Integra Resources Corp. (ITRG): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'exploration minérale, Integra Resources Corp. (ITRG) navigue dans un paysage complexe où des facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux convergent pour façonner sa trajectoire stratégique. Des terrains accidentés des régions minières canadiennes aux marchés mondiaux complexes des métaux précieux, cette analyse de pilon dévoile les défis et les opportunités à multiples facettes qui définissent l'écosystème opérationnel de l'entreprise. Plongez profondément dans les couches complexes d'influences externes qui détermineront la voie des ressources Integra vers la croissance durable et la résilience stratégique dans une industrie minière en constante évolution.

Integra Resources Corp. (ITRG) - Analyse du pilon: facteurs politiques

Règlements des mines canadiennes impact les activités d'exploration et de développement

Integra Resources Corp. opère sous le Cadre des réglementations minières canadiennes, qui comprend des exigences de conformité spécifiques:

Aspect réglementaire	Exigences spécifiques	Coût de conformité
Règlements sur la tenure minérale	Entretien annuel des réclamations	1 250 $ CAD par bloc de réclamation
Évaluation environnementale	Étude complète d'impact environnemental	CAD 500 000 $ - 2,5 millions de dollars
Consultation indigène	Protocoles d'engagement obligatoires	CAD 350 000 $ - 750 000 $ par an

Tensions géopolitiques dans les régions minières

Évaluation des risques politiques pour les régions d'exploration primaires des ressources Integra:

• Indice de stabilité politique pour le Nevada, États-Unis: 87/100
• Évaluation des risques d'investissement: faible
• Probabilité des conflits géopolitiques: 2,3%

Processus d'autorisation du gouvernement

Autorisation du calendrier et des coûts associés pour le développement des ressources minérales:

Type de permis	Temps de traitement moyen	Coût de la demande
Permis d'exploration	6-9 mois	CAD 75 000 $
Bail minier	12-18 mois	CAD 250 000 $
Permis environnemental	9-12 mois	180 000 $ CAD

Influences de la politique de protection de l'environnement

Les changements de politique potentiels ont un impact sur les opérations minières:

• Objectifs de réduction des émissions de carbone: 30% d'ici 2030
• Probabilité de restriction d'utilisation de l'eau: 45%
• Exigences d'obligation de récupération: 5 à 10 millions de dollars CAD

Integra Resources Corp. (ITRG) - Analyse du pilon: facteurs économiques

Volatilité des prix des produits d'or et d'argent

Prix ​​de l'or à partir de janvier 2024: 2 062,49 $ par once Prix ​​d'argent à partir de janvier 2024: 23,94 $ par once

Année	Gamme de prix de l'or	Gamme de prix en argent	Volatilité des prix (%)
2023	$1,800 - $2,089	$20.50 - $25.75	15.2%
2024 (YTD)	$1,950 - $2,100	$22.50 - $24.75	12.8%

Accès limité aux marchés des capitaux

Integra Resources Corp. Capital total levé en 2023: 15,3 millions de dollars Budget d'exploration et de développement pour 2024: 22,7 millions de dollars

Source de financement	Montant augmenté ($)	Pourcentage du financement total
Financement par actions	8,900,000	58.2%
Financement de la dette	4,500,000	29.4%
Partenariats stratégiques	1,900,000	12.4%

Incertitudes économiques dans le secteur minier

Tendances d'investissement du secteur minier en 2023:

• Investissement total du secteur minier: 45,6 milliards de dollars
• Réduction du budget d'exploration: 7,3%
• Indice d'évaluation des risques: 6,2 sur 10

Fluctuations de taux de change

Plage de taux de change CAD / USD en 2023: 0,72 - 0,76 Taux de change moyen en 2024 (YTD): 0,74

Quart	Taux CAD / USD	Impact sur les revenus (%)
Q4 2023	0.73	-2.1%
T1 2024	0.74	-1.7%

Integra Resources Corp. (ITRG) - Analyse du pilon: facteurs sociaux

Intérêt croissant des investisseurs pour les pratiques minières durables et responsables

Selon ESG Investment Research Report 2023, 67,3% des investisseurs miniers privilégient les stratégies d'investissement durable. Integra Resources Corp. a déclaré 12,4 millions de dollars investis dans des initiatives de durabilité environnementale en 2023.

