Integra Resources Corp. Mining Forum Americas 2026

And really change the trajectory of the company moving forward. No longer needing to. Go to the markets to raise that capital year after year. We were now looking to self-fund our growth, self-fund our permitting, and really grow from now a single-asset producer in Nevada at Florida Canyon to then bringing on Delamar and then the Nevada North projects. Essentially growing our production from what is now 70 to 75 thousand ounces this year, to 200 thousand ounces when Delamar comes online, and then 250 to 300 thousand ounces when Nevada North comes online. For those of you that aren't familiar with the Florida Canyon Mine, it has been around for quite a while. All of our assets are located in the Great Basin of the United States, arguably one of the best places to mine. And Florida Canyons had quite a few owners over the year. It's been an asset that's been notoriously underinvested. Some might say a little unloved over the years. And what we sought to do, and we acquired Florida Canyon, was to really reimagine the future. Take it for something that was a relatively limited mine life when we acquired it. Not something that was known for being a very high-margin producer.

And really think about how we can re-engineer, re-evaluate, and show a mine that will continue to produce beyond the existing mine life. So for those of you that aren't familiar with Florida Canyon, this is what it looks like. It's located about two hours north of Reno, just south of Winamuca. It's been on and off in operations over the last two decades. And when we acquired it, it was a producing asset. We've continued to produce there, build our cash flow, and use that to fund growth at the other assets. I really show this picture because what's really interesting about Florida Canyon is I often call it the ice cream scoop open pit approach to mining. So you'll see there's multiple open pits, haul roads around them. And when we came in, we really identified that there was key things that we could change to make the operation more efficient and to grow the resource base. And this year, in the summer, we put out the first technical report on the project under the Integra umbrella. And this technical report really demonstrated how we've changed this mine and how it's going to produce far into the future.

When we acquired the mine, it only had a six-year mine life. In the updated technical report, we've essentially replaced those two years that we've operated it and extended the mine life for eight years moving forward. So producing to 2033. We saw a significant increase in the reserve. And this was really driven by our background in exploration. We believe that there was a lot of low-hanging fruit on the project that was some drilling we could bring into a resource and then because it's located a lot of these targets immediately adjacent to operations, we could quickly convert them into mine plan. The other key for us here is an increase in production. This mine historically was anywhere from 60 to 75 thousand ounces per year. Our full-year guidance this year is 70 to 75 thousand ounces. But one of the real key changes in this study is that we're going to actually increase it to a life of mine to an average of about 82 thousand ounces. So call it 80 to 85 thousand ounces over life of mine the next eight years. Now, as I mentioned earlier, we really acquired this mine to help us generate cash flow to advance our development projects.

So obviously a big number for us was the cash flow that this would generate moving forward. So in the updated technical report, the next eight years on average will produce about 90 million dollars of free cash flow. Cash that we can then use to help build Delamar, to advance it through permitting, as well as the Nevada North project. And what's really driving that free cash flow is a reduction in operating costs. We've not hidden the fact that this year is an expensive year for us. When we acquired the mine, we knew that 2026 was going to be expensive. Really driven by three things. We're in the middle of an extensive pre-stripping campaign at the central pit, which is arguably the best ore body on the project. So we're pushing back walls. And we're essentially setting it up to accommodate this longer life, to support us as we move forward. The second real contributor to our ASIC this year is equipment. When we bought the mine, a lot of the equipment was nearing the end of its life. The joke was you had to walk behind the trucks to collect screws that were falling off of it.

So we've now bought eight, seven, eight, five trucks from Caterpillar. We're leasing those. And those have actually also helped us with our efficiency. So we were going from a fleet of 777, 100-ton trucks to now 150-ton trucks. We also replaced two shovels. So we're now not loading these trucks with a loader. We're using shovels, which is just increased our efficiency as we mine. Then the third real reason that our ASIC is high this year, is heat leach expansion. So there's multiple heat leach on the project. We had some money allocated for 2027 to expand those heat leaches. We're pulling that capital into 2026 so that we can set up for a longer mine life. Really what we're doing here is being proactive miners. Historically, this was a more reactive mine. You're reacting to gold price, you're reacting to your operations. We're trying to establish a very proactive, predictable mine that will continue to produce in the future and support our development across the portfolio. Quickly, we went over this, but I think the key on the free cash flow moving forward, yes, this year is an expensive is a high-cost year for us. But moving forward, life of mine, you're really going to see those costs decrease.

