underground operation. Collectively, the program has strengthened the technical foundation required for the transition from the current PEA work towards completing a feasibility study, which is planned for completion in the second quarter of 2026 and which will replace the Cove PEA filed in March 2025.Based on this additional work, it is now anticipated that the forthcoming mineral resource estimate for Cove – to be included in the 2026 planned feasibility study – is expected to reflect a conversion of currently estimated inferred and indicated resources into higher confidence categories of resource classification. These results further validate the Company's understanding of Cove as representing a Carlin-style mineralized system with an anticipated high degree of mineral resource conversion through additional drilling.Lone Tree PlantThe Lone Tree Plant is envisioned to process material from the Company's three underground mines, Granite Creek, Archimedes, and Cove, to establish a regional hub-and-spoke mining and processing model. Upon refurbishment and commissioning as planned, the Lone Tree Plant will allow the Company to transition from toll milling to owner-operated processing. This shift is expected to materially increase operating margins and enhance free cash flow generation.During the fourth quarter, a Study was completed for the Lone Tree Plant refurbishment. The Study updates an internal feasibility study completed in 2023 to incorporate design optimizations, value engineering initiatives, a filtered tailings system, and updated cost estimates to support an improved execution strategy. A positive construction decision was made in the first quarter of 2026 with the recapitalization. Plant commissioning is anticipated at the end of 2027.The Lone Tree Plant is expected to operate at a nameplate capacity of 2,268 tonnes per day or 827,806 tonnes per annum, consistent with historic production rates. The processing circuit will incorporate an integrated pressure oxidation ("POX") and carbon-in-leach ("CIL") circuits capable of processing both refractory (sulfide) and non-refractory (oxide) mineralized material. The scope of work includes a combination of improved design components and the replacement of some existing infrastructure aimed at modernizing the Lone Tree Plant to improve process efficiency and operating flexibility, and to meet new environmental compliance standards, including the upgrade of the existing autoclave to a modern pressure oxidation circuit.The refurbishment has a capital cost estimate of $412 million, inclusive of contingency, owner's costs, and first fills, plus $18 million in capital spares for a total of $430 million. The estimate is higher than the anticipated amount of approximately $400 million, largely due to increased costs associated with inflation and engineering design details, and additional redundancy by expanding the capacity of the filtered tailings system.In August 2025, the Board of Directors approved a limited notice to proceed with detailed engineering to allow for the procurement of long-lead equipment and the details required for updating operating permits. The Lone Tree Plant is permitted for the existing operational components in use. The approval of new and revised permit applications pertaining to air quality, water pollution control, mercury abatement, and reclamation management programs for the new design remain outstanding. The Company is targeting submittal of the necessary applications for the primary environmental permits in the first quarter of 2026. Various construction activities will commence upon the approval of the associated permits.The leaching of the historic leach pad at Lone Tree continues to produce gold at profitable quantities.Capital expenditures during the year ended December 31, 2025 and in the comparative period were primarily related to the technical work to support the refurbishment of the Lone Tree Plant. FINANCIAL STATEMENTSThis press release should be read in conjunction with i-80 Gold's annual report on Form 10-K, including the audited consolidated financial statements and associated Management's Discussion and Analysis of Financial Condition and Results of Operation for the year ended December 31, 2025 included therein, which is available on the Company's website at www.i80gold.com, and under the Company's issuer profile on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca.CONFERENCE CALL AND WEBCASTManagement will hold a conference call and audio webcast to discuss the fourth quarter and full year highlights followed by a question-and-answer session with participants. The details are as follows:Date: February 20, 2026Time: 10:00 a.m. ETWebcast: app.webinar.net/r3PBKd1OR4q Telephone: 1-416-945-7677Toll-free (North America): 1-888-699-1199 QUALIFIED PERSONSAll scientific and technical information contained in this press release has been reviewed, verified and compiled under the supervision of Paul Chawrun, P.Eng., member of the Professional Engineers of Ontario (PEO) and the Company's Chief Operating Officer, and Tyler Hill, CPG., Vice President Geology for the Company, each of whom is a "Qualified Person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and S-K 1300 and Subpart 1300 of Regulation S-K under the U.S. Securities Act of 1933, as amended.ENDNOTES(1)Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%).(2)This is a Non-GAAP Measure; please see "Non-GAAP Financial Performance Measures" section.(3)Consolidated gold output estimates and average annual gold output targets are based on the most recent LOM output schedules disclosed in the latest technical studies filed for each respective project and related property: Granite Creek underground project, Archimedes underground project, Cove underground project, Granite Creek open pit project, and Mineral Point open pit project. These anticipated output figures are preliminary in nature and are based on mineral resources, which do not have demonstrated economic viability, and are not mineral reserves. In addition, each of the foregoing technical reports are preliminary economic assessments/initial assessments that are preliminary in nature and each include an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves. As such, there is no certainty that the output targets will be realized. The anticipated output targets are also pending the refurbishment and commissioning of the Lone Tree Plant. The output targets presented herein are Company goals and not a projection of results and should not be taken as output guidance, unless specified. All of the Company's projects are considered exploration stage projects under S-K 1300 because the Company has not determined mineral reserves at any of its properties pursuant to S-K 1300. With respect to Granite Creek underground and Archimedes underground, located on the Ruby Hill property, the Company has started extraction activities without determining mineral reserves. The following technical reports for each project and related property have been prepared in accordance with NI 43-101: Preliminary Economic Assessment Technical Report for the Cove Project, Lander County, Nevada (March 31, 2025); Preliminary Economic Assessment Technical Report for the Granite Creek Mine Project, Humboldt County, Nevada, USA (March 31, 2025); and Preliminary Economic Assessment NI 43-101 Technical Report for the Ruby Hill Project, Eureka Country, Nevada, USA (March 31, 2025). Corresponding technical reports prepared in accordance with S-K 1300 are as follows: Initial Assessment & Technical Report Summary for the Cove Project, Lander County, Nevada (March 26, 2025); Initial Assessment of the Granite Creek Mine, Humboldt County, NV (March 26, 2025); and Initial Assessment of the Ruby Hill Project, Eureka County NV (March 29, 2025). Pending the successful development and commissioning of the Company's Lone Tree autoclave. (4)Subject to customary closing conditions and inter-creditor arrangements anticipated to be completed by the end of the first quarter of 2026.(5)The proceeds of the financing package of up to $500 million announced by press release on February 12, 2026 (the "Financing Package") will be used to retire all of the Company's existing debt obligations, including approximately $95 million to settle the Gold Prepay Agreement and the Convertible Loan with Orion Resource Partners (across various funds) with the exception of a Silver Purchase and Sale Agreement held by Orion Mine Finance Fund III (HG) Ltd. Additionally, Convertible Debentures amounting to approximately $86 million will be retired from the proceeds of the Financing Package. Convertible Debenture holders have the right to elect to convert accrued interest into i-80 Gold common shares.(6)Based on LOM gold output and capital costs outlined in the most recent LOM schedules disclosed in the latest technical studies filed for each respective project and related property: the Lone Tree Facility, Granite Creek underground, Archimedes underground, Cove underground and Granite Creek open pit when using a gold price assumption of $3,600/oz for the purposes of anticipated cash flow from operations. While the economics of the latest technical studies were completed at $2,175/oz with gold price sensitivities of up to $3,000/oz, a gold price assumption of $3,600/oz is in line with current long term consensus prices.ABOUT i-80 GOLD CORP.i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality high-grade asset portfolio. The Company is the fourth largest mineral resource holder in the state with a pipeline of three underground and two open pit projects strategically located in some of Nevada's most prolific gold-producing trends. Leveraging its central processing facility following a refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). For more information, visit www.i80gold.com.CAUTIONARY STATEMENT ON FORWARD LOOKING INFORMATIONCertain information set forth in this press release, including but not limited to management's assessment of the Company's future plans and operations; the anticipated timing of permitting the Lone Tree Plant, including for a construction decision, construction and commissioning; the anticipated benefits of the refurbished processing plant including to cash margins and recoveries; the anticipated cost and payback period of the refurbishment plan; the perceived merit of projects or deposits; the impact, timing, and execution of the Company's new development plan; the anticipated timing of permitting, production, project development, the Financing Package comprising part of the recapitalization plan, or completion dates for feasibility studies, technical studies, and recapitalization plan; execution and timing of all asset advancements in the Financing Package and the new development plan; that ramp-up activities at Granite Creek will lead to steady state production; the Granite Creek dewatering campaign; the potential to utilize the autoclave infrastructure at the Lone Tree Plant to process mineralized material pending the outcome of the 2025 refurbishment; that Mineral Point will become the Company's largest producing asset and is expected to provide the biggest step change in company-wide production; the successful permitting of each project; the ability to further de-risk the development pipeline; the timing, completion and results of the Company's drill programs; the inclusion of drill results in future feasibility studies; that any of the projects will reach commercial production; and the Company's ability to achieve mid-tier production status; outlook on gold output; the anticipated growth expenditures; the anticipated timing of permitting, production, project development or technical studies; the timing and completion of the Financing Package, including the royalty sale with Franco-Nevada Corporation and the gold prepayment facility with National Bank of Canada and Macquarie Bank Limited; the Company's 2026 production, operating and development cost guidance; the anticipated timing for water treatment plant completion at Granite Creek; expected conversion of mineral resources to higher confidence categories at Cove; anticipated commissioning of the Lone Tree Plant by the end of 2027; the expected timing of first gold from upper Archimedes; the anticipated retirement and replacement of existing convertible debentures; and the potential sale of a non-core asset constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws.All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward looking statements.The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, the ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company's ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates. Additional risks include uncertainties related to completion of the Financing Package and satisfaction of customary closing conditions; risks associated with the refurbishment of the Lone Tree Plant, including cost overruns and construction delays; risks related to third-party toll milling arrangements and processing delays; uncertainties regarding water management and groundwater inflows at Granite Creek; risks related to the conversion of mineral resources and the results of feasibility studies; and the ability of the Company to retire and replace existing debt obligations on favorable terms. Please see "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar.NON-GAAP FINANCIAL PERFORMANCE MEASURESThe Company has included certain terms or performance measures commonly used in the mining industry that are not defined under US GAAP in this document. These include adjusted loss, adjusted loss per share, and average realized price per ounce. Non-GAAP financial performance measures do not have any standardized meaning prescribed under US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with US GAAP and should be read in conjunction with the Company's Financial Statements.Definitions"Average realized gold price" per ounce of gold sold is a non-GAAP measure and does not constitute a measure recognized by US GAAP Accounting Standards and does not have a standardized meaning defined by US GAAP Accounting Standards. It may not be comparable to information in other gold producers' reports and filings. Management believes this non-GAAP measure improves the understanding of revenue."Adjusted loss" and "adjusted loss per share" are non-GAAP financial performance measures that the Company considers to better reflect normalized earnings because it eliminates temporary or non-recurring items such as: (loss) gain on warrants, gain (loss) on Convertible Loans, and loss on fair value measurement of Gold Prepay Agreement and Silver Purchase Agreement. Adjusted loss per share is calculated using the weighted average number of shares outstanding under the basic calculation of earnings per share.Average realized gold price per ounce of gold sold(2)
Three months endedDecember 31,Year endedDecember 31,(in thousands of U.S. dollars, unless otherwise noted)2025202420252024Consolidated
Revenue21,29023,22895,19350,335Silver revenue(3)(53)(223)(125)Gold revenue21,28723,17594,97050,210Gold sold¹5,4779,05328,19621,527Average realized gold price ($/oz)3,8872,5603,3682,332
Lone Tree
Revenue35,02814,42916,534Silver revenue (3)(53)(48)(82)Gold revenue—4,97514,38116,452Gold sold—1,8594,4616,948Average realized gold price ($/oz)N/A2,6763,2242,368
Ruby Hill
Revenue9914,1777,1898,409Silver revenue——(175)(43)Gold revenue9914,1777,0148,366Gold sold2511,6112,0983,618Average realized gold price ($/oz)3,9482,5933,3432,312
Granite Creek
Revenue20,29614,02373,57525,392Gold ounces sold15,2265,58321,63710,961Average realized gold price ($/oz)3,8842,5123,4002,317Note to table above:1. Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%) Adjusted loss(2)Adjusted loss and adjusted loss per share exclude a number of temporary or one-time items detailed in the following table:
Three months endedDecember 31,Year endedDecember 31,(in thousands of U.S. dollars, unless otherwise noted)2025202420252024Net loss $ (85,559)$ (17,730)$ (198,847)$ (121,533)Adjust for:
Write-down of property, plant and equipment(26,246)—(26,246)—Loss on Silver Purchase Agreement and embedded (7,973)(3,318)(14,575)(9,897)(Loss) gain on fair value measurement of warrant liability(12,833)8,293(17,959)8,981Loss on Gold Prepay Agreement and embedded derivative(1,275)(77)(16,158)(7,990)Gain (loss) on fair value measurement of Convertible 5473,375(989)11,799Loss on deferred consideration———(102)Inventory NRV adjustment—(1,008)—(13,103)Total adjustments$ (47,780)$ 7,265$ (75,927)$ (10,312)Adjusted loss(37,779)(24,995)(122,920)(111,221)Weighted average shares 825,885,244396,433,803671,730,323359,206,859Adjusted loss per share$ (0.05)$ (0.06)$ (0.18)$ (0.31)Adjusted loss is higher for the three months and year ended December 31, 2025, compared to the prior year periods due to increased pre-development, evaluation and exploration expenses partially offset by higher gross profit.
