INTEGRA FILES FEASIBILITY STUDY TECHNICAL REPORT FOR DELAMAR HEAP LEACH PROJECT
Integra Formalizes DeLamar Economics While Market Eyes $389 Million Construction Funding Gap
The most recent news (February 02, 2026) announces the formal filing of the NI 43-101 Feasibility Study (FS) Technical Report for the DeLamar Gold and Silver Heap Leach Project in Idaho. This filing follows the summary results released in December 2025. The study outlines a 10-year mine life producing 106,000 oz AuEq per year at a co-product AISC of $1,480/oz. At a base case of $3,000/oz gold and $35/oz silver, the project shows an after-tax NPV5% of $774 million and an IRR of 46%. The report utilizes an initial capital expenditure (Capex) estimate of $389.1 million.
- Technical De-risking: The formal filing is a routine but necessary regulatory step that solidifies the economic claims made in December. It provides the technical basis for the federal permitting process currently underway.
- Economic Sensitivity: While the NPV is robust at $774M (Base Case), the study includes "Recent Prices" sensitivities ($4,500/oz Au) that result in a $1.9B NPV. A critical analyst must note that these "recent" prices are significantly higher than current market spot prices, potentially inflating the perceived upside.
- Financing Requirement: The $389.1 million initial Capex is a massive hurdle. Despite the company being corporate debt-free after the Beedie conversion, their current cash position ($81.2M as of Q3 2025) covers only ~20% of the required build cost.
- Operational Synergy: The news confirms the strategy of using Florida Canyon for refining, which reduces the footprint and power needs at DeLamar, a positive for permitting but creates a single-point-of-failure risk if Florida Canyon faces operational halts.
Integra Resources transitioned from a developer to a producer in late 2024 with the acquisition of the Florida Canyon Mine in Nevada. Its flagship development asset is the DeLamar Project in Idaho. - DeLamar Project: A past-producing open-pit oxide heap leach project. It is currently in the feasibility stage and has been selected for the FAST-41 federal permitting program. - Florida Canyon: An operating mine in Nevada currently generating cash flow to fund the permitting and development of DeLamar.