Integra Resources

Website: www.integraresources.com
Primary ticker: TSXV:ITR; OTCQX:IRRZF
Stage of development: Exploration, Development
Primary minerals: Gold, Silver
Project to promote: The DeLamar Project
Project location: USA
Company presentation: Click here

Live financials

Cash: C$28 M
Debt: NIL

Major shareholders:
Extract Capital – 6.5%
Franklin – 6.1%
Merk – 5.6%
Coeur Mining – 4.8%
Ruffer – 4.5%
Insiders + Employees – 10%

Integra Resources is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar Gold-Silver Project in Idaho, USA. Integra Resources is led by the management team from Integra Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in 2017. Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver Deposits, in late 2017, the Company has demonstrated significant resource growth and conversion while providing a robust economic study in its maiden Preliminary Economic Assessment. The Company is currently focused on resource growth through brownfield and greenfield exploration and the start of pre-feasibility level studies designed to advance the DeLamar Project towards a potential construction decision. For additional information, please reference the “Technical Report and Preliminary Economic Assessment for the DeLamar and Florida Mountain Gold – Silver Project, Owyhee County, Idaho, USA (October 22, 2019).

Management Profile

George Salamis – President and CEO

Mr. Salamis has over 30 years of experience in the mining and resource exploration industry. Mr. Salamis has been involved in over $2 billion of M&A transactions, either through assets sales or his involvement with junior mining companies. Mr. Salamis was most recently Executive Chairman of Integra Gold Corp. (“Integra Gold”) which was sold to Eldorado Gold Corporation for C$590 million. Mr. Salamis co-led the efforts behind the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining initiatives that encouraged innovation and technology disruption in the mining industry. Mr. Salamis is a sought after speaker on mining innovation. Mr. Salamis holds a Bachelor of Science Degree in Geology from University of Montreal — École Polytechnique and has had a successful career in mining and exploration. Mr. Salamis has discovered, financed, built, managed or sold more than 5 major minerals deposits around the World. He began his career working for two major mining companies (Placer Dome and Cameco Corp) over a 12-year period before transitioning into mineral exploration and junior mining in 2001. Mr. Salamis is currently a director at Contact Gold Corp.


What is your rationale for attending 121 Mining Investment?

The Company is looking for new shareholders to support the Company as it advances the 0DeLamar Project through exploration growth, feasability level studies and permitting


What recent news would you like to highlight to investors attending?

– The project released a robust PEA in September 2019 – After-tax NPV(5%) of C$472 M and After-tax IRR of 43% (at US$1,350 Au / US$16.90 Ag)
– The Company has kicked off the largest pure exploration program at DeLamar since acquiring the project. This program aims at delineating a high-grade resource and growing the large, 4.4 M oz AuEq resource at the project (all categories).
– The Company is marching towards feasibility-level studies in H2 2021.


What are your key goals for the next 3, 6 and 12 months?

3 Months:

First drill results from high-grade targets at Florida Mountain

6 Months:

First drill results from large geochemical anomaly at Florida Mountain that could increase the potential size of the heap-leachable material at Florida Mountain.

12 Months:

Increase the resource at the project while advancing engineering, metallurgy, etc. towards a Plan of Operations and feasibility-level studies.


What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

COVD-19 – We’ve instituted operation procedures on site to ensure work can be completed in a safe environment.


What do you think makes your company such a compelling investment?

If you put together a matrix of projects in safe jurisdictions (Australia, Canada, New Zealand, USA and W. Europe) then remove projects with less than 100k oz annual production LOM, projects without a recent economic study (last 5 years), remove projects with less than a 10 year mine life, remove projects already owned by a producer, and then remove projects with more than a US$500 M capex you are left with only 4 project. Integra Resources DeLamar project is one of them. Essentially, there is a scarcity of assets of this size and potential.

Analyst Insight – provided by Independent Investment Research

Integra Resources is a TSX-V-listed development-stage mining company, focused on theexploration and de-risking of the past-producing DeLamar Gold-Silver Project in Idaho, USA.

Integra Resources is led by the management team from Integra Gold Corp, which successfully grew, developed and sold the Lamaque Project in Quebec, for C$600M during 2017.

Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver Deposits, in late 2017, the company has demonstrated significant resource growth and conversion,while providing a robust economic study in its maiden Preliminary Economic Assessment.

The DeLamar project is located in southwestern Idaho approximately 100 miles from Boise.The project includes the historic Kinross’ DeLamar Mine that closed in 1998 due to low precious metal prices. The historic DeLamar Mine produced 1.6 million ounces of gold and 100 million ounces of silver. The DeLamar Project constitutes roughly 5,300 acres of patented and unpatented claims, and a further 4,100 acres of leased lands with approximately 1,575 historic drill holes and 145,940 metres of drilling outlined in historic data bases.

The DeLamar site includes all necessary infrastructure and existing on-site facilities, including all-season road access, grid power, a lined water treatment pond, workshop, and an office building. The company is currently focused on resource growth through brown field and greenfield exploration and the start of pre-feasibility level studies designed to advance the DeLamar Project towards a potential construction decision.

The plan for 2020 includes drilling at the Henrietta Targe, which is situated 500m west of the DeLamar resource boundary. The drilling will include 1,500m aimed at intersecting additional high-grade gold-silver mineralization on extent from previous drilling by the company. The company plans on releasing an updated PEA during H2 2020 that will incorporate portions the 1.9 Moz AuEq of measured and indicated unoxidized material and 0.3 Moz AuEq of inferred unoxidized material at the DeLamar Deposit into the updated economics and a new mine plan. Incorporating this material into the PEA update has the potential to increase the currently forecasted average annual production profile of 124,000 oz AuEq to a substantially larger production case scenario.