Integra Resources: Gold Producer Poised for Growth in Rising Precious Metals Market

• Integra achieved record adjusted net earnings of $4.3 million in Q3 2025, generating $18.6 million in operating cash flow while producing 20,653 ounces of gold at its Florida Canyon mine.
• The company operates one producing mine and holds two advanced development projects (DeLamar and Nevada North) creating a potential 20-year mining platform in the politically stable Great Basin region.
• With $81 million in cash and positive working capital of $56 million as of September 30, 2025, Integra maintains financial flexibility for capital investment and project advancement.
• The DeLamar Project is advancing toward a 2025 Feasibility Study with significant federal permit progress, while Nevada North completed important metallurgical work to support future economic studies.
• With gold prices exceeding $2,700 per ounce in late 2025 and the World Bank projecting continued strength into 2026, Integra is well-positioned to benefit from safe-haven demand during geopolitical uncertainty.

Introduction: Capitalizing on Gold's Uncertainty Premium

On November 14, 2025, Integra Resources released third-quarter results that demonstrated the company's successful transition from developer to producer. With gold prices hovering near historic highs (briefly exceeding $4,300 per ounce in October according to the World Bank) the timing of Florida Canyon's production growth aligns with what market analysts describe as a "safe-haven rally" driven by geopolitical tensions and economic uncertainty.

The World Bank's October 2025 Commodity Markets Outlook projects gold will continue rising through 2025 and maintain strength into 2026, supported by central bank purchases and weak dollar expectations. For investors seeking exposure to this trend, Integra offers a unique combination: immediate cash flow from production, a robust development pipeline, and operations in Nevada and Idaho (jurisdictions increasingly valued for mining-friendly policies under the current U.S. administration's emphasis on domestic mineral production).

Company Overview: Building a Mid-Tier Producer

Integra Resources operates the Florida Canyon gold mine in Nevada, which produced 58,063 ounces of gold in the first nine months of 2025. The company acquired this heap-leach operation in 2024, providing immediate production and cash flow to fund advancement of two development-stage projects: the DeLamar Project in Idaho and the Nevada North Project in Nevada.

The company's leadership team brings extensive experience from successful mining ventures. CEO George Salamis and CFO Andrée St-Germain previously led Integra Gold, which was acquired by Eldorado Gold for C$590 million in 2017. COO Clifford Lafleur and VP Finance Sean Deissner both worked at SilverCrest Metals prior to its $1.7 billion acquisition by Coeur Mining. This track record of value creation through operational excellence and strategic exits provides credibility to Integra's current growth strategy.

With a basic market capitalization of approximately $545 million and 169 million shares outstanding as of September 30, 2025, Integra trades at a significant discount to junior producer peers based on consensus price-to-net-asset-value multiples. The company's combined mineral resource inventory totals 7.0 million ounces of gold-equivalent in measured and indicated categories, plus 3.1 million ounces inferred (peer-leading scale relative to current valuation).

Q3 2025 Financial Highlights: Demonstrating Operational Leverage

Integra's third-quarter results revealed the operational leverage inherent in gold production during a rising price environment. The company reported revenue of $55.3 million on sales of 20,265 ounces at an average realized price of $2,730 per ounce (well above the $1,700 per ounce assumptions used in technical studies for its development projects).

Mine-site all-in sustaining costs totaled $2,647 per ounce sold in Q3 2025, resulting in mine-site AISC margin of $83 per ounce. While this margin appears modest, management emphasized that 2025-2026 represents a capital-intensive reinvestment phase. The company is completing catch-up waste stripping to access new mining areas, expanding heap leach pad capacity, and financing mobile equipment fleet upgrades (investments designed to support long-term profitability and potential mine life extension).

The quarter generated $18.6 million in operating cash flow and $4.3 million in record adjusted net earnings. Year-to-date through September 30, 2025, operating cash flow reached $27.3 million despite the significant capital program. This performance demonstrated Florida Canyon's ability to self-fund operations while contributing to project advancement at DeLamar and Nevada North.

