i-80 Gold Corp (TSE:IAU)
TSX:IAU
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i-80 Gold Corp
(TSX:IAU)
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Rating:47Neutral
Price Target:
C$2.00
▼(-12.66% Downside)
Action:Reiterated
Date:05/17/26
The score is primarily held back by weak financial performance (persistent losses, cash burn, and increased leverage). Technicals also lean negative with the stock trading below key short-to-mid-term moving averages and a negative MACD. The earnings call provides a partial offset due to strong liquidity and clear, funded growth execution plans with improving revenue/gross profit, while valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Recapitalization & liquidity
A >$1B recapitalization and roughly $514M cash materially strengthen the company’s ability to fund multi‑phase development. This durable liquidity reduces near-term financing risk, allows retirement of legacy debt and funds capital-intensive projects through key feasibility and ramp milestones.
Negative Factors
Negative operating cash flow
Persistent, large negative operating cash flow and free cash flow mean the business is not yet self‑funding. Over multiple quarters this raises dependency on external financing, increases execution risk for capex‑heavy projects, and constrains ability to absorb cost overruns or commodity headwinds.
Read all positive and negative factors
Positive Factors
Negative Factors
Recapitalization & liquidity
A >$1B recapitalization and roughly $514M cash materially strengthen the company’s ability to fund multi‑phase development. This durable liquidity reduces near-term financing risk, allows retirement of legacy debt and funds capital-intensive projects through key feasibility and ramp milestones.
Read all positive factors
i-80 Gold Corp (IAU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.81B
Dividend YieldN/A
Average Volume (3M)1.37M
Price to Earnings (P/E)―
Beta (1Y)3.45
Revenue Growth135.64%
EPS Growth18.28%
CountryCA
Employees109
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.27
Shares Outstanding862,051,150
10 Day Avg. Volume1,591,726
30 Day Avg. Volume1,374,465
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 Upside118.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.15
Revenue Forecast (FY)C$208.07M
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 gold (and, where applicable, by-product metals) from its Nevada mining operations. Revenue is generated when ore is mined and processed into saleable product (typically doré or refined ...
i-80 Gold Corp Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveys a predominantly positive operational and strategic outlook: the company completed a transformational recapitalization (> $1B), entered the quarter with strong liquidity (~$514M), delivered record revenue ($52M) and gross profit ($16.1M), materially increased production and sales (>100% growth in ounces sold/produced), and advanced multiple projects on schedule (Archimedes, Lone Tree refurbishment, large Mineral Point drill program). Near-term negatives include widening GAAP net losses driven by non-cash revaluations and financing costs, higher cash burn from operations, infrastructure hiccups (temporary power outage), payability constraints on oxide material (57% payability), and large near-term capital requirements and royalty obligations that will impact future cash flows. Overall, the positive operational progress, funding completeness, and clear project execution plans outweigh the near-term financial and operational headwinds.Positive Updates
Successful Recapitalization and Strong Liquidity
Completed recapitalization with total funded and committed proceeds of over $1.0 billion since May 2025 (includes $250M NSR with Franco-Nevada, $150M funded on gold prepay, and $287.5M unsecured convertible notes). Ended the quarter with approximately $514M cash balance, used to retire ~ $167M of legacy debt and provide funding certainty for Phase 1 and Phase 2.
Negative Updates
Widening Net Loss and Higher Adjusted Loss
Net loss increased to $76M ($0.09/share) from $41M ($0.10/share) in the prior year period (~+85.4%), driven by non-cash fair value revaluations on derivatives tied to stronger metals prices, financing costs from recapitalization, and higher development expenses. Adjusted loss increased to just below $29M from $24M (~+20.8%).
Read all updates
Q1-2026 Updates
Positive
Negative
Successful Recapitalization and Strong Liquidity
Completed recapitalization with total funded and committed proceeds of over $1.0 billion since May 2025 (includes $250M NSR with Franco-Nevada, $150M funded on gold prepay, and $287.5M unsecured convertible notes). Ended the quarter with approximately $514M cash balance, used to retire ~ $167M of legacy debt and provide funding certainty for Phase 1 and Phase 2.
