Interview with George Salamis, President & CEO of Integra Resources Corp.

Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-us-gold-producer-on-path-to-300000-oz-pa-6833

Recording date: 23rd April 2025

Integra Resources (TSX: ITR; NYSE: ITRG) has successfully transformed from a development-stage company into a producing gold miner with the acquisition of the Florida Canyon mine, creating a compelling investment opportunity in the gold sector. The company's recent Q1 2025 results showcased robust production of 19,323 ounces of gold and established a solid financial foundation with $61.1 million in cash, demonstrating the operational and financial strength that underpins its growth strategy.

The company's three-asset portfolio in the western United States creates a clear path to significant production growth. Florida Canyon currently produces approximately 75,000 ounces annually, but with the planned development of DeLamar and Wildcat, Integra aims to reach approximately 300,000 ounces of annual production. This growth trajectory follows a self-funded model where "one asset pays for the second which pays for the third," eliminating the need for dilutive equity financing that has historically constrained the company's ability to create shareholder value.

The timing of Integra's transformation could not be more opportune, with gold prices reaching record levels around $3,400 per ounce. This price environment has dramatically enhanced the economics of Florida Canyon beyond initial expectations when the acquisition was made. While implementing prudent risk management through a put option strategy with a floor of $2,400 for 75% of 2025's expected production, Integra maintains full exposure to gold price upside, creating an attractive risk-reward profile.

Integra has assembled what CEO George Salamis describes as a "builder's team" with the technical expertise to both operate existing mines and develop new projects. Key additions include COO Cliff LaFleur from Silvercrest and VP of Permitting Dale Kerner from Perpetua Resources, strengthening the company's ability to execute its development strategy. The current U.S. administration's supportive stance toward domestic mining projects further enhances Integra's operating environment, potentially accelerating permitting timelines for both DeLamar and Wildcat.

From a valuation perspective, Integra currently trades at approximately 0.35x price-to-net asset value, compared to a junior producer peer average of 0.6x, suggesting significant potential for revaluation as the company executes its growth strategy. This discount largely stems from the market's focus primarily on Florida Canyon's value while attributing little value to the development-stage assets. As Integra advances DeLamar and Wildcat toward production using internally generated funds, this valuation gap should narrow.

The company's strategic focus on optimization initiatives at Florida Canyon, including improvements to the electrowinning circuit, carbon-in-column circuit, and potential fleet upgrades, presents additional opportunities to enhance cash flow beyond current levels. These incremental improvements, combined with a planned 10,000-meter exploration program aimed at extending Florida Canyon's mine life beyond six years, could provide near-term catalysts for share price appreciation.

For investors seeking exposure to gold with a combination of current production and significant growth potential, Integra Resources offers a compelling investment case. The company's transition from a perpetual fundraising cycle to a self-funded growth model, coupled with its experienced management team and strategic asset base in a favorable jurisdiction, positions it well to deliver substantial returns as it executes its clearly defined path to becoming a mid-tier gold producer.

—

View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resources

Sign up for Crux Investor: https://cruxinvestor.com