Integra Resources Sets 2025 Production Targets with Capital-Intensive Growth Phase Strategy

• Integra Resources expects to produce 70,000-75,000 ounces of gold from Florida Canyon Mine in 2025, with total cash costs ranging from $1,800-$1,900 per ounce sold.
• The company has allocated $48-$53 million for sustaining capital expenditures at Florida Canyon, primarily focused on capitalized waste stripping, mobile fleet rebuild, and heap leach pad expansion.
• Development spending of $14-$16 million is planned for advancing the DeLamar and Nevada North projects, with DeLamar expected to commence federal mine permitting in the second half of 2025.
• Mine-site all-in sustaining costs are projected at $2,450-$2,550 per ounce of gold sold, reflecting the capital-intensive period expected through 2025 and 2026.
• Growth capital of $8-$10 million will support expansion projects including a 10,000-meter drilling program focused on oxide mineral reserve and resource growth.

Integra Resources is a growing precious metals producer operating in the Great Basin of the Western United States. The company focuses on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine in Nevada, while advancing two flagship development-stage heap leach projects: the DeLamar Project in southwestern Idaho and the Nevada North Project in western Nevada. For investors, Integra represents a strategic positioning in U.S. gold production with established cash flow generation and a pipeline of development opportunities that could drive future growth.

Florida Canyon Mine Production and Cost Outlook

Florida Canyon Mine forms the cornerstone of Integra's current operations, with the company projecting gold production of 70,000-75,000 ounces for 2025. The mining plan includes approximately 13.5 million tonnes of ore and 11.2 million tonnes of waste, resulting in a total movement of 24.7 million tonnes and a strip ratio of 0.83.

The increased strip ratio reflects operational adjustments following the acquisition of Florida Canyon in late 2024. According to the guidance, this increase is a result of catching up on stripping postponed by previous owners, as well as additional stripping required to access new areas for mining.

Cost Structure and Financial Metrics

Cash costs at Florida Canyon are expected to range from $1,800-$1,900 per ounce of gold sold, including royalties. The company has positioned these costs within ongoing optimization efforts, noting numerous ongoing optimization studies at Florida Canyon focused on identifying areas for increased efficiency and cost reduction.

Mine-site all-in sustaining costs present a higher range of $2,450-$2,550 per ounce of gold sold, primarily driven by the timing of capital expenditures. The company explains the increase to the mine-site all-in sustaining cost guidance range in 2025 versus actual first quarter costs is primarily a result of timing of sustaining capital expenditures.

Capital Investment Strategy

Sustaining Capital Expenditures

Integra has allocated $48.0-$53.0 million for sustaining capital at Florida Canyon, representing a significant investment in the mine's long-term viability. The expenditures focus on capitalized waste stripping, mobile fleet rebuild and replacement financing, heap leach pad expansion, and other sustaining items.

The timing of these investments is concentrated in the third quarter of 2025, with approximately 45% of annual sustaining capital scheduled for deployment during this period. This concentration will result in elevated mine-site all-in sustaining costs during the third quarter.

Growth Capital and Exploration

The next 18 months represent what the company characterizes as a capital-intensive phase of the long-term continuous improvement plan for Florida Canyon. Major investments target heap leach pad expansion, increased capitalized waste stripping, mobile equipment fleet revitalization, process optimization, and enhanced mine planning.

Growth capital of $8.0-$10.0 million targets expansion projects and studies, including drill testing of oxide targets and mobile equipment financing. A key component is the $1.5 million allocated for the 2025 growth drilling program, consisting of approximately 10,000 meters of reverse circulation drilling.

Salamis emphasized the long-term focus:

"The goal is to sustain and grow Florida Canyon, extend its mine life, and address historical underinvestment. Integra is laying the foundation for a more efficient, longer-lived operation with an improved cost profile in the years ahead."

The drilling program, which commenced in early May and is expected to conclude in the third quarter of 2025, focuses on near-mine targets designed to support oxide mineral reserve and resource growth and mine life extension. Initial assay results are anticipated during the summer months of 2025.

Development Project Advancement

DeLamar Project Progress

The DeLamar Project receives the largest allocation of development spending, with $12.0-$12.5 million budgeted for 2025 activities. The project advancement centers on feasibility study completion and permit progression.

In the news release, CEO George Salamis emphasized the project's significance, stating:

"Florida Canyon's ability to generate cash flow has allowed the Company to expedite and bolster initiatives at the DeLamar Project relating to the ongoing feasibility study and permitting efforts – with the expected commencement of federal mine permitting in the second half of 2025."

Approximately 15% of the DeLamar budget supports advanced engineering studies for the upcoming feasibility study, expected later in 2025, while 40% directly supports permitting activities. In March 2025, Integra submitted the Mine Plan of Operations to the United States Bureau of Land Management, initiating the pathway for a Notice of Intent and subsequent Environmental Impact Statement preparation.

Nevada North Project Development

The Nevada North Project, consisting of the Wildcat and Mountain View deposits, receives $2.5-$3.0 million in 2025 development funding. The company plans to complete metallurgical test work at Wildcat and commence geochemical sampling programs in the second half of 2025.

These initiatives focus on continued project advancement and de-risking through metallurgical and geochemical testing designed to support future economic studies and permitting efforts.

Long-term Growth Strategy

President and CEO George Salamis outlined the company's strategic approach: "When Integra acquired the Florida Canyon Mine in late 2024, the primary goal was to secure a consistent and reliable source of cash flow that would allow the Company to advance its flagship development stage projects, DeLamar and Nevada North, and remove the need for annual equity financing."

The acquisition strategy has delivered expected results, with Salamis noting:

"Florida Canyon has successfully delivered on this objective. In the current gold price environment Florida Canyon is generating greater than expected cash flow, which has significantly improved the company's financial position and ability to execute its strategy."

Conclusion for Investors

Integra Resources presents investors with a positioned U.S. gold producer generating immediate cash flow while advancing a pipeline of development projects. The 2025 guidance reflects a transitional period characterized by significant capital investment aimed at improving long-term operational efficiency and extending mine life.

The company's strategy of using Florida Canyon cash flow to advance development projects without requiring annual equity financing addresses a key concern for precious metals investors regarding dilution. However, the elevated capital expenditure profile through 2025-2026 will impact near-term cash generation and all-in sustaining costs.

For investors evaluating Integra Resources, the key considerations include the company's ability to execute the capital improvement program on schedule and budget, successful advancement of development projects through permitting processes, and the ultimate realization of improved operational metrics at Florida Canyon following the investment period.