By Chris Wack
i-80 Gold Corp. said it has signed definitive agreements in connection with a previously announced financing package for proceeds of $135 million, and an accordion option to potentially access an additional $100 million.
On its agreement with Orion
“Under the silver purchase agreement, commencing April 30, 2022, i-80 will deliver to Orion 100% of the silver production from the Granite Creek and Ruby Hill projects until the delivery of 1.2 million ounces of silver, after which the delivery will be reduced to 50% until the delivery of an aggregate of 2.5 million ounces of silver, after which the delivery will be reduced to 10% of the silver production solely from Ruby Hill Project.
“Under the gold prepay agreement, commencing March 31, 2022, i-80 will deliver to Orion 3,000 troy ounces of gold for each of the quarters ending March 31, 2022, and June 30, 2022, and thereafter, 2,000 troy ounces of gold per calendar quarter until Sept. 30, 2025, in satisfaction of the $45 million prepayment, for aggregate deliveries of 32,000 troy ounces of gold.
“The financing package, when combined with the recent equity financing completed by the company, will place i-80 in a robust financial position to proceed with the aggressive advancement of its substantial asset portfolio. Following completion of the financing package, the company expects to have approximately $200 million in its treasury.”
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