i-80 Gold Corp.

Nevada-focused development-stage gold miner ramping Granite Creek but burning cash with a thin runway.

Strengths

• Revenue grew 89% (89th pct) to $95.2M as Granite Creek ramped; gross profit swung positive
• Large Nevada resource base; cash $63.2M (64th pct), moderate debt/equity 0.28

Risks

• Cash runway only ~2.7 quarters against $83.6M operating cash burn and a $430M Lone Tree capex need
• Deeply negative margins (operating -131%, net -209%) and $198.8M net loss
• Binary financing/permitting risk to fund multi-project development pipeline

Notable findings

• No interest coverageInterest coverage -4.20 (cannot cover interest)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -208.9%)
• Cash burnNegative free cash flow (-93.2M)
• Weak liquidityCurrent ratio 0.73 (<1)
• Chronic dilutionShare count +31%/yr over 1y (dilution, book value/share -22%)