Integra Resources (NYSE American: ITRG; TSX-V: ITR)
Integra Resources Corp. is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar Gold-Silver Project in Idaho, USA. Integra is led by the management team from Integra Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in 2017.
"Integra Resources has pretty much everything going for itself as even the gold price is cooperating. We expect to see in excess of 5 million gold-equivalent ounces in the next resource update (H1 2021) and this updated resource will be the basis for a pre-feasibility study which should be ready by the end of next year. There still are a lot of moving parts and we’ll only be able to figure out how good the 2021 PFS will be after seeing the resource update. In any case, at $1900 gold we will probably see an after-tax NPV5% exceeding US$1B but it obviously wouldn’t be reasonable to use a multi-year high gold price as base case scenario, and we would expect Integra to use $1400-1500 gold (depending on the gold market in 2021) in which case we expect to see an after-tax NPV exceeding US$600M. The DeLamar project is shaping up like it could be Idaho’s next major gold mine, and we expect the pre-feasibility study in 2021 to confirm the viability of this project, even at a substantially lower gold price than what the yellow metal is trading at these days."
https://www.caesarsreport.com/reports/report-integra-resources-northern-quebec-to-southwest-idaho-integra-2-0-setting-the-table-for-another-win/
Most recent presentation:
https://www.youtube.com/watch?v=7xP_U7DfxJg Recent BMO conference interview: https://bmo.qumucloud.com/view/2021-gmm-integra#/ Must watch: Integra Resources (ITR) - High-Grade + Bulk Gold & Silver Developer https://cruxinvestor.com/videos/integra-resources-itr---high-grade--bulk-gold--silver-developer Integra Resources - Please do it again, Just do it again https://www.cruxinvestor.com/videos/integra-resources---please-do-it-again-just-do-it-again Analysis and reading: https://www.caesarsreport.com/category/companies/integra-resources/ Share Structure
Issued and outstanding common shares as of February 3, 2021: 54,793,577
Fully Diluted : 59,910,909
NO WARRANTS OVERHANG
Notable Shareholders
Largest shareholder: Sprott Asset Management LP 6.74% (increased their position by more than 20% in Q4 2020)
Mining company: Coeur Mining, Inc. 5.57%
Management: George Gregory Salamis (CEO) 2.72%
Stephen de Jong (Chairman) 1.81%
Ross Beady and Pierre Lassonde are also shareholders
Retails: ~53%
Insiders: ~12%
Institutions & Coeur Mining: ~35% Resources (Will be updated on Q2 2021) • 3.9 M oz AuEq (M&I) and 0.5 M oz AuEq (Inf.) Silver (One of the biggest undeve
loped Silver deposit in the USA)
M&I 116,514,000 oz Ag
Inferred 12,240,000 oz Ag
Gold
M&I 2,376,000 oz Au Inferred 343,000 oz Au Recent Exploration Highlights Florida Mountain
Integra Resources Intersects 4.53 g/t Gold and 262.67 g/t Silver Over 85.35 m at Florida Mountain, Including 11.74 g/t Gold and 652.45 g/t Silver Over 30.48
https://youtu.be/jtZlDdmX7D8
https://www.globenewswire.com/news-release/2020/12/09/2142012/0/en/Integra-Resources-Intersects-4-53-g-t-Gold-and-262-67-g-t-Silver-Over-85-35-m-at-Florida-Mountain-Including-11-74-g-t-Gold-and-652-45-g-t-Silver-Over-30-48-m.html
DeLamar
Integra Continues to Display Size Potential, Intersecting 1.12 g/t AuEq Over 283.46 m at the DeLamar Deposit
https://www.globenewswire.com/news-release/2019/05/07/1818130/0/en/Integra-Continues-to-Display-Size-Potential-Intersecting-1-12-g-t-AuEq-Over-283-46-m-at-the-DeLamar-Deposit.html
Milestone
Drill hole IMS-20-015 1.43 g/t AuEq over 78.94 m
https://youtu.be/OZ-3yUsL-2I
https://apnews.com/press-release/globenewswire-mobile/business-products-and-services-government-regulations-precious-metal-markets-legislation-d0b6914db5dbe30b4159c69849aa8d4b
War Eagle
Integra Resources Intersects 24.20 g/t Gold and 655.06 g/t Silver Over 7.62 m 400 m North of 2019 Drilling at War Eagle
https://www.youtube.com/watch?v=hKb6HELt3z0&feature=youtu.be
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2170-tsx-venture/itr/87935-integra-intersects-24-20-g-t-gold-and-655-06-g-t-silver-over-7-62-m-400-m-north-of-2019-drilling-at-war-eagle.html
>>> Georgianna // Lucky days Grassroots Discoveries
Georgianna
Drill hole IGE-20-002
0.66 grams per tonne (“g/t”) gold (“Au”) and 117.25 g/t silver (“Ag”) (2.17 g/t gold equivalent (“AuEq”)) over 10.67 meters (“m”), including 1.48 g/t Au and 351.00 g/t Ag (5.99 g/t AuEq) over 3.05 m
Broader low-grade intercepts include 0.30 g/t Au and 10.87 g/t Ag (0.44 g/t AuEq) over 41.76 m
https://youtu.be/OZ-3yUsL-2I
Lucky Days
Drill hole LDE-21-002
0.50 g/t Au and 41.15 g/t Ag (1.03 g/t AuEq) over 25.15 m, including 2.13 g/t Au and 213.28 g/t Ag (4.87 g/t AuEq) over 2.13 m
https://www.youtube.com/watch?v=dZpTLDmKcc0
ECONOMICS PEA (PFS exp. Q3/Q4 2021)
• Large, heap leach operation plus mill
•Compelling PEA (For an operation that the management can build - PFS will be for a larger operation with production of around 180 Koz per annum for a mid-tier or major producer)
Initial Capex US$161 million
After-tax NPV5% ($1,350/oz Au) US$358 million - PROFITABILITY INDEX: 2.2X
Production Profile 124 Koz AuEq per year for 10 years / Yr 2 to Yr 6 annual average of 148 k oz Au Eq
Total AISC: US$742 / oz AuEq
US$/oz Au US$/oz Ag After-tax NPV(5%) IRR Payback (Years) Cumulative LOM Free Cash Flow (US$ MM)
U$S MM
$1,350 $16.90 $357.6 43% 2.35 $528.2
.
.
.
$1,800 $22.53 $675.4 74% 1.48 $950.7
Upcoming potential Catalysts:
10,000 m drill program underway for 2021 with drill to completed at Blacksheep (Discovery drilling), Florida Mountain (High grade and Bulk-Expansion) and War Eagle (High Grade-discovery)
43-101 resource update in Q2
Prefeasibility study expected in September or October
Submission of Plan of Operations (mine plan) to the Bureau of Land Management in Idaho Q1 2022