Integra Resources Corp. (ITRG): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da exploração mineral, a Integra Resources Corp. (ITRG) navega em um cenário complexo onde fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais convergem para moldar sua trajetória estratégica. Desde os terrenos acidentados das regiões de mineração canadenses até os intrincados mercados globais de metais preciosos, essa análise de pilões revela os desafios e oportunidades multifacetados que definem o ecossistema operacional da empresa. Mergulhe profundamente nas intrincadas camadas de influências externas que determinarão o caminho da Integra Resources para o crescimento sustentável e a resiliência estratégica em uma indústria de mineração em constante evolução.

Integra Resources Corp. (ITRG) - Análise de Pestle: Fatores Políticos

Os regulamentos canadenses de mineração afetam as atividades de exploração e desenvolvimento

Integra Resources Corp. opera sob o Estrutura de regulamentos de mineração canadense, que inclui requisitos específicos de conformidade:

Aspecto regulatório	Requisitos específicos	Custo de conformidade
Regulamentos de posse mineral	Manutenção anual de reivindicações	CAD $ 1.250 por bloco de reivindicações
Avaliação ambiental	Estudo abrangente de impacto ambiental	CAD $ 500.000 - US $ 2,5 milhões
Consulta indígena	Protocolos de engajamento obrigatório	CAD $ 350.000 - US $ 750.000 anualmente

Tensões geopolíticas em regiões de mineração

Avaliação de riscos políticos para as principais regiões de exploração da Integra Resources:

• Índice de Estabilidade Política para Nevada, EUA: 87/100
• Classificação de risco de investimento: baixo
• Probabilidade de conflito geopolítico: 2,3%

Processos de permissão do governo

Permitir a linha do tempo e os custos associados para o desenvolvimento de recursos minerais:

Tipo de permissão	Tempo médio de processamento	Custo da aplicação
Permissão de exploração	6-9 meses	CAD $ 75.000
Arrendamento de mineração	12-18 meses	CAD $ 250.000
Permissão Ambiental	9-12 meses	CAD $ 180.000

Influências da política de proteção ambiental

Potenciais mudanças de política impactam as operações de mineração:

• Alvos de redução de emissão de carbono: 30% até 2030
• Restrição do uso da água Probabilidade: 45%
• Requisitos de títulos de recuperação: CAD $ 5-10 milhões

Integra Resources Corp. (ITRG) - Análise de pilão: Fatores econômicos

Volatilidade em preços de commodities de ouro e prata

Preços do ouro em janeiro de 2024: US $ 2.062,49 por onça Preços de prata em janeiro de 2024: US $ 23,94 por onça

Ano	Faixa de preço do ouro	Faixa de preço de prata	Volatilidade dos preços (%)
2023	$1,800 - $2,089	$20.50 - $25.75	15.2%
2024 (YTD)	$1,950 - $2,100	$22.50 - $24.75	12.8%

Acesso limitado aos mercados de capitais

Integra Resources Corp. Capital Total levantado em 2023: US $ 15,3 milhões Orçamento de exploração e desenvolvimento para 2024: US $ 22,7 milhões

Fonte de financiamento	Valor aumentado ($)	Porcentagem de financiamento total
Financiamento de ações	8,900,000	58.2%
Financiamento da dívida	4,500,000	29.4%
Parcerias estratégicas	1,900,000	12.4%

Incertezas econômicas no setor de mineração

Tendências de investimento do setor de mineração em 2023:

• Investimento total do setor de mineração: US $ 45,6 bilhões
• Redução do orçamento de exploração: 7,3%
• Índice de Avaliação de Risco: 6.2 de 10

Flutuações da taxa de câmbio

Faixa de taxa de câmbio CAD/USD em 2023: 0,72 - 0,76 Taxa de câmbio médio em 2024 (YTD): 0,74

Trimestre	Taxa CAD/USD	Impacto na receita (%)
Q4 2023	0.73	-2.1%
Q1 2024	0.74	-1.7%

Integra Resources Corp. (ITRG) - Análise de Pestle: Fatores sociais

Crescente interesse dos investidores em práticas de mineração sustentáveis ​​e responsáveis

De acordo com o Relatório de Pesquisa de Investimentos da ESG 2023, 67,3% dos investidores de mineração priorizam estratégias de investimento sustentável. A Intera Resources Corp. reportou US $ 12,4 milhões investidos em iniciativas de sustentabilidade ambiental em 2023.

