i-80 Gold Extends Deadline for Holders of Convertible Debentures to Submit Interest Conversion Election Notices

i-80 Gold (NYSE American: IAUX) extended the deadline for holders of its 8% secured convertible debentures due 2027 to submit an Interest Election Notice to convert accrued unpaid interest into common shares to 5:00 pm EST on March 6, 2026.

Rhea-AI Summary

i-80 Gold (NYSE American: IAUX) extended the deadline for holders of its 8% secured convertible debentures due 2027 to submit an Interest Election Notice to convert accrued unpaid interest into common shares to 5:00 pm EST on March 6, 2026.

The conversion price will use the 5-day VWAP before receipt of the notice, less a 15% discount, converted to USD at the Bank of Canada rate. Notices are irrevocable; unpaid interest will be paid in cash if no notice is received.

Positive

• Deadline extended to 5:00 pm EST on March 6, 2026
• Conversion price set at 5-day VWAP less 15% discount

Negative

• Interest Election Notices are irrevocable
• Intermediary cut-off times may be earlier than the March 6 deadline

Argus Feb 25 session

-0.52% close to close Open Argus

Details

News Market Reaction – IAUX

On Feb 25, the day this news came out, IAUX closed 0.52% below the previous close.

Data tracked by StockTitan Argus for the Feb 25 session.

Market Context

This announcement extends the deadline to March 6, 2026 for holders of the 8% secured convertible de...

Analysis

This announcement extends the deadline to March 6, 2026 for holders of the 8% secured convertible debentures due 2027 to elect converting accrued interest into common shares. It fits into i-80 Gold’s broader recapitalization, which includes a large financing package and efforts to retire debt outlined in recent 8-K and 10-K filings. Investors may focus on how much interest converts to equity versus cash, and how these choices interact with future financing needs and project execution in Nevada.

Key Figures

Coupon rate: 8% Debenture maturity: 2027 Interest conversion deadline: 5:00 pm EST, March 6, 2026 +3 more

Coupon rate

8%

Secured convertible debenture notes due 2027

Debenture maturity

2027

8% secured convertible debenture notes due date

Interest conversion deadline

5:00 pm EST, March 6, 2026

Extended Interest Election Right deadline

First indenture date

February 22, 2023

Original debenture indenture date

Supplemental indenture date

February 28, 2025

First Supplemental Convertible Debenture Indenture

Conversion price discount

15%

Discount to VWAP for interest conversion into shares

Historical Context

5 past events · Latest: Feb 19

5 events

1. Feb 19

   Earnings and outlook

   24h Move

   +1.6%

   Reported 2025 revenue growth to $95.2M but deeper $198.8M net loss.

2. Feb 13

   Earnings scheduling

   24h Move

   +0.0%

   Announced timing and access details for Q4 and 2025 results call.

3. Feb 12

   Royalty financing

   24h Move

   -6.7%

   Franco-Nevada agreed to $250M royalty funding for Nevada projects.

4. Feb 12

   Large financing plan

   24h Move

   -6.7%

   Secured up to $500M financing including royalty sale and gold prepay.

5. Jan 29

   Board expansion

   24h Move

   -5.3%

   Added three independent directors to support Nevada growth strategy.

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

Key Terms

convertible debenture, mandatory redemption, interest election right, volume weighted average trading price, +1 more

5 terms

convertible debenture financial

"mandatory redemption of the Company's 8% secured convertible debenture notes due 2027"

A convertible debenture is a long-term loan a company issues that pays interest like a bond but can be turned into a set number of the company’s shares under pre-agreed terms. For investors it matters because it mixes safety and upside: you get regular interest and higher repayment priority like a lender, yet you also hold an option to become a shareholder if the stock rises, which can dilute existing owners and change risk and return profiles.

mandatory redemption financial

"in connection with the previously announced mandatory redemption of the Company's 8% secured convertible debenture"

Mandatory redemption is a contract clause that forces an issuer to buy back a security—such as a bond, preferred share, or convertible—under specified conditions or at scheduled times. For investors it matters because it determines when and how they will get their principal or liquidation value returned, affects the timing of income, and can change the total number of outstanding securities, similar to a store being required to repurchase a product on a set schedule.

interest election right financial

"elections to convert accrued and unpaid interest on the Debentures (the "Interest Election Right") into common shares"

An interest election right is a contract feature that lets one party choose how interest on a loan or bond is paid — for example, in cash now, by adding the interest to the loan balance, or by issuing more securities instead of cash. For investors, this changes when and how they receive value and who bears short-term cash strain or long-term dilution, so it affects yield, credit risk, and the true return profile much like choosing a paycheck now versus extra company shares later.

volume weighted average trading price technical

"calculated based on the volume weighted average trading price of the Common Shares on the TSX"

