i-80 Gold
IAUX on NYSEAmerican. i-80 Gold mines gold and sells it to gold buyers and refineries. Market value $1.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-13.33 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -15 cents a year. Above 10 is good.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.61 a share, 81% above its 1-year low
Over the past year the price has ranged from $0.89 to $2.24.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $186 million in the past 12 months, a shortfall of $93 million in the year to December 2025.
| Revenue | ||||
| Revenue | n/a | $55m | $50m | $95m |
| Operating margin | ||||
| Operating margin | n/a | -183.9% | -177.0% | -130.7% |
| Debt to equity | ||||
| Debt to equity | 0.38 | 0.56 | 0.56 | 0.50 |
| Shares outstanding | ||||
| Shares outstanding | 0.24bn | 0.30bn | 0.83bn | 0.87bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.50× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 260% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $24 million last quarter, down 13% on a year ago.
- A loss of $53 million, compared with a loss of $30 million a year ago.
- It loses 112 cents on each $1 of sales, compared with 99 cents a year earlier.
- Over the past 12 months it spent $186 million more cash than it brought in, compared with $69 million a year earlier.
- 42% more shares than a year ago. Each share owns a bit less of the company.
- It has $19 million more cash than debt. A year ago debt was $42 million more than cash.
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | $14m |
| June 2025 | $28m |
| September 2025 | $32m |
| December 2025 | $21m |
| March 2026 | $52m |
| June 2026 | $24m |
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | -$41m |
| June 2025 | -$30m |
| September 2025 | -$42m |
| December 2025 | -$86m |
| March 2026 | -$79m |
| June 2026 | -$53m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 179 funds in all.
- Aegis FinancialScott Barbee
- Value
- $2m
- Share of fund
- 0.3%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Aegis FinancialScott Barbee | $2m | 0.3% |
Sold out this quarter
Largest holders overall
- Condire Management, LP$118m
- Sprott$38mCut
- Vanguard Capital Management$36mAdded
- VAN ECK Associates$31m
- Pale Fire Capital SE$27mCut
- Tidal Investments$27mAdded
- Nokomis Capital, L.L.C.$27mCut
- Trek Financial$18mAdded
- TWO Sigma Investments, LP$16mAdded
- Groupe la Francaise$8m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Condire Management, LPPassive investorat least 9.9%0.0 pts(filed with 3 related holders)Since 30 September 2025
- Libra Advisors, LLCPassive investorat least 7.4%(filed with 3 related holders)Since 9 May 2025
- Daniel KaufmanPassive investor6.3%−3.4 ptsSince 31 December 2025
- Sprott Inc.Passive investorat least 5.3%(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 31 December 2024
- ORION RESOURCE PARTNERS (USA) LPPassive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Condire Management, LP Passive investor | at least 9.9%0.0 pts (filed with 3 related holders) | 30 September 2025 | |
Libra Advisors, LLC Passive investor | at least 7.4% (filed with 3 related holders) | 9 May 2025 | |
Daniel Kaufman Passive investor | 6.3%−3.4 pts | 31 December 2025 | |
Sprott Inc. Passive investor | at least 5.3% (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
ORION RESOURCE PARTNERS (USA) LP Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $3m of shares on the open market. 1 sold $72,161.
- Begeman John ArthurDirectorSold
- Date
- 2 September 2026
- Shares
- 19,231
- Price
- $1.74
- Value
- $33,435
- Savarie David RogerEVP, General CounselBought
- Date
- 18 August 2026
- Shares
- 4,575
- Price
- $1.59
- Value
- $7,274
- Young Richard ScottPresident and CEO, DirectorBought
- Date
- 18 August 2026
- Shares
- 1,000,000
- Price
- $1.62
- Value
- $2m
- Begeman John ArthurDirectorSold
- Date
- 28 May 2026
- Shares
- 24,356
- Price
- $1.59
- Value
- $38,726
- Yopps Steven W.DirectorBought
- Date
- 15 May 2026
- Shares
- 50,000
- Price
- $1.47
- Value
- $73,500
- Seaman John WilliamDirectorBought
- Date
- 30 March 2026
- Shares
- 32,000
- Price
- $1.42
- Value
- $45,440
- Butler Ronald JrDirectorBought
- Date
- 25 March 2026
- Shares
- 17,730
- Price
- $1.41
- Value
- $24,999
- Savarie David RogerEVP, General CounselBought
- Date
- 25 March 2026
- Shares
- 6,500
- Price
- $1.40
- Value
- $9,100
- Young Richard ScottPresident and CEO, DirectorBought
- Date
- 25 March 2026
- Shares
- 1,000,000
- Price
- $1.40
- Value
- $1m
- Seaman John WilliamDirectorBought
- Date
- 9 December 2025
- Shares
- 20,000
- Price
- $1.30
- Value
- $26,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Begeman John Arthur Director | Sold | 19,231 | $1.74 | $33,435 |
| 18 August 2026 | Savarie David Roger EVP, General Counsel | Bought | 4,575 | $1.59 | $7,274 |
| 18 August 2026 | Young Richard Scott President and CEO, Director | Bought | 1,000,000 | $1.62 | $2m |
| 28 May 2026 | Begeman John Arthur Director | Sold | 24,356 | $1.59 | $38,726 |
| 15 May 2026 | Yopps Steven W. Director | Bought | 50,000 | $1.47 | $73,500 |
| 30 March 2026 | Seaman John William Director | Bought | 32,000 | $1.42 | $45,440 |
| 25 March 2026 | Butler Ronald Jr Director | Bought | 17,730 | $1.41 | $24,999 |
| 25 March 2026 | Savarie David Roger EVP, General Counsel | Bought | 6,500 | $1.40 | $9,100 |
| 25 March 2026 | Young Richard Scott President and CEO, Director | Bought | 1,000,000 | $1.40 | $1m |
| 9 December 2025 | Seaman John William Director | Bought | 20,000 | $1.30 | $26,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 14 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.