Integra Reports Fourth Quarter and Year End 2024 Results, Demonstrating Excellent Performance from Florida Canyon MINE and Strengthened Financial Position
INTEGRA REPORTS FOURTH QUARTER AND YEAR END 2024 RESULTS,
DEMONSTRATING EXCELLENT PERFORMANCE FROM FLORIDA CANYON
MINE AND STRENGTHENED FINANCIAL POSITION
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC
,
March 26, 2025
/CNW/ -
Integra Resources Corp. ("Integra" or the "Company")
(TSXV: ITR) (NYSE American: ITRG) is pleased to
announce financial and operating results for the fourth quarter and year ended
December 31, 2024
.
(All amounts expressed in U.S. dollars unless otherwise stated)
Fourth Quarter and Full Year 2024 Highlights:
On
November 8, 2024
, the Company completed the acquisition of Florida Canyon Gold Inc. ("FCGI"), the owner of the Florida Canyon Mine ("Florida
Canyon"), a producing, open pit, heap leach mining operation located in
Imlay, Nevada
. This transaction represented a significant milestone for the Company,
transitioning Integra from development stage to gold producer.
Gold production from
November 8 to December 31, 2024
was 10,984 ounces and gold sold was 11,382 ounces.
Full year 2024 gold production was a record 72,229 ounces, exceeding previously stated guidance on several key operating and production metrics (refer to
Argonaut Gold Inc. news release dated
February 26, 2024
available on Argonaut Gold Inc.'s SEDAR+ profile at
www.sedarplus.ca
).
2
Cash costs and all-in sustaining costs ("AISC")
1
from
November 8 to December 31, 2024
were
$1,884
and
$2,103
per ounce of gold sold, respectively.
Net income for the fourth quarter was
$9.5 million
or
$0.07
per share.
Adjusted earnings
1
for the fourth quarter were
$2.3 million
or
$0.02
per share.
Exploration and project expenditure at the DeLamar Project ("DeLamar"), Nevada North Project ("Nevada North"), and other exploration properties was
$2.7
million
during the fourth quarter and
$14.2 million
for the fiscal year 2024.
Strong financial position as at
December 31, 2024
, with a cash balance of
$52.2 million
and working capital
1
of
$64.4 million
.
George Salamis, President, CEO and Director of Integra commented
: "2024 marked a transformational year for Integra as the Company officially transitioned
from developer to gold producer status with the acquisition of Florida Canyon. We are pleased to report inaugural earnings results as a producing company and
demonstrating the capabilities of Florida Canyon to generate cash flow to support the advancement of our key development projects,
DeLamar and Nevada North
.
Integra's focus in 2025 will be on demonstrating profitability and optimizing operations at Florida Canyon, publishing a feasibility study and significant permit
advancement at DeLamar, and continued de-risking at Nevada North."
________________________
1
Non-IFRS measure. Refer to the "Non-IFRS Measures" section of this news release.
2
Information provided includes Florida Canyon pre-acquisition statistics.
Financial and Operating Highlights
Unit abbreviations in tables: ounce = oz, $/oz = U.S. dollars per ounce sold, $m = millions of U.S. dollars, $000s = thousands of U.S. dollars, $/oz sold = U.S.
dollars per gold ounce sold, $/sh = U.S. dollars per share.
Operating
Nov. 8 - Dec. 31,
2024
Year Ended
Dec. 31, 2024
2
Gold produced
oz
10,984
72,229
Gold sold
oz
11,382
72,089
Average realized gold price
1
$/oz
2,643
n/a
Production costs
$m
23.1
n/a
Cash cost per ounce
1
$/oz sold
1,884
n/a
All-in sustaining cost per ounce
1
$/oz sold
2,103
n/a
Financial
3
Three Months-Ended
December 31, 2024
3
Year Ended
Dec. 31, 2024
3
Revenue
$m
30.4
30.4
Production costs
$m
(23.1)
(23.1)
Exploration and evaluation expenses
$m
(2.7)
(14.2)
Net income (Loss)
$m
9.5
(9.5)
Adjusted earnings (Loss)
1
$m
2.3
(16.1)
Earnings per share
1
$/sh
0.07
(0.10)
Adjusted earnings per share
1
$/sh
0.02
(0.17)
Financial Position as of December 31, 2024
Cash and cash equivalents
$m
52.2
Working capital
1
$m
64.4
1
. Non-IFRS measure. Refer to the "Non-IFRS Measures" section of this news release.
