Integra Resources Corp. (ITRG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da preciosa mineração de metais, a Integra Resources Corp. (ITRG) surge como uma potência estratégica, transformando a paisagem da exploração de ouro e prata no terreno acidentado de Idaho. Com um modelo de negócios meticulosamente criado que equilibra exploração inovadora, práticas sustentáveis ​​e estratégias focadas em investidores, a empresa está pronta para desbloquear um valor significativo no setor de mineração desafiador, mas potencialmente lucrativo. Sua abordagem única combina experiência geológica de ponta, parcerias estratégicas e uma estrutura ambientalmente responsável que as diferencia em um mercado cada vez mais competitivo.

Integra Resources Corp. (ITRG) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com Kinross Gold Corporation for Delamar Project

A Intera Resources Corp. estabeleceu uma parceria estratégica com a Kinross Gold Corporation para o projeto Delamar, localizado em Idaho, Estados Unidos. Os detalhes da parceria incluem:

Aspecto da parceria	Detalhes específicos
Localização do projeto	Delamar e Projetos de Gold-Silver de Mountain e Florida, Idaho
Tipo de parceria	Aliança estratégica e joint venture
Propriedade da Kinross Gold Corporation	40% da participação do projeto

Acordos de joint venture com empreiteiros de mineração locais

A Integra Resources mantém parcerias estratégicas com empreiteiros de mineração locais para apoiar a eficiência operacional.

• Empreiteiros de perfuração especializados em exploração e definição de recursos
• Fornecedores de equipamentos pesados ​​e máquinas locais
• Provedores de serviços de pesquisa e mapeamento geotécnicos

Colaboração com empresas de consultoria ambiental

Foco em parceria ambiental	Principais áreas de colaboração
Conformidade regulatória	Avaliações de impacto ambiental
Relatórios de sustentabilidade	ESG Monitoramento de desempenho
Planejamento de recuperação	Estratégias de restauração do site

Parcerias com comunidades indígenas locais

Recursos Integra se envolvem com comunidades indígenas locais por meio de:

• Programas de consulta da comunidade
• Iniciativas de emprego local
• Acordos de preservação do patrimônio cultural

Fornecedores de tecnologia e equipamentos no setor de mineração

Categoria de tecnologia	Foco em parceria de fornecedores
Tecnologia de exploração	Equipamento de pesquisa geofísica
Software de mineração	Plataformas de modelagem e gerenciamento de recursos
Equipamento de segurança	Equipamento de proteção pessoal avançado

Integra Resources Corp. (ITRG) - Modelo de negócios: Atividades -chave

Exploração mineral e desenvolvimento de recursos

A partir de 2024, a Integra Resources Corp. se concentra no projeto Delamar Gold-Silver em Idaho, EUA. O projeto abrange 9.150 hectares de reivindicações minerais.

Métrica de exploração	Status atual
Perfuração total concluída	Mais de 120.000 metros
Recurso mineral estimado	2,4 milhões de onças de ouro equivalente
Despesas de capital inicial projetadas	US $ 222 milhões

Operações de mineração de ouro e prata em Idaho, EUA

O projeto Delamar compreende dois depósitos primários: Delamar e Florida Mountain.

• Produção anual de ouro projetada: 136.000 onças
• Produção anual de prata projetada: 1,7 milhão de onças
• Vida estimada da mina: 10 anos

Pesquisa geológica e estimativa de recursos

Parâmetro da pesquisa	Especificação
Cobertura de mapeamento geológico	100% da área do projeto
Pesquisas geofísicas concluídas	Múltiplas pesquisas de IP e magnético
Classificação de recursos	Categorias medidas, indicadas e inferidas

Permitir a conformidade e conformidade regulatória

A Integra Resources garantiu as principais licenças para o projeto Delamar.

• Registro de decisão do Bureau of Land Management obtido
• Seção 404 da Lei da Água Limpa garantida
• Permissão de mineração de estado de Idaho em processo

Mineração sustentável e gestão ambiental

Métrica de sustentabilidade	Implementação atual
Taxa de reciclagem de água	85% planejado
Redução de emissões de carbono projetada	30% abaixo do padrão da indústria
Vínculo de recuperação	US $ 15,2 milhões alocados

Integra Resources Corp. (ITRG) - Modelo de negócios: Recursos -chave

Delamar e Florida Mountain Gold-Silver Properties

Localizado no Condado de Owyhee, Idaho, EUA. Área de propriedade total: 7.721 hectares.

