MeritValue

i-80 Gold Corp.

IAUXdata completeness 100%5 fiscal years on file
The thesis, from the filings

i-80 Gold Corp. earns about -6% on invested capital, but has diluted owners by 353% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$37M2$54.9M3$50.3M4$95.2M4
Net income$88.2M5−$79.2M6−$89.7M7−$121.5M8−$198.8M8
Operating cash flow−$13M9−$45.8M10−$77.5M11−$82.5M12−$83.6M12
Capital expenditure$6.02M13$50.2M14$17.4M15$2.02M16$9.62M16
Free cash flow (derived)−$19M9−$96.1M10−$94.9M11−$84.5M12−$93.2M12
Total debt$41.4M17$229.7M18$568.5M19$382.8M20$349.4M20
Cash & equivalents$87.7M21$81.2M22$16.3M23$19M24$63.2M24
Diluted shares148.3M240.6M274.1M359.2M671.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.16
your share of equity
Profit it earned you last year
−$2.96
Free cash flow it threw off
−$1.39
Debt you’d be carrying
$5.2

10 shares is a claim on $5.16 of net worth that earned you −$2.96 and generated −$1.39 of cash last year, against $5.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 21%FY22 -16%FY23 -6%FY24 -10%FY25 -22%

It earned an average -6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+353% shares · 5y

Share count is up 353% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 743% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001628280-23-010095 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001628280-24-010631 (Revenue)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-015753 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-009886 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 40-F · period ending 2021-12-31 · accession 0001628280-23-010095 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001628280-24-010631 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-015753 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-009886 (NetIncomeLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001628280-23-010095 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001628280-24-010631 (CashFlowsFromUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-015753 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-009886 (NetCashProvidedByUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001628280-23-010095 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001628280-24-010631 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-015753 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-009886 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 40-F · period ending 2021-12-31 · accession 0001628280-24-010631 (Borrowings)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-25-015753 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-015753 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-009886 (LongTermDebtNoncurrent)
  21. 40-F · period ending 2021-12-31 · accession 0001628280-24-010631 (CashAndCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0001628280-25-015753 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-12-31 · accession 0001628280-25-015753 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001628280-26-009886 (CashAndCashEquivalentsAtCarryingValue)