i-80 Gold Closes $150M Prepay with $100M Accordion, Completes $1B Recapitalization
i-80 Gold closed a $150 million prepayment facility with a $100 million accordion feature, completing a recapitalization that raised over $1 billion. These funds fully finance Phase 1 and Phase 2 projects—three underground mines, an open pit and the Lone Tree processing plant, targeting 300,000–400,000 annual gold ounces by 2031.
1. Gold Prepayment Facility Details
The facility provides a $150 million initial advance and a $100 million accordion feature available for 24 months, with an obligation to deliver 39,978 ounces of gold over 30 months starting January 2028. Execution of the accordion feature is anticipated in H1 2027, subject to customary lender approvals.
2. Recapitalization Plan Completion
Over the past 18 months i-80 Gold has secured more than $1 billion through public and private equity, a $250 million royalty financing, convertible senior notes and this prepayment facility. This recapitalization closed ahead of the mid-2026 target and fully funds the development plan through Phase 2.
3. Development Funding Allocation
Phase 1 and Phase 2 encompass three underground projects—Granite Creek, Archimedes and Cove—an open pit at Granite Creek and the refurbishment of the Lone Tree autoclave processing plant. These assets form a centralized Nevada processing hub to advance the company’s project pipeline.
4. Production and Long-Term Outlook
Once operational, the fully funded pipeline targets annual production of 300,000–400,000 ounces of gold by 2031, up from under 50,000 ounces today. Projected operating cash flows from these phases are expected to finance Phase 3’s Mineral Point open pit oxide project.