Integra Resources Corp. (ITRG): PESTLE Analysis [Nov-2025 Updated]

You're looking for a clear, actionable breakdown of the forces shaping Integra Resources Corp. (ITRG) for 2025. The core issue is this: the company's path to production hinges entirely on navigating the complex permitting process for its DeLamar Project in Idaho. The key takeaway is that political and legal blocks carry the highest risk, but a favorable economic outlook for gold and silver provides a substantial buffer for the project, which holds a 5.5 million ounces gold equivalent resource. We need to look closely at how that estimated $250 million to $300 million initial capital expenditure (CapEx) is exposed to regulatory delays and price volatility.

Political: Permitting and Policy Risk

Permitting risk remains defintely high due to the National Environmental Policy Act (NEPA) process in the US, which is a multi-year gauntlet. Still, Idaho is a pro-mining state, so sovereign risk is minimal. You should watch for potential federal policy shifts on public land use and resource extraction by late 2025; a change here could slow things down significantly. Maintaining positive relations with local and tribal governments is not optional for project support. The state is stable, but the federal process is long.

• NEPA process is the biggest near-term hurdle.
• Idaho's stable politics minimize sovereign risk.
• Federal policy shifts are a late-2025 wildcard.

Economic: Gold Prices and CapEx Inflation

Gold and silver price volatility directly impacts the project's Net Present Value (NPV) and financing terms-it's the single biggest revenue driver. Inflationary pressures continue to drive up projected Initial Capital Expenditure (CapEx), estimated to be in the range of $250 million to $300 million based on the latest technical reports. Honestly, that number could creep higher. A strong US dollar environment can increase operating costs for imported equipment and supplies, plus the interest rate environment in late 2025 affects the cost of project financing and debt servicing. The higher the rates, the more expensive the debt.

Sociological: The Social License to Operate (SLO)

Securing and maintaining the social license to operate (SLO) with local Owyhee County communities is critical; without community support, litigation risk rises. Labor market tightness in rural Idaho could increase wage costs and make skilled worker recruitment difficult, so they need a strong local hiring plan. The historical mining legacy at DeLamar requires careful management of public perception and remediation expectations. A strong focus on local employment and procurement is essential for community acceptance, translating directly into a smoother path through permitting.

Technological: Proven Methods and Optimization

The good news is the use of conventional, proven heap leach technology minimizes technical risk in the processing plant design. This isn't a moonshot. There is a clear opportunity to integrate advanced data analytics for process optimization and improved metal recovery rates, which can shave points off the All-in Sustaining Costs (AISC). Exploration potential remains high, leveraging modern geophysics to expand the resource base beyond the current 5.5 million ounces of gold equivalent resource. They also need to adopt digital safety and monitoring systems to meet modern US mine safety standards.

Legal: Regulatory and Litigation Exposure

The complex, multi-year permitting timeline requires approval from the Bureau of Land Management (BLM) and Idaho Department of Environmental Quality (IDEQ). This is the biggest time sink. Strict adherence to US federal and state environmental regulations, including the Clean Water Act and Clean Air Act, is mandatory, but still leaves room for error. Potential for litigation from environmental non-governmental organizations (NGOs) during the permitting phase is a constant threat and can cause long delays. Also, reclamation bonding requirements will tie up a significant amount of capital, estimated in the tens of millions of dollars, which you must factor into the financing model.

Environmental: Water and ESG Focus

Water management and discharge quality are primary environmental concerns in the arid region; this will be a major focus of the IDEQ review. The requirement for a comprehensive, fully-funded reclamation plan to restore the site post-mining is non-negotiable and costly. The project's impact on local wildlife habitats and migratory bird paths must be mitigated per NEPA requirements. Finally, a focus on reducing the project's carbon footprint and energy consumption is essential to meet emerging investor Environmental, Social, and Governance (ESG) criteria, which is increasingly a prerequisite for institutional capital from firms like BlackRock.

Next Step: Finance: Model a 6-month permitting delay scenario and its impact on the $250 million to $300 million CapEx by Friday.

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

Permitting risk remains high due to the National Environmental Policy Act (NEPA) process in the US.

You're looking at a major development project, so the single biggest political risk is the federal permitting timeline. For Integra Resources Corp.'s DeLamar Project in Idaho, the core risk is navigating the National Environmental Policy Act (NEPA) process, which mandates a thorough environmental review, typically resulting in an Environmental Impact Statement (EIS). While the risk is high, the company has made critical, tangible progress in 2025.

The United States Bureau of Land Management (BLM) accepted the updated Mine Plan of Operations (MPO) for DeLamar as administratively complete in September 2025. This is the formal trigger for the NEPA review. The CEO projects a roughly two-year timeline to reach the final Record of Decision, with the Notice of Intent (NOI) expected by the end of 2025. To be fair, two years is an optimistic target in the US for a project of this scale, but it sets a clear expectation.

Here's the quick math on the company's commitment: Integra Resources Corp. budgeted between $14.5 million and $15.5 million for total project development spending in the 2025 fiscal year, and approximately 40% of that budget is directly allocated to permitting activities. That's a clear sign they are prioritizing the regulatory pathway.

Stable political jurisdiction in Idaho, a pro-mining state, minimizes sovereign risk.

Sovereign risk-the risk of a government changing laws or seizing assets-is low for the DeLamar Project because it is situated in Idaho, a historically pro-mining state. This stable political jurisdiction is a huge advantage over international peers. In January 2025, Idaho Governor Brad Little signed Executive Order 2025-02, known as the Strategic Permitting, Efficiency, and Economic Development Act (SPEED Act). This act is a concrete step to streamline state-level permits, creating a coordinated framework to promote resource development while maintaining environmental standards.

