11:06 AM EDT, 03/14/2024 (MT Newswires) -- National Bank of Canada said Wednesday that it ascribed a neutral bias with i-80 Gold Corp. ( IAUX ) 's results in the fourth quarter of 2023.

The bank noted that the company's quarterly cash spend eased to -$7.0 million from -$24.1 million in the previous quarter.

"Overall, we ascribe a neutral bias with updated liquidity reflecting ongoing spend related to exploration and development across IAU's properties," the bank said.

The bank said it expects the company to balance its spending between exploration and pathways to cash flow including toll milling of Granite Creek ore at Twin Creek and the Ruby Hill base metals development, mining and processing.

National Bank gave i-80 an outperform rating with a $4.15 price target.

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