Integra Resources Validates Producer Status with 400% Cash Flow Growth, Three-Asset Expansion Ahead

• Integra Resources successfully transitioned to gold producer in 2025, achieving 400% increase in adjusted cash flow year-over-year while meeting all production guidance targets across 4 quarters
• Florida Canyon mine stabilisation complete with new fleet equipment, water infrastructure, and capitalised stripping creating foundation for 2026 feasibility study showing expansion potential and extended mine life
• DeLamar project feasibility study delivered $775 million base case NPV ($1.8 billion at spot) with 46% after-tax IRR, featuring simplified two-phase heap leach design reducing development risk
• Federal/NEPA permitting timeline for DeLamar expected to be significantly shorter than historical 2-3 years due to current administration's accelerated permitting priorities
• 2026 strategy focuses on Florida Canyon expansion study, DeLamar detailed engineering and early works, and advancing Nevada North from PEA to PFS stage using free cash flow

Integra Resources (TSXV:ITR) has emerged from a transformative 2025 as a validated gold producer with a clear pathway to becoming a multi-asset operator in the western United States. CEO George Salamis recently outlined the company's evolution from pure developer to cash-flowing producer, while detailing ambitious plans to expand its Florida Canyon operation, advance the DeLamar project toward production, and progress the Nevada North asset. With strengthening margins, growing cash reserves, and an accelerated permitting environment, Integra is positioning itself to capitalise on favourable gold prices while maintaining strict capital discipline.

Florida Canyon: Proving the Producer Thesis

The primary mission for Integra in 2025 was demonstrating competence as a gold producer following the late-2024 transition from developer status. Salamis emphasised this achievement: 

"We made that transition in late 2025, transitioning from pure developer to cash flowing producer. And we proved that throughout the course of the year, with four quarters of production, hitting all of our guidance numbers."

The financial results validated this strategy dramatically, with adjusted cash flow increasing 400% year-over-year and working capital strengthening substantially. However, Salamis was careful to note that 2025 wasn't simply about maintaining steady-state operations, it was about understanding the asset's true potential after years of underinvestment by previous owners.

Operational Improvements & Infrastructure Investments

A significant component of Florida Canyon's 2025 performance stemmed from targeted infrastructure investments addressing legacy issues. The operation required substantial catch-up on capitalised stripping that previous owners couldn't fund during lower gold price environments. "2025, we're playing a lot of catchup on stripping that wasn't done previously," Salamis explained, adding that this catch-up work would continue through 2026 before transitioning to lower-strip environments.

Equipment replacement proved equally critical, both operationally and for workforce morale. The mining fleet hadn't seen new equipment in nearly a decade, and the replacements initiated in 2025 will continue into 2026. 

"Not only is that a big morale booster for the mining team on site that haven't seen a lick of new equipment for the better part of the last 10 years, but it just starts to improve operational efficiency at the mine, which is critical for us in the long term."

Water availability presented another challenge addressed through permanent solutions. The Great Basin experienced drought conditions in 2025, creating water scarcity issues. Integra responded by completing a new water well with backup systems now in place, ensuring adequate water supply for 2026 and beyond.

The 2026 Feasibility Study: Unlocking Florida Canyon's Potential

Perhaps the most significant development for Florida Canyon will be the mid-2026 feasibility study - an Integra-stamped analysis reflecting the company's operational knowledge gained through 2025. This study will incorporate exploration successes, extended mine life calculations, and potential production expansion scenarios.

Salamis outlined several optimisation areas under evaluation: pushing production higher from a tonnage perspective, optimising crushing operations, and incorporating more run-of-mine material into the heap leach process. Importantly, the study will include approximately 50 million tons of low-grade stockpile material previously considered uneconomic but now viable at current gold prices.

The strategic value of this stockpile material extends beyond its contained gold. Its proximity to heap leach pads eliminates lengthy haulage distances which are currently several kilometers from pit to crusher or heap leach. This creates meaningful cost advantages. "This low-grade material that sits right next to the heap leach operation itself is a very short haul," Salamis explained, highlighting how small efficiencies compound into significant operational improvements.

Interview with President & CEO George Salamis

Exploration Upside & Mine Life Extension

Exploration activities in 2025 revealed substantial potential for resource expansion at Florida Canyon. 

"If 2025 proved one thing from an exploration point of view was that there's lots more to be added, not just in those stockpiles, but in extensions of existing zones very close to the mine."

The 2026 exploration program will target zones within the mine area and extend several kilometers south, pursuing what Salamis described as "glaringly obvious targets." This work will feed into updated resource and reserve calculations supporting the feasibility study's extended mine life projections.

Salamis expressed particular enthusiasm about shifting market perception: 

"2026 will come with the realisation to shareholders...that people won't view Florida Canyon as a tired old asset with a limited mine life runway. It's got a lot of runway."

DeLamar: From Study to Shovel-Ready

The December 2025 delivery of DeLamar's feasibility study marked a pivotal milestone, presenting what Salamis characterised as "pretty stellar numbers" - a $775 million base case NPV at $3,000 gold, escalating to approximately $1.8 billion at spot prices, all supported by a 46% after-tax IRR and manageable capital requirements.

Critically, the feasibility study simplified the development plan compared to the preliminary feasibility study. The original design featured one massive 140-million-ton heap leach pad, while the updated plan divides this into two phases - the first financed upfront, the second through sustaining capital during operations. 

