04:49 PM EST, 12/31/2024 (MT Newswires) -- i-80 Gold (IAU.TO) was at last look up 7.2% in US after hours on Tuesday afternoon amid news that it has completed the first phase of its recapitalization plan.

This includes entering into agreements with longtime shareholder, Orion, to defer the December 2024 Gold Prepay and January 2025 Silver Purchase Agreement deliveries to March 31, 2025, the company said.

The company added that it plans to release updated preliminary economic assessments for all five of its gold projects in the first quarter of 2025, along with an updated technical report for the Lone Tree project.

As part of the recapitalization, i-80 Gold has agreed to issue five million share purchase warrants to Orion, with a four-year term, and an offtake agreement is expected by the end of January 2025.

The company also said that Greg Smith will step down from the board of directors effective immediately, following Equinox Gold's (EQX.TO) divestiture of its shares in i-80 Gold. Smith was Equinox's nominee to the board of directors of i-80 Gold.