i-80 Gold Corp (IAU) AI Stock Analysis

• Market Cap: C$1.61B
• Dividend Yield: N/A
• Average Volume (3M): 1.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.26
• Revenue Growth: 70.93%
• EPS Growth: 37.37%
• Country: CA
• Employees: 109
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.07
• Shares Outstanding: 840,102,300
• 10 Day Avg. Volume: 1,431,698
• 30 Day Avg. Volume: 1,087,304
• PEG Ratio: 0.18
• Price to Book (P/B): 3.91
• Price to Sales (P/S): 14.50
• P/FCF Ratio: -14.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$5.00
• Price Target Upside: 171.74% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.05
• Revenue Forecast (FY): C$249.17M

• Rating: 46 Neutral
• Price Target: C$2.00 ▲(8.70% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held down primarily by weak financial performance (large losses and persistent cash burn) and bearish technical trends (price below key moving averages with negative MACD). The latest earnings call is a relative positive due to major financing and clearer long-term production scaling plans, but near-term cost, timing, and high-capex execution risks remain significant. Valuation adds limited support given negative earnings and no dividend.

Positive Factors

Recapitalization / Funding Strength

A secured $500M financing package (with ~$225M immediately available) materially reduces near-term funding risk and enables multi‑year capital programs. This funding underpins planned project builds and drilling, improving the company's ability to execute its multi-project scale-up without immediate cash‑flow reliance.

Operational Ramp & Gross Profit Turnaround

A swing to positive gross profit reflects improved operational execution (notably Granite Creek ramp) and demonstrates the business can drive margins as throughput and grade improve. Sustained operational stability is a durable driver for future EBITDA as projects reach steady state.

Hub-and-spoke Processing Strategy (Lone Tree autoclave)

Building on-site autoclave capacity creates a durable processing advantage: higher recoveries for refractory ores, lower long-run tolling costs, and integrated feed from multiple mines. Once operational, the hub model should improve unit margins and free cash generation across the portfolio.

Negative Factors

Persistent Negative Operating Cash Flow

Sustained negative operating cash flow and free cash flow indicate the core business consumes cash rather than funds growth. Over months this increases dependence on external financing, raises dilution and refinancing risk, and limits flexibility to absorb project overruns or slower-than-expected production ramps.

Large Lone Tree Capex and Execution Risk

A ~$400M+ refurbishment is a major, multi-year capital commitment with complex permitting and engineering. Execution or permitting delays, cost escalation, or staging changes can materially extend cash burn and postpone margin benefits, making this a persistent execution and financing risk through project completion.

Higher Interim Processing Costs & Inventory Build

Elevated toll milling fees and third-party processing timing have tied up stockpiles and working capital while raising per‑tonne costs. Until on-site processing scales, these structurally higher operating costs will compress margins and cash generation, persisting until the autoclave/hub is online.

i-80 Gold Corp Business Overview & Revenue Model

Company Description

i-80 Gold Corp., a mining company, engages in the exploration, development, and production of gold and silver mineral deposits in the United States. It holds a 100% interest in the Lone Tree property covering an area of approximately 12,000 acres located in Battle Mountain-Eureka, Northern Nevada; Ruby Hill property located in Battle Mountain Trend, Northern Nevada; McCoy-Cove project covering 31,000 acres located in Battle Mountain Trend, Nevada; and Buffalo Mountain property located in Battle Mountain Trend, Northern Nevada as well as controls Granite Creek Project located in Getchell Trend, Northern Nevada. The company was incorporated in 2020 and is headquartered in Reno, Nevada.

How the Company Makes Money

i-80 Gold Corp primarily makes money by producing and selling precious metals from its Nevada mining operations. Key revenue streams include: 1) Sale of produced metals: The company generates revenue from the sale of gold (and associated silver) produced from ore mined at its properties. Depending on the processing route used for a given ore type, sales may be in the form of doré bars (a gold-silver bullion product sold to refiners) and/or saleable concentrate (sold to third-party smelters/refiners), with payments typically based on contained metal content net of applicable treatment/refining charges and contractual terms. 2) Processing/ore-handling arrangements (if applicable): Where the company processes ore through owned facilities or sends material to third parties for processing, economics are reflected through realized metal sales after paying processing costs; any explicit processing service revenue from third parties is null. 3) By-product credits: Silver produced alongside gold can provide incremental revenue (or reduce unit costs via by-product credits), depending on ore and metallurgical recoveries. Important factors that drive earnings: - Commodity prices: Realized gold and silver prices are a major determinant of revenue. - Production volumes and grades: Tonnes mined/processed, ore grade, and metallurgical recovery directly affect payable metal sold. - Cost structure and operating execution: Mining, processing, sustaining capital, and refining/transport costs influence margins. - Development pipeline and permitting: Advancing development projects into production can expand output and future revenues. Significant partnerships contributing to earnings: null.

