Integra Resources: Building a Mid-Tier Gold Platform in Nevada & Idaho

• Integra Resources operates the Florida Canyon gold mine in Nevada, which produced 58,063 ounces of gold in the first nine months of 2025, on track to meet full-year guidance of 70,000-75,000 ounces.
• The company controls a combined mineral resource inventory of 7.0 million ounces gold equivalent in the measured and indicated category and 3.1 million ounces in the inferred category across three Great Basin assets.
• Cash flow from Florida Canyon supports advancement of two development projects: the DeLamar Project in Idaho (feasibility study expected fourth quarter 2025) and the Nevada North Project in Nevada (preliminary economic assessment stage).
• The DeLamar Project's Mine Plan of Operations was deemed complete by the U.S. Bureau of Land Management in the third quarter of 2025, marking significant permitting progress, while a Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Reservation was finalized in August 2025.
• Combined production potential from all three assets could reach approximately 286,000 ounces gold equivalent annually, positioning Integra to transition from junior producer to mid-tier status in a jurisdiction experiencing renewed policy support for domestic mineral development.

Introduction

Gold producers with operating cash flow and advanced-stage development pipelines represent a relatively scarce investment category in North American equity markets. Integra Resources Corp. (TSX-V: ITR, NYSE: ITRG) occupies a position in this segment with one producing mine and two permitted or near-permitted heap-leach projects in Nevada and Idaho. The company's strategy centers on using Florida Canyon mine revenues to fund advancement of the DeLamar and Nevada North projects without requiring significant equity dilution.

Market capitalization stood at approximately $545 million as of September 30, 2025, with $81 million in cash. The valuation reflects a 0.46x price-to-net-asset-value multiple according to consensus estimates, below junior producer peers trading in the 0.86x-1.08x range. This discount exists despite Integra controlling peer-leading measured and indicated resources of 7.0 million ounces gold equivalent across three assets, each with identified exploration upside.

Recent policy developments in the United States add context to the investment case. An executive order signed in March 2025 titled "Immediate Measures to Increase American Mineral Production" aims to fast-track permitting for domestic mining projects, expand land access, and mobilize capital for strategic mineral development. Secretary of the Interior Doug Burgum stated in February and March 2025 that "if we're going to drill, baby, drill, then we've got to be asked to also mine, baby, mine," signaling a shift toward mineral development facilitation at the federal level.

Company Overview

Integra Resources Corp. was established by executives who previously led Integra Gold Corp., which was acquired for C$590 million in 2017. President and CEO George Salamis, Chief Financial Officer Andrée St-Germain, and Vice President of External Affairs Mark Stockton all held roles at Integra Gold. Chief Operating Officer Clifford Lafleur and Vice President of Finance Sean Deissner previously worked at a company that was acquired for $1.7 billion. This track record of value creation through asset development and eventual acquisition forms part of the investment thesis.

The company acquired the DeLamar and Florida Mountain deposits in Idaho in 2017 and the Wildcat and Mountain View deposits in Nevada in 2020, assembling a portfolio of low-sulfidation epithermal gold-silver systems amenable to heap-leach processing. In June 2024, Integra completed the acquisition of Florida Canyon Gold Inc., adding an operating mine to its portfolio. The transaction provided immediate cash flow generation capability and operational expertise applicable to the development projects.

Integra's board includes Chair Anna Ladd-Kruger, Ian Atkinson, Timo Jauristo, Carolyn Clark Loder (inducted into the U.S. National Mining Hall of Fame), Janet Yang, and C.L. "Butch" Otter (former Idaho Governor, 2007-2019). Strategic shareholders include Wheaton Precious Metals, Alamos Gold, and Beedie Capital, representing approximately 15% of basic shares outstanding. Institutional investors hold approximately 40%, with retail shareholders comprising the remaining 45%.

Florida Canyon Mine: Cash Flow Generation

Florida Canyon is located approximately 45 miles southwest of Winnemucca, Nevada, adjacent to Interstate Highway 80. The mine operated continuously from 1986 to 2011, intermittently until 2015, and was restarted in 2018. Integra became operator in June 2024 following its acquisition of the previous owner. The operation uses conventional open-pit mining with loader-truck heap-leach techniques and a carbon-in-column gold recovery process.

Florida Canyon achieved record annual production in 2023 and 2024, with the 2024 total reaching approximately 73,000 ounces gold. For 2025, Integra provided guidance of 70,000-75,000 ounces gold production with total cash cost of $1,800-$1,900 per ounce sold and mine-site all-in sustaining cost of $2,450-$2,550 per ounce sold. Year-to-date through September 30, 2025, production totaled 58,063 ounces at cash cost of $1,915 per ounce sold and mine-site AISC of $2,542 per ounce sold.

