#Canada #Vancouver #Integra Resources #Gold Production #Florida Canyon

Integra Resources Reports Record Gold Production in 2024

Integra Resources Corp., a key player in the precious metals sector, has made significant strides in its operations, reporting an impressive gold production of 72,229 ounces from its Florida Canyon Mine in Nevada during the year 2024. This achievement is particularly noteworthy as it marks the highest production level for the mine in 21 years.

Year-End Highlights

The mining company ended the calendar year with a robust cash reserve of $52 million, thus positioning itself favorably as it heads into 2025. The company's President and CEO, George Salamis, expressed enthusiasm over these results, emphasizing that this milestone represents the company's inaugural reported production since its inception.

In the last quarter of 2024 alone, Florida Canyon produced 21,278 ounces of gold. Integra's production metrics exceeded initial guidance on multiple fronts, including mined tonnes, contained gold ounces, and recoverable gold ounces—all outperforming projections by at least 14%. Such impressive results underline Integra's operational excellence and capacity to deliver beyond expectations.

Detailed Production Metrics

Here’s a look at the detailed operational performance for 2024:

• - Ore Mined: 12,866 kt
• - Waste Mined: 8,829 kt
• - Grade Mined: 0.28 g/t Au
• - Recoverable Placed Ounces: 70,374 oz Au
• - Processing Recovery Rate: 60.5%

The construction and commissioning of the Phase III-A of the South Heap Leach Pad played a crucial role in bolstering production. Improved performance of the crushers and increased delivery of Run-of-Mine (ROM) ore to the leach pads significantly contributed to the increased output. Moreover, enhancements in solution processing systems proved beneficial, allowing the company to draw down substantial gold inventory effectively.

Price Protection Program for 2025

In a strategic move to secure its margins, Integra Resources has established a gold price protection program for 2025. The company has procured 37,800 ounces of put options with a strike price of $2,400 per ounce, which were spread evenly throughout the year. This program aims to mitigate price volatility and reinforces Integra's financial stability, allowing focused investments in its ongoing projects like the DeLamar Project and the Nevada North Project.

The put options will not only serve to safeguard earnings but also grant the company ample flexibility to modify its hedging strategies based on market conditions and internal capital needs. Notably, this hedging initiative secures about 54% of the planned gold production for 2025, enhancing predictability in returns.

Looking Ahead

As Integra prepares to publish detailed production and cost guidance for 2025, it continues to assess market conditions and shareholder expectations. Full financial results for 2024 will be made public by the end of March 2025, adding further clarity and direction for the upcoming year.

Keeping sustainability and community welfare at the forefront, Integra Resources is committed to demonstrating profitability while adhering to the highest standards for environmental, social, and governance practices, thereby ensuring its role as a responsible player in the mining industry.

For additional insights and updates, stakeholders are encouraged to monitor Integra's profiles on SEDAR+ and SEC’s EDGAR.