i-80 Gold Corp Financial Statement Overview

Summary

Overall financials are weak. The income statement reflects shrinking revenue in the most recent year, negative/weak profitability with large losses, and the cash flow statement shows persistent negative operating and free cash flow (ongoing cash burn). The key offset is a moderate balance-sheet cushion with meaningful equity and reduced debt in 2025, but continued losses and cash outflows elevate funding and execution risk.

Income Statement

Revenue has been volatile and is shrinking most recently (2025 revenue down ~30% year over year after a decline in 2024). Profitability is weak: gross profit is negative in 2023–2025 and losses are large, with 2025 net income around -$142M on ~$68M of revenue. While revenue expanded strongly in 2023, the company has not translated scale into sustainable margins, and operating losses remain significant.

Balance Sheet

The balance sheet shows a meaningful equity base (2025 equity ~$253M vs. total assets ~$513M), providing some cushion despite ongoing losses. Leverage improved in 2025 as total debt fell to ~$127M from ~$191M in 2024, but debt remains material and profitability is not supporting returns (return on equity is negative in 2022–2024). Overall, capitalization is better than the income statement suggests, but continued losses could pressure equity over time.

Cash Flow

Cash generation is weak: operating cash flow is negative across recent years, including about -$61M in 2025 and -$83M in 2024, indicating the core business is consuming cash. Free cash flow is also consistently negative (about -$68M in 2025), although the free cash outflow improved versus 2024. The main risk is ongoing cash burn, which can increase reliance on financing if conditions don’t improve.

Breakdown	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	68.13M	50.34M	54.91M	36.96M	0.00
Gross Profit	-39.92M	-15.72M	-5.14M	3.57M	-662.00K
EBITDA	-65.08M	-85.27M	-57.82M	-67.71M	97.65M
Net Income	-142.31M	-121.53M	-89.65M	-79.20M	88.22M
Balance Sheet
Total Assets	513.16M	655.63M	723.69M	641.96M	656.35M
Cash, Cash Equivalents and Short-Term Investments	46.14M	19.00M	16.28M	48.28M	87.66M
Total Debt	127.46M	191.40M	180.27M	115.88M	41.44M
Total Liabilities	260.18M	314.96M	297.43M	308.55M	249.37M
Stockholders Equity	252.98M	340.66M	426.26M	333.41M	406.98M
Cash Flow
Free Cash Flow	-68.18M	-84.52M	-94.13M	-96.06M	-19.02M
Operating Cash Flow	-61.29M	-82.50M	-54.62M	-45.84M	-13.01M
Investing Cash Flow	-6.89M	-1.59M	-42.51M	-54.73M	-137.59M
Financing Cash Flow	100.97M	82.67M	65.16M	61.43M	222.90M

i-80 Gold Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.84
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IAU, the sentiment is Negative. The current price of 1.84 is below the 20-day moving average (MA) of 2.49, below the 50-day MA of 2.44, and above the 200-day MA of 1.55, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 26.59 is Positive, neither overbought nor oversold. The STOCH value of 7.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:IAU.

i-80 Gold Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORE	67 Neutral	C$1.25B	10.62	18.62%	―	34.05%	80.47%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NFG	56 Neutral	$918.27M	―	-57.71%	―	―	28.06%
ODV	49 Neutral	$1.18B	-1.08	-47.00%	―	-1.73%	37.26%
IAU	46 Neutral	C$1.61B	-6.94	-48.77%	―	70.93%	37.37%
RIO	46 Neutral	C$1.13B	-76.39	-12.24%	―	―	―
ASE	43 Neutral	C$940.35M	-1.23	-9999.00%	―	8.01%	-816.99%

i-80 Gold Corp Corporate Events

i-80 Gold Upsizes US$250 Million Convertible Notes to Fund Nevada Growth

i-80 Gold Corp. has priced an upsized US$250 million offering of unsecured convertible senior notes due 2031, increased from a previously planned US$200 million, with an option for initial purchasers to buy additional notes. The notes will carry a 3.75% annual coupon, payable semi-annually, and are convertible at an initial price of about US$1.93 per share, representing a 37.5% premium to the prior NYSE American closing price.