View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-reports-fourth-quarter-and-full-year-2025-results-continues-to-advance-development-plan-302693168.htmlSOURCE i-80 Gold Corp
Original: i-80 Gold Reports Fourth Quarter and Full Year 2025 Results; Continues to Advance Development Plan
CA Market News
4月前
i-80 Gold Secures Financing Package of up to $500 Million to Advance Development PlanFebruary 12, 2026 7:17 AM
PR Newswire (US)
Recapitalization plan anticipated to close by the end of the first quarter 2026 All amounts referenced herein are expressed in United States dollars unless otherwise stated.TORONTO, Feb. 12, 2026 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold" or the "Company") is pleased to announce that it has secured a financing package (the "Financing Package") of up to $500 million, comprised of a royalty sale for $250 million and a gold pre-payment facility for up to $250 million. The Financing Package marks a significant milestone in achieving the Company's recapitalization plans.The proceeds of the Financing Package, combined with the previously disclosed equity offerings completed by the Company in the second quarter of 2025(1) (the "Equity Offerings"), represent over $800 million in funding to support i-80 Gold's objective of creating a mid-tier gold producer in Nevada. The final steps to complete the recapitalization plan targeting an overall amount of $900 million to $1 billion, include the Company's plan to retire and replace its existing convertible debentures with new convertible debentures on terms more favourable to the Company and the potential sale of a non-core asset. This is expected to fully fund Phase 1 and Phase 2 of the development plan(2,3), which is expected to increase annual production to approximately 300,000 – 400,000 ounces of gold(3) from less than 50,000 ounces currently, driven by the Company's three underground mines and one oxide open pit operation all located in Nevada (see Figure 1 in Appendix).Highlights Franco-Nevada Corporation ("Franco-Nevada") commitment letter to provide $250 million in royalty financing, of which $225 million is expected to be available at closing.National Bank of Canada ("National Bank") and Macquarie Bank Limited ("Macquarie") commitment to provide a gold prepayment facility (the "Gold Prepay" or the "Facility") for an initial advance of $150 million at closing, with an accordion feature for a further $100 million.The proceeds of the Financing Package will be used to advance the Company's five gold projects through various stages of development, refurbish the Lone Tree Plant, and fund resource expansion and infill drilling, as well as for working capital purposes.The proceeds of the Financing Package will also be used to extinguish the Company's existing debt obligations of approximately $175 million(4).The Company continues to advance the potential sale of a non-core asset and plans to replace the existing convertible debentures to complete the recapitalization plan."In 2024, we announced a three-phase development plan to increase production to more than 600,000 ounces of gold(3) to provide a clear and achievable path to positioning i-80 Gold as a mid-tier gold producer, alongside a plan to recapitalize the Company to support this growth strategy," said Richard Young, President and CEO. "Since then, we have significantly de-risked and advanced each asset, and we are now pleased to outline a clear financial path to fully fund Phase 1 and Phase 2(2,3). With Granite Creek underground in operation, we are positioned to advance Archimedes and Cove underground projects plus Granite Creek open pit through to operation, complete the refurbishment of our central Lone Tree Plant, and continue to invest in exploration."Mr. Young added, "The Financing Package also provides flexibility to accelerate the feasibility study and permitting work for the Mineral Point open pit project – our flagship asset and the final project planned in Phase 3. With several feasibility studies in progress, we continue to identify opportunities to optimize the development schedule."Franco-Nevada RoyaltyThe Company has entered into a commitment letter with Franco-Nevada for $250 million in financing in exchange for a 1.5% life-of-mine ("LOM") net smelter return royalty, stepping up to a 3.0% LOM net smelter return royalty on January 1, 2031 (the "Royalty Financing"). The Royalty Financing is subject to customary closing conditions and is anticipated to be completed on or about March 17, 2026. The royalty payable to Franco-Nevada pursuant to the Royalty Financing would apply to production from all mineral properties in the portfolio, including Granite Creek, Cove, the Ruby Hill Complex and Lone Tree.Upon closing of the Financing Package, $225 million of the Royalty Financing will be made available to the Company, of which $25 million is required to be allocated to the advancement of technical and early-stage permitting activities for Mineral Point in 2026. The remaining $25 million of the Royalty Financing is also expected to be made available in 2026 to further advance Mineral Point, following the expenditure of the initial disbursement toward the project. In total, the Financing Package allows the Company to allocate $50 million to advance resource expansion and infill drilling, technical and early-stage permitting activities at Mineral Point in 2026.Gold Prepayment Facility The Company has secured commitments for a Gold Prepay facility with National Bank and Macquarie, for an initial advance of $150 million at closing, with a $100 million accordion feature. Upon the closing of the Financing Package, the Company will have access to $150 million(5), with the obligation to deliver 39,978 ounces of gold over a 30-month period beginning in January 2028. The accordion feature provides access to an additional $100 million for a 24-month period upon closing of the Facility, subject to customary conditions and lender approval. The Company 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. The Company expects the total ounces to be delivered for the full $250 million facility to represent approximately 15% of total gold output over the projected period of January 2028 to June 2030. Closing of the Facility is subject to customary closing conditions and intercreditor arrangements and is anticipated to be completed by the end of the first quarter of 2026.Further, i-80 Gold selected the Facility with National Bank and Macquarie with a goal of transitioning the Gold Prepay into a corporate revolver following the completion of Phase 1 to fund the development of Mineral Point. Mineral Point currently hosts the Company's largest gold and silver mineral resources and is designed to be a large-scale oxide open pit heap leach project. Mineral Point represents Phase 3 of the development plan and its Preliminary Economic Assessment filed in Q1 2025 outlined a 17-year mine life with a LOM gold equivalent output of 282,000 ounces annually(6). Assuming development as contemplated in the Preliminary Economic Assessment, Mineral Point is expected to drive company-wide gold output beyond a target of 600,000 ounces annually starting in 2032(3), representing a significant change in the Company's output profile (see Figure 2 in Appendix)."The commitments from Franco-Nevada, National Bank and Macquarie, following a detailed due diligence process, underscore the quality of our asset base, the depth of our team, and the credibility of our execution plan," said Ryan Snow, Chief Financial Officer. "After a competitive process, in which multiple term sheets were received and considered by the Company, the Financing Package represents a cost competitive, low dilution opportunity, while providing flexibility around the timing and the availability of capital to support our sequenced development plans across all three phases in our development plan. We are pleased to be working with long-term financial partners who are recognized in the mining sector and support our growth strategy."This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The securities referenced in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities may not be offered or sold in the United States or for the account or benefit of U.S persons absent registration under the Securities Act or an applicable exemption from registration under the Securities Act.Advisors National Bank Capital Markets and SCP Resource Finance LP are acting as advisors in connection with the Royalty Financing. ATB Cormark Capital Markets and National Bank Capital Markets are acting as advisors in connection with a senior debt facility which resulted in the Gold Prepay. Stikeman Elliott LLP and Dorsey & Whitney, LLP are acting as legal advisors to the Company in connection with the Financing Package.Technical Disclosure and Qualified PersonsThe technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Paul Chawrun P.Eng., Chief Operating Officer, and Tyler Hill CPG., Vice President, Geology for the Company, each of whom are qualified persons within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and Subpart 1300 of Regulation S-K ("S-K 1300").Endnotes(1)In May 2025, the Company completed a public offering of 345,760,000 units at $0.50 per unit for gross proceeds of $172,880,000, including exercise of the over-allotment option. Each unit consisted of one common share and one-half of one common share purchase warrant exercisable at $0.70 until November 16, 2027. A concurrent private placement for 22,240,000 units under the same terms generated $11,120,000 for aggregate gross proceeds of approximately $184,000,000, with up to $130,000,000 in additional proceeds assuming full exercise of the warrants over the next 18 months.
