i-80 Gold Secures $500M Financing to Fund Nevada Production Ramp to 400K Ounces
i-80 Gold secured a $500 million financing package comprising a $250 million Franco-Nevada royalty sale and a $250 million gold prepayment facility to advance Phases 1 and 2 of its Nevada development plan. Combined with prior equity raises, this funding boosts total capital to over $800 million, supports retiring $175 million of existing debt, and targets production of 300,000–400,000 ounces annually.
1. Financing Package Details
i-80 Gold has arranged a $500 million financing package split evenly between a $250 million life-of-mine royalty sold to Franco-Nevada and a $250 million gold prepayment facility provided by National Bank of Canada and Macquarie. The royalty sale steps up from 1.5% to 3.0% NSR in 2031, while the prepay facility offers an initial $150 million advance and a $100 million accordion feature.
2. Deployment of Funds and Production Ramp
Proceeds combined with $300+ million from 2025 equity offerings bring total funding over $800 million, earmarked for advancing five Nevada projects, refurbishing the Lone Tree Plant, resource drilling and working capital. This capital package also enables retirement of approximately $175 million in existing debt and underpins an increase in annual gold production to 300,000–400,000 ounces from current output below 50,000 ounces.
3. Recapitalization Completion and Future Plans
To complete its recapitalization target of $900 million to $1 billion, the company plans to replace existing convertible debentures on improved terms and pursue the sale of a non-core asset. Additional funding flexibility supports acceleration of the Mineral Point open pit feasibility study and permitting, positioning the firm for Phase 3 development.