i-80 Gold Corp. (NYSE: IAUX) details $430M Lone Tree plant refurbishment
Rhea-AI Filing Summary
i-80 Gold Corp. provided a detailed update on refurbishing its Lone Tree autoclave and carbon-in-leach processing plant in Nevada, a cornerstone asset in Phase 1 of its development plan. Early works, engineering and demolition are advancing on schedule ahead of major construction, anticipated to start in the fourth quarter of 2026.
The project is expected to transition the company from toll milling to an owner-operator model and, based on a December 2025 engineering study, could reduce processing costs and increase cash margins by an estimated $1,000–$1,500 per ounce of gold, depending on grade and gold price. About 50% of procurement packages by value and roughly 40% of project capital were committed by mid-July, with total capital aligned to a $430 million estimate, including about 12% contingency and 2026 expenditure guidance of $140–$160 million. Detailed engineering is approximately 30% complete, and the plant remains on schedule for an anticipated first gold pour by year-end 2027, with design capacity of about 2,250 tonnes per day or 825,000 tonnes per year.
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Filing Explained
Lone Tree has reached demolition, but its processing transition remains conditional on permits and future construction through a year-end 2027 first-gold target.
The company reports that the Lone Tree refurbishment has reached demolition: major construction is expected in
Permit applications were submitted in
Form 8-K reports specified material events within four business days; this report uses Item 7.01 to furnish the company’s Regulation FD update and its press-release exhibit, rather than deeming that information filed for Section 18 purposes.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Estimated margin increase: $1,000–$1,500 per ounce of gold
2026 project expenditures guidance: $140 million–$160 million
Total capital cost estimate: $430 million
+5 more
8 metrics
Estimated margin increase
$1,000–$1,500 per ounce of gold
Expected cash margin uplift from moving to owner-operator model, depending on grade and gold price
2026 project expenditures guidance
$140 million–$160 million
Projected Lone Tree refurbishment expenditures for 2026, aligned with engineering study
Total capital cost estimate
$430 million
Lone Tree refurbishment total capital including contingency, owner’s cost and capital spares
Contingency percentage
12%
Approximate contingency included in the $430 million capital estimate
Procurement packages awarded
50%
Approximate share of procurement packages by value awarded as of mid-July 2026
Capital committed
40%
Approximate portion of project capital committed as of mid-July 2026
Daily plant throughput
2,250 tonnes per day
Expected processing rate at Lone Tree based on 85% plant availability
Annual plant throughput
825,000 tonnes per year
Total annual throughput expected at Lone Tree at design availability
Key Terms
autoclave processing plant, carbon-in-leach, pressure oxidation, toll milling, +2 more
6 terms
autoclave processing plant technical
"i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant."
carbon-in-leach technical
"Lone Tree autoclave and carbon-in-leach processing plant located in Nevada."
Carbon-in-leach is a gold-processing method where crushed ore is mixed with a chemical solution that dissolves the gold while porous activated carbon is added to the same tank to capture the dissolved gold, combining extraction and recovery in one step. It matters to investors because it influences how much gold a mine actually recovers, how fast it can produce, and the plant’s operating and environmental costs—small differences in this “filtering” step can change a project’s profitability and regulatory risk.
pressure oxidation technical
"upgrade of the existing autoclave to a modern pressure oxidation (“POX”) circuit."
Pressure oxidation is a high-pressure, high-temperature chemical process used to break down tough mineral ores so valuable metals can be recovered more easily, like using a pressure cooker to soften food before extracting ingredients. It matters to investors because it can substantially increase metal recovery and thus revenue, but also raises capital, operating and environmental costs and technical risk, affecting a mining project's profitability and timeline.
toll milling financial
"transition from toll milling to an owner-operator processing model."
Toll milling is when a company hires a third-party processor to refine, mill or transform raw materials it owns, paying a fee per unit rather than doing the work in its own facilities. For investors, it matters because toll milling can lower capital and operating costs, speed up production or preserve flexibility, but it also creates dependence on outside partners and fees that affect margins and supply reliability — like renting a specialized workshop instead of owning the factory.
hub-and-spoke financial
"executing a hub-and-spoke regional mining and processing strategy to maximize efficiency."
