i-80 Gold Corp. (NYSE:IAUX) is one of the 9 Best Junior Gold Mining Stocks to Buy Now. i-80 Gold Corp. (NYSE:IAUX) shares have surged over 144% over the past six months. Analysts covering IAUX remain bullish on the stock with a consensus Buy rating as the stock has a median price target of $1.95. This reflects a healthy upside potential of just over 29% as of January 5. On December 18, i-80 Gold Corp. (NYSE:IAUX) reported major refurbishment progress of its Lone Tree Plant in North Nevada. The company s ...

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].

i-80 Gold (NYSEAM:IAUX) Q3 2025 Earnings Call November 13, 2025 10:00 AM ET Company ParticipantsRichard Young - CEORyan Snow - CFOPaul Chawrun - COOConference Call ParticipantsDon DeMarco - Equity Research AnalystOmeet Singh - AnalystOperatorHello, and thank you for joining us for i-80 Gold's 2025 third quarter conference call and webcast. Today's company presenters include Richard Young, President and Chief Executive Officer of i-80 Gold, Paul Chawrun, COO, and Ryan Snow, CFO. Before we continue, please no ...

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]

Operational Progress - Granite Creek underground development saw mined grades and tonnage reconcile well with the geological model, with improved groundwater management[16] - Archimedes underground construction commenced on time, marking the start of the company's second planned underground mine[16] - The company expects to meet its 2025 consolidated guidance of 30,000 to 40,000 ounces of gold[16] - Approximately 15,000 tonnes of oxide material at 9.8 g/t Au and approximately 15,000 tonnes of 2.95 g/t, along with approximately 20,000 tonnes of sulfide material at 10.7 g/t Au were mined at Granite Creek[23] - At Archimedes underground, development reached over 1,000 feet of drift advance as of early November[32] - Approximately 41,000 meters of infill drilling were completed at Cove underground across the Gap and Helen zones[35] Financial Highlights - Revenue reached $32.019 million for the three months ended September 30, 2025, compared to $11.509 million for the same period in 2024[45] - Gross profit was $3.118 million for the three months ended September 30, 2025, a significant improvement from a loss of $4.920 million in the same period of 2024[45] - The company reported a net loss of $41.867 million, or $0.05 per share, for the three months ended September 30, 2025[45] - The company's cash balance was approximately $103 million at the end of the quarter[46] Recapitalization and Future Plans - Approximately $200 million was raised through bought-deal and private placements in 2025[48] - The company is targeting $350 million - $400 million in financing[48]

