INTEGRA ANNOUNCES FULL CONVERSION AND REPAYMENT OF BEEDIE CAPITAL CONVERTIBLE DEBENTURE

Rhea-AI Summary

Integra Resources (TSXV: ITR, NYSE American: ITRG) announced full conversion and repayment of the Beedie Capital convertible debenture facility on Dec 22, 2025. The company issued 12,295,081 common shares at a deemed price of C$1.6875 (US$1.22) to retire the US$15.0 million principal drawn under the facility and paid US$2,896,712 in accrued interest and standby fees. The Facility has been retired, secured assets released, and there are no further amounts owing to Beedie Capital. Post-transaction ownership: Beedie Capital holds 19,085,762 shares (≈10.51% non-diluted) and 20,335,762 shares (≈11.12% partially diluted) assuming warrant conversion.

Positive

• Eliminated corporate-level convertible debt of US$15.0M
• Paid US$2.8967M in accrued interest and fees to settle obligations
• Released assets previously secured under the Facility
• Beedie conversion signals investor confidence after Feasibility Study

Negative

• Issued 12,295,081 new shares, diluting existing shareholders
• Beedie ownership increased to ≈10.51% non-diluted, concentration risk for holders

Key Figures

Principal repaid US$15 million Convertible debenture principal retired under Beedie Capital Facility

Shares issued 12,295,081 common shares Issued to fully convert and retire the Facility

Deemed share price (CAD) C$1.6875 per share Conversion price for Facility shares

Deemed share price (USD) US$1.22 per share USD equivalent conversion price for Facility

Interest and fees paid US$2,896,712 Accrued interest and standby fees paid on Facility

Pre-conversion holding 6,790,681 shares (4.01%) Beedie Capital non-diluted ownership before Facility conversion

Post-conversion holding 19,085,762 shares (10.51%) Beedie Capital non-diluted ownership after Facility conversion

Warrants held 1,250,000 warrants Common share purchase warrants held by Beedie Capital

Market Reality Check

$4.45 Last Close

Volume Volume 2,725,387 is above the 20-day average of 1,752,913, indicating elevated trading interest ahead of this debt conversion news. high

Technical Price at $4.41 is trading above the 200-day MA of $2.17, reflecting a pre-existing upward trend before this announcement.

Peers on Argus

ITRG gained 8.62%, while key Basic Materials peers like NEWP (+1.71%), ASM (+3.72%), MTA (+0.49%), MUX (+2.93%), and SLSR (+2.70%) also rose but with smaller moves, suggesting a company-specific boost on top of a constructive sector backdrop.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 17	Feasibility Study	Positive	+1.7%	Released robust DeLamar Feasibility Study with strong project economics.
Nov 12	Quarterly earnings	Positive	+6.6%	Reported record Q3 2025 revenue, strong earnings, and higher cash balance.
Oct 23	Production update	Positive	+4.2%	Announced strong Q3 gold production and significant cash build at Florida Canyon.
Oct 16	Sustainability report	Positive	-4.1%	Published 5th Sustainability Report highlighting ESG performance and objectives met.
Oct 09	Drill results	Positive	-4.9%	Released near-mine oxide drilling results and dump volume/grade estimates.

Pattern Detected

Recent positive operational, feasibility, and earnings updates often coincided with gains, but there are instances where favorable drilling and ESG news saw negative price reactions, indicating occasional profit-taking on good news.

Recent Company History

Over the past few months, Integra reported multiple milestones, including a robust DeLamar Feasibility Study on Dec 17, 2025 with strong project economics, solid Q3 2025 financial results with record revenue and improved cash, and operational strength at Florida Canyon with growing cash balances. Additional sustainability and near-mine drilling updates highlighted ESG progress and growth potential. Price reactions ranged from gains of 1.74%–6.56% to declines of about 4–5%, showing that while good news often supported the stock, some positive updates were met with selling pressure.

Market Pulse Summary

This announcement details the full conversion and repayment of a Beedie Capital convertible debenture, with 12,295,081 shares issued at a deemed price of C$1.6875 (US$1.22) to retire US$15 million of principal and pay US$2,896,712 in interest and fees. The Facility has been fully retired, leaving no further amounts owing and increasing Beedie Capital’s ownership to 10.51%. Investors may focus on the balance between debt removal, dilution, and the larger strategic shareholder position.

Key Terms

convertible debenture financial

"the full conversion and repayment of the Beedie Investment Ltd. ("Beedie Capital") convertible debenture facility"

A convertible debenture is a long-term loan a company issues that pays interest like a bond but can be turned into a set number of the company’s shares under pre-agreed terms. For investors it matters because it mixes safety and upside: you get regular interest and higher repayment priority like a lender, yet you also hold an option to become a shareholder if the stock rises, which can dilute existing owners and change risk and return profiles.

common share purchase warrants financial

"and 1,250,000 common share purchase warrants in Integra ("Warrants") held by Beedie Capital"

A common share purchase warrant is a tradable right that lets its holder buy a company’s ordinary shares at a fixed price for a set period, like a coupon that can be redeemed later to buy stock at a predetermined rate. Investors care because warrants offer leverage on future upside—they can magnify gains if the share price rises above the set price—but they can also dilute existing shareholders if used, and they expire worthless if unused.

early warning report regulatory

"A copy of the early warning report relating to the foregoing conversion of the Facility will be available"

An early warning report is a regulatory filing that publicly discloses when an investor or insider has taken a large or potentially influential position in a company's shares or plans significant actions with those shares. It matters to investors because it flags possible shifts in control, takeover attempts, or concentrated influence—like a neighborhood notice that someone is buying several houses on the block—helping readers reassess risk, valuation, and trading strategy.