A hub-and-spoke business model centers activity in a main “hub” that provides services, products, or coordination to smaller, linked “spokes” such as regional offices, factories, or distribution points. For investors, it matters because this setup can lower costs and speed expansion by reusing the central hub’s resources, but it also concentrates risk—if the hub fails or faces regulation, many connected operations can be affected at once, like spokes on a wheel losing support.
NI 43-101 regulatory
"qualified person within the meaning of National Instrument 43-101 - Standards of Disclosure."
A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What project update did i-80 Gold (IAUX) provide on the Lone Tree Plant?
i-80 Gold reported that refurbishment of its Lone Tree autoclave and CIL plant in Nevada is advancing on schedule and on budget, with early works and demolition underway and major construction anticipated to start in the fourth quarter of 2026 as permitting progresses.
What is the expected capital cost of i-80 Gold’s (IAUX) Lone Tree refurbishment?
The Lone Tree refurbishment has a total capital cost estimate of $430 million, including about 12% contingency, owner’s costs and capital spares. Project spending for 2026 is guided between $140 million and $160 million, with roughly 40% of capital committed by mid-July 2026.
How will the Lone Tree Plant affect i-80 Gold’s (IAUX) processing margins?
According to a December 2025 engineering study, transitioning from toll milling to an owner-operator model at Lone Tree is expected to reduce processing costs and increase cash margins by about $1,000–$1,500 per ounce of gold, depending on ore grade and prevailing gold prices.
What processing capacity is planned for i-80 Gold’s (IAUX) Lone Tree Plant?
Based on 85% availability, the refurbished Lone Tree Plant is designed to process approximately 2,250 tonnes per day, equivalent to about 825,000 tonnes per year, using integrated pressure oxidation and carbon-in-leach circuits for both refractory and oxide mineralized material.
When does i-80 Gold (IAUX) anticipate construction and first gold from Lone Tree?
Major construction at Lone Tree is anticipated to commence in the fourth quarter of 2026, subject to permitting, with detailed engineering targeted for completion by the end of the first quarter of 2027 and first gold pour anticipated by year-end 2027.
How far along are engineering and procurement for i-80 Gold’s (IAUX) Lone Tree project?
As of mid-July 2026, detailed engineering for Lone Tree is approximately 30% complete, about 50% of procurement packages by value have been awarded, and demolition and early works are underway, supporting the targeted construction and commissioning schedule through late 2027.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 8-K
_______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2026
| (Exact name of registrant as specified in its charter) | ||
| Not Applicable | ||||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (775 ) 525-6450
Not Applicable
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Warrants to Purchase Common Shares | IAUX.WS | NYSE American LLC | ||||||||||||
| Common Shares | IAU | The Toronto Stock Exchange | ||||||||||||
| Warrants to Purchase Common Shares | IAU.WT.U | The Toronto Stock Exchange | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure
On July 28, 2026, i-80 Gold Corp. (the “Company”) issued a press release titled “i-80 Gold Provides Update on Lone Tree Plant Refurbishment; Project Remains on Schedule and on Budget”. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 7.01 and Exhibit 99.1 attached hereto is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated July 28, 2026 related to Lone Tree Plant refurbishment update | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: July 30, 2026 | ||||||||
| i-80 GOLD CORP. | ||||||||
| By: | /s/ Ryan Snow | |||||||
| Name: | Ryan Snow | |||||||
| Title: | Executive Vice President and Chief Financial Officer | |||||||
i-80 Gold Provides Update on Lone Tree Plant Refurbishment;
Project Remains on Schedule and on Budget
Project Remains on Schedule and on Budget
All amounts are expressed in United States dollars unless otherwise stated.
TORONTO, ON, July 28, 2026 – i-80 GOLD CORP. (NYSE: IAUX) (TSX: IAU) ("i-80 Gold", or the "Company") is pleased to provide a status update on the refurbishment of its Lone Tree autoclave and carbon-in-leach processing plant (“Lone Tree” or the “Plant”) located in Nevada, a cornerstone asset within Phase 1 of the Company’s development plan.
i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant. Once refurbished and commissioned, Lone Tree is expected to serve as the central processing hub for the Company’s underground mines. The refurbishment is a key step in the Company’s transition from toll milling to an owner-operator processing model which, based on the Company’s December 2025 engineering study, is expected to reduce current processing costs and increase cash margins between an estimated $1,000 to $1,500 per ounce of gold, depending on grade and gold price.
