INTEGRA FILES FEASIBILITY STUDY TECHNICAL REPORT FOR DELAMAR HEAP LEACH PROJECT

Rhea-AI Summary

Integra Resources (NYSE American: ITRG) filed a Feasibility Study Technical Report for the wholly owned DeLamar Heap Leach Project dated February 2, 2026 (effective December 8, 2025).

The FS models 1.1 million oz AuEq over a 10-year mine life (plus two years residual leaching), average annual production of 106,000 oz AuEq, a co-product AISC of $1,480/oz AuEq, after-tax NPV5% ≈ $774M and after-tax IRR 46% at base case prices ($3,000/oz Au; $35/oz Ag). At higher metal prices ($4,500/oz Au; $65/oz Ag) after-tax NPV5% rises to ≈ $1.9B and IRR to 97%.

Positive

• Feasibility Study models total production of 1.1M oz AuEq over 10 years
• Average annual production of 106,000 oz AuEq
• FS reports after-tax NPV5% ≈ $774M and after-tax IRR 46% at base case prices
• Study describes a low-cost, large-scale conventional open pit oxide heap leach operation

Negative

• Co-product AISC $1,480/oz AuEq implies significant operating cost exposure
• Project economics are highly sensitive to metal prices (NPV5% rises to ≈ $1.9B at $4,500/oz Au)

News Market Reaction

-2.70%

6 alerts

-2.70% News Effect

+8.1% Peak in 24 hr

-$17M Valuation Impact

$626M Market Cap

1.1x Rel. Volume

On the day this news was published, ITRG declined 2.70%, reflecting a moderate negative market reaction. Argus tracked a peak move of +8.1% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $17M from the company's valuation, bringing the market cap to $626M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total AuEq production: 1.1 million oz AuEq Mine life: 10 years (+2 years residual leaching) Average annual production: 106,000 oz AuEq per year +5 more

8 metrics

Total AuEq production 1.1 million oz AuEq DeLamar Feasibility Study, 10-year operating life

Mine life 10 years (+2 years residual leaching) DeLamar Heap Leach Project

Average annual production 106,000 oz AuEq per year DeLamar Feasibility Study

AISC $1,480/oz AuEq Co-product mine-site all-in sustaining cost

After-tax NPV5% $774 million Base case $3,000/oz Au and $35/oz Ag

After-tax IRR 46% Base case metal prices in Feasibility Study

Upside NPV5% $1.9 billion Using recent $4,500/oz Au and $65/oz Ag prices

Upside IRR 97% Using recent higher gold and silver prices

Market Reality Check

Price: $3.69 Vol: Volume 3,902,964 is 1.44x...

normal vol

$3.69 Last Close

Volume Volume 3,902,964 is 1.44x the 20-day average of 2,713,616, indicating elevated trading interest. normal

Technical Shares at $3.70 are trading above the 200-day MA of $2.57, despite a -10.63% move and sitting 24.02% below the 52-week high.

Peers on Argus

ITRG fell 10.63%, underperforming peers like NEWP (-1.47%), ASM (-5.86%), MTA (-...

ITRG fell 10.63%, underperforming peers like NEWP (-1.47%), ASM (-5.86%), MTA (-6.01%), MUX (-4.03%) and SLSR (-6.37%). Sector names were broadly negative, but ITRG’s decline was notably steeper.

Historical Context

5 past events · Latest: Jan 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 26	Production results	Positive	+0.2%	Florida Canyon 2025 gold output met guidance with significant capital reinvestment.
Jan 14	Permitting program	Positive	-2.1%	DeLamar selected for FAST-41 federal permitting transparency program with set timeline.
Jan 12	Permitting schedule	Positive	+7.4%	BLM established NEPA schedule targeting a 2027 Record of Decision for DeLamar.
Dec 23	Ownership change	Neutral	-0.7%	Beedie completed internal reorganization of its ITRG share and warrant holdings.
Dec 22	Debt repayment	Positive	+0.9%	Integra fully converted and repaid its Beedie Capital convertible debenture facility.

Pattern Detected

Recent positive operational and permitting updates have usually seen modest positive or mixed price reactions, with one notable divergence on favorable permitting news.

