Add-on Acquisition • Metals/Mining

i-80 Acquires Paycore Minerals

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

Acquisition Context

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.

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M&A Deal Summary
Date	February 27, 2023
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 Company

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 Overview 1

Buyer

i-80

Reno, Nevada, United States

Category	Company
Founded	2020
Sector	Metals/Mining
Employees	109
Revenue	50M USD (2024)

DESCRIPTION

i-80 is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. i-80 was founded in 2020 and is based in Reno, Nevada.

Deal Context for Buyer	#
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 Co. 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

DATE

TARGET

DEAL TYPE

VALUE

2021-04-15

Osgood Mining Co.

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

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