INTEGRA DELIVERS ROBUST FEASIBILITY STUDY FOR DELAMAR GOLD-SILVER HEAP LEACH PROJECT HIGHLIGHTING IMPROVED ECONOMICS AND REDUCED DEVELOPMENT RISK

Executive Summary

• Integra Resources released a full Feasibility Study (FS) for the DeLamar Gold‑Silver Heap Leach Project, showing an after‑tax NPV5% of $774 M (base case) to $1.7 B (spot prices) and IRR of 46%–89%, with a rapid 1.8‑year payback.
• The FS confirms a 10‑year mine life producing ~1.1 Moz AuEq at average cash cost of $1,179/oz AuEq and AISC of $1,480/oz AuEq; total initial capital is $389 M with sustaining capex of $305 M.
• The study adds a simplified two‑heap leach layout, expands mine life via stockpile material, and highlights strong early free cash flow ($165 M average Y1‑5) plus extensive tribal partnerships and community job creation (≈300 permanent jobs).

Key Details

• Economic Highlights
• After‑tax NPV5%: $774 M (base case $3,000/oz Au, $35/oz Ag); $1.7 B at spot $4,250/oz Au, $60/oz Ag.
• After‑tax IRR: 46% (base) – 89% (spot).
• Payback period: 1.8 years (base), down to 1.1 years at spot prices.

• NPV‑to‑Capex ratio: 2.0 (base) – 4.4 (spot).

• Production & Reserves

• Mine life: 10 years active mining + 2 years residual leaching.
• Total LOM production: 1.1 Moz AuEq (average 106 koz AuEq/yr).

• Proven & Probable reserves (oxide only): 119.97 Mt ore @ 0.33 g/t Au, 13.56 g/t Ag → 1,259 koz Au and 52,305 koz Ag.

• Capital Expenditure

• Initial capex: $389 M (incl. $38 M owners’ cost).
• Sustaining capex (Y1‑10): $305 M.

• Total project capital (including reclamation & bonding): $747.5 M.

• Operating Costs

• Site‑level cash cost (co‑product): $1,179/oz AuEq.
• AISC (co‑product): $1,480/oz AuEq.

• Mining cost: $2.51/t mined; processing cost: $4.91/t processed; G&A: $1.51/t processed.

• Free Cash Flow

• Average Y1‑5 after‑tax free cash flow: $165 M (average $142.8 M per year).

• Total net free cash flow (Y1‑10): $1,066 M.

• Infrastructure & Power

• Required power: up to 6.5 MW via refurbished 69‑kV line and new substation; 2 MW backup generator.

• Two heap leach pads (Florida Mountain & DeLamar) with two‑stage crushing, Merrill‑Crowe processing (~1,360 m³/h).

• Royalties

• Net smelter returns: 2.5% (Triple Flag) reduced to 1.0% after C$10 M paid; 1.5% (Wheaton Precious Metals).

• Effective average royalty rate: ~2.3%.

• Community & Tribal Engagement

• Relationship Agreement with Shoshone‑Paiute Tribes; ongoing discussions with additional tribes.

• Expected creation of ≈300 permanent jobs for the life of the project.

• Next Steps

• Permitting advancement (NEPA, Idaho state, BLM) slated for 2026‑27.
• Detailed engineering and financing plans to be refined; construction decision pending permitting and funding.

Notable Quotes

“The Feasibility Study confirms what we have long believed: DeLamar is one of the most compelling, resilient, and capital‑efficient heap leach gold‑silver projects in the U.S.… The FS outlines a simplified, phased, and materially de‑risked development plan with outstanding economics, including a rapid 1.8‑year payback…” – George Salamis, President & CEO

The technical report supporting this Feasibility Study will be filed on SEDAR+ within 45 days of this release.