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

Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxv-itr-three-project-strategy-targets-quarter-million-ounces-of-gold-6326

Recording date: 10th March 2025

Integra Resources has successfully transformed from a development-stage company to a gold producer through its strategic acquisition of the Florida Canyon mine. This $63 million stock transaction has proven immediately accretive, with the company ending 2024 with over $50 million in treasury and record gold production of 72,000-75,000 ounces.

The Florida Canyon acquisition addresses a critical challenge facing junior miners – the cycle of dilutive capital raises. As CEO George Salamis notes, "We were stuck in this loop as so many are... we figured the best way to break that would be to look for a producing asset that will pay the bills." This cash flow now funds development activities at the company's DeLamar and Nevada North projects without returning to capital markets.

A distinctive advantage is Integra's regional focus, with all three assets located within three hours of each other in the western US. This proximity creates significant operational synergies, allowing for shared expertise, equipment, and personnel. The company's growth pathway is clearly defined, with the potential to increase production from current levels to approximately 300,000 ounces annually once all assets are operational.

Valuation presents a compelling opportunity, with Integra trading at roughly 0.25x NAV compared to peer averages of 0.5x NAV. This discount reflects the market's lag in recognizing the company's producer status – a gap that should narrow as Florida Canyon demonstrates consistent cash generation.

The regulatory environment has improved significantly under the current administration, creating a favorable window for permitting new projects. With DeLamar entering the federal NEPA process this year and benefiting from streamlined procedures, timing appears advantageous for Integra's development pipeline.

Key catalysts include quarterly production results from Florida Canyon, the DeLamar feasibility study expected mid-2025, and exploration programs aimed at extending Florida Canyon's six-year mine life. Management is strengthening its team with key hires in operations and permitting, positioning the company for execution across its portfolio.

For investors seeking exposure to gold in a stable jurisdiction with both current production and significant growth potential, Integra Resources offers a compelling risk-reward proposition at its current valuation.

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

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