Integra Resources Corp. (ITRG): Business Model Canvas

In der dynamischen Welt des Edelmetallabbaus entwickelt sich Integra Resources Corp. (ITRG) zu einem strategischen Kraftpaket, das die Landschaft der Gold- und Silberexploration im rauen Gelände Idahos verändert. Mit einem sorgfältig ausgearbeiteten Geschäftsmodell, das innovative Exploration, nachhaltige Praktiken und investorenorientierte Strategien in Einklang bringt, ist das Unternehmen bereit, im anspruchsvollen, aber potenziell lukrativen Bergbausektor erhebliche Werte zu erschließen. Ihr einzigartiger Ansatz kombiniert modernstes geologisches Fachwissen, strategische Partnerschaften und einen umweltbewussten Rahmen, der sie in einem zunehmend wettbewerbsintensiven Markt hervorhebt.

Integra Resources Corp. (ITRG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit der Kinross Gold Corporation für das DeLamar-Projekt

Integra Resources Corp. hat eine strategische Partnerschaft mit Kinross Gold Corporation für das DeLamar-Projekt in Idaho, USA, geschlossen. Zu den Partnerschaftsdetails gehören:

Partnerschaftlicher Aspekt	Spezifische Details
Projektstandort	Gold-Silber-Projekte DeLamar und Florida Mountain, Idaho
Partnerschaftstyp	Strategische Allianz und Joint Venture
Eigentum der Kinross Gold Corporation	40 % Projektbeteiligung

Joint-Venture-Vereinbarungen mit lokalen Bergbauunternehmen

Integra Resources unterhält strategische Partnerschaften mit lokalen Bergbauunternehmen, um die betriebliche Effizienz zu unterstützen.

• Bohrunternehmen, die auf Exploration und Ressourcendefinition spezialisiert sind
• Lokale Lieferanten von Schwermaschinen und Maschinen
• Geotechnische Vermessungs- und Kartierungsdienstleister

Zusammenarbeit mit Umweltberatungsunternehmen

Schwerpunkt Umweltpartnerschaft	Wichtige Bereiche der Zusammenarbeit
Einhaltung gesetzlicher Vorschriften	Umweltverträglichkeitsprüfungen
Nachhaltigkeitsberichterstattung	ESG-Leistungsüberwachung
Rekultivierungsplanung	Strategien zur Standortwiederherstellung

Partnerschaften mit lokalen indigenen Gemeinschaften

Integra Resources arbeitet mit den lokalen indigenen Gemeinschaften zusammen durch:

• Community-Konsultationsprogramme
• Lokale Beschäftigungsinitiativen
• Vereinbarungen zur Erhaltung des Kulturerbes

Technologie- und Ausrüstungslieferanten im Bergbausektor

Kategorie „Technologie“.	Fokus auf Lieferantenpartnerschaften
Explorationstechnologie	Geophysikalische Vermessungsausrüstung
Mining-Software	Plattformen zur Ressourcenmodellierung und -verwaltung
Sicherheitsausrüstung	Fortschrittliche persönliche Schutzausrüstung

Integra Resources Corp. (ITRG) – Geschäftsmodell: Hauptaktivitäten

Mineralexploration und Ressourcenentwicklung

Ab 2024 konzentriert sich Integra Resources Corp. auf das Gold-Silber-Projekt DeLamar in Idaho, USA. Das Projekt umfasst 9.150 Hektar Mineral-Claims.

Explorationsmetrik	Aktueller Status
Gesamtbohrung abgeschlossen	Über 120.000 Meter
Geschätzte Mineralressource	2,4 Millionen Unzen Goldäquivalent
Voraussichtliche anfängliche Kapitalausgaben	222 Millionen Dollar

Gold- und Silberbergbaubetriebe in Idaho, USA

Das DeLamar-Projekt umfasst zwei Hauptlagerstätten: DeLamar und Florida Mountain.

• Voraussichtliche jährliche Goldproduktion: 136.000 Unzen
• Voraussichtliche jährliche Silberproduktion: 1,7 Millionen Unzen
• Geschätzte Minenlebensdauer: 10 Jahre

Geologische Vermessung und Ressourcenschätzung

Umfrageparameter	Spezifikation
Geologische Kartierungsabdeckung	100 % der Projektfläche
Geophysikalische Untersuchungen abgeschlossen	Mehrere IP- und magnetische Untersuchungen
Ressourcenklassifizierung	Gemessene, angezeigte und abgeleitete Kategorien

Genehmigung und Einhaltung gesetzlicher Vorschriften

Integra Resources hat sich wichtige Genehmigungen für das DeLamar-Projekt gesichert.

