Company Overview - Integra Resources Corp. (ITRG) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [3] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook compared to the market [4] Performance Metrics - ITRG shares have increased by 6.78% over the past week, outperforming the Zacks Mining - Miscellaneous industry, which rose by 3.45% [6] - Over the past month, ITRG's price change is 19.12%, slightly below the industry's performance of 20.27% [6] - In the last quarter, ITRG shares have surged by 121.92%, and over the past year, they have gained 244.68%, significantly outperforming the S&P 500's increases of 8.84% and 18.79%, respectively [7] Trading Volume - The average 20-day trading volume for ITRG is 2,261,687 shares, indicating a healthy trading activity which can be a bullish sign [8] Earnings Outlook - In the past two months, three earnings estimates for ITRG have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from $0.20 to $0.24 [10] - For the next fiscal year, three estimates have also moved upwards with no downward revisions during the same period [10] Conclusion - Given the strong performance metrics and positive earnings outlook, ITRG is positioned as a promising momentum pick for investors [12]

Company Performance - Integra Resources Corp. has returned approximately 272.5% year-to-date, significantly outperforming the average return of 25.5% for Basic Materials companies [4] - The Zacks Consensus Estimate for Integra's full-year earnings has increased by 65.5% over the past 90 days, indicating improved analyst sentiment and a stronger earnings outlook [3] Industry Comparison - Integra Resources Corp. belongs to the Mining - Miscellaneous industry, which includes 70 individual stocks and currently ranks 94 in the Zacks Industry Rank. This industry has gained an average of 29.6% so far this year, showcasing Integra's superior performance within this sector [5] - Another stock in the Basic Materials sector, OR Royalties, has also shown strong performance with a year-to-date return of 124.9% and a Zacks Rank of 1 (Strong Buy) [4][5] Sector Ranking - The Basic Materials sector, which includes Integra Resources Corp., is ranked 12 in the Zacks Sector Rank, which evaluates 16 different sector groups based on the average Zacks Rank of individual stocks [2] - Integra Resources Corp. currently holds a Zacks Rank of 2 (Buy), indicating a favorable position among its peers [3]

Core Viewpoint - Integra Resources Corp. has announced positive results from its 2025 growth drilling program at the Florida Canyon Mine in Nevada, aimed at expanding mineral resources and reserves, extending mine life, and enhancing overall value [1][5]. Group 1: Drilling Program Overview - The 2025 growth drilling program includes 16,000 meters of reverse circulation and sonic drilling, focusing on three main areas: near-surface oxide potential, expanding in-situ resources between existing pits, and testing lateral extensions [2][4]. - Approximately 13,000 meters of drilling has been completed to date [2]. Group 2: Near-Surface Oxide Potential - The drilling targets historical low-grade gold-mineralized waste material, which was previously uneconomic at lower gold prices, presenting a significant opportunity to increase mineral resources and potentially extend mine life [4][7]. - Initial results from the South Mine Dump show consistent gold grades, with top intercepts including 0.21 g/t Au over 73.2 meters and 0.20 g/t Au over 68.6 meters [4][17]. - Preliminary estimates suggest a combined potential volume of 34 to 56 million tonnes from the North and South Dumps, with grades ranging from 0.11 to 0.25 g/t Au [5][14]. Group 3: In-Situ Resource Expansion - The program also targets "saddle" and "ridge" areas between existing open pits, which have been sparsely drilled and show potential for significant resource growth [14][15]. - Notable intercepts from these areas include 0.48 g/t Au over 76.2 meters and 0.81 g/t Au over 76.2 meters [17][18]. - Approximately 16% of drill intercepts within the Radio Tower Pit exceed the current cut-off grade of 0.14 g/t Au, indicating strong grade continuity [17]. Group 4: Future Plans and Expectations - The results from the 2025 drill program are expected to support an updated mineral resource and reserve estimate, along with a revised life-of-mine plan in the first half of 2026 [5][14]. - The company aims to demonstrate growth potential formally in 2026, highlighting the opportunity for meaningful returns for shareholders [5][19].