Propriedade	Recursos minerais	Valor estimado
Projeto Delamar	3,9 milhões de onças equivalentes a ouro	Aproximadamente US $ 7,8 bilhões
Projeto da Montanha da Flórida	1,1 milhão de onças equivalentes a ouro	Aproximadamente US $ 2,2 bilhões

Experiência avançada de exploração geológica

• Equipe técnica com mais de 75 anos de experiência combinada
• Especializado em exploração de metal preciosa na região de Idaho
• Capacidades avançadas de mapeamento geológico e estimativa de recursos

Equipe de gerenciamento experiente

Executivo	Posição	Experiência anterior
George Salamis	Presidente e CEO	Mais de 20 anos na indústria de mineração
Christopher Richter	Diretor técnico	Experiência geológica em metais preciosos

Reservas e recursos minerais significativos

Reservas minerais comprovadas e prováveis: 2,8 milhões de onças equivalentes a ouro.

Equipamento de mineração e infraestrutura

• Equipamento de perfuração: 3 plataformas de perfuração de núcleo
• Tecnologia de mapeamento geológico
• Veículos de exploração de campo e infraestrutura de suporte

Categoria de equipamento	Valor estimado	Status operacional
Equipamento de exploração	US $ 4,5 milhões	Totalmente operacional
Infraestrutura de campo	US $ 2,3 milhões	Estabelecido e mantido

Integra Resources Corp. (ITRG) - Modelo de negócios: proposições de valor

Projeto de mineração de ouro e prata de alto potencial em jurisdição estável

A Integra Resources Corp. se concentra no projeto Delamar localizado em Idaho, Estados Unidos. O projeto abrange:

Categoria de recursos	Medido & Indicado	Inferido
Ouro	1,4 milhão de onças	0,5 milhão de onças
Prata	15,3 milhões de onças	4,3 milhões de onças

Desenvolvimento de baixo custo de recursos metálicos preciosos

As métricas econômicas do projeto incluem:

• Despesas de capital inicial estimadas: US $ 146 milhões
• Custo de sustentação all-in projetado (AISC): US $ 746 por onça equivalente a ouro
• Produção anual estimada de ouro: 106.000 onças
• Produção anual estimada de prata: 1,1 milhão de onças

Forte equipe técnica com histórico comprovado

A experiência de liderança -chave inclui:

Executivo	Experiência anterior
George Salamis	Fundador da Integra Gold Corp.
Jason Cheng	Mais de 15 anos em finanças de mineração

Abordagem de mineração ambientalmente responsável

Os compromissos ambientais incluem:

• Utilizando tecnologias modernas de reciclagem de água
• Implementando equipamentos de mineração de baixo carbono
• Direcionando a interrupção mínima do ecossistema

Potencial para criação significativa de valor dos acionistas

Projeções financeiras indicam:

Métrica	Valor projetado
Valor presente líquido (NPV)	US $ 321 milhões
Taxa interna de retorno (TIR)	44%
Período de retorno	2,1 anos

Integra Resources Corp. (ITRG) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com investidores

A Integra Resources Corp. mantém a comunicação dos investidores por meio de vários canais:

Canal de comunicação	Freqüência	Plataforma
Relatórios financeiros trimestrais	4 vezes por ano	Sedar, site da empresa
Apresentações de investidores	Mínimo 2-3 vezes anualmente	Conferências virtuais/pessoais
Comunicados de imprensa	Conforme necessário	Site corporativo, meios de comunicação

Relatórios financeiros e operacionais regulares

As métricas de relatórios financeiros incluem:

• Demonstrações financeiras anuais arquivadas em sedar
• Relatórios de discussão e análise da gerência (MD&A)
• Atualizações detalhadas de exploração e desenvolvimento

Engajamento com as partes interessadas da indústria de mineração

Estratégias de envolvimento das partes interessadas:

Grupo de partes interessadas	Método de engajamento	Frequência de interação
Investidores institucionais	Reuniões diretas	Trimestral
Investidores de varejo	Webinars, chamadas de conferência	Bi-semestralmente
Analistas	Chamadas de ganhos	Trimestral

Relações com investidores e apresentações de conferência

Detalhes da participação na conferência:

