Integra Resources Corp. filed a Feasibility Study Technical Report for its DeLamar Gold and Silver Heap‑Leach Project on February 2, 2026. The report, effective December 8, 2025, confirms the project will produce 1.1 million ounces of gold‑equivalent (AuEq) over a 10‑year mine life, averaging 106,000 AuEq per year.
The study projects a mine‑site all‑in sustaining cost (AISC) of $1,480 per ounce, a figure that is markedly lower than the company’s Florida Canyon mine guidance of $2,450–$2,550 per ounce for 2025. At base‑case metal prices of $3,000 per ounce gold and $35 per ounce silver, the after‑tax net present value (NPV5%) is $774 million. When current market prices of $4,500 per ounce gold and $65 per ounce silver are applied, the NPV5% jumps to $1.9 billion and the internal rate of return (IRR) reaches 97%. The high IRR reflects the combination of elevated metal prices, a heap‑leach‑only process that eliminates milling capital, and a streamlined permitting path.
Integra’s strategy is to fund the DeLamar development with cash flow generated by its Florida Canyon mine, thereby avoiding external financing and shareholder dilution. President and CEO George Salamis said the project “demonstrates Integra’s ability to generate cash flow and fund growth without dilution.” The company’s focus on low‑cost, high‑margin heap‑leach operations positions DeLamar as a cost‑efficient addition to its portfolio.
Permitting for DeLamar is progressing under the U.S. Bureau of Land Management’s FAST‑41 Permitting Transparency Program, with a Record of Decision targeted for Q3 2027. While the permitting timeline remains a headwind, the project’s scarcity value and past‑producing status provide a strong foundation for future production.
On the day of the filing, Integra’s shares fell 10.63%, a decline that analysts attributed to valuation concerns and the broader market environment. Despite the drop, the robust economics and the company’s cash‑flow‑backed funding model were highlighted as key positives by management and market observers.
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