The mine plan contemplates approximately six years of remaining mine life based on proven and probable reserves of 70.4 million tonnes at 0.35 grams per tonne gold, containing 785,000 ounces. Measured and indicated resources total 77.0 million tonnes at 0.35 grams per tonne for 854,000 ounces, while inferred resources stand at 95.8 million tonnes at 0.72 grams per tonne for 2,215,000 ounces. Integra launched a growth drilling program in 2025 targeting near-surface oxide potential from historical dumps, expansion of in-situ resources between existing open pits, and testing of lateral extensions. An updated NI 43-101 technical report and life-of-mine plan incorporating these results is expected in 2026.

DeLamar Project: Advancing Toward Construction Decision

The DeLamar Project comprises the DeLamar and Florida Mountain deposits in Owyhee County, Idaho, located within a historic mining district that produced 750,000 ounces gold and 47.6 million ounces silver between the late 1980s and 2000. Integra controls 100% of the project covering approximately 22,612 acres. A prefeasibility study completed in 2022 modeled a heap-leach operation processing approximately 81 million tonnes of material over an eight-year mine life at 35,000 tonnes per day throughput, producing an average of 136,000 ounces gold equivalent annually.

Measured and indicated resources total 247.8 million tonnes at 0.37 grams per tonne gold and 18.1 grams per tonne silver, containing 2,935,000 ounces gold and 142.7 million ounces silver. Proven and probable reserves stand at 123.5 million tonnes at 0.41 grams per tonne gold and 23.27 grams per tonne silver, containing 2,572,000 ounces gold and 92.4 million ounces silver. In 2023, Integra updated the mineral resource estimate to include stockpiles and backfill material totaling 42.5 million tonnes at 0.22 grams per tonne gold and 11.8 grams per tonne silver, representing approximately 296,000 ounces gold and 16.1 million ounces silver not included in the 2022 prefeasibility study mine plan.

The 2022 prefeasibility study economics calculated an after-tax net present value at 5% discount rate of $314 million and internal rate of return of 33% using base-case metal prices of $1,700 per ounce gold and $21.50 per ounce silver. Life-of-mine all-in sustaining cost was estimated at $814 per ounce on a co-product basis. The Mine Plan of Operations was deemed complete by the U.S. Bureau of Land Management in the third quarter of 2025, while a Relationship Agreement with the Shoshone-Paiute Tribes was finalized in August 2025. A feasibility study incorporating the stockpiles into the mine plan is expected in the fourth quarter of 2025.

Nevada North Project: Pre-Permitting Technical Work

The Nevada North Project consists of the Wildcat deposit in Pershing County and the Mountain View deposit in Washoe County, Nevada, located approximately 30 miles apart. A preliminary economic assessment completed in 2023 outlined a combined heap-leach operation processing approximately 100 million tonnes of ore over a 13-year mine life, producing an average of 80,000 ounces gold equivalent annually. Combined measured and indicated resources total 88.6 million tonnes at 0.46 grams per tonne gold and 3.45 grams per tonne silver, equivalent to approximately 1,324,000 ounces gold and 9.8 million ounces silver.

The 2023 preliminary economic assessment calculated after-tax net present value at 5% discount rate of $310 million and internal rate of return of 37% using $1,700 per ounce gold and $21.50 per ounce silver. Life-of-mine all-in sustaining cost was estimated at $973 per ounce on a co-product basis with a payback period of three years. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources considered too speculative geologically to have economic considerations applied that would enable categorization as mineral reserves.

Wildcat sits within a 17,612-acre land package, with drilling completed on approximately five acres of the total package. Surface sampling in 2022 returned grades up to 30 grams per tonne oxide gold from targets outside the current pit, expanding the mineralized footprint to approximately 3.0 kilometers by 2.0 kilometers. Current work focuses on metallurgical and geotechnical testing to support future economic studies and permitting rather than immediate resource expansion.

Strategic Significance: Jurisdiction & Timing

The Great Basin of Nevada and Idaho hosts a significant concentration of North America's gold production, with established infrastructure including highways, rail, power transmission, and skilled labor in proximity to Integra's assets. Florida Canyon sits adjacent to Interstate 80, while DeLamar is located approximately 60 miles from the town of Jordan Valley, Oregon, with paved road access. Nevada North's deposits are accessed via state and county roads from Winnemucca or Reno.

The March 2025 executive order on increasing American mineral production specifically directs federal agencies to "fast-track permits, expand land access, clarify the Mining Act, mobilize capital and strategic stockpiling and procurement for domestic minerals." Idaho's state government has historically been supportive of mining development. The presence of former Idaho Governor C.L. "Butch" Otter on Integra's board provides strategic relationships at the state level, while the company's Relationship Agreement with the Shoshone-Paiute Tribes addresses a key stakeholder group that often influences federal permitting outcomes.