Volume weighted average trading price (VWAP) is the average price of a security over a set period, calculated by giving more weight to prices where more shares were traded — in other words, prices with higher volume count more. Investors use VWAP as a benchmark to judge trade execution and market activity: it helps tell whether a buy or sell occurred at a better or worse price than the market’s typical traded level, like comparing your purchase to the crowd’s average.

indenture regulatory

"Pursuant to the terms of the indenture for the Debentures dated as of February 22, 2023"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

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

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TORONTO, Feb. 25, 2026 /PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (NYSE American: IAUX) ("i-80 Gold" or the "Company") announces, that in connection with the previously announced mandatory redemption of the Company's 8% secured convertible debenture notes due 2027 (the "Debentures"), the deadline for the holders of the Debentures ("Debentureholders") to submit their elections to convert accrued and unpaid interest on the Debentures (the "Interest Election Right") into common shares of the Company (the "Common Shares") has been extended to 5:00 pm (EST) on Friday, March 6, 2026 (the "Deadline").

"As part of our fair approach to the early retirement of these Debentures, we elected to extend the deadline of the Interest Election Right to ensure that Debentureholders have sufficient time to fully evaluate their options," said Ryan Snow, Chief Financial Officer. "This adjustment reflects our commitment to executing the redemption process in a fair, orderly and transparent manner."

To exercise their Interest Election Right, registered holders of the Debentures must complete and return a share interest election notice (the "Interest Election Notice") to i-80 GOLD CORP. c/o TSX Trust Company, 100 Adelaide Street West, Suite 301, Toronto, Ontario M5H 4H1, Attention: Corporation Actions. Email: tmxestaff-corporatetrust@tmx.com by the Deadline. Copies of the Interest Election Notice may be obtained from the Company's information agent for the redemption, Shorecrest Group, at their contact particulars set out below.

Debentureholders whose Debentures are registered in the name of an investment dealer, bank, trust company, or other intermediary should immediately contact that intermediary for assistance if they wish to submit an Interest Election Notice in respect of the Debentures they hold in order to take the necessary steps. Intermediaries likely have established cut-off times that are prior to the Deadline. Debentureholders must instruct their brokers or other intermediaries promptly if they wish to submit an Interest Election Notice.

Pursuant to the terms of the indenture for the Debentures dated as of February 22, 2023 between the Company and the TSX Trust Company, as supplemented by the First Supplemental Convertible Debenture Indenture dated as of February 28, 2025 (collectively, the "Indenture"), the conversion price of the Debentures for the purposes of the Interest Election Right will be calculated based on the volume weighted average trading price of the Common Shares on the TSX during the five trading days immediately preceding the date the Debentureholder's Interest Election Notice is received by the Company c/o TSX Trust Company (in accordance with Section 13.1 of the Indenture), less a discount of 15%, converted into U.S. dollars at the Bank of Canada rate on such date. Debentureholders who do not submit an Interest Election Notice by the Deadline will, pursuant to the terms of the Indenture, be paid in cash for their accrued and unpaid interest on the Debentures.

When submitted, an Interest Election Notice is irrevocable. Debentureholders who have already submitted an Interest Election Notice do not need to take any further action. Interest Election Notices that were previously submitted cannot be withdrawn.

This press release shall not constitute a notice of redemption or convertibility of the Debentures. This press release is neither an offer to sell nor a solicitation of an offer to buy the Debentures or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Debentures or any other securities 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 fourth 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). Visit www.i80gold.com for more information.

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SOURCE i-80 Gold Corp

FAQ

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

What deadline did i-80 Gold (IAUX) set for converting accrued interest on the 8% debentures?

The deadline is 5:00 pm EST on March 6, 2026. According to the company, holders must submit an Interest Election Notice by that time to convert accrued unpaid interest into common shares.

How is the conversion price calculated for IAUX debenture interest conversions?

Conversion price equals the 5-day VWAP prior to notice receipt, minus a 15% discount. According to the company, the price is then converted to USD at the Bank of Canada rate on that date.

What happens if a debentureholder misses the March 6, 2026 IAUX conversion deadline?

Debentureholders who do not submit an Interest Election Notice will be paid accrued interest in cash. According to the company, cash payment follows the terms of the indenture governing the debentures.

Can an Interest Election Notice for IAUX debentures be withdrawn after submission?

No. According to the company, once submitted an Interest Election Notice is irrevocable and previously submitted notices cannot be withdrawn or changed.

How should IAUX debentureholders registered through brokers submit an Interest Election Notice?

Debentureholders should instruct their broker or intermediary promptly because intermediaries may have earlier cut-off times. According to the company, intermediaries must transmit the Interest Election Notice to TSX Trust by the deadline.