Integra Resources Deepens Leadership Bench as DeLamar Construction Timeline Advances

• Integra Resources has strengthened its leadership at both the executive and board levels, appointing Scott Guay as Vice President (VP) of Project Development and Chantal Lavoie, P.Eng., ICD.D, to the Board of Directors, aligning management capability with the company's construction readiness timeline.
• Guay brings more than 25 years of engineering and capital project delivery experience, directly addressing execution risk variables and most material to DeLamar's construction phase.
• Lavoie brings more than 40 years of mine development, operations, capital project execution, and corporate governance, providing board-level oversight depth as Integra advances toward a construction decision.
• The DeLamar Project carries an after-tax net present value at a 5% discount rate (NPV5%) of US$1.9 billion, a 97% internal rate of return (IRR) at current metal prices, and a life-of-mine all-in sustaining cost (AISC) of US$1,480 per ounce gold equivalent, with a Record of Decision on federal permitting expected in the third quarter of 2027 and full construction targeted for 2028.
• Active production at Florida Canyon Mine, supported by an ongoing stripping program and a treasury of approximately US$115 million, provides the operational foundation and internal capital base management intends to grow ahead of the DeLamar financing decision.

Management Capability as the Central Variable in Mine Development

The transition from feasibility studies to mine construction is one of the most consequential stages in the mining lifecycle. While geological potential and economic assessments establish a project's theoretical value through metrics such as after-tax Net Present Value (NPV) and Internal Rate of Return (IRR), investor outcomes ultimately depend on whether management can deliver the project on schedule and within budget. At this stage, cost overruns, procurement delays, permitting complexities, and engineering challenges can materially affect project economics and development timelines.

These risks are particularly relevant for large-scale heap-leach developments in the Great Basin of the United States, where environmental permitting frameworks, infrastructure integration, and capital allocation must align within defined timelines. Integra Resources has strengthened leadership by appointing Scott Guay as Vice President of Project Development to enhance engineering and procurement capabilities as it advances the DeLamar Project toward construction. The company has also added Chantal Lavoie to its Board of Directors, bringing more than 40 years of mine development experience to strengthen governance and oversight during the upcoming development phase.

Project Portfolio: DeLamar & Florida Canyon

Integra operates across two asset types in the Great Basin, a development-stage project requiring construction-phase leadership and a producing mine generating the cash flow to fund it. Both dimensions of the portfolio are directly shaped by the management capacity the company is now building.

The DeLamar Project

The DeLamar Project in southwestern Idaho carries an after-tax NPV5% of US$1.9 billion, a 97% IRR using metal prices of US$4,500 per ounce of gold and US$65 per ounce of silver, and a life-of-mine all-in sustaining cost (AISC) of US$1,480 per ounce gold equivalent, based on the 2025 feasibility study. A federal Record of Decision under the National Environmental Policy Act (NEPA) is expected in the third quarter of 2027, with full construction targeted for 2028.

Converting those economics into production requires coordinated execution across engineering, procurement, construction management, and environmental permitting, workstreams where delays or cost overruns can materially erode project value. 

President & Chief Executive Officer of Integra Resources, George Salamis, described the approach to building market confidence ahead of the construction decision:

"The market is expecting us to de-risk that value in steps to get it permitted, and by deploying that capital, this early works capital, long lead items, etc., to de-risk DeLamar, we feel that will just add confidence that not only will DeLamar get permitted, but it'll actually get built."

Florida Canyon Mine

The Florida Canyon Mine in Nevada provides active gold production and an operational cash flow base that development-only companies lack. An ongoing stripping program is designed to open higher-grade mining areas and extend the asset's productive life, with an updated feasibility study expected within months.

Salamis positioned Florida Canyon's growing free cash flow as the primary internal equity source for DeLamar's construction financing:

"The view is obviously to build up as large of a cash position in the treasury as we can to finance DeLamar, the equity piece anyway, in another two years from now."

Leadership Appointments: Execution Depth at the Executive & Board Levels

Integra's two recent leadership additions address distinct but complementary gaps in the company's capacity to advance its development pipeline, one at the project execution level, the other at the governance level.

Scott Guay, Vice President of Project Development

Scott Guay brings more than 25 years of engineering and project delivery experience, including more than 15 years in senior leadership at Kinross Gold, where he coordinated procurement strategies, capital project execution, and multidisciplinary engineering teams across multiple operating regions. He is a registered Professional Engineer (P.Eng.) in Ontario and holds a Bachelor of Engineering in Engineering Physics from McMaster University.

Within Integra's executive structure, Guay will oversee engineering, procurement, construction management, and project controls across the development portfolio, complementing the operational responsibilities of Chief Operating Officer (COO) Cliff Lafleur and the strategic oversight of President and Chief Executive Officer (CEO) George Salamis. His mandate is directly aligned with the 2026 early works program and long-lead equipment procurement that precedes full DeLamar construction in 2028.

