Latest news with #i-80Gold
Cision Canada
05-05-2025
- Business
- Cision Canada
i-80 Gold Reports First Quarter 2025 Operating and Financial Results
RENO, Nev., May 5, 2025 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold", or the "Company") reports its operating and financial results for the three months ended March 31, 2025. Unless otherwise stated, all amounts referred to herein are in U.S. dollars (C$ represents Canadian dollars). "At Granite Creek Underground, i-80 Gold's first gold project to ramp up, we are making good progress in our dewatering efforts, addressing groundwater inflows by enhancing our pumping capacity and upgrading the water treatment infrastructure," stated Richard Young, President and Chief Executive Officer. "These improvements should allow us to ramp-up to steady state of gold output in the second half of 2025." Mr. Young added, "We continue to make progress on our recapitalization strategy by actively pursing various financing options in order to secure capital and serve as a catalyst to unlock the potential of our gold projects. While we recognize that i-80 Gold remains in a period of balance sheet constraints, the technical foundation of our portfolio is stronger than ever. These are largely low-risk, brownfield projects with infrastructure in place, and we are increasing technical experience to execute on the development plan. With preliminary economic assessments released for all five gold assets, which carry a combined after-tax net present value of approximately $1.6 billion at a 5% discount rate and $2,175 per ounce gold price, we've mapped out a credible and staged development plan." OPERATING AND FINANCIAL HIGHLIGHTS First Quarter 2025 Revenue totaled $14.0 million compared to $8.4 million in the prior year period primarily driven by higher ounces sold at Granite Creek and a higher average realized gold price 1. Gold sales 1 totaled 4,952 ounces at an average realized gold price 2 of $2,825 per ounce, compared to gold sales 1 of 4,061 ounces at an average realized gold price 2 of $2,063 per ounce in the prior year period. Loss of $0.10 per share for the quarter compared to a $0.06 loss per share in the prior year primarily due to revaluation losses from the gold prepay and silver purchase agreement. Cash used in operating activities was $22.7 million, compared to $25.2 million in the prior year period. Cash balance of $13.5 million as at March 31, 2025, a decrease of $5.5 million during the quarter due to cash used in operating activities partially offset by cash provided by financing activities from a private placement and the Company's at-the-market equity program ("ATM Program"). Filed preliminary economic assessments for all five gold projects as scheduled in support of the Company's new development plan. Completed modifications to the pumping system at Granite Creek Underground leading to improving water levels and reduced mine interruptions. Received the Decision Record from the U.S. Bureau of Land Management ("BLM") for the commencement of the underground portals at Archimedes Underground. Completed approximately 15,000 feet of underground delineation drilling at the Cove Project to enhance the certainty of the mineral resource estimate and support engineering analyses for an anticipated feasibility study. Executed several financing initiatives to enhance financial flexibility in support of the Company's broader recapitalization plan, including a recently finalized working capital facility with Auramet International, Inc. for $12 million, maturing in 12 months. 1. Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%). 2. This is a Non-GAAP Measure; please see "Non-GAAP Measures" section. RECAPITALIZATION UPDATE Management is advancing its recapitalization plan to support the Company's development plan on several fronts, and is in active discussions with several parties regarding a number of financing options including a senior lending facility, royalty sales, non-core asset sales such as its FAD property as well as terming out the 2025 quarterly gold prepays On April 29, 2025, the Company finalized a master purchase and sale agreement with Auramet International, Inc., for the prepayment of sulfide material, totaling $12.0 million and $11.6 million in net proceeds. Management has been engaged in discussions with existing and potential new partners, and aims to complete the second phase of its refinancing plan by June 30, 2026, which coincides with the date of maturity of the Orion Convertible Loan. OPERATIONAL AND FINANCIAL OVERVIEW 1 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 58% Granite Creek Underground The Granite Creek property includes the Granite Creek Underground Project, a fully permitted, constructed and operating mine and the Granite Creek open pit oxide deposit adjacent to the underground project, currently in the permitting stage. The Granite Creek Underground Project is the first company asset to be redeveloped and is currently ramping up towards steady-state of gold output. 1 Low-grade mineralized material extracted as part of the mining process that is below cut-off grade but incrementally economic. 2 Processed mineralized material consists of toll treated material and material placed under leach. 3 Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%). 4 Total mineralized material mined consists of sulfide, oxide, and low-grade mineralized material. 