i-80 Gold Launches Offering of US$200 Million Convertible Senior Notes

Rhea-AI Summary

i-80 Gold (NYSE American: IAUX) announced an offering of unsecured convertible senior notes due 2031 in the aggregate principal amount of US$200 million, with an initial purchaser option for up to an additional US$30 million.

Proceeds are intended to advance five gold projects, refurbish the Lone Tree processing plant, and fund resource expansion/infill drilling, plus general corporate and working capital. Interest rate, conversion rate and other terms will be set at pricing; closing is subject to TSX and NYSE American approvals.

Positive

• US$200 million capital raise for development funding
• Proceeds targeted to advance five gold projects
• Funds allocated to refurbish Lone Tree processing plant
• Underwriters have a US$30 million option to expand the Offering

Negative

• Conversion mechanics and interest rate undetermined, creating investor uncertainty
• Convertible issuance may cause share dilution if converted
• Offering conditional on TSX and NYSE American approvals

News Market Reaction – IAUX

-13.58% 6.8x vol

17 alerts

-13.58% Session close to close

-20.6% Trough in 26 hr 40 min

$1.36B Market Cap

6.8x Rel. Volume

In the Mar 18 session, IAUX declined 13.58%, reflecting a significant negative market reaction. Argus tracked a trough of -20.6% from its starting point during tracking. Our momentum scanner triggered 17 alerts that day, indicating notable trading interest and price volatility. Trading volume was exceptionally heavy at 6.8x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -13.6% in the session following this news. A negative reaction despite the funding...

Analysis

The stock dropped -13.6% in the session following this news. A negative reaction despite the funding news fits prior patterns where recapitalization steps, including royalty deals and debt restructuring, were followed by short-term weakness. The US$200M unsecured convertible note issuance introduces future conversion and dilution considerations alongside existing facilities, while execution risk on multiple Nevada projects and Lone Tree refurbishment could also contribute to cautious trading.

Key Figures

Convertible notes amount: US$200 million Overallotment option: US$30 million Notes maturity year: 2031 +5 more

8 metrics

Convertible notes amount US$200 million Aggregate principal amount of unsecured convertible senior notes due 2031

Overallotment option US$30 million Additional principal amount initial purchasers may buy within 20 days

Notes maturity year 2031 Maturity of unsecured convertible senior notes

Overallotment period 20 days Window for initial purchasers to buy additional notes

Price change pre-news -2.99% Share move ahead of convertible note offering announcement

52-week high discount 27.68% Price vs 52-week high before offering

Market cap $1,402,970,808 Market capitalization before the offering announcement

200-day MA $1.12 200-day moving average prior to the news

Historical Context

5 past events · Latest: Mar 16 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 16	Royalty financing close	Positive	-0.3%	Closed $250M Franco-Nevada royalty, repaid legacy debt and advanced Nevada projects.
Feb 25	Debenture interest election	Neutral	-0.5%	Extended deadline for holders to elect share or cash payment for interest.
Feb 19	FY 2025 earnings	Neutral	-3.6%	Reported higher 2025 revenue and production but deeper net loss and write-down.
Feb 13	Earnings call schedule	Neutral	+0.0%	Announced timing and access details for Q4 and full-year 2025 results call.
Feb 12	Royalty deal announcement	Positive	-6.7%	Franco-Nevada agreed to $250M NSR royalty funding multiple Nevada projects.

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

Pattern Detected

Recent financing and recapitalization announcements have often been followed by modest negative price reactions, suggesting recurring divergence between strategic funding news and short-term trading.

Recent Company History

Over the last month, i-80 Gold has executed a major recapitalization, including a $250M Franco-Nevada royalty deal and retirement of legacy debt (8% 2027 debentures and Orion facilities). Earnings for 2025 showed higher revenue but wider losses, alongside a plan to refurbish Lone Tree with an estimated $430M capital program and a financing package up to $500M. The new US$200M convertible note offering fits this broader funding and development strategy for Nevada assets.

