i-80 Will Raise $135M for Nevada-Focused Mining Complex
The financing package, when combined with the recent equity financing completed by the company, will place i-80 in a robust financial position to proceed with the aggressive advancement of its substantial asset portfolio, according to the company. Following completion of the financing package, the company said it expects to have approximately $200 million in its treasury. “The financing package will position i-80 to aggressively pursue the development of the company’s portfolio of advanced- stage deposits, all located in Nevada, one of the world’s most favorable mining jurisdictions,” CFO Ryan Snow said. “With multimillion-ounce gold and silver resources, and our enviable treasury position, we now pursue our objective to be one of the mining industry’s fastest growing producers.”
The company recently closed on the transaction to acquire the Lone Tree and Buffalo Mountain gold deposits from Nevada Gold Mines (NGM), including certain processing infrastructure, which is expected to become the hub of i-80’s Nevada property portfolio. i-80 also acquired the producing Ruby Hill mine, that includes multiple deposits that collectively represent one of Nevada’s largest gold, silver and base metal endowments that, when combined with existing assets Granite Creek and McCoy-Cove, i-80 is now positioned to begin executing on its plan to build a prominent, stand alone, growth-oriented, multi-asset gold producer.
“Our primary target is to quickly grow our production profile to create a Nevada- focused midtier gold producer and achieve our goal of becoming one of the largest producers in the state,” CEO Ewan Downie said. “As one of only three companies in Nevada with infrastructure to process refractory mineral resources, i-80 has gained a strategic advantage for longterm mine development.”
The company will build four new mining operations at its Ruby Hill, Granite Creek, Buffalo Mountain and McCoy-Cove properties over the next three years, with mineralization from all sites ultimately being processed at Lone Tree. The company is in the process of advancing permitting for an underground operation at Ruby Hill, including the construction of a decline from the bottom of the current Archimedes pit. The company is also advancing development of the fully permitted underground deposit at Granite Creek. The company is targeting delivery of the first mineralization from this program to NGM during the first quarter of 2022 and ramp-up to full production in 2022. McCoy-Cove is permitted for underground development and i-80 will initiate construction of a decline in early 2022 to advance a major underground drill campaign, followed by completion of a full feasibility study. The Buffalo Mountain Property is located approximately 10 km to the west of Lone Tree and is host to two known gold deposits where NGM had initiated permitting prior to the acquisition by i-80. The company hopes to be in a position to commence open-pit mine construction in late 2022 or early 2023 at Buffalo Mountain property.