US Gold Producer Reports Strong Q1 Production & $61M Cash Position, Targets 300,000oz pa

• Integra has evolved from a development-stage company to a gold producer with its Florida Canyon mine delivering 19,323 ounces in Q1 2025
• Cash balance of $61.1 million with working capital of $68.3 million, eliminating need for dilutive financing
• Self-funded development path with Florida Canyon funding DeLamar, which funds Wildcat, creating path to 300,000oz annual production
• Production occurring during record gold prices (~$3,400/oz), maximizing margins and accelerating development timeline
• All assets located within the Great Basin region of the western US, benefiting from improved permitting environment and proximity advantages

Production Overview

Integra Resources (TSX: ITR; NYSE: ITRG) has successfully transformed from a development-stage gold company to a producing gold company with the acquisition and operation of the Florida Canyon mine in Nevada. The company reported impressive first quarter 2025 results, with 19,323 ounces of gold production and an enhanced cash position of $61.1 million, up approximately $10 million from the previous quarter. George Salamis, President and CEO explains:

"Florida Canyon was step one. This team, led by Cliff from a technical perspective, will do that. Cliff has that capability of not only managing a mining operation, because he's done that before, but also building projects."

The company's asset portfolio includes the producing Florida Canyon mine in Nevada, along with two development-stage projects: DeLamar in southwestern Idaho and the Wildcat project in Nevada. The three projects contain a combined resource base of approximately 10 million ounces of gold, creating a solid foundation for Integra's growth strategy.

"The sum total of resources is 10 million ounces, all focused on the western part of the US, more specifically the Great Basin. And so we have production from Florida Canyon in addition to two development level projects, the cumulative effect of which would be leading us to circa 300,000 ounces per annum of production in the near future."

Interview with President & CEO, George Salamis

Production Performance & Future Goals

Florida Canyon's Q1 2025 performance exceeded expectations with 19,323 ounces of gold produced and 19,540 ounces sold. This performance was partially boosted by a one-time recovery of approximately 2,000 ounces from an electrowinning tank but also benefited from ongoing operational improvements.

"It was a very strong quarter from a production perspective relative to other quarters. The reason being there are few enhancements and tweaks that we've made to the way they're processing gold, better circulation flow through the heat bleaches, largely due to the people on site and having added some bits and pieces to that circuit of late."

The company's production metrics show impressive operational efficiency:

• Ore mined: 3,021 kt
• Waste mined: 1,799 kt
• Total mined: 4,820 kt
• Strip ratio: 0.60 (waste)
• Gold recovery rate: 60.4%

Looking ahead, Integra has established a clear growth trajectory toward becoming a mid-tier gold producer with targeted annual production of approximately 300,000 ounces once all three projects are operational. This represents a significant increase from Florida Canyon's current production level of approximately 75,000 ounces per year.

Optimization Strategies & Cost Management

Integra is implementing several optimization initiatives to enhance operational efficiency and reduce costs at Florida Canyon. These include improvements to the electrowinning circuit, the carbon-in-column (CIC) circuit, and increased heap leach solution flow rates.

"A couple of the other things that we're looking at right now is the fleet. What can we do to right size the fleet? Maybe we can look at bigger scale mining in the future with larger trucks. Maybe look at more run-of-mind processing as opposed to crushed or heat bleaching. Things like that, all of these things really add up."

The company is still formulating its guidance for All-In Sustaining Costs (AISC) and expects to release this information in late May or early June after newly appointed COO Cliff Lafleur has had time to assess operations. Lafleur brings valuable experience from his time at SilverCrest, where he demonstrated expertise in both developing and operating mining projects successfully.

"We'll probably put it out sometime in late May, maybe early June. Again, Cliff needs to get comfortable with what he's seeing out there and again waiting for some of these optimization studies to kick in which I'm sure we'll have a positive effect."

Florida Canyon's operational improvements, combined with the current strong gold price environment, have resulted in better-than-expected cash flow, providing additional flexibility for the company to invest in growth initiatives across its asset portfolio.

Team Dynamics & Project Development

Integra has assembled what Salamis describes as a "builder's team" with significant experience in both operating mines and developing new projects. This team includes:

• Cliff Lafleur (COO): Formerly with SilverCrest, brings dual expertise in operating mines and building new projects
• Dale Kerner (VP of Permitting): Recently joined from Perpetua Resources after successfully obtaining a Record of Decision for their project

"It's a builder's team, it's an owner's team. It's not a strategy that's focused solely on waving a flag and saying, please take us over. That's the only way out for the investor. We're firmly focused on building a company here - a mid-tier gold producer."

The company's management approach is centered on systematic de-risking and development of its project portfolio. With Florida Canyon now generating cash flow, Integra can focus on advancing DeLamar and Wildcat without the constant pressure of raising capital through equity markets. Salamis states:

"No more fundraising. You have no idea the stress that it takes off of management, to not have to think about where's the next dollar coming from. It frees up so much bandwidth from a management perspective to be in that position."

