Integra Resources Corp. (ITRG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de metales preciosos, Integra Resources Corp. (ITRG) surge como una potencia estratégica, transformando el paisaje de la exploración de oro y plata en el terreno robusto de Idaho. Con un modelo de negocio meticulosamente elaborado que equilibra la exploración innovadora, las prácticas sostenibles y las estrategias centradas en los inversores, la compañía está preparada para desbloquear un valor significativo en el sector minero desafiante pero potencialmente lucrativo. Su enfoque único combina experiencia geológica de vanguardia, asociaciones estratégicas y un marco ambientalmente responsable que los distingue en un mercado cada vez más competitivo.

Integra Resources Corp. (ITRG) - Modelo de negocio: asociaciones clave

Alianza estratégica con Kinross Gold Corporation para Delamar Project

Integra Resources Corp. ha establecido una asociación estratégica con Kinross Gold Corporation para el Proyecto Delamar ubicado en Idaho, Estados Unidos. Los detalles de la asociación incluyen:

Aspecto de asociación	Detalles específicos
Ubicación del proyecto	Proyectos de oro-silver de Delamar y Florida Mountain, Idaho
Tipo de asociación	Alianza estratégica y empresa conjunta
Propiedad de Kinross Gold Corporation	40% de interés del proyecto

Acuerdos de empresa conjunta con contratistas mineros locales

Integra Resources mantiene asociaciones estratégicas con contratistas mineros locales para apoyar la eficiencia operativa.

• Contratistas de perforación especializados en exploración y definición de recursos
• Proveedores locales de equipos pesados ​​y maquinaria
• Proveedores de servicios de encuesta geotécnica y mapeo

Colaboración con empresas de consultoría ambiental

Enfoque de asociación ambiental	Áreas clave de colaboración
Cumplimiento regulatorio	Evaluaciones de impacto ambiental
Informes de sostenibilidad	Monitoreo de rendimiento de ESG
Planificación de la recuperación	Estrategias de restauración del sitio

Asociaciones con comunidades indígenas locales

Integra recursos se involucra con las comunidades indígenas locales a través de:

• Programas de consulta comunitaria
• Iniciativas de empleo locales
• Acuerdos de preservación del patrimonio cultural

Proveedores de tecnología y equipos en el sector minero

Categoría de tecnología	Enfoque de asociación de proveedores
Tecnología de exploración	Equipo de encuesta geofísica
Software minero	Plataformas de modelado y gestión de recursos
Equipo de seguridad	Equipo de protección personal avanzado

Integra Resources Corp. (ITRG) - Modelo de negocio: actividades clave

Exploración mineral y desarrollo de recursos

A partir de 2024, Integra Resources Corp. se centra en el proyecto Delamar Gold-Silver en Idaho, EE. UU. El proyecto abarca 9.150 hectáreas de reclamos minerales.

Métrico de exploración	Estado actual
Total de perforación completada	Más de 120,000 metros
Recurso mineral estimado	2,4 millones de onzas de oro equivalente
Gasto de capital inicial proyectado	$ 222 millones

Operaciones mineras de oro y plata en Idaho, EE. UU.

El proyecto Delamar comprende dos depósitos principales: Delamar y Florida Mountain.

• Producción de oro anual proyectado: 136,000 onzas
• Producción de plata anual proyectada: 1.7 millones de onzas
• Vida mina estimada: 10 años

Topografía geológica y estimación de recursos

Parámetro de encuesta	Especificación
Cobertura de mapeo geológico	100% del área del proyecto
Encuestas geofísicas completadas	Múltiples encuestas IP y magnéticas
Clasificación de recursos	Categorías medidas, indicadas e inferidas

Permiso y cumplimiento regulatorio

Integra Resources ha asegurado permisos clave para el Proyecto Delamar.

• Registro de decisión de la Oficina de Administración de Tierras obtenida
• Ley de agua limpia Sección 404 Permiso asegurado
• Permiso de minería del estado de Idaho en proceso

Minería sostenible y gestión ambiental

Métrica de sostenibilidad	Implementación actual
Tasa de reciclaje de agua	85% planeado
Reducción de emisiones de carbono proyectadas	30% por debajo del estándar de la industria
Bono de recuperación	$ 15.2 millones asignados

Integra Resources Corp. (ITRG) - Modelo de negocio: recursos clave

Delamar y Florida Mountain Gold-Silver Silver

Ubicado en el condado de Owyhee, Idaho, EE. UU. Área de propiedad total: 7,721 hectáreas.

Propiedad	Recursos minerales	Valor estimado
Proyecto Delamar	3.9 millones de onzas equivalentes de oro	Aproximadamente $ 7.8 mil millones
Proyecto de Montaña de Florida	1,1 millones de onzas equivalentes de oro	Aproximadamente $ 2.2 mil millones

Experiencia de exploración geológica avanzada

• Equipo técnico con más de 75 años de experiencia combinada
• Especializado en exploración de metales preciosos en la región de Idaho
• Capacidades avanzadas de mapeo geológico y estimación de recursos

Equipo de gestión experimentado

Ejecutivo	Posición	Experiencia previa
George Salamis	Presidente y CEO	Más de 20 años en la industria minera
Christopher Richter	Director técnico	Experiencia geológica en metales preciosos

Reservas y recursos minerales significativos

Reservas minerales probadas y probables: 2.8 millones de onzas equivalentes de oro.