Lone Tree Plant Refurbishment Highlights
•Early works and pre-construction readiness activities are well underway on site and continue to advance on schedule ahead of major construction, which is expected to commence in the fourth quarter of 2026. Second and third quarter pre-construction activities include:
omobilization of the EPCM contractor to site;
ocommencement of demolition of the existing plant components requiring replacement as part of the refurbishment; and
oadvancement of detailed engineering, procurement packages, and the award of key contracts.
•Procurement activities remain on schedule, with approximately 50% of procurement packages, by value, awarded as of mid-July.
•Project capital remains on budget with minimal contingency drawdown and approximately 40% of capital committed as of mid-July.
•The overall plant refurbishment remains on schedule to achieve first gold pour, which is anticipated in late 2027.
“We have made excellent progress in advancing the Lone Tree Plant refurbishment as planned, since a construction decision was made in the first quarter of 2026,” said Paul Chawrun, EVP and COO. “Engineering, procurement, staffing, early works activities, and demolition have all progressed as expected. The start of demolition marks an important project milestone, and we remain on schedule for commissioning in late 2027. We continue to view this refurbishment as a manageable, and low-risk project with comparatively low labor hours and materials. Hatch Ltd. began substantial engineering work approximately three years before commencement of the refurbishment. Additionally, we have an experienced management and owner’s team with a strong track record in the construction, commissioning, and operation of autoclave facilities at some of Nevada’s largest gold mines. Advancing the Plant refurbishment is a key step in executing our development plan and achieving our goal of creating a mid-tier gold producer.”
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Early Works Activities and Demolition
Early works activities continue to advance on schedule. Safety systems and training programs are in place, and health and safety teams have mobilized to site to further advance emergency preparedness and response planning. Contractor onboarding and mobilization are also progressing well. Pre-demolition equipment and building cleaning have been completed, and environmental testing is nearing completion. No material requiring special handling has been encountered to date. Major demolition activities commenced on schedule in mid-June and will extend into the fourth quarter of 2026. Lighting upgrades have also been completed throughout the Plant.
Engineering Design and Procurement
Hatch Ltd. has expanded its global and site-based engineering and procurement teams to support the Lone Tree refurbishment. Procurement activities remain on schedule, with approximately 50% of procurement packages, by value, awarded as of mid-July. Detailed engineering is approximately 30% complete as of mid-July and continues to progress in line with the Company’s planned construction and commissioning schedule.
Project Capital
Project costs incurred to date remain in line with the December 2025 engineering study and the Company’s 2026 guidance, of between $140 million to $160 million in expenditures. The total capital cost estimate of $430 million, inclusive of contingency of approximately 12%, owner’s cost, and capital spares, is supported by extensive engineering reviews, operating assessments, and trade-off studies.
Permitting
The Plant is permitted for the existing operational components in use. Normal course design and environmental permit applications were submitted in the first quarter of 2026, as planned. Several permits have been received to date and additional permits are pending. Various construction activities are scheduled to commence in the second half of 2026 upon the anticipated approval of the associated permits. Major construction is anticipated to commence in the fourth quarter of 2026.
Scope of Work
The scope of refurbishment work at Lone Tree includes a combination of new and improved design components and the replacement of some existing infrastructure. This work is aimed at modernizing the Plant to improve process efficiency and operating flexibility, and to meet new environmental compliance standards, including the refurbishment and upgrade of the existing autoclave to a modern pressure oxidation (“POX”) circuit. A press release describing the plant design, refurbishment work, and capital costs was issued on December 18, 2025, and is accessible at the following link: https://www.i80gold.com/wp-content/uploads/2025/12/12-18-25-i-80-Gold-Press-Release-Lone-Tree-Highlights-FINAL.pdf. A video overview of the Lone Tree refurbishment plan is accessible at the following link: https://vrify.com/decks/20657.
