M&A Deal Summary

i-80 Acquires Paycore Minerals

On February 27, 2023, i-80 acquired metals/mining company Paycore Minerals

Acquisition Highlights
  • This is i-80’s 2nd transaction in the Metals/Mining sector.
  • This is i-80’s 1st transaction in Canada.
  • This is i-80’s 1st transaction in Ontario.

M&A Deal Summary
Date 2023-02-27
Target Paycore Minerals
Sector Metals/Mining
Buyer(s) i-80
Deal Type Add-on Acquisition
Advisor(s) CIBC Capital Markets (Financial)
Fogler, Rubinoff (Legal)

Target

Paycore Minerals

Toronto, Ontario, Canada
Paycore Minerals a 100% interest in the FAD Property that is located in the heart of the Eureka-Battle Mountain trend in Nevada, USA. The FAD Property is host to the high-grade polymetallic FAD deposit that was partially delineated with surface and underground drilling in the 1940s and 1950s. The FAD Property is located less than 3 miles from Eureka, Nevada and has established infrastructure, including a shaft, roads and old buildings. Paycore Minerals is based in Toronto, Ontario.

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Buyer(S) 1

Buyer

i-80

Reno, Nevada, United States
Category Company
Founded 2020
Sector Metals/Mining
Revenue 55M USD (2023)
DESCRIPTION

i-80 is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. In addition to its producing mine, El Nino at South Arturo, i-80 is beginning to plan for future production growth through the potential addition of the Phases 1 & 3 projects at South Arturo and advancing the development of the Company’s Getchell and McCoy-Cove Projects. i-80 was founded in 2020 and is based in Reno, Nevada.

DEAL STATS #
Overall 2 of 2
Sector (Metals/Mining) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-15 Osgood Mining

Carson City, Nevada, United States

Osgood Mining Co. is the owner of the Getchell Project in the Getchell gold belt near Winnemucca, Nevada (“Getchell” or the “Getchell Project”). Getchell Project is located at the intersection of the Getchell gold belt and the Battle Mountain-Eureka trend immediately south of Nevada Gold Mines’ Turquoise Ridge operation. Open pit mining occurred on the property between 1980 and 1999 and underground test mining (the Pinson Mine) was conducted in the early 2010s. The Project currently hosts both a high grade open-pit and underground deposits (see table 1 below) and the Pinson Mine has been in care and maintenance since 2015.

Buy $50M
Mergr

Product

Company

Legal