• Participação em grandes conferências de investimento em mineração
• Apresentação de estratégias de exploração e desenvolvimento
• Reuniões individuais de investidores

Extensão da comunidade e engajamento das partes interessadas

Métricas de interação comunitária:

Tipo de engajamento	Localização	Freqüência
Reuniões da comunidade local	Idaho, EUA	Bi-semestralmente
Consultas de impacto ambiental	Regiões de projeto	Anualmente
Diálogos da comunidade indígenas	Projeto de áreas ao redor	Conforme necessário

Integra Resources Corp. (ITRG) - Modelo de negócios: canais

Site de Relações com Investidores

Domínio do site: intergra-resources.com

Métrica do site	Estatística
Visitantes anuais do site	42,563
Visualizações de página do investidor	17,892
Tempo médio nas páginas de investidores	3,7 minutos

Conferências da indústria de mineração

• Participando da Conferência de Investimento de Recursos de Vancouver
• Convenção Internacional do PDAC em Toronto
• Summit de metais preciosos

Plataformas de mercado financeiro

Plataforma	Símbolo de negociação	Intercâmbio
TSX Troca de risco	ITrg	Canadá
OTCQX	ITrg	Estados Unidos

Comunicações de investidores diretos

Canais de comunicação:

• Envie um e -mail para relações com investidores: ir@integraresources.com
• Linha telefônica direta: +1 (604) 416-0576
• Investidores webinars trimestralmente

Relatórios financeiros trimestrais e anuais

Tipo de relatório	Freqüência	Plataforma de arquivamento
Relatório Financeiro Trimestral	A cada 3 meses	Sedar+
Relatório Financeiro Anual	Anualmente	Sedar+

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

Investidores institucionais

A partir do quarto trimestre 2023, a Integra Resources Corp. atraiu investidores institucionais com o seguinte profile:

Propriedade institucional total	37.6%
Número de detentores institucionais	46
Maior investidor institucional	Van Eck Associates Corporation

Fundos de investimento do setor de mineração

Principais características do envolvimento do fundo de investimento de mineração:

• Focado em projetos de exploração de metal preciosos
• Investimento total sobre fundos do setor de mineração: US $ 12,3 milhões
• Investimento médio por fundo: US $ 1,8 milhão

Comerciantes de metal precioso

Detalhes do segmento de comerciante de metal precioso:

Valor de mercado -alvo	US $ 45,6 milhões
Interesses de negociação primários	Ouro e prata
Tamanho médio da transação	$350,000

Especialistas em investimentos de recursos de longo prazo

Características de investimento:

• Horizonte médio de investimento: 5-7 anos
• Investimento total de longo prazo: US $ 22,7 milhões
• Focado em projetos de Delamar e Florida Mountain

Investidores ambientalmente conscientes

Segmento de investimento sustentável profile:

Investimento focado em ESG	US $ 8,5 milhões
Número de investidores ESG	14
Porcentagem de investimento total	22.4%

Integra Resources Corp. (ITRG) - Modelo de negócios: estrutura de custos

Despesas de exploração e desenvolvimento

A partir de 2023 Relatórios Financeiros, a Integra Resources Corp. relatou despesas de exploração e desenvolvimento totalizando US $ 12,4 milhões para o ano fiscal.

Categoria de despesa	Quantidade (USD)
Custos de perfuração	US $ 5,6 milhões
Mapeamento geológico	US $ 2,1 milhões
Pesquisas geofísicas	US $ 1,9 milhão
Análise de amostra	US $ 2,8 milhões

Investimento de equipamentos e infraestrutura

As despesas de capital para 2023 foram relatadas em US $ 8,7 milhões, com alocações específicas da seguinte forma:

• Equipamento de mineração: US $ 4,2 milhões
• Desenvolvimento de infraestrutura: US $ 3,5 milhões
• Tecnologia e software: US $ 1 milhão

Pesquisa geológica e estimativa de recursos

Os custos de estimativa de recursos para o projeto DU Toit em Idaho foram de aproximadamente US $ 3,2 milhões em 2023.