5 Capital expenditure based on accrual basis. Mining rates during the first quarter, were higher than the prior year comparative period due to improved productivity and the pace of development. In response to the increased water ingress, the Company improved the pumping system availability and capacity, as well as, modifications to reduce mine interruption. Water levels are dropping throughout the mining area and water ingress rates are anticipated to continue to decrease in the near term. Gold output is expected to ramp up to steady-state during the second half of 2025. Additional dewatering infrastructure upgrades will be completed in 2025. In early 2025 a predictive groundwater model was completed and the Company is utilizing this study to evaluate future dewatering needs. The Company continues to encounter elevated levels of oxide mineralized material. A substantial portion of this lower-grade mineralized material has been deemed suitable for processing via heap leach at the Company's Lone Tree heap leach facility. During the quarter, 916 ounces were processed and sold from the Lone Tree heap leach facility. As at March 31, 2025, sulfide mineralized material of approximately 26,613 tonnes were on the stockpile to be processed in the remainder of 2025. Under the new toll milling agreement, the material is expected to be processed within 120 days of delivery to the process facilities. Capital expenditures for the three months were for sustaining capital. Pre-development, evaluation, and exploration expenses were primarily for underground development. An infill drilling program is planned to be completed in 2025 for inclusion in a feasibility study. Granite Creek open pit expansion baseline field studies associated with Federal National Environmental Policy Act ("NEPA") permitting activities were initiated during the first quarter of 2025. The permitting process is anticipated to take approximately three years. The development of an exploration drift at Granite Creek Underground began in the fourth quarter of 2024 and is expected to be completed by the end of the second quarter of 2025. This drift will provide access for infill drilling from underground in the South Pacific Zone, which will begin immediately upon completion of the drift. Ruby Hill (Archimedes Underground Project and Mineral Point Open Pit Project) Ruby Hill includes the Archimedes Underground Project, the Mineral Point open pit heap leach project, as well as several base metal deposits. The Archimedes Underground Project is expected to be the Company's second underground mine. Mineral Point is a large oxide gold and silver deposit with the potential to become the Company's largest gold producing asset. During the first quarter of 2025, the Company finalized a preliminary economic assessment on both the Archimedes Underground Project and Mineral Point open pit project. Permitting for Archimedes underground continued in the first quarter of 2025. During the quarter, the Company received the Decision Record from the BLM for the commencement of the underground portals. Associated state permits are still in process and responses are expected to be received in the second quarter of 2025. The timeframe to first production is approximately 14 months in duration from the commencement of portal blasting which will commence once the state permit is approved. In the meantime, the Company is leaching the historic leach pads, which provides minor amounts of gold extraction. Construction of the surface facilities and associated infrastructure commenced in the fourth quarter of 2024 and will carry into the first half of 2025. Underground construction activities are expected to begin in the third quarter of 2025. The Mineral Point drill program is expected to begin in the third quarter of 2025 to support geotechnical, metallurgical and hydrogeology studies for baseline data to advance the permitting and technical reports for Mineral Point. Ruby Hill Three months ended March 31, Operational Statistics 2025 2024 Gold ounces sold oz 452 444 Exploration drilling ft — 4,032 Financial Statistics 2025 2024 Processing cost (processed oz) $/oz 1,652 1,166 Site G&A (processed oz) $/oz 1,210 1,093 Royalties $000s 37 27 Capital expenditure 1 $000s 192 49 Pre-development, evaluation and exploration expenses $000s 3,191 416 1 Capital expenditure based on accrual basis. In addition to permitting activities, the Company continued to recover ounces from the heap leach pads at Ruby Hill. Pre-development expenditures this quarter at Ruby Hill were related to preparatory work related to portal development and other surface work. Cove Project The permitting process for Cove remains on track with approvals anticipated by the end of 2027. The draft plan of operations has been submitted to the BLM and the baseline permitting work is largely in the process of being finalized. Management is targeting the initiation of the Environmental Impact Statement process in the second half of 2025 pending some additional evaluation and possible discussion with the regulatory agencies due to the significant disturbance footprint and potential impact on water and air quality. The permitting process for Cove remains on track with approvals anticipated by the end of 2027. The draft plan of operations has been submitted to the BLM and the baseline permitting work is largely in the process of being finalized. Management