i-80 Gold (IAUX)
Market Price (11/6/2026): $1.37 | Market Cap: $1.2 BilSector: Materials | Industry: Gold
i-80 Gold (IAUX)
Market Price (11/6/2026): $1.37Market Cap: $1.2 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Precious Metals & Resource Development. Themes include Gold Mining Operations, Mineral Resource Development, and North American Gold Production. | Weak multi-year price returns2Y Excs Rtn is -5.2%, 3Y Excs Rtn is -86% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.14, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -135 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -103% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -124%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -171% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% Key risksIAUX key risks include [1] substantial funding requirements with significant shareholder dilution risk, Show more. |
| Megatrend and thematic driversMegatrends include Precious Metals & Resource Development. Themes include Gold Mining Operations, Mineral Resource Development, and North American Gold Production. |
| Weak multi-year price returns2Y Excs Rtn is -5.2%, 3Y Excs Rtn is -86% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.14, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -135 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -103% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -124%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -171% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% |
| Key risksIAUX key risks include [1] substantial funding requirements with significant shareholder dilution risk, Show more. |
Qualitative Assessment
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i-80 Gold (IAUX) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Continued Advancement of Key Development Projects.
i-80 Gold made consistent progress on its core Nevada development projects during the period. The Archimedes underground project remained on track to achieve its first gold mining by fiscal Q4 2026, while the Lone Tree Plant refurbishment continued on schedule and largely within budget, targeting its first gold pour in fiscal Q4 2027. Additionally, a feasibility study for the Granite Creek underground project was published in September 2026, declaring initial mineral reserves of 556,500 ounces of gold. These developments provide a positive long-term outlook for the company, counteracting potential downward pressures.
2. Strong Financial Liquidity Offset by Widening Quarterly Net Loss.
The company maintained a strong balance sheet with $411.4 million in cash and cash equivalents as of September 30, 2026, which management indicated is sufficient to fund the Lone Tree commissioning without an equity raise. This robust financial position, stemming from a recapitalization completed in fiscal Q1 2026, provided stability. However, this was balanced by a widening net loss in fiscal Q3 2026 (for the three months ended September 30, 2026) to $48.4 million, up from $41.9 million in the prior year period, primarily due to increased pre-development, evaluation, and exploration expenses.
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i-80 Gold (IAUX) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Continued Advancement of Key Development Projects.
i-80 Gold made consistent progress on its core Nevada development projects during the period. The Archimedes underground project remained on track to achieve its first gold mining by fiscal Q4 2026, while the Lone Tree Plant refurbishment continued on schedule and largely within budget, targeting its first gold pour in fiscal Q4 2027. Additionally, a feasibility study for the Granite Creek underground project was published in September 2026, declaring initial mineral reserves of 556,500 ounces of gold. These developments provide a positive long-term outlook for the company, counteracting potential downward pressures.
2. Strong Financial Liquidity Offset by Widening Quarterly Net Loss.
The company maintained a strong balance sheet with $411.4 million in cash and cash equivalents as of September 30, 2026, which management indicated is sufficient to fund the Lone Tree commissioning without an equity raise. This robust financial position, stemming from a recapitalization completed in fiscal Q1 2026, provided stability. However, this was balanced by a widening net loss in fiscal Q3 2026 (for the three months ended September 30, 2026) to $48.4 million, up from $41.9 million in the prior year period, primarily due to increased pre-development, evaluation, and exploration expenses.
3. Short-Term Operational Challenges and Production Headwinds.
Despite long-term development plans, i-80 Gold faced short-term operational setbacks. Gold production for fiscal Q3 2026 was approximately 11,700 ounces, a decrease from 12,430 ounces in the same period last year, leading to expectations for full-year production to be in the lower half of guidance. Unit mining costs at Granite Creek were higher year-over-year due to increased contractor and labor costs, and mining rates were lower than planned because of high contractor workforce turnover. These challenges likely weighed on investor sentiment, preventing significant upward stock movement.
