olivLaw · US equity research
i-80 Gold Corp. IAUX
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
i-80 Gold Corp. is a Nevada-focused gold and silver company advancing a portfolio of projects toward becoming a mid-tier gold producer. It completed a recapitalization plan of several hundred million dollars in 2026, and gold production in the first half of 2026 rose considerably from the prior year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, i-80 Gold Corp. (IAUX) stock was 1.38 USD (+6.15% on the day), with market capitalisation 1.2 bn USD, beta 1.08, 52-week range 0.89–2.08 USD. Latest reported quarter (Q3 2026): revenue of 32.7 m USD (+2.2% YoY), net income of -48.4 m USD, diluted EPS -0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.1
- weak (30–45)
- Bollinger (20, 2)
- 1.34 – 1.62
- in the lower half of the band · %B 0.15 · band width 19.4%
- SMA 50 / 200
- 1.63 / 1.60
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.3% | −1.1% | −14.2 pp | — |
| 3 months | −8.6% | −0.5% | −8.2 pp | — |
| 6 months | −12.7% | +4.4% | −17.1 pp | — |
| Year to date | −5.5% | +12.3% | −17.8 pp | — |
| 1 year | +53.3% | +13.5% | +39.8 pp | −14.3% |
| 3 years | −5.5% | +76.4% | −81.9 pp | +145.9% |
| 5 years | −44.1% | +63.7% | −107.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.2 m | 14.0 m | 27.8 m | 32.0 m | 21.3 m | 52.4 m | 24.3 m | 32.7 m |
| Cost of revenue | 20.9 m | 10.8 m | 26.5 m | 28.4 m | 16.4 m | 35.8 m | 15.2 m | 27.2 m |
| Gross profit | 1.8 m | 2.9 m | 798.0 k | 3.1 m | 4.7 m | 16.1 m | 8.6 m | 5.0 m |
| Operating income | -17.5 m | -15.8 m | -18.8 m | -27.8 m | -62.1 m | -21.8 m | -34.1 m | -43.3 m |
| Depreciation & amortisation | — | 743.0 k | — | — | — | — | — | — |
| Interest expense | 7.9 m | 8.2 m | 7.8 m | 7.0 m | 6.5 m | 5.9 m | 6.5 m | 6.4 m |
| Pre-tax income | -17.4 m | -41.2 m | -30.2 m | -41.9 m | -88.8 m | -77.4 m | -50.0 m | -48.6 m |
| Income tax | 339.0 k | 0 | 0 | 0 | -3.3 m | 1.2 m | 2.5 m | -229.0 k |
| Net income | -17.7 m | -41.2 m | -30.2 m | -41.9 m | -85.6 m | -78.6 m | -52.5 m | -48.4 m |
| Diluted EPS | -0.05 ≈ | -0.10 | -0.05 | -0.05 | -0.10 ≈ | -0.09 | -0.06 | -0.06 |
| Operating cash flow | -9.2 m | -22.7 m | -11.3 m | -15.2 m | -34.3 m | -45.1 m | -49.6 m | -32.5 m |
| Capex | 505.0 k | 356.0 k | 1.1 m | 3.3 m | 4.9 m | 11.9 m | 21.5 m | 23.4 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | 37.0 m | 54.9 m | 50.3 m | 95.2 m |
| Revenue YoY | unavailable | unavailable | — | −8.3% | +89.1% |
| Net income | 88.2 m | -79.2 m | -89.7 m | -121.5 m | -198.8 m |
| Net income YoY | unavailable | −189.8% | — | unavailable | unavailable |
| Diluted EPS | 0.58 | -0.33 | -0.33 | -0.34 | -0.30 |
| Diluted EPS YoY | unavailable | −156.9% | — | unavailable | unavailable |
| net % | unavailable | -214.3% | -163.3% | -241.4% | -208.9% |
| Free cash flow | -19.0 m | -96.1 m | -94.9 m | -84.5 m | -93.2 m |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 63.2 m USD
- Financial debt
- 174.7 m USD
- Net debt
- 111.5 m USD
- Equity
- 346.8 m USD
- Total assets
- 703.4 m USD
- Debt / equity
- 0.50x
- Current ratio
- 0.73x
- ROE
- -57.9%
- ROA
- -29.3%
- FCF margin
- -97.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 0 | 37.0 m | 54.9 m | 50.3 m | 95.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 0 | 28.9 m | 52.9 m | 64.6 m | 82.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 0 | 3.6 m | -5.1 m | -15.7 m | 11.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -28.4 m | -58.9 m | -101.0 m | -89.1 m | -124.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 0 | 4.5 m | 8.7 m | 3.2 m | — | SEC (XBRL)· 01 Apr 2025verified |
| EBITDA | -28.4 m ≈ | -54.3 m ≈ | -92.2 m ≈ | -85.9 m ≈ | — | SEC (XBRL)· 01 Apr 2025derived |
| Interest expense | 645.0 k | 20.5 m | 27.3 m | 32.5 m | 29.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 96.7 m | -91.0 m | -92.9 m | -120.0 m | -202.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 20.1 m | -11.8 m | -3.2 m | 1.5 m | -3.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 88.2 m | -79.2 m | -89.7 m | -121.5 m | -198.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 0.58 | -0.33 | -0.33 | -0.34 | -0.30 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 153.0 m | 240.1 m | 274.1 m | 359.2 m | 671.7 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 87.7 m | 81.2 m | 16.3 m | 19.0 m | 63.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 393.0 k | 623.0 k | 4.3 m | — | — | SEC (XBRL)· 12 Mar 2024verified |