De-risking Strategies & Project Transition

Integra is implementing a comprehensive de-risking strategy for its development projects, with a particular focus on permitting, technical feasibility, and financial planning. For DeLamar, the company is leveraging Dale Kerner's permitting expertise to navigate the regulatory process efficiently.

"It's the process - permitting big mining projects in the US, and it counts for everywhere else, is to try and stay on track and not get derailed. So to keep the permitting regulators, in our case, both state and federal, focused on what we've just submitted, which is the mine plan of operations."

The company is benefiting from an improving regulatory environment for mining projects in the United States, with the current administration seemingly more supportive of domestic resource development.

"This administration that's in place in DC is the best administration that's come along in decades when it comes to mine permitting. For example, last week, there was an executive order that was issued which specifically named 10 mining projects that were going to receive priority attention to move along through permitting because they were judged as being of strategic importance to the US."

Integra views Wildcat as a natural extension of Florida Canyon due to their proximity, with the sites only 30 miles apart. This proximity creates operational synergies, including the potential to transition the workforce from Florida Canyon to Wildcat once Florida Canyon's current reserves are depleted.

"We're now viewing Wildcat as an extension of Florida Canyon. It's that close. We can deploy the workforce once Florida Canyon is done over to Wildcat."

Financial Health & Cash Flow Management

Integra's financial position has strengthened considerably with Florida Canyon's production. The company reported:

• Cash and cash equivalents: $61.1 million (as of March 31, 2025)
• Working capital: $68.3 million
• Added approximately $10 million to its balance sheet in Q1 2025

This improved financial position eliminates the need for dilutive equity financing, which has been a recurring challenge for the company in previous years.

"We have the ability now to to not only sustain but actually look at growth initiatives on all three assets which is great for us."

The company has been selling gold at record prices, with recent sales at approximately $3,400 per ounce, significantly enhancing cash flow. This allows Integra to redeploy capital into value-creation initiatives across its portfolio. Salamis adds:

"We're not just sitting on our piles of gold. We're cashing that gold in. We sold gold at record levels. I think our last gold sale was $3,400 and change. Unthinkable to us six months ago when we got into this transaction."

Exploration Plans & Capital Allocation

With its improved cash position, Integra is planning strategic capital allocation across its three projects. The company is initiating a 10,000-meter drill program at Florida Canyon aimed at extending the mine life beyond its current six-year reserve.

"We're redeploying capital back into Florida Canyon, into things like exploration, for example, which we'll be talking about pretty soon...something that looks like a 10,000 meter drill program aimed specifically at adding mine life to Florida Canyon."

The company is developing a comprehensive capital allocation strategy that balances:

• Exploration at Florida Canyon to extend mine life
• Fleet equipment and haulage upgrades to improve operational efficiency
• Permitting initiatives at DeLamar and Wildcat
• De-risking activities at both development projects
• Cash reserves for future project financing

"Capital allocation has become something that's very important to shareholders, always has been. It's a buzzword that you hear in the tech sector, right? Capital allocation is king. I think it also applies to the mining sector."

The company's approach allows it to systematically advance all three projects without diluting shareholders through equity raises, creating a more sustainable growth model than was previously possible.

Hedging Strategies & Market Positioning

Integra has implemented a prudent hedging strategy to protect against potential gold price volatility while maintaining upside exposure. The company has purchased put options covering approximately 75% of its expected 2025 production at a strike price of around $2,400 per ounce.

"We did put in a hedge program, that was hedging with puts essentially covering us on the downside. Basically, in the scenario, the what if, let's just say what if gold was to go back to $2,000. So we hedged a bit more than 75% of what we expect our production to be in 2025. We hedged that at $2,400 and change. That didn't cost a lot of money. That's an insurance policy. And I think that that was well received by our investors.

This approach provides downside protection while allowing Integra to benefit from the current strong gold price environment. The company has deliberately avoided forward selling gold, preserving full upside potential.

"We didn't forward sell any gold purposefully. I don't know that that makes a lot of sense to be doing right now."

The company's operations in the western United States position it favorably in a market with limited new gold production. Integra sees potential opportunities to acquire additional assets that might become available through industry consolidation.

Institutional Support & Shareholder Dynamics

Integra has seen growing institutional interest, particularly from US investors, with US shareholders now representing more than 50% of its register. Trading volumes on the NYSE have increased relative to the TSX, reflecting growing US investor interest.

"Right now, I think we've passed the 50% US shareholding mark, which is an important milestone for us in the US. The story is resonating really well, and you can see it in the trading patterns as well."

The company has maintained support from long-term institutional investors while attracting new investors interested in cash-flowing gold producers. As Integra demonstrates consistent production and cash flow generation, it expects to attract more institutional investment, particularly from US pension funds focused on producing mining companies.

