| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 13 | — | 17.8x | Bottom tier | |
Growth | 91 | 69.7% | 7.1% | Top tier | |
Quality | 11 | -16.9% | 4.5% | Bottom tier | |
Safety | 22 | — | 2.6x | Bottom tier | |
Capital Return | 15 | — | 2.12% | Bottom tier | |
Momentum | 69 | 126.8% | 2.9% | Top tier | |
Sentiment | 78 | 1 | 3 | Top tier |
i-80 Gold Corp. is developing and producing gold in Nevada through a portfolio comprising Granite Creek Underground, Archimedes, Cove, and Mineral Point, alongside the Lone Tree processing facility. Current revenue depends on sales of produced gold, particularly from Granite Creek, using third-party processing facilities; the company aims to transition to its own processing at Lone Tree, which management expects will improve cash margins by between $1,000 and $1,500 per ounce starting in 2028. The development plan targets increasing annual production from approximately 50 thousand ounces in 2026 to between 150 thousand and 200 thousand ounces in 2028, with a stated pathway exceeding 600 thousand ounces in the early 2030s.
In fiscal Q2 2026, i-80 Gold recorded revenue of slightly more than $24 million and gross profit of $9 million, equivalent to a gross margin of approximately 37.5%. Gold production reached 11.1 thousand ounces, while sales were limited to 5.3 thousand ounces due to the timing and availability of third-party processing, and production during the first six months increased to approximately 22 thousand ounces versus 14.3 thousand ounces in the comparative period. The company recorded a net loss of $53 million, or $0.06 per share, and an adjusted loss of $41 million, despite the improvement in gross profit.
Granite Creek remained the main operating driver, producing approximately 8.6 thousand ounces in fiscal Q2 2026, while Archimedes was still in the development stage, targeting first gold mined from the Upper 426 zone in fiscal Q4 2026. The company ended the quarter with liquidity of approximately $465 million, down from approximately $514 million at the end of the previous quarter, following a recapitalization and financings totaling more than $1 billion in funded and committed capital since May 2025. The large net loss reflects the non-cash revaluation of financial instruments, financing costs, and pre-development expenses, alongside simultaneous spending on several projects.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average target of $2.60 and identical high and low targets of $2.60; this target is approximately 16% above the 52-week range high of $2.24, but the complete uniformity does not provide a range reflecting different scenarios. No price-to-earnings ratio is available because losses persist, so the valuation is primarily tied to achieving production growth, bringing Lone Tree online on schedule, and reducing processing costs, balanced against the risks of cash losses and delays in technical studies.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
i-80 Gold targets increasing annual production from approximately 50 thousand ounces in 2026 to between 150 thousand and 200 thousand ounces in 2028. This depends on the continued ramp-up of Granite Creek production, the start of gold extraction from Upper 426 at Archimedes during fiscal Q4 2026, and the commissioning of Lone Tree by the end of 2027. Over the longer term, the company presents an organic pathway exceeding 600 thousand ounces annually in the early 2030s through Granite Creek, Archimedes, Cove, and Mineral Point.
The company produced approximately 11.1 thousand ounces in fiscal Q2 2026, while sales were only 5.3 thousand ounces. The reason was limited availability at the third-party processing facility, rather than a decline in the amount of ore mined alone. As a result, 5.3 thousand recoverable ounces undergoing processing and an additional 1.8 thousand recoverable ounces in Granite Creek inventory had accumulated by the end of the quarter.
i-80 Gold targets first gold production from Lone Tree by the end of 2027, and approximately 40% of project costs had been committed through mid-July 2026. Approximately 50% of procurement packages by value had also been awarded, and demolition of facility components requiring replacement began in June 2026. Management expects the transition from toll milling to self-processing in 2028 to improve cash margins by between $1,000 and $1,500 per ounce.
The company ended fiscal Q2 2026 with liquidity of approximately $465 million, compared with approximately $514 million at the end of the previous quarter. Total funded and committed financing exceeded $1 billion since May 2025, with an additional $100 million facility available and $25 million contingent on spending at Mineral Point. However, operating activities used $50 million during the quarter and $95 million during the first six months, so the pace of spending and execution remain critical factors.
Archimedes drilling progressed more slowly due to drill rig availability and a shortage of contractor personnel, extending the campaign into early 2027 and delaying the feasibility study until approximately mid-2027. At Mineral Point, the same constraints, alongside slow drilling through soft Dolomite sands, led to the program being expected to finish in late fiscal Q1 2027. Management confirmed that the delay to the Archimedes study does not change the mine ramp-up schedule or Lone Tree feed assumptions, but execution still depends on completing the technical work safely and effectively.
In fiscal Q2 2026, the company recorded revenue of slightly more than $24 million and gross profit of $9 million, but incurred a net loss of $53 million. Management attributed the loss primarily to the non-cash revaluation of financial instruments, recapitalization financing costs, and higher pre-development expenses as several projects advanced. The adjusted loss was $41 million, compared with $27 million in the corresponding period, demonstrating that expense pressure is not limited to non-cash items alone.
