i-80 Gold Corp (TSE:IAU)
TSX:IAU
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i-80 Gold Corp
(TSX:IAU)
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Rating:50Neutral
Price Target:
C$2.50
▲(6.84% Upside)
Action:ReiteratedDate:04/09/26
The score is held down primarily by weak financial performance (large losses and ongoing cash burn), partially offset by a moderate balance-sheet base and debt reduction. The earnings call was a positive catalyst (financing secured and defined ramp plan), while technicals are mixed and valuation provides limited support due to negative earnings and no dividend.
Positive Factors
Recapitalization / Financing
The secured up-to-$500M package and cumulative funding >$800M materially reduce refinancing risk and fund multi‑year development. This durable capital base supports staged capex, enables Lone Tree and growth phases, and lowers the probability of execution failure from lack of funds.
Negative Factors
Weak Cash Generation
Persistent negative operating and free cash flow indicates the core business is cash‑consuming, increasing reliance on external financing. Over months this raises dilution or liquidity risk if production/margins falter, limiting self‑funding of development and working capital needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Recapitalization / Financing
The secured up-to-$500M package and cumulative funding >$800M materially reduce refinancing risk and fund multi‑year development. This durable capital base supports staged capex, enables Lone Tree and growth phases, and lowers the probability of execution failure from lack of funds.
Read all positive factors
i-80 Gold Corp (IAU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.95B
Dividend YieldN/A
Average Volume (3M)1.09M
Price to Earnings (P/E)―
Beta (1Y)3.48
Revenue Growth70.93%
EPS Growth37.37%
CountryCA
Employees109
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.07
Shares Outstanding840,102,300
10 Day Avg. Volume1,431,698
30 Day Avg. Volume1,087,304
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)3.91
Price to Sales (P/S)14.50
P/FCF Ratio-14.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.00Price Target Upside113.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.09
Revenue Forecast (FY)C$218.68M
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 ...
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) ...
i-80 Gold Corp Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call conveyed a largely constructive and transformational narrative: the company secured substantial financing, materially improved revenue and gross profit, advanced multiple development projects (Archimedes construction, Granite Creek operational improvements, Lone Tree engineering and Board approval) and expanded drill programs with encouraging results. Key near-term challenges include a large reported net loss driven by noncash items and elevated development spending, inventory and third-party processing timing delays, groundwater-driven additional mining and higher interim toll milling costs, and significant Lone Tree restart capital. Overall, the positive impact of the recapitalization, revenue/gross-profit improvement, and clear project execution plans outweigh the operational and financial headwinds described, positioning the company to execute its multi-project development plan.Positive Updates
Transformational Recapitalization and Financing Package
Secured a financing package of up to $500 million (Franco-Nevada $250M royalty; $250M gold prepayment facility with National Bank of Canada and Macquarie) and, combined with prior equity financings, over $800 million in funding to support growth objectives; targeting $900M-$1B by end of Q1. Upon closing $225M available immediately with specified allocations (e.g., $25M for Mineral Point).
Negative Updates
Large Net Loss and Increased Adjusted Loss
Company reported a net loss of just under $200 million (≈$0.10 per share); adjusted loss increased to $123 million in 2025 from $111 million in 2024 (≈+10.8%), driven by elevated predevelopment, evaluation and exploration expenses and noncash revaluation/write-downs.
Read all updates
Q4-2025 Updates
Positive
Negative
Transformational Recapitalization and Financing Package
Secured a financing package of up to $500 million (Franco-Nevada $250M royalty; $250M gold prepayment facility with National Bank of Canada and Macquarie) and, combined with prior equity financings, over $800 million in funding to support growth objectives; targeting $900M-$1B by end of Q1. Upon closing $225M available immediately with specified allocations (e.g., $25M for Mineral Point).
