Integra Resources Corp. (ITRG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'extraction des métaux précieux, Integra Resources Corp. (ITRG) émerge comme une puissance stratégique, transformant le paysage de l'exploration d'or et d'argent sur le terrain accidenté de l'Idaho. Avec un modèle commercial méticuleusement conçu qui équilibre l'exploration innovante, les pratiques durables et les stratégies axées sur les investisseurs, l'entreprise est prête à débloquer une valeur significative dans le secteur minière difficile mais potentiellement lucratif. Leur approche unique combine une expertise géologique de pointe, des partenariats stratégiques et un cadre respectueux de l'environnement qui les distingue sur un marché de plus en plus concurrentiel.

Integra Resources Corp. (ITRG) - Modèle commercial: partenariats clés

Alliance stratégique avec le projet Kinross Gold Corporation pour Delamar

Integra Resources Corp. a établi un partenariat stratégique avec Kinross Gold Corporation pour le projet Delamar situé en Idaho, États-Unis. Les détails du partenariat comprennent:

Aspect de partenariat	Détails spécifiques
Emplacement du projet	Projets Delamar et Florida Mountain Gold-Silver, Idaho
Type de partenariat	Alliance stratégique et coentreprise
Propriété de Kinross Gold Corporation	40% d'intérêt du projet

Contrôles de coentreprise avec des entrepreneurs miniers locaux

Integra Resources maintient des partenariats stratégiques avec des entrepreneurs minières locaux pour soutenir l'efficacité opérationnelle.

• Forage des entrepreneurs spécialisés dans l'exploration et la définition des ressources
• Fournisseurs locaux d'équipement et de machines locaux
• Provideurs de services géotechniques et de cartographie

Collaboration avec les cabinets de conseil en environnement

Focus de partenariat environnemental	Zones de collaboration clés
Conformité réglementaire	Évaluations d'impact environnemental
Reporting de durabilité	Surveillance des performances ESG
Planification de la réclamation	Stratégies de restauration du site

Partenariats avec les communautés autochtones locales

Integra Resources s'engage avec les communautés autochtones locales à travers:

• Programmes de consultation communautaire
• Initiatives d'emploi locales
• Accords de préservation du patrimoine culturel

Fournisseurs de technologie et d'équipement dans le secteur minier

Catégorie de technologie	Focus de partenariat des fournisseurs
Technologie d'exploration	Équipement d'enquête géophysique
Logiciel d'exploitation	Plateformes de modélisation et de gestion des ressources
Équipement de sécurité	Équipement de protection individuelle avancée

Integra Resources Corp. (ITRG) - Modèle d'entreprise: activités clés

Exploration minérale et développement des ressources

Depuis 2024, Integra Resources Corp. se concentre sur le projet DeLamar Gold-Silver en Idaho, États-Unis. Le projet comprend 9 150 hectares de réclamations minérales.

Métrique d'exploration	État actuel
Le forage total terminé	Plus de 120 000 mètres
Ressource minérale estimée	2,4 millions d'onces d'or équivalent
Dépenses en capital initiales projetées	222 millions de dollars

Opérations d'exploitation d'or et d'argent en Idaho, États-Unis

Le projet Delamar comprend deux dépôts principaux: Delamar et Florida Mountain.

• Production annuelle d'or projetée: 136 000 onces
• Production argentée annuelle projetée: 1,7 million d'onces
• La vie des mines estimées: 10 ans

Arpentage géologique et estimation des ressources

Paramètre d'enquête	Spécification
Couverture de cartographie géologique	100% de la zone du projet
Enquêtes géophysiques terminées	Plusieurs enquêtes IP et magnétiques
Classification des ressources	Catégories mesurées, indiquées et induites

Permis et conformité réglementaire

Integra Resources a obtenu des permis clés pour le projet Delamar.

• Record de décision du Bureau of Land Management obtenu
• Permis de l'article 404 de la loi sur l'eau Clean
• Permis d'extraction de l'état de l'Idaho en cours

Exploitation durable et gestion environnementale

Métrique de la durabilité	Implémentation actuelle
Taux de recyclage de l'eau	85% prévu
Réduction des émissions de carbone projetées	30% en dessous de la norme de l'industrie
Obligation de réclamation	15,2 millions de dollars alloués

Integra Resources Corp. (ITRG) - Modèle commercial: Ressources clés

Propriétés de Delamar et Florida Mountain Gold-Silver

Situé dans le comté d'Owyhee, Idaho, États-Unis. Zone de propriété totale: 7 721 hectares.

Propriété	Ressources minérales	Valeur estimée
Projet Delamar	3,9 millions d'onces équivalentes à l'or	Environ 7,8 milliards de dollars
Florida Mountain Project	1,1 million d'onces équivalentes à l'or	Environ 2,2 milliards de dollars

Expertise en exploration géologique avancée

• Équipe technique avec plus de 75 ans d'expérience combinée
• Spécialisé dans l'exploration précieuse des métaux dans la région de l'Idaho
• Capacités avancées de cartographie géologique et d'estimation des ressources

Équipe de gestion expérimentée

Exécutif	Position	Expérience antérieure
George Salami	Président et chef de la direction	Plus de 20 ans dans l'industrie minière
Christopher Richter	Directeur technique	Expertise géologique dans les métaux précieux

Réserves et ressources minérales importantes

Réserves minérales éprouvées et probables: 2,8 millions d'onces équivalentes à l'or.

