Integra Resources Raises $61M for DeLamar Fast Track

• Integra Resources closed a $61 million bought-deal financing to advance the DeLamar Gold-Silver Project in Idaho, demonstrating strong institutional confidence despite broader gold market volatility.
• The financing, priced at C$1.05 per unit with warrants exercisable at C$1.40, positions the company to advance permitting and development activities during a period when gold remains above $5,000 per ounce.
• DeLamar represents one of the largest undeveloped gold-silver projects in the United States, offering domestic production exposure as geopolitical tensions support safe-haven demand.
• The successful capital raise amid thin holiday trading conditions signals robust investor appetite for quality development-stage precious metals projects with near-term production potential.
• With gold maintaining elevated levels above $5,000 per ounce, Integra's fully-funded advancement toward production provides leverage to sustained precious metals pricing strength.

Gold prices traded around $5,008 per ounce on February 16, 2026, as thin trading volumes and profit-taking pressured the metal following recent gains. The consolidation occurred with US markets closed for Presidents' Day and China markets shuttered for Lunar New Year celebrations. Despite near-term volatility, gold's positioning above $5,000 per ounce reflects sustained fundamental support from multiple directions.

The precious metal has maintained strength amid expectations that the Federal Reserve will continue accommodative policy longer than previously anticipated. Markets currently expect the Federal Reserve to hold interest rates steady at the 3.5% to 3.75% range at the upcoming meeting. While the Fed projected only one 25-basis-point cut in its December 2025 guidance, market participants have priced in the possibility of two to three cuts totaling 50 to 75 basis points in 2026, with potential timing in June or July .

Lower interest rates typically support non-yielding assets like gold by reducing the opportunity cost of holding the metal. The Federal Reserve cut rates by 75 basis points during 2025, bringing the federal funds rate to its current 3.5% to 3.75% range. Additionally, the possibility of extended US-Iran military action continues to underpin safe-haven demand, providing a geopolitical floor beneath precious metals prices. Silver also experienced weakness alongside gold, reflecting broader precious metals consolidation after the sector's strong performance.

Company Overview: Integra Resources Advances Tier-One US Gold-Silver Asset

Integra Resources has positioned itself as a development-stage company focused on the DeLamar Gold-Silver Project, located in Idaho's historic Owyhee County mining district. The project represents one of the largest undeveloped primary gold-silver deposits in the United States, offering investors domestic production exposure without the jurisdictional risks associated with international operations. The company's strategic focus on advancing DeLamar through permitting toward construction has attracted institutional support during a period when quality development projects command premium valuations.

The DeLamar Project benefits from existing infrastructure, historical mining knowledge, and proximity to established precious metals processing facilities in Nevada. Management has advanced technical studies and environmental baseline work while maintaining community engagement throughout the permitting process. The project's location in a mining-friendly US jurisdiction provides regulatory clarity and reduces political risk compared to foreign alternatives, factors increasingly valued by institutional investors seeking exposure to future gold production.

Integra's management team brings decades of combined experience in mine development, construction, and operations across North American projects. This operational expertise, combined with the project's robust economics at current precious metals prices, has enabled the company to access capital markets successfully even during periods of broader market volatility. The company's existing Florida Canyon operation continues generating strong cash flow, with President and CEO George Salamis noting that: 

"Florida Canyon continues to deliver strong margins and we're still making $25 thousand dollars of margin per gold ounce produced."

Financing Details: Oversubscribed Offering Draws New Institutional Interest

Integra Resources announced the closing of a bought-deal financing totaling approximately $61 million on February 16, 2026, demonstrating robust institutional demand for quality precious metals development opportunities. The financing was priced at C$1.05 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant, with full warrants exercisable at C$1.40 per share for 24 months. According to Salamis, the offering was "very well subscribed" and "three times oversubscribed," with "12 or so new institutions in the book including three generalist funds."