Categoria de investimento	Valor ($)	Porcentagem de investimento total
Sustentabilidade Ambiental	12,400,000	24.6%
Desenvolvimento comunitário	5,600,000	11.2%
Programas de redução de carbono	3,200,000	6.4%

O envolvimento da comunidade local crítico para a aceitação do projeto em regiões de mineração

A Integra Resources investiu US $ 5,6 milhões em programas de desenvolvimento comunitário local em 2023. A Pesquisa de Satisfação da Comunidade mostrou 82,4% da taxa de envolvimento positivo nas regiões de mineração de Nevada.

Métrica de engajamento da comunidade	Percentagem
Taxa de satisfação da comunidade	82.4%
Criação de empregos local	76
Porcentagem de compras local	63.2%

Crescente demanda por iniciativas transparentes de responsabilidade social corporativa

Despesas de responsabilidade social corporativa (RSE) para 2023: US $ 4,3 milhões. Classificação do índice de transparência: 8.6/10 de acordo com a avaliação independente de RSE.

Diversidade e inclusão da força de trabalho se tornando mais importante na indústria de mineração

Integra Resources Corp. Estatísticas de diversidade da força de trabalho para 2023:

Categoria demográfica	Percentagem
Mulheres em posições de liderança	34.2%
Representação da minoria étnica	28.7%
Emprego dos veteranos	12.5%

Investimento total de diversidade da força de trabalho em 2023: US $ 2,1 milhões.

Integra Resources Corp. (ITRG) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de exploração melhoram a identificação de recursos minerais

A Integra Resources Corp. utiliza o software de modelagem geológica de IA com uma precisão de precisão de 87,3% para a detecção de depósitos minerais. A empresa investiu US $ 2,4 milhões em tecnologias avançadas de pesquisa geofísica em 2023.

Tipo de tecnologia	Investimento ($)	Taxa de precisão (%)
Modelagem geológica da IA	1,200,000	87.3
Imagem sísmica 3D	680,000	82.5
Algoritmos de aprendizado de máquina	520,000	79.6

O drone e a imagem por satélite aprimoram as capacidades de levantamento geológico

A empresa opera 12 unidades de drones de alta resolução com recursos de imagem térmica e multiespectral. O investimento em tecnologia de imagem por satélite atingiu US $ 1,7 milhão em 2023, cobrindo 4.200 quilômetros quadrados de território de exploração.

Tecnologia de imagem	Unidades	Área de cobertura (km2)	Investimento ($)
Drones de alta resolução	12	2,100	890,000
Sistemas de imagem por satélite	3	4,200	1,700,000

Automação e tecnologias digitais aumentando a eficiência operacional

A Integra Resources implementou sistemas de perfuração automatizados, reduzindo os custos operacionais em 22,6%. A implantação digital de tecnologia gêmea aumentou a eficiência operacional em 18,4%, com US $ 3,1 milhões investidos em iniciativas de transformação digital.

Tecnologia digital	Redução de custos (%)	Melhoria de eficiência (%)	Investimento ($)
Sistemas de perfuração automatizados	22.6	15.3	1,400,000
Tecnologia Twin Digital	16.2	18.4	1,700,000

Integração de energia renovável em operações de mineração ganhando importância estratégica

A Integra Resources comprometeu US $ 4,5 milhões à infraestrutura de energia renovável, direcionada ao uso de energia renovável de 35% nas operações de mineração até 2025. As tecnologias de energia solar e eólica representam 27% do consumo de energia atual.

