Integra Resources delivers feasibility study for DeLamar project, outlines $774m NPV and simplified heap leach design

Integra Resources Corporation (TSXV: ITR, NYSE American: ITRG) has released a definitive feasibility study for its DeLamar gold-silver project in southwestern Idaho, presenting a materially de-risked development plan centered on oxide heap leach processing. The study outlines a 10-year operation with a base case after-tax net present value (NPV) of $774 million and an internal rate of return (IRR) of 46 percent, with significant upside potential at higher spot prices.

The strategic pivot to a simpler oxide-only scenario, excluding large-scale sulphide processing, reflects Integra Resources’ focus on permitting speed, cost control, and capital efficiency. As one of the few large-scale gold-silver projects in the United States approaching the National Environmental Policy Act (NEPA) permitting stage, the DeLamar project could test whether streamlined design translates into faster execution.

What are the key production and cost highlights from the DeLamar feasibility study?

The updated feasibility study lays out a conventional open pit oxide heap leach operation producing 1.1 million gold-equivalent ounces (AuEq) over a decade, followed by two years of residual leaching. Average annual production is expected to reach 106,000 AuEq ounces, with the first five years averaging 119,000 ounces. The economic case assumes base prices of $3,000 per ounce gold and $35 per ounce silver, but the project’s returns improve dramatically under spot prices of $4,250 and $60, respectively, yielding an after-tax NPV of $1.7 billion and IRR of 89 percent.

Operating costs are competitive, with site-level cash costs estimated at $1,179 per AuEq ounce and an all-in sustaining cost (AISC) of $1,480 per AuEq ounce. Both metrics fall below the Q2 2025 gold industry average AISC of $1,578 per ounce, as reported by the World Gold Council. The projected payback period is 1.8 years at base case prices and shortens to 1.1 years at spot levels.

Integra Resources has optimized the development plan to emphasize constructability, modular expansion, and operating flexibility. The updated study includes two distinct heap leach facilities instead of the single large leach pad proposed in the 2022 pre-feasibility study. The process flow now involves two-stage crushing and enhanced water management strategies, which are expected to reduce both footprint and permitting risk.

Why did Integra exclude sulphide processing from the mine plan—and what expansion optionality remains?

Unlike prior technical studies that evaluated both oxide and sulphide material, the 2025 feasibility study deliberately excludes the substantial sulphide resource base from its mine plan. While sulphide zones remain a significant part of the overall resource inventory, with previous estimates placing the sulphide Measured and Indicated (M&I) resources among the largest undeveloped silver resources in the United States, Integra Resources has chosen to prioritize simplicity, financing viability, and permitting expediency.

The decision reflects a strategic shift toward a staged development approach, where oxide material provides early free cash flow and potentially funds future expansion. The company has retained sulphide zones for possible later-phase development or toll processing options, depending on future market conditions and infrastructure partnerships.

Additionally, multiple near-mine exploration targets remain open both along strike and at depth. The company has emphasized that DeLamar’s district-scale land package is still underexplored and that resource conversion and step-out drilling could add ounces without requiring major infrastructure redesign.

How is Integra Resources positioning the DeLamar project for NEPA federal permitting?

A major differentiator for DeLamar in the U.S. gold-silver space is its advanced permitting timeline. With the feasibility study now complete, Integra Resources intends to initiate the NEPA permitting process in early 2026. The company has built substantial community engagement over the past several years, including a formal Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation.

That partnership is designed not only to facilitate cultural and environmental coordination but also to create long-term employment and benefit pathways. Approximately 300 direct permanent jobs are expected to be created during the life of the mine, a significant employment injection for Owyhee County and surrounding areas.

The project’s compact design, dual-heap leach layout, and minimized surface disturbance may improve its standing in federal reviews. Moreover, Integra’s active dialogue with additional Tribal Nations suggests a proactive permitting strategy that could mitigate risks commonly faced by hard rock projects in the United States.

How strong is Integra Resources’ financial position heading into development?

