Integra Resources Maps Path to 300,000 Ounces of Annual Gold Production

Key Points

• Integra Resources aims to grow annual gold production from 70,000–75,000 ounces at Florida Canyon this year to about 200,000 ounces after DeLamar begins operations, potentially reaching 250,000–300,000 ounces with Nevada North.
• Florida Canyon’s mine life has been extended to 2033, with expected average production of roughly 82,000 ounces annually and about $90 million in average yearly free cash flow. Higher 2026 costs reflect Central Pit stripping, equipment upgrades and accelerated heap-leach expansion spending.
• DeLamar has entered the federal NEPA permitting process, with a Record of Decision targeted for the second half of next year, while Nevada North is undergoing geotechnical work ahead of an updated economic study expected next year.

Integra Resources NYSEAMERICAN: ITRG outlined plans to expand production from its Florida Canyon mine in Nevada while advancing its DeLamar and Nevada North development projects, positioning the company to grow from a current single-asset producer into a larger U.S.-focused gold producer.

The company said Florida Canyon is expected to produce between 70,000 and 75,000 ounces this year. Over time, Integra expects production to reach approximately 200,000 ounces annually after DeLamar begins operating, followed by a potential 250,000- to 300,000-ounce annual production profile with the addition of Nevada North.

Florida Canyon Mine Life Extended to 2033

Florida Canyon, located about two hours north of Reno and south of Winnemucca, has operated intermittently over the past two decades under several owners. Integra said it acquired the operation as a producing asset and has used its cash flow to support development work elsewhere in its portfolio.

In a technical report issued during the summer, the company said it extended Florida Canyon’s mine life to 2033. The mine had about six years of life when Integra acquired it. After operating the mine for two years, the updated plan added eight years of future production, supported by reserve growth and drilling near existing operations.

Integra expects Florida Canyon to average roughly 82,000 ounces of production per year over its remaining mine life, compared with historical output of approximately 60,000 to 75,000 ounces annually. The company said the updated technical report estimates average annual free cash flow of about $90 million over the next eight years.

The company acknowledged that 2026 is expected to be a higher-cost year, citing three main factors:

• An extensive pre-stripping campaign at the Central Pit;
• Replacement and upgrading of mining equipment, including eight Caterpillar 785 haul trucks and two shovels; and
• Capital pulled forward for heap-leach expansion work originally planned for 2027.

Integra said those investments are intended to establish a more predictable operation and support the extended mine life. It expects all-in sustaining costs to decline over the life of the mine to just over $2,300 per ounce.

Production during the first two quarters was lower as the company accessed different mining areas and blended material while stripping the Central Pit. Integra maintained its full-year production guidance of 70,000 to 75,000 ounces and said it expects higher output in the remaining two quarters.

Exploration Targets Could Add Further Mine Life

Integra is conducting 43,000 meters of drilling at Florida Canyon this year and said it sees potential to further extend the operation beyond 2033. The company highlighted drilling in areas between existing open pits, referred to as “saddles,” which it said had received limited testing by prior operators.

At the Central Radio Tower Pit saddle, Integra reported intercepts including 0.84 grams per metric ton over 35 meters and 0.83 grams per metric ton over 29 meters. The company said these grades are two to three times higher than grades currently being mined at the project.

The company also identified the Madre Shear Zone and the Standard Mine as exploration opportunities. The northern extension of the Madre Shear Zone lies beneath the North Dump, which Integra plans to mine in the future. At the Standard Mine, about 8 kilometers south of Florida Canyon, the company plans a 7,000-meter drill program aimed at evaluating a potential satellite deposit that could supply the existing operation.

DeLamar Permit Process Underway

Integra said its DeLamar project, a former producing mine acquired from Kinross Gold, entered the federal National Environmental Policy Act, or NEPA, permitting process in May. The project has completed its 30-day public comment period, and the company is reviewing comments with the Bureau of Land Management.

The company said DeLamar is designated under the FAST-41 process and is expected to receive its Record of Decision in the second half of next year, according to the Bureau of Land Management’s project schedule. The Record of Decision is a key federal permit needed before a construction decision.

DeLamar’s plan includes two deposits, Florida Mountain and DeLamar, along with two heap-leach pads and a single crushing facility. Integra cited a December feasibility study that estimated construction costs of about $390 million.

Integra plans to spend approximately $50 million this year and next year on site preparation and “state of good repair” work, including power-line upgrades, crushing tests and refurbishment of existing buildings. The company also acquired an adjacent ranch, which provided grazing rights, water rights and air-quality benefits.

The company said it signed an impact benefit agreement with the Shoshone-Paiute tribal nations earlier this year. Integra said the agreement followed several years of work and has generated tribal support for the project during the permitting process.

Nevada North Economics Update Planned

Integra’s Nevada North portfolio includes the Wildcat and Mountain View deposits, located near Florida Canyon. The company completed a preliminary economic assessment in 2023 and is now conducting geotechnical drilling to support an updated economic study expected next year.

Integra said it has also begun permitting and community-relations work for Nevada North. It aims to enter the NEPA process before the end of 2030, with the goal of pursuing production during the following decade.

About Integra Resources (NYSEAMERICAN:ITRG)

Integra Resources Corp. is a precious metals exploration and development company focused on advancing gold and silver projects in the United States. The company's primary asset is the DeLamar Project in southwestern Idaho, which includes the DeLamar and Florida Mountain deposits in Owyhee County.

DeLamar is a past-producing mining district with existing mineral resources and infrastructure from historical operations. Integra is evaluating the project's potential through exploration, technical studies, permitting and mine-development planning, with the goal of establishing a modern open-pit mining and processing operation.

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