SCHEDULE: Orion Resource Partners Amends i-80 Gold Stake to 8.1%

Orion Resource Partners (USA) LP has updated its beneficial ownership in i-80 Gold Corp. to 8.1% of common shares outstanding as of September 30, 2025.

Summary

• Orion Resource Partners (USA) LP reported beneficial ownership of 70,589,069 common shares of i-80 Gold Corp.
• This represents approximately 8.1% of the total common shares outstanding as of September 30, 2025.
• The ownership includes 7,832,577 common shares held directly by Orion Mine Finance Fund II, LP and 9,543,974 common shares held directly by Orion Mine Finance Fund III LP.
• It also includes the right to acquire 16,808,788 common shares upon exercise of warrants and 36,403,730 common shares upon conversion of a $50,000,000 principal convertible loan.
• A 'Blocker' provision limits Orion's ownership to 9.99% of outstanding shares, with a potential increase to 19.99% after a 60-day notice to the Issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. This is a routine ownership disclosure (13G amendment) indicating a significant, stable institutional investment. The 'Blocker' provision is a standard protective measure, not inherently negative. The continued holding of a substantial stake by a resource-focused fund can be seen as a positive signal of confidence in the issuer's long-term prospects.

Positives

• A significant institutional investor, Orion Resource Partners, maintains a substantial stake (8.1%) in i-80 Gold Corp., indicating continued confidence.
• The investment includes a convertible loan of $50,000,000, providing capital to i-80 Gold Corp.

Risks

• The 'Blocker' provision limits Orion Resource Partners' ability to increase its ownership beyond 9.99% (or 19.99% with notice), potentially restricting future strategic influence or further investment without specific actions.

Future Outlook

Orion Resource Partners has the potential to increase its beneficial ownership in i-80 Gold Corp. up to 19.99% of outstanding common shares, subject to a 60-day notice period to the Issuer, beyond the current 9.99% 'Blocker' limit.

Industry Context

This filing reflects a significant, passive investment by a specialized resource-focused investment firm in a gold mining company. Such investments are common in the mining sector, where capital-intensive projects often rely on institutional funding and strategic partnerships. Orion Resource Partners' continued stake suggests ongoing confidence in i-80 Gold Corp.'s assets and strategy within the gold industry.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can influence market perception and liquidity. The 'Blocker' provision ensures no immediate control change.
• Company (i-80 Gold Corp.): Confirms ongoing financial backing and strategic alignment with a major resource investor.

Next Steps

• Orion Resource Partners may deliver notice to i-80 Gold Corp. to increase its ownership cap from 9.99% to 19.99%, which would become effective 60 days after such notice.

Key Dates

Keywords

i-80 Gold Corp, Orion Resource Partners, Schedule 13G, Beneficial Ownership, Gold Mining, Investment Adviser, Convertible Loan, Warrants, Equity Stake