Precious metals miner i-80 Gold has secured commitments for a $500-million financing package that forms part of a recapitalisation plan aimed at building a 600 000 oz/y gold miner in Nevada.

The package comprises a $250-million royalty financing from Franco-Nevada and a gold prepayment facility of up to $250-million from National Bank of Canada and Macquarie Bank.

The recapitalisation plan is anticipated to close by the end of the first quarter of 2026.

The proceeds, combined with equity offerings completed in the second quarter of 2025, represent more than $800-million in funding to support i-80 Gold’s objective of increasing production to between 300 000 oz/y and 400 000 oz/y from less than 50 000 oz/y currently. The company ultimately targets output of more than 600 000 oz/y under its three-phase development plan.

The final steps in the recapitalisation include retiring and replacing existing convertible debentures with new instruments on more favourable terms and the potential sale of a noncore asset. The overall recapitalisation is targeting between $900-million and $1-billion.

The funding will support advancement of five gold projects in Nevada, refurbishment of the Lone Tree plant, resource expansion and infill drilling, and working capital. About $175-million of existing debt will also be extinguished.

“In 2024, we announced a three-phase development plan to increase production to more than 600 000 oz of gold to provide a clear and achievable path to positioning i-80 Gold as a midtier gold producer, alongside a plan to recapitalise the company to support this growth strategy. Since then, we have significantly derisked and advanced each asset, and we are now pleased to outline a clear financial path to fully fund Phase 1 and Phase 2," said president and CEO Richard Young.

"With Granite Creek underground in operation, we are positioned to advance Archimedes and Cove underground projects plus Granite Creek openpit through to operation, complete the refurbishment of our central Lone Tree plant, and continue to invest in exploration.”

The financing package also provides flexibility to accelerate the feasibility study and permitting work for the Mineral Point openpit project – i-80 Gold's flagship asset and the final project planned in Phase 3.

"With several feasibility studies in progress, we continue to identify opportunities to optimise the development schedule.”