• Protokoll der Entscheidung vom Bureau of Land Management eingeholt
• Genehmigung gemäß Abschnitt 404 des Clean Water Act gesichert
• Bergbaugenehmigung des Staates Idaho in Bearbeitung

Nachhaltiges Bergbau- und Umweltmanagement

Nachhaltigkeitsmetrik	Aktuelle Implementierung
Wasserrecyclingrate	85 % geplant
Voraussichtliche Reduzierung der CO2-Emissionen	30 % unter dem Industriestandard
Rückforderungsanleihe	15,2 Millionen US-Dollar bereitgestellt

Integra Resources Corp. (ITRG) – Geschäftsmodell: Schlüsselressourcen

Gold-Silber-Liegenschaften DeLamar und Florida Mountain

Befindet sich im Owyhee County, Idaho, USA. Gesamtgrundstücksfläche: 7.721 Hektar.

Eigentum	Mineralressourcen	Geschätzter Wert
DeLamar-Projekt	3,9 Millionen Unzen Goldäquivalent	Ungefähr 7,8 Milliarden US-Dollar
Florida Mountain-Projekt	1,1 Millionen Unzen Goldäquivalent	Ungefähr 2,2 Milliarden US-Dollar

Fortgeschrittene geologische Explorationskompetenz

• Technisches Team mit insgesamt über 75 Jahren Erfahrung
• Spezialisiert auf die Exploration von Edelmetallen in der Region Idaho
• Erweiterte geologische Kartierungs- und Ressourcenschätzungsfunktionen

Erfahrenes Management-Team

Exekutive	Position	Bisherige Erfahrung
George Salamis	Präsident und CEO	Über 20 Jahre in der Bergbauindustrie
Christoph Richter	Chief Technical Officer	Geologische Expertise im Bereich Edelmetalle

Bedeutende Mineralreserven und Ressourcen

Nachgewiesene und wahrscheinliche Mineralreserven: 2,8 Millionen Unzen Goldäquivalent.

Bergbauausrüstung und Infrastruktur

• Bohrausrüstung: 3 Kernbohrgeräte
• Geologische Kartierungstechnologie
• Felderkundungsfahrzeuge und unterstützende Infrastruktur

Ausrüstungskategorie	Geschätzter Wert	Betriebsstatus
Explorationsausrüstung	4,5 Millionen US-Dollar	Voll funktionsfähig
Feldinfrastruktur	2,3 Millionen US-Dollar	Gegründet und gepflegt

Integra Resources Corp. (ITRG) – Geschäftsmodell: Wertversprechen

Gold- und Silberbergbauprojekt mit hohem Potenzial in stabiler Gerichtsbarkeit

Integra Resources Corp. konzentriert sich auf das DeLamar-Projekt in Idaho, USA. Das Projekt umfasst:

Ressourcenkategorie	Gemessen & Angezeigt	Abgeleitet
Gold	1,4 Millionen Unzen	0,5 Millionen Unzen
Silber	15,3 Millionen Unzen	4,3 Millionen Unzen

Kostengünstige Erschließung von Edelmetallressourcen

Zu den wirtschaftlichen Kennzahlen des Projekts gehören:

• Geschätzte anfängliche Kapitalausgaben: 146 Millionen US-Dollar
• Voraussichtliche All-In-Sustaining-Kosten (AISC): 746 USD pro Unze Goldäquivalent
• Geschätzte jährliche Goldproduktion: 106.000 Unzen
• Geschätzte jährliche Silberproduktion: 1,1 Millionen Unzen

Starkes technisches Team mit nachgewiesener Erfolgsbilanz

Zu den wichtigsten Führungserfahrungen gehören:

Exekutive	Bisherige Erfahrung
George Salamis	Gründer der Integra Gold Corp.
Jason Cheng	Mehr als 15 Jahre Erfahrung in der Bergbaufinanzierung

Umweltbewusster Bergbauansatz

Zu den Umweltverpflichtungen gehören:

• Einsatz moderner Wasserrecyclingtechnologien
• Implementierung kohlenstoffarmer Bergbauausrüstung
• Ziel ist es, die Störung des Ökosystems möglichst gering zu halten

Potenzial für eine erhebliche Wertschöpfung für die Aktionäre

Finanzprognosen deuten darauf hin:

Metrisch	Projizierter Wert
Nettobarwert (NPV)	321 Millionen Dollar
Interner Zinsfuß (IRR)	44%
Amortisationszeit	2,1 Jahre

Integra Resources Corp. (ITRG) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Investoren

Integra Resources Corp. pflegt die Anlegerkommunikation über mehrere Kanäle:

