Integra Resources Corp. (ITRG): Business Model Canvas [Dec-2025 Updated]

You're digging into Integra Resources Corp. (ITRG) not just as a gold producer, but as a company executing a clear pivot from junior explorer to a stable, US-focused mid-tier player. Honestly, the model hinges on two things: capturing immediate cash flow from the producing Florida Canyon Mine-which is set to deliver $\mathbf{70,000}$ to $\mathbf{75,000}$ ounces in 2025-while simultaneously pushing the flagship DeLamar project through its critical Feasibility Study by Q4 2025. We've mapped out the nine essential blocks of their business engine, showing exactly how their $\mathbf{\$81.2}$ million cash position and key partnerships are set up to fund this growth trajectory in the stable Great Basin jurisdiction; check out the details below to see the full structure supporting this transition.

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

The Key Partnerships for Integra Resources Corp. center on securing the social license and regulatory pathway for the DeLamar Project while leveraging cash flow from the operating Florida Canyon Mine.

The Relationship Agreement with the Shoshone-Paiute Tribes for DeLamar, signed on August 15, 2025, is a foundational partnership, resulting from five years of negotiations. This agreement is noted as the first of its kind in the Lower 48 States to recognize Tribal sovereignty on federally managed lands, establishing a framework for collaboration throughout the entire mine life.

Advancing the DeLamar Project requires close collaboration with the United States Bureau of Land Management (BLM) for federal permitting under the National Environmental Policy Act (NEPA). Integra Resources submitted its updated Mine Plan of Operations (MPO) to the BLM in March 2025. The BLM determined the MPO was administratively complete on August 19, 2025, a critical step that initiates the formal environmental review process, including the Environmental Impact Statement (EIS). For 2025, Integra allocated approximately 40% of the total project advancement budget of $12.0 million to $15.5 million directly to these permitting activities.

The operational success at the Florida Canyon Mine is a key enabler for these partnerships, as it is intended to remove the need for annual equity financing for development projects. As of September 30, 2025, Integra reported cash and cash equivalents of US $81.2 million, which provides liquidity to fund the DeLamar development capital internally.

Key entities integral to the project advancement and operational stability include:

• The Shoshone-Paiute Tribes, for the Relationship Agreement.
• The United States Bureau of Land Management (BLM), for NEPA permitting.
• SWCA Environmental Consultants, serving as the BLM's third-party NEPA consultant.

The table below outlines the primary external parties Integra Resources relies upon for project execution and regulatory navigation:

While the current strategy emphasizes self-funding via cash flow from the Florida Canyon Mine, historical financing involved a syndicate of underwriters. The 2020 financing, which raised gross proceeds of US $23,069,000, included several firms:

• Raymond James Ltd.
• Cormark Securities Inc.
• National Bank Financial Inc.
• PI Financial Corp.
• Roth Capital Partners, LLC.
• Stifel Nicolaus Canada Inc.

Finance: draft 13-week cash view by Friday.

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

Integra Resources Corp. focuses its key activities on maximizing cash flow from its producing asset to fund advancement and de-risking of its development pipeline in the Great Basin.

Gold production and optimization at the Florida Canyon Mine

Operational execution at Florida Canyon is central, providing the cash to fund growth. You saw strong results through the third quarter of 2025, with the company expecting to meet its annual production guidance.

Optimization work includes commissioning of the Phase IIIb heap leach pad, which is expected in the fourth quarter of 2025. Sustaining capital expenditures for the year-to-date 2025 totaled $35.6 million as of Q3 2025.

Completing the DeLamar Feasibility Study in Q4 2025

Advancing the DeLamar Project is a major focus, with the updated Feasibility Study targeted for release in the fourth quarter of 2025. The 2022 Preliminary Feasibility Study outlined 136 koz gold-equivalent annual production and a 33% internal rate of return.

The 2025 budget allocated $12.0 million to $12.5 million for DeLamar advancement, with approximately 15% earmarked for advanced engineering studies supporting the Feasibility Study.

Federal permitting process for DeLamar (NEPA/EIS)

The federal permitting process gained momentum. The updated Mine Plan of Operations (MPO) was determined to be administratively complete by the Bureau of Land Management (BLM) on August 19, 2025. This acceptance allows the BLM to proceed with the National Environmental Policy Act (NEPA) review, starting with the publication of the Notice of Intent (NOI) to prepare the Environmental Impact Statement (EIS). Further clarity on the permitting schedule is expected in early 2026. A transformative Relationship Agreement was signed with the Shoshone-Paiute Tribes in August 2025.

