The recapitalization and fully funded development plan remove the existential going concern risk that previously weighed on the stock. With $513.5M cash and a clear path to 150,000-200,000 oz gold production by 2028, the stock should re-rate higher. Key catalysts to watch: feasibility studies for Cove and Granite Creek (Q2 2026), first gold from Upper Archimedes (H2 2026), and Lone Tree Plant commissioning (Dec 2027). Monitor for potential dilution from warrant exercises and convertible note conversion.
Price Chart
Executive Summary
i-80 Gold reported Q1 2026 revenue of $52.4M, up 273% YoY from $14.0M, driven by higher gold sales and a record average realized gold price of $4,941/oz. Gross profit surged to $16.1M from $2.9M, but net loss widened to $78.6M from $41.2M due to $48.4M in non-cash derivative revaluations and $7.1M in debt extinguishment losses. The company completed a transformational recapitalization raising $787.5M, eliminating going concern risk and fully funding its development plan, including the Lone Tree Plant refurbishment.
Key Financial Metrics
Key Facts
- Revenue increased 273% YoY to $52.4M from $14.0M
- Gross profit rose to $16.1M from $2.9M, highest quarterly gross profit to date
- Gold sold: 10,590 oz at avg realized price of $4,941/oz vs 4,952 oz at $2,825/oz YoY
- Net loss widened to $78.6M from $41.2M due to $48.4M non-cash derivative revaluations and $7.1M loss on debt extinguishment
- Completed recapitalization raising $787.5M (NSR royalty, gold prepay, convertible notes), eliminating going concern doubt
- Cash balance increased to $513.5M from $102.9M at Dec 31, 2025
- Approved construction decision for Lone Tree Plant refurbishment, targeting first gold pour Dec 2027
- 2026 guidance maintained as originally published
- Prior Q3 2025 filing showed revenue of $32.0M, net loss of $41.9M, and cash of $102.9M
Financial Impact
Revenue surged to $52.4M (273% YoY), gross profit $16.1M, cash position $513.5M post-recapitalization
Risk Factors
- Execution risk on Lone Tree Plant refurbishment and development timeline
- Gold price volatility could impact economics of development plan
- Potential dilution from 345M warrants (exercise price $0.70) and convertible notes
- Remaining Silver Purchase Agreement liability still outstanding
- Pre-development spending continues to pressure cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-034215 |
| Document: iaux-20260512.htm | 0001628280-26-034215 |
| Document: 0001628280-26-034215-index-headers.html | 0001628280-26-034215 |
| Document: 0001628280-26-034215-index.html | 0001628280-26-034215 |
| Document: 0001628280-26-034215.txt | 0001628280-26-034215 |
| 8-K Data (Synthetic) | 0001628280-26-034215 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Press Release | $1.50 | awaiting T+60 | — | $1.53 (+2.00%) |
Oct 15, 2026 12d ago | 8-K | $1.53 | awaiting T+60 | — | $1.53 (−0.00%) |
Sep 22, 2026 5w ago | 8-K | $1.87 | awaiting T+60 | — | $1.53 (−18.18%) |
Sep 22, 2026 5w ago | 8-K | $1.87 | awaiting T+60 | — | $1.53 (−18.18%) |
Aug 20, 2026 9w ago | Insider Cluster | $1.81 | awaiting T+60 | — | $1.53 (−15.47%) |
Aug 10, 2026 11w ago | Press Release | $1.66 | awaiting T+60 | — | $1.53 (+7.83%) |
Jul 1, 2026 16w ago | 8-K | $1.45 $1.73 | ▲ +19.31% | ▲ +16.35% | $1.53 (+5.52%) |
Jun 24, 2026 17w ago | 8-K | $1.39 $1.79 | ▲ +28.78% | ▲ +25.05% | $1.53 (+10.07%) |
May 12, 2026 24w ago | 8-K | $0.9800 $0.9140 | ▼ −6.73% | ▼ −11.17% | $1.53 (+56.12%) |
Apr 14, 2026 28w ago | 8-K | — | awaiting T+60 | — | — |
US Market Status
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