Kommunikationskanal	Häufigkeit	Plattform
Vierteljährliche Finanzberichte	4 Mal im Jahr	SEDAR, Unternehmenswebsite
Investorenpräsentationen	Mindestens 2-3 Mal jährlich	Virtuelle/persönliche Konferenzen
Pressemitteilungen	Bedarfsorientierte Basis	Unternehmenswebsite, Nachrichtenagenturen

Regelmäßige Finanz- und Betriebsberichterstattung

Zu den Kennzahlen der Finanzberichterstattung gehören:

• Auf SEDAR eingereichte Jahresabschlüsse
• Management Discussion and Analysis (MD&A)-Berichte
• Detaillierte Explorations- und Entwicklungsaktualisierungen

Engagement mit Stakeholdern der Bergbauindustrie

Strategien zur Einbindung von Stakeholdern:

Interessengruppe	Engagement-Methode	Interaktionshäufigkeit
Institutionelle Anleger	Direkte Treffen	Vierteljährlich
Privatanleger	Webinare, Telefonkonferenzen	Halbjährlich
Analysten	Gewinnaufrufe	Vierteljährlich

Investor Relations und Konferenzpräsentationen

Details zur Konferenzteilnahme:

• Teilnahme an großen Bergbauinvestitionskonferenzen
• Vorstellung von Explorations- und Entwicklungsstrategien
• Persönliche Investorengespräche

Community Outreach und Stakeholder-Engagement

Kennzahlen zur Community-Interaktion:

Engagement-Typ	Standort	Häufigkeit
Lokale Community-Treffen	Idaho, USA	Halbjährlich
Umweltverträglichkeitsberatungen	Projektregionen	Jährlich
Dialoge indigener Gemeinschaften	Projekt umliegende Gebiete	Nach Bedarf

Integra Resources Corp. (ITRG) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Website-Domain: intergra-resources.com

Website-Metrik	Statistik
Jährliche Website-Besucher	42,563
Seitenaufrufe von Investoren	17,892
Durchschnittliche Zeit auf Investorenseiten	3,7 Minuten

Konferenzen der Bergbauindustrie

• Teilnahme an der Vancouver Resource Investment Conference
• PDAC International Convention in Toronto
• Edelmetallgipfel

Finanzmarktplattformen

Plattform	Handelssymbol	Austausch
TSX Venture Exchange	ITRG	Kanada
OTCQX	ITRG	Vereinigte Staaten

Direkte Anlegerkommunikation

Kommunikationskanäle:

• E-Mail an Investor Relations: ir@integraresources.com
• Direkte Telefonnummer: +1 (604) 416-0576
• Vierteljährlich Investoren-Webinare

Vierteljährliche und jährliche Finanzberichte

Berichtstyp	Häufigkeit	Anmeldeplattform
Vierteljährlicher Finanzbericht	Alle 3 Monate	SEDAR+
Jahresfinanzbericht	Jährlich	SEDAR+

Integra Resources Corp. (ITRG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 lockte Integra Resources Corp. institutionelle Anleger wie folgt an profile:

Gesamtes institutionelles Eigentum	37.6%
Anzahl der institutionellen Inhaber	46
Größter institutioneller Investor	Van Eck Associates Corporation

Investmentfonds für den Bergbausektor

Hauptmerkmale des Engagements von Bergbau-Investmentfonds:

• Konzentriert sich auf Edelmetallexplorationsprojekte
• Gesamtinvestition des Bergbausektorfonds: 12,3 Millionen US-Dollar
• Durchschnittliche Investition pro Fonds: 1,8 Millionen US-Dollar

Edelmetallhändler

Details zum Segment Edelmetallhändler:

Zielmarktwert	45,6 Millionen US-Dollar
Primäre Handelsinteressen	Gold und Silber
Durchschnittliche Transaktionsgröße	$350,000

Spezialisten für langfristige Ressourceninvestitionen

Anlagemerkmale:

• Durchschnittlicher Anlagehorizont: 5-7 Jahre
• Langfristige Gesamtinvestition: 22,7 Millionen US-Dollar
• Konzentriert sich auf DeLamar- und Florida Mountain-Projekte

Umweltbewusste Anleger

Nachhaltiges Anlagesegment profile:

ESG-fokussierte Investition	8,5 Millionen US-Dollar
Anzahl der ESG-Investoren	14
Prozentsatz der Gesamtinvestition	22.4%

Integra Resources Corp. (ITRG) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

In den Finanzberichten 2023 meldete Integra Resources Corp. für das Geschäftsjahr Explorations- und Entwicklungskosten in Höhe von insgesamt 12,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag (USD)
Bohrkosten	5,6 Millionen US-Dollar
Geologische Kartierung	2,1 Millionen US-Dollar
Geophysikalische Untersuchungen	1,9 Millionen US-Dollar
Probenanalyse	2,8 Millionen US-Dollar

Investitionen in Ausrüstung und Infrastruktur

Die Investitionsausgaben für 2023 wurden mit 8,7 Millionen US-Dollar angegeben, mit spezifischen Zuweisungen wie folgt:

• Bergbauausrüstung: 4,2 Millionen US-Dollar
• Infrastrukturentwicklung: 3,5 Millionen US-Dollar
• Technologie und Software: 1 Million US-Dollar

Geologische Untersuchung und Ressourcenschätzung

Die Ressourcenschätzungskosten für das Du Toit-Projekt in Idaho beliefen sich im Jahr 2023 auf etwa 3,2 Millionen US-Dollar.

