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]

Policy & Regulation - China has started designing a new rare earth licensing system, potentially speeding up shipments [1] - The new license will be valid for one year and may allow for larger export volumes [1] - The Ministry of Commerce has informed some rare earth exporters about the new simplified license application process and required documents [1] Industry Impact - The new system is unlikely to completely remove restrictions as the US hopes [1]

Core Viewpoint - Liberty Gold Corp. has appointed four experienced mining professionals to enhance its technical and project development team, aiming to advance the Black Pine Oxide Gold Project in Idaho through feasibility-level engineering and permitting [1][11]. New Appointments - Tyler Cole has been appointed as Vice President of Project Development, bringing 20 years of experience in mining and construction, with expertise in gold heap leach operations [2][4]. - Richard Zaggle joins as Senior Director of Mining and Metallurgy, with 13 years of experience in mine development and heap leach optimization [5][6]. - Owen Nicholls is appointed as Director of Technical Services, contributing 18 years of experience in exploration and resource development [7][8]. - Charles Mumford has been appointed as Senior Environmental and Permitting Specialist, with over 10 years of experience in managing permitting processes and regulatory compliance [9][10]. Strategic Priorities and Next Steps - The newly expanded development team will focus on key milestones over the next 18-24 months, including advancing feasibility-level engineering and mine planning, with a targeted completion of the feasibility study in 2026 [12][14]. - The team will also complete ongoing metallurgical test work and process design optimization to support permitting and capital cost estimates [14]. - Environmental baseline studies and permitting documentation will be progressed to maintain permitting momentum [14]. - Integrated development schedules and operational readiness frameworks will be established to support a future construction decision [14]. - Stakeholder engagement will be enhanced to strengthen Liberty Gold's position as a disciplined, technically credible developer [14].