From a market perspective, the transition from development-stage company to multi-asset producer typically results in valuation re-rating as investors gain confidence in execution capability and cash flow visibility. Integra currently trades at a 0.46x price-to-net-asset-value multiple, below junior producer peers ranging from 0.86x to 1.08x. The company's potential production growth trajectory from 70,000 ounces gold equivalent at Florida Canyon alone, to 206,000 ounces with DeLamar, to 286,000 ounces with all three assets would place Integra in the mid-tier producer category.

Current Activities: Capital Investment & Technical De-Risking

Integra's 2025 guidance contemplates $48-53 million in sustaining capital expenditures and leases at Florida Canyon, plus $8-10 million in growth capital expenditures, representing a period of significant reinvestment. Major items include heap leach pad expansion to accommodate future production, increased capitalized waste stripping to access new mining areas, mobile equipment fleet rebuild and replacement financing, and mine planning optimization. The company stated that "2025-2026 represent a capital-intensive phase of the long-term continuous improvement plan."

At DeLamar, work is focused on completing the feasibility study expected in the fourth quarter of 2025 and advancing federal permitting. The company is conducting engineering studies to incorporate the stockpile resource into the mine plan, which could improve economics by providing early-production, low-strip-ratio feed. Environmental baseline monitoring continues, and the company is preparing responses to agency comments on the Mine Plan of Operations as part of the National Environmental Policy Act review process.

At Nevada North, activities center on metallurgical and geotechnical testing. The company completed heap leach column tests on Wildcat material to refine recovery assumptions and is conducting geotechnical drilling to support pit slope designs for future economic studies. Corporate activities include working toward inclusion in junior gold mining indices. The company held approximately $81 million in cash as of September 30, 2025, with a $125 million equipment financing facility arranged in 2024 to support Florida Canyon mine fleet renewal.

The Investment Thesis for Integra Resources

• Monitor Florida Canyon quarterly results for production consistency and cost trajectory stable performance validates cash flow assumptions supporting project advancement without equity dilution.
• Track DeLamar permitting milestones including draft Environmental Impact Statement publication and Record of Decision timing federal approval would be a significant de-risking event likely to narrow valuation gap to peers.
• Evaluate 2026 Florida Canyon resource update for mine-life extension potential  conversion of inferred resources or historical dumps to measured and indicated category would extend cash flow duration beyond current six-year reserve life.
• Assess feasibility study economics for DeLamar when published in Q4 2025 inclusion of stockpiles and updated capital costs will determine whether project returns justify development or require additional optimization.
• Compare valuation multiple progression as company approaches first development decision  junior producers with permitted projects advancing toward construction typically see multiple expansion from 0.4x-0.5x toward 0.8x-1.0x price-to-net-asset-value.
• Consider position sizing relative to permitting risk companies in federal permitting processes face binary outcomes; diversification across multiple permitting-stage names may be appropriate for investors without high risk tolerance.

Integra Resources has assembled a portfolio structure that addresses a key challenge facing gold development companies: how to fund project advancement without incurring dilutive equity financings. Florida Canyon's cash generation provides that funding mechanism, with the company producing 73,000 ounces gold in 2024 and on track for 70,000-75,000 ounces in 2025. DeLamar represents the near-term growth catalyst, with a feasibility study due in the fourth quarter of 2025 and permitting advancement following the third quarter 2025 completeness determination on the Mine Plan of Operations.

If DeLamar receives a Record of Decision from the Bureau of Land Management in 2026-2027, a construction decision would follow, with first production potentially in 2028-2029 assuming a 24-month construction timeline. That would add approximately 136,000 ounces gold equivalent annually to Integra's production profile, tripling output from current levels. Nevada North provides a third leg to the growth platform, though timeline is less certain given that the project remains at the preliminary economic assessment stage.

From a valuation perspective, the 0.46x price-to-net-asset-value multiple implies the market is discounting permitting risk, operational uncertainty at Florida Canyon during the capital reinvestment phase, and potential capital requirements for DeLamar development. Investors should consider Integra Resources as a gold production growth story rather than an exploration play, given that the company controls 7.0 million ounces gold equivalent in measured and indicated resources across three advanced projects. Management's track record of value creation through asset development and eventual sale to larger producers suggests the company is building toward a potential takeout scenario.

TL;DR

Integra Resources operates Florida Canyon gold mine generating 70,000-75,000 ounces annually while advancing two development projects: DeLamar in Idaho (feasibility study Q4 2025, permitting progressing) and Nevada North in Nevada (preliminary economic assessment stage). Combined production potential reaches 286,000 ounces gold equivalent annually across all three assets. Company controls 7.0 million ounces gold equivalent measured and indicated resources. Valuation trades at 0.46x price-to-net-asset-value, below junior producer peer range of 0.86x-1.08x, with potential for multiple expansion as DeLamar advances toward construction decision. Current gold prices near $4,200/oz provide favorable economics for heap-leach projects with all-in sustaining costs of $814-$973/oz. Key risks include operational performance, permitting execution, capital requirements, and commodity price exposure.

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