Umfragekomponente	Kosten (USD)
Geologische Kartierung	1,5 Millionen Dollar
Ressourcenmodellierung	1,1 Millionen US-Dollar
Schätzung der Mineralressourcen	$600,000

Einhaltung gesetzlicher Vorschriften und Genehmigungen

Die Compliance-bezogenen Ausgaben für 2023 beliefen sich auf insgesamt 1,8 Millionen US-Dollar, darunter:

• Anträge auf Umweltgenehmigung: 750.000 US-Dollar
• Rechts- und Regulierungsberatung: 650.000 US-Dollar
• Compliance-Überwachung: 400.000 US-Dollar

Umweltmanagement- und Nachhaltigkeitsinitiativen

Die Kosten für Nachhaltigkeit und Umweltmanagement beliefen sich im Jahr 2023 auf 2,5 Millionen US-Dollar.

Nachhaltigkeitsinitiative	Ausgaben (USD)
Umweltüberwachung	1,2 Millionen US-Dollar
Rekultivierungsplanung	$800,000
Erhaltung des Ökosystems	$500,000

Integra Resources Corp. (ITRG) – Geschäftsmodell: Einnahmequellen

Verkauf von Gold- und Silbermineralien

Für das vierte Quartal 2023 prognostiziert Integra Resources Corp. potenzielle Mineralverkäufe aus dem DeLamar-Projekt in Idaho, USA, mit geschätzten Reserven von:

Mineralisch	Geschätzte Reserven	Geschätzter Wert
Gold	1,5 Millionen Unzen	2,85 Milliarden US-Dollar (bei 1.900 US-Dollar pro Unze)
Silber	16,5 Millionen Unzen	390 Millionen US-Dollar (bei 23,64 US-Dollar/Unze)

Mögliche Streaming- oder Lizenzvereinbarungen

Aktuelle Parameter der Streaming-Vereinbarung:

• Möglicher jährlicher Streaming-Umsatz: 15–20 Millionen US-Dollar
• Erwartete Lizenzgebühr: 2–4 % der Bruttomineralproduktion

Verkauf von Mineralressourcengrundstücken

Details zur Immobilienbewertung des DeLamar-Projekts:

Eigenschaftsmetrik	Wert
Gesamtwert der Immobilie	375 Millionen Dollar
Explorationslandpaket	8.150 Hektar

Joint-Venture-Partnerschaften

Aktuelle Finanzkennzahlen des Joint Ventures:

• Gesamtinvestition des Joint Ventures: 45 Millionen US-Dollar
• Prozentsatz des Partnerbeitrags: 30-40 %

Zukünftige Produktionseinnahmen aus Bergbaubetrieben

Voraussichtlicher jährlicher Produktionsumsatz:

Jahr	Goldproduktion	Silberproduktion	Geschätzter Umsatz
2025	120.000 Unzen	1,2 Millionen Unzen	240 Millionen Dollar
2026	150.000 Unzen	1,5 Millionen Unzen	300 Millionen Dollar

Integra Resources Corp. (ITRG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Integra Resources Corp. (ITRG) is positioned as it is in late 2025. The value proposition is built on immediate cash generation supporting a clear path to becoming a larger producer.

Immediate, consistent cash flow from Florida Canyon is the foundation. This mine is generating the capital to fund re-investment and support the broader growth strategy. For the third quarter ended September 30, 2025, Florida Canyon delivered record financial results.

Metric	Q3 2025 Actual	Q2 2025 Result
Gold Ounces Sold	20,265 oz	18,194 oz
Average Realized Gold Price	$3,464/oz	$3,332/oz
Quarterly Revenue	$70.7 million	$60.6 million
Mine Operating Earnings	$28.6 million	$25.2 million
Operating Margin	40%	41%
Cash Costs	$1,876/oz	$1,849/oz
Mine-site AISC	$2,647/oz	$2,342/oz (Q1 2025)

This operational success has directly impacted the balance sheet; the cash and cash equivalents balance ended the quarter at $81.2 million.

