i-80 Gold Corp.

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 4✗ 31▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)1/6 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/6 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-24.8%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-130.7% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-120.4M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-118.0%

  ✗Lynch> 15%

  EBIT / Enterprise Value-13.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-13.9%, ROC=-26.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-28.27%

  ✗PiotroskiROA > 0

  ROA Change YoY-18.54% -> -28.27% (delta: -9.73%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-11.88%, ROA=-28.27%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY-31.2% -> 12.1%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-202.5%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-118.0%

  ✗Dreman> 12%

  Margin of SafetyP/B=3.1x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-39.7% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-123.4%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-118.0%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-183.9% (2023) -> -130.7% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin -9.4% -> 12.1%, operating margin -183.9% -> -130.7%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-23.66%; #4660/6340 (top 73.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+2.97%; #3212/3702 (top 86.8%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-118.01%; #4667/5226 (top 89.3%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.1384; #3860/5884 (top 65.6%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years1/5 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✗ 28▾

  All 13 investors flag IAUX's valuation

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio3.1x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-13.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-13.9%, ROC=-26.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  Price / Book Value per Share3.1x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-8.3%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=3.1x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low256% of trailing low ($0.50)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-23.66%; #4660/6340 (top 73.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.2005; #4183/6449 (top 64.9%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share3.13x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.1167; #4244/5247 (top 80.9%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-19.93%; #3518/4519 (top 77.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-20.37%; #3988/6202 (top 64.3%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Cash Flow0% pass✓ 1✗ 11▾

  No clean pass — all 10 investors flag at least one cash flow criterion

  Free Cash Flow Proxy$-120.4M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-93.2M

  ✗LynchPositive and growing

  Operating Cash Flow$-83.6M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-11.88%, ROA=-28.27%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-8.3%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive0/5 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-20.6%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency0/5 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-223.2M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-19.93%; #3518/4519 (top 77.8%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 1✗ 12▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 90.8% vs Rev: 89.1%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth48.6%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin -9.4% -> 12.1%, operating margin -183.9% -> -130.7%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Verdicts6% pass✓ 1✗ 15▾

  Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (0/7)✗GreenblattRank #2297✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (0/5)✗AckmanFAIL (1/9)✗TempletonFAIL (2/8)✗SleepFAIL (0/6)✗AsnessFAIL (Rank #1947/2370 (Top 82.2%))✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage8% pass✓ 3✗ 12▾

  11 of 12 flag IAUX's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current AssetsLT Debt $452.2M vs NCA $394.4M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 2.02, IC: -6.3x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity2.02

  ✗Lynch< 0.33

  Cash - Long-term Debt$-40.9M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change23.42% -> 13.92%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities6.13

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity2.02

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels2.02

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-4.2x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity2.02

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-2.0172; #3781/4210 (top 89.8%)

  ✗AsnessTop 30% of eligible cross-section
• Efficiency38% pass✓ 4✗ 7▾

  5 of 8 flag IAUX's efficiency — Buffett, Greenblatt, Munger +2 more

  Current Ratio6.13

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)-13.9%

  ✗Buffett> 10%

  ROIC - WACC-23.9%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-26.3%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.57 -> 0.73

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.08x -> 0.14x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities6.13

  ✓Dreman> 1.5

  Return on Invested Capital-18.8%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-14.8%; FY2024: ROIC=-13.2%; FY2025: ROIC=-18.8%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -18.8%)

  ✗SleepROIC > 12% in a majority of years