4. Mixed Signals and Volatility in Gold Prices.
The broader gold market experienced mixed signals during the specified period. While some reports indicated a rally in gold prices since August 2026, fueled by concerns over rising US national debt and central bank buying, other analyses highlighted that gold prices broke below support in October 2026, plunging nearly 17.5% from the August high to a fresh yearly low by early November 2026. This absence of a clear, sustained bullish or bearish trend in the underlying commodity price likely contributed to i-80 Gold's stock remaining relatively flat, as fluctuating macro factors created uncertainty.
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Stock Movement Drivers
Fundamental Drivers
The 5.4% change in IAUX stock from 7/31/2026 to 11/5/2026 was primarily driven by a 11.4% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.29 | 1.36 | 5.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 134 | 131 | -2.1% |
| P/S Multiple | 8.1 | 9.0 | 11.4% |
| Shares Outstanding (Mil) | 837 | 866 | -3.4% |
| Cumulative Contribution | 5.4% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| IAUX | 5.4% | |
| Market (SPY) | -1.9% | 38.8% |
| Sector (XLB) | 3.8% | 54.2% |
Fundamental Drivers
The -9.3% change in IAUX stock from 4/30/2026 to 11/5/2026 was primarily driven by a -30.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.50 | 1.36 | -9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95 | 131 | 37.4% |
| P/S Multiple | 13.0 | 9.0 | -30.9% |
| Shares Outstanding (Mil) | 828 | 866 | -4.5% |
| Cumulative Contribution | -9.3% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| IAUX | -9.3% | |
| Market (SPY) | 2.3% | 49.8% |
| Sector (XLB) | 2.1% | 49.0% |
Fundamental Drivers
The 39.8% change in IAUX stock from 10/31/2025 to 11/5/2026 was primarily driven by a 70.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.97 | 1.36 | 39.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 77 | 131 | 70.7% |
| P/S Multiple | 7.7 | 9.0 | 16.7% |
| Shares Outstanding (Mil) | 608 | 866 | -29.8% |
| Cumulative Contribution | 39.8% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| IAUX | 39.8% | |
| Market (SPY) | 8.4% | 41.4% |
| Sector (XLB) | 23.8% | 52.4% |
Fundamental Drivers
The -2.9% change in IAUX stock from 10/31/2023 to 11/5/2026 was primarily driven by a -69.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.40 | 1.36 | -2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | 131 | 200.1% |
| P/S Multiple | 8.5 | 9.0 | 5.7% |
| Shares Outstanding (Mil) | 265 | 866 | -69.4% |
| Cumulative Contribution | -2.9% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| IAUX | -2.9% | |
| Market (SPY) | 81.3% | 21.2% |
| Sector (XLB) | 45.1% | 31.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IAUX Return | - | 4% | -38% | -72% | 201% | -7% | -50% |
| Peers Return | -24% | -16% | 0% | -1% | 165% | -2% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| IAUX Win Rate | - | 25% | 42% | 25% | 75% | 36% | |
| Peers Win Rate | 38% | 42% | 48% | 42% | 73% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| IAUX Max Drawdown | - | - | -57% | -80% | -41% | -39% | |
| Peers Max Drawdown | -42% | -50% | -34% | -32% | -20% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: B, FNV, FSM, OGG, PZG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | IAUX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.3% | -18.8% |
| % Gain to Breakeven | 56.9% | 23.1% |
| Time to Breakeven | 104 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.9% | -7.8% |
| % Gain to Breakeven | 34.9% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.4% | -9.5% |
| % Gain to Breakeven | 59.7% | 10.5% |
| Time to Breakeven | 825 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.9% | -6.7% |
| % Gain to Breakeven | 20.4% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.4% | -24.5% |
| % Gain to Breakeven | 73.7% | 32.4% |
| Time to Breakeven | 58 days | 427 days |
In The Past
i-80 Gold's stock fell -36.3% during the 2025 US Tariff Shock. Such a loss loss requires a 56.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | IAUX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.3% | -18.8% |
| % Gain to Breakeven | 56.9% | 23.1% |
| Time to Breakeven | 104 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.9% | -7.8% |
| % Gain to Breakeven | 34.9% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.4% | -9.5% |
| % Gain to Breakeven | 59.7% | 10.5% |
| Time to Breakeven | 825 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.4% | -24.5% |
| % Gain to Breakeven | 73.7% | 32.4% |
| Time to Breakeven | 58 days | 427 days |
In The Past
i-80 Gold's stock fell -36.3% during the 2025 US Tariff Shock. Such a loss loss requires a 56.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About i-80 Gold (IAUX)
i-80 Gold Corp. (IAUX) is a dynamic North American gold producer with a strategic focus on acquiring, exploring, and developing high-grade gold and silver deposits within the state of Nevada, USA. The company aims to become a leading mid-tier gold producer by leveraging its portfolio of advanced-stage projects and its processing infrastructure in one of the world's most favorable mining jurisdictions.