Core Viewpoint - The updated Mine Plan of Operations (MPO) for the DeLamar Project has been accepted by the United States Bureau of Land Management (BLM), marking a significant milestone towards permitting mining activities at the site [1][3]. Company Developments - Integra Resources Corp. has demonstrated its commitment to responsible mining practices and environmental protection through the acceptance of the updated MPO and a Relationship Agreement with the Shoshone-Paiute Tribes [3][6]. - The updated MPO incorporates several years of environmental baseline studies and initial engineering design, addressing agency comments and prioritizing the placement of mine features on previously disturbed ground [6][10]. - The company plans to announce the results of an updated Feasibility Study for the DeLamar Project in the fourth quarter of 2025 [10]. Regulatory Process - The BLM will publish a Notice of Intent (NOI) in the Federal Register, initiating the Environmental Impact Statement (EIS) process, which includes public engagement and scoping [4][5]. - The EIS will analyze potential environmental effects on various resources, including air, water, wildlife habitat, and socio-economic factors [5][8]. - The MPO's acceptance is a critical step in the permitting process, which has involved nearly three years of studies and design work [6][8]. Project Overview - The DeLamar Project, located in Owyhee County, Idaho, includes the DeLamar and Florida Mountain gold and silver deposits and has shown significant resource growth since its acquisition in 2017 [10][11]. - The project is one of the few gold-silver development projects in the Western United States actively advancing through the NEPA mine permitting process, highlighting its scarcity value [6][10].

Company Overview - Integra Resources Corp. (NYSE: ITRG) is a company that operates in the mining sector, focusing on resource exploration and development [1]. Analyst Background - The analyst covering Integra Resources holds a Master's degree in Business Economics and possesses extensive managerial and economic knowledge, with a strong quantitative foundation [1]. Investment Strategy - The company describes a versatile investment strategy that caters to various investor profiles, including those interested in dividends, value propositions, or growth opportunities [1].

Core Viewpoint - Integra Resources Corp has established a groundbreaking Relationship Agreement with the Shoshone-Paiute Tribes for the DeLamar gold and silver mining project, marking a significant step in recognizing Tribal sovereignty and promoting sustainable economic development in the region [1][2]. Group 1: Agreement Details - The Agreement is the result of five years of collaboration and will guide the partnership throughout the life of the DeLamar Project [2]. - It provides a framework for collaboration and co-management of various aspects related to the DeLamar Project, including economic opportunities, environmental protection, cultural recognition, and social performance [5][3]. - The Agreement is unprecedented in the Lower 48 States, asserting the Shoshone-Paiute's right to participate in decision-making processes regarding the project [2][4]. Group 2: Economic and Community Impact - The DeLamar Project is expected to create high-wage job opportunities in rural Idaho communities, contributing to local economic development [2][4]. - The partnership aims to foster responsible economic development while protecting the values, interests, and culture of the Shoshone-Paiute Tribes [2][5]. - The Agreement aligns the interests of both parties, promoting consensus-based regulatory collaboration and community investment [3][5]. Group 3: Project Background - The DeLamar Project is located in Owyhee County, Idaho, and includes historic gold and silver deposits previously operated by Kinross Gold Corporation until 1998 [4]. - Integra has invested approximately US$140 million into advancing resource growth, engineering, and environmental baseline work since acquiring the project in 2017 [4]. - The submission of the Mine Plan of Operations to the United States Bureau of Land Management initiates the process for an Environmental Impact Statement to evaluate potential environmental effects [4].

Company Overview - Integra Resources is a smaller precious metals mining company with assets located in Nevada and Idaho, United States [1] - The company has two significant development assets, DeLamar and Nevada North, which have higher net present value estimates compared to others [1] Investment Strategy - The focus is on investing in turnarounds within the natural resource industries, typically with a holding period of 2-3 years [2] - Emphasizing value investment provides good downside protection while still allowing for significant upside potential [2] - The portfolio has achieved a compounded annual growth rate of 29% over the last six years [2]

Core Insights - Integra Resources Corp. reported consistent gold production and positive financial results for Q2 2025, with a focus on capital investment and growth at Florida Canyon [4][21][29] Financial and Operating Highlights - Mined 3,074,440 tonnes of ore and 2,966,291 tonnes of waste at a strip ratio of 0.96, achieving a mining rate of 33,785 tonnes per day, a 1% increase from Q1 2025 [7][10] - Produced 18,087 gold ounces and sold 18,194 gold ounces at a record average realized price of $3,332 per ounce, generating record revenue of $61.1 million, exceeding Q1 2025 revenue of $57.0 million [7][21] - Mine operating earnings reached $25.2 million, representing a 41% operating margin, up from $15.5 million and 27% in Q1 2025 [7][9] - Adjusted earnings were $11.8 million, or $0.07 per share, compared to $4.4 million, or $0.03 per share in Q1 2025 [7][23] - Net earnings were $10.6 million, or $0.06 per share, compared to $1.0 million, or $0.01 per share in Q1 2025 [7][22] - Cash costs decreased to $1,849 per gold ounce sold from $2,016 in Q1 2025, while mine-site all-in sustaining costs (AISC) increased to $2,641 per gold ounce from $2,342 [7][18] Capital Expenditures - The company plans to invest over $55 million into Florida Canyon in 2025 for improvements and long-term growth [4] - In Q2 2025, $14.2 million was invested in sustaining capital, totaling $20.2 million for H1 2025 [16][18] Exploration and Growth - A resource growth-focused drill program at Florida Canyon was initiated, completing approximately 5,700 meters of drilling by the end of June 2025, with an expanded scope to 16,000 meters [19][20] - The company plans to release an updated mineral reserve and resource estimate and an updated life-of-mine plan in H1 2026 [19] Development Projects - The DeLamar Project is under review by the U.S. Bureau of Land Management, with an environmental review expected to commence in H2 2025 [29][30] - The Nevada North Project is advancing with metallurgical testing and environmental analysis completed, with permits anticipated in H2 2025 [31][32] Health, Safety, and Environment - The company reported zero fatalities and zero lost time incidents in Q2 2025, with a total recordable incident frequency rate of 1.89 [34]