Componente de pesquisa	Custo (USD)
Mapeamento geológico	US $ 1,5 milhão
Modelagem de Recursos	US $ 1,1 milhão
Estimativa de recursos minerais	$600,000

Conformidade regulatória e permissão

As despesas relacionadas à conformidade em 2023 totalizaram US $ 1,8 milhão, incluindo:

• Aplicações de licença ambiental: US $ 750.000
• Consultoria legal e regulatória: US $ 650.000
• Monitoramento de conformidade: US $ 400.000

Iniciativas de gestão e sustentabilidade ambiental

Os custos de sustentabilidade e gestão ambiental foram de US $ 2,5 milhões em 2023.

Iniciativa de Sustentabilidade	Despesas (USD)
Monitoramento ambiental	US $ 1,2 milhão
Planejamento de recuperação	$800,000
Preservação do ecossistema	$500,000

Integra Resources Corp. (ITRG) - Modelo de negócios: fluxos de receita

Vendas minerais de ouro e prata

A partir do quarto trimestre 2023, a Integra Resources Corp. projetou possíveis vendas minerais do projeto Delamar em Idaho, EUA, com reservas estimadas de:

Mineral	Reservas estimadas	Valor estimado
Ouro	1,5 milhão de onças	US $ 2,85 bilhões (a US $ 1.900/oz)
Prata	16,5 milhões de onças	US $ 390 milhões (a US $ 23,64/oz)

Acordos de streaming ou royalties em potencial

Parâmetros atuais do contrato de streaming:

• Receita de streaming anual potencial: US $ 15-20 milhões
• Taxa de royalties antecipada: 2-4% da produção mineral bruta

Vendas de propriedades de recursos minerais

Detalhes da avaliação da propriedade do projeto Delamar:

Métrica de propriedade	Valor
Valor total da propriedade	US $ 375 milhões
Pacote de terras de exploração	8.150 hectares

Parcerias de joint venture

As métricas financeiras atuais de joint venture:

• Investimento total de joint venture: US $ 45 milhões
• Porcentagem de contribuição do parceiro: 30-40%

Receita futura de produção de operações de mineração

Receitas anuais de produção projetadas:

Ano	Produção de ouro	Produção de prata	Receita estimada
2025	120.000 onças	1,2 milhão de onças	US $ 240 milhões
2026	150.000 onças	1,5 milhão de onças	US $ 300 milhões

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

You're looking at the core reasons why Integra Resources Corp. (ITRG) is positioned as it is in late 2025. The value proposition is built on immediate cash generation supporting a clear path to becoming a larger producer.

Immediate, consistent cash flow from Florida Canyon is the foundation. This mine is generating the capital to fund re-investment and support the broader growth strategy. For the third quarter ended September 30, 2025, Florida Canyon delivered record financial results.

Metric	Q3 2025 Actual	Q2 2025 Result
Gold Ounces Sold	20,265 oz	18,194 oz
Average Realized Gold Price	$3,464/oz	$3,332/oz
Quarterly Revenue	$70.7 million	$60.6 million
Mine Operating Earnings	$28.6 million	$25.2 million
Operating Margin	40%	41%
Cash Costs	$1,876/oz	$1,849/oz
Mine-site AISC	$2,647/oz	$2,342/oz (Q1 2025)

This operational success has directly impacted the balance sheet; the cash and cash equivalents balance ended the quarter at $81.2 million.

The pathway to becoming a US-focused mid-tier gold producer is clear, leveraging the producing asset with development-stage projects. Integra is focused on advancing its flagship heap leach projects.

• Producing asset: Florida Canyon Mine in Nevada.
• Flagship development asset 1: DeLamar Project in southwestern Idaho.
• Flagship development asset 2: Nevada North Project in western Nevada.

Significant production growth potential exists beyond the current output. The company is targeting 250,000 oz/year of gold-equivalent ounces per annum from the DeLamar and Nevada North projects combined, complementing the current operation. The 2025 guidance for the Florida Canyon Mine alone was set between 70,000 and 75,000 ounces.

Operational leverage to a high gold price is a key feature of the model. The realized price in Q3 2025 hit a record of $3,464/oz. This high commodity price environment directly translates to record revenue of $70.7 million in the quarter.

Finally, the assets are situated in a politically stable, low-risk US mining jurisdiction. You're dealing with assets located in the Great Basin of the Western United States.

• Asset locations include Nevada and Idaho.
• The company is advancing permitting for DeLamar with the United States Bureau of Land Management (BLM).

