Core Viewpoint - Integra Resources Corp. announced that its DeLamar Heap Leach Project has been selected for inclusion in the U.S. Federal Permitting Improvement Steering Council's FAST-41 Transparency Projects Program, marking a significant milestone in the project's advancement [1][3]. Project Overview - The DeLamar Project, located in southwestern Idaho, includes the DeLamar and Florida Mountain gold and silver deposits and has shown significant resource growth since its acquisition in 2017 [5]. - The project is expected to produce a total of 1.1 million ounces of gold equivalent over a 10-year mine life, with an average annual production of 106,000 ounces at an All-in Sustaining Cost of $1,480 per ounce [7]. Economic Assessment - The 2025 Feasibility Study indicates a robust economic outlook, with an after-tax Net Present Value (NPV5%) of $774 million and an Internal Rate of Return (IRR) of 46% based on base case prices of $3,000 per ounce for gold and $35 per ounce for silver [7]. - If recent prices of $4,250 per ounce for gold and $60 per ounce for silver are considered, the after-tax NPV5% increases to $1.7 billion and the IRR to 89% [7]. Permitting Process - The FAST-41 Transparency Projects Program aims to enhance visibility and predictability in the federal permitting process, with a dedicated project advisor assigned to monitor progress [6]. - The anticipated timeline for the permitting process includes a Record of Decision (ROD) expected in Q3 2027, following a 15-month National Environmental Policy Act (NEPA) review [6]. Company Strategy - Integra is focused on building a high-quality portfolio of heap-leach operations in the Great Basin, with DeLamar positioned as a cornerstone asset in this strategy [3][9]. - The company emphasizes sustainable value creation through operational excellence, disciplined capital allocation, and adherence to high environmental, social, and governance standards [9].

Group 1 - Canaccord initiated coverage of Integra Resources (ITRG) with a Speculative Buy rating and a price target of C$9.25 [1] - The firm highlights that Integra Resources has become a legitimate gold producer, producing approximately 75,000 ounces of gold [1] - Recent acquisitions by the company are expected to drive a potential re-rating of its shares [1]

Core Viewpoint - Integra Resources Corp. has received a defined federal permitting schedule from the U.S. Bureau of Land Management for its DeLamar Heap Leach Project, significantly reducing permitting uncertainty and enhancing project visibility [1][4]. Permitting Schedule and Timeline - The BLM's schedule includes a Notice of Intent publication in Q2 2026, followed by a 15-month NEPA review, leading to an Environmental Impact Statement and Record of Decision by Q3 2027, which is more efficient than previous scenarios [2][4]. - The established timeline is expected to improve project certainty, capital efficiency, and time-to-value for shareholders [4][5]. Project Development and Feasibility - The DeLamar Project has undergone nearly a decade of environmental data collection and engineering studies, positioning it as one of the most advanced precious metals development opportunities in the U.S. [6][11]. - The recently released Feasibility Study indicates strong economic potential, with projected production of 1.1 million ounces of gold equivalent over a 10-year mine life and an after-tax NPV of $774 million at base case prices [11][12]. Community Engagement and Environmental Considerations - Ongoing engagement with local communities and Tribal Nations has informed project refinements and will continue throughout the NEPA process [6][7]. - The BLM will conduct a public scoping process to identify concerns and guide the development of alternatives to minimize environmental impacts [7][8]. Next Steps and Permitting Requirements - Following the NEPA process, the company will prepare a final Mine Plan of Operations that incorporates the Preferred Alternative and required mitigation measures [9][10]. - The company will also work on obtaining various permits necessary for construction, including groundwater and air quality permits, as well as a reclamation plan [10].

Core Viewpoint - Integra Resources (ITRG) is viewed positively due to three key factors: operational stability at Florida Canyon, reduced risk for the DeLamar Project, and overall growth potential in the sector [1] Group 1: Operational Stability - Florida Canyon has demonstrated operational stability, which is crucial for maintaining production levels and investor confidence [1] Group 2: Project Risk Reduction - The risk associated with the DeLamar Project has been reduced, indicating a clearer path forward for development and potential profitability [1] Group 3: Investment Focus - The company is positioned within the consumer products sector, emphasizing strong brand recognition, solid financials, and growth potential as key investment criteria [1]