2
. Information provided includes Florida Canyon pre-acquisition statistics.
3
. Financial highlights only include Florida Canyon from November 8 to December 31, 2024.
Fourth Quarter & Full Year 2024 Financial and Operating Summary
Total crushed and run-of-mine ("ROM") material to the pad from
November 8 to December 31, 2024
was 1.6 million tonnes with a strip ratio of 0.45. The average
grade of ore processed during the period was 0.25 grams per tonne ("g/t") gold. Mined and placed material for the fourth quarter exceeded expectations as a
result of excellent crusher performance and delivery of more ROM material to the leach pad than planned. Strong production performance in 2024 at Florida
Canyon was also supported by the construction and commissioning of the new Phase III-A of the South Heap Leach Pad and enhancements to solution
processing systems.
Gold produced from
November 8 to December 31, 2024
was 10,984 ounces. Production during the fourth quarter was particularly strong as a result of the newly
constructed, carbon-in-column ("CIC") circuit which came online during the quarter. Gold sold from
November 8 to December 31, 2024
was 11,382 ounces at an
average realized gold price of
$2,643
per ounce, for total revenue of
$30.4 million
. Cash costs and AISC during the period totaled
$1,884
and
$2,103
per ounce
of gold sold, respectively. For the fiscal year 2024, total sustaining capital at Florida Canyon was
$41.3 million
, with approximately
$30 million
towards the heap
leach pad expansion and CIC, and approximately
$8 million
in deferred stripping.
Several optimization studies are underway at Florida Canyon, some of which are expected to be completed in the first half of 2025, while others will continue
throughout 2025 and beyond. One of the optimization studies is the review of the mobile equipment fleet, which will require planned component replacement in
2025 and 2026. Other optimization studies are evaluating several components of the mining operation including metallurgy, mine sequencing, and pit
slope/geotechnical studies which are aimed at reducing future strip ratio. Lastly, an expanded exploration program at Florida Canyon is expected to be initiated in
Q2 2025, which will be focused on drilling extensions to existing mine deposits, with the goal of adding oxide material to the mine plan and potentially extending
mine life.
2025 sustaining capital expenditures will include the expansion of the South Heap Leach Pad Phase III-B, which is expected to amount to
~$12 million
.
Development Projects – 2024 Expenditures & Highlights
Exploration and project expenditures at DeLamar, Nevada North, and other exploration properties was
$14.2 million
for the fiscal year 2024. It included
$1.0
million
in exploration drilling at the Wildcat Deposit (Nevada North) and
$8.2 million
in engineering and permitting work at DeLamar.
The DeLamar Project
Engineering
The feasibility study at DeLamar continued to make progress in the fourth quarter of 2024, with final metallurgical and engineering test work completed. Key
achievements include:
Optimization of the heap leach pad footprint, reducing expected capital expenditures and improving infrastructure efficiency.
Finalization of the gold and silver recovery model, confirming that tertiary crushing is unnecessary based on test work conducted at Forte Laboratory in
Denver
. Materials from the DeLamar pit with clays requiring agglomeration will be screened at 1" with oversize conveyed to the pad and undersize conveyed
to the agglomeration circuit. Materials from Florida Mountain will likely not require agglomeration due to low clay content.
Advancements in mine sequencing and economic modeling in collaboration with Whittle Consulting.
The elimination of the need for tertiary crushing opened the opportunity to revert to line power supplied by Idaho Power. The demand below 6MW will require
only a transformer upgrade at the DeLamar site substation and a refurbishment of 8 miles of transmission line in the urban Caldwell area. Idaho Power is
preparing a Construction Study to establish upgrade costs attributable to Integra.