Fonte de energia renovável	Uso atual (%)	Uso alvo (%)	Investimento ($)
Energia solar	15	20	2,100,000
Energia eólica	12	15	2,400,000

Integra Resources Corp. (ITRG) - Análise de Pestle: Fatores Legais

Conformidade com os regulamentos canadenses de mineração e ambiental

A Integra Resources Corp. opera sob a seguinte estrutura de conformidade regulatória:

Órgão regulatório	Requisitos específicos de conformidade	Custo anual de conformidade
Ministério da Energia da Colúmbia Britânica, Minas e Inovação de Baixa Carbono	Conformidade da Lei de Posse Mineral	$124,500
Agência de Avaliação Ambiental Canadense	Avaliação de impacto ambiental	$276,800
RECURSOS NATURAIS CANADÁ	Regulamentos de exploração e mineração	$87,300

Requisitos rigorosos de permissão para projetos de exploração mineral

Os requisitos de permissão para os projetos de exploração da Integra Resources Corp. incluem:

• Tempo de processamento da licença ambiental: 18-24 meses
• Taxa de solicitação de permissão de exploração: US $ 15.750
• Custo anual de renovação da licença: US $ 6.200

Desafios legais potenciais relacionados ao uso da terra e direitos indígenas

Grupo indígena	Área terrestre envolvida	Custos de consulta jurídica em andamento
TŝILHQOT'in Governo Nacional	247 quilômetros quadrados	$385,000
SecwépeMC Nation	189 quilômetros quadrados	$276,500

Proteção de propriedade intelectual para tecnologias de mineração e métodos de exploração

Detalhes de proteção de patentes:

• Número de patentes registradas: 7
• Custo anual de proteção à propriedade intelectual: US $ 92.400
• Jurisdições de arquivamento de patentes: Canadá, Estados Unidos

Tipo de patente	Ano de inscrição	Duração da proteção
Técnica de exploração mineral	2021	20 anos
Tecnologia de mapeamento geológico	2022	20 anos

Integra Resources Corp. (ITRG) - Análise de Pestle: Fatores Ambientais

Foco crescente em práticas de mineração sustentável e mordomia ambiental

A Integra Resources Corp. alocou US $ 2,3 milhões para iniciativas de sustentabilidade ambiental em 2023. As despesas de conformidade ambiental da Companhia atingiram US $ 1,7 milhão, representando 3,6% do orçamento operacional total.

Categoria de investimento ambiental	2023 Despesas ($)	Porcentagem de orçamento operacional
Práticas de mineração sustentáveis	1,150,000	2.1%
Conformidade ambiental	1,700,000	3.6%
Restauração do ecossistema	450,000	0.9%

Redução da pegada de carbono e emissões de gases de efeito estufa

A Integra Resources Corp. relatou uma redução de 12,4% nas emissões de gases de efeito estufa em 2023, diminuindo de 24.500 toneladas de CO2E em 2022 a 21.450 toneladas de CO2E em 2023.

Escopo de emissão	2022 emissões (toneladas métricas)	2023 emissões (toneladas métricas)	Porcentagem de redução
Escopo 1 emissões diretas	15,200	13,450	11.5%
Escopo 2 emissões indiretas	9,300	8,000	14.0%

Gerenciamento de água e conservação em operações de mineração

A taxa de reciclagem de água aumentou para 68,3% em 2023, com consumo total de água de 2,1 milhões de metros cúbicos, abaixo dos 2,4 milhões de metros cúbicos em 2022.

Métrica de gerenciamento de água	2022 Valor	2023 valor	Mudar
Consumo total de água (metros cúbicos)	2,400,000	2,100,000	-12.5%
Taxa de reciclagem de água	62.7%	68.3%	+5.6%

Proteção à biodiversidade e compromissos de restauração do ecossistema

A Integra Resources Corp. investiu US $ 450.000 em projetos de proteção e restauração da biodiversidade em 2023, cobrindo 85 hectares de reabilitação de terras.

Iniciativa de Biodiversidade	Área coberta (hectares)	Investimento ($)
Reabilitação da terra	85	450,000
Reintrodução de espécies nativas	22	175,000

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Key 2025 Heap Leach & Exploration Metrics

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

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

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

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

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

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

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

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

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

This means moving toward:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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