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Upcoming Milestones
Upcoming Plant refurbishment milestones include:
•Commencement of construction – Q4 2026
•Completion of detailed engineering – by end of Q1 2027
•Filtration plant completion – early Q4 2027
•First gold pour – by year-end 2027
Figure 1: Before and after demolition of the existing 115-foot in diameter thickener tank in preparation for planned upgrades as part of the Lone Tree Plant refurbishment.
Figure 2: Demolition of the existing CIL tanks in preparation for new CIL tanks as part of the Lone Tree Plant refurbishment.
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Figure 3: Inspection of the main electrical substation in preparation for planned upgrades.
Figure 4: Demolition of the autoclave off-gas system in preparation for the installation of a new mercury capture system.
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Figure 5: Installation of upgraded lighting in the autoclave area.
Figure 6: Regional map of i-80 Gold assets in Northern Nevada.
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About the Lone Tree Plant
The Lone Tree Plant is a legacy asset with existing infrastructure, strategically situated as a centralized processing hub for the Company’s underground gold projects and located immediately adjacent to Interstate 80 (see Figure 6 above). Based on 85% plant availability, the Plant is expected to process approximately 2,250 tonnes per day with a total annual throughput of approximately 825,000 tonnes. Using integrated POX and carbon-in-leach (“CIL”) circuits, the Plant is designed to be capable of processing both refractory (sulfide) and non-refractory (oxide) mineralized material. Oxide material will bypass the POX circuit to be processed solely in the CIL circuit after grinding. This flexibility allows the treatment of mineralized material to be optimized with the lowest cost and highest recovery rate. i-80 Gold is one of two gold companies in Nevada with an autoclave processing plant (the other being owned by Nevada Gold Mines Inc., a joint venture between Barrick Mining Corporation and Newmont Corporation).
Technical Disclosure and Qualified Person
The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Paul Chawrun P.Eng., Executive Vice President & Chief Operating Officer for the Company, who is a qualified person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and S-K 1300. Mr. Chawrun has verified the scientific and technical information disclosed in this press release.
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 fully funded three-phase development plan to advance its high-quality asset portfolio. The Company is one of the largest mineral resource holders 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 NYSE American (NYSE: IAUX) and the Toronto Stock Exchange (TSX: IAU). For more information, visit www.i80gold.com.
For further information, please contact:
Leily Omoumi, SVP Corporate Development & Strategy
Caterina De Rosa, VP Investor Relations
1.866.525.6450
info@i80gold.com
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Cautionary Statement Regarding Forward-Looking Information
Certain information set forth in this press release, including but not limited to management's assessment of the Company's future plans and operations, expectations regarding the permitting and timing of the Lone Tree Plant refurbishment; including the expectation that construction activities will commence in the second half of 2026; the Plant’s anticipated commissioning by the end of 2027; estimated capital costs; the transition from toll milling to an owner-operator hub-and-spoke processing model could result in reduced processing costs and an estimated margin increase of approximately $1,000 to $1,500 per ounce of gold (depending on grade and gold price); the timing of demolition activities; and the timing of additional upcoming project milestones such as completion of detailed engineering efforts, completion of filtration plant, and first gold pour; constitute 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 general economic and industry conditions, volatility of commodity prices, title risks and uncertainties, uncertainty in geological, metallurgical and geotechnical studies and opinions, and ability to access sufficient capital from internal and external sources such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.
This release also contains references to estimates of mineral resources. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the Project, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on: (i) fluctuations in commodities prices; (ii) results of drilling, (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses or changes to existing mining licenses.
Cautionary Note to U.S. Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, including NI 43-101. NI 43-101 and the U.S. Securities and Exchange Commission’s Regulation S-K 1300 have similar goals but at times embody different approaches and definitions. Accordingly, scientific and technical information contained in this press release, including any references to mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the SEC’s disclosure requirements. Mineral resources that are not mineral reserves do not have demonstrated economic viability, and U.S. investors are cautioned not to assume that all or any part of the mineral resources referenced herein will be converted into mineral reserves.
Please see “Risks Factors” in the Form 10-K for the fiscal year ended December 31, 2025 for more information regarding risks pertaining to the Company, 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 i-80 Gold’s website at www.i80gold.com, SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov/edgar. The information included on, or accessible through, the Company’s website is not incorporated by reference into this press release.
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