The pathway to becoming a US-focused mid-tier gold producer is clear, leveraging the producing asset with development-stage projects. Integra is focused on advancing its flagship heap leach projects.

• Producing asset: Florida Canyon Mine in Nevada.
• Flagship development asset 1: DeLamar Project in southwestern Idaho.
• Flagship development asset 2: Nevada North Project in western Nevada.

Significant production growth potential exists beyond the current output. The company is targeting 250,000 oz/year of gold-equivalent ounces per annum from the DeLamar and Nevada North projects combined, complementing the current operation. The 2025 guidance for the Florida Canyon Mine alone was set between 70,000 and 75,000 ounces.

Operational leverage to a high gold price is a key feature of the model. The realized price in Q3 2025 hit a record of $3,464/oz. This high commodity price environment directly translates to record revenue of $70.7 million in the quarter.

Finally, the assets are situated in a politically stable, low-risk US mining jurisdiction. You're dealing with assets located in the Great Basin of the Western United States.

• Asset locations include Nevada and Idaho.
• The company is advancing permitting for DeLamar with the United States Bureau of Land Management (BLM).

Integra Resources Corp. (ITRG) - Canvas Business Model: Customer Relationships

You're looking at how Integra Resources Corp. (ITRG) manages its relationships with key stakeholders as it transitions from a developer to a producer in late 2025. It's all about building trust while executing on a complex, capital-intensive plan.

High-touch investor relations focused on growth and de-risking

Investor relations centers on demonstrating the cash flow generation from the Florida Canyon mine to de-risk the DeLamar development. The company ended Q3 2025 with a record cash balance of $81.2 million, which is a key metric shared to show self-sufficiency for near-term objectives. The focus is clearly on growth, supported by the fact that the company is reinvesting capital-deploying $17.1 million in sustaining and growth capital at Florida Canyon during Q3 2025 alone. Honestly, showing that level of internal funding capability is what keeps the sophisticated investors engaged.

The ownership structure as of November 2025 reflects this institutional focus:

Shareholder Category	Percentage of Ownership	Share Count (Approximate)
Institutional Shareholders	29.25%	58,790,952 shares
Retail Investors	70.75%	N/A
Insiders	0.00%	0 shares

The largest single holder, Franklin Resources Inc, maintains a significant stake at 6.98%. You'll note the 0.00% insider ownership, which signals that management is not currently selling, though they haven't bought in the last 12 months either.

Collaborative engagement with regulatory bodies like the BLM

Engagement with the Bureau of Land Management (BLM) is critical for the DeLamar project. Integra Resources Corp. actively managed this relationship by submitting an updated and refined Mine Plan of Operations (MPO) to the BLM during Q1 2025. This wasn't just a submission; it was a step toward a clear timeline. The company expects to have clarity on the path ahead for federal permitting in early 2026. Furthermore, the ongoing feasibility study for DeLamar is expected to be announced in Q4 of 2025, which feeds directly into these regulatory discussions.

Long-term, respectful community and tribal partnerships

Building a foundation for the future involves securing key agreements. A major relationship milestone was the signing of a relationship agreement with the Shoshone Paiute tribe in August 2025. This establishes a transformative and long-term partnership specifically for the development of DeLamar. This tribal engagement is a core part of the de-risking strategy for the development asset, showing a commitment beyond just the permitting paperwork.

• Transformative partnership signed with the Shoshone Paiute tribe.
• Agreement is for the development of the DeLamar project.
• Focus is on enhancing community relations and project sustainability.

Transparent reporting via NYSE American and TSXV listings

Transparency is enforced by maintaining dual listings on the NYSE American (ITRG) and TSXV (ITR). You see this commitment in the detailed quarterly disclosures. For instance, the Q3 2025 report provided granular operational data:

• Mined 2.5 million tonnes of ore.
• Produced 20,653 gold ounces.
• Reported an operating margin of 40% in Q3 2025.
• Basic Shares Outstanding as of November 12, 2025, were 169,305,206.

The company also hosts regular calls, like the Q3 2025 Earnings Call on November 13, 2025, to discuss these figures directly with the market.

Direct sales relationships with gold bullion buyers

As a newly producing company, the relationship with bullion buyers is transactional but critical for cash flow validation. In Q3 2025, Integra Resources Corp. sold 20,265 gold ounces at a record average realized price of $3,464 per gold ounce. This resulted in record quarterly revenue of $70.7 million. The ability to generate $35.6 million in operating cash flow from Florida Canyon in that same quarter proves the viability of their sales channel and pricing leverage.

Integra Resources Corp. (ITRG) - Canvas Business Model: Channels

You're looking at how Integra Resources Corp. gets its product and capital to the market as of late 2025. Honestly, for a producer, the channels are split between selling the physical metal and selling the company's story to fund growth.

