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I-80 Gold Corp (NYSEAMERICAN:IAUX) is one of the explosive mining penny stocks to watch in 2026. The stock has gained around 60% over the past six months and soared 220% over the past 12 months. Street forecasts show IAUX stock could more than double in the next 12 months from its current level.

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On April 8, I-80 Gold Corp (NYSEAMERICAN:IAUX) reported that recent drilling results confirmed previously interpreted mineralization at the Archimedes underground project on the Ruby Hill property. At the Upper Archimedes zone, for instance, the drilling returned high-grade gold intercepts and potential for low-cost economic ounces.

The company added that these results provide a solid foundation for the development of the project and reinforce the project’s resource expansion potential. Construction continues to advance at the Upper Archimedes zone, with the company expecting to mine the first gold from this area in Q3 2026. At the Lower Archimedes zone, permitting activities are underway and expected to be completed in mid-2027.

At the end of 2025, the Archimedes project was estimated to host an indicated gold mineral resource of 436,000 ounces at 7.6 grams per tonne. The project had an estimated inferred gold mineral resource of 988,000 ounces at 7.3 grams per tonne. I-80 Gold Corp also said that drilling results from both the upper and lower zones of the Archimedes will provide the basis of an updated mineral resource estimate.

I-80 Gold Corp (NYSEAMERICAN:IAUX) is focused on gold mining and processing in Nevada. It has the fifth-largest gold mineral resource holding in the state and a pipeline of projects in various stages. These include the Archimedes underground project on the Ruby Hill property.

While we acknowledge the potential of IAUX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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