Key Terms

convertible senior notes, net proceeds, qualified institutional buyers, rule 144a, +4 more

8 terms

convertible senior notes financial

"announces the offering of unsecured convertible senior notes due 2031"

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.

net proceeds financial

"i-80 Gold intends to use the net proceeds of this Offering"

The amount of money a company actually keeps from a sale or fundraising after paying all direct costs and fees, similar to take-home pay after taxes and deductions. Investors care because net proceeds determine how much cash is available for things that affect value—paying debt, funding projects, buying assets, or returning money to shareholders—so it influences future growth potential and financial health.

qualified institutional buyers regulatory

"The Notes will be offered only to "qualified institutional buyers""

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

"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

"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.

cash interest financial

"The Notes will bear cash interest payable semi-annually at a fixed rate"

Cash interest is the actual interest payment made in money rather than in additional securities or deferred claims; think of it as receiving a cash paycheck instead of extra stock. For investors, cash interest matters because it provides immediate income and affects a borrower’s cash flow and ability to cover other obligations, so it influences credit risk, yield from fixed‑income holdings, and short‑term liquidity decisions.

conversion rate financial

"The interest rate, the initial conversion rate and other terms of the Notes"

Conversion rate is the proportion of items, people or contracts that take a desired action out of the total possible — for example the share of website visitors who make a purchase, or the number of convertible bonds that are exchanged for shares. Investors care because it measures how effectively a business or financial instrument turns opportunity into real outcomes, like sales or share issuance, which directly affects revenue, cash flow and ownership dilution.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

TORONTO, March 18, 2026 /PRNewswire/ -- i-80 GOLD CORP. (TSX:IAU) (NYSE American:IAUX) ("i-80 Gold" or the "Company") announces the offering of unsecured convertible senior notes due 2031 (the "Notes") in the aggregate principal amount of US$200 million (the "Offering"). The Company expects to grant the initial purchasers of the Notes an option to purchase for a period of 20 days up to an additional US$30 million aggregate principal amount of Notes.

i-80 Gold intends to use the net proceeds of this Offering to advance the Company's five 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 interest rate, the initial conversion rate and other terms of the Notes will be determined by i-80 and the initial purchasers and will depend on market conditions at the time of pricing of the Offering. The Notes will bear cash interest payable semi-annually at a fixed rate and will be convertible by holders into i-80 Gold common shares (the "Shares"). The Notes will be redeemable by i-80 Gold at its option in certain circumstances. Holders will have the right to require i-80 Gold to repurchase their Notes upon the occurrence of certain events.

The Offering is subject to customary closing conditions including approval of the Toronto Stock Exchange and the NYSE American.

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 will be 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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/i-80-gold-launches-offering-of-us200-million-convertible-senior-notes-302717337.html

SOURCE i-80 Gold Corp

FAQ

What size is the i-80 Gold (IAUX) convertible note offering announced March 18, 2026?

i-80 Gold is offering US$200 million of unsecured convertible senior notes, with an option for an additional US$30 million within 20 days. According to the company, proceeds will fund project development, Lone Tree refurbishment, drilling and working capital.

How will i-80 Gold (IAUX) use proceeds from the US$200 million convertible note offering?

Proceeds will advance the company's five gold projects, refurbish the Lone Tree processing plant, and fund resource expansion and infill drilling. According to the company, remaining funds are for general corporate and working capital purposes.

Will the IAUX notes be registered for sale to U.S. retail investors?

No; the notes and shares issuable on conversion will not be registered under the U.S. Securities Act. According to the company, the notes will be offered only to qualified institutional buyers under Rule 144A.

When will key financial terms like interest rate and conversion rate for IAUX notes be set?

Key terms such as the interest rate and initial conversion rate will be determined at pricing and depend on market conditions at that time. According to the company, final terms will be negotiated with initial purchasers.

What approvals are required before i-80 Gold (IAUX) can close the convertible note Offering?

Closing is subject to customary conditions, including approval from the Toronto Stock Exchange and the NYSE American. According to the company, customary closing conditions must be satisfied before the Offering can close.