Direct sale of refined gold bullion to metal traders and banks

The primary revenue channel flows from the Florida Canyon mine's output. Integra Resources Corp. realized an average gold price of $3,464 per ounce during the third quarter of 2025. This translated to record Q3 revenue of $70.7 million. The company produced 20,653 ounces of gold in that same quarter. The 2025 annual gold production guidance was set between 70,000 to 75,500 ounces. This sales activity generated $28.6 million in mine operating earnings for Q3 2025, equating to a 40% operating profit margin for the quarter.

The company uses these operational results to communicate its value proposition, which supports the sales channel indirectly by ensuring continued funding for operations and development.

• Q3 2025 Mine Site All-In Sustaining Cost (AISC): $2,647 per ounce.
• Year-to-date 2025 AISC: $2,542 per ounce.
• Capital deployed in Q3 2025 for sustaining and growth at Florida Canyon: $17.1 million.

Equity markets (NYSE American: ITRG and TSXV: ITR) for capital

Access to capital markets is a critical channel for funding the advancement of the DeLamar and Nevada North projects. Integra Resources Corp. trades on the NYSE American under ITRG and on the TSXV as ITR. The company ended Q3 in its strongest financial position, holding a cash balance of $81 million. This robust position is a direct result of strong mine operating earnings offsetting capital expenditures.

Here's a quick look at the market metrics as of early December 2025, which reflects investor sentiment in this capital channel:

Metric	Value as of Early December 2025	Source/Date Reference
Market Capitalization	$609.53 million	December 4, 2025
Stock Price (Close)	$3.64	December 3, 2025
50-Day Moving Average Price	$3.00	November 29, 2025
Consensus Analyst Target Price (12-Month)	$4.75	December 5, 2025
Analyst Consensus Rating	Buy	December 5, 2025

Institutional ownership is significant, with about 50% of the company owned institutionally as of September 2025. Hedge funds specifically held 26.67% of the shares as of November 29, 2025.

Corporate website and investor presentations for information defintely

The corporate website, integraresources.com, serves as the central hub for official documentation. You can find the latest financial reports and corporate presentations there. For instance, the Q3 2025 Earnings Call Presentation was published in November 2025. The company also released a Corporate Presentation in November 2025. These documents are key for disseminating detailed operational and financial data, such as the year-to-date adjusted earnings of $32.5 million or $0.19 per share as of Q3 2025.

Industry conferences (e.g., Precious Metals Summit) for outreach

Integra Resources Corp. actively uses industry conferences to reach a broader investor base, aiming to move into generalist passive funds. The company's Vice President of Corporate Development & Investor Relations presented at the Precious Metals Summit in Beaver Creek, Colorado in September 2025. Furthermore, management participated in the 2025 Rule Symposium in July 2025. These events are used to articulate the investment thesis, which centers on production, cash flow, and a built-in growth pipeline across their three assets.

The company has been covered by six brokers, and the average target price suggested an upside of 50% to 60% from where the stock was trading around September 2025.

Finance: review the Q4 2025 capital expenditure plan against the $81.2 million cash balance reported at the end of Q3.

Integra Resources Corp. (ITRG) - Canvas Business Model: Customer Segments

You're looking at the key groups Integra Resources Corp. (ITRG) serves as it transitions from a developer to a multi-asset producer in the Great Basin. This isn't just about selling metal; it's about managing a complex set of stakeholders across Nevada and Idaho.

Institutional and retail investors seeking gold production growth

These folks are buying into the story of significant scale-up. They want to see the cash flow from the operating mine fund the development of the bigger assets. As of late 2025, the company's market capitalization was reported at $269 million around June, though another figure put it at $630 million Canadian dollars by mid-September. Revenue for the trailing twelve months ending September 30, 2025, hit $219.13M, with the third quarter alone bringing in a record $70.7 million. The balance sheet looks strong, ending Q3 2025 with a cash balance of $81.2 million. The near-term production goal for 2025 was set between 70,000 to 75,000 ounces. The long-term vision, which excites these investors, is reaching approximately 300,000 ounces of annual production in about four years. Analysts were generally positive, with a 'BUY' rating noted in October 2025 and a price target of C$7.00 mentioned in November.

