On Thursday, i-80 Gold Corp (IAU:CN) (OTC: IAUCF) announced the appointment of Richard Young as the new Chief Executive Officer and director with immediate effect. This move finalizes the transition that was previously disclosed, with Ewan Downie stepping down from his role as CEO and director. Downie will, however, remain involved as an advisor to the company.
Scotiabank has reiterated its Sector Outperform rating and C$3.00 price target on i-80 Gold shares following this announcement. The firm recognizes the appointment as a positive development for the company's shares, highlighting Young's extensive experience and successful track record in the industry.
Before joining i-80 Gold, Richard Young was known for founding and leading Teranga Gold (OTC:TGCDF) until its acquisition by Endeavour Mining. More recently, he served as the CEO of Argonaut Gold (OTC:ARNGF), which was acquired by Alamos Gold (NYSE:AGI) in July 2024. Young's expertise is particularly relevant to i-80 Gold as he has significant operational experience in Nevada, including with Barrick Gold (NYSE:GOLD) at the Goldstrike mine.
With the leadership change, i-80 Gold is set to refocus its efforts on developing its sulfide and oxide deposits. The company's strategic shift under Young's direction is anticipated to drive value creation for the shareholders, as inferred from the analyst's comments. The confirmation of the C$3.00 price target reflects Scotiabank's continued confidence in the potential of i-80 Gold's stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.