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
Wildcat & Mountain View PEA Highlights:
- After-tax NPV(5%) of
US$309.6 million (“M”) (C$408.6M 1) and 36.9% after-tax IRR using base case metal prices ofUS$1,700 /oz gold (“Au”) andUS$21.50 /oz silver (“Ag”) - After-tax NPV(5%) of
US$442.1M (C$583.6M 1) and 49.7% after-tax IRR using spot metal prices onJune 27, 2023 (announcement date) ofUS$1,920 /oz Au andUS$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”) ofUS$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 ofUS$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)
- 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
- Updated mineral resource estimate at Wildcat & Mountain View demonstrates growth of +23% and +49% respectively compared to the previous mineral resource estimates dated
- The PEA results complement the 2022 Pre-feasibility Study for the
DeLamar Project in southwesternIdaho , which demonstrated a base case after-tax NPV(5%) ofUS$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,
Integra’s President, CEO & Director,
The Wildcat & Mountain View PEA technical report (the “Report”) has been prepared for Integra by
Integra’s news release dated
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 (
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:
About
Integra is one of the largest precious metals exploration and development companies in the
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
CONTACT INFORMATION
Corporate Inquiries: ir@integraresources.com
Company website: www.integraresources.com
Office phone: 1 (604) 416-0576
Forward Looking and Other Cautionary 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 applicable
There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company’s plans, objectives and goals and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and readers are cautioned not to place undue reliance on forward‐looking statements. This news release also contains or references certain market, industry and peer group data which is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this news release and accordingly, the accuracy and completeness of such data is not guaranteed.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
National Instrument 43-101 - Standards of Disclosure for Mineral Projects 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
All references to “$” in this news release are to
Cautionary Note Regarding Non-GAAP Financial Measures
Alternative performance measures in this news release such as “cash cost”, “AISC” “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 Wildcat & Mountain View, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard 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.
All-In Cost
Site level AIC includes AISC level costs and also includes initial capital and equipment finance costs associated with initial capital. The Company believes that this measure is useful to external users in assessing the Company’s overall 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.
Neither the
Source:
2023 GlobeNewswire, Inc., source