US-based precious metals miner i-80 Gold has announced a strategic shift following the recent appointment of Richard Young as CEO, with the TSX-listed company outlining an updated development plan.

"The quality of our asset base, the location, and the strength of our team made the decision to pursue this new strategy an easy one. We are excited by the prospect of building i-80 Gold into a leading gold producer in Nevada,” said Young, who in September succeeded Ewan Downie as CEO.

"Our development plan envisions us ramping up, permitting, and building five gold mines, with work already under way to secure financing to fund these initiatives."

The new development plan centres on accelerating the company’s core gold projects, with a strong emphasis on generating free cash flow while advancing early-stage projects for future growth. The plan includes the development of three underground mines as well as the fast-tracking of two large oxide openpit deposits – Granite Creek and Mineral Point. Collectively, these five assets are expected to position i-80 Gold as a significant midtier producer, with a goal of reaching 400 000 oz/y to 500 000 oz/y of gold production by the early 2030s.

A key component of the new plan is the Lone Tree Autoclave, which will serve as the centralised refractory ore processing facility. Management is focused on completing the refurbishment feasibility study by next year, after which the company will evaluate various options, including full refurbishment or alternative toll milling and ore purchase agreements.

The company has also made the strategic decision to not pursue the previously proposed base metal joint venture at its Ruby Hill project. Following an assessment, i-80’s management determined that the gold and silver resources at Ruby Hill offer greater potential in the current market, especially with rising gold prices. As a result, base metal exploration and development work at Ruby Hill has been deferred in favour of projects with the fastest timeline to cash flow generation.

RECAPITALISATION PLAN
To support its new development strategy, i-80 has initiated a two-phase recapitalisation plan. The first phase focuses on finding solutions for short-term financial commitments, including deferring gold and silver deliveries scheduled for late December and early January. The second phase involves working with current and potential new debt providers to restructure existing obligations and secure additional capital to fund the development plan.

The company aims to complete this process by the first quarter of 2025.

ORGANISATIONAL CHANGES
Further, i-80 has made several key organisational changes to strengthen its capabilities. The company has promoted four senior technical personnel and hired three new senior executives to support the ramp-up of its development activities. These changes are intended to reduce execution risk as i-80 works to permit and build five mines by the end of the decade.

On the legal front, i-80 has appointed David Savarie as senior VP general counsel, a move aimed at improving governance and compliance while reducing third-party legal costs.

Additionally, the company has added new financial leadership with Katerina Deluca joining as VP of treasury and Curtis Turner transitioning into the newly created role of VP of strategic planning. These changes are designed to support the company’s balance sheet restructuring and ensure that the new development plan is executed smoothly.

Leily Omoumi has been appointed VP of corporate development and strategy, replacing outgoing executive VP of business development, Matt Gollat. Omoumi will lead the execution of the company’s long-term vision and will play a crucial role in managing i-80’s life-of-mine model and communicating its value proposition to investors. She will be supported by Jim Mackay, director of corporate development and investor relations.