(2)Based on LOM gold output and capital costs outlined in the most recent LOM schedules disclosed in the latest technical studies filed for each respective project and related property: the Lone Tree Facility, Granite Creek underground, Archimedes underground, Cove underground and Granite Creek open pit when using a gold price assumption of $3,600/oz for the purposes of anticipated cash flow from operations. While the economics of the latest technical studies were completed at $2,175/oz with gold price sensitivities of up to $3,000/oz, a gold price assumption of $3,600/oz is in line with current long term consensus prices.
(3)Consolidated gold output estimates and average annual gold output targets are based on the most recent LOM output schedules disclosed in the latest technical studies filed for each respective project and related property: Granite Creek underground project, Archimedes underground project, Cove underground project, Granite Creek open pit project, and Mineral Point open pit project. These anticipated output figures are preliminary in nature and are based on mineral resources, which do not have demonstrated economic viability, and are not mineral reserves. In addition, each of the foregoing technical reports are preliminary economic assessments/initial assessments that are preliminary in nature and each include an economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have for the application of economic considerations applied to them that would enable them to be categorized as mineral reserves. As such, there is no certainty that the output targets will be realized. The anticipated output targets are also pending the refurbishment and commissioning of the Lone Tree Plant. The output targets presented herein are Company goals and not a projection of results and should not be taken as output guidance. All of the Company's projects are considered exploration stage projects under S-K 1300 because the Company has not determined mineral reserves at any of its properties pursuant to S-K 1300. With respect to Granite Creek underground and Archimedes underground, located on the Ruby Hill property, the Company has started extraction activities without determining mineral reserves. The following technical reports for each project and related property have been prepared in accordance with NI 43-101: Preliminary Economic Assessment Technical Report for the Cove Project, Lander County, Nevada (March 31, 2025); Preliminary Economic Assessment Technical Report for the Granite Creek Mine Project, Humboldt County, Nevada, USA (March 31, 2025); and Preliminary Economic Assessment NI 43-101 Technical Report for the Ruby Hill Project, Eureka Country, Nevada, USA (March 31, 2025). Corresponding technical reports prepared in accordance with S-K 1300 are as follows: Initial Assessment & Technical Report Summary for the Cove Project, Lander County, Nevada (March 26, 2025); Initial Assessment of the Granite Creek Mine, Humboldt County, NV (March 26, 2025); and Initial Assessment of the Ruby Hill Project, Eureka County NV (March 29, 2025).
(4)The proceeds of the Financing Package will be used to retire all of the Company's existing debt obligations, including approximately $95 million to settle the Gold Prepay Agreement and the Convertible Loan with Orion Resource Partners (across various funds) with the exception of a Silver Purchase and Sale Agreement held by Orion Mine Finance Fund III (HG) Ltd. Additionally, Convertible Debentures amounting to approximately $86 million will be retired from the proceeds of the Financing Package. Convertible Debenture holders have the right to elect to convert accrued interest into i-80 Gold common shares.
(5)Under the terms of the Gold Prepay, a condition precedent to the drawdown is a fully funded base case model following the completion of the recapitalization plan.
(6)Gold equivalent ounces ("AuEq oz") defined as recovered Au oz plus recovered Ag oz times the price ratio of Ag to Au. AuEq = Au recovered oz + [(Ag recovered oz) x ($27.25/$2,175)]. LOM overall recoveries for Au and Ag in respect of the Mineral Point are 78% and 41% respectively. Output defined as process recovered ounces. The preliminary economic assessment for Mineral Point, titled "NI 43-101 Technical Report Preliminary Economic Assessment of the i-80 Gold Corp. Ruby Hill Project, Eureka County, NV," was filed on March 31, 2025, and was prepared in accordance with NI 43-101. The initial assessment for Mineral Point, titled "S-K 1300 Technical Report Summary Initial Assessment of the i-80 Gold Corp. Ruby Hill Project, Eureka County, NV," was filed on April 1, 2025, and was prepared in accordance with S-K 1300. The reports are accessible under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, as applicable, as well as on the Company's website at www.i80gold.com.About i-80 Gold Corp.i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade multi-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX:IAU) and the NYSE American (NYSE:IAUX). For more information, visit www.i80gold.com.Cautionary Statement Regarding Forward Looking InformationThis press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding , management's assessment of the Company's future plans and operations; expectations regarding the timing, execution and results of completing of Phase 1 and Phase 2 of the development plan and the recapitalization plan; expectations regarding the anticipated closing of the Financing Package; expectations regarding the Company's plan to retire and replace its existing convertible debentures with new convertible debentures on terms more favourable to the Company; expectations regarding the anticipated execution of the accordion feature under the Facility; expectations regarding annual gold output increasing to a range of between 300,000 to 400,000 ounces of gold driven by three underground mines and one open pit oxide operation; refurbishment of the Lone Tree autoclave processing facility; completion of the recapitalization plan; the expected transition to creating a leading mid-tier gold producer in Nevada; expectations regarding the advancement of the Mineral Point project; management's assessment of the Mineral Point project; and the ability to execute a sale of the Company's non-core asset. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, uncertainty in geological, metallurgical and geotechnical studies and opinions, and ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company's ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production or gold output estimates. The Company's ability to complete the Financing Package will depend on its ability to satisfy the closing conditions required in such transactions. Please see "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2024 and subsequent quarterly reports on Form 10-Q for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. The information included on, or accessible through, the Company's website is not incorporated by reference into this press release.APPENDIXFigure 1: i-80 Gold's three-phase development plan for its Nevada-based assets.Figure 2: Anticipated average annual gold output.
View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-secures-financing-package-of-up-to-500-million-to-advance-development-plan-302686385.htmlSOURCE i-80 Gold Corp
Original: i-80 Gold Secures Financing Package of up to $500 Million to Advance Development Plan
CA Market News
4月前
i-80 Gold Strengthens Board of Directors with the Addition of Ronald Butler Jr., Michael Jalonen, and Steven YoppsJanuary 29, 2026 5:12 PM
PR Newswire (Canada)
TORONTO, Jan. 29, 2026 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold", or the "Company") is pleased to announce the appointment of Ronald Butler Jr., Michael Jalonen and Steven Yopps to its Board as independent directors, effective February 1, 2026. These additions strengthen the Company's governance with deep experience in mining operations, finance, mineral processing, and capital markets. This collective experience will support i-80 Gold in achieving its growth strategy in Nevada. Following their appointments, the Board will be comprised of nine members.
"Ron, Mike, and Steve each bring highly relevant experience and proven track records across their respective fields, including financial leadership, deep capital markets knowledge, and autoclave and refractory processing expertise, making them strong additions to i-80 Gold's Board of Directors," said Ron Clayton, Chairman of the Board. "I am confident their expertise will provide valuable insight and guidance as the Company executes its development plan spanning five gold projects and the refurbishment of our Lone Tree autoclave processing facility to create long-term value for shareholders. These appointments reflect our ongoing effort to ensure that the Board maintains the technical, financial, and strategic skills and experience required to support the Company as we advance toward becoming a leading mid-tier gold producer in Nevada. On behalf of the Board, we are pleased to welcome three directors of this caliber."Ronald Butler Jr.Ronald Butler Jr. is a Certified Public Accountant (CPA) with more than 30 years of experience in audit, financial and strategic planning, operational excellence, digital transformation, and corporate governance across industries including mining and metals, energy, technology, and consumer products. Mr. Butler spent 29 years with Ernst & Young LLP (EY) in Arizona, most recently serving as Managing Partner from 2008 until his retirement in 2024. From 2022 to 2024, he also served as EY's U.S. Mining & Metals Leader, where he led national strategy and drove client and business growth, advising major mining companies such as Freeport-McMoRan and Newmont Corporation. As Managing Partner, Mr. Butler led EY Arizona's growth initiatives and strategic ventures, including public-sector programs focused on cost reduction, grants management, real estate optimization, and technology enablement. He also served on the Executive Committee for the City of Phoenix's US$500 million General Obligation Bond Program and was a senior member of EY's West Region Executive Leadership Team. During his tenure, he oversaw more than 500 professionals and advised a broad range of midsize and multinational public and private companies. Mr. Butler holds a BSc in Accountancy from the University of Arizona.Michael Jalonen Michael Jalonen is a Chartered Financial Analyst (CFA) with nearly 40 years of mining and capital markets experience, including over 30 years as a highly respected mining analyst at Bank of America Securities (BofA). He served as Managing Director and North American Senior Precious Metals Research Analyst until his retirement in 2022 and was consistently ranked among the leading mining analysts in North America. In this role, Mr. Jalonen led coverage and investment recommendations for 30 senior and intermediate precious metals producers, as well as royalty and streaming companies. He developed detailed operating and financial models, performed valuation analyses, and authored numerous thematic industry reports. Prior to that, Mr. Jalonen served as Global Coordinator for BofA's Metals, Mining & Steel Research Team, overseeing a global group of analysts, publishing thematic research on precious and base metals, and organizing the firm's flagship global mining conference. He began his career as a geologist. Mr. Jalonen holds an MBA in Finance from the DeGroote School of Business and a BSc (Hons) in Geology from the University of Windsor.Steven YoppsSteven Yopps is a metallurgical engineer and accomplished mining executive with more than 35 years of operational, technical, project development, and regulatory experience across Nevada's premier gold districts. His career spans senior roles at AngloGold Ashanti, Nevada Gold Mines, and Barrick Mining, where he led large-scale autoclave, roaster, and refractory processing operations, advanced complex feasibility studies, and executed district-level growth strategies that transformed regional mining portfolios.Most recently, Mr. Yopps served as Vice President of Nevada Projects for AngloGold Ashanti through to his retirement in 2025. In this role, he led technical and exploration teams who were responsible for growing the Nevada resource base, advancing the feasibility study and NEPA permitting for the North Bullfrog project, and supporting the integration of acquisitions within the Beatty district to establish a top-tier mining district in southern Nevada. Previously, Mr. Yopps was Manager of Growth Projects for Nevada Gold Mines ("NGM"), where he led the long-term processing and refractory ore transportation strategy following the Newmont–Barrick joint venture, multiple pre-feasibility studies at Cortez, and refractory ore research and development programs. He has authored peer-reviewed research on Carlin-type refractory gold processing and pressure oxidation technologies.Prior to his role at NGM, he spent more than 25 years in senior technical and operational roles, including serving as General Manager of the Ruby Hill Mine (currently i-80 Gold's wholly owned Ruby Hill property) and managing Goldstrike's autoclave, roaster, and mill facilities for more than a decade, delivering best-in-class safety and operational performance. Mr. Yopps holds a BSc and MSc in Metallurgical Engineering from the Colorado School of Mines and is a Qualified Person recognized by the Mining & Metallurgical Society of America.About i-80 Gold Corp.i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX:IAU) and the NYSE American (NYSE:IAUX). For more information, visit www.i80gold.com.Cautionary Statement Regarding Forward Looking InformationCertain information set forth in this press release, including but not limited to management's assessment of the Company's future plans and operations, expectations regarding the timing, execution and results of the Company's gold output, development plan, refurbishment of the Lone Tree autoclave processing facility, and the Company's expected transition to creating a leading mid-tier gold producer in Nevada constitute forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward-looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, uncertainty in geological, metallurgical and geotechnical studies and opinions, and ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company's ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates. Please see "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.Additional information relating to i-80 Gold can be found on i-80 Gold's website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. The information included on, or accessible through, the Company's website is not incorporated by reference into this press release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-strengthens-board-of-directors-with-the-addition-of-ronald-butler-jr-michael-jalonen-and-steven-yopps-302674555.htmlSOURCE i-80 Gold Corp
Original: i-80 Gold Strengthens Board of Directors with the Addition of Ronald Butler Jr., Michael Jalonen, and Steven Yopps
NYBob
5年前
$I-80 TO ACQUIRE LONE TREE/PROCESSING FACILITIES, BUFFALO MTN & RUBY HILL TO CREATE NEVADA MINING COMPLEX
$I-80 TO ACQUIRE LONE TREE/PROCESSING FACILITIES, BUFFALO MTN & RUBY HILL TO CREATE NEVADA MINING COMPLEX
https://www.i80gold.com/
Conference Call Replay
A recording of the call can be accessed until September 14, 2021.