is targeting the initiation of the Environmental Impact Statement process in the second half of 2025 pending some additional evaluation and possible discussion with the regulatory agencies due to the significant disturbance footprint and potential impact on water and air quality. In addition to the permitting process, an infill drill program was completed during the first quarter of 2025 to increase confidence in the mineral resource and collect data for engineering work to complete a feasibility study expected in 2025. Underground delineation drilling continued during the first quarter on the Helen and Gap deposits with two core rigs, completing approximately 15,000 feet of core drilled bringing total drilling over the course of the infill campaign to approximately 145,000 feet. The 2023 through 2025 drill program results will be included in a planned updated feasibility study. Lone Tree The focus at Lone Tree is a feasibility study to evaluate the refurbishment of the autoclave facility with the intention of processing sulfide ore from the three underground mines (Granite Creek, Archimedes and Cove) in support of the Company's regional hub-and-spoke mining and processing strategy. Management continues to review the value engineering studies in preparation for the feasibility study which is expected to be completed in the fourth quarter of 2025. The continued leaching of the historic leach pad at Lone Tree is producing a reasonable amount of gold. The Company plans to continue to recover ounces from the Lone Tree leach pads as long as it is economical to do so. 1 Capital expenditure based on accrual basis. Capital expenditures for the three months were related to general infrastructure in sustaining the operations and activities at Lone Tree. Spending in 2024 was related to the technical work on the refurbishment of the autoclave processing plant. FINANCIAL STATEMENTS This press release should be read in conjunction with i-80 Gold's Quarterly Report on Form 10-Q, including the unaudited condensed consolidated interim financial statements and associated Management's Discussion and Analysis of Operations and Financial Condition for the three months ended March 31, 2025 included therein, which is available on the Company's website at on EDGAR at and on SEDAR+ at CONFERENCE CALL AND WEBCAST Management will hold a conference call and audio webcast to discuss the first quarter highlights followed by a question-and-answer session from participants. The details are as follows: QUALIFIED PERSONS Tyler Hill, CPG-12146, VP Geology, and Tim George, PE, VP Operations, at i-80 Gold have reviewed this press release and are each a "Qualified Person" within the meaning of National Instrument 43-101 — Standards of Disclosure for Mineral Projects and S-K 1300 and Subpart 1300 of Regulation S-K under the U.S. Securities Act of 1933, as amended. ABOUT i-80 GOLD CORP. i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its fully permitted central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). For more information, visit FORWARD LOOKING INFORMATION Certain information set forth in this press release including but not limited to management's assessment of the Company's future plans and operations, the perceived merit of projects or deposits, and the impact and anticipated timing of the Company's development plan and recapitalization plan, production guidance and outlook, the anticipated growth expenditures, the anticipated timing of permitting, production, project development or technical studies, Granite Creek's planned ramp-up to a steady state of gold output during the second half of 2025, and the brownfield projects being largely low risk, constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive there from. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, ability to access sufficient capital from internal and external sources, the Company may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company's ability to refinance its indebtedness will depend on the capital markets and its financial condition at such time, currency fluctuations, construction and operational risks, licensing and permit requirements, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, imprecision of mineral resource, or production estimates and stock market volatility. Please see "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at and SEDAR+ at Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law. Additional information relating to i-80 Gold can be found on i-80 Gold's website at SEDAR+ at and on EDGAR at NON-GAAP FINANCIAL PERFORMANCE MEASURES The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under US GAAP in this document. This includes average realized price per ounce. Non-GAAP financial performance measures do not have any standardized meaning prescribed under US GAAP, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with US GAAP and should be read in conjunction with the Company's Financial Statements. For a more detailed breakdown on how this measure was calculated, please see the definition and table below. Definitions "Average realized gold price" per ounce of gold sold is a non-GAAP measure and does not constitute a measure recognized by US GAAP Accounting Standards and does not have a standardized meaning defined by US GAAP Accounting Standards. It may not be comparable to information in other gold producers' reports and