Growth-focused drilling program (16,000 meters) at Florida Canyon

The growth drilling program at Florida Canyon was expanded from an initial 10,000 meters to a total of 16,000 meters following initial success. By the end of the third quarter of 2025, approximately 13,500 meters of reverse circulation and sonic drilling had been completed. The initial phase was budgeted at approximately US$1.5 million. Drilling expenditures totaled $2.6 million year-to-date 2025, which included $1.8 million in non-sustaining growth capital in Q3. Early results from the South Dump showed intercepts like 0.21 grams per tonne (g/t) gold over 73.2 meters, with approximately 70% of intercepts exceeding the current mine cut-off grade of 0.11 g/t gold.

De-risking and advanced study work at Nevada North

The Nevada North Project is being advanced to support future economic studies and permitting. Total project advancement spending for both DeLamar and Nevada North in 2025 was guided between $14.5 million to $15.5 million. The company invested $4.6 million across both development projects in the third quarter of 2025. The next major milestone for Nevada North is the targeted release of an updated technical report in early 2027.

Integra Resources Corp. held cash and cash equivalents of $81.2 million as of September 30, 2025.

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

You're looking at the core assets that power Integra Resources Corp.'s strategy, which is a pivot from pure developer to a cash-generating producer funding future growth. These resources are the tangible and intangible things the company absolutely must have to make its business model work.

Producing Florida Canyon Mine in Nevada

The producing asset is the Florida Canyon Mine in Nevada, the engine for current cash flow. This operation is key to funding the development pipeline without relying on dilutive equity raises. For the third quarter ended September 30, 2025, the mine delivered solid operational metrics.

Here are the Q3 2025 operational numbers from Florida Canyon:

Integra Resources Corp. has set its 2025 guidance based on this operation, aiming to meet the upper end of its production target.

• 2025 Gold Production Guidance: 70,000 to 75,000 ounces.
• 2025 Cash Cost Guidance: $1,800 to $1,900 per ounce sold.
• 2025 Mine-site All-In Sustaining Cost (AISC) Guidance: $2,450 to $2,550 per ounce sold.

Flagship DeLamar Gold-Silver Development Project in Idaho

The DeLamar gold-silver development project in Idaho is the primary growth asset. A major de-risking event occurred in September 2025 when the Bureau of Land Management (BLM) accepted the Mine Plan of Operations (MPO), clearing a path through the National Environmental Policy Act (NEPA) permitting process. Management expects to announce Feasibility Study results in the fourth quarter of 2025, which will incorporate stockpiles and current metal prices.

The resource base provides significant scale, even based on prior studies:

• Total DeLamar Measured and Indicated (M&I) Resource: 4.8 million ounces Gold Equivalent (AuEq).
• Stockpile Resource Included: 504,000 ounces AuEq (M&I).
• 2022 Pre-feasibility Study (PFS) Economics (at $1,700/oz Au): After-tax Net Present Value (NPV) of $314 million with an Internal Rate of Return (IRR) of 33%.

Strong Cash Position

Financial strength is a critical resource, allowing Integra Resources Corp. to self-fund development and exploration. The company ended the third quarter of 2025 in its strongest financial position ever.

The cash position as of September 30, 2025, was $81.2 million. This represented a significant increase of 29% from the $63.0 million reported at the end of Q2 2025. This build-up was fueled by strong mine operating earnings, partially offset by capital deployment.

Experienced Technical and Executive Management Team

The management team, led by President, CEO and Director George Salamis, possesses the necessary expertise to transition from developer to producer and advance complex projects through the permitting process. This team includes individuals with experience spanning previous ownerships of the Florida Canyon asset and expertise in U.S. heap leach operations and permitting under the National Environmental Policy Act (NEPA).

The team's focus is on executing the strategy:

• Optimizing production and growing cash flow at Florida Canyon.
• Advancing the DeLamar Feasibility Study and permit progression.
• Advancing the Nevada North Project with increased budgets.

Large, Contiguous Land Package in the Great Basin Region

Integra Resources Corp. controls a substantial land position in the Great Basin of the Western United States, which is a highly desirable, mining-friendly jurisdiction. This land package is a key differentiator, as it is rare for a single entity to hold this much acreage in a known gold-producing district.

The scale of the resource base across its Nevada assets is a core long-term resource:

• Total Portfolio Size in Great Basin: Controls a portfolio of 10 million ounces focused on oxide heap leaching operations.
• Long-Term Production Target: Aims for an annual run rate of 300,000 ounces when all three assets are producing.

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.

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:

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:

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:

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:

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:

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.