The successful completion of this significant capital raise occurred during a period of thin trading conditions in precious metals markets, underscoring the strength of investor conviction in Integra's development strategy. Salamis emphasized the disciplined approach to the raise, stating that:

"$60 million was the targeted raise. We were not up for raising any more than that."

The pricing structure, which includes warrants at a 33% premium to the unit price, provides the company with potential additional capital if gold prices continue their upward trajectory and warrants are exercised.

The bought-deal structure, whereby underwriters purchase the entire offering for resale to institutional investors, reflects strong syndicate confidence in the project's fundamentals and the company's ability to deliver value. The inclusion of generalist funds alongside traditional resource-focused institutions signals broader market recognition of precious metals exposure amid economic uncertainty. Existing strategic investor Beedie Capital also participated pro rata in the financing, with Salamis noting that:

"Beedie didn't step away. They recycled the capital for philanthropic measures and stepped right back in."

Strategic Rationale: Bureau of Land Management Timeline Accelerates Development

The timing of Integra's capital raise directly responds to an accelerated permitting timeline provided by the Bureau of Land Management under the Fast-41 federal permitting program. Salamis explained:

"The 'why now' is really driven by that Fast-41, 15-month timeline that the BLM handed us a mere two weeks ago. That timeline was far faster than certainly we expected, which is all great news obviously, but that's what's driving the motivation to get this financing done."

This expedited regulatory pathway transforms the project's development schedule and justifies immediate capital deployment.

The 15-month permitting timeline represents a significant acceleration compared to typical multi-year federal permitting processes that have historically constrained US mining development. Fast-41, formally known as the Fixing America's Surface Transportation Act Title 41, establishes streamlined coordination among federal agencies for major infrastructure and resource projects. DeLamar's inclusion in this program reflects federal recognition of the project's strategic importance and removes a key uncertainty that typically discounts development-stage valuations. Salamis emphasized the proactive approach, stating:

"We chose to move faster, not slower."

The company recently submitted its feasibility study to regulators. This technical foundation, combined with the accelerated permitting timeline, creates a compressed development schedule that requires immediate capital deployment to maintain momentum. The strategic alignment between regulatory readiness, technical completion, and capital availability positions Integra to capitalize on what Salamis characterized as an execution-focused phase rather than a funding-driven raise.

Use of Proceeds: Early Works Program Reduces Future Capital Requirements

The $61 million in proceeds will fund a defined early works program identified in the recently submitted feasibility study, allowing Integra to commence activities that can proceed before final permit approval. Salamis outlined the strategy, explaining that:

"The feasibility study that we just submitted identifies really a defined set of early works" including "long lead time items, land purchases, some infrastructure work, things that we can do without having the full permit in place."

‍This approach accelerates the overall development timeline by eliminating wait time between permit receipt and construction commencement.

Early works programs typically encompass activities with extended procurement or construction timelines that would otherwise create critical path delays once full construction approval is received. By advancing these activities now, Integra effectively shortens the overall timeline to production while deploying capital into project infrastructure that enhances asset value. Salamis emphasized the strategic benefit, noting that:

"This is $60 million essentially coming off of the project capital. It's invested capital into the project" and "that sets us up for a better discussion when it comes to project financing eventually."

The capital deployment strategy reflects sophisticated project finance structuring, where early equity investment reduces future debt requirements and improves terms for eventual construction financing. By completing site preparation, securing land positions, and ordering long-lead equipment before seeking project debt, Integra reduces execution risk and demonstrates progress to potential lenders. Salamis clarified the focused application of proceeds, stating that:

"The financing is bespoke to DeLamar and nothing else and we're not out shopping for another asset with these proceeds."

Market Timing: Volatility & Demand Converge for Capital Deployment

Integra's decision to execute the financing during a period of precious metals market volatility reflects management's assessment of both opportunity and risk in current conditions. Salamis acknowledged the uncertain environment, stating:

"I would expect that the markets will continue to be volatile, we chose not to wait, because we had demand from some new institutions, some generalist funds who showed a keen interest to participate."

