Meet the Team: Jason Banducci - VP Corporate Development & Investor Relations at Integra Resources

In mining, the difference between success and failure often comes down to one factor: the people. Management can make or break any project, regardless of the underlying geology. For investors, evaluating management isn't just part of due diligence - it's the foundation of it. This profile examines Jason Banducci's background and role at Integra Resources through the lens of why leadership capabilities determine mining investment outcomes.

Professional Track Record & Experience

Jason Banducci brings five years of mining investment banking experience from GMP Securities (later acquired by Stifel Financial), where he specialized in M&A transactions, due diligence processes, and capital raises for mining companies. His background spans lending at TD Bank, an MBA from Queen's University, and extensive exposure to the mining sector through his mother's 15-year tenure as CFO of IAMGold.

An interesting connection emerged early in his career when, as an investment banker, Jason helped former Integra CEO Jason Kosec raise $24 million and list Millennial Precious Metals on the TSX-V. This company later merged with Integra Resources, creating the pathway for Jason's current role.

The Florida Canyon acquisition represents his most significant transaction to date. When Alamos acquired Argonaut and spun out non-core assets, Jason identified the strategic opportunity and helped execute the deal that transformed Integra from a development company into a producer generating 70,000 ounces annually.

Approach to Corporate Challenges

When Jason joined Integra, the company faced typical development-stage challenges: zero cash flow and constant equity financing needs amid declining investor appetite for development stories. "You have this constant battle of running out of money and trying to get things done," Jason observes.

His solution focused on acquiring cash-generating assets rather than continuing the traditional equity raise cycle. The approach was systematic: identify asset types that could generate $15-20 million in annual free cash flow, focus on Nevada's premier jurisdiction, and wait for the right opportunity.

The Florida Canyon acquisition checked multiple boxes: location adjacent to existing projects, 25-year operating history, and appropriate scale for Integra's size. The transaction required managing complex due diligence across financial and technical workstreams while coordinating internal teams and external consultants.

Industry Network & Market Access

Jason's investment banking background created relationships across the institutional investment community, research analysts, and broker networks. These connections now benefit Integra's market access and communication efforts.

Recent investor relations activities demonstrate this network's value. During marketing efforts in New York, 90% of meetings were with previously inaccessible accounts.

"A lot of time I spend with the analyst community to make sure that from a research perspective, they're modeling the company correctly. They're thinking about future catalysts correctly," Jason explains, emphasizing the importance of proper market understanding.

His dual role encompasses both corporate development and investor relations, leveraging his understanding of capital markets from both the banking and operating perspectives. This includes managing M&A activities, capital raising initiatives, and external communications with the financial community.

Strategic Framework & Decision Making

Jason's strategic approach emphasizes jurisdiction quality and project financeability. He points to Nevada's status as the premier gold mining jurisdiction and notes that Integra's projects are "simple, low capital, simple gold heap leach projects", characteristics that enhance financing prospects for mid-cap companies.

"We were looking for an asset that could generate $15 to 20 million of free cash flow a year, which would allow us to advance our development stage projects, cover our G&A, and not have to come back to the market every year for that dreaded equity financing," Jason explains, describing the strategic rationale behind the Florida Canyon acquisition.

His approach to building producer credibility focuses on operational consistency at Florida Canyon while methodically advancing development projects. Rather than immediate aggressive expansion, the strategy prioritizes proving execution capability and maintaining financial flexibility.

When discussing valuation, Jason explains that Integra should trade between junior producers (0.7x NAV) and development companies (0.3-0.4x NAV) given the company's hybrid profile spanning both production and development assets.

Current Results & Company Position

Under Jason's tenure, Integra has transitioned from cash-burning developer to profitable producer. Florida Canyon generates approximately 70,000 ounces annually with cash flow exceeding $15 million, eliminating the need for regular equity financings.

The company maintains over $60 million in cash, providing flexibility for future initiatives. Integra's investor base has expanded significantly, with the company recently added to a silver index and expecting GDXJ eligibility by year-end.

The transformation has repositioned Integra's market appeal, now attracting generalist investors seeking gold exposure, passive investment vehicles, and institutions focused on US production.

"We can look and do more than we ever thought was possible, even just last year, from a corporate development standpoint," Jason notes, reflecting on how the company's improved financial position has expanded strategic options.

Share price performance has reflected this improved positioning over the past 12 months.

Role in Integra's Development

Jason's dual responsibilities span corporate development activities including M&A evaluation, due diligence management, and capital raising, alongside investor relations encompassing market communication, conference participation, and stakeholder engagement.

His investment banking experience directly applies to both functions - structuring transactions, managing complex processes, and communicating with sophisticated investors. The combination allows him to understand opportunities from both operational and investor perspectives.

Looking ahead, Jason's focus remains on demonstrating consistent operational execution at Florida Canyon while advancing development projects toward production decisions. His experience suggests he understands both the operational requirements of mining and the capital market dynamics necessary for financing growth.

Looking Forward

As Integra continues its evolution from developer to established producer, Jason's role becomes increasingly strategic. The company's strong balance sheet and cash-generating operations provide a foundation that few junior mining companies enjoy. With over $60 million in cash and steady production, Integra has achieved what Jason describes as the goal of self-funded development. Jason outlines the dual-track growth strategy ahead:

"We see significant opportunity to grow the business organically through some of the work we're doing at Florida Canyon and then really the second leg of growth comes from Delamar and Nevada North."

The success of the Florida Canyon integration has validated Jason's approach to corporate development, focusing on strategic assets in premier jurisdictions that enhance rather than complicate the business model. For investors evaluating Integra Resources, Jason's track record of identifying and executing transformative transactions, combined with his deep understanding of both mining operations and capital markets, positions him to navigate the opportunities and challenges ahead.

As he puts it simply:

"The only thing that matters is people and the quality of the asset."

With proven assets in Nevada and an experienced team led by executives like Jason, Integra appears well-positioned to deliver on both counts.