The company's primary operations involve developing its significant assets, including the Granite Creek underground mine, which is currently producing high-grade ore, and the advanced-stage McCoy-Cove project, which hosts substantial gold and silver resources. A cornerstone of i-80 Gold's strategy is its Lone Tree processing facility, which includes an autoclave and CIL plant critical for processing refractory gold ore from its own projects and potentially from third parties, providing a crucial strategic advantage for future production growth.
i-80 Gold's main product is refined gold, typically sold as gold doré bars, often containing silver, into the global precious metals market. Its primary customers are refiners and purchasers of gold and silver commodities. The company's market is the international commodity market for precious metals, driven by global supply and demand dynamics, as well as investment and industrial demand for gold and silver.
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Here are a few analogies to describe i-80 Gold (IAUX) to someone unfamiliar with it:
Imagine a smaller, fast-growing version of a major gold producer like Barrick Gold or Newmont, but solely focused on expanding its gold production and operations in Nevada.
Think of them as a specialized resource developer, similar to a regional real estate developer like Lennar or PulteGroup, but instead of building houses, they are developing and operating a portfolio of gold mines across Nevada.
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- Gold: i-80 Gold explores for, develops, and produces gold from its projects located primarily in Nevada, USA.
AI Analysis | Feedback
i-80 Gold (IAUX) is a gold production and development company with assets in Nevada, USA. As a gold mining company, it extracts gold and processes it into a saleable form, typically doré bars or concentrate, which are then sold as a commodity.
i-80 Gold sells primarily to other companies within the global precious metals market, rather than directly to individuals. Its customers are generally:
- Precious Metals Refiners: Companies that further process the gold doré bars or concentrate into high-purity gold bullion. These refiners then often sell the bullion to mints, jewelers, industrial users, or investors.
- Bullion Banks and Dealers: Major financial institutions and specialized precious metals trading firms that purchase gold and distribute it into the global market.
Due to the nature of commodity sales, where gold is a highly liquid and fungible asset traded on a global market, gold mining companies like i-80 Gold do not typically disclose specific names of "major customers" in their public filings. Sales are often diversified among various refiners and dealers, and customer concentration is generally not a material factor. Therefore, specific customer company names are not publicly identified by i-80 Gold.
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- Nevada Gold Mines LLC (joint venture between Barrick Gold Corporation (NYSE: GOLD, TSX: ABX) and Newmont Corporation (NYSE: NEM, TSX: NGT))
- N.A. Degerstrom, Inc.
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Richard Young
President, Chief Executive Officer & Director
Richard Young was the founder and CEO of Teranga Gold Corporation, which was acquired by Endeavour Mining PLC in 2021 for over C$2.5 billion. Most recently, he served as President and CEO of Argonaut Gold, a company that was acquired by Alamos Gold Inc. in July 2024. He joined i-80 Gold as CEO in September 2024. Young also has extensive experience in the mining industry, including operational positions with Barrick Gold at its Goldstrike Mine.
Ryan Snow
EVP, Chief Financial Officer
Ryan Snow is a mining finance professional with over 15 years of experience in financial management and reporting. Prior to joining i-80 Gold, he served as Vice-President of Finance for Nevada Copper, where he was involved in securing project financing and debt restructuring. He also held the role of Vice-President, Finance and Controller for Tahoe Resources, where he oversaw financial aspects of Sarbanes-Oxley implementation and two business acquisitions.
