i-80 Gold Corp.

i-80 Gold's portfolio comprises three core properties along Nevada's major gold trends. Lone Tree in the Battle Mountain-Eureka trend holds a fully permitted refractory processing plant. Ruby Hill, near Eureka, is an open-pit and underground oxide and sulfide project. McCoy-Cove, on the Getchell trend, hosts one of the highest-grade undeveloped gold deposits in the US, with indicated resources of 3.4 million ounces at 10.9 grams per tonne gold (per the firm's technical report, 2021).

Orion Mine Finance and Waterton Global Resource Management are significant equity holders. Orion holds a $50 million convertible note facility completed in 2023 and has increased its stake through successive financings. The alignment with mining-specific private equity funds provides patient capital and operational expertise that helps advance the firm's multi-asset development plan.

Lone Tree is one of the few permitted refractory ore processing facilities in Nevada, with an existing autoclave that can handle carbonaceous sulfide ores common in the region. Its refurbishment would allow i-80 to process its own refractory material from McCoy-Cove and Ruby Hill and to generate revenue through toll-milling agreements with other Nevada miners — a model articulated in the firm's 2023 technical presentations.

The portfolio was assembled through the 2020 restructuring of Premier Gold Mines, in which Equinox Gold acquired Premier's non-Nevada assets and i-80 retained the Nevada properties. This spinout transaction gave Downie's team control over a concentrated district-scale land position that prior ownership had held but not fully exploited, largely due to capital constraints and multi-asset corporate complexity.

As of early 2025, i-80 Gold is not a steady-state producer. Residual production from Lone Tree's heap-leach pads provides intermittent cash flow, but the company remains primarily a development-stage firm, funding operations through equity raises, convertible debt, and strategic joint-venture capital.

In 2024, South32 committed $125 million over multiple phases to earn into the McCoy-Cove deposit. The joint venture reduces i-80's near-term capital burden for one of its flagship assets and brings in a major diversified mining operator. The earn-in structure preserves i-80's upside while providing technical and financial capacity to advance McCoy-Cove toward a construction decision.

i-80 Gold targets reaching 400,000 ounces of annual gold production by 2028, based on the sequential restart and development of its three core assets. This production profile positions it as a mid-tier Nevada producer, filling a gap between the senior gold companies and junior explorers that dominate the region.