So our ASIC will decrease to just over 2,300 dollars, which will really support the cash flow as we move forward. Year to date, our production Q1 and Q2 were on the smaller side because we were into some pits as we stripped the central pit. We are pulling material from different areas. We were blending it. We are maintaining our annual guidance of 70 to 75 thousand. So the expectation is that the remaining two quarters of the year we'll see an increased production moving forward. The other really exciting part about Florida Canyon, especially for any of the geologists in the crowd, I see a few of them, is the upside potential here. We've our drilling 43,000 meters this year. We drilled a lot since we've acquired it. That's where that reserve growth came from. It wasn't us just changing gold assumptions. We did change some geotechnical. We did update assumptions. But a lot of this was new zones that we drilled and added resource to the mine plan, added resource to the reserve statement. Where we're seeing a lot of success are in what we call the saddle. So if you think back to that picture we looked at in 360 and verify looks great up on the screen.

So everyone can see it. We've got these areas in between open pits. The saddles are the ridges. That have been pretty much tested very limited by previous operators. We've gone in and started to test these saddles because not only are these saddles easy to bring into a mining plan where we can sort of remove the high wall, but we're seeing some really interesting higher grades than what we're currently mining. So the central radio tower pit is where we're focused currently. In 2025, we drilled into this pit or into this saddle. And we got some really strong grades, significantly above what we're currently mining on the project. Last week, we put out additional results from this area. And we're really starting to see it come together. And what really is getting us excited are some of the grade profiles. So you can see we're seeing 0.84 over 35 meters, 0.83 over 29 meters. These are grades that are two to three times what we're currently mining on the project. So bringing this into a mine plan for us is really important. And we're going to continue to grid and move north on this target because we believe the potential is there.

Another really interesting target for us, and if you talk to our geologists on site, this probably is one of their favorite, is the Madre Shear Zone. So one of the things we did when we acquired the project is they didn't really have an active geological model. They were really mining off of resource shapes. So we spent the last year and a half, the team, identifying the geological model, identifying the shear zones that are known to carry gold on the project. And one of those shear zones is the Madre Shear Zone. The southern part of the Madre Shear Zone was mined by previous operators, but the northern extension was actually underneath the north dump. So they placed the dump on top of it, sort of killed that target in the future. What we're doing now is we've included these dumps into our mine plan because these dumps are above our grade. And we can blend it with other material. Because of that, in the future, we're going to have access to the northern extension of the Madre Shear Zone. So these are some drill results that we put out last week as well. These are drilling through the north dump into the in-situ shear zone below.

And just with some limited drilling, we're starting to get excited about what we're seeing. And as we mine the north dump, we're going to be able to access this. And bring this into a resource. The other the third really exciting drill target for us is the standard mine. So this is the land package that you see here. If anyone's driven I-80 in Nevada, you've driven right by the project. There's a large truck shop with a huge American flag on the side of it. And when we acquired the project, we got all these claims. And we also got the standard mine in the south. The standard mine has an inferred resource. We put one on in our latest technical report based on historic drilling. But for the balance of the year, we're going to do about a 7,000 meter drill program there. With the real goal of identifying a satellite deposit that we could then truck to Florida Canyon. It's only about eight kilometers to the south of the existing operation. So for us, a lot of drilling on the project moving forward because our belief is, yes, we've extended the mine life to 2033, but we believe that with continued drill success, we can extend beyond that.