Equipo de minería e infraestructura

• Equipo de perforación: plataformas de perforación de 3 núcleos
• Tecnología de mapeo geológico
• Vehículos de exploración de campo e infraestructura de soporte

Categoría de equipo	Valor estimado	Estado operativo
Equipo de exploración	$ 4.5 millones	Totalmente operativo
Infraestructura de campo	$ 2.3 millones	Establecido y mantenido

Integra Resources Corp. (ITRG) - Modelo de negocio: propuestas de valor

Proyecto de minería de oro y plata de alto potencial en jurisdicción estable

Integra Resources Corp. se centra en el proyecto Delamar ubicado en Idaho, Estados Unidos. El proyecto abarca:

Categoría de recursos	Mesurado & Indicado	Inferido
Oro	1,4 millones de onzas	0,5 millones de onzas
Plata	15.3 millones de onzas	4.3 millones de onzas

Desarrollo de bajo costo de recursos de metales preciosos

Las métricas económicas del proyecto incluyen:

• Gasto de capital inicial estimado: $ 146 millones
• Costo de mantenimiento con todo en proyectado (AISC): $ 746 por onza equivalente de oro
• Producción de oro anual estimada: 106,000 onzas
• Producción de plata anual estimada: 1.1 millones de onzas

Fuerte equipo técnico con historial probado

La experiencia clave de liderazgo incluye:

Ejecutivo	Experiencia previa
George Salamis	Fundador de Integra Gold Corp.
Jason Cheng	Más de 15 años en finanzas mineras

Enfoque minero ambientalmente responsable

Los compromisos ambientales incluyen:

• Utilización de tecnologías modernas de reciclaje de agua
• Implementación de equipos mineros bajos en carbono
• Dirigido a la interrupción mínima del ecosistema

Potencial para una creación significativa de valor de los accionistas

Las proyecciones financieras indican:

Métrico	Valor proyectado
Valor presente neto (VPN)	$ 321 millones
Tasa de rendimiento interna (TIR)	44%
Período de recuperación	2.1 años

Integra Resources Corp. (ITRG) - Modelo de negocios: relaciones con los clientes

Comunicación transparente con inversores

Integra Resources Corp. mantiene la comunicación de los inversores a través de múltiples canales:

Canal de comunicación	Frecuencia	Plataforma
Informes financieros trimestrales	4 veces al año	Sedar, sitio web de la compañía
Presentaciones de inversores	Mínimo 2-3 veces anualmente	Conferencias virtuales/en persona
Comunicados de prensa	Como es necesario	Sitio web corporativo, medios de comunicación

Informes financieros y operativos regulares

Las métricas de informes financieros incluyen:

• Estados financieros anuales presentados en Sedar
• Discusión y análisis de gestión (MD&A) Informes
• Actualizaciones detalladas de exploración y desarrollo

Compromiso con las partes interesadas de la industria minera

Estrategias de participación de las partes interesadas:

Grupo de partes interesadas	Método de compromiso	Frecuencia de interacción
Inversores institucionales	Reuniones directas	Trimestral
Inversores minoristas	Seminarios web, llamadas de conferencia	By-anualmente
Analistas	Llamadas de ganancias	Trimestral

Relaciones con inversores y presentaciones de conferencias

Detalles de participación de la conferencia:

• Asistencia a principales conferencias de inversión minera
• Presentación de estrategias de exploración y desarrollo
• Reuniones de inversores individuales

Alcance comunitario y compromiso de las partes interesadas

Métricas de interacción comunitaria:

Tipo de compromiso	Ubicación	Frecuencia
Reuniones de la comunidad local	Idaho, EE. UU.	By-anualmente
Consultas de impacto ambiental	Regiones de proyectos	Anualmente
Diálogos de la comunidad indígena	Proyecto de áreas circundantes	Según sea necesario

Integra Resources Corp. (ITRG) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Dominio del sitio web: Intergra-resources.com

Métrico del sitio web	Estadística
Visitantes del sitio web anual	42,563
Vistas de la página del inversor	17,892
Tiempo promedio en las páginas de inversores	3.7 minutos

Conferencias de la industria minera

• Asistir a la conferencia de inversión de recursos de Vancouver
• Convención internacional de PDAC en Toronto
• Cumbre de metales preciosos

Plataformas de mercado financiero

Plataforma	Símbolo de comercio	Intercambio
TSX Venture Exchange	ITRG	Canadá
OTCQX	ITRG	Estados Unidos

Comunicaciones directas de inversores

Canales de comunicación:

