i-80 Gold Announces Pricing of Upsized Offering of US$250 Million Convertible Senior Notes

i-80 Gold (NYSE American: IAUX) priced an upsized offering of unsecured convertible senior notes due 2031 of US$250 million (US$287.5 million if full purchaser option exercised), up from US$200 million.

Rhea-AI Summary

i-80 Gold (NYSE American: IAUX) priced an upsized offering of unsecured convertible senior notes due 2031 of US$250 million (US$287.5 million if full purchaser option exercised), up from US$200 million. The Notes bear 3.75% cash interest, convert at 519.4805 shares per US$1,000 (≈US$1.93/share), a ~37.5% premium to the prior close. Closing is expected on or about March 23, 2026, subject to TSX and NYSE American approvals. Proceeds will fund project development, Lone Tree plant refurbishment, resource drilling, and general corporate purposes.

Positive

• Offering size increased to US$250 million
• Proceeds earmarked for Lone Tree refurbishment
• Proceeds to fund resource expansion and infill drilling
• Provides near-term financing for project development

Negative

• Conversion price set at ≈US$1.93 per share, implying dilution
• Notes carry 3.75% annual cash interest paid semi-annually
• Notes unregistered in US and Canada, limiting resale liquidity

Argus Mar 19 session

-5.71% close to close Open Argus

Details

News Market Reaction – IAUX

In the Mar 19 session, IAUX declined 5.71%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.7% in the session following this news. The decline reflects market caution around...

Analysis

The stock moved -5.7% in the session following this news. The decline reflects market caution around another sizeable capital raise, consistent with prior offering-related moves averaging -5.65% and featuring several single-day drops. The upsized US$250M convertible deal, with a US$1.93 conversion price and 37.5% premium, adds to an already active financing history. Sector-wide gold weakness and prior dilution may have amplified selling pressure.

Key Figures

Convertible notes size: US$250 million Upsized option amount: US$287.5 million Previous offering size: US$200 million +5 more

Convertible notes size

US$250 million

Aggregate principal amount of unsecured convertible senior notes due 2031

Upsized option amount

US$287.5 million

Aggregate principal if initial purchasers’ option exercised in full

Previous offering size

US$200 million

Initially announced base size before upsizing

Previous max with option

US$230 million

Initial size including option before upsizing

Coupon rate

3.75% per annum

Cash interest on notes, paid semi-annually

Conversion rate

519.4805 shares per US$1,000

Initial conversion rate for the notes

Conversion price

US$1.93 per share

Initial conversion price implied by conversion rate

Conversion premium

37.5%

Premium to prior NYSE American closing price

Previous Offering Reports

5 past events · Latest: May 16

Same Type 5 events

1. May 16

   Equity financing close

   24h Move

   +0.2%

   Closed US$172.88M bought deal plus planned US$11.12M private placement.

2. May 09

   Equity upsizing

   24h Move

   -10.2%

   Upsized bought deal to 320M units at US$0.50 with 15% over-allotment.

3. May 09

   Bought deal launch

   24h Move

   -10.2%

   Announced US$135M bought deal units with US$20.25M over-allotment option.

4. Jan 27

   Prospectus upsizing

   24h Move

   -4.2%

   Upsized common share prospectus offering from US$10M to US$20M equivalent.

5. Aug 12

   ATM program setup

   24h Move

   -3.9%

   Established US$50M ATM equity program for ongoing project funding.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible senior notes, qualified institutional buyers, rule 144a, securities act, +1 more

5 terms

convertible senior notes financial

"offering of unsecured convertible senior notes due 2031 (the "Notes")."

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

qualified institutional buyers regulatory

"The Notes were offered only to "qualified institutional buyers" (as defined"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

rule 144a regulatory

"qualified institutional buyers" (as defined in Rule 144A under the Securities Act)."

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

securities act regulatory

"not been and will not be registered under the U.S. Securities Act of 1933, as amended"

A securities act is a law that governs the offering, sale and disclosure of stocks, bonds and other investment products to the public. It requires companies to provide clear, truthful information—like a product label for an investment—so buyers can understand risks and value before they invest. For investors, these rules reduce fraud, promote transparency, and help ensure fair access to market information.

prospectus regulatory

"registered under any state securities laws, or qualified by a prospectus in Canada."

