i-80 Gold (TSX: IAU; NYSE: IAUX) has amended and restated the gold prepay purchase and sale agreement with an affiliate of Orion Mine Finance. i-80 has received gross proceeds of US$20 million structured as an additional accordion under the existing gold prepay agreement. The existing agreement was negotiated in December 2021 in the amount of US$135 million. An accordion option for US$100 million was added in April 2022.
The proceeds will be used to advance i-80’s projects in Nevada – Ruby Hill, Granite Creek, Buffalo Mountain, and McCoy-Cove. Ore production is to begin within the next two years. The ore is to be processed at the Lone Tree mill when it is refurbished.
The new prepay accordion will be repaid when i-80 delivers 13,333 oz. of gold over three years to Orion.
i-80 has also issued to Orion warrants to purchase up to almost 3.8 million common shares of the company. The new warrants will be exercisable at a price of C$3.17 per share until Sept. 20, 2026.
The company has also applied to the Toronto Stock Exchange to extend the expiry date of 5.5 million i-80 warrants for another 12 months, making the expiry date Dec. 13, 2025.
Additional information about i-80’s plans are posted on www.i80gold.com.