North American Toll-free Replay: 1-888-203-1112
Replay Code: 8375917
https://www.i80gold.com/i-80-to-acquire-lone-tree-processing-facilities-buffalo-mtn-ruby-hill-to-create-nevada-mining-complex/
Reno, Nevada, September 7, 2021 – i-80 GOLD CORP. (TSX:IAU) (OTCQX:IAUCF) (“i-80”, or the “Company”) is very pleased to announce that it has entered into definitive agreements to create a comprehensive Nevada mining complex through an asset exchange agreement to acquire certain processing infrastructure, including an autoclave, and the Lone Tree and Buffalo Mountain gold deposits from Nevada Gold Mines LLC (“NGM”) via an asset exchange in consideration for: (i) the Company’s 40% ownership in the South Arturo Property which will consolidate 100% ownership of South Arturo in NGM, providing NGM with flexibility to pursue potential operational synergies with NGM’s other Nevada properties; (ii) assignment of i-80’s option to acquire the adjacent Rodeo Creek exploration property; (iii) contingent consideration of up to $50 million based on production from the Lone Tree property; and (iv) arrangement of substitute bonding (and release of NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations at closing. The Company has also entered into an acquisition agreement to acquire the Ruby Hill Mine from affiliates of Waterton Global Resource Management (“Waterton”). Additionally, i-80 has entered into a private placement commitment with NGM whereby, conditional on the asset exchange transaction being completed[1], NGM will acquire from i-80 up to 9.9% interest in new i-80 treasury common shares for aggregate proceeds not to exceed $50 million, and a non-binding term sheet with Orion Mine Finance (“Orion”) for up to $240 million in acquisition and development financing. Equinox Gold Corp (“Equinox”) has also indicated that it will participate in the equity private placement through the exercise of a portion of its anti-dilute rights.
Highlights of the transactions are as follows:
i-80 increases overall Inferred gold Mineral Resource more than three and a half times and more than doubles i-80’s overall gold Measured + Indicated Mineral Resources1
Ruby Hill deposits host more than 100 million ounces of indicated silver mineral resources and more than 70 million ounces of inferred silver mineral resources1
Secures for i-80, the ability to process all types of gold bearing mineralization at the centrally located Lone Tree processing facility situated on Interstate 80 once the necessary refurbishment of the facility is completed. The Lone Tree facility includes an autoclave, carbon-in-leach (CIL) mill, Floatation Plant, and heap leach facility
i-80 will produce gold from the Ruby Hill open pit and residual leaching at Lone Tree
NGM will provide i-80 with interim processing capacity at its autoclave facilities until the earlier of the three-year anniversary of the asset exchange closing and such time that the Lone Tree facility is operational and also at its roaster facilities for a period of 10-years, subject in each case to extension by mutual agreement
The Company is pursuing financing arrangements that complement the Company’s strong cash position ($70.1 million as at June 30, 2021) including:
Concurrent with the closing of the asset exchange, NGM will subscribe for new i-80 treasury common shares representing up to a 9.9% interest in i-80 through a private placement for proceeds not to exceed $50 million
The Company has entered into a non-binding term sheet with Orion for up to $140 million of acquisition financing, with an additional $100 million potentially available via an accordion feature, at the election of i-80
At the closing of the asset exchange, NGM will reimburse i-80 an amount of approximately $7.3 million for certain expenditures previously advanced in relation to the South Arturo Property[2]
Equinox Gold Corp., the Company’s largest shareholder, is expected to participate in the private placement financing through the exercise of its anti-dilution rights
i-80 has entered into a definitive exchange agreement (the “Exchange Agreement“) to acquire the Lone Tree and Buffalo Mountain gold deposits from Nevada Gold Mines LLC (“NGM”), including certain processing infrastructure, via an asset exchange in consideration for: (i) the Company’s 40% ownership in the South Arturo Property; (ii) assignment of i-80’s option to acquire the adjacent Rodeo Creek exploration property; (iii) contingent consideration of up to $50 million based on production from the Lone Tree property; and (iv) arrangement of substitute bonding (and release of NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations at closing. The Company has separately entered into a definitive membership interest purchase agreement (the “Ruby Hill Agreement“) to acquire the Ruby Hill Mine, which includes multiple deposits that collectively, have the potential to represent one of Nevada’s largest gold, silver and base metal endowments, from affiliates of Waterton Global Resource Management (“Waterton”). These two transactions are designed to position i-80 Gold as a prominent, stand alone, gold producer in the state of Nevada. Closing of each of the transactions with NGM, Waterton, Orion and the private placement are subject to the satisfaction of a number of conditions precedent detailed further below, including regulatory approvals and, in the case of Orion, completion of due diligence and the negotiation and execution of mutually satisfactory definitive documentation.
“These transformational acquisitions result in a significant increase in the Company’s mineral resource base, and position i-80 to become one of the largest gold producers in the State of Nevada with the capacity to process refractory and oxide mineralization”, stated Ewan Downie, Chief Executive Officer of i-80 Gold. “Importantly, i-80 gains a strategic advantage becoming one of only three companies in Nevada with infrastructure to process refractory mineral resources once the Lone Tree facility has been retrofitted to suit the Company’s deposits. We believe that this will allow i-80 to overcome a crucial barrier to entry that most of our peers face. In the interim, Nevada Gold Mines has agreed to provide processing capacity for i-80 mineral resources from the McCoy Cove, Granite Creek and Ruby Hill mines at its autoclave facilities until the earlier of three years from closing of the asset exchange and the date the Lone Tree facility becomes operational and will also provide i-80 with processing capacity for ore produced from the McCoy Cove mine at its roaster facilities for 10 years, in each case, subject to extension by mutual agreement, allowing i-80 to commence development of its assets on an expedited basis”.
The Lone Tree Property is being acquired from NGM, a joint-venture between the world’s two largest gold producers, Barrick Gold Corporation and Newmont Corporation. Lone Tree is a strategically located facility on Interstate 80, the primary highway through northern Nevada, and proximal to the northern Nevada railway, midway between i-80’s Granite Creek and McCoy-Cove projects (See Figure 1). The transaction with NGM will provide i-80 with important processing infrastructure including an autoclave, CIL mill, and a heap leach facility complete with assay lab and gold refinery, and also includes interim processing arrangements. NGM has further agreed to acquire up to a 9.9% interest in i-80 through a private placement at the Issue Price (as defined below) for proceeds not to exceed $50 million.
The producing Ruby Hill Mine is host to multiple deposits that collectively have the potential to represent one of the largest gold and silver resource endowments in the State of Nevada. Refractory mineralization from Ruby Hill is expected to be trucked to the Lone Tree Complex for processing following its refurbishment.
“The Lone Tree and Ruby Hill acquisitions will provide i-80 with substantial gold and silver resources and an opportunity to build a mid-tier gold producing company entirely within in the State of Nevada”, stated Matthew Gili, President and Chief Operating Officer of i-80 Gold. “Ruby Hill is host to multiple gold, silver, and poly-metallic deposits that remain wide open for expansion and is expected to be a major contributor to our goal of becoming the second largest producer in Nevada”.
Lone Tree Acquisition
Lone Tree represents a strategic acquisition for i-80, providing the Company with important infrastructure that, following successful refurbishment efforts, will allow it to process refractory and oxide mineralization. Currently on care and maintenance, the property hosts existing infrastructure that includes a whole ore autoclave with capacity of 1M tonnes/year, a flotation circuit with capacity of 1.8M tonnes/year, a CIC circuit & leach pad with 6.5M tonnes of remaining capacity, a tailings dam with 1.5M tonnes of remaining constructed capacity and an additional 10M tonnes of permitted capacity, a waste dump, along with several buildings useful for the development of all i-80’s projects including a warehouse, maintenance shop, admin building, and assay lab. The property is also host to substantial gold mineral resources1 and offers excellent exploration potential. All deposits at Lone Tree (Lone Tree, Second Chanse and Lynn) remain open for expansion.