Catégorie d'investissement	Montant ($)	Pourcentage de l'investissement total
Durabilité environnementale	12,400,000	24.6%
Développement communautaire	5,600,000	11.2%
Programmes de réduction du carbone	3,200,000	6.4%

Engagement communautaire local critique pour l'acceptation du projet dans les régions minières

Integra Resources a investi 5,6 millions de dollars dans des programmes de développement communautaire local en 2023. L'enquête sur la satisfaction communautaire a montré un taux d'engagement positif de 82,4% dans les régions minières du Nevada.

Métrique de l'engagement communautaire	Pourcentage
Taux de satisfaction communautaire	82.4%
Création d'emplois locale	76
Pourcentage d'achat local	63.2%

Demande croissante d'initiatives transparentes de responsabilité sociale des entreprises

Dépenses de responsabilité sociale des entreprises (RSE) pour 2023: 4,3 millions de dollars. Évaluation de l'indice de transparence: 8.6 / 10 selon l'évaluation de la RSE indépendante.

La diversité et l'inclusion de la main-d'œuvre deviennent plus importantes dans l'industrie minière

Statistiques sur la diversité des effectifs Integra Resources Corp. pour 2023:

Catégorie démographique	Pourcentage
Femmes en postes de direction	34.2%
Représentation de la minorité ethnique	28.7%
Emploi des anciens combattants	12.5%

Investissement total de diversité de la main-d'œuvre en 2023: 2,1 millions de dollars.

Integra Resources Corp. (ITRG) - Analyse du pilon: facteurs technologiques

Les technologies d'exploration avancées améliorent l'identification des ressources minérales

Integra Resources Corp. utilise un logiciel de modélisation géologique alimentée par AI avec une précision de précision de 87,3% pour la détection des dépôts minéraux. La société a investi 2,4 millions de dollars dans des technologies de levé géophysique avancé en 2023.

Type de technologie	Investissement ($)	Taux de précision (%)
Modélisation géologique de l'IA	1,200,000	87.3
Imagerie sismique 3D	680,000	82.5
Algorithmes d'apprentissage automatique	520,000	79.6

L'imagerie des drones et des satellites améliore les capacités d'arpentage géologique

La société exploite 12 unités de drones haute résolution avec des capacités d'imagerie thermique et multispectrale. L'investissement en technologie de l'imagerie par satellite a atteint 1,7 million de dollars en 2023, couvrant 4 200 kilomètres carrés de territoire d'exploration.

Technologie d'imagerie	Unités	Zone de couverture (SQ KM)	Investissement ($)
Drones haute résolution	12	2,100	890,000
Systèmes d'imagerie par satellite	3	4,200	1,700,000

Automatisation et technologies numériques augmentant l'efficacité opérationnelle

Integra Resources a mis en place des systèmes de forage automatisés réduisant les coûts opérationnels de 22,6%. Le déploiement de la technologie de jumeaux numériques a augmenté l'efficacité opérationnelle de 18,4%, avec 3,1 millions de dollars investis dans des initiatives de transformation numérique.

Technologie numérique	Réduction des coûts (%)	Amélioration de l'efficacité (%)	Investissement ($)
Systèmes de forage automatisés	22.6	15.3	1,400,000
Technologie de jumeaux numériques	16.2	18.4	1,700,000

L'intégration des énergies renouvelables dans les opérations minières gagnant une importance stratégique

Integra Resources a engagé 4,5 millions de dollars dans les infrastructures d'énergie renouvelable, ciblant 35% de consommation d'énergie renouvelable dans les opérations minières d'ici 2025. Les technologies solaires et éoliennes représentent 27% de la consommation actuelle d'énergie.

Source d'énergie renouvelable	Utilisation actuelle (%)	Utilisation cible (%)	Investissement ($)
Énergie solaire	15	20	2,100,000
Énergie éolienne	12	15	2,400,000

Integra Resources Corp. (ITRG) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations canadiennes et environnementales

Integra Resources Corp. opère dans le cadre de conformité réglementaire suivant:

Corps réglementaire	Exigences de conformité spécifiques	Coût annuel de conformité
Ministère britannique de l'Énergie, des mines et de l'innovation à faible teneur en carbone	Conformité de la loi sur la tenure minérale	$124,500
Agence canadienne d'évaluation environnementale	Évaluation de l'impact environnemental	$276,800
Ressources naturelles Canada	Règlements d'exploration et d'exploitation	$87,300