No gold/silver refinery is expected to be required at DeLamar. Precipitate from the Merrill Crowe process will be securely shipped to Florida Canyon for final
refining. This is expected to positively affect the air quality permitting and reduce capital expenditures and operating expenses.
Permitting
Throughout 2024, significant progress was made on the DeLamar Mine Plan of Operations ("MPO"), including key regulatory milestones, environmental surveys,
and coordination with federal and state agencies. The Company focused on refining its operational and permitting strategy, addressing agency concerns, and
advancing critical environmental and engineering studies. Key activities include:
The preliminary MPO was submitted to the U.S Bureau of Land Management ("BLM") in late 2023. In
June 2024
, the BLM confirmed that the MPO has met
the content requirement of the United States Code of Federal Regulations Title 43 Subpart 3809.
A strategy was developed to incorporate feasibility study design changes into the MPO, with considerations including a direct revision to the MPO, evaluation
as alternatives in the Environmental Impact Statement ("EIS"), or a combination of both.
The Company engaged in ongoing discussions with the BLM, and the BLM continued to review and accept environmental baseline reports for the project, with
ongoing responses to agency comments and questions.
Coordination efforts between agencies, including the Idaho Department of Lands and the Idaho Department of Environmental Quality, were initiated to
develop a project-specific Memorandum of Understanding ("MOU").
Federal regulatory agencies in
Washington, DC
, were visited in 2024 with the goal of establishing contacts and relationships to support future permitting.
The Nevada North Project
Drilling
A 10-hole, 1,940-meter drill program was successfully completed at the Wildcat Deposit in
Nevada
in Q2 and Q3 2024. The objectives were to refine geological,
geotechnical, and metallurgical data while testing high-priority exploration targets at the same time. Core samples were sent to both geotechnical and
metallurgical laboratories for further analysis. These results will strategically inform the next phase of studies, further refining project development and supporting
future mine permitting efforts.
Integra issued an exploration news release dated
December 12, 2024
with the following key findings:
Infill drilling within the 2023 Preliminary Economic Assessment ("PEA") pit shell confirmed excellent oxide gold continuity, with intercepts including:
WCCD-0017: 0.52 g/t Au over
62.5m
WCCD-0018: 0.38 g/t Au over
64.6m
WCCD-0019: 0.27 g/t Au over
147.5m
Piezometer installations in key drill holes confirmed that the pit is expected to remain dry, which has the potential to simplify permitting and future
operations.
The exploration drilling performed well outside of the PEA pit shell and under cover rock which blinded the mineralized target, confirmed intense alteration and
brecciation, reinforcing the potential for a high-grade breccia feeder system to occur. Hole WCCD-0016 intercepted
213.8m
of 0.25 g/t non-oxide Au, with
strong hydrothermal brecciation and quartz veining, while WCCD-0015 intersected sediments beneath post-mineralization basalts, suggesting proximity to a
targeted diatreme and intersected
12.2m
of 0.22 g/t non-oxide Au. For detailed drill results and sampling and QA/QC procedures, please see the Company's
news release dated
December 12, 2024
available under the Company's SEDAR+ profile at
www.sedarplus.ca
and the Company's EDGAR profile at
www.sec.gov
.
Permitting
The Environmental Assessment for the Wildcat Exploration Plan of Operations was completed in 2024. The subsequent Finding of No Significant Impact and the
Decision Record is still pending but are anticipated to be received in mid 2025. The first tranche of Sage Grouse Conservation Credits were acquired for the
Wildcat Exploration Project in
December 2024
, achieving compliance with the Nevada Sagebrush Ecosystem Program.
Financial Statements
Integra's audited consolidated financial statements and management's discussion and analysis as at and for the year ended
December 31, 2024
, are available on
the Company's website at
www.integraresources.com
, and under the Company's profiles on SEDAR+ and EDGAR. Hard copies of the financial statements are
available free of charge upon written request to
.
