I-80 Gold Corp T.IAU

Sprott Report

[Ridgeback]

We see three main takeaways from today’s McCoy-Cove drilling.

First, today’s average of 6 holes of 8m @ 13.9g/t AuEq compares very well (grade is +24%) against the current 1.7Moz @ 11.2g/t resource. With true widths >20m we see reduced mining/execution risk as geometry, grade and continuity are very good.

Second, we expect a steady run of positive newsflow from Cove with decline development completed, leaving a clear runway to drill and convert 1.4Moz @ 11.2g/t inferred resource. At 30m infill spacing, we expect a high conversion ratio from inferred to M&I in the upcoming MRE for inclusion in the mine plan/reserves in the FS.

Third, McCoy Cove is very important in the big picture, because it is the deposit that will determine timing on the autoclave ramp up, so we are very pleased by I-80’s commitment to a thorough (40,000m) drill out. Together with decline development already below the water table, we think I-80 is doing an excellent job of de-risking.

We reiterate our BUY recommendation and C$5.30/sh based on unchanged multiples of 0.60xNAV5%-1850 which sees McCoy Cove development in 2026 with first production and autoclave start-up in 2027, which lifts production to ~390kozpa including the three UG gold assets and Ruby Hill base metals.

Catalysts/Thesis/Valuation: Looking ahead, we’re excited by drilling at Ruby Hill in H2 including following up the Tyche Discovery (17.5m @ 45g/t), the Hilltop CRD zones + PEA at Ruby Deeps, MRE update and FS at McCoy-Cove and updated Granite Creek DFS. Big picture the combination of 1) world class discovery successes at Ruby Hill and 2) advancing towards 400kozpa plus 2028e steady state gives I-80 two attractive paths to advance. I-80 is trading at just 0.3x SCPe NAV5%-1850 or ~ 40% annualized return to SCPe 1x NAV (US$3.0bn) in steady state 2028; we think this offers excellent returns relative to current and future size and liquidity. Figure 1. (A) Long section showing today’s drilling at McCoy-Cove and (B) plan view of the site

[Buckfinder]

Nice to get a professional analysis! glta 

[NineLives]

Very few Gold stocks getting any attention from investors these days as the dog days of summer drag on. Following those last 2 NR's I expected IAU to at least be nudging the $3 level. Its a waiting game, that's for sure, just don't want to see the entry level lower every week. There needs to be a force big enough to take up all this slack and the only one I could imagine at this stage

[AlwaysLong683]

"Very few Gold stocks getting any attention from investors these days as the dog days of summer drag on." Here's a couple that are: Artemis Gold Snowline Gold

[NineLives]

For sure was watching Snowline Gold, nice run. Most of the other gold stocks falling or static. Even KRR dropped from $4.70 to $4.19 and they're a profitable producer. Strange old market, but not too surprised, the 'sell in May' gang haven't returned yet especially with this July like weather. Summer keeps on giving and giving. Problem is for those dropping they just keep