5 Best Gold Stocks Under $5

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

Share Price: $1.48

Stock Upside Potential: 145.65%

Number of Hedge Fund Holders: 24

I-80 Gold Corp (NYSEAMERICAN:IAUX) is one of the best gold stocks under $5. On May 12, I-80 Gold Corp (NYSEAMERICAN:IAUX) confirmed it is off to a great start in 2023, with its balance sheet strengthening amid material de-risking of its development plan.

The remarks follow an impressive first quarter, during which the company delivered impressive financial results. Revenue exploded to $52.4 million on the sale of 10,590 ounces of gold at an average price of $4,941 an ounce. In contrast, the company delivered revenue of $14 million in the same quarter last year. The robust revenue increase was driven by higher gold prices.

Gross profit also increased to $16.1 million, compared to $2.9 million in the same quarter of the prior year, due to robust revenue growth. However, I-80 Gold plunged to a wider-than-expected net loss of $78.6 million, up from $41.2 million in the same quarter last year. The increase was driven by higher non-cash fair-value revaluations of derivative instruments. Loss per share decreased to $0.09 from $ 0.10 due to an increase in outstanding common shares.

During the quarter, I-80 Gold closed $787.5 million in financing transactions. Gross proceeds of $662.5 million were received and net proceeds of $637.2 million.

I-80 Gold Corp (NYSEAMERICAN:IAUX) is a Nevada-focused mining and exploration company. They acquire, explore, and develop gold, silver, and polymetallic deposits. Its goal is to become a mid-tier gold producer with annual output exceeding 600,000 ounces.