Paul Chawrun
EVP, Chief Operating Officer
Paul Chawrun was appointed Chief Operating Officer of i-80 Gold in April 2025. He is an executive mining engineer with over 30 years of technical, operating, and corporate leadership experience, primarily focused on gold mining. Before joining i-80 Gold, he served as COO and Executive Vice President at Centerra Gold. He was also previously the COO of Teranga Gold, where he played a significant role in its transition from a single-asset to a multi-asset West African mid-tier gold producer and in the acquisition and integration of the high-grade refractory Massawa gold project.
Tim George
VP Operations
Tim George is a seasoned mining professional with over 20 years of experience in mine management, engineering, and technical consulting. He has spent over 10 years working with gold mining companies in Nevada, including roles focused on refractory processing optimization at Barrick's Goldstrike and Turquoise Ridge complexes. George joined Premier Gold Mines Ltd. in 2017 and transitioned to i-80 Gold in 2021 as part of the spin-out.
Tyler Hill
VP Geology
Tyler Hill is a Professional Geologist with over 10 years of experience in Nevada mineral exploration and project management. Before joining i-80 Gold, he worked for a subsidiary of the private equity group Waterton Global Resource Management, evaluating exploration projects across Nevada. He was also part of the McCoy-Cove exploration team at Premier Gold that discovered 1.1 million ounces of gold, leading to a significant increase in the mineral resource of the Cove deposit.
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The key risks to i-80 Gold's business include:
- Execution and Development Risk: i-80 Gold is currently executing a multi-asset development strategy across several projects in Nevada, including Granite Creek, Archimedes, Cove, and the Lone Tree processing facility. There are significant inherent risks associated with bringing these mining projects into full production on schedule and within budget. These risks include potential delays in obtaining necessary permits, challenges during construction and infrastructure development, and the possibility that preliminary economic assessments (PEAs) may not fully translate into validated feasibility studies, impacting projected economics and timelines.
- Financing and Dilution Risk: The company requires substantial capital to fund its ongoing exploration and development activities. Historically, i-80 Gold has resorted to issuing new shares to secure the necessary funding, leading to significant dilution for existing shareholders. While recent financing efforts have helped strengthen the balance sheet, the need for future capital to complete its ambitious development plans and potential future debt or equity raises continues to pose a risk of further dilution.
- Commodity Price Risk: As a gold and silver producer, i-80 Gold's revenue, profitability, and the economic viability of its projects are highly sensitive to fluctuations in the market prices of gold and silver. A sustained decline in precious metal prices could negatively impact the company's financial performance, cash flow, and ability to fund its operations and development pipeline, regardless of operational efficiency.
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The main product of i-80 Gold (IAUX) is gold, with potential for silver and base metal mineralization from some of its properties. As a gold producer, the company's addressable market can be considered both global and regional.
The global gold market size was valued at US$ 354,004.4 million in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a CAGR of 4.70% during the forecast period. Another estimate puts the global gold market at USD 1308.43 billion in 2026, projected to reach USD 1878.48 billion by 2035, expanding at a CAGR of 4.1%.
For the North American region, the gold mining market size was estimated at USD 43.5 billion in 2024 and is projected to grow from USD 44.99 billion in 2025 to USD 63.0 billion by 2035, exhibiting a CAGR of 3.4%. North America holds approximately 20-25% of the global gold market. Specifically within North America, the U.S. gold mining market, where i-80 Gold primarily operates in Nevada, held a commanding 35.1% share in 2024, valued at approximately $12 billion.
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i-80 Gold (IAUX) is poised for future revenue growth over the next 2-3 years, driven primarily by increased gold production from its advanced Nevada-focused projects, the strategic refurbishment of its processing facility, and ongoing successful exploration efforts.
Here are the key drivers:
- Increased Gold Production from Ramp-Up and New Mine Starts: i-80 Gold is actively ramping up production at its Granite Creek Underground mine. Crucially, the company anticipates "first gold" from its Archimedes underground mine in Q4 2026. The long-term development plan outlines a significant increase in annual gold output, targeting 150,000-200,000 ounces in the 2028-2029 timeframe (Phase 1) and scaling up to 300,000-400,000 ounces by 2030-2031 with additional projects like Cove and the Granite Creek Open Pit coming online.