So where is all this capital and what is the real next step for Integra? We're really a three-pillar company. So Florida Canyon being our production asset, and then next in line is the Delamar Project. The Delamar is a past-producing asset. It was we acquired it from Ken Ross, who is the last operator. And this is the project that we started Integra around. And now fast forward eight years later, we're actually in the NEPA permitting pipeline. So in May of this year, we entered the NEPA process, which is the permitting process in the United States. And we are now through our public comment period. So in May, we were put in the National Registry. We do work with the BLM on this, the Bureau of Land Management. We have now gone through a 30-day comment period where the public can comment on our mine plan. And we're reviewing those comments as we move towards a permit. We are a fast 41 company, which just means there's a lot of clarity to our permit receipt date. And if you were to go to the BLM website, you'd see that the second half of next year is when we're expected to receive our record of decision, which is really the most important federal permit to move towards a construction decision.

Delamar is essentially another heap leash asset, very similar to Florida Canyon. What you see on the screen is engineering model of what the project will look like. It is two deposits. The Florida Mountain Deposit on the right side of your screen, and then the Delamar Deposit. We have broken up from the previous economic study versus having one heap leash. We have two heap leash pads, a single crushing facility, and really a strong production profile moving forward. So this is the highlights from our December feasibility study. This is what really informed our mine plan of operations, which is now being permitted. You can see a strong production profile to start a low-cost mine, so our ASIC is quite low. And then really strong economics, both at base and spot metal prices. The cost to build this is about $390 million. This, again, was done in December. We are spending about $50 million this year and next year on what we call state of good repair works on the project. So we bought a ranch in March. So we're now also a Integra Stakes will be coming soon. But that ranch was key for us because it provided two key elements that we were looking for.

Grazing rights. So it's 6,500 acres. We do have active grazing on the projects now with the grazing rights at the new ranch. We can offset those grazing rights there. It came with some water rights. We do have enough water to operate the mine, but if we were to have multiple years of drought, we wanted to have a backup source. So there were some senior water rights associated with the ranch as well. And some air quality. So it was a really important purchase for us. It's adjacent to the property. It's really helped the ranching community, who's one of our key stakeholders. They've been very supportive of it because we're now getting a lot of exposure to their business. From a permitting perspective, we also did something pretty unique as a company. We signed an impact benefit agreement with our other key stakeholder, the tribal nations. Who are the Shoshone Paiute. So this impact benefit agreement was multiple years in the making. For us, it made a lot of sense as being a good community partner, but also a good business decision. We wanted them to be part of our mining plan. We wanted them to understand the impacts that we were going to have, the reclamation plan.

So as part of this impact benefit agreement, which we signed earlier this year, we've seen a lot of strong support from the tribal nations as we move forward. We saw multiple op-eds being written when we did go into permitting. From the Shoshone Paiute. So it's been a really good partnership for us moving forward. And we really hope that it will reduce our permitting risk when it comes to potential litigation in the future. Of that $50 million that we're spending this year, it's really as I mentioned, to get the site prepared. Essentially, a state of good repair works. So the key three things that we're spending money on besides the ranch, which was part of that, is some long lead items. We do need to upgrade power lines. So we've been ordering things like transformers, which take a bit of time to get. We've actually started doing some crushing on site. That's really to just essentially ensure our assumptions that have gone into all of our technical reports, our work. So it's a smaller version of the crusher that we will have when in commercial production. And we're also refurbishing a few buildings on site. This was a past producer.

So we did acquire some infrastructure. So we're refurbishing the truck shop to accommodate mining into the future. But really, what this sets us up for is, again, a permit, which is expected in the second half of next year, and then a construction decision to follow. Lastly, the third pillar of the company is Nevada North. Nevada North, as I mentioned, is two separate deposits, Wildcat and Mountain View. They are located relatively close to Florida Canyon. Wildcat is within sight distance. It's about 35 miles away. And we're now working at Wildcat and Mountain View to update our economics. So we did do a PEA on this in 2023. Of course, we're in a different cost environment. We're in a different gold environment. So what we're working on here is getting the permitting underway. We'd like this to start the permitting process on the back of Delamar. We have the team there to do it. And then we're also going to work on updating the economics. So we're doing some geotechnical drilling at the moment on the project to just really inform and update it economic study, which we expect to put out next year. And what that means is, as a company, we're growing from what is now 70% to 75,000 ounces to 200,000 ounces when Delamar comes online and is built.