Core Viewpoint - Integra Resources Corp. has successfully converted and repaid its US$15 million convertible debenture facility with Beedie Capital, strengthening its financial position by eliminating convertible debt from its balance sheet [1][2]. Financial Summary - The company issued a total of 12,295,081 common shares at a deemed price of C$1.6875 (US$1.22) to retire the full principal amount of US$15 million and paid US$2,896,712 in accrued interest and standby fees [1]. - Following the conversion, Integra is now debt-free at the corporate level, which positions the company favorably for future development and permitting at the DeLamar project [2]. Shareholder Impact - Prior to the conversion, Beedie Capital owned approximately 4.01% of the issued and outstanding common shares on a non-diluted basis, which increased to approximately 10.51% post-conversion [3]. - Beedie Capital's decision to convert reflects confidence in Integra's assets and the value demonstrated in the recent Feasibility Study [2]. Company Overview - Integra Resources is a growing precious metals producer focused on operational excellence at its Florida Canyon Mine in Nevada and advancing its development-stage projects, including the DeLamar Project in Idaho and the Nevada North Project [4]. - The company aims to create sustainable value through efficient project development, disciplined capital allocation, and adherence to high environmental, social, and governance standards [4].

Core Viewpoint - Integra Resources has conducted a feasibility study for the DeLamar Heap Leach Project, with results published after market close, indicating significant developments for the project [4]. Group 1: Presentation Overview - The conference call is led by Jason Banducci, Vice President of Corporate Development and Investor Relations, welcoming participants to discuss the feasibility study results [2]. - The presentation includes forward-looking statements, with cautionary notes available on the company's website [3]. - Key executives present during the call include George Salamis (President CEO), Cliff Lafleur (COO), Scott Olsen (VP Engineering and Processing), and James Frost (Director of Technical Services) [4].

Integra Resources (NYSEAM:ITRG) DeLamar Project 2025 Feasibility Study Results Summary Company Overview - **Company**: Integra Resources - **Project**: DeLamar Heap Leach Project - **Date of Call**: December 18, 2025 Key Industry and Company Insights - **Industry**: Precious Metals Mining - **Project Type**: Oxide gold-silver heap leach project Core Findings from the Feasibility Study - The feasibility study indicates that DeLamar is a large-scale, low-cost oxide heap leach project with robust economics, rapid payback, and a simplified financial development plan [4][5] - At base case metal prices of $3,000 per ounce gold and $35 per ounce silver, the project delivers an after-tax NPV of $774 million and an after-tax IRR of 46%, with a payback period of just 1.8 years [4] - Current spot prices could increase NPV to approximately $1.7 billion and IRR to nearly 90% [4] - The study reflects a material reduction in development risk, with a simpler flow sheet and mine plan designed for strong early cash flow [5][6] Project Development and Risk Mitigation - Significant work has been done to de-risk the project since 2017, including detailed environmental studies and resource upgrades [6] - Key changes in the study include: - Transition to an oxide-only development case - Adoption of a two-heap leach configuration - Improved water management and reduced surface disturbance [7][8] - The project is positioned favorably within the U.S. regulatory environment, benefiting from supportive political conditions [6][9] Mineral Resources and Reserves - The feasibility study includes an updated mineral resource estimate, incorporating historical stockpiles into the mine plan [14] - Reserves are limited to oxide and heap-leachable material to streamline permitting and reduce capital intensity [14] - The project has significant future upside potential, including over 2.4 million ounces of gold equivalent in sulfide resources excluded from the current economic analysis [26][27] Economic Metrics and Production Profile - Total capital costs are estimated at approximately $750 million, with a total site operating cost of $10.29 per ton of ore processed [21][22] - The project is expected to produce an average of 119,000 gold equivalent ounces annually in the first five years, with all-in sustaining costs well below the industry average [22][23] - The project is projected to generate approximately $165 million in annual after-tax free cash flow during the first five years [24] Community and Stakeholder Engagement - The project is expected to support over 300 direct long-term jobs and contribute significantly to the local economy through taxes and royalties [27][28] - There has been extensive stakeholder engagement over the past seven years, shaping the mine design and ensuring community interests are reflected [28] Future Plans and Permitting - The company plans to provide guidance on the permitting timeline in Q1 2026, with expectations for a shorter timeline than the previous 2-3 years [32][39] - The company is also exploring M&A opportunities to fill growth gaps before DeLamar's production begins [33] Conclusion - The feasibility study positions DeLamar as a project with strong economics and a simplified development plan, ready to advance through permitting and into construction [29][30]