- Refurbishment and Strategic Utilization of the Lone Tree Processing Facility: The Lone Tree plant is central to i-80 Gold's processing strategy, particularly for Phase 2 and Phase 3 of its development. Refurbishment of the Lone Tree Plant is expected to commence in H2 2026. This refurbishment is critical as it will position i-80 Gold as one of only three companies in the United States capable of processing both oxide and refractory mineralization, which is vital for its high-grade underground mines.
- Successful Exploration and Resource Expansion: The company has a strong focus on exploration to expand its mineral resources. In 2023, i-80 Gold completed extensive drilling (over 60,000 meters) to enhance the quality of its mineral resources and extend mineralization, achieving "significant success" in these programs. Recent assay results from the Granite Creek Underground Project continue to demonstrate resource expansion potential, and an updated mineral resource estimate for the FAD Project in October 2025 confirmed high-grade polymetallic mineralization.
- Advancement of Additional Projects: Beyond Granite Creek and Archimedes, i-80 Gold is progressing other key projects. Preliminary Economic Assessments (PEAs) for five gold projects, including Cove Underground, Mineral Point Open Pit, and both Granite Creek projects, were released in Q1 2025. The development of Cove and Mineral Point is expected to contribute significantly to the targeted higher production levels in later phases of the company's plan.
- Favorable Gold Prices: While not directly within the company's control, the prevailing price of gold is a significant revenue driver for a gold producer. Analyst reports highlight that i-80 Gold's project valuations are highly sensitive to gold prices, with a substantial increase in net present value (NPV) observed at higher gold price assumptions. For example, the combined after-tax NPV of its projects at $5,000/oz gold is estimated to be approximately double the $4.9 billion NPV at $3,000/oz.
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Share Issuance
- In May 2025, i-80 Gold raised gross proceeds of $185.5 million through a bought deal public offering and a concurrent private placement, resulting in net proceeds of $175.2 million.
- Warrants issued as part of the May 2025 financing could provide up to approximately $130 million in additional proceeds if fully exercised, with an expiry date of November 16, 2027.
- Proceeds from brokered and private placements contributed to an increase in the company's cash balance during 2025.
Inbound Investments
- i-80 Gold is actively pursuing various financing options as part of its recapitalization strategy to secure capital and fund its growth plans.
- The recapitalization strategy is progressing, with ongoing support from lenders and other capital providers.
- A significant raise has contributed to placing the company on a more stable financial footing.
Capital Expenditures
- Capital expenditures in Q4 2025 were $4.9 million, primarily for funding long-term assets and infrastructure.
- Approximately $92 million is expected to be allocated to fund construction activities, drilling, permitting, and technical studies across all five gold projects and the Lone Tree Plant from May 2025 through to mid-2026.
- Cash used for pre-development, evaluation, exploration expenses, and capital expenditures on property, plant, and equipment, including the Lone Tree Plant study, decreased cash and cash equivalents by $39.6 million from September 30, 2025, to December 31, 2025.