filings. Average realized gold price per ounce of gold sold Three months ended March 31, (in thousands of U.S. dollars, unless otherwise noted) 2025 2024 Consolidated Revenue 14,048 8,413 Silver revenue (61) (37) Gold revenue 13,987 8,376 Gold ounces sold 1 4,952 4,061 Average realized gold price ($/oz) 2,825 2,063 Lone Tree Revenue 3,963 4,302 Silver revenue (14) (19) Gold revenue 3,949 4,283 Gold ounces sold 1,394 2,042 Average realized gold price ($/oz) 2,833 2,097 Ruby Hill Revenue 1,390 913 Silver revenue (47) (18) Gold revenue 1,343 895 Gold ounces sold 452 444 Average realized gold price ($/oz) 2,971 2,016 Granite Creek Revenue 8,695 3,198 Gold revenue 8,695 3,198 Gold ounces sold 1 3,106 1,575 Average realized gold price ($/oz) 2,799 2,030 1. Gold ounces sold include attributable gold from mineralized material sales at a payable factor of 59% in 2025 (2024 - 58%). SOURCE i-80 Gold Corp
Cision Canada
24-04-2025
- Business
- Cision Canada
i-80 Gold Appoints New Chief Operating Officer
RENO, Nev., April 24, 2025 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80 Gold", or the "Company") is pleased to announce the appointment of Paul Chawrun as Chief Operating Officer ("COO"), effective April 30, 2025. Paul is an accomplished executive mining engineer with over 30 years of technical, operating, and corporate leadership experience, after beginning his career as an exploration geologist. His work spans a range of commodities, focusing on gold mining throughout most of his career, with a proven track record of permitting, building, and operating gold mines globally. "We are pleased to welcome Paul to i-80 Gold's leadership team during a pivotal time in our Company's growth," stated Richard Young, Chief Executive Officer. "He brings a wealth of experience in advancing open pit and underground operations through feasibility, engineering, and construction into production. Having worked closely together in the past, I am confident that Paul's deep technical expertise and strategic insight will be instrumental in executing our new development plan." Most recently, Mr. Chawrun served as COO and Executive Vice President at Centerra Gold where he oversaw improvements in safety and engineering standards, operating cost reductions, start-up of operations, and life of mine expansions for three operations. Additionally, he was responsible for the advancement of Centerra's development projects and exploration geology. Prior to that, he was COO of Teranga Gold where he played a key role in transitioning the company from a single asset to a multi-asset West African mid-tier gold producer. His contributions included leading a mill expansion, overseeing the construction and operation of a new mine, and driving the acquisition and integration of the high-grade refractory Massawa gold project through advanced technical studies. His previous work experience includes senior management roles in operations at Fording Inc. and Suncor Energy, as well as technical services and corporate development roles at various mine development companies, including Detour Gold where he was responsible for overseeing the technical development of the Detour Lake project, which later became a significant gold producing operation in northeastern Ontario. Paul Chawrun, incoming COO commented, "i-80 Gold's impressive project pipeline, strategically located in a Tier-1 mining jurisdiction, presents a unique opportunity to help shape the next major gold story in Nevada. To-date, the team has delivered compelling preliminary economics across the portfolio and established a solid foundation for growth. With substantial high-grade resources already outlined and meaningful upside potential, I look forward to advancing these assets through feasibility and beyond, supporting the Company's transformation into a mid-tier gold producer over the coming years." A professional engineer, Mr. Chawrun holds a Bachelor of Science in Mining Engineering from Queen's University, a Bachelor of Science in Geology from McMaster University, and a Master of Business Administration from Athabasca University. Upon Mr. Chawrun's start date of April 30, 2025, Matthew Gili will resign from his position as President and COO and will assist with the transition period. Upon his departure, Mr. Young will assume the role of President in addition to his current position as Chief Executive Officer. About i-80 Gold Corp. i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its fully permitted central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE:IAUX). For more information, visit Forward-Looking Information Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to the Company's ability to execute on its new development plan, advance its assets through feasibility toward construction and production, realize its exploration potential, transform into a mid-tier gold producer over the coming years, and become the next major gold story in Nevada. Furthermore, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release or as of the dates specified in such statements, and are expressly qualified in their entirety by this cautionary statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labor unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, please see "Risks Factors" in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at and SEDAR+ at Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators.
