11 Best Penny Stocks to Invest in Under $1

8. I-80 Gold Corp. (NYSEAMERICAN:IAUX)

Share Price as of April 10: $0.52

Number of Hedge Fund Holders: 11

I-80 Gold Corp. (NYSEAMERICAN:IAUX) is a mining company that explores, develops, and produces gold, silver, and polymetallic deposits mainly in Nevada in the US. Its principal assets are the McCoy-Cove gold properties which are located in Lander County, along with the Granite Creek gold project located in Humboldt County, the Lone Tree project located within the Battle Mountain-Eureka Trend, and the Ruby Hill mine in Eureka County.

In 2024, the company made a revenue of $50.3 million. Its focus remains on developing the Granite Creek Underground Project, which will significantly increase the company’s gold production. The Granite Creek mine contributed 10,961 ounces of gold to the company’s total 2024 sales of 21,527 ounces. For 2025, it projects this Granite Creek production to be between 20,000 and 30,000 ounces, out of a total production of 30,000 to 40,000 ounces.

However, Granite Creek struggled with operation efficiency in 2024 because of groundwater ingress, which led to lower-than-expected mining rates and gold extraction. I-80 Gold Corp. (NYSEAMERICAN:IAUX) has taken corrective measures for this, which include expanding pumping capacity and drilling new dewatering wells. Extraction rates are anticipated to improve in H2 2025.