Peer Outperformance in Gold
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 33.8% | 90.2% | 137.1% | SCCO 246% · TGB 220% · HBM 206% |
| Steel | 14 | 19.0% | 32.9% | 116.2% | HCC 293% · STLD 267% · RS 175% |
| Gold ← | 37 | 13.5% | 181.6% | 86.0% | IAG 478% · OGC 377% · AGI 306% |
| Silver | 6 | 38.2% | 249.7% | 74.4% | AYA 273% · HL 146% · EXK 46% |
| Construction Materials | 6 | -13.1% | 23.7% | 41.8% | USLM 355% · CRH 105% · VMC 52% |
| Aluminum | 3 | 8.3% | 92.4% | 15.6% | CENX 129% · AA -15% |
| Metal, Glass & Plastic Containers | 11 | 12.3% | 19.2% | 5.5% | GEF 27% · ATR 17% · SLGN 10% |
| Paper & Plastic Packaging Products & Materials | 7 | 23.0% | 13.8% | -3.0% | PKG 113% · CCK 21% · SON 2% |
| Diversified Metals & Mining | 23 | -55.7% | -9.8% | -7.8% | SKE 166% · MTRN 94% · MP -8% |
| Diversified Chemicals | 3 | 23.6% | 6.2% | -14.0% | CBT 39% · ASH -14% |
| Specialty Chemicals | 41 | 12.6% | 0.9% | -22.5% | NEU 127% · ECL 40% · SXT 35% |
| Precious Metals & Minerals | 7 | -2.6% | 132.4% | -31.9% | PPTA 253% |
| Commodity Chemicals | 13 | 19.9% | -23.0% | -36.8% | HWKN 319% · MEOH 51% · DOW -28% |
| Fertilizers & Agricultural Chemicals | 10 | 4.1% | 8.9% | -41.6% | CF 122% · CTVA 78% · NTR 28% |
| Paper Products | 4 | -38.4% | -62.4% | -80.6% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| i-80 Gold (-7.8%): Sector-Wide Sell-Off in Gold Miners Drags Stock Lower | 03/04/2026 | |
| i-80 Gold Earnings Notes | 12/16/2025 | |
| With i-80 Gold Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 5.91 |
| Mkt Cap | 25.6 |
| Rev LTM | 1,225 |
| Op Inc LTM | 575 |
| FCF LTM | 194 |
| FCF 3Y Avg | 93 |
| CFO LTM | 410 |
| CFO 3Y Avg | 235 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 49.4% |
| Rev Chg 3Y Avg | 27.8% |
| Rev Chg Q | 43.8% |
| QoQ Delta Rev Chg LTM | 8.5% |
| Op Inc Chg LTM | 91.5% |
| Op Inc Chg 3Y Avg | 39.0% |
| Op Mgn LTM | 46.9% |
| Op Mgn 3Y Avg | 34.1% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 23.6% |
| CFO/Rev 3Y Avg | -41.7% |
| FCF/Rev LTM | -72.8% |
| FCF/Rev 3Y Avg | -64.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Granite Creek | 74 | 25 | 30 | ||
| Lone Tree | 14 | 17 | 12 | ||
| Ruby Hill | 7 | 8 | 13 | ||
| Corporate and Other | 0 | 0 | 0 | 0 | 0 |
| Cove | 0 | 0 | 0 | ||
| Exploration and Development | 0 | 0 | |||
| Nevada Production | 37 | 0 | |||
| Total | 95 | 50 | 55 | 37 | 0 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Lone Tree | 2 | 0 | -7 |
| Corporate and Other | -1 | -1 | -4 |
| Depletion, depreciation and amortization | -2 | -1 | -7 |
| Royalties | -5 | -3 | -1 |
| Cove | -10 | -13 | -20 |
| Ruby Hill | -20 | -3 | -18 |
| Write-down of property, plant and equipment | -26 | ||
| General and administrative | -29 | -21 | -22 |
| Granite Creek | -33 | -48 | -21 |
| Total | -124 | -89 | -101 |
| $ Mil | 2023 | 2022 | 2021 |
|---|---|---|---|
| Corporate and Other | -8 | -31 | -19 |
| Exploration and Development | -18 | -5 | -10 |
| Nevada Production | -39 | -43 | 106 |
| Discontinued Operations | 12 | ||
| Total | -65 | -79 | 88 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Lone Tree | 241 | 260 | 261 | ||
| Corporate and Other | 162 | 110 | 108 | 61 | 100 |
| Granite Creek | 127 | 115 | 116 | ||
| Ruby Hill | 121 | 117 | 117 | ||
| Cove | 53 | 53 | 52 | ||
| Exploration and Development | 70 | 141 | |||
| Nevada Production | 511 | 416 | |||
| Total | 703 | 656 | 654 | 642 | 656 |
Price Behavior
| Market Price | $1.36 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 05/19/2022 | |
| Distance from 52W High | -34.6% | |
| 50 Days | 200 Days | |