AI-generated analysis. Not financial advice.

TSXV: ITR; NYSE American: ITRG
www.integraresources.com

VANCOUVER, BC , Dec. 22, 2025 /PRNewswire/ - Integra Resources Corp. ("Integra" or the "Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to announce the full conversion and repayment of the Beedie Investment Ltd. ("Beedie Capital") convertible debenture facility (the "Facility"). Pursuant to the terms of the Facility credit agreement, as amended, the Company issued a total of 12,295,081 common shares at a deemed price per common share of C$1.6875 (US$1.22) to retire the full US$15 million principal amount drawn under the Facility and paid US$2,896,712 in accrued interest and standby fees. In connection with the conversion and repayment of the Facility, the Facility has been retired and certain assets secured under the Facility have been released. There are no further amounts due or owing to Beedie Capital under the Facility.

George Salamis, President, CEO and Director of Integra commented: "Beedie Capital has been an important partner to Integra since our earliest days, and their continued support speaks volumes. The full conversion of the convertible debenture into equity following the recently announced Feasibility Study results for DeLamar is a strong vote of confidence in the strength of the study and the long-term value of the Company. This transaction also materially strengthens our financial position by eliminating the convertible debt from our balance sheet, leaving Integra debt-free at the corporate level as we move forward into permitting and future development at DeLamar."

Nora Pincus, Managing Director at Beedie Capital commented: "Our decision to voluntarily convert the Facility in full into common equity reflects our conviction in Integra, the quality of the DeLamar asset, and the value demonstrated in the recently announced Feasibility Study. We thank George Salamis and his team for their hard work and the value created during Beedie Capital and Integra's more than five-year partnership. Over that period, Integra has grown from an early-stage, single-asset developer into a producer with multiple robust, near-term exploration and development projects in premier U.S. jurisdictions."

Early Warning Disclosure for Beedie Capital

Immediately prior to the completion of the conversion of the Facility, Beedie Capital, directly or indirectly, would own or control a total of 6,790,681 common shares, representing approximately 4.01% of the issued and outstanding common shares of the Company on a non-diluted basis, and assuming conversion in full of the US$15 million of advances under the Facility in accordance with the terms of the Facility credit agreement and 1,250,000 common share purchase warrants in Integra ("Warrants") held by Beedie Capital, 20,335,762 common shares, representing approximately 11.12% of the issued and outstanding common shares of the Company on a partially diluted basis. Immediately following the completion of the conversion of the Facility, Beedie Capital, directly or indirectly, would own or control a total of 19,085,762 common shares, representing approximately 10.51% of the issued and outstanding common shares of the Company on a non-diluted basis, and assuming conversion in full of 1,250,000 Warrants held by Beedie Capital, 20,335,762 common shares, representing approximately 11.12% of the issued and outstanding common shares of the Company on a partially diluted basis. A copy of the early warning report relating to the foregoing conversion of the Facility will be available under Integra's profile on SEDAR+ at www.sedarplus.ca, and may also be obtained by contacting Beedie Investments Limited at 604-435-3321. Beedie Capital's head office is located at Suite 900 - 1111 West Georgia St. Vancouver, BC V6E 4M3.

About Integra Resources

Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.

ON BEHALF OF THE BOARD OF DIRECTORS

George Salamis
President, CEO and Director
CONTACT INFORMATION
Corporate Inquiries: ir@integraresources.com 
Company website: www.integraresources.com 
Office phone: 1 (604) 416-0576

Forward Looking Statements

Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and in applicable United States securities law (referred to herein as forward‐looking statements). Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company.

Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the Company's mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Company's mineral properties economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company's control and as well as those factors included herein and elsewhere in the Company's public disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra's Annual Information Form dated March 26, 2025 for the fiscal year ended December 31, 2024, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and available as Exhibit 99.1 to Integra's Form 40-F, which is available on the EDGAR profile for the Company at www.sec.gov.

Investors are cautioned not to put undue reliance on forward-looking statements.  The forward-looking statements contained herein are made as of the date of this news release and, accordingly, are subject to change after such date.  The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.  Investors are urged to read the Company's filings with Canadian securities regulatory agencies, which can be viewed online under the Company's profile on SEDAR+ at www.sedarplus.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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SOURCE Integra Resources Corp.

FAQ

What did Integra (ITRG) announce on Dec 22, 2025 regarding Beedie Capital?

Integra announced full conversion and repayment of the Beedie Capital facility by issuing 12,295,081 shares and paying US$2,896,712 in accrued interest and fees to retire US$15.0M principal.

How many shares did Integra (ITRG) issue to retire the US$15 million debenture?

Integra issued 12,295,081 common shares at a deemed price of C$1.6875 (US$1.22) to retire the US$15.0M principal.

What is Beedie Capital's ownership in Integra (ITRG) after conversion on Dec 22, 2025?

After conversion, Beedie Capital holds 19,085,762 shares, approximately 10.51% of issued common shares on a non-diluted basis.

Does Integra (ITRG) owe any further amounts to Beedie Capital after the conversion?

No. The Facility has been retired, secured assets released, and there are no further amounts due or owing to Beedie Capital.

How did the conversion affect Integra's balance sheet and debt status?

The transaction eliminated the convertible debenture from the corporate balance sheet, leaving Integra debt-free at the corporate level.

Where can investors find the early warning report for Beedie Capital's conversion of Integra (ITRG) shares?

The early warning report will be available under Integra's profile on SEDAR+ and by contacting Beedie Investments Limited at the provided phone number.