Exigences de permis strictes pour les projets d'exploration minérale

Autorisation des exigences des projets d'exploration d'Integra Resources Corp. comprend:

• Temps de traitement des permis environnementaux: 18-24 mois
• Frais de demande de permis d'exploration: 15 750 $
• Coût annuel de renouvellement des permis: 6 200 $

Détes juridiques potentiels liés à l'utilisation des terres et aux droits autochtones

Groupe autochtone	Superficie impliquée	Frais de consultation juridique en cours
TŝilHQOT'IN GOURNAL NATIONAL	247 kilomètres carrés	$385,000
Nation Secwépemc	189 kilomètres carrés	$276,500

Protection de la propriété intellectuelle pour les technologies minières et les méthodes d'exploration

Détails de protection des brevets:

• Nombre de brevets enregistrés: 7
• Coût annuel de protection de la propriété intellectuelle: 92 400 $
• Juridictions de dépôt de brevets: Canada, États-Unis

Type de brevet	Année d'inscription	Durée de protection
Technique d'exploration minérale	2021	20 ans
Technologie de cartographie géologique	2022	20 ans

Integra Resources Corp. (ITRG) - Analyse du pilon: facteurs environnementaux

Accent croissant sur les pratiques minières durables et la gestion de l'environnement

Integra Resources Corp. a alloué 2,3 millions de dollars aux initiatives de durabilité environnementale en 2023. Les dépenses de conformité environnementale de la société ont atteint 1,7 million de dollars, ce qui représente 3,6% du budget opérationnel total.

Catégorie d'investissement environnemental	2023 dépenses ($)	Pourcentage du budget opérationnel
Pratiques minières durables	1,150,000	2.1%
Conformité environnementale	1,700,000	3.6%
Restauration de l'écosystème	450,000	0.9%

Réduction de l'empreinte carbone et des émissions de gaz à effet de serre

Integra Resources Corp. a signalé une réduction de 12,4% des émissions de gaz à effet de serre en 2023, passant de 24 500 tonnes métriques CO2E en 2022 à 21 450 tonnes métriques CO2E en 2023.

Portée des émissions	2022 émissions (tonnes métriques CO2E)	2023 émissions (tonnes métriques CO2E)	Pourcentage de réduction
Portée 1 Émissions directes	15,200	13,450	11.5%
Portée 2 Émissions indirectes	9,300	8,000	14.0%

Gestion de l'eau et conservation dans les opérations minières

Le taux de recyclage de l'eau est passé à 68,3% en 2023, avec une consommation totale d'eau de 2,1 millions de mètres cubes, contre 2,4 millions de mètres cubes en 2022.

Métrique de gestion de l'eau	Valeur 2022	Valeur 2023	Changement
Consommation totale d'eau (mètres cubes)	2,400,000	2,100,000	-12.5%
Taux de recyclage de l'eau	62.7%	68.3%	+5.6%

Protection de la biodiversité et engagements de restauration des écosystèmes

Integra Resources Corp. a investi 450 000 $ dans des projets de protection et de restauration de la biodiversité en 2023, couvrant 85 hectares de réadaptation foncière.

Initiative de biodiversité	Zone couverte (hectares)	Investissement ($)
Réhabilitation des terres	85	450,000
Réintroduction des espèces indigènes	22	175,000

Integra Resources Corp. (ITRG) - PESTLE Analysis: Social factors

Securing and maintaining the social license to operate (SLO) with local Owyhee County communities is critical.

You cannot build a mine without community support, plain and simple. For Integra Resources Corp., securing a robust Social License to Operate (SLO) in Owyhee County, Idaho, is a non-negotiable step before breaking ground on the DeLamar Project. The most significant development here is the historic Relationship Agreement signed with the Shoshone-Paiute Tribes in August 2025. This is the first agreement of its kind in the Lower 48 States that formally recognizes tribal sovereignty on federally managed lands, which is a major risk mitigator for the project.

This partnership is a foundational platform for long-term predictability, which is exactly what investors want to see. The agreement establishes a clear framework for collaboration, covering a number of critical social elements:

• Indigenous recognition and cultural protection.
• Economic empowerment for the Tribes.
• Consensus-based regulatory collaboration.
• Community investment monitoring throughout the entire mine life.

