• Essentially, a 'startup' gold and silver miner, aiming to become like Kinross Gold.
• Think of it as a pre-production Barrick Gold for the DeLamar gold-silver project.
• An aspiring Newmont, focused on developing its flagship gold-silver project in Idaho.

• Gold: The primary precious metal that Integra Resources aims to extract and produce from its mineral properties.
• Silver: The secondary precious metal, often found alongside gold, that Integra Resources intends to extract and produce.

Integra Resources (ITRG) is a gold and silver exploration and development company focused on advancing its DeLamar Gold-Silver Project in Idaho.

As an exploration and development company, Integra Resources is not currently engaged in commercial production or the sale of mineral products. Therefore, the company does not have "major customers" in the traditional sense of companies or individuals purchasing its goods or services.

Its primary activities involve geological exploration, resource definition, engineering studies, and permitting processes aimed at bringing the DeLamar Project into potential future production. The company's funding primarily comes from equity financing (issuing shares) and other capital market activities, making investors its key stakeholders rather than product customers.

Should Integra Resources successfully develop the DeLamar project to the production stage, its eventual "customers" would likely be:

• Precious metals refiners
• Bullion dealers

These entities would purchase the extracted and processed gold and silver (e.g., in the form of doré bars).

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George Salamis, President, CEO and Director

Mr. Salamis co-led the successful sale of Integra Gold Corp. to Eldorado Gold Corporation in a C$590 million transaction. He has been instrumental in discovering, financing, developing, and selling over five major mineral deposits worldwide. Mr. Salamis founded Integra Resources in 2017 and previously held the CEO position. The founders of Integra Resources are largely the same team that led Integra Gold to success. He began his career with major mining firms Placer Dome and Cameco Corp.

Andrée St-Germain, Chief Financial Officer

Ms. St-Germain helped oversee the sale of Integra Gold to Eldorado Gold Corporation in July 2017 for C$590 million. In 2013, she joined Golden Queen Mining Co. Ltd. as CFO, playing a key role in securing project finance and overseeing its transition to commercial production. Her career began in investment banking at Dundee Capital Markets Inc., where she focused on M&A advisory and financing for mining companies.

Clifford Lafleur, Chief Operating Officer

Mr. Lafleur played a key role in the growth and success at SilverCrest Metals Inc., which led to its $1.7 billion sale to Coeur Mining, Inc. He joined SilverCrest in 2021 as Senior Vice President of Operations, overseeing the development, ramp-up, and operational success of the Las Chispas Mine in Mexico. Before SilverCrest, Mr. Lafleur served as Director of Mineral Resource Management and Mine Engineering at Torex Gold Resources for four years, where he led technical teams and supported the construction of Torex's El Limón Guajes underground mine.

Jason Banducci, Vice President, Corporate Development & Investor Relations

Mr. Banducci joined Integra Resources in 2023 after its merger with Millennial Precious Metals, where he was a founding executive and served as Vice President, Corporate Development.

Mark Stockton, Vice President, External Affairs & Sustainability

Mr. Stockton served as Manager of Quebec Operations and Director of Corporate Development of Integra Gold from 2013 until the sale of the Lamaque Mine to Eldorado Gold for C$590 million in 2017.

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Integra Resources (ITRG) focuses on the exploration and development of precious metals, primarily gold and silver, within the Great Basin of the Western United States, including projects in Idaho and Nevada.

Addressable Market Sizes:

• Gold:
  • U.S. Market: The U.S. gold market is anticipated to reach approximately USD 20.31 billion in 2025. As a segment of the broader U.S. precious metal market, gold was the largest revenue generator in 2024.
  • Global Market: The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to grow to about USD 308.32 billion in 2025, with forecasts indicating a rise to USD 457.91 billion by 2032. Other estimations place the global gold market size at USD 5103.47 billion in 2024, with a projection to reach USD 5627.81 billion by 2033. Another source valued the global gold market at USD 3.2 trillion in 2023, expecting it to reach USD 4.5 trillion by 2032.
• Silver:
  • U.S. Market: The U.S. silver market is projected to expand from USD 25.67 billion in 2024 to USD 38.92 billion by 2035. North America, with the U.S. as a dominant contributor, held an estimated 18.3% share of the global silver market in 2024.
  • Global Market: The global silver market was valued at approximately USD 87.12 billion in 2024 and is projected to increase to USD 95.20 billion in 2025, with an anticipated growth to USD 202.07 billion by 2033. Other reports estimate the global silver market size at USD 21.21 billion in 2024, expected to reach USD 21.91 billion in 2025, and USD 28.43 billion by 2033. The global silver market was also valued at USD 22.50 billion in 2024, with expectations to reach USD 34.94 billion by 2034.

