i-80 Gold Raises $287.5M in Upsized Note Offering

Company Closes Upsized $287.5M Convertible Note Deal

On March 23, 2026, i-80 Gold Corp. (NYSE: IAUX) closed a significantly oversubscribed offering of 3.75% unsecured convertible senior notes, raising a total of US$287.5 million. The deal, which matures in 2031, demonstrates robust institutional demand for the Nevada-focused mining company's debt.

The final amount reflects a substantial increase from the initial offering announced on March 18, which targeted $200 million. The offering was later upsized to $250 million before initial purchasers exercised their option to buy an additional $37.5 million in notes in full. This successful capital raise provides i-80 Gold with substantial liquidity to execute its development plans.

Recapitalization Replaces 8% Legacy Debt

This note offering is the second phase of a comprehensive balance sheet overhaul executed in March 2026. On March 16, i-80 Gold first secured $250 million through a royalty financing agreement with Franco-Nevada. A significant portion of those funds, approximately $165 million, was immediately used to retire expensive legacy debt, including 8% secured convertible debentures due in 2027.

By replacing higher-cost debt and securing fresh capital, i-80 has significantly strengthened its financial position. The strategic refinancing lowers the company's cost of capital and simplifies its debt structure, providing a more stable foundation for future growth and reducing financial risk for investors.

New Capital to Fund Nevada Hub-and-Spoke Strategy

The net proceeds from the convertible notes will be used to advance the company's five key gold projects in Nevada and refurbish the Lone Tree processing plant. This facility is central to i-80's regional 'hub-and-spoke' strategy, which aims to process material from multiple satellite mines at a central location to maximize efficiency.

While the introduction of convertible notes creates the potential for future share dilution, the successful two-part recapitalization provides a clear and well-funded path toward production. The company is now positioned to accelerate development across its asset portfolio as it works to become Nevada's next mid-tier gold producer.