Strategic Significance: Great Basin Location & Jurisdictional Advantage

Integra's three assets cluster within a 200-mile radius in the Great Basin region (one of the world's premier gold-producing districts). Florida Canyon and Nevada North are located in Nevada, approximately 30 miles apart, while DeLamar sits in southwestern Idaho. This geographic concentration offers logistical advantages and potential infrastructure synergies as projects advance.

The jurisdictional context has become increasingly favorable. In March 2025, President Donald Trump signed an executive order titled "Immediate Measures to Increase American Mineral Production," aimed at boosting domestic critical mineral output (including gold), reducing foreign dependence, and streamlining permit processes. The order specifically calls for fast-tracking permits, expanding land access, and mobilizing capital for domestic minerals.

Integra has benefited from enhanced access to key decision-makers. In February 2025, Secretary of the Interior Doug Burgum met with Integra management and stated:

"We will treat our natural resources as national assets, which are for the benefit and use of the American people. If we're going to drill, baby, drill, then we've got to be asked to also mine, baby, mine."

This policy environment creates an opportune time for advancing U.S.-based mining projects.

Current Activities: Florida Canyon Optimization & Growth

Integra's 2025 guidance targets 70,000-75,000 ounces of gold production from Florida Canyon at total cash costs of $1,800-$1,900 per ounce sold and mine-site AISC of $2,450-$2,550 per ounce. The company is implementing numerous optimization initiatives focused on efficiency improvements, process enhancements, and cost reduction across mining operations.

CEO George Salamis commented on the quarterly performance:

"We are pleased to report another solid quarter at Florida Canyon with strong production of 20,653 ounces of gold and record adjusted net earnings of $4.3 million. The mine generated $18.6 million in cash flow from operations during the quarter, demonstrating its ability to be self-funding while we advance our development projects."

Sustaining capital expenditures of $48-53 million in 2025 include capitalized waste stripping, mobile fleet rebuilds, and heap leach pad expansion. Growth capital of $8-10 million funds exploration drilling, potential equipment fleet expansion, and engineering studies on pit wall steepening. These investments aim to extend mine life beyond the current six-year plan while improving unit economics.

A 2025 exploration program tested oxide growth potential through three target types: near-surface material from historical waste dumps, inter-pit resources between existing open pits, and lateral extensions of current pits. Preliminary results from North and South Dump drilling suggest 34-56 million tonnes of material grading 0.11-0.25 grams per tonne gold (potentially economic at current gold prices despite falling below historical cut-off grades when material was originally mined in the 1980s-1990s).

DeLamar Project: Advancing Toward Construction Decision

The DeLamar Project represents Integra's flagship development asset, with a 2022 Pre-Feasibility Study outlining an eight-year mine life producing approximately 136,000 ounces of gold-equivalent annually from heap-leach operations. At $1,700 per ounce gold and $21.50 per ounce silver, the PFS demonstrated after-tax NPV of $314 million at a 5% discount rate, 33% IRR, and two-year payback period.

The project benefits from existing infrastructure and historical production. Kinross operated the DeLamar mine from 1986-1998, producing 750,000 ounces of gold and 47.6 million ounces of silver. Integra's current mineral resource totals 4.8 million ounces of gold-equivalent in measured and indicated categories (approximately 90% of which falls in the higher-confidence M&I classification).

A 2023 resource update added 45 million tonnes of stockpiled and backfill material to the overall resource inventory, representing a 25% increase to heap-leachable M&I resources since the 2022 PFS. This material was originally mined when gold traded at $325-450 per ounce with cut-off grades of 0.28-0.34 grams per tonne (significantly higher than today's economic thresholds at $2,700+ gold prices).

In August 2025, Integra announced a Relationship Agreement with the Shoshone-Paiute Tribes, a federally recognized Tribal Nation. CFO Andrée St-Germain noted:

"Our strong financial position, with $81 million in cash and positive working capital of $56 million, provides us with the flexibility to continue investing in Florida Canyon while advancing our DeLamar and Nevada North projects. We remain focused on disciplined capital allocation and creating long-term value for our shareholders."

