Integra Resources (TSXV:ITR) - 2026 Guidance Intact, 2027 De-Risking Underway

Interview with George Salamis, President & CEO, Integra Resources

Our previous interview: https://www.cruxinvestor.com/posts/made-in-america-integra-resources-tsxvitr-visiting-the-florida-canyon-mine-11309

Recording date: 22nd September 2026

Integra Resources (TSXV: ITR | NYSE: ITRG) is a Great Basin-focused gold-silver company built around one producing asset and two advanced development projects. Florida Canyon, an open-pit heap leach mine in Nevada acquired for $68 million in 2024, is the company's cash engine. Early 2026 was rocky: two consecutive quarters missed internal guidance, driven by ore-haulage bottlenecks and difficulty blending low-grade stockpile material with in-situ ore. Both issues are now described as resolved or substantially improved. A July 2026 technical report and updated mine plan lifted Florida Canyon's reserve by 74% to 1.19 million ounces, extended mine life three years to 2033, and raised average annual production guidance 17% to 82,000 ounces, with $0.8 billion in projected life-of-mine after-tax free cash flow.

That cash flow is earmarked to fund Integra's two growth projects. DeLamar, in southwestern Idaho, is the flagship: a 2025 feasibility study shows a base-case after-tax NPV5% of $774 million (rising to $1.9 billion at spot gold prices), a 46% base-case IRR (97% at spot), and payback of under two years at base case, compressing to roughly one year at current prices. Permitting has accelerated meaningfully - DeLamar's Notice of Intent was published in May 2026, and the project was added to the federal FAST-41 Transparency Projects Program in January 2026. A Record of Decision is targeted for H2 2027, with construction-start permits targeted for spring 2028. Integra has also signed a relationship agreement with the Shoshone-Paiute Tribes covering the project's development, and raised US$61 million in a February 2026 bought-deal financing to fund early works and land acquisition.

Nevada North, the third asset, comprises the Wildcat and Mountain View deposits roughly 30 miles from Florida Canyon. A 2023 PEA outlined a 13-year, 80,000 ounce-per-year operation with a $310 million after-tax NPV5% at a conservative $1,700/oz gold price assumption; an updated technical report is underway.

A distinct, lower-capital growth avenue also exists within Florida Canyon itself: reclassifying historical inter-pit "saddle" ground and decades-old waste dumps as ore now that gold prices make previously sub-economic material viable. Conceptual estimates for two dump targets alone range up to 56 million tonnes combined, though none of this is yet a defined mineral resource.

Management, led by CEO George Salamis alongside a leadership team with prior roles at SilverCrest Metals, Kinross and Perpetua Resources, has stated an explicit long-term ambition to build toward a 250,000-300,000 ounce gold-equivalent multi-asset production platform and is actively evaluating acquisitions to accelera