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, March 19, 2026 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold" or the "Company") announced that it has priced its previously announced offering (the "Offering") of unsecured convertible senior notes due 2031 (the "Notes"). The Company intends to issue US$250 million aggregate principal amount of Notes (or US$287.5 million aggregate principal amount if the option granted to the initial purchasers to purchase additional Notes is exercised in full). The Offering was upsized from the previously announced US$200 million (or US$230 million if the option granted to the initial purchasers to purchase additional Notes was exercised in full).

The Notes will bear cash interest paid semi-annually at a rate of 3.75% per annum. The initial conversion rate for the Notes will be 519.4805 common shares of the Company (the "Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$1.93 per Share. The initial conversion rate represents a premium of approximately 37.5% relative to yesterday's closing market price of the Shares on the NYSE American and is subject to adjustment in certain events.

The Offering is expected to close on or about March 23, 2026, subject to customary closing conditions including approval of the Toronto Stock Exchange and the NYSE American.

i-80 Gold intends to use the net proceeds from this Offering to advance the Company's gold projects through various stages of development, refurbish the Lone Tree processing plant, and fund resource expansion and infill drilling, as well as for general corporate and working capital purposes.

The Notes and the Shares issuable upon the conversion thereof have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), registered under any state securities laws, or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The Notes were offered only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act). The Notes may not be offered or sold in Canada except pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws.

This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or the Shares issuable upon the conversion thereof, and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or the Shares issuable upon the conversion thereof in any jurisdiction in which such offer, solicitation or sale is unlawful.

About i-80 Gold Corp.

i-80 Gold Corp. 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 multi-stage 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 (TSX: IAU) and the NYSE American (NYSE: IAUX).

Cautionary Statement Regarding Forward-Looking Information

Certain information set forth in this press release, including but not limited to statements regarding completion of the Offering, the proposed terms of the Offering and the proposed use of proceeds of the Offering, constitutes forward looking statements or forward-looking information within the meaning of applicable securities laws.

All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Readers are cautioned that the assumptions used in the preparation of information, although considered reasonable at the time of preparation, may prove to be inaccurate and, as such, reliance should not be placed on forward looking statements.

The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including failure to satisfy the conditions to closing of the Offering; market demand for the Notes; general economic and industry conditions, risks associated with the refurbishment of the Lone Tree Plant and advancement of the Company's projects, as well as those factors discussed under the heading "Risks Factors" in the Form 10-K for the fiscal year ended December 31, 2025, which is available on EDGAR at www.sec.gov/edgar and SEDAR+ at www.sedarplus.ca. Readers are encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators. All forward-looking statements contained in this press release speak only as of the date of this press release or as of the dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.

Additional information relating to i-80 Gold can be found on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar.

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SOURCE i-80 Gold Corp

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did i-80 Gold (IAUX) announce about the convertible notes on March 19, 2026?

i-80 Gold priced an upsized offering of unsecured convertible senior notes totalling US$250 million. According to the company, the notes mature in 2031, bear 3.75% interest and convert at 519.4805 shares per US$1,000 (≈US$1.93/share).

When is the i-80 Gold (IAUX) convertible note offering expected to close?

The offering is expected to close on or about March 23, 2026, subject to approvals. According to the company, closing requires customary conditions and approval from the Toronto Stock Exchange and NYSE American.

How will the proceeds from IAUX's US$250 million notes be used?

Proceeds will advance gold projects, refurbish the Lone Tree plant, and fund drilling and working capital. According to the company, funds target project development, resource expansion and infill drilling, plus general corporate purposes.

What is the conversion price and conversion premium for IAUX notes priced March 19, 2026?

The initial conversion price is approximately US$1.93 per share, a ~37.5% premium to the prior close. According to the company, the conversion rate is 519.4805 shares per US$1,000 principal amount.

What shareholder impact should IAUX investors expect from the March 19, 2026 convertible notes?

Investors face potential dilution if notes convert at the US$1.93 price and interest expense until conversion. According to the company, conversion mechanics and a fixed 3.75% coupon could affect share count and future EPS upon conversion.