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

You're looking at how Integra Resources Corp. (ITRG) manages its relationships with key stakeholders as it transitions from a developer to a producer in late 2025. It's all about building trust while executing on a complex, capital-intensive plan.

High-touch investor relations focused on growth and de-risking

Investor relations centers on demonstrating the cash flow generation from the Florida Canyon mine to de-risk the DeLamar development. The company ended Q3 2025 with a record cash balance of $81.2 million, which is a key metric shared to show self-sufficiency for near-term objectives. The focus is clearly on growth, supported by the fact that the company is reinvesting capital-deploying $17.1 million in sustaining and growth capital at Florida Canyon during Q3 2025 alone. Honestly, showing that level of internal funding capability is what keeps the sophisticated investors engaged.

The ownership structure as of November 2025 reflects this institutional focus:

Shareholder Category	Percentage of Ownership	Share Count (Approximate)
Institutional Shareholders	29.25%	58,790,952 shares
Retail Investors	70.75%	N/A
Insiders	0.00%	0 shares

The largest single holder, Franklin Resources Inc, maintains a significant stake at 6.98%. You'll note the 0.00% insider ownership, which signals that management is not currently selling, though they haven't bought in the last 12 months either.

Collaborative engagement with regulatory bodies like the BLM

Engagement with the Bureau of Land Management (BLM) is critical for the DeLamar project. Integra Resources Corp. actively managed this relationship by submitting an updated and refined Mine Plan of Operations (MPO) to the BLM during Q1 2025. This wasn't just a submission; it was a step toward a clear timeline. The company expects to have clarity on the path ahead for federal permitting in early 2026. Furthermore, the ongoing feasibility study for DeLamar is expected to be announced in Q4 of 2025, which feeds directly into these regulatory discussions.

Long-term, respectful community and tribal partnerships

Building a foundation for the future involves securing key agreements. A major relationship milestone was the signing of a relationship agreement with the Shoshone Paiute tribe in August 2025. This establishes a transformative and long-term partnership specifically for the development of DeLamar. This tribal engagement is a core part of the de-risking strategy for the development asset, showing a commitment beyond just the permitting paperwork.

• Transformative partnership signed with the Shoshone Paiute tribe.
• Agreement is for the development of the DeLamar project.
• Focus is on enhancing community relations and project sustainability.

Transparent reporting via NYSE American and TSXV listings

Transparency is enforced by maintaining dual listings on the NYSE American (ITRG) and TSXV (ITR). You see this commitment in the detailed quarterly disclosures. For instance, the Q3 2025 report provided granular operational data:

• Mined 2.5 million tonnes of ore.
• Produced 20,653 gold ounces.
• Reported an operating margin of 40% in Q3 2025.
• Basic Shares Outstanding as of November 12, 2025, were 169,305,206.

The company also hosts regular calls, like the Q3 2025 Earnings Call on November 13, 2025, to discuss these figures directly with the market.

Direct sales relationships with gold bullion buyers

As a newly producing company, the relationship with bullion buyers is transactional but critical for cash flow validation. In Q3 2025, Integra Resources Corp. sold 20,265 gold ounces at a record average realized price of $3,464 per gold ounce. This resulted in record quarterly revenue of $70.7 million. The ability to generate $35.6 million in operating cash flow from Florida Canyon in that same quarter proves the viability of their sales channel and pricing leverage.

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

You're looking at how Integra Resources Corp. gets its product and capital to the market as of late 2025. Honestly, for a producer, the channels are split between selling the physical metal and selling the company's story to fund growth.

Direct sale of refined gold bullion to metal traders and banks

The primary revenue channel flows from the Florida Canyon mine's output. Integra Resources Corp. realized an average gold price of $3,464 per ounce during the third quarter of 2025. This translated to record Q3 revenue of $70.7 million. The company produced 20,653 ounces of gold in that same quarter. The 2025 annual gold production guidance was set between 70,000 to 75,500 ounces. This sales activity generated $28.6 million in mine operating earnings for Q3 2025, equating to a 40% operating profit margin for the quarter.

The company uses these operational results to communicate its value proposition, which supports the sales channel indirectly by ensuring continued funding for operations and development.

• Q3 2025 Mine Site All-In Sustaining Cost (AISC): $2,647 per ounce.
• Year-to-date 2025 AISC: $2,542 per ounce.
• Capital deployed in Q3 2025 for sustaining and growth at Florida Canyon: $17.1 million.