Recent Executive Appointments
Integra recently appointed several new executives to better position the Company to execute the operational and growth focused strategy. On
March 25, 2025
,
the Company announced the appointment of
Clifford Lafleur
to the position of Chief Operating Officer. Clifford has more than 25 years of experience across mine
development, operations, and optimization. Most recently, Mr. Lafleur played a key role in the growth and success at SilverCrest Metals Inc. ultimately leading to
the company's
$1.7 billion
sale to Coeur Mining in 2025. On
February 20, 2025
,
Dale Kerner
was appointed to the position of Vice President of Permitting. Dale
brings more than 25 years of experience in environmental permitting and regulatory compliance, with a deep understanding of the permitting landscape in the U.S.
Mr. Kerner joins Integra from Perpetua Resources Corp., where he was instrumental in successfully permitting the Stibnite Gold Project in
Idaho
– one of the
more complex permitting processes in the U.S., which recently received a final Record of Decision from the U.S.
Forest Service
.
Fourth Quarter 2024 Conference Call
Integra will host a conference call and webcast on
March 27, 2025
, at
11:00 AM Eastern Time
/
8:00 AM Pacific Time
, to discuss the results. Details for the
conference call and webcast are included below.
Dial-In Numbers / Webcast:
Conference ID: 2435675
Toll Free: (800) 715-9871
Toll: +1 (646) 307-1963
Webcast:
https://events.q4inc.com/attendee/575602365
About Integra Resources
Integra is a growing precious metals producer in the Great Basin of the
Western United States
. Integra is focused on demonstrating profitability and operational
excellence at its principal operating asset, the Florida Canyon Mine, located in
Nevada
. In addition, Integra is committed to advancing its flagship development-
stage heap leach projects: the past producing DeLamar Project located in southwestern
Idaho
and the Nevada North Project located in western Nevada. Integra
creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined
capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Raphael Dutaut (Ph.D., P.Geo, OGQ Membership
1301), Integra's Vice President, Geology and Mining. Mr. Dutaut is a "qualified person" as defined in National Instrument 43- 101 –
Standards of Disclosure for
Mineral Projects
("NI 43-101").
Non-IFRS Measures
The Company has included certain performance measures in this news release which are not specified, defined, or determined under generally accepted
accounting principles (in the Company's case, International Financial Reporting Standards ("IFRS"")). These are common performance measures in the gold
mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other
issuers. Accordingly, the Company uses such measures to provide additional information, and you should not consider them in isolation or as a substitute for
measures of performance prepared in accordance with generally accepted accounting principles. In this section, all currency figures in tables are in thousands,
except per-share and per-ounce amounts.
Average Realized Gold Price
Average Realized Gold Price is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold.
Nov. 8 - Dec. 31,
2024
Revenue
$000s
$ 30,350
Less: silver revenue
$000s
(271)
Gold revenue
$000s
30,079
Gold sold
oz
11,382
Average realized gold price
$/oz
$ 2,643
Cash Cost & All-In Sustaining Cost ("AISC")
Cash cost per ounce is calculated by dividing the sum of operating costs and royalty costs, net of by-product silver credits, by ounces of gold sold. All-in
Sustaining Cost is intended to reflect all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning
of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance.
Nov. 8 - Dec. 31,
2024
Gold sold
oz
11,382
Production costs
$000s
23,117
Less: fair value adjustment on acquired mineral inventories
$000s
(3,646)
Lease payments
$000s
2,238
Less: silver sales
$000s
(271)
Total cash cost
$000s
21,439
Cash cost per gold ounce sold
$/oz
1,884
Total cash cost
$000s
21,439
Exploration expenses
$000s
—
Accretion and other expenses
$000s
191
Sustaining capital expenditures
$000s
2,301
Total AISC
$000s
23,931
AISC per gold ounce sold
$/oz
2,103
Adjusted Earnings & Adjusted Earnings Per Share
Adjusted earnings excludes unrealized foreign exchange, changes in fair values of financial instruments, impairments and reversals due to net realizable values,
restructuring and severance, and other items which are significant but not reflective of the underlying operational performance of the Company.
