07:12 AM EDT, 03/24/2026 (MT Newswires) -- i-80 Gold ( IAUX ) on Tuesday said it has closed a gold prepayment facility with National Bank of Canada and Macquarie Bank Limited, successfully completing the company's recapitalization plan.

With the closing of the gold prepay facility, i-80 Gold ( IAUX ) received $150 million in initial funding and has the obligation to deliver 39,978 ounces of gold over a 30-month period beginning in January 2028.

The facility also includes an accordion feature that provides access to an additional $100 million for a 24-month period from closing, subject to customary conditions and lender approval.

The company expects to execute the accordion feature in the first half of 2027, at which point the number of additional gold ounces to be delivered will be determined.

Under the recapitalization plan, i-80 Gold ( IAUX ) has raised over $1 billion in capital, which is expected to fully fund its development plan through Phase 1 and Phase 2, with a path to funding Phase 3.

Phase 1 and Phase 2 include advancing the Granite Creek, Archimedes and Cove underground projects and the Granite Creek open pit oxide project, as well as the refurbishment and commissioning of the Lone Tree processing plant.

These projects are expected to increase average annual production to a target range of 300,000 to 400,000 ounces of gold in 2031, up from less than 50,000 ounces currently.

Phase 3 includes the development of the Mineral Point open pit oxide project.