i-80 Gold Corp. (NYSE:IAUX) is among the 11 Best Gold Stocks to Buy for 2026. i-80 Gold Corp. (IAUX) Announces New High-Grade Assay Results i-80 Gold Corp. (NYSE:IAUX) released fresh high-grade test findings from its 2025 drilling program at Nevada’s Granite Creek Underground Project on January 20, 2026. The South Pacific Zone’s high-grade mineralization was verified by the results of forty holes, which also suggested the possibility of growth to the north and at depth. The 2025 program included step-out ...

Ronald Butler Jr. is a Certified Public Accountant (CPA) with more than 30 years of experience in audit, financial and strategic planning, operational excellence, digital transformation, and corporate governance across industries including mining and metals, energy, technology, and consumer products. Mr. Butler spent 29 years with Ernst & Young LLP (EY) in Arizona, most recently serving as Managing Partner from 2008 until his retirement in 2024. From 2022 to 2024, he also served as EY's U.S. Mining & Metals ...

TORONTO, Jan. 20, 2026 /PRNewswire/ - i-80 GOLD CORP. (TSX:IAU) (NYSE American:IAUX) ("i-80 Gold", or the "Company") is pleased to announce assay results from its 2025 drilling campaign at the Granite Creek Underground Project ("Granite Creek Underground" or the "Project"). New assay results from 40 holes continue to demonstrate robust high-grade mineralization throughout the South Pacific Zone (the "SPZ") confirming expansion of the mineralized envelope and potential for mineral resource expansion to the ...

Core Insights - i-80 Gold Corp. (NYSE:IAUX) is recognized as one of the best junior gold mining stocks to buy, with shares increasing over 144% in the past six months and a consensus Buy rating from analysts, indicating a median price target of $1.95, representing a potential upside of over 29% as of January 5 [1][4]. Group 1: Refurbishment Progress - On December 18, i-80 Gold Corp. reported significant refurbishment progress at its Lone Tree Plant in North Nevada, with the ability to process sulfide and oxide gold-bearing feed at a rate of 2,268 tonnes per day as outlined in Hatch's engineering study [2]. - The management aims to transition from toll mining to an owner-operator processing model, which could reduce costs by one-third and increase margins by approximately $1,000 to $1,500 per ounce of gold [3]. - A new capital benchmark of $430 million has been established, higher than previous expectations, with a potential payback period of 1 to 2 years, and construction activities are expected to commence in the second half of 2026 [3]. Group 2: Market Position and Sentiment - i-80 Gold Corp. is one of only two companies in Nevada with an autoclave facility, enhancing its potential and aligning with its strategic objectives [4]. - The company's shares have experienced a significant increase of over 138% in the past six months, reflecting strong investor sentiment and a promising outlook for the Lone Tree Plant [4].

Summary of i-80 Gold Conference Call Company Overview - **Company**: i-80 Gold (NYSEAM:IAUX) - **Focus**: Refurbishment of the Lone Tree plant in northern Nevada, part of a hub-and-spoke mining and processing strategy Key Points Industry Context - The Lone Tree plant is a significant asset for i-80 Gold, designed to process high-grade refractory and oxide feed from three underground gold projects: Granite Creek, Archimedes, and Cove [3][4] - i-80 Gold is one of two companies in Nevada with autoclave processing facilities, the other being Nevada Gold Mines [3][4] Refurbishment Update - The refurbishment of the Lone Tree plant is a major milestone, expected to enhance processing capabilities and improve economic margins [4][5] - The engineering study was completed by Hatch Ltd, confirming the design and capital costs for the refurbishment [5][8] - The total estimated capital cost for the refurbishment is approximately $430 million, which includes a contingency of 12% and capital spares [13][18] Economic Impact - Once operational, the plant is expected to improve margins by $1,000 to $1,500 per ounce of gold, significantly enhancing free cash flow generation [4][12] - The project is anticipated to have a payback period of 12 to 24 months, depending on gold prices and ore grades [14][18] Project Timeline - Early works commenced in Q3 2025, with full construction targeted to begin in the second half of 2026 and commissioning expected by the end of 2027 [15][16] - Permitting applications for new operational components are projected to be submitted in Q1 2026 [16] Recapitalization Strategy - i-80 Gold is advancing a recapitalization plan to fund the refurbishment and restructure existing debt obligations of approximately $200 million [18][21] - The company is evaluating multiple financing options, including senior debt and a potential royalty sale [19][20] Operational Insights - The plant is designed to process up to 2,268 metric tons per day, with a focus on processing sulfide ore from the underground mines [12][26] - The updated design incorporates an acid-based POX process, expected to enhance gold recovery compared to previous designs [13][11] Team and Execution Risk - The internal team has extensive experience in autoclave operations, which is expected to reduce execution risk and support permitting [10][11] - Approximately 600,000 direct construction hours are estimated for the refurbishment, with a peak workforce of about 400 personnel [9][10] Future Production Goals - i-80 Gold aims to increase production from less than 50,000 ounces in the current year to over 600,000 ounces by the early 2030s [32] Additional Insights - The refurbishment includes environmentally responsible upgrades, such as a mercury abatement circuit and a tailings filtration system [11][12] - The company has hired a dozen new technical staff to support the development plan [32] This summary encapsulates the critical aspects of the i-80 Gold conference call, highlighting the company's strategic initiatives, financial outlook, and operational plans.