(in $m)
Three Months
Ended Dec.31,
2024
Year Ended
Dec. 31, 2024
Net income (loss)
$ 9.5
$ (9.5)
Add back:
Gain on bargain purchase of FCGI
(14.2)
(14.2)
Fair value adjustment on acquired mineral inventories, net of taxes
2.7
2.7
Transaction and integration costs on the acquisition of FCGI
2.8
3.9
Unrealized losses on derivatives
1.5
1.0
Gain on disposal of assets
—
(0.1)
Adjusted net income (loss)
$ 2.3
$ (16.1)
Weighted average number of common shares outstanding, basic
135.5
96.5
Weighted average number of common shares outstanding, diluted
136.6
96.5
Adjusted net income (loss) per diluted share
0.02
(0.17)
Working Capital
Working capital for the period calculated by subtracting current assets from current liabilities.
(in $m)
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Current assets
$ 114.5
$ 9.9
Less: Current Liabilities
50.1
16.7
Working capital (deficit)
$ 64.4
$ (6.8)
Forward Looking Statements
Certain information set forth in this news release contains "forward
looking statements" and "forward
looking information" within the meaning of applicable
Canadian securities legislation and in applicable
United States
securities law (referred to herein as forward
looking statements). Except for statements of
historical fact, certain information contained herein constitutes forward
looking statements which includes, but is not limited to, statements with respect to: the
future financial or operating performance of the Company and the Wildcat and
Mountain View
deposits (the "Nevada North Project"), the Florida Mountain and
DeLamar deposits (the "DeLamar Project") and the Florida Canyon mine (the "Florida Canyon Mine" and together with the Nevada North Project and the DeLamar
Project, the "Projects"); benefits from the acquisition of Florida Canyon Gold Inc. ("Florida Canyon") including, but not limited to, goals, synergies, opportunities,
profile, project and production optimization, potential production of the Florida Canyon Mine and extension of mine life at the Florida Canyon Mine; expectations
and timing related to guidance on the Florida Canyon Mine; expectations with respect to future cash flows from operations, net debt and financial results benefits
results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the
development, operational and economic results of economic studies on the Projects, including cash flows, revenue potential, development, capital and operating
expenditures, development costs and timing thereof, extraction rates, production, life of mine projections and cost estimates; magnitude or quality of mineral
deposits; anticipated advancement of permitting, optimization and the mine plans for the Projects, as applicable; exploration expenditures, costs and timing of the
development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies;
estimates of metallurgical recovery rates, including prospective use of the Albion Process; anticipated advancement of the Projects and future exploration
prospects; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; relationships with local
communities; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Projects; future growth potential of
the Projects; and future development plans. Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would",
"anticipate", 'believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions.
Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement
was made. Assumptions and factors include: expected synergies from acquisition of Florida Canyon; the Company's ability to complete its planned exploration and
development programs; the absence of adverse conditions at the Projects; satisfying ongoing covenants under the Company's loan facilities; no unforeseen
operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and
unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Projects economic, as applicable; the Company's ability to
continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward
looking statements
necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from
any projections of future performance or result expressed or implied by such forward
looking statements. These risks and uncertainties include, but are not limited
to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations;
meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to
be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological,
mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond
the Company's control and as well as those factors included herein and elsewhere in the Company's public disclosure. Although the Company has attempted to
identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may
be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors
disclosed in Integra's Annual Information Form dated
March 26, 2025
for the fiscal year ended
December 31, 2024
, which is available on the SEDAR+ issuer
profile for the Company at
www.sedarplus.ca
and available as Exhibit 99.1 to Integra's Form 40-F, which is available on the EDGAR profile for the Company at
www.sec.gov
.
Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of
this news release and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise
any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in
accordance with applicable securities laws. Investors are urged to read the Company's filings with Canadian securities regulatory agencies, which can be viewed
online under the Company's profile on SEDAR+ at
www.sedarplus.ca
.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange
Commission ("SEC") and resource information contained in this news release may not be comparable to similar information disclosed by domestic
United States
companies subject to the SEC's reporting and disclosure requirements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release
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For further information:
CONTACT INFORMATION: Corporate Inquiries: [email protected]; Company website: www.integraresources.com; Office
phone: 1 (604) 416-0576
CO: Integra Resources Corp.
CNW 18:06e 26-MAR-25