| DMA Price | $1.62 | $1.60 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | -16.0% | -15.1% |
| 3M | 1YR | |
| Volatility | 59.0% | 62.0% |
| Downside Capture | 299.81 | 202.65 |
| Upside Capture | 219.17 | 224.17 |
| Correlation (S&P 500) | 44.5% | 43.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.56 | 2.59 | 2.50 | 2.62 | 2.05 | 1.07 |
| Up Beta | 1.33 | -0.16 | 0.39 | 2.33 | 1.97 | 0.63 |
| Down Beta | 1.69 | 4.08 | 4.81 | 3.29 | 2.04 | 1.08 |
| Up Capture | 165% | 178% | 294% | 292% | 398% | 151% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 16 | 29 | 56 | 121 | 347 |
| Down Capture | 363% | 306% | 205% | 210% | 150% | 109% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 22 | 29 | 60 | 111 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IAUX | |
|---|---|---|---|---|
| IAUX | 51.4% | 62.0% | 0.90 | - |
| Sector ETF (XLB) | 25.3% | 18.2% | 1.08 | 52.2% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 41.2% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 70.8% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | 1.4% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 17.7% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 26.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IAUX | |
|---|---|---|---|---|
| IAUX | -12.6% | 70.1% | 0.10 | - |
| Sector ETF (XLB) | 6.1% | 19.2% | 0.20 | 34.2% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 24.6% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 51.0% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 17.8% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 20.7% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IAUX | |
|---|---|---|---|---|
| IAUX | -6.5% | 70.1% | 0.10 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.45 | 34.2% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 24.6% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 51.0% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 17.8% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 20.7% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/02/2026 | 10-Q |
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 04/01/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/12/2024 | 6-K |
| 03/31/2024 | 05/13/2024 | 6-K |
| 12/31/2023 | 03/12/2024 | 40-F |
| 09/30/2023 | 11/01/2023 | 6-K |
| 06/30/2023 | 08/02/2023 | 6-K |
| 03/31/2023 | 05/08/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/02/2026 | 10-Q |
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 04/01/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/12/2024 | 6-K |
| 03/31/2024 | 05/13/2024 | 6-K |
| 12/31/2023 | 03/12/2024 | 40-F |
| 09/30/2023 | 11/01/2023 | 6-K |
| 06/30/2023 | 08/02/2023 | 6-K |
| 03/31/2023 | 05/08/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| 06/30/2022 | 08/09/2022 | 6-K |
Recent Forward Guidance
Updated 11/2/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Exploration Expenses Reduction | Reported | 10.00 Mil | ||||||
| 2026 Growth Capital Expenditures | Reported | 1.5E10% | 1.625E10% | 1.75E10% | Affirmed | Guidance: 5.0E9% for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Recoverable Gold Stockpile Processed | Reported | 4000 | ||||||
| 2026 Annual Gold Output | Reported | 50000 | ||||||
| 2026 Mineral Point Infill Drilling, Engineering, and Early-Stage Pre-Permitting Spend | Reported | 50.00 Mil | ||||||
| 2028 Annual Gold Output Target | Reported | 0.15 Mil | 0.17 Mil | 0.20 Mil | ||||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Stockpile Gold Ounces Processed | Reported | 6500 | ||||||
| 2026 Granite Creek Underground Gold Production | Reported | 30000 | 35000 | 40000 | 40.0% | Higher New | Guidance: 25000 for 2025 | |