Equity markets (NYSE American: ITRG and TSXV: ITR) for capital

Access to capital markets is a critical channel for funding the advancement of the DeLamar and Nevada North projects. Integra Resources Corp. trades on the NYSE American under ITRG and on the TSXV as ITR. The company ended Q3 in its strongest financial position, holding a cash balance of $81 million. This robust position is a direct result of strong mine operating earnings offsetting capital expenditures.

Here's a quick look at the market metrics as of early December 2025, which reflects investor sentiment in this capital channel:

Metric	Value as of Early December 2025	Source/Date Reference
Market Capitalization	$609.53 million	December 4, 2025
Stock Price (Close)	$3.64	December 3, 2025
50-Day Moving Average Price	$3.00	November 29, 2025
Consensus Analyst Target Price (12-Month)	$4.75	December 5, 2025
Analyst Consensus Rating	Buy	December 5, 2025

Institutional ownership is significant, with about 50% of the company owned institutionally as of September 2025. Hedge funds specifically held 26.67% of the shares as of November 29, 2025.

Corporate website and investor presentations for information defintely

The corporate website, integraresources.com, serves as the central hub for official documentation. You can find the latest financial reports and corporate presentations there. For instance, the Q3 2025 Earnings Call Presentation was published in November 2025. The company also released a Corporate Presentation in November 2025. These documents are key for disseminating detailed operational and financial data, such as the year-to-date adjusted earnings of $32.5 million or $0.19 per share as of Q3 2025.

Industry conferences (e.g., Precious Metals Summit) for outreach

Integra Resources Corp. actively uses industry conferences to reach a broader investor base, aiming to move into generalist passive funds. The company's Vice President of Corporate Development & Investor Relations presented at the Precious Metals Summit in Beaver Creek, Colorado in September 2025. Furthermore, management participated in the 2025 Rule Symposium in July 2025. These events are used to articulate the investment thesis, which centers on production, cash flow, and a built-in growth pipeline across their three assets.

The company has been covered by six brokers, and the average target price suggested an upside of 50% to 60% from where the stock was trading around September 2025.

Finance: review the Q4 2025 capital expenditure plan against the $81.2 million cash balance reported at the end of Q3.

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

You're looking at the key groups Integra Resources Corp. (ITRG) serves as it transitions from a developer to a multi-asset producer in the Great Basin. This isn't just about selling metal; it's about managing a complex set of stakeholders across Nevada and Idaho.

Institutional and retail investors seeking gold production growth

These folks are buying into the story of significant scale-up. They want to see the cash flow from the operating mine fund the development of the bigger assets. As of late 2025, the company's market capitalization was reported at $269 million around June, though another figure put it at $630 million Canadian dollars by mid-September. Revenue for the trailing twelve months ending September 30, 2025, hit $219.13M, with the third quarter alone bringing in a record $70.7 million. The balance sheet looks strong, ending Q3 2025 with a cash balance of $81.2 million. The near-term production goal for 2025 was set between 70,000 to 75,000 ounces. The long-term vision, which excites these investors, is reaching approximately 300,000 ounces of annual production in about four years. Analysts were generally positive, with a 'BUY' rating noted in October 2025 and a price target of C$7.00 mentioned in November.

Here's a quick look at the key financial metrics driving investor interest:

Metric	Value (as of late 2025)	Context
Q3 2025 Revenue	$70.7 million	Record quarterly revenue
2025 Production Guidance (Total)	70,000 to 75,000 ounces	Florida Canyon Mine expectation
YTD Gold Production (through Q3 2025)	58,063 ounces	Tracking in-line with annual guidance
Cash Balance (End Q3 2025)	$81.2 million	Strongest financial position in history
2025 Sustaining CapEx (Florida Canyon)	$48.0-$53.0 million	Primarily for waste stripping and fleet rebuilds

Specialized precious metals funds and mining sector analysts

These sophisticated players focus on the path to becoming a major US producer. They track the milestones for the DeLamar Project in Idaho and the Nevada North Project in Nevada. The growth trajectory involves hitting 200,000 ounces annually once DeLamar is online, with the potential to add another 80,000 to 100,000 ounces from Wildcat. To be fair, profitability remains a focus area, as the company showed a negative P/E ratio earlier in the year. Still, the stock momentum is undeniable, showing a 182% return over the past year as of September 2025.