Équipement d'exploitation et infrastructure

• Équipement de forage: 3 plates-formes de forage de base
• Technologie de cartographie géologique
• Véhicules d'exploration sur le terrain et infrastructure de soutien

Catégorie d'équipement	Valeur estimée	Statut opérationnel
Équipement d'exploration	4,5 millions de dollars	Pleinement opérationnel
Infrastructure sur le terrain	2,3 millions de dollars	Établi et maintenu

Integra Resources Corp. (ITRG) - Modèle d'entreprise: propositions de valeur

Projet d'extraction en or et en argent à fort potentiel en juridiction stable

Integra Resources Corp. se concentre sur le projet Delamar situé en Idaho, États-Unis. Le projet englobe:

Catégorie de ressources	Mesuré & Indiqué	Déduit
Or	1,4 million d'onces	0,5 million d'onces
Argent	15,3 millions d'onces	4,3 millions d'onces

Développement à faible coût des ressources métalliques précieuses

Les mesures économiques du projet comprennent:

• Dépenses en capital initiales estimées: 146 millions de dollars
• Coût de maintien de tout-in projeté (AISC): 746 $ par Ord Equivalent Ounce
• Production d'or annuelle estimée: 106 000 onces
• Production argentée annuelle estimée: 1,1 million d'onces

Équipe technique solide avec des antécédents éprouvés

L'expérience clé en leadership comprend:

Exécutif	Expérience antérieure
George Salami	Fondateur d'Integra Gold Corp.
Jason Cheng	Plus de 15 ans dans la finance minière

Approche minière responsable de l'environnement

Les engagements environnementaux comprennent:

• Utilisation des technologies modernes de recyclage de l'eau
• Mise en œuvre d'un équipement d'exploitation à faible teneur en carbone
• Ciblant les perturbations minimales de l'écosystème

Potentiel de création de valeur des actionnaires importante

Les projections financières indiquent:

Métrique	Valeur projetée
Valeur actuelle nette (NPV)	321 millions de dollars
Taux de rendement interne (TRI)	44%
Période de récupération	2,1 ans

Integra Resources Corp. (ITRG) - Modèle d'entreprise: relations clients

Communication transparente avec les investisseurs

Integra Resources Corp. maintient la communication des investisseurs via plusieurs canaux:

Canal de communication	Fréquence	Plate-forme
Rapports financiers trimestriels	4 fois par an	SEDAR, site Web de l'entreprise
Présentations des investisseurs	Minimum 2-3 fois par an	Conférences virtuelles / en personne
Communiqués de presse	Base au-delà	Site Web d'entreprise, médias

Représentations financières et opérationnelles régulières

Les mesures d'information financière comprennent:

• États financiers annuels déposés sur Sedar
• Discussion et analyse de gestion (MD&A)
• Mises à jour détaillées de l'exploration et du développement

Engagement avec les parties prenantes de l'industrie minière

Stratégies d'engagement des parties prenantes:

Groupe de parties prenantes	Méthode d'engagement	Fréquence d'interaction
Investisseurs institutionnels	Réunions directes	Trimestriel
Investisseurs de détail	Webinaires, conférences téléphoniques	Bi-annuellement
Analystes	Appels de gains	Trimestriel

Relations avec les investisseurs et présentations de conférence

Détails de la participation de la conférence:

• Fréquentation lors de grandes conférences d'investissement miniers
• Présentation des stratégies d'exploration et de développement
• Réunions d'investisseurs en tête-à-tête

Sensibilisation communautaire et engagement des parties prenantes

Métriques d'interaction communautaire:

Type d'engagement	Emplacement	Fréquence
Réunions communautaires locales	Idaho, États-Unis	Bi-annuellement
Consultations à impact environnemental	Régions de projet	Annuellement
Dialogues communautaires autochtones	Projet des zones environnantes	Comme nécessaire

Integra Resources Corp. (ITRG) - Modèle commercial: canaux

Site Web de relations avec les investisseurs

Domaine du site Web: intergra-résainces.com

Métrique du site Web	Statistique
Visiteurs annuels du site Web	42,563
Pages d'investisseurs View	17,892
Temps moyen sur les pages des investisseurs	3,7 minutes

Conférences de l'industrie minière

• Assister à la conférence d'investissement en ressources de Vancouver
• Convention internationale PDAC à Toronto
• Sommet des métaux précieux

Plateformes de marché financier

Plate-forme	Symbole de trading	Échange
Échange de capital-risque TSX	Itrg	Canada
Otcqx	Itrg	États-Unis

Communications des investisseurs directs

Canaux de communication:

• Envoyez un courriel aux relations avec les investisseurs: ir@integraresources.com
• Ligne téléphonique directe: +1 (604) 416-0576
• Webinaires des investisseurs trimestriellement

Rapports financiers trimestriels et annuels

Type de rapport	Fréquence	Plate-forme de classement
Rapport financier trimestriel	Tous les 3 mois	Sedar +
Rapport financier annuel	Annuellement	Sedar +

Integra Resources Corp. (ITRG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Integra Resources Corp. a attiré les investisseurs institutionnels avec les éléments suivants profile:

Propriété institutionnelle totale	37.6%
Nombre de détenteurs institutionnels	46
Le plus grand investisseur institutionnel	Van Eck Associates Corporation

Fonds d'investissement du secteur minier

Caractéristiques clés de l'engagement des fonds d'investissement minière:

• Axé sur les projets d'exploration de métaux précieux
• Investissement total du fonds du secteur minier: 12,3 millions de dollars
• Investissement moyen par fonds: 1,8 million de dollars

Commerçants de métaux précieux

Détails du segment de trader métallique précieux:

Valeur marchande cible	45,6 millions de dollars
Intérêts commerciaux primaires	Or et argent
Taille moyenne des transactions	$350,000

Spécialistes des investissements en ressources à long terme

Caractéristiques d'investissement:

• Horizon d'investissement moyen: 5-7 ans
• Investissement total à long terme: 22,7 millions de dollars
• Axé sur les projets de DeMamar et Florida Mountain

Investisseurs soucieux de l'environnement

Segment d'investissement durable profile:

Investissement axé sur l'ESG	8,5 millions de dollars
Nombre d'investisseurs ESG	14
Pourcentage de l'investissement total	22.4%

Integra Resources Corp. (ITRG) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

En 2023 rapports financiers, Integra Resources Corp. a déclaré des frais d'exploration et de développement totalisant 12,4 millions de dollars pour l'exercice.

Catégorie de dépenses	Montant (USD)
Frais de forage	5,6 millions de dollars
Cartographie géologique	2,1 millions de dollars
Enquêtes géophysiques	1,9 million de dollars
Analyse des échantillons	2,8 millions de dollars

Investissement d'équipement et d'infrastructure

Les dépenses en capital pour 2023 ont été déclarées à 8,7 millions de dollars, avec des allocations spécifiques comme suit:

• Équipement minière: 4,2 millions de dollars
• Développement des infrastructures: 3,5 millions de dollars
• Technologie et logiciels: 1 million de dollars

Enquête géologique et estimation des ressources

Les coûts d'estimation des ressources pour le projet DU Toit en Idaho étaient d'environ 3,2 millions de dollars en 2023.

Composant de sondage	Coût (USD)
Cartographie géologique	1,5 million de dollars
Modélisation des ressources	1,1 million de dollars
Estimation des ressources minérales	$600,000

Conformité réglementaire et permis

Les dépenses liées à la conformité pour 2023 ont totalisé 1,8 million de dollars, notamment:

• Demandes de permis environnementales: 750 000 $
• Conseil juridique et réglementaire: 650 000 $
• Surveillance de la conformité: 400 000 $

Initiatives de gestion de l'environnement et de durabilité

Les coûts de durabilité et de gestion de l'environnement étaient de 2,5 millions de dollars en 2023.

Initiative de durabilité	Dépenses (USD)
Surveillance environnementale	1,2 million de dollars
Planification de la réclamation	$800,000
Conservation des écosystèmes	$500,000

Integra Resources Corp. (ITRG) - Modèle d'entreprise: Strots de revenus

Ventes minérales d'or et d'argent

Depuis le quatrième trimestre 2023, Integra Resources Corp. a projeté des ventes minérales potentielles du projet Delamar en Idaho, aux États-Unis, avec des réserves estimées de:

Minéral	Réserves estimées	Valeur estimée
Or	1,5 million d'onces	2,85 milliards de dollars (à 1 900 $ / oz)
Argent	16,5 millions d'onces	390 millions de dollars (à 23,64 $ / oz)

Contentement potentiel de streaming ou de redevance

Paramètres de l'accord de streaming actuel:

• Revenus de streaming annuels potentiels: 15-20 millions de dollars
• Taux de redevance prévu: 2 à 4% de la production minérale brute

Ventes de propriétés de ressources minérales

Détails de l'évaluation de la propriété Delamar Project:

Métrique immobilière	Valeur
Valeur totale de la propriété	375 millions de dollars
Ensemble de terrains d'exploration	8 150 hectares

Partenariats de coentreprise

Métriques financières actuelles de coentreprise:

• Investissement total de coentreprise: 45 millions de dollars
• Pourcentage de contribution du partenaire: 30 à 40%

Revenus de production futurs des opérations minières

Revenus de production annuels projetés:

Année	Production d'or	Production d'argent	Revenus estimés
2025	120 000 onces	1,2 million d'onces	240 millions de dollars
2026	150 000 onces	1,5 million d'onces	300 millions de dollars

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.