Chantal Lavoie, Board of Directors

Chantal Lavoie, P.Eng., ICD.D, brings more than 40 years of experience across mine development, operations, capital project execution, and corporate governance in gold, base metals, diamonds, and iron ore. Most recently, Lavoie served as COO of Rio Tinto Iron Ore Company of Canada, overseeing large-scale mining and processing operations across Labrador and Northern Quebec. He has also held the positions of COO at Dominion Diamond Corporation, President and CEO at Crocodile Gold Corporation, and COO and Acting CEO at De Beers Canada Inc.

At the board level, Lavoie's background provides governance oversight informed by direct experience managing large capital deployments across multiple commodities and jurisdictions. Board Chair Anna Ladd-Kruger noted that his experience overseeing large-scale operations and capital projects will provide valuable insight as Integra grows its production platform and advances its US development pipeline.

Capital Position, Land Acquisition & Institutional Support

Integra holds approximately US$115 million in cash, strengthened by a US$61 million bought deal financing completed in February 2026, with funds earmarked for DeLamar early works, long-lead equipment procurement, and strategic land acquisition. The company also acquired an adjacent ranch for US$12.5 million, securing senior water rights and land for environmental remediation that strengthen the project's operational and permitting position.

Salamis outlined the potential path to the construction financing decision:

"One would assume that if the gold price hangs in there with the margins that we're reporting now, and even stronger margins again in 2027 and 2028, which is when we'll really need a lot of this cash, we could effectively get to the finish line without major dilution for the project build."

Integra's institutional investor base, which includes Wheaton Precious Metals, Alamos Gold, and Beedie Capital, provides an external signal of project quality and management credibility at a stage when access to construction financing on favorable terms will become a critical variable.

Permitting, Resources & Execution Risk

DeLamar is advancing through the federal permitting process under NEPA, with a Record of Decision expected in the third quarter of 2027, a milestone that would clear the path to construction. The project was selected for the FAST-41 Transparency Projects Program in January 2026, designed to improve coordination among federal agencies involved in the review. Across its Great Basin portfolio, Integra reports 6.9 million ounces of gold equivalent in the Measured and Indicated resource categories and 3.1 million ounces in the Inferred category, underpinning long-term production planning across DeLamar, Florida Canyon, and the Nevada North Project.

Key execution risks include potential capital cost overruns, delays in engineering and procurement, permitting timeline variability, and commodity price movements that affect project economics over the development period. These risks are inherent at the construction decision stage across the mining industry, and Integra's ability to manage them will depend on the engineering discipline and procurement coordination its expanded leadership structure is designed to provide.

The Investment Thesis for Integra Resources

• DeLamar's 2025 feasibility study outlines an after-tax net present value at a 5% discount rate of US$1.9 billion and a 97% internal rate of return, supported by a 6.9 million ounce Measured and Indicated gold equivalent resource base across the Great Basin portfolio, positioning the project competitively among North American gold developments at the construction-ready stage.
• Active production at Florida Canyon provides operational credibility and a growing internal cash flow base, with an updated feasibility study expected to reflect a materially longer mine life and stronger margins ahead of the DeLamar construction financing decision.
• A treasury of approximately US$115 million, a US$12.5 million ranch acquisition securing senior water rights and land for environmental remediation, and institutional backing strengthen Integra's financial and operational position entering the construction phase.
• Assets in Nevada and Idaho benefit from established mining infrastructure, a defined National Environmental Policy Act permitting framework, and the FAST-41 program designation supporting interagency coordination, with a Record of Decision expected in the third quarter of 2027.
• The appointments of Scott Guay as Vice President of Project Development and Chantal Lavoie to the Board of Directors directly address the execution and governance gaps most material to delivering a large-scale heap-leach project from feasibility to production.

Integra enters the construction decision phase with a defined permitting pathway, a treasury-backed early works program, and a leadership structure, at both the executive and board levels, calibrated to the engineering, procurement, and governance demands of a multi-billion dollar capital project. For investors, the central question is whether that alignment translates into disciplined execution over the 18 to 24 months ahead.

TL;DR

Integra Resources has appointed Scott Guay as Vice President of Project Development and Chantal Lavoie to the Board of Directors, directly addressing the engineering, procurement, and governance demands of advancing the DeLamar Project, which carries an after-tax NPV5% of US$1.9 billion and a 97% IRR at current metal prices, toward a construction decision. Backed by a US$115 million treasury and active production at Florida Canyon Mine, the company has a defined pathway to the third quarter of  2027 Record of Decision and a 2028 construction start. For investors, the central question is whether this leadership alignment translates into disciplined execution over the 18 to 24 months ahead.

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