| 2026 Granite Creek Underground Operating Costs | Reported | 110.00 Mil | 115.00 Mil | 120.00 Mil | ||||
| 2026 Archimedes Underground Operating Costs | Reported | 25.00 Mil | 27.50 Mil | 30.00 Mil | ||||
| 2026 Sustaining Capital | Reported | 6.00 Mil | 7.00 Mil | 8.00 Mil | ||||
| 2026 Growth Capital - Lone Tree Plant | Reported | 1.4E10% | 1.5E10% | 1.6E10% | ||||
| 2026 Growth Capital - Granite Creek Underground Water Treatment | Reported | 1.0E9% | 1.25E9% | 1.5E9% | ||||
| 2026 Pre-development Expense - Granite Creek Underground Mine Development | Reported | 20.00 Mil | 22.50 Mil | 25.00 Mil | ||||
| 2026 Pre-development Expense - Archimedes Underground Mine Development | Reported | 30.00 Mil | 32.50 Mil | 35.00 Mil | ||||
| 2026 Evaluation and Exploration Expense - Archimedes Underground Infill Drilling | Reported | 25.00 Mil | 27.50 Mil | 30.00 Mil | ||||
| 2026 Evaluation and Exploration Expense - Mineral Point Open Pit Infill Drilling | Reported | 45.00 Mil | 47.50 Mil | 50.00 Mil | ||||
| 2026 Permitting and Technical Expense | Reported | 20.00 Mil | 25.00 Mil | 30.00 Mil | ||||
| 2026 Mineral Point Pre-development Activities Cost | Reported | 40.00 Mil | 42.50 Mil | 45.00 Mil | ||||
Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Gold Extraction | Reported | 30000 | 35000 | 40000 | ||||
| 2025 Granite Creek Underground Gold Extraction | Reported | 20000 | 25000 | 30000 | ||||
| 2025 Residual Heap Leach Operations Gold Extraction | Reported | 10000 | ||||||
| 2025 Growth Expenditures | Reported | 4.0E9% | 4.5E9% | 5.0E9% | ||||
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Begeman, John Arthur | Direct | Sell | 9022026 | 1.74 | 19,231 | 33,435 | 1,438,438 | Form | |
| 2 | Savarie, David Roger | EVP, General Counsel | Direct | Buy | 8202026 | 1.59 | 4,575 | 7,274 | 436,097 | Form |
| 3 | Young, Richard Scott | President and CEO | Direct | Buy | 8202026 | 1.62 | 1,000,000 | 1,620,000 | 9,673,020 | Form |
| 4 | Begeman, John Arthur | Direct | Sell | 5302026 | 1.59 | 24,356 | 38,726 | 1,315,493 | Form | |
| 5 | Yopps, Steven W | Direct | Buy | 5182026 | 1.47 | 50,000 | 73,500 | 73,500 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Begeman, John Arthur | Direct | Sell | 9022026 | 1.74 | 19,231 | 33,435 | 1,438,438 | Form | |
| 2 | Savarie, David Roger | EVP, General Counsel | Direct | Buy | 8202026 | 1.59 | 4,575 | 7,274 | 436,097 | Form |
| 3 | Young, Richard Scott | President and CEO | Direct | Buy | 8202026 | 1.62 | 1,000,000 | 1,620,000 | 9,673,020 | Form |
| 4 | Begeman, John Arthur | Direct | Sell | 5302026 | 1.59 | 24,356 | 38,726 | 1,315,493 | Form | |
| 5 | Yopps, Steven W | Direct | Buy | 5182026 | 1.47 | 50,000 | 73,500 | 73,500 | Form | |
| 6 | Butler, Ronald JR | by The Butler Family Trust UAD 09/30/04 | Buy | 4242026 | 1.41 | 17,730 | 24,999 | 71,247 | Form | |
| 7 | Seaman, John William | Direct | Buy | 3312026 | 1.42 | 32,000 | 45,440 | 550,814 | Form | |
| 8 | Savarie, David Roger | EVP, General Counsel | Direct | Buy | 3272026 | 1.40 | 6,500 | 9,100 | 517,580 | Form |
| 9 | Young, Richard Scott | President and CEO | Direct | Buy | 3272026 | 1.40 | 1,000,000 | 1,400,000 | 6,959,400 | Form |
| 10 | Seaman, John William | Direct | Buy | 12122025 | 1.30 | 20,000 | 26,000 | 451,025 | Form | |
| 11 | Seaman, John William | Direct | Buy | 11262025 | 1.03 | 30,000 | 30,900 | 336,750 | Form | |
| 12 | Savarie, David Roger | SVP, General Counsel | Direct | Buy | 11192025 | 1.05 | 5,000 | 5,250 | 276,360 | Form |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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