Lone Tree Plant Refurbishment - The Lone Tree plant refurbishment is a key project to enable a hub-and-spoke mining and processing strategy for i-80 Gold Corp[14] - The refurbishment aims to unlock transformational value by enabling in-house processing of both sulfide and oxide material from three underground operations[21] - The refurbishment project has completed ~30% detailed engineering, suggesting a high level of technical definition and improved accuracy of capital cost estimates[26] - The anticipated processing scenario is expected to increase margins by approximately $1,000 - $1,500/oz Au at Granite Creek and Archimedes, driving free cash flow generation[21] - The refurbishment project is estimated to require ~600,000 direct construction hours, which is relatively low compared to greenfield mining projects with 1M+ construction hours[26] Production and Development Plan - The company aims to become a mid-tier gold producer with a target of producing 500,000 ounces of gold per annum[2] - The company anticipates average annual gold production to exceed 600,000 ounces in Phase 3 (2032E+), incorporating Granite Creek Underground, Archimedes Underground, Lone Tree Autoclave, Cove Underground, Granite Creek Open Pit, and Mineral Point Open Pit[48] - The company expects to secure funding for the recapitalization plan by the end of Q2 2026 or earlier, aligning with the scheduled construction decision for the Lone Tree refurbishment[43] Financials and Risks - The Lone Tree plant refurbishment project has a revised capital expenditure (CAPEX) of $430 million, compared to the 2023 study's $386 million[37] - The company is actively pursuing senior debt and royalty financing options, with due diligence and evaluation underway[43] - The company is considering the sale of the FAD non-core asset, with indicative proposals expected in early 2026[43]

Core Viewpoint - The refurbishment of the Lone Tree Plant is a significant step in i-80 Gold's strategy to transition from toll-milling to an owner-operator processing model, which is expected to enhance margins and free cash flow generation [1][3]. Development Plan - The refurbishment is part of a broader development plan aimed at establishing i-80 Gold as a mid-tier gold producer [1]. - The capital cost estimate for the refurbishment is $430 million, which includes $412 million for direct and indirect costs and $18 million for capital spares [4][17]. Engineering and Technical Aspects - The engineering study conducted by Hatch Ltd. confirms that the refurbishment will involve standard upgrades to improve operational efficiency with low execution risk [3]. - Approximately 30% of detailed engineering is complete, providing improved accuracy in capital cost estimates [3]. - The plant will have a nameplate capacity of 2,268 tonnes per day, processing both refractory and non-refractory materials [4][13]. Financial Projections - The transition to an owner-operated model is projected to reduce processing costs to about one-third, increasing margins by approximately $1,000 to $1,500 per ounce of gold [4][19]. - A potential payback period for the refurbishment is estimated at 12 to 24 months, depending on the grade processed and gold prices [4]. Timeline and Next Steps - Early works have commenced, and construction activities are expected to begin in the second half of 2026, with commissioning anticipated by the end of 2027 [4][22][23]. - The company aims to complete its recapitalization plan by the end of the second quarter of 2026 or earlier [1][19]. Environmental and Compliance Considerations - The refurbishment will include upgrades to meet new environmental compliance standards, such as a new mercury abatement circuit and a tailings filtration system [6][9]. - The company is on track to complete engineering designs for construction and environmental permits by the fourth quarter of 2025, with applications to be submitted in the first quarter of 2026 [20][22]. Company Background - i-80 Gold is focused on building a mid-tier gold producer in Nevada, leveraging its existing infrastructure and strategic asset portfolio [30]. - The Lone Tree property, acquired from Nevada Gold Mines in October 2021, includes significant existing infrastructure and has a history of production [24][30].