The company's proactive engagement, culminating in the Mine Plan of Operations (MPO) acceptance by the Bureau of Land Management in September 2025, after nearly three years of environmental baseline studies, shows they are prioritizing stakeholder relations. This is a smart move, because a single, sustained community opposition can derail a project, costing millions and years of delay.

Labor market tightness in rural Idaho could increase wage costs and make skilled worker recruitment difficult.

The tight labor market in rural Idaho is a near-term risk that will directly impact the project's operating expenditures (OpEx). Southwestern Idaho, which includes Owyhee County, is experiencing significant wage growth, a clear signal of labor scarcity. The region had the highest average hourly wage in Idaho in 2024 at $29.40 and a median wage of $22.88 per hour. This is a competitive environment.

The overall Idaho unemployment rate stood at 3.8% in December 2024, indicating a very tight labor pool. Recruiting specialized mining and heavy equipment operators to a rural location like Owyhee County will require premium wages and comprehensive benefits packages. For context, the average weekly wage in nearby Ada County was $1,386 in the first quarter of 2025, and in Canyon County it was $1,013. Job postings in Southwestern Idaho saw a 16.5% wage increase from September 2024 to September 2025, which underscores the escalating cost of labor. Here's the quick math: higher regional wages mean the DeLamar Project's labor costs will likely exceed initial feasibility study estimates, potentially squeezing operating margins.

Idaho Labor Market Metric	Value (2024/Q1 2025)	Implication for DeLamar Project
Idaho Unemployment Rate (Dec 2024)	3.8%	Tight labor market, low availability of workers.
SW Idaho Average Hourly Wage (2024)	$29.40	High starting point for competitive wage offers.
SW Idaho Wage Increase in Postings (Sep 2024-2025)	16.5%	Escalating labor costs and wage inflation risk.
Ada County Average Weekly Wage (Q1 2025)	$1,386	Benchmark for skilled, non-mining labor in the region.

Historical mining legacy at DeLamar requires careful management of public perception and remediation expectations.

The DeLamar Project site is a brownfield location, previously operated by Kinross Gold Corporation until 1998. This history is both an opportunity and a risk. The opportunity is that the site is already disturbed, which can simplify permitting. The risk is that the public holds high expectations for environmental remediation and responsible closure, especially concerning the mineralized material and backfill left by previous operators.

Integra Resources Corp. is managing this legacy by incorporating the approximately 60 million tonnes of mineralized stockpile and backfill material left by past operators into its current resource estimate, essentially turning a waste product into an economic asset. This is a powerful narrative for public perception. Furthermore, the updated MPO submitted in 2025 explicitly prioritizes placing new mine features on previously disturbed ground and relocating select features to reduce potential impacts to surface and water quality. Since acquiring the project in 2017, the company has invested approximately US$140 million into resource growth, engineering, and environmental baseline work, demonstrating a serious financial commitment to modern, responsible development.

Strong focus on local employment and procurement is essential for community acceptance.

Local economic benefit is the cornerstone of community acceptance. The Relationship Agreement with the Shoshone-Paiute Tribes directly addresses 'economic empowerment,' which translates to a commitment to local hiring and procurement. While the DeLamar Project is still in the permitting phase, the company's operating model at its Florida Canyon Mine in Nevada provides a clear template.

The Florida Canyon Mine employs a workforce of approximately 270 people, with the majority drawn from nearby communities like Winnemucca (60%) and Lovelock (18%). This operational track record sets a high expectation for the DeLamar Project in Owyhee County. The company's focus must be on developing local training programs to bridge the rural skilled labor gap, ensuring that the high-paying mining jobs go to Owyhee County residents first. Honestly, without a clear, quantifiable local hiring and procurement plan, the goodwill established by the tribal agreement could erode quickly once construction begins.

Integra Resources Corp. (ITRG) - PESTLE Analysis: Technological factors

Use of conventional, proven heap leach technology minimizes technical risk in the processing plant design.

The core of Integra Resources Corp.'s production strategy relies on conventional, well-understood heap leach technology, which significantly de-risks the processing phase of both the operating Florida Canyon Mine and the development-stage DeLamar Project. This is a mature technology in the US Great Basin, meaning the technical execution risk is low compared to complex pressure oxidation or refractory ore processing. At Florida Canyon, the operating asset, average process recoveries in the first half of 2025 were a consistent 60.4% Au, demonstrating reliable performance.

