09:11 AM EST, 02/12/2026 (MT Newswires) -- i-80 Gold ( IAUX ) said Thursday that it has secured a financing package of up to US$500 million that includes royalty financing of $250 million from Franco-Nevada ( FNV ) , adding this "marks a significant milestone in achieving the company's recapitalization plans".

The package also includes a gold pre-payment facility for up to $250 million -- an initial advance of $150 million at closing, with an accordion feature for a further $100 million -- with National Bank of Canada ( NTIOF ) and Macquarie Bank.

i-80 said it will use the proceeds of the financing package to advance its five gold projects in Nevada, refurbish the Lone Tree plant, and fund resource expansion and infill drilling, as well as for working capital purposes.

i-80 said it will also use the funds to extinguish its existing debt obligations of about $175 million.

The company added it continues to advance the potential sale of a non-core asset and plans to replace the existing convertible debentures to complete the recapitalization plan.

The proceeds of the financing package, combined with previously disclosed equity offerings completed in the second quarter of 2025, represent over $800 million in funding to support i-80 Gold's ( IAUX ) objective of creating a mid-tier gold producer in Nevada.

i-80 said the final steps to complete the recapitalization plan targeting an overall amount of $900 million to $1 billion, include a plan to retire and replace its existing convertible debentures with new convertible debentures, and the potential sale of a non-core asset.

This is expected to fully fund the first two phases of the development plan, which is expected to increase annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently, the company said.

Separately, Franco-Nevada ( FNV ) said it will acquire a US$250 million net smelter return royalty at an initial 1.5% rate, increasing to 3.0% beginning in 2031. The royalty will apply to all of i-80 Gold's ( IAUX ) material properties, including their six projects in various stages of development.

i-80 expects to close its recapitalization plan by the end of the first quarter.