Industry Overview - The Zacks Mining – Gold industry is part of the broader Zacks Basic Materials sector, which is expected to see a decline in earnings for the second quarter, with overall earnings projected to fall by 7.5% despite a 2.8% increase in revenues [1] Gold Prices and Market Dynamics - Gold prices have increased significantly this year, rising approximately 29% year to date, driven by global trade tensions and safe-haven demand [3] - On April 22, gold prices reached a record high of $3,500 per ounce, and while they retreated, they closed the second quarter above $3,300 per ounce, marking a nearly 6% increase in the quarter [4] Company Performance Expectations - Gold mining companies are expected to benefit from higher gold prices and efforts to improve operational efficiency and reduce costs in their second-quarter results [2] - Despite higher mining costs due to inflationary pressures, companies are focused on reducing operational costs and improving efficiency, which is anticipated to support their margins [5] Selected Companies and Earnings Estimates - Barrick Mining Corporation is expected to report earnings of 47 cents per share, with an Earnings ESP of +1.14% and a Zacks Rank 1, having beaten earnings estimates in three of the last four quarters [9] - Franco-Nevada Corporation has an Earnings ESP of +0.91% and a Zacks Rank 3, with a consensus estimate of $1.10 for second-quarter earnings, benefiting from increased contributions from streaming agreements [11] - Integra Resources Corp. has an Earnings ESP of +4.76% and a Zacks Rank 3, with a consensus estimate of 7 cents for second-quarter earnings, expected to benefit from strong production at the Florida Canyon mine [13]

Core Viewpoint - Integra Resources Corp. has announced initial results from its 2025 resource growth drilling program at the Florida Canyon Mine, aiming to expand mineral reserves and resources, extend mine life, and enhance the mine's value [1][4]. Group 1: Drilling Program Overview - The 2025 growth drilling program targets three key areas: near-surface oxide potential from historical low-grade gold-mineralized waste, expanding in-situ resources between existing mine open pits, and testing lateral extensions and in-pit infill drilling [2][12]. - The drill program's scope has been increased from approximately 10,000 meters to 16,000 meters due to initial drilling success, with about 5,700 meters of reverse circulation drilling completed to date [2][10]. Group 2: Opportunity 1 - Near-Surface Oxide Potential - Initial results from the North Mine Dump indicate broad, near-surface intervals of oxide gold mineralization, with significant gold grades and excellent heap leach potential [4][8]. - Key intercepts include: - FCM25-0569: 0.28 grams per tonne (g/t) oxide gold over 68.6 meters - FCM25-0570: 0.36 g/t oxide gold over 71.6 meters - FCM25-0575: 0.37 g/t oxide gold over 47.2 meters, including 4.53 g/t oxide gold over 1.5 meters - Approximately 70% of drill intercepts exceed the current mine cut-off grade of 0.11 g/t gold [9][16]. Group 3: Opportunity 2 - Expanding In-Situ Resources - Drilling in the Inter-Pit areas has confirmed broad, near-surface intervals of gold mineralization with consistent grades, indicating potential for resource expansion [12][16]. - Notable intercepts include: - FCM25-0588: 0.47 g/t gold over 39.6 meters (North Pit) - FCM25-0591: 0.27 g/t gold over 114.3 meters (Central/Radio Tower Saddle) - FCM25-0600: 0.25 g/t oxide gold over 73.2 meters (Central/Radio Tower Saddle) - Approximately 40% of drill intercepts within the Radio Tower Pit exceed the current mine cut-off grade of 0.14 g/t gold, while about 35% of remaining Inter-Pit intercepts exceed 0.11 g/t gold [16][18]. Group 4: Future Plans and Expectations - The 2025 drill program is expected to support a mineral resource and reserve update, along with a revised life-of-mine plan in the first half of 2026 [11][19]. - Preliminary volume and grade estimation work is underway for the North Dump and South Dump, with further details anticipated in the coming months [11][10].