INTEGRA ANNOUNCES SELECTION OF THE DELAMAR HEAP LEACH PROJECT FOR THE FAST-41 PERMITTING TRANSPARENCY PROGRAM
Rhea-AI Summary
Integra Resources (NYSE American: ITRG) announced the DeLamar Heap Leach Project in southwest Idaho was selected for the federal FAST-41 Transparency Projects Program, which adds a project-specific permitting timetable and a dedicated Permitting Council advisor. The BLM-permitted timeline on the Federal Permitting Dashboard (posted Jan 13, 2026) anticipates a Record of Decision in Q3 2027 after a 15-month NEPA process. The Dec 2025 Feasibility Study forecasts 1.1M oz AuEq production over 10 years, average 106k oz AuEq/yr, AISC $1,480/oz, after-tax NPV5% $774M and IRR 46% at base metal prices ($3,000 Au / $35 Ag).
Positive
- FAST-41 selection provides formal timetable and dedicated federal advisor
- 1.1M oz AuEq total production over 10 years
- 106k oz AuEq/yr average annual production
- AISC $1,480/oz mine-site all-in sustaining cost
- After-tax NPV5% $774M and IRR 46% at base case prices
Negative
- ROD expected Q3 2027, implying multi-year permitting before construction
- Project valuation tied to metal prices (base case $3,000 Au / $35 Ag)
News Market Reaction
On the day this news was published, ITRG declined 2.08%, reflecting a moderate negative market reaction. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $15M from the company's valuation, bringing the market cap to $717M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ITRG is up 2.85% while key peers like NEWP, ASM, MTA, and MUX show declines between about -0.97% and -4.34%, with only SLSR modestly positive at 1.09%. This points to a stock-specific reaction to the DeLamar FAST-41 permitting update rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 12 | Permitting schedule | Positive | +7.4% | BLM set NEPA schedule targeting Q3 2027 Record of Decision. |
| Dec 23 | Ownership update | Neutral | -0.7% | Beedie reorganized holdings but maintained same effective ownership. |
| Dec 22 | Debt conversion | Positive | +0.9% | Full conversion and repayment of Beedie convertible debenture facility. |
| Dec 17 | Feasibility Study | Positive | +1.7% | Released robust Feasibility Study with strong project economics. |
| Nov 12 | Q3 2025 earnings | Positive | +6.6% | Reported record revenue, strong earnings and improved cash position. |
Recent positive project and financial updates have typically been followed by positive price reactions, suggesting the market has been rewarding de-risking steps at DeLamar and stronger operating results.
Over the past few months, Integra has steadily advanced and de-risked DeLamar while strengthening its balance sheet. The Dec 17, 2025 Feasibility Study outlined a 10-year heap leach operation with after-tax NPV5% of $774M and IRR of 46%. On Dec 22, 2025, the Beedie convertible debenture was fully converted and repaid, removing secured debt. A subsequent early warning report on Dec 23, 2025 confirmed Beedie’s sizeable equity stake. On Jan 12, 2026, Integra received a federal permitting schedule targeting a DeLamar Record of Decision in Q3 2027. Today’s FAST-41 selection further reinforces that permitting trajectory.
Market Pulse Summary
This announcement advances Integra’s DeLamar project by adding the FAST-41 Transparency designation to an already defined permitting schedule. The update reinforces an expected 15‑month NEPA review and a targeted Q3 2027 Record of Decision, building on a Feasibility Study that outlined $774M after‑tax NPV5% and 46% IRR. Investors may focus on how well the company maintains permitting momentum, manages stakeholder engagement, and navigates construction and financing risks during the multi‑year path to potential production.
Key Terms
heap leach technical
all-in sustaining cost financial
net present value financial
internal rate of return financial
nepa regulatory
record of decision regulatory
environmental impact statement regulatory
federal permitting dashboard regulatory
AI-generated analysis. Not financial advice.
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
Highlights:
- The FAST-41 Transparency Projects Program is a federal permitting framework designed to improve interagency coordination and increase transparency. Key benefits include:
- Enhanced visibility and predictability: Agencies must develop and maintain a project-specific timetable for all required federal environmental review and permitting actions. Scheduled and actual timeframes for these actions are publicly displayed.
