Integra Files Maiden Preliminary Economic Assessment Technical Report For Wildcat & Mountain View Projects

Integra Resources Corp. (“Integra” or the “Company”) (TSXV:ITR, NYSE:ITRG) is pleased to announce the filing of an independent Preliminary Economic Assessment (“PEA”) technical report for the Wildcat Project (“Wildcat”) and Mountain View Project (“Mountain View”) (together, “Wildcat & Mountain View”) located in western Nevada.
 

The PEA demonstrates the potential for a low-cost, high-margin, heap leach gold-silver operation with a phased development and production strategy and robust economics. The average annual production of Wildcat & Mountain View and the DeLamar Project on a combined basis is expected to exceed 200kozs of gold equivalent (“AuEq”), demonstrating one of the largest heap leach production profiles among precious metal developers in the Great Basin.

Wildcat & Mountain View PEA Highlights:

• After-tax NPV(5%) of US$309.6 million (“M”) (C$408.6M1) and 36.9% after-tax IRR using base case metal prices of US$1,700/oz gold (“Au”) and US$21.50/oz silver (“Ag”)
• After-tax NPV(5%) of US$442.1M (C$583.6M1) and 49.7% after-tax IRR using spot metal prices on June 27, 2023 (announcement date) of US$1,920/oz Au and US$22.00/oz Ag
• Wildcat & Mountain View generate combined annual production of ~94koz AuEq from year 1-5 with average annual production of 80koz AuEq over the 13 year Life-of-Mine (“LOM”)
• LOM payable metals from Wildcat & Mountain View of 1,043koz AuEq
• LOM site level cash costs of US$882/oz AuEq on a co-product basis; LOM site level all-in sustaining cash costs (“AISC”) of US$973/oz AuEq on a co-product basis
• Year -1 initial capex of US$115M to begin operations at Wildcat
• Average Au Recovery of 71.4% at Wildcat and 77.1% at Mountain View
• Low combined LOM strip ratio of 1.21 (Wildcat standalone strip ratio of 0.28)
• LOM total net free cash flow generated of US$485M with average net annual free cash flow of US$46M from year 1-13
  • Updated mineral resource estimate at Wildcat & Mountain View demonstrates growth of +23% and +49% respectively compared to the previous mineral resource estimates dated November 2020:
    • 2021-2022 drilling at Wildcat & Mountain View allowed the Company to convert the majority of the previous resource estimate from the Inferred (“Inf.”) category to the Indicated (“M&I”) category
      • Wildcat Project: 746koz Au and 6,438koz Ag (829koz AuEq) in M&I (59,872,806 tonnes at 0.39 g/t Au and 3.34 g/t Ag) and 210koz Au and 1,980koz Ag (235koz AuEq) in Inf. (22,455,848 tonnes at 0.29 g/t Au and 2.74 g/t Ag)
      • Mountain View Project: 578koz Au and 3,402koz Ag (622koz AuEq) in M&I (28,750,517 tonnes at 0.63 g/t Au and 3.68 g/t Ag) and 60koz Au and 244koz Ag (63koz AuEq) in Inf. (4,155,502 tonnes at 0.45 g/t Au and 1.83 g/t Ag)
• The PEA results complement the 2022 Pre-feasibility Study for the DeLamar Project in southwestern Idaho, which demonstrated a base case after-tax NPV(5%) of US$314M and a 33% after-tax IRR2

(1) CAD:USD FX rate of 1.32

(2) See NI 43-101 technical report titled: “Technical Report and Preliminary Feasibility Study for the DeLamar and Florida Mountain Gold – Silver project, Owyhee County, Idaho, USA”, dated March 22, 2022 with an effective date of January 24, 2022 available under Integra Resources’ SEDAR profile at www.sedar.com and EDGAR profile at www.sec.gov; Gold price assumption: US$1,700/oz Au; Silver price assumption is US$21.50/oz Ag

Integra’s President, CEO & Director, Jason Kosec commented: “The successful Wildcat & Mountain View PEA demonstrates two high-margin, low-cost, heap leachable gold and silver deposits with a strong combined production profile, low pre-production capex and robust economics. When combined with the DeLamar Project, Integra demonstrates the path to becoming +200koz AuEq per annum producer in the prolific Great Basin. For the remainder of the year, the team is focused on delivering two more significant milestones at DeLamar, including the updated mineral resource estimate in Q3 and the submission of the Mine Plan of Operations in Q4.”

The Wildcat & Mountain View PEA technical report (the “Report”) has been prepared for Integra by Micon International Limited of Toronto, Canada and included contributions from Forte Dynamics, NewFields Mining Design and Technical Services and Convergent Mining. The Report has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Report titled “NI 43-101 Technical Report Preliminary Economic Assessment for the Wildcat and Mountain View Projects, Pershing and Washoe Counties, Nevada, USA” is available on SEDAR (www.sedar.com) under Integra’s profile and on the Company’s website.

Integra’s news release dated June 28, 2023 summarized certain key results, assumptions and estimates contained in the Wildcat & Mountain View PEA. The Company is pleased to report that there are no material differences between the key results, assumptions and estimates contained in the Report and Integra’s news release dated June 28, 2023.

The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Raphael Dutaut, Ph.D (P.Geo), Integra’s Vice President, Exploration and Tim Arnold (PE, SME), Integra’s Chief Operating Officer. Both individuals are “Qualified Persons” (“QP”) as defined in NI 43- 101 – Standards of Disclosure for Mineral Projects.

The scientific and technical information contained in this news release has also been verified and approved by the following “Qualified Persons” within the meaning of NI 43-101 – Standards of Disclosure for Mineral Projects: Richard Gowans, P.Eng, Micon International Limited (metallurgy and mineral processing, environmental, permitting and social considerations), Andrew Hanson, P.E., NewFields Mining Design and Technical Services (heap leach infrastructure), Chris Jacobs, CEng, MIMMM, Micon International Limited (economic analysis), William Lewis, P.Geo, Micon International Limited (mineral resource estimation), Deepak Malhotra, Director of Metallurgy, Forte Dynamics (infrastructure), and Ralston Pedersen, P.E., Convergent Mining, LLC (mining).