| Inventories | 26.0 m | 16.5 m | 11.4 m | 15.3 m | 29.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 121.5 m | 77.3 m | 39.8 m | 42.3 m | 100.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 502.6 m | 529.3 m | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| Total assets | 656.3 m | 642.0 m | 654.3 m | 655.6 m | 703.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 8.5 m | 10.6 m | 27.2 m | 26.4 m | 41.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 58.0 k | 21.3 m | 31.2 m | 37.8 m | 76.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 41.4 m | 113.9 m | 163.0 m | 153.6 m | 97.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 29.9 m | 85.6 m | 65.2 m | 74.1 m | 138.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 249.4 m | 308.5 m | 309.0 m | 315.0 m | 356.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 407.0 m | 333.4 m | 426.3 m | 340.7 m † | 346.8 m † | SEC (XBRL)· 19 Feb 2026verified |
| Shares outstanding at year end | — | 240.6 m | 298.5 m | — | — | SEC (XBRL)· 12 Mar 2024verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -13.0 m | -45.8 m | -77.5 m | -82.5 m | -83.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 6.0 m | 50.2 m | 17.4 m | 2.0 m | 9.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | -19.0 m ≈ | -96.1 m ≈ | -94.9 m ≈ | -84.5 m ≈ | -93.2 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -137.6 m | -54.7 m | -8.3 m | -1.6 m | -9.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 222.9 m | 61.4 m | 65.4 m | 82.7 m | 139.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -35.6% | 0 (vs peers) | 24% |
| Net margin · Quality | -202.7% | 9 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 37.1% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.3x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 6.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -18.6% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
i-80 GOLD CORP. (IAUX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 95.2 m USD in 2025; YoY growth 89.1%; net margin -202.7%; ROE -81.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 37.1%
- Current ratio: 6.1x
What contradicts it
- ROIC: -35.6%
- Net margin: -202.7%
- Interest coverage: -6.3x
- FCF yield: -18.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| IAGIAMGOLD Corporation | 10.3 bn | 15.3 | 19.5% | 25.7% | +74.7% | +12% / +588% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| FSMFortuna Mining Corp. | 2.9 bn | 10.7 | 18.7% | 30.4% | +39.8% | −5% / +146% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| SVMSilvercorp Metals Inc. | 1.9 bn | 30.9 | 9.6% | 19.5% | +38.9% | +10% / +198% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +53% / −5% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
| OGGOsisko Development Corp. | 602.0 m | — | -27.0% | -476.4% | +678.0% | −33% / −17% |
| ITRGIntegra Resources Corp. | 398.7 m | — | -1.4% | -0.9% | +703.7% | −37% / +157% |
1- and 3-year price returns: for IAUX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 10-Q (02 Nov 2026).
In brief
i-80 Gold Corp. is a Nevada-focused gold and silver company advancing a portfolio of projects toward becoming a mid-tier gold producer. It completed a recapitalization plan of several hundred million dollars in 2026, and gold production in the first half of 2026 rose considerably from the prior year 2.
SWOT
Strengths
- The company has a portfolio of projects in Nevada, a stable jurisdiction, with several properties at advanced stages of permitting and construction 1.
- The recent financings strengthened the balance sheet, giving the company significant liquidity and flexibility to develop its projects 2.
- Granite Creek is already operating and generating revenue, providing an operational base alongside projects still in development 13.
Weaknesses
- Net loss and pre-development, evaluation and exploration expenses rose, and operating cash flow stayed negative in the first half of 2026 2.
- Most properties are still at the exploration stage with no defined mineral reserves, which makes their value more uncertain 1.
- The company relies on third parties to process material until the Lone Tree Plant is complete, which introduces delay risk 13.
Opportunities
- If Archimedes and the Lone Tree Plant enter production on schedule, the company could substantially increase output and cash flow 13.
- Resources identified at Archimedes and Mineral Point could extend mine life if drilling results are confirmed 3.
- Completing feasibility studies could open the way to defined mineral reserves and approval of financing for phase two 3.
Threats
- A fall in the gold price could reduce margins and make some resources uneconomic, affecting project value 1.
- Delays in permits, construction or third-party processing could postpone production and increase costs 12.
- Debt obligations and convertible instruments could limit financial flexibility if production falls short of expectations 2.
Risks
- Operational mining hazardshigh
Mining operations are inherently dangerous and can be affected by rock falls, flooding or equipment failure, which could lead to prolonged interruptions 1.