- Improved coordination: Project sponsors will be designated with a dedicated project advisor from the Permitting Council, who will monitor the advancement of the Project while maintaining active engagement and coordination across federal agencies.
- Increased accountability: The Permitting Council provides oversight to ensure that federal agencies adhere to established timetables, including quarterly reports to Congress detailing agency compliance with Transparency Projects.
- Based on DeLamar's permitting timeline defined by the United States Bureau of Land Management ("BLM") and posted to the Federal Permitting Dashboard on January 13, 2026, the federal permitting process anticipates a Record of Decision ("ROD") being published in Q3 2027, reflecting an efficient 15-month National Environmental Policy Act ("NEPA") process.
George Salamis, President, CEO and Director of Integra commented: "DeLamar is Integra's flagship gold-silver development asset and a high-quality growth opportunity in a tier-one jurisdiction. The Project's inclusion on the Federal Permitting Dashboard represents a meaningful milestone in DeLamar's advancement. The Company is grateful for the Permitting Council's selection, which provides enhanced transparency into federal environmental reviews and authorizations. Integra remains committed to a rigorous, inclusive, and collaborative NEPA process, supported by many years of stakeholder engagement, environmental baseline studies, and technical refinement of the mine plan design. With the BLM's anticipated 15-month NEPA review period, we believe DeLamar is well positioned to advance efficiently through permitting. Once in production, DeLamar is expected to be a cornerstone asset supporting Integra's strategy of building a high-quality portfolio of heap-leach operations in the Great Basin of
Permitting Council and FAST-41 Projects
Established under Title 41 of the Fixing America's Surface Transportation ("FAST") Act (known as "FAST-41") in 2015, the Permitting Council consists of the Executive Director and Deputy Secretary level representatives from 13 federal agencies as well as the Director of the Office of Management and Budget and the Chair of the Council on Environmental Quality. The Permitting Council brings federal agencies and stakeholders together to improve the permitting process for critical infrastructure projects.
FAST-41 Transparency Projects are projects directed by the Permitting Council Executive Director to be posted on the Federal Permitting Dashboard, a public online resource for information on FAST-41 projects and the environmental review and permitting processes. More information on FAST-41 projects can be found on the Federal Permitting Dashboard: www.permits.performance.gov
DeLamar Project Overview
(All amounts in
The past producing DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, is located in
(1) Gold equivalent calculated using base case metal prices: | |
(2) See Cautionary Note Regarding Non-GAAP Measures |
The FS technical report will be filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov by February 2, 2026.
About Integra
Integra is a growing precious metals producer in the Great Basin of the
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
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by James Frost, P.Eng., Director, Technical Services of Integra, who is a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
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
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 Project and the Company's mineral properties; satisfying ongoing covenants under the Company's loan facilities; 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 Project and 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.
Cautionary Note Regarding Non-GAAP Financial Measures
Alternative performance measures in this news release such as "cash cost", "AISC" and "free cash flow" are furnished to provide additional information. These non-GAAP performance measures are included in this news release because these statistics are used as key performance measures that management uses to monitor and assess performance of DeLamar, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standardized meaning within International Financial Reporting Standards ("IFRS") and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.
Cash Costs
Cash costs include site operating costs (mining, processing, site G&A), refinery costs and royalties, but excludes head office G&A and exploration expenses. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.
All-In Sustaining Cost
Site level AISC includes cash costs and sustaining and expansion capital, but excludes head office G&A and exploration expenses. The Company believes that this measure is useful to external users in assessing operating performance and the Company's ability to generate free cash flow from potential operations.
Free Cash Flow
Free cash flows are revenues net of operating costs, royalties, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company's ability to generate cash flows from the Project.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the
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 does ITRG's FAST-41 selection mean for DeLamar's permitting timeline?
What production and cost metrics did ITRG report for DeLamar in the 2025 Feasibility Study?
What are the DeLamar Project's economic returns (ITRG) at base metal prices?
How sensitive is DeLamar's value to higher metal prices for ITRG shareholders?
When will Integra file the DeLamar FS technical report and where can investors find it?
Does FAST-41 guarantee faster permits for ITRG's DeLamar project?