i-80 Gold expects the offering to close around March 23, 2026, subject to stock exchange approvals, and the securities will be sold in a private placement to qualified institutional buyers under U.S. and Canadian exemptions. Proceeds are earmarked to advance the company’s Nevada gold projects, refurbish its Lone Tree processing plant, and fund resource expansion and infill drilling, supporting its hub-and-spoke growth strategy and potentially strengthening its position as a developing mid-tier producer.

The most recent analyst rating on (TSE:IAU) stock is a Sell with a C$1.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold to Raise Up to US$230 Million via Convertible Notes for Nevada Expansion

i-80 Gold Corp. has launched an offering of US$200 million in unsecured convertible senior notes due 2031, with an option for initial purchasers to buy an additional US$30 million, targeting qualified institutional buyers under U.S. and Canadian private placement exemptions. The company plans to use the proceeds to advance its five Nevada gold projects, refurbish the Lone Tree processing plant, and fund resource expansion and infill drilling, reinforcing its hub-and-spoke growth strategy and supporting its goal of becoming a mid-tier gold producer.

i-80 Gold’s notes will pay fixed semi-annual cash interest, be convertible into common shares, and include issuer redemption and holder repurchase features, with final terms such as interest rate and conversion rate to be set based on market conditions at pricing. The deal remains subject to customary closing conditions, including approvals from the Toronto Stock Exchange and NYSE American, and underscores the company’s reliance on capital markets financing to accelerate development of its Nevada asset base and processing infrastructure.

The most recent analyst rating on (TSE:IAU) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold Secures $250 Million Franco-Nevada Royalty Deal and Retires Legacy Debt

i-80 Gold Corp. has closed a $250 million royalty financing with Franco-Nevada, under which Franco-Nevada receives a life-of-mine net smelter return royalty starting at 1.5% and rising to 3.0% from all of i-80’s mineral properties. The company received $225 million at closing, allocating about $165 million to retire legacy debt and using the balance, together with a future $25 million tranche, to advance its Mineral Point open pit oxide project and construct the Archimedes underground mine.

i-80 used the proceeds to redeem its 8% secured convertible debentures due 2027 for $73 million in cash, with roughly 70% of debenture holders opting to receive accrued interest in shares, resulting in the issuance of about 8.1 million common shares. The company also fully repaid a Gold Prepay Agreement and convertible loan held by Orion Mine Finance for a total of $92 million and issued an additional 3 million shares, moves that significantly reduce legacy debt and strengthen the balance sheet as i-80 pursues its growth strategy in Nevada.

The most recent analyst rating on (TSE:IAU) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold Extends Interest Conversion Deadline on 8% Convertible Debentures

i-80 Gold Corp. has extended the deadline for holders of its 8% secured convertible debentures due 2027 to elect to convert accrued and unpaid interest into common shares, moving the cut-off to 5:00 p.m. EST on March 6, 2026. Management says the move is intended to give investors more time to assess their options as the company proceeds with the early mandatory redemption of the notes.

The interest conversion price will be set at a 15% discount to the volume-weighted average trading price of i-80 Gold’s shares on the TSX over the five trading days before an election notice is received, translated into U.S. dollars at the Bank of Canada rate. Debentureholders who do not submit an irrevocable election by the deadline will receive their accrued interest in cash, a structure that could influence the company’s share count and cash outflows as it advances its Nevada-focused growth strategy.

The most recent analyst rating on (TSE:IAU) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold Secures Up to $500 Million Financing to Fund Nevada Growth Plan

i-80 Gold Corp. has arranged a financing package of up to $500 million, combining a $250 million royalty sale to Franco-Nevada and a gold prepayment facility of up to $250 million from National Bank of Canada and Macquarie Bank. Together with equity raised in 2025, this recapitalization framework is expected to provide more than $800 million in funding toward a total target of $900 million to $1 billion.

i-80 Gold plans to use the proceeds to advance five gold projects in Nevada, refurbish the Lone Tree processing plant, expand and infill resources, and retire about $175 million of existing debt. The funding is expected to fully support Phase 1 and Phase 2 of the company’s development plan, increasing annual gold production from under 50,000 ounces to roughly 300,000–400,000 ounces and positioning the miner to progress its flagship Mineral Point project and broader growth strategy.