Project Highlights - The DeLamar Heap Leach Project demonstrates robust economics with an after-tax NPV5% of $774 million (base case) and $1.7 billion (spot)[16] - The project boasts a competitive after-tax IRR of 46% (base case) and 89% (spot)[16] - The initial capital expenditure is estimated at $389 million[16] - The project anticipates an average gold equivalent (AuEq) production of 106,000 ounces over the life-of-mine (LOM) and 119,000 ounces annually for the first 5 years[16] - The mine life is projected to be 10 years, with a total payable AuEq of 1.1 million ounces[16] Cost and Economics - LOM cash costs are estimated at $1,179 per AuEq ounce, while all-in sustaining costs (AISC) are projected at $1,480 per AuEq ounce[16] - The project has a payback period of 1.8 years (base case) and 1.0 years (spot)[16] - The NPV-to-capex ratio is 2.0 (base case) and 4.4 (spot)[16] Mineral Reserves - The DeLamar Project has proven and probable oxide mineral reserves of 119,972 kilotonnes with an average gold grade of 0.33 g/t, containing 1,259 koz of gold[27] - The project also holds proven and probable oxide mineral reserves of 119,972 kilotonnes with an average silver grade of 13.56 g/t, containing 52,305 koz of silver[27]

Core Insights - Integra Resources Corp. announced the results of its Feasibility Study for the DeLamar Gold and Silver Heap Leach Project, highlighting robust project returns and a strong economic profile [1][3][4] Feasibility Study Highlights - The project has an after-tax net present value (NPV) of $774 million at base case metal prices and $1.7 billion at spot prices, with internal rates of return (IRR) of 46% and 89% respectively [3][6] - The mine life is extended to 10 years with total life-of-mine production of 1.1 million ounces of gold equivalent [3][6] - Average production is projected at 119 thousand ounces of gold equivalent per year during the first five years, with cash costs below industry averages [3][6] Project Economics - Initial capital costs are estimated at $389 million, with sustaining capital of $305 million over the life of the mine [3][6] - The project has a base case NPV-to-capex ratio of 2.0 and a payback period of 1.8 years, improving to 4.4 and 1.1 years at spot prices [3][6] - Average after-tax free cash flow is projected at $165 million during the first five years [3][6] Community and Environmental Impact - The project is expected to create approximately 300 direct permanent jobs and has garnered local support through engagement with community stakeholders [3][4][5] - A simplified project layout and enhanced water management strategy are anticipated to facilitate permitting advantages [3][5] Mining and Processing Details - The operation will utilize conventional open-pit mining methods with a low strip ratio of 0.54:1, focusing on high-grade ore from the Florida Mountain deposit initially [3][26] - The updated two heap leach configuration aims to improve constructability and operational flexibility while managing environmental impacts [3][29] Infrastructure and Capital Costs - The project will leverage existing infrastructure from the historical DeLamar mine, minimizing new construction needs [36][37] - Capital cost estimates are based on vendor-supported pricing and recent costs from Integra's Florida Canyon mine [46][48]

Company Overview - Integra Resources Corp. (ITRG) is a notable stock in the Basic Materials sector, which consists of 240 individual stocks [2] - The company currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimate revisions [3] Performance Analysis - Over the past year, Integra Resources Corp. has achieved a remarkable gain of approximately 251.8%, significantly outperforming the average return of 21.5% for Basic Materials companies [4] - The Zacks Consensus Estimate for ITRG's full-year earnings has increased by 52.7% over the last three months, reflecting a positive shift in analyst sentiment [4] Industry Context - Integra Resources Corp. is part of the Mining - Miscellaneous industry, which includes 69 companies and currently ranks 76 in the Zacks Industry Rank [6] - The average return for the Mining - Miscellaneous industry so far this year is 23.9%, indicating that ITRG is performing better than its industry peers [6] Comparison with Peers - Another strong performer in the Basic Materials sector is Kinross Gold (KGC), which has returned 175.2% year-to-date and has a Zacks Rank of 1 (Strong Buy) [5] - Kinross Gold belongs to the Mining - Gold industry, which has seen an average return of 123.3% this year, ranking 28 in the Zacks Industry Rank [6]