Substantial open pit gold resources contained proximal to the Lone Tree open pit1
410,000 ounces of gold indicated mineral resources within 7.2M tonnes grading 1.77 g/t Au
2,764,000 ounces of gold inferred mineral resources within 50.7M tonnes grading 1.69 g/t Au
Resource expansion potential exists down-plunge of the main Lone Tree deposit and in the unmined Sequoia zone discovery where previous drilling returned multiple wide, high-grade, intercepts (50% estimated true width) including:
9.3 g/t Au across 45.7 m, 11.7 g/t Au across 16.8 m and 9.3 g/t Au across 15.2 m
Buffalo Mountain is a near-term development opportunity, located approximately 10 km southwest of Lone Tree, that has both open pit and underground potential. Previous drilling by NGM has outlined mineralization in two zones, with highlight intercepts (60-80% estimated true width) of:
5.6 g/t Au across 15.2 m, 7.9 g/t Au across 10.7 m and 1.4 g/t Au across 35.1 m in Second Chance deposit (open pit)
10.3 g/t Au across 9.1 m and 16.8 g/t Au across 6.1 m in the nearby Lynn Zone that warrants additional drilling
The Lone Tree and Buffalo Mountain Properties are being acquired by i-80’s wholly owned subsidiaries Goldcorp Dee LLC (“Goldcorp Dee”) and Au-Reka Gold LLC (“AuReka”) by way of asset exchange pursuant to the Exchange Agreement, in for (i) Goldcorp Dee’s 40% ownership in the South Arturo Property, (ii) assignment AuReka’s option to acquire the adjacent Rodeo Creek exploration property, (iii) contingent consideration of up to $50 million based on production from the Lone Tree property, and (iv) arrangement of substitute bonding (and release of NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations at closing. Conditional on closing of the asset exchange, NGM has also agreed to complete a private placement for up to a 9.9% interest in i-80 for proceeds not to exceed $50 million, described further under “Acquisition Financing” below. At the closing of the asset exchange, NGM will also reimburse i-80 approximately $7.3 million for amounts previously advanced by i-80 for the autonomous truck haulage test work completed at South Arturo and for funds advanced by i-80 that have not been used for reclamation activities.
In the event i-80 restarts the processing of ore at Lone Tree, NGM will be entitled to receive the following contingent payments of up to $50 million subject to the terms and conditions of the contingent consideration agreement:
An amount equal to $25.00 per recovered gold equivalent mineral reserve ounce identified in the feasibility study (the “Feasibility Study”) for the restart of mining at the Lone Tree mine (“Initial Contingent Consideration”), payable in two equal installments six months and 18 months following the later of commencement of commercial production at Lone Tree and the completion of the Feasibility Study; and
An amount equal to $25.00 per ounce of produced gold in excess of the number of recovered gold equivalent mineral reserve ounces (the “Continuing Contingent Consideration”), payable within five days after the end of each calendar quarter during which a payment of Continuing Contingent Consideration accrues, provided that the aggregate of the Initial Contingent Consideration and the Continuing Contingent Consideration shall not exceed $50 million.
i-80 considers the Lone Tree infrastructure to be a strategically located processing facility in Nevada, located on Interstate 80 with the Nevada Railway less than two kilometres to the north, and will be the platform from which i-80 intends to grow its business (see Figure 1 below).
Figure 1 – Aerial view of the Lone Tree Mine Site
The Lone Tree Deposit1 is host to a substantial gold resource that includes 410,000 ounces of gold (Indicated) at a grade of 1.77 g/t Au and 2,764,000 ounces (Inferred) at a grade of 1.69 g/t Au and offers substantial resource expansion potential at depth, down plunge (see Figure 2 below), and in the adjacent Sequoia zone (see Figure 3 below).
Figure 2 – 3D View of the Main Lone Tree Deposit including highlight intercepts
Figure 3 – 3D View displaying highlight intercepts drilled at the Sequoia Zone at Lone Tree
The Buffalo Mountain Property is located approximately 10 km to the West of Lone Tree (see Figure 4 below) and is host to multiple gold zones that have returned multiple significant intercepts including 10.3 g/t Au across 9.1 m and 16.8 g/t Au across 6.1 m at the Lynn zone and 5.6 g/t Au across 15.2 m and 7.9 g/t Au across 10.7 m in the Second Chanse zone (60-80% estimated true width). NGM has initiated the permitting of Buffalo Mountain for development and i-80 expects to continue this effort to commence mining Buffalo Mountain and processing material on the heap leach pad at Lone Tree. The Company expects to complete a mineral resource estimate for Buffalo Mountain in the future.
Figure 4 – Plan Displaying the location of the Buffalo Mountain Deposit in relation to Lone Tree
Closing of the transactions contemplated by the Exchange Agreement is subject to the satisfaction of a number of conditions precedent, including clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended (the “HSR Act”), arrangement of substitute sureties (and release of existing NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations, and the approval of the Toronto Stock Exchange (“TSX”), among other customary conditions to closing. The NGM equity private placement (described under “Equity Financing” below) is expected to close concurrently with, and subject to, the closing of the transactions under the Exchange Agreement. The transactions contemplated under the Exchange Agreement and the Ruby Hill Agreement are not inter-conditional or conditional on the completion of the Orion financing transaction. The Orion financing is conditional upon, among other things, the completion of the transactions under the Exchange Agreement and the Ruby Hill Agreement.
Ruby Hill Acquisition
Ruby Hill represents one of Nevada’s premier mining projects with existing production from the Archimedes open pit, and a large property that is host to multiple gold, gold/silver, and polymetallic gold deposits, making it one of the largest and highest-grade, permitted, gold deposits in Nevada.
Substantial open pit gold and silver resources1 within the Mineral Point Trend
Indicated Mineral Resource of 203.2 Mt with an average grade of 0.49 g/t Au and 14.9 g/t Ag containing 3.2 million ounces of gold and 97.5 million ounces of silver
Inferred Mineral Resource of 157.3 Mt with an average grade of 0.37 g/t Au and 14.3 g/t Ag containing 1.9 million ounces of gold and 72.4 million ounces of silver
High-grade underground gold mineralization at the 426 Zone
Indicated Mineral Resource of 1.2 Mt with an average grade of 5.2 g/t Au containing 0.2 million ounces of gold
High-grade underground gold mineralization at the Ruby Deeps Zone that remains open along strike to the north
Inferred Mineral Resource of 8.2 Mt with an average grade of 6.0 g/t Au containing 1.6 million ounces of gold
High-grade poly-metallic mineralization has been defined within the Blackjack
i-80 is acquiring a 100% interest in the Ruby Hill mine and property for consideration of up to $150 million, including milestone payments that are subject to an early payment option that could reduce total consideration to $130 million as follows:
$75 million cash and $8 million in shares of i-80 at closing, priced based on the market price of i-80’s shares at the time of closing;
$17 million in cash and/or shares of i-80 payable on the earlier of 60 days following the issuance of a press release by the Company regarding the completion of a new or updated Mineral Resource estimate for the Ruby Hill Property or 15 months after closing, priced based on the market price of i-80’s shares at the time of such payment (the “First Milestone Payment”);
$15 million in cash and/or shares of i-80 payable on the earlier of 60 days following the issuance of a press release by the Company regarding the completion of a Feasibility Study for the Ruby Hill mine or 24 months after closing, priced based on the market price of i-80’s shares at the time of such payment (the “Second Milestone Payment”);
$15 million in cash and/or shares of i-80 payable on the earlier of 30 months after closing and 90 days following the announcement by the Company of a construction decision related to a deposit on any portion of the Ruby Hill Properties that is not currently being mined, priced based on the market price of i-80’s shares at the time of such payment (the “Third Milestone Payment”); and
$20 million in cash and/or shares of i-80 payable on the earlier of 36 months after closing and 90 days following the announcement by the Company of achieving Commercial Production related to a deposit on any portion of the Properties that is not currently being mined, priced based on the market price of i-80’s shares at the time of such payment (the “Fourth Milestone Payment”).
Up to 50% of the foregoing Milestone Payments may consist of i-80 shares, provided that the number of i-80 shares then held by Waterton after giving effect to the share issuance shall not exceed 9.99% of then issued and outstanding shares of i-80 calculated on a partially diluted basis. i-80 shall have the right to prepay the Second Milestone Payment by paying to Waterton, on or before 15 months following closing, $10 million provided that up to $7.5 million of such amount may be satisfied, at i-80’s option, in common shares of the Company, priced based on the market price of i-80’s shares at the time of such prepayment and i-80 shall have the right to prepay the aggregate of the Third and Fourth Milestone Payments by paying to Waterton, on or before 24 months following closing $20 million provided that up to $10 million of such amount may be satisfied, at i-80’s option, in common shares of the Company, priced based on the market price of i-80’s shares at the time of such prepayment, provided that the number of i-80 shares then held by Waterton after giving effect to the share issuance shall not exceed 9.99% of then issued and outstanding shares of i-80 calculated on a partially diluted basis.
Ruby Hill includes an open pit mine and related infrastructure (mill/heap leach) and is located immediately west of the town of Eureka proximal to Highway 50.
The Ruby Hill Property is host to multiple gold, silver and base metal deposits that collectively comprise one of Nevada’s largest mineral endowments that offer substantial upside. Open pit oxide and transitional resources occur in the Mineral Point, Archimedes West and Archimedes East Zones. Underground sulfide Mineral resources occur in the 426, Ruby Deeps and Blackjack Zones (Figure 5)
Figure 5 – Cross Section of the Ruby Hill Deposits
Multiple gold and polymetallic exploration targets exist on the property and i-80 will begin an aggressive exploration program immediately following closing. The Company will begin permitting for the construction of a decline to access the high-grade Ruby Deeps deposit and the Blackjack Zone with the intent of trucking refractory mineralization for processing at Lone Tree. Completion of the current mine plan at the Ruby Hill pit will continue with processing at the heap leach facility on the property. Ruby Hill also includes crushing and CIL processing infrastructure (see Figure 6)
Figure 6 – Ruby Hill Infrastructure
Closing of the transactions contemplated by the Ruby Hill Agreement are subject to the satisfaction of a number of conditions precedent, including regulatory approvals, and the approval of the TSX. i-80 expects to close the Orion financing transaction concurrently with the transactions contemplated by the Ruby Hill Agreement.
Acquisition Financing
In connection with the transactions contemplated by the Exchange Agreement, NGM has agreed to subscribe for new common shares from treasury at a price per share equal to C$2.62 (the “Issue Price“), (being the five day volume weighted average trading price of i-80’s common shares ending on the trading date prior to this announcement) in an amount equal to the lesser of $50 million and the amount that would result in NGM holding 9.9% of the issued and outstanding common shares of i-80 on a non-diluted basis, but after giving effect to the private placement (including any participation by other subscribers, including Equinox. upon exercise of its pre-emptive rights and any shares issued to Waterton on or prior to the private placement). The private placement with NGM is part of larger non-brokered private placement offering of common shares by i-80, which includes Orion, of up to $90 million at the Issue Price, not including any shares that may be issued to Equinox upon the exercise of their anti-dilute rights.
