Integra Resources Corp.

Integra Resources Corp. is a junior gold and silver producer headquartered in Vancouver, Canada, operating primarily in USA. The company's portfolio consists of 3 projects, comprising 1 operating mine, 1 development, and 1 exploration project, in addition to several early-stage exploration prospects. Key assets include Florida Canyon and Delamar. The business model centers on the exploration, development, and production of precious metals, having recently transitioned from a development-focused entity to an operator. The organization emphasizes demonstrating profitability and operational excellence through a low-grade heap leach operational model. Processing capabilities include 2-stage crushing, run-of-mine heap leaching, and a new Carbon-in-Column facility, with plans to utilize grinding, flotation, and very fine grinding of flotation concentrate for agitated cyanide leaching for certain material types. A key operational feature is the planned use of a Railveyor light-rail haulage system to connect mining areas with processing facilities, supplemented by an on-site microgrid incorporating solar and liquid natural gas generation. This integrated infrastructure is designed to enhance efficiency and reduce the operational footprint. Risk management is addressed through the use of derivative products, including a price protection program utilizing put options to secure downside price protection while retaining full exposure to price upside. The enterprise operates in a highly competitive sector, requiring specialized skills in geology, engineering, metallurgy, and project development.

Strategic priorities are centered on optimizing newly acquired producing operations while systematically advancing and de-risking a portfolio of development-stage projects. Near-term objectives include ramping up solution flow through a new processing facility and completing several optimization studies, including a review of the mobile equipment fleet, with formal operating and cost guidance to be issued. A core long-term goal is to advance a key development project through the National Environmental Policy Act process, with a revised Mine Plan of Operations submission planned for early 2025 and a feasibility study expected by mid-2025. This study will contemplate an open-pit heap leach operation incorporating previously stockpiled material. Another development asset is being advanced toward pre-feasibility through targeted metallurgical testing and geochemistry programs scheduled for 2025. Capital allocation, historically funded by equity, now incorporates cash flow from operations to support sustaining capital expenditures, such as planned heap leach pad expansions.

Executive leadership is headed by a President and CEO with over 30 years of global industry experience, noted for involvement in over $2.2 billion in M&A transactions and a track record of discovering, financing, and developing over 5 major mineral deposits. The board of directors is composed of 8 members, 7 of whom are independent. Governance is structured through 5 specialized committees: Audit; Nomination and Corporate Governance; Compensation; Technical and Safety; and Environment, Social, Governance. The Audit Committee consists of 3 independent and financially literate directors, with at least 1 designated as a financial expert, and meets at least quarterly to oversee financial reporting, internal controls, and external auditors. The governance framework includes annual reviews of key policies such as the Code of Business Conduct and Ethics and the Whistle Blower Policy. The board also includes a former state governor with 12 years of executive leadership and a director inducted into the National Mining Hall of Fame.

The organization's approach to sustainability is guided by an Environment, Social, Governance Committee of the board, which provides oversight on environmental and social performance. Key policies, including a Code of Business Conduct and Ethics and a Safety, Environmental and Social Responsibility Policy, document the principles for all directors, employees, and consultants. The company publishes an annual Sustainability Report to highlight performance on environmental, social, and governance initiatives. A key environmental strategy includes the planned development of an on-site microgrid featuring a solar electrical generation system and a liquid natural gas plant to reduce emissions. The entity is also subject to the Extractive Sector Transparency Measures Act, requiring public disclosure of payments to governments to ensure transparency. Procedures are established for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters, reinforcing a culture of integrity and accountability.

The corporate structure has been significantly shaped by recent M&A activity. In May 2023, the company completed an at-market merger with Millennial Precious Metals Corp., which became a wholly-owned subsidiary. This was followed in November 2024 by the completion of a business combination with FCGI, which also became a wholly-owned subsidiary. These transactions transitioned the enterprise from a development-stage entity to a producer. Strategic financing and royalty partnerships are in place with key industry players. A 2022 convertible debt facility with Beedie Capital was amended in 2024 to support the FCGI transaction. In 2023, Wheaton Precious Metals Corp. participated in a significant equity financing and entered into an investor rights agreement and a right of first refusal agreement on future royalties or streams. In 2024, a subsidiary of Wheaton also acquired a net smelter returns royalty on a key development project. In June 2024, a subsidiary granted GreenLight Metals Inc. an exclusive option to purchase interests in Millennial Arizona LLC.