Financial Data and Key Metrics Changes - Third quarter gold sales nearly doubled over the prior year period to approximately 9,400 ounces, with total revenue from gold sales increasing to approximately $32 million due to higher ounces sold and a higher average realized gold price of $3,412 per ounce [16] - The company reported a net loss of approximately $42 million or $0.05 per share, similar to the prior year period, reflecting the development stage and strategic investments [17] - Gross profit swung from a loss in 2024 to a gain in 2025, marking a roughly $24 million increase, with the third quarter being the fourth consecutive quarter of gross profit [17] Business Line Data and Key Metrics Changes - At Granite Creek Underground, approximately 15,000 tons of oxide mineralized material were mined at a grade of about 9.8 grams per ton, and 20,000 tons of sulfide material at a grade of about 10.7 grams per ton were also mined [7] - Gold sold totaled 7,400 ounces for the quarter and 16,400 ounces for the nine-month period [7] - At Lone Tree and Ruby Hill, approximately 2,000 ounces were recovered and sold from existing leach pads in the third quarter [8] Market Data and Key Metrics Changes - The company continues to trade at a deep discount to comparable developers despite a significant resource base, indicating potential for market recognition of its value [22] Company Strategy and Development Direction - The company aims to create a Nevada-focused mid-tier gold producer, with ongoing projects at Granite Creek and Archimedes, and plans for a recapitalization to support phases I and II of its development plan [2][6] - A sustainability strategy is being established in collaboration with a leading firm, reflecting the company's focus on long-term value creation [4] - The company is evaluating ways to accelerate value creation, including a potential pre-feasibility study on Mineral Point [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the development plan and unlocking the value of its resource base as it moves into 2026 and 2027 [38] - The company is optimistic about achieving steady-state production at its first mine and commencing production at its second mine, Archimedes, while completing feasibility studies for multiple projects [21] Other Important Information - The company closed the quarter with a cash balance of approximately $103 million, a decrease from the previous quarter due to development spending [18] - A construction decision for the Lone Tree plant is anticipated in the second quarter of 2026, with commissioning targeted for the end of 2027 [15] Q&A Session Summary Question: Where is the company currently mining and when will it start mining from the longer levels in the South Pacific Zone? - The company is mostly in the OG Zone now and has started the upper zone of South Pacific, expecting to be around 60% South Pacific and 40% OG Zone next year [25] Question: What are the steps being taken to process oxide through the Lone Tree plant? - The autoclave can be bypassed with oxide ore, and the company is evaluating the potential for feeding that through once close to commissioning [28] Question: Regarding the recapitalization plan, is there a reconsideration of divesting the non-core FAD asset? - The company is aware of the high-grade resource but will not be able to develop it until the end of the 2030s or early 2040s, and is evaluating options for fair value [32] Question: What is the expected CapEx for the refurbishment of the Lone Tree autoclave and Archimedes' development in 2026? - The refurbishment is estimated at $400 million, with about $175 million expected to be spent in 2026, and Archimedes' development is expected to be around $40 million [33]

