Franco‑Nevada Buys $250M NSR from i‑80 to Expand Nevada Royalty Footprint

Nevada Royalty Deal Bolsters Franco‑Nevada’s U.S. Footprint

Strategic $250 million NSR purchase

Franco‑Nevada Corporation is acquiring a $250 million net smelter return (NSR) royalty from i‑80 Gold Corp. through a wholly owned U.S. subsidiary, expanding the gold royalties company's presence in Nevada. The royalty begins at 1.5% and steps to 3.0% starting in 2031, and it applies to all of i‑80’s material Nevada properties, covering six projects across more than 250 km² of prospective ground.

The portfolio includes Granite Creek Underground, currently operating; Archimedes Underground in development; Mineral Point heap leach and Granite Creek open pit, both at study stage; and Cove and Lone Tree, which are at various study stages. Franco‑Nevada highlights that the package gives the company exposure to multiple development pathways within a single jurisdiction known for low political risk and established mining infrastructure.

Franco‑Nevada frames the agreement as a partnership to support i‑80’s multi‑phase growth plan rather than a project acquisition. Paul Brink, Franco‑Nevada’s president and chief executive, is quoted as saying the company is pleased to add the Nevada portfolio and to partner in advancing development. The structure preserves Franco‑Nevada’s business model of providing non‑operator capital while retaining upside to future production increases.

Project portfolio and production roadmap

i‑80 is pursuing a three‑phase plan aimed at scaling output from an estimated 30–40 thousand ounces of gold in 2025 to 150–200 koz annually in Phase 1, driven by Granite Creek Underground and Archimedes feeding the Lone Tree autoclave in 2028–2029. Phase 2 targets 300–400 koz, and Phase 3 aims for more than 600 koz per year in 2032 and beyond. i‑80’s management says the Franco‑Nevada financing, together with a concurrent recapitalization, provides substantial capital to develop Phases 1 and 2.

Strategic rationale and upside

Franco‑Nevada emphasizes the deal’s fit with its strategy of increasing exposure to high‑quality North American assets without operating risk. i‑80’s chief executive, Richard Young, says the financing creates a clear path to scale toward 600,000 ounces annually and leaves room for additional upside from further drilling and operational optimization across the extensive Nevada land package. The agreement positions both companies to advance development activity on multiple fronts over the coming decade.