Read all positive updates
Company Guidance
The company’s guidance focuses on executing a multi‑phase development plan backed by more than $1.0 billion of funding (cash balance ≈ $514M) to grow from roughly 50,000 oz/year today to 150–200,000 oz/year by 2028, and it said it remains on track to achieve 2026 guidance; near‑term operational milestones include first gold from Archimedes in Q4 2026 (ramp through 2027), Lone Tree plant refurbishment targeted for first pour by 2027 with a December‑2025 capital estimate of $430M (including spares and a 12% contingency) and project commitments of ~$31M (50% committed by midyear, ~100% by fall), feasibility studies for three underground projects (Granite Creek FS expected late Q2 2026, Cove FS in Q2 2026, Archimedes FS Q1 2027), prefeasibility work on two open‑pit oxide projects and a 131,000 m Mineral Point drill program (4 rigs on site, 3 more starting) to support a 2027 PFS; Q1 2026 operating and financial metrics included company gold production/sales of ~10.8k/10.6k oz, Granite Creek mined ~31.4k tonnes (sulfide grade ~6.2 g/t, oxide ~8.9 g/t) with Granite gold production ~8.9k oz and a >4k oz sulfide stockpile, revenue just over $52M, gross profit $16.1M, net loss $76M ($0.09/share) and adjusted loss just under $29M, plus financing transactions such as a $250M Franco‑Nevada NSR ($225M received), a $150M draw on a $250M gold prepay facility and $287.5M of convertible notes, while 159M warrants remain outstanding.i-80 Gold Corp Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
44
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 127.38M | 68.13M | 50.34M | 54.91M | 36.96M | 0.00 |
| Gross Profit | -22.55M | -39.92M | -15.72M | -5.14M | 3.57M | -662.00K |
| EBITDA | -99.58M | -65.08M | -85.27M | -57.82M | -67.71M | 97.65M |
| Net Income | -211.84M | -142.31M | -121.53M | -89.65M | -79.20M | 88.22M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 513.16M | 655.63M | 723.69M | 641.96M | 656.35M |
| Cash, Cash Equivalents and Short-Term Investments | 512.18M | 46.14M | 19.00M | 16.28M | 48.28M | 87.66M |
| Total Debt | 436.71M | 127.46M | 191.40M | 180.27M | 115.88M | 41.44M |
| Total Liabilities | 875.10M | 260.18M | 314.96M | 297.43M | 308.55M | 249.37M |
| Stockholders Equity | 298.13M | 252.98M | 340.66M | 426.26M | 333.41M | 406.98M |
Cash Flow | ||||||
| Free Cash Flow | -124.43M | -68.18M | -84.52M | -94.13M | -96.06M | -19.02M |
| Operating Cash Flow | -106.07M | -61.29M | -82.50M | -54.62M | -45.84M | -13.01M |
| Investing Cash Flow | -18.36M | -6.89M | -1.59M | -42.51M | -54.73M | -137.59M |
| Financing Cash Flow | 611.38M | 100.97M | 82.67M | 65.16M | 61.43M | 222.90M |
i-80 Gold Corp Technical Analysis
Neutral
2.29
Price Trends
2.12
Negative
2.27
Negative
1.83
Positive
Market Momentum
-0.03
Negative
48.54
Neutral
36.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IAU, the sentiment is Neutral. The current price of 2.29 is above the 20-day moving average (MA) of 2.09, above the 50-day MA of 2.12, and above the 200-day MA of 1.83, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 48.54 is Neutral, neither overbought nor oversold. The STOCH value of 36.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | C$1.57B | 6.59 | 21.51% | ― | 57.59% | 11.36% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | C$1.30B | 15.56 | 4.55% | ― | ― | ― | |
50 Neutral | C$1.13B | 5.34 | -10.60% | ― | 1249.52% | 40.47% | |
49 Neutral | C$911.36M | -8.05 | -22.69% | ― | ― | -1.42% | |
47 Neutral | C$1.81B | -4.05 | -66.87% | ― | 135.64% | 18.28% | |
42 Neutral | C$956.39M | -24.55 | -1283.12% | ― | ― | ― |
* 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...
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.