Nevada North: De-Risking Through Metallurgical Work

The Nevada North Project comprises two deposits (Wildcat and Mountain View) located in Nevada's Farrell and Deephole mining districts, respectively. A 2023 Preliminary Economic Assessment outlined a 13-year operation producing approximately 80,000 ounces of gold-equivalent annually through heap-leach processing, with after-tax NPV of $310 million, 37% IRR, and three-year payback at $1,700 gold.

Combined mineral resources total 1.45 million ounces of gold-equivalent in measured and indicated categories (88.6 million tonnes at 0.46 g/t gold), plus 298,000 ounces inferred. The Wildcat deposit represents roughly 60% of total resources and sits only 30 miles from Florida Canyon, offering potential infrastructure and operational synergies.

In 2025, Integra completed a 13-hole, 2,000-meter drill program at Wildcat focused on confirming mineralization continuity and gathering geotechnical data. Results validated the working geological model while identifying a prospective "Breccia Pipe" exploration target for future drilling. The company also conducted metallurgical and geotechnical testing to support future economic studies and permitting efforts.

The combined production potential from Florida Canyon (70,000 ounces annually), DeLamar (136,000 ounces annually), and Nevada North (80,000 ounces annually) creates a pathway to approximately 286,000 ounces of gold-equivalent annual output (positioning Integra as a potential mid-tier producer with 20+ years of mining operations across its Great Basin portfolio).

Financial Position: Capital Allocation & Balance Sheet Strength

Integra ended Q3 2025 with $81 million in cash and working capital of $56 million, providing financial flexibility to execute on strategic priorities. The company's debt consists of equipment financing and a term loan, with total borrowings of $141 million as of September 30, 2025. Management has demonstrated disciplined capital allocation, balancing reinvestment at Florida Canyon with advancement spending on development projects.

In March 2024, Integra sold a 1.5% net smelter return royalty on future DeLamar production to Wheaton Precious Metals for $165 million, providing non-dilutive funding for project advancement and the Florida Canyon acquisition. This streaming transaction (structured at terms comparable to those secured by larger producers) validated DeLamar's asset quality while preserving equity value for shareholders.

The company maintains analyst coverage from multiple investment banks including Stifel, Cormark Securities, Raymond James, Desjardins, Ventum Financial, and H.C. Wainwright & Co. Consensus estimates project production growth and improving unit economics as Florida Canyon optimization initiatives deliver results and development projects advance through permitting.

The Investment Thesis for Gold Producers in Rising Price Environment

• Florida Canyon production provides direct leverage to gold prices currently above $2,700/oz versus $1,700/oz study assumptions, with 40% margin improvement for each $100/oz increase at current cost structure.
• DeLamar Feasibility Study and Nevada North PEA already define economic projects, reducing execution risk compared to pure exploration plays while offering 300%+ production growth potential.
• Great Basin location offers political stability and supportive policy environment increasingly valued as geopolitical tensions drive safe-haven demand, with scarce new U.S. gold projects providing supply-side support.
• Producing asset generates cash flow to fund development while de-risking balance sheet, allowing investors to capture both current gold rally and future production growth with lower capital intensity than pure developers.
• Trading at 0.46x consensus P/NAV versus 0.88x+ peer average creates re-rating potential as Florida Canyon optimization delivers results and development projects advance, with index inclusion (GDXJ eligibility) providing additional catalyst.

Integra Resources has successfully transitioned from exploration company to gold producer while maintaining a robust development pipeline in one of North America's premier mining districts. The company's Q3 2025 results demonstrated operational capability and financial discipline, generating positive cash flow despite significant capital reinvestment at Florida Canyon.

The favorable gold price environment (projected by the World Bank to remain strong through 2026) provides a supportive backdrop for Integra's growth strategy. With immediate production, two advanced development projects, strong jurisdictional positioning, and experienced management, the company offers investors diversified exposure to the precious metals rally.

Key catalysts ahead include: updated Florida Canyon technical report incorporating exploration results (2026), DeLamar Feasibility Study (Q4 2025), continued federal permit advancement, and potential GDXJ index inclusion as production grows. Investors seeking gold exposure with significant production growth potential should evaluate Integra against peers based on valuation, jurisdiction, and management execution capability.

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