Recent Company History

Over the past months, Integra reported several milestones. On Dec 22, 2025, it fully converted and repaid a Beedie Capital convertible debenture, followed by an internal reorganization of Beedie’s holdings on Dec 23, 2025. In January 2026, the company received a federal permitting schedule and FAST‑41 selection for DeLamar, both highlighting a 10‑year, 1.1M oz AuEq heap leach project with $1,480/oz AISC and $774M after‑tax NPV5%. On Jan 26, 2026, Florida Canyon reported 2025 gold production meeting guidance. Today’s feasibility report filing formalizes those prior study results.

Market Pulse Summary

This announcement formalizes the DeLamar Heap Leach Project’s Feasibility Study Technical Report und...

Analysis

This announcement formalizes the DeLamar Heap Leach Project’s Feasibility Study Technical Report under NI 43‑101, confirming a 10-year, 1.1M oz AuEq open pit heap leach operation with average 106,000 oz AuEq annually and $1,480/oz AISC. The study cites after-tax NPV5% of $774M and IRR of 46% at base prices, with higher values at recent metal prices. In context of earlier permitting-schedule news, investors may focus on regulatory milestones, funding strategy and delivery versus these feasibility assumptions.

Key Terms

feasibility study, technical report, national instrument 43-101, heap leach, +4 more

8 terms

feasibility study technical

"it has filed a Feasibility Study Technical Report for its wholly-owned DeLamar..."

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

technical report technical

"it has filed a Feasibility Study Technical Report for its wholly-owned DeLamar..."

A technical report is a detailed, expert-written document that explains the methods, data, results and risks behind a company’s engineering, scientific or operational claim — for example estimates of resources, product testing, or project feasibility. Investors use it like an independent inspection or blueprint: it reveals how solid the underlying work is, what assumptions were made and what could go wrong, helping assess value and risk before committing money.

national instrument 43-101 regulatory

"prepared in accordance with National Instrument 43-101 - Standards for Disclosure..."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

heap leach technical

"DeLamar Gold and Silver Heap Leach Project ("DeLamar" or the "Project")..."

Heap leach is a mining method where crushed ore is piled into a heap and a liquid is dripped or sprayed over it to dissolve valuable metals, which are then collected from the runoff. Investors care because it is a lower-cost, scalable way to produce metals like gold or copper, but it also affects project timelines, recovery rates, capital needs and environmental or regulatory risk — like choosing a cheap, slow way to extract juice from a fruit versus pressing it quickly.

all-in sustaining cost financial

"all-in sustaining cost ("AISC") of $1,480 per ounce ("/oz") AuEq."

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

npv5% financial

"after-tax net present value ("NPV5%") of approximately $774 million..."

Net present value at a 5% discount rate (NPV 5%) measures the current worth of a sequence of expected future cash flows after shrinking them by 5% per year, like comparing getting money now versus in the future with a 5% annual “cost” for waiting. Investors use NPV 5% to judge whether an investment or project creates value: a positive number suggests the returns exceed that 5% benchmark, while a negative number implies the money would be better used elsewhere.

internal rate of return financial

"after-tax internal rate of return ("IRR") of 46% at base case gold..."

A percentage that represents the annualized yield an investment would earn, taking into account the timing and amount of all cash inflows and outflows; mathematically it is the rate that makes the discounted sum of future cash flows equal the initial cost. Investors use it to compare different projects or deals the way they compare interest rates — a higher internal rate of return suggests a stronger potential payoff, but it does not by itself show risk, scale, or timing nuances.

open pit technical

"large-scale, conventional open pit oxide heap leach operation..."

A large, surface excavation where rock and soil are removed in stepped layers to reach and extract mineral deposits; picture a terraced, man‑made quarry reaching down to the ore. It matters to investors because open‑pit operations tend to produce high volumes at lower unit cost but require large up‑front investment, long operating life, and carry visible environmental and permitting risks that can affect production, costs and company value.

AI-generated analysis. Not financial advice.