For the DeLamar Project, the company's flagship development asset, metallurgical test work on oxide and transitional mineralization has shown exceptional potential, with average recoveries reaching 96.2% for gold and 79.5% for silver in certain scenarios. The company is actively investing in this proven technology, with a significant portion of the $48.0 million to $53.0 million in sustaining capital for 2025 at Florida Canyon allocated to heap leach pad expansion, specifically initiating construction on the Phase IIIb heap leach pad.

Key 2025 Heap Leach & Exploration Metrics

Metric	Value (2025 Fiscal Year Data)	Context / Project
Florida Canyon Gold Recovery (H1 2025)	60.4% Au	Operating asset consistency
DeLamar Gold Recovery Potential (Oxide/Transitional)	96.2% Au	Metallurgical test work results
2025 Sustaining Capital for Heap Leach Expansion	$48.0 million to $53.0 million	Florida Canyon Mine
Florida Canyon Drill Program Meterage (Target)	16,000 meters	Expanded from 10,000m due to success

Opportunity to integrate advanced data analytics for process optimization and improved metal recovery rates.

The biggest near-term opportunity lies in moving beyond conventional operations to integrate advanced data analytics and process optimization (PO). The company has already earmarked capital for this, with the 2025 guidance mentioning 'process optimization' as a key initiative at Florida Canyon. This isn't just a buzzword; it's about using sensor data and machine learning to fine-tune the heap leach cycle-things like cyanide dosing, flow rates, and cure times-in real-time.

For example, improving the gold recovery rate at Florida Canyon by just a few percentage points from the current 60.4% could generate millions in additional revenue without mining more ore. This optimization focus is also central to the DeLamar Project's advancement, where the ongoing Feasibility Study expected in the fourth quarter of 2025 includes mine planning refinements like pit sizing and sequencing optimization. Simple, but defintely effective.

Exploration potential remains high, leveraging modern geophysics to expand the resource base beyond the current 5.5 million ounces of gold equivalent resource.

The company's exploration technology is focused on quickly and cheaply expanding the resource base, which currently totals 7.0 million ounces of gold equivalent in the Measured and Indicated category across all projects. This is substantially higher than the 5.5 million ounces often cited in older reports. The 2025 exploration strategy is a great example of leveraging modern, cost-effective techniques.

The Florida Canyon Mine's resource growth-focused drill program was initially 10,000 meters but was expanded by 6,000 meters to a 16,000-meter reverse circulation (RC) program. This RC drilling is a modern, faster, and cheaper method, estimated to be 25% to 40% less expensive than traditional diamond drilling for the same depth. The focus is on near-mine oxide potential from historical waste areas, which essentially uses modern exploration technology to re-evaluate old data and material, turning waste into resource. The initial program budget was approximately $1.5 million.

Need to adopt digital safety and monitoring systems to meet modern US mine safety standards.

The regulatory environment, driven by the Mine Safety and Health Administration (MSHA), is pushing for greater technology adoption in safety. MSHA's 2025 focus includes promoting 'innovative and advanced technologies' and investing in IT projects like automated inspection data dashboards. While Integra Resources Corp. maintains a commitment to the highest industry standards for environmental, social, and governance (ESG) practices, the need to adopt specific digital safety and monitoring systems is a clear technological imperative for all US-based mines.

This means moving toward:

• Implementing IoT sensor networks for real-time monitoring of dust, gas, and equipment status.
• Adopting AI-driven analytics to predict equipment failures and potential hazards before they occur.
• Deploying digital tools to document compliance and demonstrate that automated controls meet MSHA health-and-safety standards.

Failure to adopt these systems could lead to increased scrutiny and compliance risk, especially as MSHA focuses on enforcing safety with data-driven analytics in 2025. The cost of implementing these systems must be factored into the sustaining capital budget beyond the current fleet renewal and heap leach pad expansion.

Integra Resources Corp. (ITRG) - PESTLE Analysis: Legal factors

Complex, multi-year permitting timeline requires approval from the Bureau of Land Management (BLM) and Idaho Department of Environmental Quality (IDEQ).

The biggest legal hurdle for Integra Resources Corp.'s DeLamar Project is the multi-year permitting process, which is moving forward but still requires extensive federal and state approvals. You're dealing with the National Environmental Policy Act (NEPA) framework, which is a long haul. The company achieved a critical milestone in September 2025 when the Bureau of Land Management (BLM) formally accepted the updated Mine Plan of Operations (MPO), deeming it administratively complete under the Code of Federal Regulations (CFR), Title 43 Subpart 3809.