The Company has also entered into a non-binding term sheet with Orion for a comprehensive $140 million financing package, complementing the Company’s existing strong balance sheet. The Orion financing is contemplated to include a mix of equity and convertible securities, warrants as well as secured instruments, and has a target size of $140 million and, at the election of i-80, an accordion feature of up to an additional $100 million. The equity, convertible securities and the warrants will be priced based on the Issue Price subject to TSX approval.
“The financing packages secured and being pursued with Nevada Gold Mines and Orion, combined with interim processing arrangements, are meant to provide i-80 with the ability to immediately begin development of its substantial portfolio of advanced stage deposits located in one of the world’s most favourable jurisdictions for mining”, stated Matthew Gollat, EVP Business & Corporate Development for i-80. “The financing packages were structured to limit dilution to our shareholders while providing the Company with potential capacity to aggressively grow our business.”
This news release does not constitute an offer to sell or a solicitation of an offer to buy the common shares described herein in the United States or in any other jurisdiction, nor shall there be any sale of the common shares in any state in which such offer, solicitation or sale would be unlawful. The common shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws, and accordingly, may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.
Financial & Legal Advisors
For the Lone Tree acquisition and financing, RBC Capital Markets is acting as financial advisor to i-80 and Bennett Jones LLP and Davis Graham & Stubbs LLP are acting as legal advisors.
For the Ruby Hill acquisition, Sprott Capital Partners is acting as financial advisor to i-80 and Dorsey & Whitney LLP is acting as lead legal advisor.
Conference Call & Webcast
The Company will host a live conference call and webcast on September 7, 2021, commencing at 8:30 am ET, providing the opportunity for analysts and investors to ask questions of i-80 Gold’s executive team.
Conference Call
North American Toll-free: 1-800-437-2398
Local: 1-647-792-1240
Webcast Link
Click HERE to access the webcast or visit our website at www.i80gold.com.
Conference Call Replay
A recording of the call can be accessed until September 14, 2021.
North American Toll-free Replay: 1-888-203-1112
Replay Code: 8375917
Notes:
Mineral resources are not mineral reserves and do not have demonstrated economic viability. See Tables 1, 2 & 3 at the end of this press release for Ruby Hill and Lone Tree mineral resource estimates and qualifiers. Ruby Hill effective date July 31, 2021, gold price $1,650/oz Au., Open pit cut-off grade 0.1 g/t Au. Lone Tree effective date July 31, 2021, gold price $1,650/oz Au, Open-pit cut off grade 0.65 g/t Au.
About i-80 Gold Corp.
i-80 Gold Corp. is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. The Company expects to close the acquisitions of the Lone Tree Complex and the Ruby Hill Project in H2 2021 and is advancing an underground development program for the 100%-owned Granite Creek Project and intends to advance the McCoy-Cove Property. i-80 is well financed with more than $70.1 million (as at June 30, 2021) in cash and has recently signed financing agreements with Nevada Gold Mines and non-binding term sheet with Orion to provide access to as much as $240 million.
Lone Tree Qualified Person
GeoGlobal LLC., under the supervision of Abani R. Samal, Ph.D., RM- SME, Fellow-SEG., a Qualified Person within the meaning of National Instrument 43-101 (“NI 43-101”), is the Qualified Person responsible for the Lone Tree mineral resource estimate. A technical report detailing the mineral resource estimate will be filed with Canadian Securities regulators within 45 days. Historic assays were most commonly sent to internal company labs of Newmont, Santa Fe, and Battle Mountain before being switched to ALS Chemex (now “ALS Minerals”), an independent, ISO 9001 accredited commercial mineral assay lab at the time. Common analytical methods used include fire assay, atomic absorption, gravimetry, and screen fire.
Ruby Hill Qualified Person
Mr. Christopher Wright, P. Geo., a Qualified Person within the meaning of NI 43-101, is the Qualified Person responsible for the Ruby Hill mineral resource estimate. Mr. Wright is an employee of Wood Canada Ltd. A technical report detailing the mineral resource estimate will be filed with Canadian Securities regulators within 45 days. Historic assays were commonly sent to a mix of ALS Minerals, ALS Chemex, and Chemex Labs, all independent labs. ALS Minerals complies with the requirements for the International Standards ISO 9001 and ISO 17025. ALS Chemex complied with ISO 9001. Assays by Chemex Labs were conducted before ISO standards were in place. Historic assaying practices included fire assays with gravimetric finish for samples over 10 grams per tonne.
Technical Information
Tim George, PE, is the Qualified Person for the information contained in this press release and a Qualified Person within the meaning of NI43-101.
For further information, please contact:
Ewan Downie – CEO
Matthew Gollat – EVP Business & Corporate Development
1.866.525.6450
Info@i80gold.com
www.i80gold.com
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to, completion of the transactions contemplated by the Exchange Agreement, completion of the transactions contemplated by the Ruby Hill Agreement, completion of the equity private placement with NGM, Equinox Gold Corp. and/or other subscribers, completion of the financing transaction with Orion, completion of refurbishment and development activities at the Long Tree project, commencement of mining operations at the Lone Tree project or the Ruby Hill mine or mineral resource and reserve estimates and exploration, development and production potential. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: failure to satisfy of the relevant conditions to the completion of the transactions described herein, failure to obtain the relevant regulatory approvals, material adverse changes, exercise of termination rights by any relevant party, unexpected changes in laws, failure to complete the Orion financing transaction on satisfactory terms, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration, refurbishment, development or mining programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Cautionary Note to U.S. Investors Concerning Estimates of Resources: This press release uses the term “inferred resources.” “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. Information contained in the press release containing descriptions of any mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder that disclose mineral reserves and mineral resources in accordance with Industry Guide 7 or the SEC’s new mining disclosure rules in Regulation S-K 1300. SEC Industry Guide 7 does not recognize the existence of resources. Under Regulation S-K 1300, reserve and resource definitions are substantially similar to the corresponding CIM Definition Standards; however, there are differences between NI 43-101 and Regulation S-K 1300 and therefore information contained in the press release may not be comparable to similar information made public by public U.S. companies pursuant to the Regulation S-K 1300 or SEC Industry Guide 7.
https://i80gold.com
and at www.sedar.com.
Abbreviations used in this press release are available by following this link (click here).
https://i80gold.com/investors/#presentation
For further information, please contact:
Ewan Downie, CEO
1.888.346.1390
Info@i80gold.com
http://www.i80gold.com
https://i80gold.com/south-arturo/
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5年前
I-80 TO ACQUIRE LONE TREE/PROCESSING FACILITIES, BUFFALO MTN & RUBY HILL TO CREATE NEVADA MINING COMPLEX
https://www.i80gold.com/
Conference Call Replay
A recording of the call can be accessed until September 14, 2021.
North American Toll-free Replay: 1-888-203-1112
Replay Code: 8375917
https://www.i80gold.com/i-80-to-acquire-lone-tree-processing-facilities-buffalo-mtn-ruby-hill-to-create-nevada-mining-complex/
Reno, Nevada, September 7, 2021 – i-80 GOLD CORP. (TSX:IAU) (OTCQX:IAUCF) (“i-80”, or the “Company”) is very pleased to announce that it has entered into definitive agreements to create a comprehensive Nevada mining complex through an asset exchange agreement to acquire certain processing infrastructure, including an autoclave, and the Lone Tree and Buffalo Mountain gold deposits from Nevada Gold Mines LLC (“NGM”) via an asset exchange in consideration for: (i) the Company’s 40% ownership in the South Arturo Property which will consolidate 100% ownership of South Arturo in NGM, providing NGM with flexibility to pursue potential operational synergies with NGM’s other Nevada properties; (ii) assignment of i-80’s option to acquire the adjacent Rodeo Creek exploration property; (iii) contingent consideration of up to $50 million based on production from the Lone Tree property; and (iv) arrangement of substitute bonding (and release of NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations at closing. The Company has also entered into an acquisition agreement to acquire the Ruby Hill Mine from affiliates of Waterton Global Resource Management (“Waterton”). Additionally, i-80 has entered into a private placement commitment with NGM whereby, conditional on the asset exchange transaction being completed[1], NGM will acquire from i-80 up to 9.9% interest in new i-80 treasury common shares for aggregate proceeds not to exceed $50 million, and a non-binding term sheet with Orion Mine Finance (“Orion”) for up to $240 million in acquisition and development financing. Equinox Gold Corp (“Equinox”) has also indicated that it will participate in the equity private placement through the exercise of a portion of its anti-dilute rights.
Highlights of the transactions are as follows:
i-80 increases overall Inferred gold Mineral Resource more than three and a half times and more than doubles i-80’s overall gold Measured + Indicated Mineral Resources1
Ruby Hill deposits host more than 100 million ounces of indicated silver mineral resources and more than 70 million ounces of inferred silver mineral resources1
Secures for i-80, the ability to process all types of gold bearing mineralization at the centrally located Lone Tree processing facility situated on Interstate 80 once the necessary refurbishment of the facility is completed. The Lone Tree facility includes an autoclave, carbon-in-leach (CIL) mill, Floatation Plant, and heap leach facility
i-80 will produce gold from the Ruby Hill open pit and residual leaching at Lone Tree
NGM will provide i-80 with interim processing capacity at its autoclave facilities until the earlier of the three-year anniversary of the asset exchange closing and such time that the Lone Tree facility is operational and also at its roaster facilities for a period of 10-years, subject in each case to extension by mutual agreement
The Company is pursuing financing arrangements that complement the Company’s strong cash position ($70.1 million as at June 30, 2021) including:
Concurrent with the closing of the asset exchange, NGM will subscribe for new i-80 treasury common shares representing up to a 9.9% interest in i-80 through a private placement for proceeds not to exceed $50 million
The Company has entered into a non-binding term sheet with Orion for up to $140 million of acquisition financing, with an additional $100 million potentially available via an accordion feature, at the election of i-80
At the closing of the asset exchange, NGM will reimburse i-80 an amount of approximately $7.3 million for certain expenditures previously advanced in relation to the South Arturo Property[2]
Equinox Gold Corp., the Company’s largest shareholder, is expected to participate in the private placement financing through the exercise of its anti-dilution rights
i-80 has entered into a definitive exchange agreement (the “Exchange Agreement“) to acquire the Lone Tree and Buffalo Mountain gold deposits from Nevada Gold Mines LLC (“NGM”), including certain processing infrastructure, via an asset exchange in consideration for: (i) the Company’s 40% ownership in the South Arturo Property; (ii) assignment of i-80’s option to acquire the adjacent Rodeo Creek exploration property; (iii) contingent consideration of up to $50 million based on production from the Lone Tree property; and (iv) arrangement of substitute bonding (and release of NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations at closing. The Company has separately entered into a definitive membership interest purchase agreement (the “Ruby Hill Agreement“) to acquire the Ruby Hill Mine, which includes multiple deposits that collectively, have the potential to represent one of Nevada’s largest gold, silver and base metal endowments, from affiliates of Waterton Global Resource Management (“Waterton”). These two transactions are designed to position i-80 Gold as a prominent, stand alone, gold producer in the state of Nevada. Closing of each of the transactions with NGM, Waterton, Orion and the private placement are subject to the satisfaction of a number of conditions precedent detailed further below, including regulatory approvals and, in the case of Orion, completion of due diligence and the negotiation and execution of mutually satisfactory definitive documentation.