"From a development and operating perspective it is much easier to execute on that relative to just one large heap leach pad in a tougher location."

This simplified approach reduces execution risk while maintaining project economics, positioning DeLamar as financeable through combined project debt and accumulated Florida Canyon cash flow.

Accelerated Permitting Timeline Under New Administration

DeLamar's entry into federal/NEPA permitting coincides with what Salamis views as an exceptionally favorable regulatory environment. Historical timelines under previous administrations suggested 2-3 years for NEPA processes, but Integra expects significantly shorter durations:

"The permitting timeline guidance that we're going to be putting out for DeLamar is going to look significantly shorter. And that's due to this current administration's desire to push projects through permitting pipelines faster, without cutting corners, but faster than they ever have."

As one of only three projects at this advanced stage entering federal permitting, DeLamar benefits from both regulatory momentum and first-mover advantage. Detailed engineering will commence in the second half of 2026, with early works activities planned to further de-risk development before the final record of decision.

Capital Allocation Strategy & Acquisition Considerations

With strengthening cash flow from Florida Canyon, Integra faces strategic decisions regarding capital deployment. The company maintains a balanced approach: investing in Florida Canyon expansion and exploration, advancing DeLamar toward construction, and progressing Nevada North from preliminary economic assessment to pre-feasibility study stage.

Regarding acquisitions, Salamis acknowledged constant evaluation of opportunities but emphasised selectivity. "There's not a lot out there in the context of if we're going to stay in the western US...what is there that's producing," he noted, adding that available development projects, while potentially high-quality, introduce execution risk that must be weighed carefully against organic growth opportunities.

The discipline reflects Integra's focus on capital efficiency and risk management: 

"We've got a great company with some great people. Nobody wants to blow it up with a bad decision."

Nevada North: The Third Asset Emerges

While Florida Canyon and DeLamar dominate near-term focus, Nevada North, located just 26 miles from Florida Canyon, represents significant longer-term value. The project demonstrated strong economics in its preliminary economic assessment at $1,700 gold prices, suggesting substantial upside at current levels.

"There'll be that realisation in the second half or towards the end of 2026," Salamis predicted, referring to investor recognition of Nevada North's enhanced economics and synergies with Florida Canyon's infrastructure and operational expertise.

The Investment Thesis for Integra Resources

• De-Risked Production Base: Florida Canyon delivered four consecutive quarters of production in 2025, validating operational capability and generating 400% year-over-year growth in adjusted cash flow, providing foundation for funding development pipeline
• Near-Term Production Growth: Florida Canyon feasibility study (mid-2026) expected to demonstrate mine life extension, production expansion potential, and improved economics through exploration success, low-grade stockpile inclusion, and operational optimisation
• DeLamar Development Catalyst: Robust feasibility study shows $775M base case NPV ($1.8B at spot), 46% IRR, with simplified two-phase heap leach design and financeable capital requirements; entering federal permitting with expectation of accelerated timeline under current administration
• Free Cash Flow Optionality: Self-funding capability from Florida Canyon eliminates dilution risk while providing capital for detailed engineering, early development works, and exploration across three-asset portfolio
• Permitting Tailwind: DeLamar timing coincides with administration focused on accelerating project approvals, potentially shortening historical 2-3 year NEPA timelines significantly and reducing time-to-production risk
• Nevada North Upside: Third development asset with demonstrated PEA economics at $1,700 gold advancing to PFS in 2026, with 26-mile proximity to Florida Canyon offering infrastructure synergies and portfolio depth
• Management Execution: Successful transition from developer to producer demonstrates operational capability; disciplined capital allocation approach prioritises organic growth over acquisition risk
• Gold Price Leverage: All three assets benefit substantially from current gold pricing environment, with previously sub-economic material (50M tons stockpile) now adding to resource base and enhancing future production profiles

Macro Thematic Analysis

Integra Resources exemplifies the convergence of two powerful macro themes: a regulatory renaissance for US mining projects and gold's transition from tactical hedge to strategic portfolio allocation. The current administration's commitment to accelerated permitting creates unprecedented opportunity for advanced-stage US projects, particularly in the Great Basin where geological endowment meets improving regulatory certainty. Simultaneously, gold's persistent strength above $4,200 per ounce reflects structural drivers - geopolitical fragmentation, monetary policy uncertainty, and central bank accumulation - rather than cyclical speculation. DeLamar's entry into federal permitting as one of only three projects at this stage positions Integra to capture maximum benefit from streamlined timelines while Florida Canyon's operational cash flow provides insulation from equity market volatility.

"This current administration's desire to push projects through permitting pipelines faster without cutting corners but faster than they ever have...obviously that's going to benefit DeLamar. It's going to benefit our shareholders and us as a company."

TL;DR:

Integra Resources validated its producer credentials in 2025 with 400% adjusted cash flow growth, creating a self-funded platform for multi-asset expansion. The mid-2026 Florida Canyon feasibility study will demonstrate production expansion and extended mine life through exploration success and low-grade stockpile incorporation. DeLamar's compelling economics ($775M base NPV, 46% IRR) and simplified development plan position it for accelerated federal permitting and near-term production, while Nevada North provides additional growth optionality 26 miles from existing operations.

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