Integra Resources (ITRG) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market factors:

1. Increased Production and Operational Efficiencies at the Florida Canyon Mine: Integra Resources is investing significantly in its currently operating Florida Canyon Mine. This includes approximately $55 million in sustaining and growth capital in 2025, and the commissioning of the Phase IIIb heap leach pad, expected in late 2025. The company is also undertaking optimization studies aimed at enhancing efficiency and reducing costs. An expanded 16,000-meter drilling program is underway to support a mineral resource and reserve update and a revised life-of-mine plan in 2026, potentially extending the mine's life beyond its current estimate. Furthermore, new mining methods are being deployed to make previously uneconomic low-grade gold material profitable.

2. Advancement Towards Production at the DeLamar Project: The DeLamar Project is a flagship development-stage heap leach project in Idaho, expected to become Integra's second producing asset. Key catalysts include the completion of a feasibility study, anticipated in the fourth quarter of 2025, and significant progress in the permitting process. The Mine Plan of Operations (MPO) for DeLamar has been deemed administratively complete by the United States Bureau of Land Management (BLM), marking a critical step toward formal environmental review. The project targets average annual production of 136,000 gold-equivalent ounces over an initial eight-year mine life, with plans to incorporate stockpiled material to further enhance life-of-mine projections.

3. Progress in the Development of the Nevada North Project: Integra is also advancing its Nevada North Project, which includes the Wildcat and Mountain View deposits. The company plans to complete a metallurgical test work program and commence a geochemical sampling program in the second half of 2025 to assess future development criteria. A 2023 Preliminary Economic Assessment outlined a 13-year operation potentially producing around 80,000 gold-equivalent ounces per year, and it has the capability of being a standalone operation yielding 80,000 to 100,000 ounces per year. Metallurgical and geotechnical testing is ongoing to support permitting and updated economic studies in 2026.

4. Strategic Acquisitions of Additional Producing Assets: Integra Resources has indicated an interest in expanding its portfolio through strategic acquisitions. CEO George Salamis noted a preference to acquire more production in the Great Basin before the DeLamar Project comes online, specifically looking at undervalued development-stage projects.

5. Favorable Precious Metal Price Environment: A sustained or rising trend in gold and silver prices is a significant external driver for Integra Resources. Higher commodity prices enhance the profitability of the company's existing operations and improve the economic viability and attractiveness of its development projects, such as DeLamar and Nevada North.

Share Repurchases

Integra Resources did not report any company-initiated share repurchase programs or authorized future repurchases over the last 3-5 years. A reverse stock split was completed in May 2023, reducing the number of outstanding common shares from 171,943,828 to approximately 68,777,531.

Share Issuance

• In March 2024, Integra Resources completed a bought deal public offering for approximately C$13 million (US$11.0 million), intended for exploration and development expenditures at the DeLamar Project and Nevada North Project, as well as for general corporate purposes.
• In August 2024, the company issued subscription receipts for approximately C$19 million (US$14 million) as part of the financing for the acquisition of Florida Canyon Gold Inc.
• In September 2021, Integra Resources closed an oversubscribed bought deal financing for gross proceeds of US$17 million.

Inbound Investments

• Integra Resources announced the closing of a C$35 million financing in March 2023, which included a strategic investment from Wheaton Precious Metals Corp.
• In July 2024, a C$20 million private placement bought deal financing included participation from key cornerstone shareholders such as Beedie Investments Ltd. and Wheaton Precious Metals Corp.
• In November 2024, the company drew a second advance of US$5 million under its up to US$20 million convertible facility with Beedie Capital.

Outbound Investments

• On November 8, 2024, Integra Resources completed the acquisition of Florida Canyon Gold Inc. (FCGI) for a total consideration of approximately C$95 million. This was achieved by issuing 65,213,010 Integra shares to former FCGI shareholders.
• In March 2024, the company acquired 17 patented claims in the Rich Gulch area of the DeLamar Project for $2.1 million, satisfied through the issuance of 2,959,769 common shares.
• In 2023, Integra Resources acquired Millennial Precious Metals, which increased the company's exploration and evaluation assets.

Capital Expenditures

• For fiscal year 2024, Integra incurred $14.2 million in exploration and project expenditures, primarily at the DeLamar Project ($8.2 million for engineering and permitting) and Nevada North Project ($1.0 million for exploration drilling). Sustaining capital at the Florida Canyon Mine, after its acquisition, totaled $41.3 million, with approximately $30 million allocated to heap leach pad expansion and Carbon-in-Column (CIC) enhancements.
• For 2025, expected sustaining capital expenditures at Florida Canyon are projected to range from $48 million to $53 million, focusing on capitalized waste stripping, mobile fleet rebuild and replacement, and heap leach pad expansion. Total planned investment in Florida Canyon for 2025 is over ~$55 million.
• Expected project development spending for the DeLamar and Nevada North projects in 2025 is estimated between $14.5 million and $15.5 million, with $12.0 million to $12.5 million specifically allocated to advance DeLamar through its feasibility study and permitting processes.