Integra Resources has secured a formal permitting schedule from the U.S. Bureau of Land Management for its DeLamar Heap Leach Project in southwestern Idaho, establishing a clear pathway through the National Environmental Policy Act process. The schedule calls for publication of a Notice of Intent in Q2 2026, followed by a 15-month environmental review culminating in an Environmental Impact Statement and Record of Decision by Q3 2027. This timeline materially reduces permitting uncertainty for DeLamar, one of the largest undeveloped gold–silver oxide deposits in the United States. Combined with the recently released Feasibility Study—which forecast after-tax net present value of over $300 million (at $1,800/oz gold and $25/oz silver) and an internal rate of return exceeding 25%—the secured federal schedule positions Integra Resources to advance toward construction decision with de-risked technical and regulatory hurdles.

Integra Resources offers significant upside if precious metal prices remain elevated. At consensus assumptions of $1,800 per ounce gold and $24 per ounce silver, the combined net present value of DeLamar and the Florida Canyon heap-leach mine exceeds current enterprise valuation by 100% to 200%, underscoring a meaningful discount for investors. Florida Canyon, which commenced commercial production in mid-2025, is generating steady cash flow—approximately $12 million in quarterly free cash flow during Q4 2025—despite all-in sustaining costs in the $1,200 to $1,300 per ounce gold range. This cash flow supports DeLamar’s predevelopment work program and ongoing capital expenditures without equity dilution. With the DeLamar feasibility demonstrating a mine life of over 10 years at average annual production of 100,000 ounces of gold and 400,000 ounces of silver, Integra is levered to any sustained rally in metal prices, making it a compelling growth story for precious-metals investors.