Integra Resources reports an initial capital cost of $389 million for DeLamar, which includes $38 million in owner’s costs. Sustaining capital over the life of mine is expected to reach $305 million. These figures represent a meaningful reduction from prior studies and align well with peer heap leach projects in the Western United States.

Importantly, Integra Resources has indicated that cash flow from its currently operating Florida Canyon Mine and an $81 million cash balance as of Q3 2025 will support early-stage project financing. The NPV-to-capex ratio of 2.0 at base case pricing and 4.4 at spot pricing places DeLamar among the more capital-efficient U.S. development-stage projects. Payback periods below two years further improve its appeal to prospective lenders and streaming partners.

The simplicity of the oxide-only plan and phased development model may unlock additional financing optionality, including hybrid structures, joint ventures, or offtake-linked deals. Institutional appetite for U.S.-based precious metal assets with near-term cash flow remains robust, especially when permitting visibility is strong.

What are the competitive implications for other U.S.-based gold and silver developers?

The feasibility study reinforces DeLamar’s positioning as one of the most advanced oxide-focused heap leach developments in the U.S. with near-term NEPA potential. Few other projects of comparable scale and simplicity are as close to the federal permitting gateway, a critical factor for institutional and strategic investors.

In this context, DeLamar may become a benchmark asset against which other Western U.S. precious metal developers are measured—particularly those in Nevada, Idaho, and Arizona. Companies advancing refractory ore projects or those requiring complex milling infrastructure may struggle to match DeLamar’s capital efficiency and permitting readiness.

From a geopolitical and resource security lens, DeLamar also adds strategic value as one of the largest undeveloped silver projects in the U.S. amid heightened domestic interest in critical and precious metals supply chains. That makes Integra Resources not only a project execution story but a potential acquisition or strategic partner target for larger players looking to replenish oxide gold and silver portfolios within Tier 1 jurisdictions.

What is the strategic outlook for DeLamar heading into 2026?

With feasibility-level engineering complete and NEPA permitting expected to begin in early 2026, Integra Resources enters a crucial window to demonstrate execution discipline. The next 12 months will be defined by three parallel tracks: environmental impact statement (EIS) advancement, construction readiness planning, and potential project financing milestones.

The project’s success will depend not just on capital availability but also on Integra’s ability to navigate NEPA timelines, tribal engagement, and community relations while maintaining cost control amid inflationary pressures. The flexibility built into the new dual-heap leach design and phased mining plan provides operational levers to respond to commodity price volatility.

Integra Resources’ approach, which delivers a conservative yet scalable plan focused on early cash flow and permitting readiness, could emerge as a model for precious metals developers seeking to reduce headline risk and align with investor priorities in a risk-conscious, returns-driven market environment.

What are the key takeaways from Integra Resources’ DeLamar feasibility study and development plan?

• Integra Resources’ updated feasibility study presents a simplified oxide-only heap leach development at DeLamar with a $774 million after-tax NPV and 46% IRR at base case prices.
• The 10-year mine life with 1.1 million AuEq ounces of production positions DeLamar as one of the most advanced large-scale gold-silver projects in the U.S.
• The decision to exclude sulphide material in the mine plan reflects a phased development strategy aimed at reducing permitting, cost, and execution risk.
• Base case AISC of $1,480 per AuEq ounce and first five-year average free cash flow of $165 million signal strong early economics and below-industry cost structure.
• Dual heap leach facility design and improved water management strategy are tailored to support NEPA permitting and environmental compliance.
• A Relationship Agreement with the Shoshone-Paiute Tribes and broader community engagement strengthen social license and de-risk permitting trajectory.
• Integra Resources’ $81 million cash balance and cash flow from Florida Canyon create a viable path to near-term project financing without excessive dilution.
• DeLamar’s positioning could make Integra Resources a target for M&A or strategic investment given the scarcity of NEPA-ready oxide heap leach projects in Tier 1 U.S. jurisdictions.