TSXV: ITR; NYSE American: ITRG

VANCOUVER, BC , Feb. 2, 2026 /PRNewswire/ - Integra Resources Corp. ("Integra" or the "Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to announce that, further to its news release dated December 17, 2025, it has filed a Feasibility Study Technical Report for its wholly-owned DeLamar Gold and Silver Heap Leach Project ("DeLamar" or the "Project"), comprised of the DeLamar and Florida Mountain deposits, located in southwestern Idaho.

The technical report was prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects with Forte Dynamics, Inc. as the lead author and consultant. The technical report titled "Feasibility Study and Technical Report on the DeLamar Project, Owyhee County, Idaho, USA" dated February 2, 2026, with an effective date of December 8, 2025, has been filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. The report is also available on the Company's website at www.integraresources.com.

DeLamar Heap Leach Project Overview

(All amounts in United States ("U.S.") dollars unless otherwise stated)

The past-producing DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, is located in Owyhee County in southwest Idaho. Since acquiring the Project in 2017, the Company has demonstrated significant resource growth and conversion while providing robust economic studies in its maiden Preliminary Economic Assessment, Pre-Feasibility Study, and now Feasibility Study ("FS") in late-2025. The FS for DeLamar confirmed robust economics for a low-cost, large-scale, conventional open pit oxide heap leach operation, with competitive operating costs and high rate of return. The FS outlines total production of 1.1 million ounces of gold equivalent ("AuEq") over a 10-year operating mine life (plus two years of residual leaching), resulting in an average annual production profile of 106,000 ounces AuEq per annum at a co-product mine-site all-in sustaining cost ("AISC") of $1,480 per ounce ("/oz") AuEq. The Project generates an after-tax net present value ("NPV5%") of approximately $774 million with an after-tax internal rate of return ("IRR") of 46% at base case gold and silver prices of $3,000/oz and $35/oz, respectively. After-tax NPV5% improves to approximately $1.9 billion and after-tax IRR to 97% using recent gold and silver prices of $4,500/oz and $65/oz, respectively. Refer to the 2025 DeLamar FS announcement news release from December 17, 2025 located on the Company's website at www.integraresources.com.

(1)  Gold equivalent calculated using base case metal prices: $3,000/oz Au and $35/oz Ag

(2)  See Cautionary Note Regarding Non-GAAP Measures

About Integra

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

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.

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, the Project and its mineral properties; results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of the FS for the Project, including cash flows, revenue potential, development, expenditures, and timing thereof, extraction rates, life-of-mine projections and cost estimates; magnitude or quality of mineral deposits; anticipated advancement of the Project mine plan; exploration expenditures, costs and timing of the development of new deposits; costs and timing of future exploration; permitting; construction and optimization planning; estimates of metallurgical recovery rates; anticipated advancement of the Project, future prospects and prospective inclusion of mineral resources in future mining activities; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Project; future growth potential of the Project; and future development plans.

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 "AISC" is furnished to provide additional information. Non-GAAP performance measures such as AISC 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.

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.

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 U.S. Securities and Exchange Commission ("SEC") and resource and reserve information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

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 production does the DeLamar Feasibility Study report for ITRG?

The FS reports 1.1 million ounces AuEq over a 10-year mine life. According to the company, that yields an average annual production of 106,000 oz AuEq, plus two years of residual leaching.

What are the projected costs and margins in the DeLamar FS for ITRG?

The FS reports a co-product AISC of $1,480/oz AuEq, indicating operating cost exposure. According to the company, that AISC underpins cash‑flow and margin assumptions in the economic model.

What after-tax NPV and IRR does the DeLamar FS show for ITRG at base case prices?

At base case prices ($3,000/oz Au; $35/oz Ag) the FS shows after-tax NPV5% ≈ $774M and after-tax IRR 46%. According to the company, these are the core economics used in valuation.

How sensitive are DeLamar’s economics to higher gold and silver prices for ITRG?

Economics are highly price‑sensitive: at $4,500/oz Au and $65/oz Ag after-tax NPV5% ≈ $1.9B and IRR 97%. According to the company, higher prices materially improve project returns.

Where can investors access the DeLamar Feasibility Study filed by ITRG?

The Feasibility Study Technical Report was filed on SEDAR+ and EDGAR and is available on the company website. According to the company, the report is titled the Feasibility Study and Technical Report on the DeLamar Project.