"We're starting to notice that we're getting more attention from those funds, specifically in the US, who are focused on producing cash flowing mining investments, as opposed to speculative development only stories. The pension funds out of the US, for example. We're starting to have more dialogue with those types."

Future Growth Potential & Market Outlook

Integra's value proposition centers on its growth trajectory from a single-asset producer to a multi-asset, mid-tier gold company. Currently trading at a price-to-net asset value (P/NAV) ratio of approximately 0.35, the company sees significant potential for revaluation as it executes its growth strategy.

"In the entire universe of our peers who have also re-rated upwards, and our peers being the junior producers, the average P/NAV's are 0.6 so we still have a bit of a double sitting in front of us just to get recognition for what we have today."

The company's growth will occur in stages:

• Current production from Florida Canyon (~75,000 oz/year)
• Addition of DeLamar to increase total production to ~200,000 oz/year
• Addition of Wildcat to reach the target of ~300,000 oz/year

"The big leap from a production perspective really happens when we go from just Florida Canyon to Florida Canyon plus DeLamar. If you were to judge Florida Canyon on what it produced in the last two years, which were record years, 75,000 ounces a year, you could probably make that assumption for the next six years."

Integra remains optimistic about the gold price outlook, viewing the recent strength as a reflection of global risks and uncertainties that are likely to persist. The company has positioned itself to benefit from this environment while implementing prudent risk management strategies.

Investment Thesis for Integra Resources

• Production Growth Path: Clear trajectory from current ~75,000 oz/year to potential 300,000 oz/year through systematic development of three assets
• Financial Transformation: Transition from dilutive equity raises to self-funded growth model with $61M cash position
• Valuation Opportunity: Currently trading at 0.35x P/NAV vs. peer average of 0.6x, offering potential for significant re-rating
• Strategic US Focus: Operations in favorable mining jurisdiction benefiting from improved permitting environment under current administration
• Experienced Management: Builder's team with proven track record in both operating and developing mining projects
• Gold Price Leverage: Full exposure to gold price upside with prudent downside protection through put options
• No Dilution Strategy: "One asset pays for the second which pays for the third" approach preserves shareholder value

Integra Resources has successfully transformed from a development company into a gold producer with Florida Canyon generating strong cash flow and creating a foundation for future growth. With a clear development path to reach 300,000 ounces of annual production, a strong balance sheet with $61.1 million in cash, and an experienced management team, the company is well-positioned to create significant shareholder value.

As CEO George Salamis summarizes:

"The simple concept here is one asset pays for the second which pays for the third, the cumulative effect of which is 300,000 ounces of annual production."

This self-funded growth model, combined with the company's current trading discount to peers, presents a compelling investment opportunity in the gold sector.

Gold Market Macro Analysis

The global gold market has undergone a remarkable transformation since early 2023, with prices surging from approximately $2,000 per ounce in January 2023 to recent highs of $3,400 per ounce in early 2025. This price appreciation of roughly 70% has fundamentally altered the economics of gold mining companies, particularly producers like Integra Resources with operating assets.

Multiple factors are driving this gold price strength. Geopolitical tensions, including ongoing conflicts in Ukraine and the Middle East, have increased safe-haven demand. Persistent inflation concerns, despite central bank interventions, have reinforced gold's role as an inflation hedge. Additionally, central bank gold purchases have reached record levels, with countries diversifying reserves away from traditional fiat currencies.

For gold producers, this price environment has transformed previously marginal operations into highly profitable cash generators. When Integra acquired Florida Canyon, management had modest expectations for the asset. As Salamis notes: "We bought Florida Canyon because we thought it would cover the G&A expenses and a bit of permitting work at DeLamar and Wildcat and that's it." Instead, the operation is generating significant excess cash flow that can fund substantial growth initiatives.

The mining industry is also benefiting from improved sentiment toward domestic resource development in the United States. Recent executive orders specifically prioritizing mining projects deemed strategically important signal a potential streamlining of the historically challenging permitting process. This regulatory shift could significantly accelerate development timelines for projects like DeLamar and Wildcat.

While some market observers question the sustainability of current gold prices, fundamental support remains strong. Central bank purchasing shows no signs of abating, and geopolitical risks continue to escalate rather than diminish. As Salamis observes: "The rise in the gold price is clearly telling us that there's a lot of risk in the world. I don't think that that risk has gone away from one day to the next because gold has lost $100 in the last trading session."

For investors, gold producers with organic growth potential and disciplined capital allocation strategies like Integra Resources offer a compelling combination of current cash flow and future growth potential in an environment where gold prices remain well above historical averages. This positions the gold mining sector, and particularly companies transitioning from development to production, as an attractive investment proposition in the current macroeconomic landscape.