Mr. Richard Young reports

I-80 GOLD CLOSES $250 MILLION ROYALTY FINANCING WITH FRANCO-NEVADA AND COMPLETES RETIREMENT OF CERTAIN LEGACY DEBT OBLIGATIONS

i-80 Gold Corp. has successfully completed the closing of the previously announced $250-million royalty financing with a wholly owned U.S. subsidiary of Franco-Nevada Corp. The company used a portion of the royalty financing proceeds to complete the mandatory redemption of its 8 per cent secured convertible debentures due in 2027, and to settle a convertible loan and gold prepay agreement held by affiliates of Orion Mine Finance.

All amounts referenced herein are expressed in United States dollars unless otherwise stated.

"Together, these transactions represent a major step forward in the company's recapitalization, significantly strengthening the balance sheet and positioning i-80 Gold to continue advancing its development plan towards becoming a mid-tier gold producer in Nevada," said Richard Young, president and chief executive officer. "We thank Orion, Franco-Nevada and our debentureholders for assisting the company in advancing its prospective portfolio of projects."

Completion of Franco-Nevada royalty financing

Pursuant to the royalty financing, Franco-Nevada is paying $250-million to the company in exchange for a 1.5-per-cent life-of-mine (LOM) net smelter return (NSR) royalty, stepping up to a 3.0-per-cent LOM net smelter return royalty on Jan. 1, 2031. The royalty payable to Franco-Nevada applies to production from all mineral properties in the company's portfolio. At closing, a total of $225-million of the royalty financing was advanced to the company with approximately $165-million used to extinguish the legacy debt obligations described below, with the remaining balance to be used to advance the Mineral Point open-pit oxide project and construction of the Archimedes underground project. In total, $50-million of the royalty financing has been dedicated to advancing Mineral Point infill drilling, engineering and early-stage permitting in 2026, supporting a prefeasibility study anticipated for completion in 2027. The remaining $25-million of the royalty financing is payable following the expenditure of an initial $25-million allocated for Mineral Point, which is expected to be made available later this year.

Redemption of 2027 convertible debentures

The company has completed the mandatory redemption of its 2027 convertible debentures for a total cash payment of $73-million, including the principal amount of $65-million and accrued interest of approximately $5.3-million. Total accrued interest on the debentures amounted to approximately $18.7-million. Approximately 70 per cent of the 2027 convertible debentureholders elected to receive their accrued interest in common shares of the company, resulting in the issuance of approximately 8.1 million common shares, while the remaining interest was paid in cash. A 4-per-cent premium associated with the early mandatory redemption was applied to the principal amount and accrued interest.

Repayment of the gold prepayment and convertible loan instruments held by Orion

The company has repaid in full the gold prepay agreement and convertible loan instruments held by Orion. A silver purchase and sale agreement held by Orion remains in place, as described in the company's annual report on Form 10-K for the year ended Dec. 31, 2025. The total payout to Orion was $92-million, comprising the convertible loan, including a principal amount of $50-million and approximately $20-million of accrued interest, together with the outstanding balance under the gold prepay agreement. An additional three million common shares were issued to Orion as part of the early redemption.

About i-80 Gold Corp.

i-80 Gold 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 fifth-largest gold mineral resource holder in the state with a pipeline of high-grade multistage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its 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 and the NYSE American.

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