Financial Data and Key Metrics Changes - Third quarter gold sales nearly doubled over the prior year period to approximately 9,400 ounces, with total revenue from gold sales increasing to approximately $32 million due to higher ounces sold and a higher average realized gold price of $3,412 per ounce [16][17] - The company reported a net loss of approximately $42 million or $0.05 per share, similar to the prior year period, reflecting the development stage and strategic investments [17] - Cash used in operating activities was approximately $15 million, a decrease from about $24 million in the prior year, attributed to higher gross profit and working capital [17][18] - The company closed the quarter with a cash balance of approximately $103 million, a decrease from the previous quarter due to development spending [18] Business Line Data and Key Metrics Changes - At Granite Creek Underground, approximately 15,000 tons of oxide mineralized material were mined at a grade of about 9.8 g per ton, and 20,000 tons of sulfide material at a grade of about 10.7 g per ton were also mined [7][8] - Gold sold totaled 7,400 ounces for the quarter and 16,400 ounces for the nine-month period [7] - The Lone Tree plant refurbishment study is substantially complete, with a construction decision anticipated in the second quarter of 2026 [15] Market Data and Key Metrics Changes - The company continues to trade at a deep discount to comparable developers despite a significant resource base, indicating potential for market recognition of its value [22] Company Strategy and Development Direction - The company aims to create a Nevada-focused mid-tier gold producer, with ongoing projects including Granite Creek and Archimedes [2][3] - A recapitalization plan is in progress, with expectations to secure a financing package by mid-2026 to support various phases of development [5][19] - The company is evaluating ways to accelerate value creation, including a potential pre-feasibility study on Mineral Point [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the development plan and unlocking the value of the resource base as they move into 2026 and 2027 [38] - The company is entering a transformational period with major milestones expected over the next 12-18 months, including steady-state production at the first mine and commencement of production at the second mine [21] Other Important Information - The company has made significant progress in hiring skilled talent across various roles to support project execution [4] - The installation of a second, larger water treatment plant is on track for completion at the end of Q1 2026 to support long-term groundwater management [8] Q&A Session Summary Question: Where is the company currently mining and when will it start mining from longer levels in the South Pacific Zone? - The company is mostly in the OG Zone now and expects to be around 60% in the South Pacific Zone next year, with more focus on South Pacific in the long term [25] Question: What steps are being taken to process oxide through the Lone Tree plant? - The autoclave can be bypassed with oxide ore, and the company is evaluating the potential for feeding that through as they approach commissioning [28] Question: Regarding the recapitalization plan, is the company reconsidering the divestment of the non-core FAD asset? - The company is aware of the high-grade resource but will not be able to develop it until the end of the 2030s or early 2040s; they are evaluating all options for recapitalization [32] Question: What is the expected CapEx for the refurbishment of the Lone Tree autoclave and Archimedes' development in 2026? - The refurbishment is estimated at $400 million, with about $175 million expected to be spent in 2026, and Archimedes' development is expected to be around $40 million [33]

Financial Data and Key Metrics Changes - Third quarter gold sales nearly doubled over the prior year period to approximately 9,400 ounces, with total revenue from gold sales increasing to approximately $32 million for the quarter, driven by higher ounces sold and a higher average realized gold price of $3,412 per ounce [17][18] - The company reported a net loss of approximately $42 million or $0.05 per share, similar to the prior year period, reflecting the development stage and strategic investment [18] - Cash used in operating activities decreased to approximately $15 million compared to about $24 million in the prior year due to higher gross profit and working capital [18][19] Business Line Data and Key Metrics Changes - At Granite Creek Underground, approximately 15,000 tons of oxide mineralized material were mined at a grade of about 9.8 grams per ton, and approximately 20,000 tons of sulfide material at a grade of about 10.7 grams per ton were mined [8][9] - The stockpile of sulfide material processed by a third-party autoclave was normalized by quarter-end, and gold sold totaled 7,400 ounces for the quarter [8][9] Market Data and Key Metrics Changes - The company continues to recover gold from existing leach pads at Lone Tree and Ruby Hill, with approximately 2,000 ounces recovered and sold in the third quarter [9] Company Strategy and Development Direction - The company aims to create a Nevada-focused mid-tier gold producer, with significant progress made towards key milestones in its development plan [2][3] - A recapitalization plan is underway, with expectations to secure a financing package by mid-2026 to support various phases of the development plan [5][19] - The company is focused on long-term value creation and has initiated a sustainability strategy to attract and retain talent [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the development plan and unlocking the value of the resource base as the company moves into 2026 and 2027 [22][39] - The company believes it is trading at a deep discount compared to comparable developers, indicating potential for market recognition of its value [23] Other Important Information - The Lone Tree plant refurbishment study is substantially complete, with a construction decision anticipated in the second quarter of 2026 [16] - The company is evaluating ways to accelerate value creation, including a potential pre-feasibility study on Mineral Point [5] Q&A Session Summary Question: Where is the company currently mining and when will it start mining from longer levels in the South Pacific Zone? - The company is mostly mining in the OG Zone and has started the upper zone of the South Pacific. It expects to be around 60% in the South Pacific Zone next year [25][26] Question: What are the steps being taken to process oxide through the Lone Tree plant? - The autoclave can be bypassed with oxide ore, and the company is evaluating the potential for feeding that through as commissioning approaches [28] Question: Regarding the recapitalization plan, is the company reconsidering the disposition of the non-core FAD asset? - The company is evaluating all options for recapitalization, including the potential sale of the FAD asset, but will only proceed if a fair value can be obtained [32][33] Question: What is the expected CapEx for the refurbishment of the Lone Tree autoclave and Archimedes' development in 2026? - The refurbishment is estimated at $400 million, with approximately $175 million expected to be spent in 2026, and Archimedes' development is expected to be about $40 million [34][35]