The most recent analyst rating on (TSE:IAU) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold Secures Up to $500 Million to Drive Nevada Expansion and Recapitalization

i-80 Gold has secured a financing package of up to $500 million, combining a $250 million royalty sale to Franco-Nevada and a gold prepayment facility of up to $250 million from National Bank of Canada and Macquarie. Together with prior equity offerings, this recapitalization plan is expected to provide more than $800 million toward a $900 million to $1 billion funding target to support its multi-phase growth strategy in Nevada.

i-80 Gold plans to use the funds to advance five gold projects, refurbish the Lone Tree plant, expand and infill resources, and extinguish about $175 million of existing debt, while also pursuing a non-core asset sale and refinancing its convertible debentures. The financing is expected to fully fund Phase 1 and Phase 2 of its development plan, positioning the company to lift annual production from under 50,000 ounces to roughly 300,000–400,000 ounces and providing flexibility to advance feasibility and permitting for its flagship Mineral Point open pit project.

The most recent analyst rating on (TSE:IAU) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold Bolsters Board with Three Independent Directors to Support Nevada Growth Strategy

i-80 Gold Corp. has strengthened its board of directors with the appointment of three new independent directors – Ronald Butler Jr., Michael Jalonen and Steven Yopps – effective 1 February 2026, expanding the board to nine members. The additions bring deep expertise in mining operations, finance, mineral processing and capital markets, directly aligned with the company’s strategy to develop five gold projects and refurbish its Lone Tree autoclave facility in Nevada. Management highlighted that Butler’s long-standing financial and governance experience, Jalonen’s decades as a top-ranked precious metals analyst and Yopps’ extensive metallurgical and Nevada operational background are expected to enhance governance, technical oversight and strategic execution as i-80 Gold advances its plan to become a leading mid-tier gold producer in the state.

The most recent analyst rating on (TSE:IAU) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold Drilling at Granite Creek Underscores High-Grade Growth and Resource Upside

i-80 Gold reported new high-grade assay results from its 2025 drilling campaign at the Granite Creek Underground Project in northern Nevada, with 40 new holes in the South Pacific Zone confirming robust mineralization and supporting the potential to expand resources to the north and at depth. The 16,000-metre program, largely focused on infill drilling, delivered several standout intercepts and is intended to convert inferred resources to the indicated category, feed an updated resource estimate, and underpin a feasibility study expected in early 2026, reinforcing the mine’s potential beyond the roughly eight-year life outlined in the prior economic study and supporting the company’s broader growth plans at its other Nevada projects.

The most recent analyst rating on (TSE:IAU) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.

i-80 Gold’s Lone Tree Study Points to Higher Margins and Fast Payback on US$430 Million Plant Refurbishment

i-80 Gold has released an engineering study outlining plans to refurbish and upgrade its Lone Tree processing plant in Northern Nevada into a modern pressure oxidation and carbon‑in‑leach facility with nameplate capacity of roughly 2,268 tonnes per day. The project carries an AACE Class 3 capital cost estimate of about US$430 million including spares, higher than earlier expectations due to inflation, design refinements and expanded tailings capacity, but is projected to materially improve economics by shifting the company from toll‑milling to an owner‑operated model that could boost margins by an estimated US$1,000–US$1,500 per ounce and deliver a payback in 12 to 24 months once in operation. Early works have started under a limited notice to proceed, with full construction contingent on completing a recapitalization that management aims to finish by mid‑2026, and the plant is targeted for construction start in the second half of 2026 and commissioning by the end of 2027, positioning i‑80 Gold to centralize processing of ore from its three underground mines and strengthen its competitive standing alongside Nevada Gold Mines as one of the only autoclave operators in the state.

The most recent analyst rating on (TSE:IAU) stock is a Buy with a C$3.50 price target. To see the full list of analyst forecasts on i-80 Gold Corp stock, see the TSE:IAU Stock Forecast page.