Globe and Mail
19-03-2025
- Business
- Globe and Mail
i-80 Gold Finalizes Third-Party Processing Agreements
RENO, Nevada , /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80 Gold", or the "Company") is pleased to announce it has finalized two third-party processing agreements (the "Agreements") in respect of toll milling as well as ore sales for refractory and oxide material, respectively. The Agreements remain in effect through to December 31, 2027 . The Company is targeting to have the anticipated refurbishment of its Lone Tree autoclave facility complete by December 31, 2027 to allow for all material from the Company's underground gold mines to be processed at its autoclave facility. The economic terms of the Agreements are reflected in the recently released life of mine cash flows presented in the press releases for the Archimedes Underground Project on February 18, 2025 and the Granite Creek Underground Project on March 5, 2025 . "We are pleased to finalize these Agreements as they are key in enabling i-80 Gold to advance development of two of our three underground gold mines over the next several years, while continuing the planned refurbishment and recommissioning of our Lone Tree autoclave facility. Once commissioned, our autoclave is expected to serve as the central processing hub for material from our underground gold mines," stated Matt Gili , President and Chief Operating Officer. A class III engineering study on the autoclave refurbishment is expected to be completed by the end of the third quarter of 2025. About i-80 Gold Corp. i-80 Gold Corp. is a Nevada -focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade development and production-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its fully permitted central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE: IAUX). For more information, visit Forward-Looking Information Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, statements regarding the updated results of the PEAs, such as the anticipated refurbishment of its Lone Tree autoclave facility to be completed by December 31, 2027 , the January 1, 2028 commissioning of the Lone Tree autoclave, the ability for all material from the Company's underground gold mines to be processed at the Lone Tree autoclave, and the expected Lone Tree autoclave feasibility study in the third quarter of 2025. Furthermore, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to i-80's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR+ at
Globe and Mail
01-03-2025
- Business
- Globe and Mail
i-80 Gold Completes Further Steps in Support of its Recapitalization Plan
Previously Announced Amendments to Convertible Debenture Indenture and Closing of Concurrent Private Placement Completed This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated August 12, 2024 , to its short form base shelf prospectus dated June 21, 2024 RENO, Nev. , Feb. 28, 2025 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80 Gold", or the "Company") is pleased to announce the completion of certain amendments to its $65 million convertible debenture indenture dated February 22, 2023 (the " Indenture") as previously disclosed in the Company's press release dated January 13, 2025 . Additionally, the Company announces the closing of the private placement with certain insiders of the Company, undertaken concurrently with the previously announced prospectus offering of common shares which closed on January 31, 2025 , as previously disclosed in the Company's press releases dated January 27, 2025 and January 31, 2025 (the " Concurrent Private Placement"). The completion and closing of each of Indenture amendments and the Concurrent Private Placement support i-80 Gold's recapitalization plan by improving its near-term liquidity as well as facilitating its refinancing flexibility as it works towards a recapitalization plan intended to better align its capital structure with the Company's long-term growth strategy and development plan. The Company is pleased to announce that it has entered into a first supplemental indenture to the Indenture (the " Supplemental Indenture") with the TSX Trust Company (the " Trustee") to finalize the proposed amendments to the terms of the terms of the Indenture as previously disclosed in its prior press release on January 13, 2025 . On February 22, 2023 , the Company closed a private placement offering of $65 million principal amount of secured convertible debentures (the " Convertible Debentures") pursuant to the Indenture among the Company and the Trustee. On October 15, 2024 , debenture holders representing not less than 66 2/3% of the principal amount of the Convertible Debentures appointed, by written resolution, a committee of the debenture holders (the " Committee"), to exercise, and to direct the Trustee to exercise, on behalf of the debenture holders, the powers of the debenture holders set out in the Indenture. On February 28, 2025 , the Committee delivered to the Company and the Trustee an extraordinary resolution approved by the Committee, acting on behalf of the debenture holders, by instrument in writing effective, to approve the amendments to the Indenture as set forth in the Supplemental Indenture and to authorize and to direct the Trustee to enter into and execute the Supplemental Indenture (the " Amending Resolution"). The Supplement Indenture amends the Indenture, to among other things, provide as follows: (i) that the definitions relating to the conversion prices applicable to the conversion of the accrued and unpaid interest on the Convertible Debentures were revised to provide: (a) the conversion price applicable to the a debenture holder's right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to the volume weighted average price of i-80 Gold's common shares on the Toronto Stock Exchange (" TSX") during the five trading days immediately preceding the date of the debenture holder's election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date; (b) the conversion price applicable to the Company' right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to equal to the greater of * 85% of the average closing price of the i-80 Gold common shares as measured in US dollars on the NYSE American during the 10 business days immediately preceding the date of the Company's election notice, and (y) the volume weighted average price of i-80 