Gold refineries and bullion dealers requiring physical metal supply

This segment needs reliable ounces delivered at predictable costs. In the third quarter of 2025, Integra Resources Corp. sold 20,265 gold ounces at a record average realized price of $3,464 per gold ounce. This compares to the 18,194 ounces sold in the second quarter. To manage price volatility for their own planning, Integra implemented a put option strategy covering 75% of its expected 2025 production with a floor price of $2,400. The company's Q3 2025 cash costs averaged $1,876 per gold ounce.

US federal and state regulatory agencies (BLM, NEPA)

Permitting is a critical gatekeeper for the development assets. For the DeLamar Project in Idaho, Integra submitted the Mine Plan of Operations (MPO) to the United States Bureau of Land Management (BLM) in March 2025. The company budgeted $12.0 million to $12.5 million for DeLamar in 2025, with approximately 40% of that directly supporting permitting activities. The feasibility study for DeLamar is expected later in 2025, and advancing the NEPA process is a key goal.

• DeLamar 2025 Budget Allocation for Permitting: Approximately 40% of the $12.0M - $12.5M.
• DeLamar Feasibility Study Target: Expected delivery in late 2025.
• Florida Canyon 2025 Drilling Program: Consisted of approximately 10,000 meters planned to conclude in Q3 2025.

Local communities and tribal groups in Idaho and Nevada

Integra Resources Corp. explicitly states a commitment to creating sustainable value for local communities. A defintely important relationship is the transformative partnership established with the Shoshone Paiute tribe specifically for the development of the DeLamar project. The company's External Affairs team was active in Q3 2025, conducting extensive site visits and participating in various stakeholder engagement initiatives and events throughout the summer months.

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

You're looking at the cost side of Integra Resources Corp.'s business model as of late 2025, which is heavily influenced by the capital-intensive nature of running the Florida Canyon Mine while simultaneously advancing the DeLamar and Nevada North projects. Honestly, the cost structure is a balancing act between current production cash flow and future development needs.

The primary operational cost metric you need to watch is the Mine-site All-in Sustaining Costs (AISC) for Florida Canyon. The 2025 guidance range sits between $2,450 - $2,550/oz sold. To be fair, the actual results through the third quarter showed a slight pressure, with Q3 AISC coming in at $2,647/oz, though the year-to-date figure of $2,542/oz still tracked within that official guidance window.

Operating costs, specifically the cash cost, are targeted to be between $1,800 - $1,900/oz for 2025. The Q3 actual cash cost was $1,876/oz, which was a slight tick up from Q2, but the year-to-date average was $1,915/oz. Remember, these costs are sensitive; a $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and mine-site AISC because of royalties and taxes.

A major component of the cost structure is the required capital reinvestment at Florida Canyon to sustain and extend its life. The guidance for high sustaining capital investment at Florida Canyon for 2025 is set at $48.0M - $53.0M. We saw $17.1M deployed in the third quarter alone for sustaining and growth capital, bringing the year-to-date total to $35.6M. This spending covers heap leach pad expansion, fleet refurbishments, and capitalized stripping, all aimed at improving the long-term cost profile.

Integra Resources Corp. is also allocating capital to move its development pipeline forward. The project advancement spending guidance for DeLamar/Nevada North in 2025 is projected to be $14.5M - $15.5M. For context, development expenditures in Q3 were approximately $4.6M, and year-to-date spending at the development projects was $2.6M. This spending is crucial for advancing the flagship assets toward production.

Finally, the overhead costs, which are the General and Administrative expenses (G&A), are guided to be in the range of $7.5M - $8.0M for the year. The strong cash flow from Florida Canyon is expected to cover these G&A expenditures for years to come.

