i-80 Gold (IAUX) Rallies 10.63% in 2 Days to 2025 High on Permit Secured

i-80 Gold (IAUX) surged 1.66% on Tuesday, marking its second consecutive day of gains, with the stock climbing 10.63% over the past two days. The share price reached a new high since September 2025, with an intraday rally of 5.88%, signaling renewed investor confidence in the company’s operational progress.

The recent momentum follows key developments at i-80 Gold’s Archimedes underground gold project in Nevada. The company secured all required environmental permits from the Nevada Division of Environmental Protection and the Bureau of Land Management, enabling the start of underground mining activities. This milestone, announced on September 5, 2025, is central to its Phase One growth strategy, which aims to boost annual gold production from under 50,000 ounces to 150,000–200,000 ounces by 2028. The Archimedes project, located near the Lone Tree processing facility, is projected to contribute to output by Q4 2026 and has a 10-year mine life, with potential for extension through exploration.

A Preliminary Economic Assessment (PEA) filed in March 2025 underscores the project’s strong economic potential. At a gold price of $3,000/oz, Archimedes is estimated to deliver an after-tax net present value of $644 million and an internal rate of return of 81%. The project’s capital costs are projected at $47 million, with life-of-mine development and closure costs at $106 million. The resource base includes 436,000 ounces of indicated gold and 988,000 ounces of inferred gold, with an accelerated infill drill program underway to upgrade resources ahead of a feasibility study by Q1 2027.

Operational progress includes the phased development plan to scale production to 600,000 ounces annually by the early 2030s. Key components involve ramping up the Granite Creek underground mine, refurbishing the Lone Tree autoclave, and expanding processing capacity. The Archimedes development is being executed by Small Mine Development, L.L.C., with surface infrastructure completed and underground work expected to finish by mid-2027. Permitting for deeper zones remains on track, with completion anticipated by mid-2027.

Financial and market catalysts include low all-in sustaining costs of $1,877/oz post-ramp-up and a high-grade resource profile. The upcoming feasibility study and H.C. Wainwright conference presentation on September 10, 2025, are expected to drive institutional interest. Insider buying and a “Buy” rating from Scotiabank further reinforce positive sentiment. However, risks such as exploration uncertainty for inferred resources, permitting delays, and capital intensity remain critical for long-term performance.