Pre-Feasibility Study Technical Report Filed For The Delamar Project

VANCOUVER - Integra Resources Corp. has filed a technical report, prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, for its DeLamar Project located in southwest Idaho. Integra previously released the results of the Pre-feasibility Study (PFS) and Mineral Resource and Mineral Reserve statement which demonstrate a robust project with low pre-production capital required and a strong production profile.

After-tax Net Present Value (“NPV”)(5%) of US$408 million and 27% after-tax Internal Rate of Return (“IRR”) at US$1,700/ounce (“oz”) Gold (“Au”) and US$21.50/oz Silver (“Ag”) (base case). After-tax NPV(5%) of US$611 million and 36% after-tax IRR at US$1,900/oz Au and US$24.00/oz Ag. Pre-production Capex of US$282 million, including contingency of 20% on processing, heap leach and tailing facilities (excluding working capital and reclamation costs, and assuming mobile mining equipment financing). Average annual production of 163,000 oz gold equivalent (“AuEq”)1 for first 8 years with life of mine (LOM) average annual production of 110,000 oz Au Eq over 16 years. LOM site level all-in sustaining costs (“AISC”) of US$955/oz on an AuEq co-product basis, lowest quartile on a global basis. Strong leverage to silver; silver accounts for ~35% of revenue from production.

As stated in the technical report, there is the potential to lower DeLamar Project capital costs by foregoing mill processing and instead operate a heap-leach only project. In this scenario, a high percentage of the current heap-leach Mineral Reserves would be processed at the 35,000 metric tonne per day rate envisioned in the PFS. LOM capital expenditures would decrease significantly as expansion capital, such as non-oxide plant and tailing facilities, would not be required. A decision to construct and initiate mill processing (Stage 2) could be exercised at any time, providing the flexibility to respond to changing market conditions and thereby reduce project risk. A heap-leach only approach could reduce risk and provide greater flexibility to respond to the prevailing economic environment in connection with a decision to pursue a milling scenario later.

Further, the technical report highlights various other opportunities to improve process recoveries and/or decrease process costs through continued metallurgical testing. There is also an opportunity, through the evaluation of the historical waste dumps and backfill, for these materials to be processed using similar systems outlined in this PFS. The previous operator of the property halted production and began reclamation efforts at very low gold and silver prices as compared to current prices. As seen at many operations, these materials may be economic today.