i-80 Gold Closes $250 Million Royalty Financing with Franco-Nevada and Completes Retirement of Certain Legacy Debt Obligations

i-80 Gold Corp. has successfully completed a transformative $250 million royalty financing transaction with Franco-Nevada Corporation, marking a significant milestone in the company's recapitalization strategy. Under the agreement, Franco-Nevada receives a 1.5% life-of-mine net smelter return royalty across all of i-80 Gold's mineral properties, stepping up to 3.0% on January 1, 2031, in exchange for the substantial cash infusion.

The company utilized approximately $165 million of the proceeds to eliminate burdensome legacy debt obligations, including the mandatory redemption of $65 million in 8% secured convertible debentures due in 2027 and the full repayment of $92 million owed to Orion Mine Finance under a convertible loan and Gold Prepay Agreement. These debt retirements significantly improve i-80 Gold's capital structure and reduce its cost of capital, positioning the company for sustainable growth.

The remaining capital will be strategically deployed to advance i-80 Gold's Nevada-focused development pipeline, with $50 million specifically allocated to the Mineral Point open pit oxide project for infill drilling, engineering, and early-stage permitting activities in 2026. This funding supports the completion of a pre-feasibility study anticipated for 2027, representing a critical step toward bringing this high-grade project into production.

The transaction represents a vote of confidence from Franco-Nevada, one of the world's premier precious metals royalty companies, in i-80 Gold's Nevada asset portfolio and development strategy. With this recapitalization complete, i-80 Gold is well-positioned to execute its hub-and-spoke regional mining strategy and advance toward becoming a mid-tier gold producer in one of North America's most prolific gold districts. The company holds the fifth largest gold mineral resource position in Nevada, providing a substantial foundation for long-term growth and value creation.