‍The three-times oversubscription validates the decision to access capital when institutional appetite materialized. The confluence of strong institutional demand and accelerated regulatory timelines created what Salamis characterized as:

"The right time to go for us - market window availability and backed by the Bureau of Land Management, the federal regulators who want to go far, far faster on permitting than certainly we expected."

This dual catalyst approach, where regulatory progress meets capital markets receptivity, represents optimal conditions for development-stage companies to secure financing without excessive dilution or unfavorable terms.

Management's emphasis on execution timing rather than balance sheet necessity addresses potential investor concerns about the financing rationale. Salamis explicitly stated that "this is not a money situation. This is an execution story," reinforcing that the capital raise responds to opportunity rather than distress. He further clarified that "we didn't raise this money because something else went wrong" and that operational performance remains strong. Regarding Florida Canyon, Salamis emphasized:

"Florida Canyon is going great with no cost overruns driving this. No need to panic on that."

The Investment Thesis for Integra Resources

• Establish positions in fully-funded development companies when gold holds above $5,000 to capture leverage to sustained precious metals strength.
• Prioritize domestic US projects offering jurisdictional stability and reduced sovereign risk compared to international alternatives during geopolitical uncertainty.
• Consider warrant exposure through companies with strong underlying projects, providing leveraged upside if metals prices continue advancing above warrant exercise prices.
• Diversify into near-term production stories when developers secure construction financing, as de-risking typically drives significant revaluation.
• Monitor permitting milestone achievements that reduce key project risks and compress timelines to cash flow generation.
• Evaluate management teams with proven mine construction and operational experience, as execution capability separates successful developers from perpetual exploration stories.

Integra Resources' successful $61 million financing completion demonstrates that quality development-stage precious metals projects continue attracting institutional capital even during periods of market consolidation. The bought-deal structure and three-times oversubscription signal thorough investor diligence and confidence in both project fundamentals and management's execution capability. For investors seeking exposure to gold price appreciation with leverage provided by development optionality, Integra offers a domestic alternative to higher-risk international opportunities with the added catalyst of accelerated federal permitting.

The company's positioning reflects several favorable convergences: gold prices maintaining near-record levels above $5,000 per ounce, federal policy support for expedited permitting of domestic minerals projects, and limited pipeline of quality development projects approaching construction. The Fast-41 program's 15-month timeline transforms DeLamar from a multi-year permitting story to a near-term construction candidate, compressing the timeline to production and reducing regulatory uncertainty that typically discounts development-stage valuations. This regulatory de-risking, combined with full funding for early works activities, positions the project for rapid advancement once final permits are received.

The 24-month warrant structure provides investors additional optionality, creating potential for further capital influx if gold prices continue their trajectory and warrants move into the money. As Integra advances through permitting milestones and commences early works activities, the typical de-risking premium that accrues to projects moving from development to construction may drive significant revaluation, offering investors multiple catalysts for value creation beyond simple gold price appreciation. With operational cash flow from Florida Canyon providing financial stability and management emphasizing execution over additional financing needs, the investment thesis centers on operational delivery and regulatory progress rather than capital markets dependency.

TL;DR

Integra Resources closed a $61 million bought-deal financing at C$1.05 per unit with C$1.40 warrants to advance the DeLamar Gold-Silver Project in Idaho under an accelerated 15-month Fast-41 federal permitting timeline. The three-times oversubscribed offering attracted 12 new institutions including generalist funds as gold trades above $5,000 per ounce. Proceeds fund early works activities including land acquisition and long-lead equipment procurement, effectively reducing future construction capital requirements while advancing the timeline to production. Florida Canyon operations continue generating strong margins per gold ounce, providing financial stability independent of development activities. The regulatory acceleration transforms DeLamar from a multi-year permitting story to a near-term construction candidate, creating compressed timeline catalysts for investors seeking leveraged domestic gold exposure.

‍