Florida Canyon Feasibility Study Lifts Reserves, Production & Cash Flow Over an Extended 8-Year Mine Life

• Proven and probable mineral reserves rose 74% to 1.19 million ounces of gold, a 506,000-ounce increase over the depleted 2024 reserve.
• Average annual gold production increases 17% to 82,000 ounces, with active mining extended from 2030 to 2033.
• The plan has an after-tax net present value at a 5% discount rate (NPV5%) of $601 million and roughly $0.8 billion in life-of-mine (LOM) after-tax free cash flow at base-case prices.
• Life-of-mine site-level all-in sustaining costs (AISC) average roughly $2,331 per ounce.
• 2026 site-level AISC guidance is revised upward to $3,300 to $3,500 per ounce, while 2026 production guidance is held at 70,000 to 75,000 ounces.
• Growth capital of roughly $92 million, funded from existing cash flow, supports heap leach expansion and fleet modernisation.

Company Overview

Integra Resources (TSXV: ITR | NYSE American: ITRG) is a precious metals producer operating in the Great Basin of the western United States. Its principal operating asset is the producing Florida Canyon Mine in Nevada, and its development pipeline comprises the past-producing DeLamar Project in southwestern Idaho and the Nevada North Project in western Nevada.

Mineral Reserve & Resource Growth

The updated technical report increases proven and probable mineral reserves by 74%, from 685,000 ounces of gold in the depleted 2024 reserve to 1.19 million ounces, a 506,000-ounce increase. Integra acquired Florida Canyon for $68 million less than 2 years ago, and reserve growth has replaced all mining depletion since the acquisition. The oxide mineral resource estimate increased 128% in the measured and indicated category and 57% in the inferred category, including a maiden estimate on the Standard Mine south of Florida Canyon.

The estimate draws on 5,454 drill holes totalling 665,423 metres, incorporating drilling completed since 2024 and historical work. Global Resource Engineering acted as the lead consultant and prepared the report in accordance with National Instrument 43-101. The report carries an effective date of June 25, 2026, is derived from a reserve estimate effective May 31, 2026, and is targeted for filing within 45 days.

President, Chief Executive Officer, and Director of Integra Resources, George Salamis, frames the change this way:

"Since acquiring Florida Canyon in late 2024, the team has developed a deep understanding of the operation and systematically addressed the opportunities identified during the acquisition. Through disciplined investment, exploration drilling, operational improvements, and detailed mine planning, Florida Canyon has been transformed into a fundamentally stronger asset with higher gold production, lower future costs, a longer mine life, and a substantially larger mineral reserve base."

Production Profile & Extended Mine Life

The plan lifts the average annual production profile by 17%, from 70,000 ounces of gold to 82,000 ounces, an increase of 12,000 ounces per year over an 8-year operating mine life, including 2026. Active mining now extends from 2030 to 2033, followed by approximately 2 years of residual leaching beginning in 2033.

Over the life of mine (LOM), the operation is targeted to sell 685,000 ounces of gold, with 656,000 ounces of recoverable gold placed on the heap leach pad. The plan assumes a life-of-mine average gold recovery of 56.7% against contained gold of 1.16 million ounces.

Project Economics & Free Cash Flow

At base-case prices, the plan has an after-tax net present value at a 5% discount rate (NPV5%) of $601 million, rising to roughly $723 million at spot prices. Life-of-mine after-tax free cash flow totals approximately $0.8 billion, or $769.5 million on a total net basis, with an average annual after-tax free cash flow of $90 million.

The base case applies gold prices of $4,344 per ounce in 2026, $4,414 in 2027, $4,169 in 2028, $3,824 in 2029, and $3,600 from 2030 to 2035, with the net present value discounted to January 1, 2026. The spot case applies a flat $4,200 per ounce from mid-2026 to 2035.

The technical report sets out the sensitivity of after-tax net present value and life-of-mine cash flow to changes in the gold price. At the base case, after-tax NPV5% is $600.6 million, and after-tax life-of-mine cash flow is $769.5 million. A 25% fall in the gold price reduces these to $203.8 million and $275.3 million, respectively, while a 10% fall reduces them to $443.1 million and $573.5 million. On the upside, a 10% increase lifts them to $752.3 million and $958.7 million, and a 25% increase lifts them to $978.0 million and $1,239.4 million.

Cost Structure & Revised 2026 Guidance

Life-of-mine site-level all-in sustaining costs (AISC) average roughly $2,331 per ounce, excluding closure, or $2,373 per ounce, including closure, against a cash cost net of silver by-product of $1,940 per ounce and total site operating costs of $9.77 per tonne placed. The company has revised its 2026 site-level AISC guidance upward, from a prior range of $2,750 to $2,950 per ounce to $3,300 to $3,500 per ounce, while reconfirming 2026 production guidance of 70,000 to 75,000 ounces. The revision reflects higher tonnes mined, stacked, and processed; lower gold ounces sold in the first quarter of 2026; increased royalties and excise taxes tied to stronger gold prices; and higher diesel fuel and explosives costs.

Salamis puts the near-term increase in context:

"Based on the updated mine plan, we are intentionally investing to drive future growth. The higher costs expected in 2026 are short-term and tied to increased mining rates at the mine this year. As Florida Canyon transitions to a more stable operation, we expect to benefit from lower costs and enhanced economics."

Capital Investment Program

The expanded plan is funded by Florida Canyon's existing and future cash flow, with roughly $92 million in growth capital. That total comprises $55 million for two heap-leach pad expansions within the existing mine plan of operations footprint and $37 million for fleet modernisation, replacing legacy 777 haul trucks with larger 785 haul trucks.

Sustaining capital of approximately $267 million includes around $87 million to complete the Central Pit pre-stripping campaign, which began in 2025 and is targeted to conclude in 2026. The pre-stripping provides access to higher-grade ore and supports future production.

Growth Pipeline & Strategic Positioning

The plan establishes Florida Canyon as a self-funding base for Integra's development pipeline. The DeLamar Project in Idaho is advancing through permitting, with a Final Environmental Impact Statement and Record of Decision targeted for the second half of 2027, alongside the Nevada North Project in western Nevada. Together, these projects form a path toward becoming a multi-asset, mid-tier precious metals producer in the United States.

Salamis is direct about the asset's role in funding that pipeline:

"Florida Canyon is now expected to generate approximately $0.8 billion in after-tax free cash flow over an 8-year mine life, establishing Florida Canyon as the cash flow engine of Integra and providing the financial foundation to advance our development pipeline in Idaho and Nevada."

Next Steps

A 42,500-metre exploration programme has been underway since April 2026, targeting near-mine extensions and property-wide growth across an approximately 84-square-mile (135-square-kilometre) land position. The programme includes drilling at the Standard Mine and first-pass testing of greenfield targets.

The company has also identified several conceptual optimisation opportunities that are not included in the current reserve estimate or economic analysis, including additional crushing capacity, haul road optimisation, improved truck and run-of-mine-to-crusher routing, and fleet management and dispatch systems.