i-80 Gold Corp appoints new COO, director departs

RENO, NV – i-80 Gold Corp (NYSE American:IAUX, TSX: IAU), a gold and silver mining company with a market capitalization of $278 million, has announced significant changes to its executive team, including the appointment of a new Chief Operating Officer (COO) and the departure of a board director, according to a recent SEC filing. The company, which generated revenue of $50.3 million in the last twelve months, faces operational challenges with negative EBITDA of $82.8 million.

On Monday, Christina McCarthy, who has been a member of the board since 2023, informed the company of her decision not to stand for re-election at the upcoming 2025 Annual Meeting of Shareholders. McCarthy’s departure is not due to any disagreement with the company’s operations, policies, or practices. According to InvestingPro analysis, the company currently operates with a significant debt burden, with total debt of $192 million and a concerning current ratio of 0.57.

The company also announced the appointment of William Paul Chawrun as the new COO, effective Thursday, April 30, 2025. Chawrun brings extensive experience from his previous roles, including COO and Executive Vice President at Centerra Gold and COO of Teranga Gold (OTC:TGCDF). His expertise includes overseeing safety and engineering improvements, cost reductions, and the advancement of development projects.

Chawrun’s employment agreement includes an annual base salary of $400,000, with eligibility for annual short-term and long-term incentive bonuses. He will also be granted 700,000 restricted share units (RSUs) that will vest over a three-year period.

Matthew Gili will step down from his position as President and COO to assist with the transition, and Richard Young will take on the role of President along with his current position as CEO.

The company’s filing detailed the terms of Chawrun’s employment, including compensation in the event of termination without cause, and additional benefits in case of termination following a Change of Control within the company.

These executive changes come as i-80 Gold Corp continues to position itself in the gold and silver ores industry. The full details of the employment agreement with Chawrun are included in the Exhibit 10.1 of the SEC Form 8-K filing.

This report is based on information from a press release statement.

In other recent news, i-80 Gold Corp. reported its fourth-quarter financial results, which did not meet analyst expectations. The company posted a loss of $0.04 per share, contrasting with the anticipated $0.01 loss. Revenue for the quarter was $23.2 million, significantly below the consensus estimate of $37.7 million. Production challenges at the Granite Creek underground mine in Nevada, due to increased groundwater ingress, contributed to the shortfall. In response, i-80 Gold has expanded its pumping capacity and reconfigured its dewatering system to improve productivity.

Additionally, i-80 Gold Corp. has secured a new precious metals prepay deal with the National Bank of Canada (OTC:NTIOF), involving the sale of approximately 6,800 ounces of gold and 345,000 ounces of silver. The proceeds from this transaction were used to fulfill obligations to Orion Mine Finance. As part of its financial strategy, the company has issued five million common share purchase warrants to Orion and agreed to an offtake agreement effective December 2028.

The company has also extended the expiry of the Orion Convertible Loan to June 30, 2026, as part of its ongoing efforts to manage financial obligations. Looking ahead, i-80 Gold expects to produce between 30,000 to 40,000 ounces of gold in 2025, with a significant portion coming from the Granite Creek underground mine. The company remains focused on developing its portfolio of gold projects in Nevada.

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