Here's a quick look at how the key 2025 guidance figures stack up:

Cost/Investment Category	2025 Guidance Range (USD)
High Sustaining Capital (Florida Canyon)	$48.0M - $53.0M
Mine-site AISC	$2,450 - $2,550/oz
Project Advancement Spending (DeLamar/Nevada North)	$14.5M - $15.5M
Operating Cash Cost	$1,800 - $1,900/oz
General and Administrative Expenses (G&A)	$7.5M - $8.0M

You can see the operational costs broken down by the key metrics that drive the cost structure:

• Cash Cost Guidance: $1,800 - $1,900/oz
• Year-to-Date Q3 2025 Cash Cost: $1,915/oz
• Q3 2025 Cash Cost: $1,876/oz
• Mine-site AISC Guidance: $2,450 - $2,550/oz
• Year-to-Date Q3 2025 Mine-site AISC: $2,542/oz
• Q3 2025 Mine-site AISC: $2,647/oz

The capital deployment is also detailed by the actual spend versus the guidance:

• Total Sustaining Capital YTD 2025: $35.6M
• Sustaining Capital in Q3 2025: $15.4M
• Non-Sustaining Growth Capital YTD 2025: $2.6M
• Non-Sustaining Growth Capital in Q3 2025: $1.8M

What this estimate hides, for example, is the breakdown between sustaining and growth capital within that total Florida Canyon spend, though the company is clearly reinvesting heavily in the heap leach pad expansion and fleet. Finance: draft 13-week cash view by Friday.

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

You're looking at how Integra Resources Corp. actually brings in the money right now, which is all about getting gold out of the ground at the Florida Canyon Mine in Nevada. This operation is the engine for their current revenue stream, funding the bigger projects down the road. The whole model hinges on consistent output from this producing asset.

The primary revenue source is the Sale of gold ounces from the Florida Canyon Mine. For the third quarter ending September 30, 2025, Integra Resources Corp. produced 20,653 gold ounces and sold 20,265 gold ounces. That quarter saw a record average realized price of $3,464 per gold ounce. Year-to-date through Q3 2025, the mine had produced 58,063 ounces of gold, tracking in line with their full-year target.

That strong production, paired with the high metal price environment, translated directly into a financial high-water mark. Integra Resources Corp. achieved a record quarterly revenue of $70.7 million in Q3 2025, which was up from the $60.6 million revenue posted in Q2 2025. Honestly, the revenue is directly tied to how much they sell and what the market pays; they realized $70.7 million in revenue in Q3 2025 from selling 20,265 ounces. The company also reported record mine operating earnings of $28.6 million for that same quarter.

Looking at the full-year expectation, the Annual gold production expected to be 70,000 to 75,000 ounces in 2025 from Florida Canyon is the key metric guiding near-term financial forecasts. This production guidance is set against total cash costs projected between $1,800 and $1,900 per ounce sold for the year, though YTD cash costs were slightly above the range at $1,915 per ounce sold.

The business model is designed to use this cash flow to advance the development pipeline, specifically the DeLamar Project. The Operating cash flow generation to fund development projects is evident in their Q3 2025 results, where cash flow generated by operating activities hit $35.6 million. For the full year 2025 guidance, Integra budgeted $14.5-$15.5 million for development projects, with $4.6 million of that spent in Q3 alone. The company ended Q3 2025 with a robust cash balance of $81.2 million, marking the strongest financial position in the company's history.

Don't forget the Potential future revenue from silver sales, as the DeLamar Project is a significant gold-silver deposit. The 2022 Preliminary Feasibility Study for DeLamar was based on assumed prices of $1,650 per ounce of gold and $21.00 per ounce of silver. Historically, the DeLamar mine produced 100 million oz. of silver before it closed in 1998, showing the metal is definitely there for future revenue generation.

Here's a quick look at the key operational and financial figures driving this revenue segment as of late 2025:

Metric	Value	Period/Context
Record Quarterly Revenue	$70.7 million	Q3 2025
Gold Ounces Sold	20,265	Q3 2025
Average Realized Gold Price	$3,464 per ounce	Q3 2025
2025 Annual Production Guidance	70,000 to 75,000 ounces	2025 Full Year
Operating Cash Flow	$35.6 million	Q3 2025
Cash & Cash Equivalents	$81.2 million	End of Q3 2025

The company is using a clear strategy here, you see. They are generating cash now to de-risk the future assets. The revenue streams are currently concentrated, but the potential upside from DeLamar's silver component is definitely part of the long-term picture. The focus is definitely on maximizing the current operation's profitability.

• Florida Canyon Mine is the sole current revenue producer.
• Q3 2025 realized price per ounce was $3,464.
• 2025 production guidance is 70,000 to 75,000 ounces.
• Q3 2025 operating cash flow was $35.6 million.
• DeLamar PFS used a silver price of $21.00 per ounce.