“These transformational acquisitions result in a significant increase in the Company’s mineral resource base, and position i-80 to become one of the largest gold producers in the State of Nevada with the capacity to process refractory and oxide mineralization”, stated Ewan Downie, Chief Executive Officer of i-80 Gold. “Importantly, i-80 gains a strategic advantage becoming one of only three companies in Nevada with infrastructure to process refractory mineral resources once the Lone Tree facility has been retrofitted to suit the Company’s deposits. We believe that this will allow i-80 to overcome a crucial barrier to entry that most of our peers face. In the interim, Nevada Gold Mines has agreed to provide processing capacity for i-80 mineral resources from the McCoy Cove, Granite Creek and Ruby Hill mines at its autoclave facilities until the earlier of three years from closing of the asset exchange and the date the Lone Tree facility becomes operational and will also provide i-80 with processing capacity for ore produced from the McCoy Cove mine at its roaster facilities for 10 years, in each case, subject to extension by mutual agreement, allowing i-80 to commence development of its assets on an expedited basis”.
The Lone Tree Property is being acquired from NGM, a joint-venture between the world’s two largest gold producers, Barrick Gold Corporation and Newmont Corporation. Lone Tree is a strategically located facility on Interstate 80, the primary highway through northern Nevada, and proximal to the northern Nevada railway, midway between i-80’s Granite Creek and McCoy-Cove projects (See Figure 1). The transaction with NGM will provide i-80 with important processing infrastructure including an autoclave, CIL mill, and a heap leach facility complete with assay lab and gold refinery, and also includes interim processing arrangements. NGM has further agreed to acquire up to a 9.9% interest in i-80 through a private placement at the Issue Price (as defined below) for proceeds not to exceed $50 million.
The producing Ruby Hill Mine is host to multiple deposits that collectively have the potential to represent one of the largest gold and silver resource endowments in the State of Nevada. Refractory mineralization from Ruby Hill is expected to be trucked to the Lone Tree Complex for processing following its refurbishment.
“The Lone Tree and Ruby Hill acquisitions will provide i-80 with substantial gold and silver resources and an opportunity to build a mid-tier gold producing company entirely within in the State of Nevada”, stated Matthew Gili, President and Chief Operating Officer of i-80 Gold. “Ruby Hill is host to multiple gold, silver, and poly-metallic deposits that remain wide open for expansion and is expected to be a major contributor to our goal of becoming the second largest producer in Nevada”.
Lone Tree Acquisition
Lone Tree represents a strategic acquisition for i-80, providing the Company with important infrastructure that, following successful refurbishment efforts, will allow it to process refractory and oxide mineralization. Currently on care and maintenance, the property hosts existing infrastructure that includes a whole ore autoclave with capacity of 1M tonnes/year, a flotation circuit with capacity of 1.8M tonnes/year, a CIC circuit & leach pad with 6.5M tonnes of remaining capacity, a tailings dam with 1.5M tonnes of remaining constructed capacity and an additional 10M tonnes of permitted capacity, a waste dump, along with several buildings useful for the development of all i-80’s projects including a warehouse, maintenance shop, admin building, and assay lab. The property is also host to substantial gold mineral resources1 and offers excellent exploration potential. All deposits at Lone Tree (Lone Tree, Second Chanse and Lynn) remain open for expansion.
Substantial open pit gold resources contained proximal to the Lone Tree open pit1
410,000 ounces of gold indicated mineral resources within 7.2M tonnes grading 1.77 g/t Au
2,764,000 ounces of gold inferred mineral resources within 50.7M tonnes grading 1.69 g/t Au
Resource expansion potential exists down-plunge of the main Lone Tree deposit and in the unmined Sequoia zone discovery where previous drilling returned multiple wide, high-grade, intercepts (50% estimated true width) including:
9.3 g/t Au across 45.7 m, 11.7 g/t Au across 16.8 m and 9.3 g/t Au across 15.2 m
Buffalo Mountain is a near-term development opportunity, located approximately 10 km southwest of Lone Tree, that has both open pit and underground potential. Previous drilling by NGM has outlined mineralization in two zones, with highlight intercepts (60-80% estimated true width) of:
5.6 g/t Au across 15.2 m, 7.9 g/t Au across 10.7 m and 1.4 g/t Au across 35.1 m in Second Chance deposit (open pit)
10.3 g/t Au across 9.1 m and 16.8 g/t Au across 6.1 m in the nearby Lynn Zone that warrants additional drilling
The Lone Tree and Buffalo Mountain Properties are being acquired by i-80’s wholly owned subsidiaries Goldcorp Dee LLC (“Goldcorp Dee”) and Au-Reka Gold LLC (“AuReka”) by way of asset exchange pursuant to the Exchange Agreement, in for (i) Goldcorp Dee’s 40% ownership in the South Arturo Property, (ii) assignment AuReka’s option to acquire the adjacent Rodeo Creek exploration property, (iii) contingent consideration of up to $50 million based on production from the Lone Tree property, and (iv) arrangement of substitute bonding (and release of NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations at closing. Conditional on closing of the asset exchange, NGM has also agreed to complete a private placement for up to a 9.9% interest in i-80 for proceeds not to exceed $50 million, described further under “Acquisition Financing” below. At the closing of the asset exchange, NGM will also reimburse i-80 approximately $7.3 million for amounts previously advanced by i-80 for the autonomous truck haulage test work completed at South Arturo and for funds advanced by i-80 that have not been used for reclamation activities.
In the event i-80 restarts the processing of ore at Lone Tree, NGM will be entitled to receive the following contingent payments of up to $50 million subject to the terms and conditions of the contingent consideration agreement:
An amount equal to $25.00 per recovered gold equivalent mineral reserve ounce identified in the feasibility study (the “Feasibility Study”) for the restart of mining at the Lone Tree mine (“Initial Contingent Consideration”), payable in two equal installments six months and 18 months following the later of commencement of commercial production at Lone Tree and the completion of the Feasibility Study; and
An amount equal to $25.00 per ounce of produced gold in excess of the number of recovered gold equivalent mineral reserve ounces (the “Continuing Contingent Consideration”), payable within five days after the end of each calendar quarter during which a payment of Continuing Contingent Consideration accrues, provided that the aggregate of the Initial Contingent Consideration and the Continuing Contingent Consideration shall not exceed $50 million.
i-80 considers the Lone Tree infrastructure to be a strategically located processing facility in Nevada, located on Interstate 80 with the Nevada Railway less than two kilometres to the north, and will be the platform from which i-80 intends to grow its business (see Figure 1 below).
Figure 1 – Aerial view of the Lone Tree Mine Site
The Lone Tree Deposit1 is host to a substantial gold resource that includes 410,000 ounces of gold (Indicated) at a grade of 1.77 g/t Au and 2,764,000 ounces (Inferred) at a grade of 1.69 g/t Au and offers substantial resource expansion potential at depth, down plunge (see Figure 2 below), and in the adjacent Sequoia zone (see Figure 3 below).
Figure 2 – 3D View of the Main Lone Tree Deposit including highlight intercepts
Figure 3 – 3D View displaying highlight intercepts drilled at the Sequoia Zone at Lone Tree
The Buffalo Mountain Property is located approximately 10 km to the West of Lone Tree (see Figure 4 below) and is host to multiple gold zones that have returned multiple significant intercepts including 10.3 g/t Au across 9.1 m and 16.8 g/t Au across 6.1 m at the Lynn zone and 5.6 g/t Au across 15.2 m and 7.9 g/t Au across 10.7 m in the Second Chanse zone (60-80% estimated true width). NGM has initiated the permitting of Buffalo Mountain for development and i-80 expects to continue this effort to commence mining Buffalo Mountain and processing material on the heap leach pad at Lone Tree. The Company expects to complete a mineral resource estimate for Buffalo Mountain in the future.
Figure 4 – Plan Displaying the location of the Buffalo Mountain Deposit in relation to Lone Tree
Closing of the transactions contemplated by the Exchange Agreement is subject to the satisfaction of a number of conditions precedent, including clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended (the “HSR Act”), arrangement of substitute sureties (and release of existing NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations, and the approval of the Toronto Stock Exchange (“TSX”), among other customary conditions to closing. The NGM equity private placement (described under “Equity Financing” below) is expected to close concurrently with, and subject to, the closing of the transactions under the Exchange Agreement. The transactions contemplated under the Exchange Agreement and the Ruby Hill Agreement are not inter-conditional or conditional on the completion of the Orion financing transaction. The Orion financing is conditional upon, among other things, the completion of the transactions under the Exchange Agreement and the Ruby Hill Agreement.
Ruby Hill Acquisition
Ruby Hill represents one of Nevada’s premier mining projects with existing production from the Archimedes open pit, and a large property that is host to multiple gold, gold/silver, and polymetallic gold deposits, making it one of the largest and highest-grade, permitted, gold deposits in Nevada.
