i-80 Gold Closes Upsized US$287.5 Million Offering of Convertible Senior Notes

i-80 Gold Corp. has successfully completed a significant financing milestone with the closing of its upsized US$287.5 million convertible senior notes offering. The transaction, which was increased from an initial US$250 million and included the full exercise of a US$37.5 million overallotment option, demonstrates strong institutional investor confidence in the company's Nevada-focused gold development strategy. The 3.75% unsecured convertible senior notes due 2031 carry an initial conversion rate of 519.4805 common shares per US$1,000 principal amount, equivalent to a conversion price of approximately US$1.93 per share.

The substantial capital raise positions i-80 Gold to execute its comprehensive development plan across multiple fronts. The company intends to deploy the proceeds to advance its portfolio of five gold projects through various development stages, with particular focus on refurbishing the strategically important Lone Tree processing plant. Additional funding will support resource expansion and infill drilling programs, alongside general corporate and working capital requirements. This financing structure provides the company with significant financial flexibility while offering potential upside participation to investors through the conversion feature.

i-80 Gold's positioning as Nevada's fifth-largest gold mineral resource holder, combined with this substantial capital injection, strengthens its ability to execute a hub-and-spoke regional mining and processing strategy. The refurbishment of the Lone Tree processing facility is central to this approach, as it will serve as the cornerstone for processing ore from multiple satellite projects. This integrated development model is designed to maximize operational efficiency and accelerate the company's transition toward becoming a mid-tier gold producer in one of North America's most prolific gold-producing jurisdictions.

The successful completion of this financing, particularly the upsizing and full exercise of the overallotment option, reflects favorable market conditions for well-positioned gold development companies. The convertible structure provides i-80 Gold with cost-effective capital while offering investors exposure to potential equity upside as the company's development projects advance. With this financial foundation in place, i-80 Gold is well-positioned to accelerate its development timeline and capitalize on its strategic asset base in Nevada's established gold mining districts.