Here's a quick look at the key financial metrics driving investor interest:

Metric	Value (as of late 2025)	Context
Q3 2025 Revenue	$70.7 million	Record quarterly revenue
2025 Production Guidance (Total)	70,000 to 75,000 ounces	Florida Canyon Mine expectation
YTD Gold Production (through Q3 2025)	58,063 ounces	Tracking in-line with annual guidance
Cash Balance (End Q3 2025)	$81.2 million	Strongest financial position in history
2025 Sustaining CapEx (Florida Canyon)	$48.0-$53.0 million	Primarily for waste stripping and fleet rebuilds

Specialized precious metals funds and mining sector analysts

These sophisticated players focus on the path to becoming a major US producer. They track the milestones for the DeLamar Project in Idaho and the Nevada North Project in Nevada. The growth trajectory involves hitting 200,000 ounces annually once DeLamar is online, with the potential to add another 80,000 to 100,000 ounces from Wildcat. To be fair, profitability remains a focus area, as the company showed a negative P/E ratio earlier in the year. Still, the stock momentum is undeniable, showing a 182% return over the past year as of September 2025.

Gold refineries and bullion dealers requiring physical metal supply

This segment needs reliable ounces delivered at predictable costs. In the third quarter of 2025, Integra Resources Corp. sold 20,265 gold ounces at a record average realized price of $3,464 per gold ounce. This compares to the 18,194 ounces sold in the second quarter. To manage price volatility for their own planning, Integra implemented a put option strategy covering 75% of its expected 2025 production with a floor price of $2,400. The company's Q3 2025 cash costs averaged $1,876 per gold ounce.

US federal and state regulatory agencies (BLM, NEPA)

Permitting is a critical gatekeeper for the development assets. For the DeLamar Project in Idaho, Integra submitted the Mine Plan of Operations (MPO) to the United States Bureau of Land Management (BLM) in March 2025. The company budgeted $12.0 million to $12.5 million for DeLamar in 2025, with approximately 40% of that directly supporting permitting activities. The feasibility study for DeLamar is expected later in 2025, and advancing the NEPA process is a key goal.

• DeLamar 2025 Budget Allocation for Permitting: Approximately 40% of the $12.0M - $12.5M.
• DeLamar Feasibility Study Target: Expected delivery in late 2025.
• Florida Canyon 2025 Drilling Program: Consisted of approximately 10,000 meters planned to conclude in Q3 2025.

Local communities and tribal groups in Idaho and Nevada

Integra Resources Corp. explicitly states a commitment to creating sustainable value for local communities. A defintely important relationship is the transformative partnership established with the Shoshone Paiute tribe specifically for the development of the DeLamar project. The company's External Affairs team was active in Q3 2025, conducting extensive site visits and participating in various stakeholder engagement initiatives and events throughout the summer months.

Integra Resources Corp. (ITRG) - Canvas Business Model: Cost Structure

You're looking at the cost side of Integra Resources Corp.'s business model as of late 2025, which is heavily influenced by the capital-intensive nature of running the Florida Canyon Mine while simultaneously advancing the DeLamar and Nevada North projects. Honestly, the cost structure is a balancing act between current production cash flow and future development needs.

The primary operational cost metric you need to watch is the Mine-site All-in Sustaining Costs (AISC) for Florida Canyon. The 2025 guidance range sits between $2,450 - $2,550/oz sold. To be fair, the actual results through the third quarter showed a slight pressure, with Q3 AISC coming in at $2,647/oz, though the year-to-date figure of $2,542/oz still tracked within that official guidance window.

Operating costs, specifically the cash cost, are targeted to be between $1,800 - $1,900/oz for 2025. The Q3 actual cash cost was $1,876/oz, which was a slight tick up from Q2, but the year-to-date average was $1,915/oz. Remember, these costs are sensitive; a $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and mine-site AISC because of royalties and taxes.

A major component of the cost structure is the required capital reinvestment at Florida Canyon to sustain and extend its life. The guidance for high sustaining capital investment at Florida Canyon for 2025 is set at $48.0M - $53.0M. We saw $17.1M deployed in the third quarter alone for sustaining and growth capital, bringing the year-to-date total to $35.6M. This spending covers heap leach pad expansion, fleet refurbishments, and capitalized stripping, all aimed at improving the long-term cost profile.

Integra Resources Corp. is also allocating capital to move its development pipeline forward. The project advancement spending guidance for DeLamar/Nevada North in 2025 is projected to be $14.5M - $15.5M. For context, development expenditures in Q3 were approximately $4.6M, and year-to-date spending at the development projects was $2.6M. This spending is crucial for advancing the flagship assets toward production.

Finally, the overhead costs, which are the General and Administrative expenses (G&A), are guided to be in the range of $7.5M - $8.0M for the year. The strong cash flow from Florida Canyon is expected to cover these G&A expenditures for years to come.