The project also has strong political support from the state's congressional delegation, which reinforces its strategic importance for securing the domestic mineral supply chain and creating high-wage jobs in rural Idaho communities. This local political alignment helps to mitigate the state-level regulatory friction that often plagues projects elsewhere.

Potential for federal policy shifts on public land use and resource extraction by late 2025.

The political environment at the federal level is currently shifting in a way that could favor resource extraction companies like Integra Resources Corp. In March 2025, President Trump signed an executive order titled 'Immediate Measures to Increase American Mineral Production.' This order directs federal agencies to prioritize mining on national public lands known to hold mineral deposits.

Crucially for Integra Resources Corp., the order expands the definition of 'critical minerals' for the purposes of the mandated actions to explicitly include gold. This policy change elevates the DeLamar Project's strategic importance, potentially leading to an expedited review process under the new federal directive. What this estimate hides, however, is that any major federal policy shift can face legal challenges, which could still introduce delays into the NEPA process.

Need to maintain positive relations with local and tribal governments for project support.

Effective stakeholder engagement is defintely a political necessity in US mining, and Integra Resources Corp. has taken a groundbreaking step to mitigate this risk. In August 2025, the company entered into an unprecedented Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation.

This is a significant de-risking event because it is the first agreement of its kind in the Lower 48 States to formally recognize tribal sovereignty on federally managed lands. The agreement establishes a long-term partnership framework designed for consensus-based regulatory collaboration and community investment, which provides a layer of long-term regulatory predictability for the DeLamar Project.

The table below summarizes the key political factors and their direct impact on the DeLamar Project's development timeline:

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

The economic environment for Integra Resources Corp. (ITRG) in late 2025 presents a high-stakes mix of record-high metal prices and persistent inflationary pressure on development costs. You need to focus on how the DeLamar Project's capital requirements will be financed against a backdrop of a strengthening US dollar and moderating, but still elevated, interest rates.

Gold and silver price volatility directly impacts the project's Net Present Value (NPV) and financing terms.

The volatility in precious metals prices is the single biggest driver of the DeLamar Project's economic viability. Honestly, the current price environment is a massive tailwind. Gold futures surpassed $4,000 per troy ounce in October 2025, and the company's operating Florida Canyon Mine realized an average price of $3,332 per gold ounce in Q2 2025. Silver, which accounts for a significant portion of DeLamar's revenue, also saw a spike, hitting $54.42 per troy ounce in November 2025. This is a huge shift from the 2022 Pre-Feasibility Study (PFS) base case, which assumed a gold price of $1,700/oz and a silver price of $21.50/oz. The PFS projected an after-tax Net Present Value (NPV) of $314 million at that lower price point, so the forthcoming Feasibility Study (FS) should show a materially improved NPV, even with higher costs.

Here's the quick math on the price leverage:

Inflationary pressures continue to drive up projected Initial Capital Expenditure (CapEx), estimated to be in the range of $250 million to $300 million, based on the latest technical reports.

While metal prices are high, cost inflation is defintely eating into margins and CapEx estimates. The original 2022 DeLamar PFS estimated the pre-production capital expenditure (CapEx) for the two-stage Heap Leach and Mill scenario at US$282 million. Given the persistent macroeconomic inflation, especially in the mining sector, the market expects this figure to rise. Mining CapEx growth expectations for gold projects in 2025 are up by about 11%, with much of that increase directly attributed to inflation. The primary cost drivers are:

• Labor costs: Wages for skilled mining personnel are sticky and continue to rise.
• Energy prices: Higher fuel and electricity costs directly impact mining and processing.
• Equipment and consumables: Steel, tires, and reagents have seen sustained price increases.

The updated CapEx in the forthcoming FS is expected to land in the $250 million to $300 million range, reflecting these inflationary pressures, but still remaining manageable for a project of this scale with strong projected cash flow.

Strong US dollar environment can increase operating costs for imported equipment and supplies.

Integra Resources Corp. operates in the US (Idaho and Nevada), so its revenues and most of its costs are US dollar-denominated. However, a strong US dollar environment creates a complex dynamic. The US Dollar Index (USDX) has shown a 'formidable rally' in late 2025, closing at 99.632 on November 19, 2025. For a US-based developer like Integra, a strong dollar is a mixed bag: it generally puts downward pressure on the dollar price of gold, but it also means imported heavy mining equipment, specialized components, and certain reagents are cheaper in dollar terms. Still, the overall sentiment is that dollar strength adds a layer of economic uncertainty, and could be a headwind for precious metals prices in the short term, even as geopolitical safe-haven demand keeps prices high.

Interest rate environment in late 2025 affects the cost of project financing and debt servicing.

The cost of capital is a critical factor for a development-stage project. The Federal Reserve is anticipated to have the fed funds rate in the range of 3.25-3.5 percent by the end of 2025. For a junior miner seeking project financing (non-recourse or limited recourse debt), the actual interest rate will be significantly higher than the Fed rate, reflecting the project-specific risk. While the DeLamar Project's 2022 PFS showed a robust after-tax Internal Rate of Return (IRR) of 33%, well above the typical 15-25% minimum threshold for equity investors, the current high-rate environment makes traditional bank debt more expensive. This is why many junior miners are increasingly turning to alternative financing mechanisms, like Net Smelter Returns (NSRs) or streaming agreements, to secure the necessary capital without excessive equity dilution or high-interest debt. The company's cash flow from the Florida Canyon Mine, which generated $18.6 million in operating cash flow in Q3 2025, provides a crucial buffer and internal funding source, reducing reliance on external, high-cost debt for development spending.

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.

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.

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.

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.

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.