i-80 Gold Corp (NYSE: IAUX) Surges 7.69% to 2025 High on 286% Q2 Revenue Jump, Strategic Developments

i-80 Gold Corp. (NYSE: IAUX) surged 7.69% on Wednesday, marking its third consecutive day of gains and propelling the stock to a 2025 high. The cumulative rise of 20.56% over three sessions reflects renewed investor confidence amid strategic developments and operational progress at the gold producer.

The company’s Q2 2025 results highlighted a 286% year-over-year revenue jump to $27.8 million, driven by higher gold sales volumes and favorable pricing. With 8,400 ounces sold at an average of $3,301 per ounce, the performance underscores robust market demand for the metal. Improved operational efficiency further bolstered liquidity, as cash used in operating activities fell by 54% to $11.3 million, while cash reserves climbed to $133.7 million.

However, a $175.2 million equity raise in May—raising 371 million new shares—introduced dilution risks for existing shareholders. The move expanded the share count to 608 million, potentially pressuring earnings per share. Institutional investors, including Sprott Inc. and Jane Street Group, have increased holdings, signaling long-term confidence despite near-term valuation concerns.

Strategic ambitions remain ambitious, with the company targeting 600,000 gold ounces by the early 2030s. Projects at Archimedes, Granite Creek, and Lone Tree are central to this vision, though progress hinges on preliminary assessments and inferred resources. Rising operational costs, particularly at Granite Creek, where mining expenses rose 55% to $175 per tonne, pose execution risks. Delays in the Lone Tree autoclave refurbishment further complicate processing plans.

Analyst sentiment remains mixed. While Scotiabank maintains a “Buy” rating with a $1.45 price target, it has revised down 2027 EPS forecasts due to dilution concerns. Institutional activity and permitting advances, including updated air quality permits for Lone Tree, provide some support, but funding uncertainties—particularly for the Orion Convertible Loan—loom large. The company’s ability to secure additional capital without further dilution will be critical in sustaining momentum.