Read all positive updates
Company Guidance
Management's guidance focuses on advancing development and ramping production: 2025 consolidated gold output was just under 32,000 ounces (gold sales ~28,200 oz) with ~6,500 oz of sulfide inventory expected to be processed in Q1 2026; Granite Creek mined ~142,000 tonnes of high‑grade material in 2025 (≈70,000 t oxide at >11 g/t; ≈72,000 t sulfide at ~9.08 g/t) and achieved a Q4 safety TRIFR of 0.62. Key capital/timing highlights include Board approval of notice to proceed for the Lone Tree refurbishment (~$400M capex, total ~ $430M cited, autoclave capacity 2,268 t/day ≈820,000 t/yr at 85% availability) with first gold targeted Dec 2027; Granite Creek underground feasibility moved to Q2 2026, Cove feasibility into early Q2, and Archimedes feasibility targeted Q1 2027. The recapitalization provides up to $500M (Franco‑Nevada $250M royalty; $250M gold prepay with National Bank/Macquarie with an initial $150M advance and ~40,000 oz deliverable starting Jan 2028), $225M expected available at close, with total funding including earlier equity >$800M and a $900M–$1B target by end Q1; the full gold prepay represents <15% of output from Jan 2028–Jun 2030. 2026 program spend guidance includes ~$10M exploration at Granite Creek, $25–30M (60k+ m) at Archimedes, and $40–45M (~131k m) plus ~$5M permitting at Mineral Point; management expects the recap to fund Phases 1–2 and move annual production from <50k today toward 300k–400k oz/yr (with Phase 1 ~150k–200k oz/yr) at improved margins and free cash flow.i-80 Gold Corp Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
24
Negative
| 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
Positive
2.34
Price Trends
2.37
Negative
2.17
Positive
1.64
Positive
Market Momentum
<0.01
Negative
55.99
Neutral
84.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IAU, the sentiment is Positive. The current price of 2.34 is above the 20-day moving average (MA) of 2.09, below the 50-day MA of 2.37, and above the 200-day MA of 1.64, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.99 is Neutral, neither overbought nor oversold. The STOCH value of 84.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:IAU.
i-80 Gold Corp Risk Analysis
i-80 Gold Corp disclosed 57 risk factors in its most recent earnings report. i-80 Gold Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
i-80 Gold Corp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | C$1.63B | 10.62 | 18.62% | ― | 34.05% | 80.47% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$1.95B | -6.94 | -48.77% | ― | 70.93% | 37.37% | |
46 Neutral | C$1.21B | -104.90 | -12.24% | ― | ― | ― | |
45 Neutral | C$1.39B | -4.90 | -30.09% | ― | -1.73% | 37.26% | |
45 Neutral | C$973.50M | -20.02 | -28.39% | ― | ― | 28.06% | |
42 Neutral | C$964.05M | -85.42 | 9999.00% | ― | 8.01% | -816.99% |
* Basic Materials Sector Average
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i-80 Gold Corp Corporate Events
Business Operations and Strategy
i-80 Gold’s Archimedes Drilling Delivers High-Grade Results, Supports 2026 Mining Start
Positive
Apr 8, 2026
i-80 Gold reported strong high-grade assay results from infill drilling at the Archimedes Underground Project on its Ruby Hill property in Nevada, including intercepts such as 24.6 g/t gold over 23.6 meters. The results reaffirm the scale and cont...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold Secures $250 Million Gold Prepay, Completes $1 Billion Recapitalization
Positive
Mar 24, 2026
i-80 Gold has closed a gold prepayment facility with National Bank of Canada and Macquarie Bank, securing an initial $150 million with access to an additional $100 million, and completing a recapitalization that has raised more than $1 billion sin...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold Raises US$287.5 Million in Upsized Convertible Notes to Fund Nevada Growth
Positive
Mar 23, 2026
i-80 Gold Corp. has closed an upsized US$287.5 million offering of 3.75% unsecured convertible senior notes due 2031, with an initial conversion price of about US$1.93 per share. The financing, sold to qualified institutional buyers, reflects stro...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold Upsizes US$250 Million Convertible Notes to Fund Nevada Growth
Positive
Mar 19, 2026
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...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold to Raise Up to US$230 Million via Convertible Notes for Nevada Expansion
Positive
Mar 18, 2026
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 p...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold Secures $250 Million Franco-Nevada Royalty Deal and Retires Legacy Debt
Positive
Mar 16, 2026
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 compa...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold Extends Interest Conversion Deadline on 8% Convertible Debentures
Neutral
Feb 25, 2026
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 m...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold Secures Up to $500 Million Financing to Fund Nevada Growth Plan
Positive
Feb 12, 2026
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 equi...
Business Operations and StrategyPrivate Placements and Financing
i-80 Gold Secures Up to $500 Million to Drive Nevada Expansion and Recapitalization
Positive
Feb 12, 2026
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 off...
Business Operations and StrategyExecutive/Board Changes
i-80 Gold Bolsters Board with Three Independent Directors to Support Nevada Growth Strategy
Positive
Jan 29, 2026
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...
Business Operations and Strategy
i-80 Gold Drilling at Granite Creek Underscores High-Grade Growth and Resource Upside
Positive
Jan 20, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.