- Gold price volatilityhigh
The gold price fluctuates sharply due to economic and geopolitical factors, and a prolonged decline could make resources uneconomic 1.
- Uncertainty in resource estimatesmedium
Mineral reserve and resource estimates are subjective and could be revised downward, which could lead to asset write-downs 1.
- Project delays and cost overrunsmedium
Project development may exceed budget or schedule, and if additional financing is not available, the company could reduce the scope of its plans 13.
- Dependence on third-party processinglow
Until the Lone Tree Plant is complete, part of the material is processed by third parties, which could affect sales timing, as seen in the second quarter 23.
Investment thesis
What would need to be true (bull case)
- Gold production rose considerably and the high gold price has improved margins; if Archimedes and the Lone Tree Plant enter production on time, the company could become a mid-tier gold producer.
- The recapitalization completed in 2026 removed immediate balance sheet pressure and provided development funding, which could reduce near-term financing risk.
- The Nevada project portfolio, with potentially extended resources at Archimedes and Mineral Point, could support longer-term output growth.
What would break the thesis
- Net losses and development costs have increased and operating cash flow remained negative; if this trend continues, financing pressure could return.
- Most properties remain in exploration without defined reserves; if feasibility studies are delayed, project value could be lower than estimated.
- Revenue depends on the gold price and third-party processing; if prices fall or delays continue, sales could weaken again.
What to watch
- First gold mined at Archimedes undergroundQ4 2026
- Publication of feasibility studies for Granite Creek and CoveQ3 2026
- Start of major construction at Lone Tree PlantQ4 2026
- Completion of detailed engineering for Lone Tree Plantlate Q1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 10-Q (02 Nov 2026).
The business
i-80 Gold Corp. is a Nevada-focused company engaged in the exploration and extraction of gold and silver, with four main properties: Granite Creek, Ruby Hill, Lone Tree and Cove 1. Its strategy is a three-phase development plan covering three high-grade underground mines and two large open pit projects 1. For phase one, the Lone Tree Plant is essential, as it will process refractory material from the mines 1.
Granite Creek underground is the company's first brownfield redevelopment and is ramping up toward steady-state output 1. Archimedes underground, the second mine, entered construction in the second half of 2025, with first gold mining expected by year-end 2026 13. Cove is planned as the third underground mine and is still at the exploration stage 1.
The company strengthened its balance sheet in 2026 through financing transactions, including a royalty sold to Franco-Nevada and a gold prepayment facility 2. These funds are intended to advance five gold projects, refurbish the Lone Tree Plant and expand resources 12.
Segments
Granite Creek
The Granite Creek underground project is a fully permitted, constructed and operating mine that is ramping up toward steady-state output and generated gross profit in the second half of 2025 13.
Market context
The gold and silver market is global, and the company is not dependent on a single purchaser, which reduces sales concentration risk 1. The average realized gold price rose from 3,368 dollars per ounce in 2025 to 4,801 dollars per ounce in the first half of 2026, supporting revenue 12. However, the price depends on external factors the company cannot control 1.
The company operates only in Nevada, where environmental standards are strict and financial guarantees are required for reclamation 1. Processing is done through third-party facilities until 2027, with internal processing expected from 2028 1.
Trends
- High gold pricestailwind
The average realized gold price rose significantly between 2025 and 2026, improving gross margin; if prices stay high, project profitability could increase 12.
- High development costsheadwind
Pre-development, evaluation and exploration expenses rose considerably, widening net losses; if these costs continue, pressure on cash flow could persist 2.
- Financing and refinancingmixed
The company obtained significant financing in 2026 and redeemed legacy debt; however, new instruments such as convertible notes create future obligations 2.
- Delays at third-party processingheadwind
Delays at a third-party processing facility reduced gold sales from Granite Creek in the second quarter of 2026; if these delays persist, sales could remain below expectations 23.
Competitive position
Mineral exploration is highly competitive, and companies active in the same Nevada regions often have greater financial resources, broader operating expertise or more advanced properties 1. Access to qualified personnel, drilling contractors and equipment is also contested 1.
The company's sources do not name specific competitors; they refer only to companies active in the same Nevada regions without naming them 1. The competitive analysis therefore remains general and is based on the company's own risk description 1.
- Mining companies active in the same Nevada regions
Sources do not name competitors; the company notes that several firms in its project regions have greater financial resources or more advanced properties 1.
- Other firms bidding for mineral properties
The company competes with other firms for property acquisitions and qualified personnel, but the sources do not identify them 1.
- Drilling and underground mining contractors
The company competes for drilling and underground mining contractors, whose availability can influence project timing 1.
- Mining equipment suppliers
Access to exploration and mining equipment is limited by industry competition, which can affect planning 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Financial statements and exhibits
- Quarterly report02 Nov 2026
- Current report15 Oct 2026Regulation FD disclosure
- Current report22 Sept 2026Other events · Financial statements and exhibits
- Current report22 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report30 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report26 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / i-80 Gold Corp. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / i-80 Gold Corp. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / i-80 Gold Corp. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.