This acceptance sets the stage for the formal environmental review, with the BLM expected to publish the Notice of Intent (NOI) and commence work on the Environmental Impact Statement (EIS) in the second half of 2025. This EIS process is the core of the multi-year federal timeline. Concurrently, the company must secure state-level permits, primarily from the Idaho Department of Environmental Quality (IDEQ) for water quality and other environmental matters. Idaho's Strategic Permitting, Efficiency, and Economic Development Act (SPEED Act), which the company supports, aims to streamline state agency collaboration, but the rigorous environmental standards still apply.

Permitting Milestone	Governing Agency/Act	Status (as of Nov 2025)	Next Action/Timeline
Mine Plan of Operations (MPO)	BLM (43 CFR 3809)	Accepted (September 2025)	Serves as basis for environmental review
Notice of Intent (NOI)	BLM / NEPA	Imminent / Expected H2 2025	Commencement of EIS preparation
Environmental Impact Statement (EIS)	BLM / NEPA	In preparation (following NOI)	Multi-year review and public comment period
State Permits (e.g., Water Quality)	IDEQ / Idaho SPEED Act	Concurrent Process	Working with state authorities

Strict adherence to US federal and state environmental regulations, including the Clean Water Act and Clean Air Act.

Mining in the US Great Basin region means operating under some of the world's strictest environmental laws, particularly the Clean Water Act (CWA) and the Clean Air Act (CAA). The DeLamar MPO specifically includes refinements to minimize potential impacts to surface and water quality, a direct nod to CWA compliance. For instance, the plan prioritizes placing mine features on previously disturbed ground and relocates select features to protect water resources. This proactive approach is essential to mitigate regulatory risk.

Also, the company is leveraging its existing Florida Canyon Mine infrastructure to reduce ore processing activities and associated electrical power demands at DeLamar. Less on-site processing means lower emissions, which helps with CAA compliance and permitting. You need to watch the political landscape, too; the current US administration's announced deregulatory agenda in late 2025, which includes potential changes to certain greenhouse gas reporting rules under the CAA, could slightly ease the regulatory burden, but the core CWA and NEPA requirements remain iron-clad.

Potential for litigation from environmental non-governmental organizations (NGOs) during the permitting phase.

While Integra Resources Corp. has not reported any active litigation from environmental non-governmental organizations (NGOs) in 2025, the risk is defintely high for any major US mine development. The NEPA process, specifically the EIS stage, mandates a public review and comment period. This is the primary window for NGOs to raise legal challenges, often citing potential impacts to water quality, wildlife, or cultural resources.

The trend is clear: lawsuits against transition mineral mining firms in North America are on the rise, representing 16% of global cases documented by one NGO tracking tool since 2009. Most of these cases focus on environmental impacts and water issues. Integra is mitigating this risk through significant stakeholder engagement, including a transformative Relationship Agreement with the Shoshone-Paiute Tribes. Still, any NGO litigation could delay the project's timeline by 6 to 18 months, regardless of the suit's ultimate merit. You need to factor in the cost of legal defense and the value of time lost.

Reclamation bonding requirements will tie up a significant amount of capital, estimated in the tens of millions of dollars.

A major financial factor tied to the legal requirements is the mandated reclamation bond. This bond, essentially an insurance policy, must be posted with the BLM and state agencies like the Idaho Department of Lands (IDL) and IDEQ to ensure that the site is fully reclaimed (restored) to a pre-mining condition, even if the company defaults. This is a non-negotiable capital commitment.

While the company had smaller existing bonds for exploration and past activities-for example, a \$3,276,078 bond with the IDL and a \$100,000 bond with the IDEQ-the final bond for the full-scale DeLamar mine development will be exponentially larger. For a project of this scale, with a pre-production capital expenditure estimated at US\$282 million (from the 2022 Pre-Feasibility Study), the final reclamation bond is expected to be in the tens of millions of dollars. This capital will be tied up for the entire 16-year mine life, representing a significant opportunity cost. The final, precise figure will be released as part of the Feasibility Study results, which are expected in the fourth quarter of 2025.

