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RENO - i-80 Gold Corp. (TSX:IAU) (NYSE American:IAUX), currently trading near its 52-week high of $65 with a market capitalization of $47.45 billion, reported progress on its Nevada development plan aimed at transforming the company into a mid-tier gold producer, according to a press release statement. InvestingPro data shows the company has delivered impressive returns, with a 41% gain over the past year.
The company has completed Preliminary Economic Assessments for five projects in the first quarter of 2025 and continues to advance technical work across its portfolio of assets. With an attractive P/E ratio of 3.52 and an InvestingPro Financial Health Score rated as "GREAT," the company appears well-positioned to execute its development strategy. For detailed analysis and additional insights, investors can access more than 6 exclusive ProTips on the platform.
At Granite Creek Underground, the company’s first operating gold mine, ramp-up activities continue with implementation of a hydrogeological model to improve dewatering of underground workings. Infill drilling of the South Pacific Zone has begun from both surface and underground, with approximately 40 holes planned totaling 14,000 meters. A feasibility study is underway with completion targeted for the first quarter of 2026.
The company is also optimizing its Lone Tree Autoclave Processing Facility feasibility work with Hatch Ltd., with an updated study expected in the fourth quarter of 2025. The facility is one of three autoclave operations in Nevada and is described as strategic for processing the company’s high-grade underground refractory material.
At the Archimedes Underground project at Ruby Hill, final permitting stages are nearing completion with approval expected in the third quarter of 2025. Surface infrastructure for the external portal has been completed, with underground development anticipated to begin shortly.
The Cove Underground project has completed infill drilling with a feasibility study targeted for the first quarter of 2026. National Environmental Policy Act permitting activities are underway.
Technical work continues on the Granite Creek Open Pit project, while the Mineral Point Open Pit at Ruby Hill has initiated core drilling to support ongoing assessments.
Paul Chawrun, Chief Operating Officer of i-80 Gold, stated that the company is "making steady progress in laying the groundwork" to bring its projects into production. The market appears to recognize this progress, with the stock showing strong momentum, gaining over 25% in the past six months according to InvestingPro data.
In other recent news, i-80 Gold Corp. has announced an upsized offering of $160 million due to high demand. The company will issue 320 million units at $0.50 each, with each unit comprising one common share and a half warrant. This move follows a previous agreement to secure $135 million through a bought deal with National Bank Financial Inc. and Cormark Securities Inc. The underwriters have an over-allotment option that could potentially raise an additional $24 million, bringing the total proceeds to $184 million. The offering is expected to close around May 16, 2025, pending customary corporate and regulatory approvals. The proceeds are intended to support the company’s growth expenditures and general corporate purposes in Nevada. Investors can access the prospectus supplements through the SEC and SEDAR+ websites. i-80 Gold Corp. continues to work toward becoming a mid-tier gold producer by advancing its exploration projects and leveraging its central processing facility.
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