Revenue and Sales Performance - Revenue for Q3 2025 increased to $32.0 million, up 178% from $11.5 million in Q3 2024, driven by higher gold ounces sold and a higher average realized gold price [104][106]. - Gold sales for Q3 2025 reached 9,368 ounces at an average realized price of $3,412 per ounce, compared to 4,740 ounces at $2,441 per ounce in Q3 2024 [104][106]. - Revenue for the nine months ended September 30, 2025, was $73.9 million, an increase of 173% from $27.1 million in the prior year period [176]. - Gold ounces sold totaled 22,720 ounces at an average realized gold price of $3,243 per ounce, compared to 12,247 ounces at $2,422 per ounce during the same period of 2024 [176]. - Gold revenue for the nine months ended September 30, 2025, was $73,683,000, up from $29,667,000 in the same period of 2024, representing a growth of 148% [233]. Financial Performance - Net loss for Q3 2025 decreased to $41.9 million from $43.1 million in Q3 2024, despite increased pre-development and exploration expenses [104][106]. - The company incurred a net loss of $41.9 million in Q3 2025, compared to a net loss of $43.1 million in Q3 2024, indicating a slight improvement in financial performance [167]. - Adjusted loss for the three months ended September 30, 2025, was $34,255,000, compared to an adjusted loss of $31,603,000 in Q3 2024, indicating a deterioration in performance [234]. - Adjusted loss per share for the three months ended September 30, 2025, was $(0.04), compared to $(0.08) in Q3 2024, showing a reduction in loss per share [234]. - Total adjustments to net loss for Q3 2025 amounted to $7,612,000, compared to $11,496,000 in Q3 2024, indicating a decrease in one-time items affecting the loss [234]. Operational Efficiency - Gross profit improved to $3.1 million in Q3 2025 from a gross loss of $4.9 million in Q3 2024, attributed to enhanced operational efficiencies at Granite Creek [104][106]. - Cash used in operating activities improved to $15.2 million in Q3 2025 from $23.5 million in Q3 2024, reflecting higher gross profit [104][106]. - Gold ounces sold from Granite Creek increased to 7,325 ounces in Q3 2025, compared to 1,992 ounces in Q3 2024, reflecting a significant operational improvement [135]. Exploration and Development - The company completed approximately 53,000 feet of core drilling in Q3 2025 to enhance mineral resource definition [110]. - The Company plans to complete a feasibility study for Granite Creek Underground in Q1 2026, incorporating updated mineral resource estimates [142]. - The Ruby Hill property is expected to become the Company's second underground mine, with construction of the Archimedes project underway [145]. - The Granite Creek open pit project is advancing towards a pre-feasibility or feasibility level study, with permitting activities progressing as planned [144]. - The Cove project is expected to begin contributing to production by mid-2029, with a feasibility study planned for completion in Q1 2026 [155]. Cash and Capital Management - Cash balance as of September 30, 2025, was $102.9 million, a decrease of $30.8 million from June 30, 2025, primarily due to pre-development expenses [110]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $139.1 million, an increase from $74.6 million in the prior year, due to higher proceeds from equity issuances [225]. - The Company needs to raise additional capital to execute its three-phase development plan despite being in a solid position to meet short-term liquidity requirements [188]. Agreements and Liabilities - The Company entered into a New Gold Prepay and Silver Purchase Agreement with National Bank, selling approximately 6,864 ounces of gold and 345,549 ounces of silver, with full repayment completed in May 2025 [125]. - The Company entered into a Silver Purchase Agreement with Orion for $30.0 million, requiring delivery of 100% of silver production until 1.2 million ounces are delivered, then reducing to 50% until 2.5 million ounces, and finally to 10% from the Ruby Hill Project [202]. - As of September 30, 2025, the total liability related to the Silver Purchase Agreement is $17.9 million, with an embedded derivative valued at $12.4 million and 94,576 ounces remaining to be delivered [203]. - The Gold Prepay Agreement and Silver Purchase Agreement deliveries were deferred to March 31, 2025, with the issuance of five million common share purchase warrants to Orion priced at C$1.01 [204].

Core Insights - I-80 Gold has announced a new high-grade polymetallic resource at its FAD project in Nevada, aimed at enhancing the marketability of this non-core asset as part of its recapitalization plan [1][3] Resource Details - The FAD project contains 594,000 indicated tonnes with grades of 4.51 grams per tonne gold, 209.7 grams silver, 4.3% lead, and 6.8% zinc, equating to 86,000 ounces of gold, 4 million ounces of silver, 57 million pounds of lead, and 89 million pounds of zinc [2] - Additionally, there are 2.74 million inferred tonnes at 5 grams gold, 188.6 grams silver, 3.7% lead, and 4.4% zinc, which translates to 446,000 ounces of gold, 16.6 million ounces of silver, 223 million pounds of lead, and 267 million pounds of zinc [2] Strategic Plans - The company aims to raise $350–$400 million through financing, royalty sales, and the sale of the FAD deposit to support its core assets and multi-asset development strategy [3] - I-80 Gold is focused on becoming a mid-tier gold producer in Nevada, with key projects including Lone Tree, Granite Creek, Cove, and Ruby Hill [3] Market Performance - I-80 Gold's shares increased nearly 1% to C$1.29, although they have decreased by 12% over the past year, with a market capitalization of C$1 billion (approximately $712 million) [4] Additional Developments - Near-surface oxide gold has been confirmed at Gold Hill, which could be processed through the Ruby Hill heap-leach facility, showing an 85% gold recovery in preliminary tests [5] - The net smelter returns for the indicated and inferred resources are estimated at about $430 and $442 per tonne, respectively [6] Ongoing Projects - Recent infill drilling at Granite Creek Underground has yielded promising results, with significant gold grades reported [7] - Development and feasibility studies are ongoing at Ruby Hill and Granite Creek, with plans for advanced engineering at Lone Tree [8] - Key challenges include securing long-lead permits and completing the refurbishment of the autoclave at Lone Tree [10]