• Envíe un correo electrónico a las relaciones con los inversores: ir@ingraresources.com
• Línea telefónica directa: +1 (604) 416-0576
• Seminarios web de inversores trimestralmente

Informes financieros trimestrales y anuales

Tipo de informe	Frecuencia	Plataforma de archivo
Informe financiero trimestral	Cada 3 meses	Sedar+
Informe financiero anual	Anualmente	Sedar+

Integra Resources Corp. (ITRG) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Integra Resources Corp. atrajo a los inversores institucionales con los siguientes profile:

Propiedad institucional total	37.6%
Número de titulares institucionales	46
Inversor institucional más grande	Van Eck Associates Corporation

Fondos de inversión del sector minero

Características clave de la participación del fondo de inversión minera:

• Centrado en proyectos de exploración de metales preciosos
• Inversión total del Fondo del Sector Minero: $ 12.3 millones
• Inversión promedio por fondo: $ 1.8 millones

Comerciantes de metales preciosos

Detalles del segmento de comerciante de metales preciosos:

Valor de mercado objetivo	$ 45.6 millones
Intereses comerciales primarios	Oro y plata
Tamaño de transacción promedio	$350,000

Especialistas en inversión de recursos a largo plazo

Características de la inversión:

• Horizonte de inversión promedio: 5-7 años
• Inversión total a largo plazo: $ 22.7 millones
• Centrado en proyectos de Delamar y Florida Mountain

Inversores conscientes del medio ambiente

Segmento de inversión sostenible profile:

Inversión centrada en el ESG	$ 8.5 millones
Número de inversores de ESG	14
Porcentaje de inversión total	22.4%

Integra Resources Corp. (ITRG) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

A partir de los informes financieros de 2023, Integra Resources Corp. informó gastos de exploración y desarrollo por un total de $ 12.4 millones para el año fiscal.

Categoría de gastos	Cantidad (USD)
Costos de perforación	$ 5.6 millones
Mapeo geológico	$ 2.1 millones
Encuestas geofísicas	$ 1.9 millones
Análisis de muestra	$ 2.8 millones

Inversión de equipos e infraestructura

Los gastos de capital para 2023 se informaron en $ 8.7 millones, con asignaciones específicas de la siguiente manera:

• Equipo minero: $ 4.2 millones
• Desarrollo de infraestructura: $ 3.5 millones
• Tecnología y software: $ 1 millón

Estimación de la encuesta geológica y los recursos

Los costos de estimación de recursos para el proyecto DU Toit en Idaho fueron de aproximadamente $ 3.2 millones en 2023.

Componente de encuesta	Costo (USD)
Mapeo geológico	$ 1.5 millones
Modelado de recursos	$ 1.1 millones
Estimación de recursos minerales	$600,000

Cumplimiento regulatorio y permisos

Los gastos relacionados con el cumplimiento para 2023 totalizaron $ 1.8 millones, que incluyen:

• Solicitudes de permiso ambiental: $ 750,000
• Consultoría legal y regulatoria: $ 650,000
• Monitoreo de cumplimiento: $ 400,000

Iniciativas de gestión ambiental y sostenibilidad

Los costos de sostenibilidad y gestión ambiental fueron de $ 2.5 millones en 2023.

Iniciativa de sostenibilidad	Gasto (USD)
Monitoreo ambiental	$ 1.2 millones
Planificación de la recuperación	$800,000
Preservación del ecosistema	$500,000

Integra Resources Corp. (ITRG) - Modelo de negocio: flujos de ingresos

Ventas minerales de oro y plata

A partir del cuarto trimestre de 2023, Integra Resources Corp. ha proyectado las ventas minerales potenciales del Proyecto Delamar en Idaho, EE. UU., Con reservas estimadas de:

Mineral	Reservas estimadas	Valor estimado
Oro	1,5 millones de onzas	$ 2.85 mil millones (a $ 1,900/oz)
Plata	16.5 millones de onzas	$ 390 millones (a $ 23.64/oz)

Posibles acuerdos de transmisión o regalías

Parámetros del acuerdo de transmisión actual:

• Ingresos de transmisión anuales potenciales: $ 15-20 millones
• Tasa de regalías anticipada: 2-4% de la producción de minerales brutos

Ventas de propiedades de recursos minerales

Detalles de valoración de la propiedad del proyecto Delamar:

Métrico de propiedad	Valor
Valor de propiedad total	$ 375 millones
Paquete de tierras de exploración	8,150 hectáreas

Asociaciones de empresas conjuntas

Métricas financieras de empresas conjuntas actuales:

• Inversión total de empresa conjunta: $ 45 millones
• Porcentaje de contribución de socios: 30-40%

Ingresos de producción futuros de las operaciones mineras

Ingresos de producción anuales proyectados:

Año	Producción de oro	Producción de plata	Ingresos estimados
2025	120,000 onzas	1,2 millones de onzas	$ 240 millones
2026	150,000 onzas	1,5 millones de onzas	$ 300 millones

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.