Gold common shares on TSX during the five trading days immediately preceding the date of the Company's election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date; (ii) that the Company's right to grant security against the McCoy-Cove Project would rank subordinate to the security granted to the debenture holders; and (iii) the Company with a redemption right in respect of all of the outstanding Convertible Debentures which allows the Company to redeem, in its sole discretion, all of the outstanding Convertible Debentures for cash at a 104% premium of the outstanding principal, along with accrued interest up to the redemption date. The description of the Supplemental Indenture in this press release, is a summary only, and is not exhaustive nor is it intended as a substitute for reviewing the Supplemental Indenture and is qualified in its entirety by reference to the full text of the Supplemental Indenture, which can be found under the Company's issuer profile on SEDAR+ at The Company is also pleased to announce the closing of the Concurrent Private Placement of an aggregate of 997,871 common shares to certain directors and officers of the Company at a price of C$0.80 per share for gross proceeds of approximately C$798,297 . Further to its press release dated January 27, 2025 in connection with its proposed private placement of subscription receipts at a price of $0.80 per subscription receipt involving certain directors and officers of the Company, the Company subsequently received a waiver from the NYSE American from having to obtain shareholder approval for the participation of its directors and officers in an equity financing by the Company at a price that is at a discount to market price and obtained approval to complete the Concurrent Private Placement of common shares to such directors and officers. All of the subscribers under the Concurrent Private Placement were "insiders" of the Company (the " Insider Participation"). Each of the subscriptions by an "insider" is considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61‑101"). The Insider Participation is exempt from the formal valuation and minority shareholder requirements under MI 61-101 in reliance upon the exemptions contained in section 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing date of the Concurrent Private Placement as the details of the Concurrent Private Placement and the Insider Participation were not settled until shortly prior to the closing of the Concurrent Private Placement, and the Company wished to close the Concurrent Private Placement on an expedited basis for sound business reasons. All securities issued under the Concurrent Private Placement are subject to a hold period in Canada expiring four months and one day from the date hereof and are subject to a hold period in the United States of at least six months from the date of issuance pursuant to the U.S. Securities Act of 1933, as amended (the " U.S. Securities Act"). The Concurrent Private Placement is subject to final acceptance by the Toronto Stock Exchange and the NYSE American. The Company anticipates using the net proceeds of the Concurrent Private Placement for working capital and general corporate purposes. The participation of directors and officers in the offering reflects continued confidence in the Company's strategic direction and growth potential. The securities issued under the Concurrent Private Placement have not been registered under the U.S. Securities Act, or any state or other applicable jurisdiction's securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state or other jurisdictions' securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. About i-80 Gold Corp. i-80 Gold Corp. is a Nevada -focused mining company with the fourth largest gold mineral resources in the state of Nevada . The recapitalization plan underway is designed to unlock the value of the Company's high-grade gold deposits to create a Nevada mid-tier gold producer. i-80 Gold's common shares are listed on the TSX and the NYSE American under the trading symbol IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's portfolio of assets and long-term growth strategy is available at or by email at info@ FORWARD LOOKING INFORMATION Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, statements regarding: the use of proceeds in connection with the Concurrent Private Placement; the Company's ability to obtain the approval of the Toronto Stock Exchange and the NYSE American for the Concurrent Private Placement; and the Company's other future plans and expectations, including its recapitalization plan. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to i-80's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR+ at
Yahoo
27-02-2025
- Business
- Yahoo
i-80 Gold to Host Investor Day on March 6, 2025
RENO, Nev., Feb. 27, 2025 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80 Gold", or the "Company") will host an Investor Day on Thursday, March 6, 2025 in Toronto. The event will feature a presentation on the Company's growth strategy, portfolio of gold projects – building on insights from the recently completed preliminary economic assessments – and recapitalization plan. Attendees will also have the opportunity to participate in question-and-answer sessions with members of the management team and senior leadership team. The Investor Day will commence at 10:00 a.m. EST and is expected to conclude by 2:00 p.m. EST. To attend the event in person, please RSVP by emailing info@ Concurrently, the event will be webcast live at the following link A replay of the event and related presentation will be archived on the Company's website at once the live event concludes. About i-80 Gold Corp. i-80 Gold Corp. is a Nevada-focused mining company with the fourth largest gold mineral resources in the state of Nevada. The recapitalization plan underway is designed to unlock the value of the Company's high-grade gold deposits to create a Nevada mid-tier gold producer. i-80 Gold's common shares are listed on the TSX and the NYSE American under the trading symbol IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's portfolio of assets and long-term growth strategy is available at or by email at info@ View original content to download multimedia: SOURCE i-80 Gold Corp View original content to download multimedia: Sign in to access your portfolio