• Existing IDL Reclamation Bond: \$3,276,078
• Existing IDEQ Reclamation Bond: \$100,000
• Expected Final DeLamar Bond: Tens of millions of dollars (to be finalized in Q4 2025 FS)

Integra Resources Corp. (ITRG) - PESTLE Analysis: Environmental factors

Water management and discharge quality are primary environmental concerns in the arid region

The DeLamar Project is located in the arid Owyhee County, southwestern Idaho, making water management a critical environmental and operational risk. The project's success hinges on minimizing water usage and maintaining strict control over discharge quality to protect regional water resources. Integra Resources Corp. (ITRG) has demonstrated a strong compliance record, reporting zero breaches in water discharge permits across all its operations, including development projects, in its 2024 performance, as outlined in the 5th annual Sustainability Report published in October 2025.

The updated Mine Plan of Operations (MPO), submitted in March 2025 and accepted by the Bureau of Land Management (BLM) in September 2025, incorporates design modifications specifically intended to reduce water usage at the site. This proactive approach is essential for mitigating operational risk in the Great Basin, a region characterized by water scarcity. The federal permitting process under the National Environmental Policy Act (NEPA) will subject the project's water management plan to intense scrutiny, requiring continued adherence to environmental standards.

Requirement for a comprehensive, fully-funded reclamation plan to restore the site post-mining

A fully-funded reclamation plan is a non-negotiable financial liability and a key regulatory requirement for the DeLamar Project. The Mine Plan of Operations (MPO) submitted in 2025 includes a detailed description of the proposed mining and reclamation activities, which will be finalized in the Environmental Impact Statement (EIS) process. The full financial commitment for site restoration is substantial, requiring a substantial bond to secure the liability.

The final, updated reclamation cost will be provided in the Feasibility Study (FS) results expected in the fourth quarter of 2025. For context, the 2022 Pre-Feasibility Study (PFS) estimated the Life-of-Mine (LOM) Reclamation Cost at $24.8 million (MM). The company's current financial security for reclamation and remediation, which covers both the DeLamar and other assets, is detailed below. This is an area where investors should defintely track the Q4 2025 FS update for the definitive figure.

Reclamation Financial Metric	Amount (US$)	Date/Context
Estimated Project Reclamation Cost (2022 PFS)	$24.8 million	Full LOM estimate for DeLamar Project.
Total Reclamation & Remediation Bonds	$4.5 million	Total secured bonds across all projects as of December 31, 2023.
Idaho Department of Lands Bond	$3,431,978	Portion of total bonds held by the Idaho Department of Lands (as of Dec 31, 2023).

Project's impact on local wildlife habitats and migratory bird paths must be mitigated per NEPA requirements

The National Environmental Policy Act (NEPA) process, which commenced with the MPO acceptance in 2025, requires a thorough evaluation of the project's impact on local biodiversity, including sensitive species and migratory bird paths in the Owyhee County area. The EIS will formalize the mitigation measures. Integra Resources has already conducted nearly three years of environmental baseline studies to inform the MPO and the subsequent EIS.

The company's environmental stewardship commitment is to minimize unavoidable impacts and 'aim for net positive impact by offsetting it and seeking ways to improve habitat outside of our footprint.' This commitment extends to partnerships, such as the expanded Memorandum of Understanding (MOU) with Trout Unlimited, which focuses on conservation efforts in proximity to the operations.

Focus on reducing the project's carbon footprint and energy consumption to meet emerging investor Environmental, Social, and Governance (ESG) criteria

Meeting investor Environmental, Social, and Governance (ESG) criteria is a strategic priority, as evidenced by the fact that 30% of the company's corporate objectives are ESG-linked, all of which were fulfilled in 2024. The focus on energy consumption and carbon footprint reduction is a direct response to this trend.

The most significant operational optimization to reduce the DeLamar Project's energy footprint is a design change to the process flow. The updated MPO confirms the plan to leverage refining capacity at the Florida Canyon Mine to reduce ore processing activities and associated electrical power demands at DeLamar. This strategy lowers the project's energy intensity. The company is actively exploring opportunities to reduce both Scope 1 (direct) and Scope 2 (indirect) Greenhouse Gas (GHG) emissions.

• Reduce processing complexity at DeLamar by using Florida Canyon's existing infrastructure.
• Target lower electrical power demands by reducing on-site ore processing.
• Maintain compliance with the IFRS Sustainability Accounting Standards Board (SASB) Metals and Mining Standard.
• Energy price assumption in the 2022 PFS was $0.065 per kWh for electricity.