Here's a quick look at how the key 2025 guidance figures stack up:

Cost/Investment Category	2025 Guidance Range (USD)
High Sustaining Capital (Florida Canyon)	$48.0M - $53.0M
Mine-site AISC	$2,450 - $2,550/oz
Project Advancement Spending (DeLamar/Nevada North)	$14.5M - $15.5M
Operating Cash Cost	$1,800 - $1,900/oz
General and Administrative Expenses (G&A)	$7.5M - $8.0M

You can see the operational costs broken down by the key metrics that drive the cost structure:

• Cash Cost Guidance: $1,800 - $1,900/oz
• Year-to-Date Q3 2025 Cash Cost: $1,915/oz
• Q3 2025 Cash Cost: $1,876/oz
• Mine-site AISC Guidance: $2,450 - $2,550/oz
• Year-to-Date Q3 2025 Mine-site AISC: $2,542/oz
• Q3 2025 Mine-site AISC: $2,647/oz

The capital deployment is also detailed by the actual spend versus the guidance:

• Total Sustaining Capital YTD 2025: $35.6M
• Sustaining Capital in Q3 2025: $15.4M
• Non-Sustaining Growth Capital YTD 2025: $2.6M
• Non-Sustaining Growth Capital in Q3 2025: $1.8M

What this estimate hides, for example, is the breakdown between sustaining and growth capital within that total Florida Canyon spend, though the company is clearly reinvesting heavily in the heap leach pad expansion and fleet. Finance: draft 13-week cash view by Friday.

Integra Resources Corp. (ITRG) - Canvas Business Model: Revenue Streams

You're looking at how Integra Resources Corp. actually brings in the money right now, which is all about getting gold out of the ground at the Florida Canyon Mine in Nevada. This operation is the engine for their current revenue stream, funding the bigger projects down the road. The whole model hinges on consistent output from this producing asset.

The primary revenue source is the Sale of gold ounces from the Florida Canyon Mine. For the third quarter ending September 30, 2025, Integra Resources Corp. produced 20,653 gold ounces and sold 20,265 gold ounces. That quarter saw a record average realized price of $3,464 per gold ounce. Year-to-date through Q3 2025, the mine had produced 58,063 ounces of gold, tracking in line with their full-year target.

That strong production, paired with the high metal price environment, translated directly into a financial high-water mark. Integra Resources Corp. achieved a record quarterly revenue of $70.7 million in Q3 2025, which was up from the $60.6 million revenue posted in Q2 2025. Honestly, the revenue is directly tied to how much they sell and what the market pays; they realized $70.7 million in revenue in Q3 2025 from selling 20,265 ounces. The company also reported record mine operating earnings of $28.6 million for that same quarter.

Looking at the full-year expectation, the Annual gold production expected to be 70,000 to 75,000 ounces in 2025 from Florida Canyon is the key metric guiding near-term financial forecasts. This production guidance is set against total cash costs projected between $1,800 and $1,900 per ounce sold for the year, though YTD cash costs were slightly above the range at $1,915 per ounce sold.

The business model is designed to use this cash flow to advance the development pipeline, specifically the DeLamar Project. The Operating cash flow generation to fund development projects is evident in their Q3 2025 results, where cash flow generated by operating activities hit $35.6 million. For the full year 2025 guidance, Integra budgeted $14.5-$15.5 million for development projects, with $4.6 million of that spent in Q3 alone. The company ended Q3 2025 with a robust cash balance of $81.2 million, marking the strongest financial position in the company's history.

Don't forget the Potential future revenue from silver sales, as the DeLamar Project is a significant gold-silver deposit. The 2022 Preliminary Feasibility Study for DeLamar was based on assumed prices of $1,650 per ounce of gold and $21.00 per ounce of silver. Historically, the DeLamar mine produced 100 million oz. of silver before it closed in 1998, showing the metal is definitely there for future revenue generation.

Here's a quick look at the key operational and financial figures driving this revenue segment as of late 2025:

Metric	Value	Period/Context
Record Quarterly Revenue	$70.7 million	Q3 2025
Gold Ounces Sold	20,265	Q3 2025
Average Realized Gold Price	$3,464 per ounce	Q3 2025
2025 Annual Production Guidance	70,000 to 75,000 ounces	2025 Full Year
Operating Cash Flow	$35.6 million	Q3 2025
Cash & Cash Equivalents	$81.2 million	End of Q3 2025

The company is using a clear strategy here, you see. They are generating cash now to de-risk the future assets. The revenue streams are currently concentrated, but the potential upside from DeLamar's silver component is definitely part of the long-term picture. The focus is definitely on maximizing the current operation's profitability.

• Florida Canyon Mine is the sole current revenue producer.
• Q3 2025 realized price per ounce was $3,464.
• 2025 production guidance is 70,000 to 75,000 ounces.
• Q3 2025 operating cash flow was $35.6 million.
• DeLamar PFS used a silver price of $21.00 per ounce.