Substantial open pit gold and silver resources1 within the Mineral Point Trend
Indicated Mineral Resource of 203.2 Mt with an average grade of 0.49 g/t Au and 14.9 g/t Ag containing 3.2 million ounces of gold and 97.5 million ounces of silver
Inferred Mineral Resource of 157.3 Mt with an average grade of 0.37 g/t Au and 14.3 g/t Ag containing 1.9 million ounces of gold and 72.4 million ounces of silver
High-grade underground gold mineralization at the 426 Zone
Indicated Mineral Resource of 1.2 Mt with an average grade of 5.2 g/t Au containing 0.2 million ounces of gold
High-grade underground gold mineralization at the Ruby Deeps Zone that remains open along strike to the north
Inferred Mineral Resource of 8.2 Mt with an average grade of 6.0 g/t Au containing 1.6 million ounces of gold
High-grade poly-metallic mineralization has been defined within the Blackjack
i-80 is acquiring a 100% interest in the Ruby Hill mine and property for consideration of up to $150 million, including milestone payments that are subject to an early payment option that could reduce total consideration to $130 million as follows:
$75 million cash and $8 million in shares of i-80 at closing, priced based on the market price of i-80’s shares at the time of closing;
$17 million in cash and/or shares of i-80 payable on the earlier of 60 days following the issuance of a press release by the Company regarding the completion of a new or updated Mineral Resource estimate for the Ruby Hill Property or 15 months after closing, priced based on the market price of i-80’s shares at the time of such payment (the “First Milestone Payment”);
$15 million in cash and/or shares of i-80 payable on the earlier of 60 days following the issuance of a press release by the Company regarding the completion of a Feasibility Study for the Ruby Hill mine or 24 months after closing, priced based on the market price of i-80’s shares at the time of such payment (the “Second Milestone Payment”);
$15 million in cash and/or shares of i-80 payable on the earlier of 30 months after closing and 90 days following the announcement by the Company of a construction decision related to a deposit on any portion of the Ruby Hill Properties that is not currently being mined, priced based on the market price of i-80’s shares at the time of such payment (the “Third Milestone Payment”); and
$20 million in cash and/or shares of i-80 payable on the earlier of 36 months after closing and 90 days following the announcement by the Company of achieving Commercial Production related to a deposit on any portion of the Properties that is not currently being mined, priced based on the market price of i-80’s shares at the time of such payment (the “Fourth Milestone Payment”).
Up to 50% of the foregoing Milestone Payments may consist of i-80 shares, provided that the number of i-80 shares then held by Waterton after giving effect to the share issuance shall not exceed 9.99% of then issued and outstanding shares of i-80 calculated on a partially diluted basis. i-80 shall have the right to prepay the Second Milestone Payment by paying to Waterton, on or before 15 months following closing, $10 million provided that up to $7.5 million of such amount may be satisfied, at i-80’s option, in common shares of the Company, priced based on the market price of i-80’s shares at the time of such prepayment and i-80 shall have the right to prepay the aggregate of the Third and Fourth Milestone Payments by paying to Waterton, on or before 24 months following closing $20 million provided that up to $10 million of such amount may be satisfied, at i-80’s option, in common shares of the Company, priced based on the market price of i-80’s shares at the time of such prepayment, provided that the number of i-80 shares then held by Waterton after giving effect to the share issuance shall not exceed 9.99% of then issued and outstanding shares of i-80 calculated on a partially diluted basis.
Ruby Hill includes an open pit mine and related infrastructure (mill/heap leach) and is located immediately west of the town of Eureka proximal to Highway 50.
The Ruby Hill Property is host to multiple gold, silver and base metal deposits that collectively comprise one of Nevada’s largest mineral endowments that offer substantial upside. Open pit oxide and transitional resources occur in the Mineral Point, Archimedes West and Archimedes East Zones. Underground sulfide Mineral resources occur in the 426, Ruby Deeps and Blackjack Zones (Figure 5)
Figure 5 – Cross Section of the Ruby Hill Deposits
Multiple gold and polymetallic exploration targets exist on the property and i-80 will begin an aggressive exploration program immediately following closing. The Company will begin permitting for the construction of a decline to access the high-grade Ruby Deeps deposit and the Blackjack Zone with the intent of trucking refractory mineralization for processing at Lone Tree. Completion of the current mine plan at the Ruby Hill pit will continue with processing at the heap leach facility on the property. Ruby Hill also includes crushing and CIL processing infrastructure (see Figure 6)
Figure 6 – Ruby Hill Infrastructure
Closing of the transactions contemplated by the Ruby Hill Agreement are subject to the satisfaction of a number of conditions precedent, including regulatory approvals, and the approval of the TSX. i-80 expects to close the Orion financing transaction concurrently with the transactions contemplated by the Ruby Hill Agreement.
Acquisition Financing
In connection with the transactions contemplated by the Exchange Agreement, NGM has agreed to subscribe for new common shares from treasury at a price per share equal to C$2.62 (the “Issue Price“), (being the five day volume weighted average trading price of i-80’s common shares ending on the trading date prior to this announcement) in an amount equal to the lesser of $50 million and the amount that would result in NGM holding 9.9% of the issued and outstanding common shares of i-80 on a non-diluted basis, but after giving effect to the private placement (including any participation by other subscribers, including Equinox. upon exercise of its pre-emptive rights and any shares issued to Waterton on or prior to the private placement). The private placement with NGM is part of larger non-brokered private placement offering of common shares by i-80, which includes Orion, of up to $90 million at the Issue Price, not including any shares that may be issued to Equinox upon the exercise of their anti-dilute rights.
The Company has also entered into a non-binding term sheet with Orion for a comprehensive $140 million financing package, complementing the Company’s existing strong balance sheet. The Orion financing is contemplated to include a mix of equity and convertible securities, warrants as well as secured instruments, and has a target size of $140 million and, at the election of i-80, an accordion feature of up to an additional $100 million. The equity, convertible securities and the warrants will be priced based on the Issue Price subject to TSX approval.
“The financing packages secured and being pursued with Nevada Gold Mines and Orion, combined with interim processing arrangements, are meant to provide i-80 with the ability to immediately begin development of its substantial portfolio of advanced stage deposits located in one of the world’s most favourable jurisdictions for mining”, stated Matthew Gollat, EVP Business & Corporate Development for i-80. “The financing packages were structured to limit dilution to our shareholders while providing the Company with potential capacity to aggressively grow our business.”
This news release does not constitute an offer to sell or a solicitation of an offer to buy the common shares described herein in the United States or in any other jurisdiction, nor shall there be any sale of the common shares in any state in which such offer, solicitation or sale would be unlawful. The common shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws, and accordingly, may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.
Financial & Legal Advisors
For the Lone Tree acquisition and financing, RBC Capital Markets is acting as financial advisor to i-80 and Bennett Jones LLP and Davis Graham & Stubbs LLP are acting as legal advisors.
For the Ruby Hill acquisition, Sprott Capital Partners is acting as financial advisor to i-80 and Dorsey & Whitney LLP is acting as lead legal advisor.
Conference Call & Webcast
The Company will host a live conference call and webcast on September 7, 2021, commencing at 8:30 am ET, providing the opportunity for analysts and investors to ask questions of i-80 Gold’s executive team.
Conference Call
North American Toll-free: 1-800-437-2398
Local: 1-647-792-1240
Webcast Link
Click HERE to access the webcast or visit our website at www.i80gold.com.
Conference Call Replay
A recording of the call can be accessed until September 14, 2021.
North American Toll-free Replay: 1-888-203-1112
Replay Code: 8375917
Notes:
Mineral resources are not mineral reserves and do not have demonstrated economic viability. See Tables 1, 2 & 3 at the end of this press release for Ruby Hill and Lone Tree mineral resource estimates and qualifiers. Ruby Hill effective date July 31, 2021, gold price $1,650/oz Au., Open pit cut-off grade 0.1 g/t Au. Lone Tree effective date July 31, 2021, gold price $1,650/oz Au, Open-pit cut off grade 0.65 g/t Au.
About i-80 Gold Corp.
i-80 Gold Corp. is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. The Company expects to close the acquisitions of the Lone Tree Complex and the Ruby Hill Project in H2 2021 and is advancing an underground development program for the 100%-owned Granite Creek Project and intends to advance the McCoy-Cove Property. i-80 is well financed with more than $70.1 million (as at June 30, 2021) in cash and has recently signed financing agreements with Nevada Gold Mines and non-binding term sheet with Orion to provide access to as much as $240 million.
Lone Tree Qualified Person
GeoGlobal LLC., under the supervision of Abani R. Samal, Ph.D., RM- SME, Fellow-SEG., a Qualified Person within the meaning of National Instrument 43-101 (“NI 43-101”), is the Qualified Person responsible for the Lone Tree mineral resource estimate. A technical report detailing the mineral resource estimate will be filed with Canadian Securities regulators within 45 days. Historic assays were most commonly sent to internal company labs of Newmont, Santa Fe, and Battle Mountain before being switched to ALS Chemex (now “ALS Minerals”), an independent, ISO 9001 accredited commercial mineral assay lab at the time. Common analytical methods used include fire assay, atomic absorption, gravimetry, and screen fire.
Ruby Hill Qualified Person
Mr. Christopher Wright, P. Geo., a Qualified Person within the meaning of NI 43-101, is the Qualified Person responsible for the Ruby Hill mineral resource estimate. Mr. Wright is an employee of Wood Canada Ltd. A technical report detailing the mineral resource estimate will be filed with Canadian Securities regulators within 45 days. Historic assays were commonly sent to a mix of ALS Minerals, ALS Chemex, and Chemex Labs, all independent labs. ALS Minerals complies with the requirements for the International Standards ISO 9001 and ISO 17025. ALS Chemex complied with ISO 9001. Assays by Chemex Labs were conducted before ISO standards were in place. Historic assaying practices included fire assays with gravimetric finish for samples over 10 grams per tonne.
Technical Information
Tim George, PE, is the Qualified Person for the information contained in this press release and a Qualified Person within the meaning of NI43-101.
For further information, please contact:
Ewan Downie – CEO
Matthew Gollat – EVP Business & Corporate Development
1.866.525.6450
Info@i80gold.com
www.i80gold.com
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to, completion of the transactions contemplated by the Exchange Agreement, completion of the transactions contemplated by the Ruby Hill Agreement, completion of the equity private placement with NGM, Equinox Gold Corp. and/or other subscribers, completion of the financing transaction with Orion, completion of refurbishment and development activities at the Long Tree project, commencement of mining operations at the Lone Tree project or the Ruby Hill mine or mineral resource and reserve estimates and exploration, development and production potential. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: failure to satisfy of the relevant conditions to the completion of the transactions described herein, failure to obtain the relevant regulatory approvals, material adverse changes, exercise of termination rights by any relevant party, unexpected changes in laws, failure to complete the Orion financing transaction on satisfactory terms, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration, refurbishment, development or mining programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Cautionary Note to U.S. Investors Concerning Estimates of Resources: This press release uses the term “inferred resources.” “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. Information contained in the press release containing descriptions of any mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder that disclose mineral reserves and mineral resources in accordance with Industry Guide 7 or the SEC’s new mining disclosure rules in Regulation S-K 1300. SEC Industry Guide 7 does not recognize the existence of resources. Under Regulation S-K 1300, reserve and resource definitions are substantially similar to the corresponding CIM Definition Standards; however, there are differences between NI 43-101 and Regulation S-K 1300 and therefore information contained in the press release may not be comparable to similar information made public by public U.S. companies pursuant to the Regulation S-K 1300 or SEC Industry Guide 7.